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BUSINESS AND ECONOMY - January 2018

Jan 2018

Nov 05, 2022

Cochin Shipyard Receives Rs. 1,000 crore Order from European Client

  • Cochin Shipyard received an order of about Rs. 1,000 crore to construct vessels from a European client.
  • These vessels are intended for the services of offshore wind farm installations towards their commissioning and maintenance.
  • These specialised vessels are being contracted for the first time in the country. The estimated project cost for the firm order is approximately Rs 1,000 crore and the project completion time is 35 months.

Energy Efficiency Services Limited Names Vishal Kapoor as CEO

  • Energy Efficiency Services Limited (EESL) has announced the appointment of Vishal Kapoor as its chief executive officer (CEO). He takes charge after completing his tenure as the joint secretary at the Ministry of Power. As joint secretary, he led various government interventions, schemes, and reforms in the distribution sector. He also spearheaded cyber security and IT initiatives in the power sector. He played an instrumental role in formulating the Revamped Distribution Sector Scheme for the Operational and Financial turnaround of distribution utilities.
  • Kapoor worked with the India Railways in various capacities in design, operations and maintenance of the Rolling Stock of Indian Railways. He introduced the high-capacity car carrying freight cars in India and exported of more than a dozen locomotives to Tanzania and Myanmar.

Wipro Appoints Amit Choudhary as Chief Operating Officer

  • Technology services and consulting company Wipro Limited announced the appointment of Amit Choudhary as Chief Operating Officer (COO) and member of the Wipro Executive Board.
  • Choudhary will manage Global Business Operations, Delivery Excellence, CIO, CISO, and Enterprise Risk Management functions. He joined Wipro from Capgemini, where he was the Chief Operating Officer for the Financial Services Business Unit, as well as a member of their Executive Committee.
  • The former COO Bhanumurthy Ballapuram left the firm in July 2021 to join Google Cloud as vice president of the Japan and Asia Pacific region.

India Post Payments Bank Conducts India's First Floating Financial Literacy Camp

  • India Post Payments Bank (IPPB), stablished under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India, conducted India's First Floating Financial Literacy Camp with an initiative called 'Niveshak Didi' to promote Financial Literacy 'By the women, for the women', in Srinagar, J&K.
  • India, being a large & growing economy, still finds it challenging to spread financial literacy across demography, as an enormous share of population still resides in rural areas. IPPB created a new legacy with the help of world's largest postal network to extend its reach to the last mile and bridge financial inclusion gaps.

Tata Steel's Jamshedpur Plant Gets India's First ResponsibleSteel Certification

  • Tata Steel received ResponsibleSteel certification for three of its production facilities in Jamshedpur. The steel works, tubes division and cold rolling mill (Bara) have joined the group of other steel producing sites around the world with the certification.
  • ResponsibleSteel is the steel industry's first global multi-stakeholder standard and certification initiative that works with steel producers, consumers, and intermediaries towards building a sustainable steel industry by addressing pressing challenges including climate change, diversity, human rights and more.
  • "Tata has demonstrated vision, commitment, and investment and has worked incredibly hard to achieve ResponsibleSteel certification for its Jamshedpur site, the first Tata Steel site to be certified and the first ResponsibleSteel certification in India," said Annie Heaton, CEO, ResponsibleSteel.
  • A not-for-profit organisation, ResponsibleSteel™ is the steel industry's first global multi-stakeholder standard and certification initiative.

Nov 04, 2022

Maharashtra Appoints Liquidator to Wind up Rupee Cooperative Bank

  • The Maharashtra registrar of co-operative societies (RCS) appointed D. Doiphode as liquidator to wind up the crisis-laden Rupee Co-operative Bank. The liquidator will focus on recoveries and repayment to depositors of up to Rs. 300 crore.
  • The appellate authority (in the finance ministry) has dismissed the appeal filed by Pune-based Rupee Co-operative Bank against the order, cancelling the banking licence in August 2022.

Wipro Appoints Amit Choudhary as Chief Operating Officer

  • Technology services and consulting company Wipro Limited announced the appointment of Amit Choudhary as Chief Operating Officer (COO) and member of the Wipro Executive Board.
  • Choudhary will manage Global Business Operations, Delivery Excellence, CIO, CISO, and Enterprise Risk Management functions. He joined Wipro from Capgemini, where he was the Chief Operating Officer for the Financial Services Business Unit, as well as a member of their Executive Committee.
  • The former COO Bhanumurthy Ballapuram left the firm in July 2021 to join Google Cloud as vice president of the Japan and Asia Pacific region.

