Tata Power Renewables Commissions 300MW Solar Plant in Gujarat
Tata Power arm Tata Power Renewables commissioned a 300 MW solar plant in Dholera, Gujarat with the country's largest single-axis solar tracker system. "Tata Power Renewables Energy Ltd (TPREL), a wholly-owned subsidiary of Tata Power, commissioned a 300 MW project in Dholera, Gujarat. The project will generate 774 MUs (million units) annually. Along with this, it will reduce approximately 704340 MT/year (tonnes per annum) of carbon emission. Tata
The total area used for the installation is 1320 acres divided into six different plots of 220 acres each.
SBI Signs MoU with Border Security Force to Offer Special Benefits Through CAPSP Scheme
State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with the Border Security Force to offer special benefits to the serving and retired BSF personnel and family pensioners through the Central Armed Police Salary Package (CAPSP) Scheme. In a statement, bank said, the MoU will ensure extensive benefits to the security forces including complimentary Personal and Air Accidental Insurance (Death) cover, additional cover in case of on-duty death, and Permanent Total Disability/ Partial Disability cover.
The MoU will support child education and the marriage of girl children of deceased BSF personnel. The retired personnel will be eligible for complimentary Personal Accidental (Death) Insurance, irrespective of age, whereas family pensioners will be eligible for a bouquet of benefits. Bank will offer zero-balance savings bank accounts with a host of complimentary benefits and waiver of service charges to BSF personnel. Bank will also provide attractive interest rates and concession on processing charges for serving personnel on Home, Car, Education, and Xpress Credit Personal loans.
NTPC Inks Pact with Gujarat Gas Limited (GGL) to Blend Green Hydrogen in Piped Natural Gas
With the continued focus on a clean environment, NTPC has taken up the initiative of blending green hydrogen in Piped Natural Gas (PNG) network of GGL (Gujarat Gas Limited) at NTPC Kawas.NTPC is the premier energy utility in the country with an installed capacity of 69 GW, with a diversified fuel mix.
The NTPC group plans to achieve 60 GW of RE in a decade and is executing several pilot projects in the green hydrogen space.
GGL is India's largest City Gas Distribution (CGD) Company and has a presence across 43 districts in 6 states and 1 Union territory
This hydrogen blending project at NTPC Kawas is a pioneering effort and the first of its kind in the country. This is a step toward the decarbonization of the cooking sector and self-sufficiency for the energy requirements of the nation.
India's Economy to Grow by 7.5% in FY23; to Pick-up to 8% in FY24: ADB
Asian Development Bank projected a seven per cent collective growth for South Asian economies in 2022 with the subregion's largest economy India growing by 7.5 per cent in the current fiscal year before picking up to eight per cent the next year. ADB said developing Asia's economies are predicted to grow by 5.2 per cent this year and 5.3 per cent in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports.
South Asia comprises Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
Apr 05, 2022
Former Aviation Joint Secretary is Principal Advisor to IndiGo's MD
R. K. Singh, former Joint Secretary in the Ministry of Civil Aviation, was appointed as Principal Advisor to IndiGo's Managing Director Rahul Bhatia.
RK, with over 36 years of experience working in different capacities in the Indian Government as an IAS officer (1985 - 2009) and later as an aviation law specialist (2009 onwards), brings rich administrative, management and aviation experience with him.
In the past, RK has served as Joint Secretary in the Ministry of Civil Aviation and has served on the Boards of Air India, Indian Airlines, Alliance Air, Air India Charters Limited (Air India Express) and has been the CMD of Pawan Hans Helicopters Limited.
Elon Musk Takes 9.2% Stake in Twitter
Tesla CEO Elon Musk took 9.2% stake in Twitter, purchasing approximately 73.5 million shares. Mr Musk's stake in Twitter is considered a passive investment, which means Mr. Musk is a long-term investor that's looking to minimize his buying and selling of the shares. Mr. Musk's revelation about his stake in Twitter shares came two days after Tesla Inc. posted first-quarter delivery numbers. While the company delivered 310,000 vehicles in the period, the figure was slightly below expectations.
Merger of HDFC Limited and HDFC Bank
HDFC's board of directors approved the merger of HDFC Bank, India's largest private sector bank with HDFC (Housing Development Finance Corporation), India's largest housing finance firm.
The deal will be building the housing loan portfolio of the bank and will also be enhancing its existing customer base.
Under the agreement that has been proposed, public shareholders will be 100 percent owning HDFC Bank, and HDFC Limited's existing shareholders will own 41 percent stake in HDFC Bank.
The proposed agreement will be creating a large net worth as well as a balance sheet that would allow a greater credit flow into the economy. Also, underwriting of larger ticket loans such as infrastructure loans will be enabled due to this agreement.
