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BUSINESS AND ECONOMY - December 2017

Dec 2017

Aug 17, 2023

Hyundai Motor's Unit to Buy General Motors' India Talegaon Plant in Maharashtra

Hyundai Motor Co's Indian unit will buy automaker General Motors' Talegaon plant in the state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production.
Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year. The company had a production capacity of 820,000 units in the first half of this year.
The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025. The plant currently has an annual production capacity of 130,000 units.

Infosys Announces $1.6 Billion Deal with Telecom Firm Liberty Global

Indian IT services company Infosys won a $1.6 billion deal from Liberty Global to build and scale the entertainment and connectivity platforms of the digital communications firm.
As per the current agreement between both parties, the initial tenure of the contract is five years. It can also be extended to eight years, which would take the deal value to $2.5 billion.
The IT services company added that this deal will allow Liberty Global to realise run-rate savings in excess of €100 million per annum inclusive of other savings and technology investments.
Moreover, Liberty Global would licence all the platforms that are built under the deal to Infosys. This means the IT company can offer similar services to new operators and new markets.

Govt. Appoints Two Whole Time Members to SEBI Board

The government appointed Kamlesh Chandra Varshney and Amarjeet Singh as whole time members to the board of markets regulator SEBI.
Varshney is a joint secretary at the Department of Revenue and Singh is an executive director at the Securities and Exchange Board of India (SEBI.
Both the appointments are for a period of three years from the date of assumption of taking charge or until further orders, whichever is earlier.
Currently, SEBI's board, chaired by Madhabi Puri Buch, has two whole-time members and four part-time members.

PayPal Names Alex Chriss as its New CEO

Digital payments giant PayPal Holdings named Alex Chriss, a top executive at tax-preparation software firm Intuit, its next CEO as it looks to grab a bigger share of the payments market for small businesses.
Chriss will take over for PayPal's longtime CEO Dan Schulman in September. Schulman had previously announced a plan to step down from the role by the end of the year. He will remain a director at the company until May 2024.

Parminder Chopra Takes over as First Full-time Women PFC Chairman, MD

Parminder Chopra took over as its first full-time women Chairperson and Managing Director of state-owned Power Finance Corporation (PFC).
Previously, she was holding the additional charge of Chairperson and Managing Director (CMD) from June 1, 2023, and was Director (Finance), PFC, since July 1, 2020.
During her term as Director (Finance), she spearheaded the Finance Division, leading to the highest net profit, highest net worth and lowest NPA levels. Such robust financial performance has also facilitated PFC getting the highest status of 'Maharatna'.
She also played a key role in the successful implementation of the Rs 1.12 lakh crore Liquidity Infusion Scheme (LIS) for the power distribution sector, which was rolled out as part of the Atmanirbhar Bharat initiative.
She has over 35 years of varied experience in the Power and Financial Sector.

Aug 16, 2023

Bank of Maharashtra Tops List of Public Sector Lenders in Loan in Q1 2023

State-owned Bank of Maharashtra (BoM) emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter of the current financial year.
The deposit and advances of the Pune-based lender recorded a nearly 25 percent rise, the highest by any public sector bank during the April-June quarter.
It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were third and fourth, respectively.

RBI Selects McKinsey and Company, Accenture Solutions to Use AI, ML to Improve Regulatory Supervi...

The Reserve Bank selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its supervisory functions. The RBI is looking to extensively use advanced analytics, artificial intelligence and machine learning to analyse its huge database and improve regulatory supervision over banks and NBFCs. For this purpose, the central bank plans to hire external experts.
In September 2022, the RBI invited expressions of interest (EoI) for engaging consultants for the use of advanced analytics, artificial intelligence and machine learning for generating supervisory inputs.

India Makes Crude Oil Payment to UAE in Local Currency for the First Time

The first-ever oil transaction in local currency took place between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL), since the implementation of Local Currency Settlement (LCS). India's top refiner made the payment in rupees for the purchase of a million barrels of oil, news agency Reuters reported.
This came after the transaction involving the sale of 25 kg gold from a UAE gold exporter to a buyer in India at about 128.4 million rupees ($1.54 million).
As per reports by the Indian Embassy in UAE, both Indian Rupees and UAE Dirhams were used for the transaction. India and UAE have a strong oil and gas relationship and the UAE is a key partner for India's energy security.

Centre Appoints R. Doraiswamy as LIC Managing Director

The Centre appointed R. Doraiswamy, Executive Director, Life Insurance Corporation of India (LIC) as Managing Director of the insurance behemoth.
Doraiswamy will replace Ipe Mini, who is currently an MD of LIC and is due to superannuate at the end of this month (August 2023).
The Financial Services Institutions Bureau (FSIB), the head-hunter for directors of state-owned banks and financial institutions, in June 2023, had recommended the name of Doraiswamy as MD.
The FSIB is headed by Bhanu Pratap Sharma, former secretary, of the Department of Personnel and Training (DoPT).