Indian Exim Bank Inks Pact with Southern Africa's Leading Bank to Boost India-Africa Trade

  • Export-Import Bank of India (India Exim Bank) concluded a Master Risk Participation Agreement for supporting trade transactions with FirstRand Bank (FRB) Limited. The agreement was signed in Johannesburg on the sidelines of the India – Southern Africa Regional Conclave.
  • Africa has positioned itself as a key partner in the global arena, a global investment and trading hub, a US$ 2.2 trillion market and a population base of over 1 billion, Africa offers a great market potential.
  • With the largest arable landmass in the world, housing 30% of global minerals reserves, and 8% of the world's oil reserves, the continent offers promising long-term sustainable growth prospects which would be further enhanced by deeper integration of Africa into the global economy.
  • FirstRand Limited, is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.

Nov 03, 2022

HDFC ERGO Launches First-of-its-kind Satellite Index-based Farm Yield Insurance Policy

  • HDFC ERGO announced the launch of a technology backed farm yield insurance policy for farmers.
  • This is a first-of-its-kind insurance solution, where a satellite-based index will be used to provide localised farm level coverage. It will provide comprehensive cover across the crop life cycle from sowing to harvesting, basis satellite-based data.
  • The product is targeted at farmers under corporate/farm input company (FIC) contracts and is valid for food, oilseed, commercial or horticulture crops.
  • A threshold Index value is calculated for every yield by using the historical satellite imaging data of the specific crop and a remote sensing mechanism available in the public domain. The threshold/benchmark index will be then compared with the actual index value arrived at by the reference satellite for the insured crop, to determine if the yield is at loss.
  • Since the policy is entirely based on technology, no manual survey is required during the claim assessment of the crop.

Bandhan Bank Opens Currency Chest in Guwahati

  • Bandhan Bank opened its currency chest in Guwahati which will cater to the northeastern region including Assam, an important market for the private lender.
  • This is the second currency chest of the bank after Patna.
  • As per the bank, the currency chest will help cash management for MSME and traders in the North East.
  • A Currency Chest is a depository that belongs to the Reserve Bank of India (RBI). The central bank stores excess money for banks and ATMs in such a Currency Chest. Such chests are held at the premises of select bank branches across India.

Bank of Baroda Launches BoB World Opulence, BoB World Sapphire Premium Debit Cards

  • Bank of Baroda and Visa launched two new premium debit cards for Bank of Baroda customers – bob World Opulence - a super-premium Visa Infinite Debit Card (Metal Edition) and bob World Sapphire - a Visa Signature Debit Card.
  • The two debit card variants come with a best-in-class and powerful rewards proposition exclusively designed for the Bank's High Networth Individual (HNI) customer segment.
  • The BoB World Sapphire card will come in two sub-variants – BoB World Sapphire (Male) and BoB World Sapphire (Female), offering customised privileges to customers.

Nov 02, 2022

After ONGC, BPCL Gets Interim Head in Absence of Regular Appointment

  • Vetsa Ramakrishna Gupta assumed additional charge as Chairman and Managing Director of Bharat Petroleum Corporation Ltd (BPCL) -- the second 'Maharatna' oil PSU to get an interim head in the absence of a regular appointment.
  • Gupta, Director (Finance) at BPCL, succeeded Arun Kumar Singh, who superannuated on October 31.
  • Government head-hunter Public Enterprises Selection Board (PESB) had in March this year advertised for the post of chairman and managing director of BPCL to look for a successor for Singh.
  • Gupta is the senior most director on the company board and was thus given the additional charge.

PM Modi Inaugurates Global Investors Meet 'Invest Karnataka 2022'

  • Prime Minister Narendra Modi addressed the inaugural function of Invest Karnataka, the Global Investors Meet via video conferencing.
  • According to the Prime Ministers's office, the meet is aimed at attracting prospective investors and setting up development agenda for the next decade.
  • The three-day programme, being held from 2 to 4 November in Bengaluru, would witness more than 80 speaker sessions.
  • The speakers include some of the top industry leaders including Kumar Mangalam Birla, Sajjan Jindal, Vikram Kirloskar among others. Along with this, a number of business exhibitions with more than three hundred exhibitors, and country sessions would run parallelly.

Bank of India Launches Special Deposit Scheme

  • With the demand for deposits among banks intensifying, Bank of India announced a special fixed deposit scheme -- Star Super Triple Seven Fixed Deposit – wherein it is offering 7.25 per cent rate of interest (7.75 per cent for senior citizens) on a deposit for 777 days.
  • Bank of India's 777-day FD scheme is the most lucrative and a smart investment option.
  • Apart from the special deposit scheme, Bank of India has raised interest rate on its existing 555-days fixed deposit scheme to 6.30 per cent. And, on other maturities from 180 days to less than 5 years, it has raised interest rates by 25 basis points.