This will be a two-part merger. In the first step, HDFC Holdings Limited and HDFC Investments Limited will be merging with HDFC Limited. In the next step, HDFC Limited will be amalgamated with HDFC Bank. After merging, the total assets of HDFC Bank and HDFC Ltd will be more than Rs. 25 lakh crore. The turnover of HDFC is Rs. 35,681.74 crore while for HDFC Bank it is Rs. 1.16 lakh crore.
Nepal became the fourth foreign country to operationalise the RuPay card with Prime Minister Narendra Modi and his Nepalese counterpart Sher Bahadur Deuba jointly launching the Indian electronic payment system in the Himalayan nation. The three other countries that have the RuPay card are Bhutan, Singapore and the United Arab Emirates. The launch of the card in Nepal would open new vistas for cooperation in financial connectivity, and is expected to facilitate bilateral tourist flows as well as further strengthen people-to-people linkages.
RuPay card scheme was launched in 2012 as part of the Reserve Bank of India's vision to have a domestic, open and multilateral system of payments.
Karnataka Chief Minister Basavaraj Bommai Sets up 'Nandini Ksheera Samridhi Sahakara Bank' to Hel...
The Milk Producers cooperatives have a turnover of about Rs. 20,000 crore in various banks every day. This is a special programme to establish their own bank which would provide greater financial aid for them and improve their economic condition. The state government decided to computerise all the Primary Agricultural Credit Societies (PACS).
IFSCA inks MoU with IRDAI
Insurance Regulatory and Development Authority of India (IRDAI) signed a Memorandum of Understanding (MoU) with International Financial Services Centres Authority (IFSCA) for cooperation and coordination with respect to exchange and sharing of information, knowledge for effective supervision.
The IFSCA is responsible for development and regulation of international financial services, including that of insurance sector, in the IFSC, which is treated as a separate international financial jurisdiction, distinct from rest of India. IFSCA aims to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform at regional/ global level.
This MoU would enable coordination, cooperation and collaboration between the two regulators to attract global insurance industry players, including Indian insurance players seeking international markets to create and develop innovative insurance solutions for both India and the world, in a conducive environment.
India-Australia Deal Seeks to Double Bilateral Trade in 5 Years
India and Australia inked an Economic cooperation and trade agreement (ECTA), under which Canberra would provide duty-free access in its market for over 95 per cent tariff lines, including textiles, leather, furniture, jewellery, machinery and select medical devices. This is the first trade agreement that India has signed with a developed economy after more than a decade. This agreement was signed at a time when India is already working with other developed countries such as the UK, Canada and the European Union to sign a free trade agreement–an evident shift in India's strategy.
Indian Overseas Bank, Software Technology Park of India Ink MoU
Public sector Indian Overseas Bank signed a memorandum of understanding with the Software Technology Parks of India (STPI) and STPINEXT (a Section 8 company of STPI) for leveraging innovation through the financial technologies engaged under the FinBlue initiative.
The FinBlue initiative by STPI is an integrated programme to start-ups to scale through its incubation facility. It provides access to the financial technology ecosystem that consists of bankers, financial institutions, mentors, investors among others.
RBI Extends Deadline for Implementation of Cassette Swap in ATMs by a Year
The Reserve Bank of India (RBI) extended the timeline for banks to use lockable cassettes, which could be swapped at the time of cash replenishment, in their ATMs to March 31, 2023. The RBI decided to extend the timeline after it received representations from various banks and Indian Banks' Association expressing difficulties in meeting the timeline.
The banks were supposed to start using lockable cassettes in a phased manner such that it covers at least one-third of the ATMs covered by the banks by March 31, 2021. However, the timeline was extended to March 31, 2022.
The RBI had come out with the circular intimating banks to make this change back in 2018.
Apr 03, 2022
Cabinet Clears Rs 6,062 Crore World Bank-Assisted Programme for MSMEs
The Union Cabinet approved a World Bank-assisted Rs. 6,062 crore funding programme for the small and medium businesses to help improve their access to market and credit. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the Rs. 6,062.45 crore or USD 808 million 'Raising and Accelerating MSM Performance' (RAMP) for the micro, small and medium enterprises (MSMEs), an official release said
The government formulated and proposed RAMP for strengthening MSMEs in line with the recommendations of the UK Sinha committee, KV Kamath committee and the Economic Advisory Council of the Prime Minister (EAC-PM). A total of 5,55,000 MSMEs are specifically targeted for enhanced performance. In addition, expansion of target market to include service sectors and increase of about 70,500 women MSMEs is envisaged.
Central Bank of India Partners Kwik.ID to Digitize Customer Onboarding
State-owned Central Bank of India selected Kwik.ID to implement digital know your customer (KYC), video KYC and eKYC for its network across India. Central Bank of India had an eight-month-long gruelling evaluation process on technology and product experience followed by a reverse auction commercial round for this selection. With Kwik.ID — an AI-based video KYC solution — the lender aims to digitize 10 million customers' onboarding annually and streamline their end-to-end processes.
