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BUSINESS AND ECONOMY - December 2017

Dec 2017

Jan 17, 2024

IndusInd Bank Ties up with EazyDiner to Launch Credit Card

IndusInd Bank launched the 'EazyDiner IndusInd Bank Platinum Credit Card' in association with EazyDiner. The credit card offers an additional discount of Rs. 500 while paying through the EazyDiner App via PayEazy for both dining and take-away at select restaurants.

Yes Bank Introduces Veefin's SmartFin for Digital Supply Chain Finance

In a move to bolster support for Micro, Small, and Medium Enterprises (MSMEs), Yes Bank introduced SmartFin, an advanced digital Supply Chain Finance (SCF) platform developed in collaboration with Veefin Solutions. The initiative reflects Yes Bank's commitment to fostering innovation and enhancing its digital offerings, particularly in the realm of working capital efficiencies.

L&T Bags Mega Order for Mumbai-Ahmedabad Bullet Train Project

Larsen & Toubro (L&T) said that its construction arm bagged a mega order to set up an electrification system for the bullet train project in the country. The order was bagged from an authorised Japanese agency.
While L&T did not disclose the exact value of the contract, it counts an order as 'mega' when it is valued at Rs. 10,000-15,000 crore.
This electrification system will enable trains to travel at speed of up to 320 km per hour.

Apple Pips Samsung to Become Top Global Smartphone Brand in 2023

Apple marched ahead of Samsung and became the top global smartphone brand in terms of shipments in 2023, according to noted industry trackers International Data Corporation (IDC) and Canalys reports. According to IDC, Apple recorded an all-time high market share of over 20 per cent in 2023, driving it ahead of Samsung that recorded a market share of 19.4 per cent in the same year.

Jan 16, 2024

India Signs an Agreement to Acquire Five Lithium Mines in Argentina

The Centre signed an agreement to acquire five lithium brine blocks for exploration and development in Argentina. The agreement was signed between Khanij Bidesh India Ltd (KABIL) and Catamarca Minera Y Energética Sociedad Del Estado (CAMYEN), a state-owned mining and energy company in the Argentine province of Catamarca.
This is the first ever lithium exploration and mining project by a state-owned company. KABIL will start exploration and development of five lithium brine blocks — Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132 and Cortadera-VI — covering an area of about 15,703 hectares in the Catamarca province.

Jan 15, 2024

State Bank of India Floats Scheme to Raise Funds for Green Projects

State Bank of India (SBI), the country's largest lender, floated a green rupee term-deposit scheme to raise money for financing environment-friendly projects.
Besides approaching retail customers, SBI will look at tapping family offices, entities that manage money for high net worth individuals, for garnering green money.
These would be medium- and long-term deposits with three maturity buckets -- 1,111 days, 1,777 days, and 2,222 days.
The deposit scheme is open to resident individuals, non-individuals, and non-resident Indian (NRI) customers. The current framework permits green deposits to be denominated in rupees only.

Reserve Bank of India Waives Rs. 5 crore Penalty Imposed on Bank of Baroda

The Reserve Bank of India (RBI) decided to waive the Rs. 5 crore penalty that was previously imposed on Bank of Baroda,
The RBI's decision, communicated through a letter, came as a relief for the bank, which had earlier faced financial scrutiny.
In December 2023, Bank of Baroda had disclosed that the central bank had fined the lender Rs. 5 crore. The penalty was attributed to a shortfall in soiled note remittances, indicating issues with the handling of notes that had undergone normal wear and tear.

HCLTech Appoints Bhavani Balasubramanian as independent director

HCLTech announced the appointment of Bhavani Balasubramaniam as the independent director of the company with immediate effect.
Bhavani is a chartered accountant by qualification with over four decades of experience in auditing a variety of clients, including listed companies and multinationals across different industries.

RBI Imposes Fine on Dhanlaxmi Bank, ESAF Small Finance Bank, Punjab and Sind Bank over Non-compli...

The Reserve Bank of India (RBI) imposed monetary penalties, of varying degrees, against ESAF Small Finance Bank, Dhanlaxmi Bank, and Punjab and Sind Bank over various non-compliances.
According to the official statement, a fine of Rs. 29.55 lakh, Rs. 6 lakh, and Rs. 1 crore, respectively, was slapped against these three banks.

Govt. Approves Reappointment of RBI Deputy Governor Michael Patra for 1 Year

The Appointments Committee of the Cabinet (ACC) approved the reappointment of the Reserve Bank of India's (RBI) Deputy Governor Michael Patra for one year.
The reappointment is effective from January 15, 2024. The term of Patra was ended to on January 14, 2023, as per the RBI website.
Patra was appointed as RBI Deputy Governor in January 2020, and last year he got an extension of one year. Patra joined RBI in 1985 and has worked in various positions at the central bank.
There are currently (as in January 2024) four Deputy Governors: Swaminathan J, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar.

Jan 14, 2024

Mukesh Ambani Re-enters Elite $100 Billion Club

Reliance Industries Limited (RIL) chairman Mukesh Ambani re-entered the $100 billion club.
Ambani climbed to the 12^th spot on the Bloomberg Billionaires Index as his wealth surged over $2.76 billion in a day. With this, he also overtook billionaire industrialist Gautam Adani as Asia's richest person.

Sundram Fasteners Signs Deal with Tamil Nadu for Rs. 1,411 crore Investment

Sundram Fasteners, one of the largest suppliers to original equipment manufacturers and automakers globally, entered into a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for a proposed investment of Rs. 1,411 crore.
The investment will be made in Sundram Fasteners factories across Tamil Nadu situated at Padi; Mahindra World City, SEZ; Velappanchavadi; Gummidipoondi; Hosur; Aviyur, Madurai and Mittamandagapattu, Villupuram. Among the aforementioned, the investments made in Mahindra World City, SEZ fall under both the Industrial Policy and the EV Policy.

Jan 13, 2024

DPIIT Organises Start-up India Innovation Week 2024

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, organised the Start-up India Innovation Week 2024, spanning from January 10 to January 18. This week-long initiative seeks to unite start-ups, entrepreneurs, investors, policymakers, and stakeholders to celebrate and advance the Indian Start-up Ecosystem, culminating in the National Start-up Day on January 16, 2024.
Secretary of DPIIT, Rajesh Kumar Singh, delivered the inaugural address at the Start-up Seminar, themed 'Start-ups Unlocking Infinite Potential.'

Rural Development Ministry Signs Pact with SBI to Facilitate Loans for SHGs

The Rural Development Ministry and State Bank of India signed a memorandum of understanding (MoU) to facilitate enterprise financing for rural self-help groups (SHG).
The MoU was signed by Additional Secretary Deendayal Antyodaya Yojana - National Rural Livelihoods Mission, Charanjit Singh and Chief General Manager, State Bank of India, Corporate office Mumbai, Shantanu Pendsey.
State Bank of India introduced a specialised financial product Svyam Siddha, exclusively tailored for SHG women entrepreneurs seeking loans up to Rs 5 lakhs. This initiative is designed to alleviate the challenges associated with extensive documentation requirements for bank loan applications and reduce the turnaround time (TAT).

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