Aug 15, 2023

Zerodha AMC Gets Mutual Fund Licence; Vishal Jain Appointed CEO

Zerodha Asset Management Company (AMC) has received final approval from the market regulator to commence a mutual fund (MF) business, according to Zerodha's founder Nithin Kamath. Zerodha AMC is a joint venture between discount broker Zerodha Broking and fintech platform Smallcase.
Vishal Jain, who previously served as the head of exchange-traded funds (ETFs) at Nippon India Mutual Fund, was appointed as the Chief Executive Officer of Zerodha AMC.
The new entrant to the Rs 46-trillion MF industry will only offer passive funds. Navi MF is the only passive-focused AMC at present, though it has active funds by way of acquisition of existing funds of Essel MF.

Maharashtra Secures Top Position in Fiscal Health Report, Kerala Performs Worst

Chhattisgarh, one of the poorest states in the country, is the second best in the overall fiscal health scorecard after Maharashtra, and ahead of Telangana. Based on the FY24 first budget estimates, the top three states are Maharashtra, Chhattisgarh and Telangana, and the bottom three states are Bengal, Punjab, and Kerala, shows a report on the fiscal health of the key 17 states, penned by Kaushik Das, the chief economist at Deutsche Bank India.
Based on the FY23 revised budget estimates, Maharashtra tops the ranking, followed by Chhattisgarh, Orissa, Telangana and Jharkhand.
In contrast, Bengal fares the worst, followed by Punjab, Bihar, Rajasthan and UP.

Aug 14, 2023

HCLTech Signs $2.1 Billion Managed Network Services Deal with Verizon

IT major HCLTech signed a deal worth $2.1 billion with Verizon Business, the enterprise arm of US-based Verizon Communications, for providing primary managed network services (MNS) for the latter's global enterprise customers.
HCLTech expects this deal to have a positive revenue impact over the next six years beginning in November 2023, with an estimated new total contract value of $2.1 billion over the term.
The partnership combines Verizon's networking power, solutioning, and scale with HCLTech's managed service capabilities to usher in a new era of large-scale wireline service delivery for enterprise customers.

AU Bank Becomes India's First Bank to Provide 24x7 Video Banking Service

AU Small Finance Bank, the largest small finance bank in India, took a remarkable step forward in customer service with the launch of their innovative 24×7 video banking platform. This pioneering service enables customers to engage in face-to-face video interactions with expert bankers, akin to video calls. This move redefines convenience, as it provides round-the-clock support, even during weekends and holidays.
AU Small Finance Bank has etched its name in history as the first financial services provider in India to present a 24×7 live video banking solution. Through this cutting-edge platform, customers gain unparalleled access to live video interactions with dedicated bankers at any hour, on any day. This leap in technology empowers not only tech-savvy millennials but also newcomers to banking, busy professionals, and senior citizens, delivering a personalized and hassle-free banking experience.
The introduction of AU Small Finance Bank's 24×7 video banking marks a significant milestone in the banking sector, ushering in an era of unparalleled convenience and customer-centricity.

Aug 11, 2023

RBI imposes monetary penalty on 4 co-operative banks.

The Reserve Bank of India (RBI) has imposed monetary penalties on four co-operative banks for deficiencies in regulatory compliance. These banks are Shri Vinayak Sahakari Bank, Shreeji Bhatia Cooperative Bank, Mizoram Urban Cooperative Development Bank and Vita Urban Co-operative Bank.
The Reserve Bank imposed a monetary penalty of ₹1.50 lakh on Vita Urban Co-operative Bank Ltd., Vita, Maharashtra (the bank) for contravention of provisions of certain banking norms and directions issued by the apex bank on 'Maintenance of Deposit Accounts'. The bank had not transferred the eligible amount to Depositor Education and Awareness Fund (DEAF) and had not conducted annual review of inoperative accounts.
The Mizoram Urban Cooperative Development Bank Limited, Aizawl (the bank) was also penalised of ₹20,000 on for non-compliance with specific directions issued by the apex bank under Supervisory Action Framework (SAF) and certain provision of 'RBI's KYC directions. The bank had granted fresh loans and advances carrying risk weights of more than 100% in violation of specific directions issued under SAF and failed to put in place a system of periodic review of risk categorisation of accounts.

