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BUSINESS AND ECONOMY - December 2017

Dec 2017

Apr 01, 2022

HDFC ERGO Launches VAULT, Digitally-enabled Rewards Program

  • HDFC ERGO General Insurance Company, a leading private general insurer and a digital-first company leads the way in customer loyalty with the launch of the VAULT program, an industry-first digital customer engagement and rewards program.
  • Under this program, the insurer will incentivize its Optima Restore health insurance customers by way of reward points for performing certain activities like staying insured under the policy for more than two years, holding two active HDFC ERGO retail policies, interacting digitally, using the cashless network of healthcare providers, etc.
  • HDFC ERGO General Insurance Company is a joint venture between HDFC Ltd. and ERGO International AG; the primary insurance entity of the Munich RE Group of Germany. HDFC ERGO is one of India's largest non-life insurance company in the private sector.

India Ratings Lowers India's FY23 GDP Growth Forecast to 7-7.2%

  • India Ratings and Research (Ind-Ra) revised downwards the GDP growth forecast for India in FY23 to 7-7.2 per cent. Earlier in January, the rating agency Ind-Ra had forecast this rate at 7.6 per cent.
  • According to Ind-Ra, in scenario one, the crude oil price is assumed to be elevated for three months, and in scenario two, the assumption is for six months, both with a half cost pass-through into the domestic economy. Since the duration of the Russia-Ukraine conflict continues to be uncertain, Ind-Ra has created two scenarios with respect to the FY23 economic outlook basis certain assumptions.

Max Life Insurance Partners PhonePe to offer Financial Protection to Consumers

  • Max Life Insurance Co. Ltd announced the debut of the Max Life Smart Secure Plus Plan via the PhonePe app, a non-linked non-participating individual pure risk premium life insurance plan aimed at digitally savvy customers.
  • Customers can choose a sum assured of up to ten crore rupees and have their policies renewed through the PhonePe app. Max Life will provide PhonePe users an inherent terminal sickness benefit and a particular exit option within the life insurance category. IRDAI has awarded PhonePe, a digital payments platform, a direct broking licence, allowing them to offer insurance through their app.

Mar 31, 2022

HURUN Global U40 Self-Made Billionaires 2022: India Ranks 4th

  • Hurun Research Institute released the Hurun Global Forty and Under Self-Made Billionaires 2022. Hurun Research Institute released the Hurun Global Forty and Under Self-Made Billionaires 2022, which ranks the self-made billionaires in the world (in terms of US dollars) aged forty years and under. The Hurun Report 2022 lists 87 Self-Made Billionaires in the world aged 40 and under, which is up by 8 from last year.
  • The US leads the list with 37 self-made billionaires. China is second with 25 billionaires, followed by the United Kingdom (8), India (6) and Sweden (3) respectively in the top five.Meta CEO Mark Zuckerberg is the world's richest self-made billionaire aged 40 and under with a total wealth of $76 billion. He is followed by ByteDance CEO Zhang Yiming, FTX CEO Sam Bankman-Fried, Airbnb CEO Brian Chesky, and Facebook co-founder Dustin Moskovitz, respectively.

Axis Bank Buys Citi's India Consumer Business for $1.6 billion in Cash

  • Citi announced that it has reached an agreement with Axis Bank for the sale of Citi's consumer businesses in India. Axis was selected by Citi following an extensive and competitive auction process. Axis will pay to Citi cash consideration of approximately US$1.6 billion for the acquisition of the consumer business.
  • The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans. The transaction is expected to close in the first half of calendar year 2023 subject to requisite regulatory approvals.
  • The transaction also includes the sale of the consumer business of Citi's non-banking financial company, Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.

PVR Ltd, INOX Merger to Create Largest Multiplex Chain in India

  • Leading film exhibition players PVR Ltd and INOX Leisure Ltd announced a merger deal to create the largest multiplex chain in the country with a network of more than 1,500 screens.
  • The combined entity will be named PVR Inox Ltd with the branding of existing screens to continue as PVR and INOX. New cinemas opened post the merger will be branded as PVR Inox. As per the agreement, INOX will merge with PVR in a share swap ratio of 3 shares of PVR for every 10 shares of INOX.
  • When the merger comes into effect, the board of the merged company would be reconstituted with total strength of 10 members and both the promoter families having equal representation on the board with two seats each.

Punjab National Bank Reports Maximum Bank Frauds Amounting to Rs. 4820 cr in First Nine Months of...