Video KYC tools that reach even the farthest rural areas with provisions for low bandwidth mode and guided step-by-step processes are essential to increase financial access to all community segments.
Crypto Tax at 30% from April 1, 2022
April 1 marks the onset of the new financial year. Effective from FY 2022-23, gains from various virtual digital assets (VDA) such as bitcoin, dogecoin etc. will be taxed at a flat rate of 30%. Further, no deduction in respect of any expenditure (except cost of acquisition) will be allowed. No set-off of losses of buying /selling of virtual digital assets from other incomes will be allowed.
New section 115BBH has been inserted into the Income-tax Act, 1961 for taxation of virtual digital assets.
ADB and HSBC India Establish $ 100 mn Guarantee Plan for Microcredit
ADB and HSBC programme will help women running small businesses and microfinance institutions lending after the pandemic. The Asian Development Bank (ADB) and Hongkong and (Shanghai Banking Corporation Limited) HSBC India have signed an agreement to establish a $100 million partial guarantee program to support more than 0.4 million micro-borrowers, especially women running small businesses.
ADB's Microfinance Program was launched in 2010 and has provided more than $1.8 billion in loans and helped mobilize $881 million in co-financing. It has provided access to microloans for more than eight million borrowers, 98 per cent of them women.
Tata Power Gets NCLT Nod to Merge CGPL with Itself
Tata Power Ltd received approval from the Mumbai bench of National Company Law Tribunal (NCLT) for the Composite Scheme of Arrangement between Coastal Gujarat Power Limited (CGPL) and Tata Power and their respective shareholders.
CGPL is a wholly-owned subsidiary of Tata Power and operates the 4000 MW UMPP in Mundra, Gujarat.
Apr 02, 2022
Microsoft to Empower Indian Start-ups from Idea to Unicorn with New Platform
Tech giant Microsoft has launched its 'Microsoft for Startups Founders Hub' in India. The aim is to empower startups' vision and fuel innovation to drive economic and societal progress for India and beyond. Microsoft for Startups Founders Hub is a new digital inclusive platform for startup founders in India. The platform offers over $300,000 worth of benefits and credits, giving start-ups free access to the technology, tools, and resources they need to build and run their business. From the most trusted, secure, open-source friendly and compliant cloud platform, to best-in-class developer and productivity tools including GitHub Enterprise, Visual Studio Enterprise and Microsoft 365.
Beyond access to technology, Microsoft for Startups Founders Hub will empower entrepreneurs to innovate and grow by connecting them with mentors who will provide them with industry, business, and technical support to guide them through their next business milestones.
L&T Appoints Former Citibank India Head Pramit Jhaveri as Director
Larsen & Toubro Limited (L&T) has appointed former Chief Executive Officer of Citibank India Pramit Jhaveri as independent director. He is also senior advisor to Premji Invest and PJT Partners and an independent director on the board of Bajaj Finance Limited.
Prior to his current activities, he was Vice Chairman – Banking, Asia Pacific Citi. He served as Chief Executive Officer of Citibank India from 2010 to 2019.
Airtel, TechM Team up for Digital Solutions Across 5G, Pvt Networks, Cloud
Bharti Airtel and Tech Mahindra announced a strategic partnership to jointly develop and market enterprise-grade digital solutions across 5G, private networks and cloud. Telecom operator Airtel has been undertaking 5G demonstrations and testing in India, while IT services major Tech Mahindra has developed 5G applications and platforms. The two firms will set up a joint 5G innovation lab for developing 'Make-in-India' use cases for the Indian and global markets. These solutions will focus on combining Airtel's integrated connectivity portfolio of 5G ready mobile network, fibre, and Internet of Things (IoT) along with Tech Mahindra's system integration capabilities.
RBI Turns 87 Not Out
The Reserve Bank of India (RBI) turned 87. The Indian Central Bank was established in 1935. It was constituted to regulate the issue of banknotes, maintain reserves with a view to securing monetary stability and to operate the credit and currency system of the country to its advantage.
The Bank began its operations by taking over from the Government the functions so far being performed by the Controller of Currency and from the Imperial Bank of India, the management of Government accounts and public debt.
Govt. to Borrow Rs. 8.45 lakh crore from Market in April-September
As per the Budget document, the gross market borrowing through dated securities for 2022-23 is Rs. 14,95,000 crore. The Union government is looking to raise Rs. 8.45 lakh crore through borrowing in the first half of 2022-23 to fund the revenue gap for reviving the economy. Out of gross market borrowing of Rs. 14.31 lakh crore estimated for FY2022-23, Rs. 8.45 lakh crore is planned to be borrowed in the first half (H1).
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