Air India unveils new logo in Tata rebranding push

Air India on Thursday unveiled a new brand identity and aircraft livery inspired from its iconic jharokha pattern, which Tata Sons Chairman N. Chandrasekaran said represented the airline's "bold vision" for the future and would include the best of technology. The new logo, called 'the vista', is inspired by the peak of the gold window frame, which Mr. Chandrasekaran said stood for "limitless possibilities and progressiveness".
He called Air India a "passion" and a big "national mission" for Tata Sons. The airline's livery features a palette of deep red, aubergine and gold highlights that will populate the tail fin of the aircraft.
Laying the vision for the airline, the Chairman said, "our aim is to have the best technology in the next 9-12 months." He acknowledged that Air India's fleet required a lot of work and said there was a need to refurbish the current fleet to "an acceptable level" until the new planes from the 470 aircraft order placed earlier this year began to join the fleet.
CE0 Campbell Wilson added that 43 legacy widebodies of Air India would undergo refit later next year and would be the "largest refit undertaken ever"

Blackstone Backed International Gemological Institute (IGI) Appoints New Global CEO

International Gemological Institute ("IGI"), a Blackstone portfolio company, announced that Roland Lorie, current CEO, will step down after spending nearly five decades building the largest network of gemological laboratories and schools worldwide and playing a pivotal role in cementing its reputation as a pioneer in the certification of natural diamonds, lab-grown diamonds, colored stones and finished jewelry. Tehmasp Printer has been appointed as Global CEO of IGI, effective October 1, 2023.
Tehmasp Printer has more than 30 years of experience in managing and leading businesses. He has been with IGI for 24 years, most recently as Managing Director of IGI India, and was instrumental in introducing IGI's grading and certification practices to India's gemstone and jewelry industries.

Fifteen Eco-Parks Constructed in five years by Coal/Lignite PSUs ; 19 more to come up in differen...

Coal/Lignite PSUs have established 15 Eco-parks during the last 5 years. No fund has been allocated by the Government for Eco-parks. Expenditure on establishment, maintenance and upkeep of Eco-parks are funded by respective Coal/Lignite PSUs. The State-wise and year-wise details of Eco-parks, including the details of completion time, initial amount of fund allocated by Coal/Lignite PSUs and the extra funds needed are given at Annexure-I.
The details of estimated funds for new eco-parks by Coal/Lignite PSUs are given at Annexure-II.
Eco-parks were developed by Coal/Lignite PSUs for recreational purpose of nearby localities and no revenue earned from these Eco-parks is spent on development of the mining areas. However, Kenapara Eco-Park, SECL, Chhattisgarh is run and maintained by local Self-Help Groups to promote mine tourism. These Self-Help Groups are also earning revenues from floating restaurant, pisciculture and boating facilities of the Kenapara Eco-park for their livelihood

Bandhan Bank Ties up with Odisha Govt. to Strengthen OTDC

Bandhan Bank today announced its tie-up with the Odisha government to help them strengthen payment solutions for Odisha Tourism Development Corporation (OTDC) Ltd.
The bank has provided Point of Sale (PoS) machines to facilitate card payments by tourists. Prime locations including Puri, Bhubaneswar, Konark, Chilka, and Gopalpur will be covered under this tie-up.
These PoS machines will hasten payment collections from tourists, thus bringing convenience, both for the tourists and OTDC officials. The EDC machines will also help prevent revenue loss for OTDC, which may be caused by the lack of cash carried by the tourists. This initiative is also aligned with the nation's vision of becoming a less cash economy.
Commenting on the occasion, Shantanu Sengupta, Head – Retail Banking, Bandhan Bank, said, "Odisha has been an important market for Bandhan Bank over the years. We are happy to partner with the Odisha Government in bringing convenient payment solutions to the tourists of the state. At Bandhan Bank, we are committed to being a bank for all and this endeavor is another step in that direction."
Bandhan Bank now has around 150 banking outlets in the state of Odisha, while the Bank currently serves the banking needs of more than 3 crore customers through more than 6,100 banking outlets across 34 states and union territories in the country.

Airtel Payments Bank Launched India's 1st Eco-Friendly Debit Card

India's first payment bank, Airtel Payment Bank also became the first Indian Bank to launch an eco-friendly debit card for its new and existing customers with a savings bank account. The debit cards will be crafted from recycle- Poly Vinyl Chloride (r-PVC) material, a certified eco-friendly material, against normal PVC cards. The introduction coincides with the Bank's dedication to sustainability and its drive to advocate for environmentally conscious practices within the financial industry.
Each production batch of 50,000 cards will result in a reduction of 350 kgs of carbon emissions compared to the traditional PVC cards commonly used in the market.
The production of r-PVC cards will lead to a 43% reduction in hydrocarbon consumption, playing a role in curbing petroleum usage during the manufacturing process.
With each batch of r-PVC cards contributing to the conservation of an 6.6 million litres of water.

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