  • State-owned Punjab National Bank (PNB) reported fraud to the tune of Rs. 4,820 in the first nine months of fiscal year FY20-21, the highest among all other banks in the same period. While Punjab National Bank recorded the highest value of frauds worth Rs. 4,820 crore, Bank of India recorded the highest number of frauds at 13, according to data from the Reserve Bank of India. A total of 27 scheduled commercial banks and financial institutions have reported 96 cases of fraud, involving a total amount of Rs. 34,097 crore in the nine months ended December.

Mar 30, 2022

HDFC Life Insurance Launches KlarifyLife

  • HDFC Life, one of India's leading life insurers, launched 'KlarifyLife', a digital education and awareness initiative, to simplify life insurance. Aimed mainly at the Millennial and Gen-Z audience base, 'KlarifyLife' is available on social media platforms like Instagram, LinkedIn and Facebook. It focuses on simplifying complex topics, clarifying doubts, and addressing life insurance-related questions in an engaging and straightforward language, with no jargon or information overload.

Uday Kotak Resigns as the Chairman of IL&FS

  • Uday Kotak is stepping down from his position as non-executive chairman of IL&FS three-and-a-half years after the government and regulators asked him to steer the infrastructure financing giant out of a colossal mess. Kotak, who was often asked to play the role of a trouble shooter in badly managed companies, is leaving with more than half the job done.
  • In a statement issued, IL&FS said the government-appointed board led by Kotak had resolved debt worth over Rs. 55,000 crore out of a total outstanding amount of Rs. 99,000 crore. Kotak is set to step down on April 2. The Union government has appointed C.S. Rajan as chairman and managing director of IL&FS and he will take charge for a period of six months.

DBS Bank India and EaseMyTrip Partner to Launch an Environment-friendly Green Debit Card

  • DBS Bank India partnered with EaseMyTrip to launch an environment-friendly international debit card made using 99% recycled polyvinyl chloride (PVC) material. This first-ever 99% recycled PVC debit card–the digibank EaseMyTrip Green Debit Card - helps reduce carbon footprint and rewards cardholders for supporting sustainability. The digibank EaseMyTrip Green Debit Card provides exclusive travel-related offers to customers and rewards them for adopting eco-friendly practices while encouraging them to reduce their carbon footprint.
  • The digibank EaseMyTrip Green Debit Card offers exclusive best-in-class deals on bookings made through the EaseMyTrip website and mobile app, offering a 10% discount up to INR 2000 on flight ticket bookings and up to 17% discount on stays at select eco-friendly hotels & resorts.

SIDBI Partners with Meghalaya to Grow the MSME Ecosystem

  • The Small Industries Development Bank of India (SIDBI) joined hands with the Meghalaya government to develop an ecosystem for small and medium businesses. SIDBI entered into a Memorandum of Understanding (MoU) with the Meghalaya Infrastructure Development and Finance Corporation Ltd (MiDFC) to develop the MSME ecosystem in the state
  • SIDBI is the country's principal financial institution for Micro, Small and Medium Enterprises (MSMEs). As per the MoU's few broad objectives, SIDBI will aid in entrepreneurship development in the state; development of MSME clusters; capacity building of NGOs/development organisations/ MSMEs; support and showcase replicable livelihood projects aligned to the priority identified by the state among others.
  • It will also help in building capacity of MSMEs using online platforms PSB 59, Mitra portals, GeMS, TReDS, initiating business information and counselling centres for micro enterprises among others.

Suzuki, SkyDrive Team up to Make Flying Cars

  • Suzuki and SkyDrive announced a partnership for research and development of flying cars. Japanese company, SkyDrive, has been developing flying cars and cargo drones since 2018, with the company saying its cargo drones are already in service at various worksites in Japan, especially in mountainous areas. Currently, the company is developing a compact, two-seat electric flying car and is aiming for full-scale production.
  • SkyDrive is looking to commence air taxi service during the 2025 World Expo in Osaka, Japan. SkyDrive and Suzuki will collaborate in business and technology, and develop new markets, with an initial focus in India. The two parties are yet to disclose details on investment collaboration, product timelines and target.

Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) Set Up an Ink Manufacturing Unit Nam...