Changed and New Rules for National Pension Scheme

  • The Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory Development Authority (PFRDA) made several changes and enforced new rules of the National Pension System (NPS). The changed and new rules are:
  • e-nomination process:
  • The nodal officer will now have the authority to accept or reject your application once he/she receives it. Also, if the officer does not take action on your application within 30 days, it will be automatically submitted to the Central Recordkeeping Agency (CRA).
  • No proposal form required for annuity on maturity:
  • IRDAI has said that it no longer requires a separate proposal form to buy annuity.
  • Digital life certificate:
  • Digital life certificates can be submitted online through Jeevan Praman. It is necessary to submit life certificates to the pension authority every year as long as the pensioner receives pension.
  • Contribution via credit card:
  • The PFRDA ruling says that NPS account holders in tier-2 cities can't contribute to NPS using credit cards as of August 3, 2022.

Nov 01, 2022

RBI Digital Rupee Pilot for Wholesale Segment

  • The first pilot in the Digital Rupee, Wholesale segment (eRs-W) commenced on November 1, 2022, the Reserve Bank of India (RBI) said in a circular.
  • The use case for this pilot is settlement of secondary market transactions in government securities. Use of eRs-W is expected to make the inter-bank market more efficient. Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk.
  • Nine banks namely State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC have been identified for participation in the pilot.
  • The first pilot in Digital Rupee — Retail segment (eRs-R) is planned for roll out within a month in select locations in closed user groups comprising customers and merchants. The details regarding operationalisation of eRs-R pilot will be communicated in due course.

BPCL Recognised as Country's most Sustainable Oil & Gas Company

  • Bharat Petroleum Corporation Limited (BPCL), 'Maharatna' and a Fortune Global 500 Company once again achieved the No.1 rank in the Indian oil and gas sector for its sustainability performance in the 2022 edition of the S&P Dow Jones Sustainability Indices (DJSI) Corporate Sustainability Assessment (CSA) rankings. This is the 3rd consecutive year that BPCL is at the top of the DJSI Indices in India having achieved a score of 65 percentage points, against an industry average score of 31 which is far better than last year's score of 59 against an industry average score of 39 on DJSI platform.
  • This benchmarking is a complete assessment of economic, environmental and social criteria with a strong focus on long-term shareholder value.

Maharashtra Bags around Rs. 500-crore Electronics Cluster Project

  • The central government has approved a Rs. 500 crore project to make Ranjangaon in Pune, an electronics manufacturing cluster, in a move that is being seen as an apparent bid to make up for Maharashtra losing back-to-back big-ticket projects to Gujarat.
  • As per Minister of State for Electronics and IT Rajeev Chandrasekhar, the cluster will attract major investments from manufacturers, generate thousands of jobs and put the state in the league of locations that have emerged as vibrant electronics production hubs in the country.
  • The announcement came amid a political slugfest over mining giant Vedanta switching to Gujarat for its Rs. 1.53 lakh crore chip factory and Maharashtra also losing out on the Rs. 22,000-crore Tata-Airbus transport aircraft project.

SAIL signs MoU with AAI under RCS UDAN Scheme

  • Steel Authority of India Limited (SAIL) signed MoU with Airport Authority of India (AAI), to facilitate commercial operations at Rourkela Airport under the RCS UDAN scheme. UDAN (Ude Desh ka Aam Naagrik) is a regional airport development and "Regional Connectivity Scheme" (RCS) of the Union Government. It is a key component of National Civil Aviation Policy (NCAP), which was released by Ministry of Civil Aviation in 2016.

Nokia, Samsung, Tejas Networks among 42 Firms Approved for PLI Scheme

  • The department of telecom (DoT) approved 42 companies, including Nokia, Samsung and Tejas Networks, for receiving benefits under the design-led production-linked incentive (PLI) scheme for manufacturing telecom and networking products.
  • The latest list also included Flextronics, VVDN, Jabil and HFCL, apart from 28 micro, small and medium enterprises.
  • The scheme is crucial to strengthen the value chain of multiple verticals of 5G equipment. For these, India mainly depends on imports.
  • The companies have committed a cumulative investment of Rs. 4,115 crore, the DoT said.
  • The scheme provides additional incentive of 1 per cent over and above the existing incentives for products that are designed and manufactured in India.
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