  • BRBNMPL was set up Varnika with an annual ink manufacturing capacity of 1,500 MT to enhance
  • the security of banknotes. It is a boost to 'Make in India' initiative. It ensures that the entire requirement of banknote printing inks is produced in-house. This unit also manufactures Colour Shift Intaglio Ink (CSII) and meets the entire requirements of bank note printing presses in India, which has resulted in cost efficiency and self-sufficiency in bank note ink production.
  • Reserve Bank of India (RBI) Governor Shaktikanta Das also laid the foundation stone for establishment of a Learning and Development Centre (LDC) of BRBNMPL in Mysuru. Such a Centre will facilitate human resource capacity building in the currency production eco-system of the country and emerge as a global centre of excellence.

Mar 29, 2022

Indian Power Project Replaces Chinese venture in Sri Lanka's Northern Islands

  • India will set up hybrid power projects in three Islands off Jaffna, effectively replacing the Chinese venture cleared by Colombo in 2021. The MoU for the project was among those signed during a meeting between visiting External Affairs Minister (EAM) S. Jaishankar and his Sri Lankan counterpart G.L. Peiris.
  • It is the third Indian energy project coming up in Sri Lanka's north and east, after the recent agreements for National Thermal Power Corporation's solar venture in the eastern Sampur town, and the Adani Group's renewable energy projects in Mannar and Pooneryn in the north.

Indian American Raj Subramaniam to Head FedEx As Founder-CEO Steps Down

  • Indian American Raj Subramaniam was named the new Chief Executive Officer of FedEx, a US multinational courier delivery giant. In his new role, Smith said that he looks forward to focusing on Board governance as well as issues of global importance, including sustainability, innovation, and public policy. Smith had founded FedEx in 1971.
  • Headquartered out of Tennessee, FedEx has 600,000 employees globally.
  • Prior to his role as president and Chief Operating Officer of FedEx Corp., Mr. Subramaniam was president and CEO of FedEx Express, the world's largest express transportation company.

Crisis-hit Sri Lanka Seeks Additional $1 Billion Credit Line from India

  • The island nation is struggling to pay for essential imports of food and fuel after a 70% drop in foreign exchange reserves since January 2020
  • Sri Lanka has sought an additional credit line of $1 billion from India to import essentials amid its worst economic crisis in decades, as Indian Foreign Minister S. Jaishankar began talks with Colombo. New Delhi has indicated it would meet the request for the new line, to be used for importing essential items such as rice, wheat flour, pulses, sugar and medicines, said one of the sources briefed on the matter.

Kalyan Jewellers Appoints Former CAG Vinod Rai as Chairman

  • Kalyan Jewellers India Ltd appointed former CAG Vinod Rai as its Chairman and independent non-executive director.
  • T. S. Kalyanaraman will continue as Managing Director on the company's board.
  • Vinod Rai was the former Comptroller and Auditor General of India (CAG) and the former chair of the United Nations Panel of External Auditors.
  • Rai has held various positions within the central as well as state governments, and has been instrumental in various reforms. He has also served as the Chairman of the Banks Board Bureau, a body set up by the government to reform public banking in the country.
  • Rai was awarded the Padma Bhushan, India's third highest civilian award, in recognition of his services to the country.

Mar 28, 2022

Tata AIG, ICICI Lombard Join Race to Buy Insurance Units of Reliance Cap

  • Tata AIG, ICICI Lombard and Nippon Life are among 54 prominent Indian and foreign financial companies joining the race for the profit-making insurance arms of Reliance Capital, which was last year put under administration due to defaults and governance issues.
  • HDFC Ergo, Bandhan Financial Holdings, Cholamandam Investment, Adani Finserv, Yes Bank, OakTree Capital, Blackstone, New Quest, Indusind International, Brookfield, TPG, Zurich Insurance Group, Ares SSG Capital, ArpWood Partners, Capri Global Holdings, Edelweiss Alternative, International Asset Reconstruction Company, JC Flower, Motilal Oswal Financial Services, Square Four Housing, UV Multiple Asset Investment are among 54 companies to have submitted their EOI.
  • The earlier date to submit the EOI was March 11 but it was extended following request by some prospective bidders.

NITI Aayog`s Releases Export Preparedness Index 2021, Gujarat again Tops

  • Gujarat topped Niti Aayog's Export Preparedness Index 2021, followed by Maharashtra and Karnataka in second and third place, respectively. Union Territories (UTs) and smaller states like Lakshadweep, Arunachal Pradesh, Mizoram, Ladakh and Meghalaya were placed at the bottom of the Index.
  • The ranking is based on four main pillars: policy, business ecosystem, export ecosystem and export performance, and 11 sub-pillars like export promotion policy and business environment. The index, prepared in partnership with the Institute of Competitiveness, is used by the states and the UTs to benchmark their performance against their peers and analyse potential challenges to develop better policy mechanisms to foster export-led growth at the sub-national level.

Adani Ports and SEZ Highest Bidder for West Bengal's Tajpur Deep-sea Port

  • India's largest private port operator Adani Ports and SEZ (APSEZ) Ltd emerged as the highest bidder for the West Bengal government's greenfield deep-sea port project at Tajpur in a neck-to-neck fight with JSW Group.
  • APSEZ and Sajjan Jindal-led JSW Group were the only two entities that took part in the financial bid round, though there were more port and logistics majors who had expressed initial interest in the estimated Rs 7,000-crore project in Purba Medinipur district.

Payments Council of India Re-elects Vishwas Patel as Chairman

  • Infibeam Avenues' executive director Vishwas Patel was re-elected as chairman of the Payments Council of India (PCI), the apex industry body for digital operators in India's payments and settlement system that operates under the aegis of the Internet and Mobile Association of India (IAMAI). Patel made a significant contribution towards shaping and giving direction to the digital payments industry for more than twenty years.
  • At its executive council meeting, PCI also elected new co-chairs: Praveena Rai, COO, National Payments Corporation of India (NPCI) and MN Srinivasu, co-founder and director at BillDesk. The council also elected chairs and co-chairs of its seven committees.

Anil Ambani Resigns as Director of RPower, RInfra

  • Reliance Group Chairman Anil Ambani resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI's order restraining him from associating with any listed company.
  • SEBI in February barred Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market for allegedly siphoning off funds from the company.
  • The two Reliance Group companies said that Rahul Sarin was appointed as an Additional Director in the capacity of Independent Director for a term of five years on Friday on the boards of RPower and RInfra, subject to approval of members at the general meeting.

RBI Governor Shaktikanta Das Inaugurates Reserve Bank Innovation Hub (RBIH) in Bengaluru

  • RBI Governor Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru, which was established with a Rs. 100 crore initial capital contribution to foster and nurture financial innovation.
  • The RBI has set up the RBIH as a Section 8 company under Companies Act, 2013.
  • According to the central bank, the Hub has an independent Board with Senapathy (Kris) Gopalakrishnan as Chairman and other notable people from industry and academics as members.
  • RBIH intends to build an ecosystem that promotes access to financial services and goods for the country's low-income people. The Hub would bring together several stakeholders in the financial innovation area (BFSI sector, startup ecosystem, regulators, and academia).

Payments Council of India Re-elects Vishwas Patel as Chairman

  • Infibeam Avenues' executive director Vishwas Patel was re-elected as chairman of the Payments Council of India (PCI), the apex industry body for digital operators in India's payments and settlement system that operates under the aegis of the Internet And Mobile Association of India (IAMAI), the association said in a statement.
  • At its executive council meeting, PCI also elected new co-chairs: Praveena Rai, COO, National Payments Corporation of India (NPCI) and MN Srinivasu, co-founder and director at BillDesk.

RBI Directs Banks and Non-banks to Geo-tag Payment Touch Points

  • Geo-tagging refers to capturing the geographical coordinates (latitude and longitude) of payment touch points deployed by merchants to receive payments from their customers.
  • The Reserve Bank of India (RBI) has asked commercial banks as well as payment system operators (PSO) to geo-tag payment touch points like branches and automated teller machines while announcing a framework for Geo-tagging of Payment System Touch Points.
  • Geo-tagging has various benefits, such as, provide insights on regional penetration of digital payments; monitor infrastructure density across different locations; identify scope for deploying additional payment touch points; facilitate focused digital literacy programmes.

RBI Governor Shaktikanta Das Inaugurates Reserve Bank Innovation Hub (RBIH) in Bengaluru

  • RBI Governor Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru, which was established with a Rs. 100 crore initial capital contribution to foster and nurture financial innovation. According to the central bank, the Hub has an independent Board with Senapathy (Kris) Gopalakrishnan as Chairman and other notable people from industry and academics as members.
  • RBIH intends to build an ecosystem that promotes access to financial services and goods for the country's low-income people.The Hub would bring together several stakeholders in the financial innovation area (BFSI sector, startup ecosystem, regulators, and academia).
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