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BUSINESS AND ECONOMY - March 2018

Mar 2018

Feb 09, 2023

Edelweiss General Insurance Rebranded as Zuno General Insurance

  • Edelweiss General Insurance rebranded itself as Zuno General Insurance Limited (Zuno GI), which, it says, is a new age digital insurer with an aspiration to reimagine and redefine Insurance to make it easy, friendly, and transparent.
  • The name brings alive the company's passion, enthusiasm, and singular focus on providing customers with the most convenient and hassle-free experience powered by tech that's responsive and intuitive.

RBI Hikes Repo Rate by 25 bps to 6.5%

  • The Monetary Policy Committee (MPC) of the Reserve Bank of India hiked the key policy rate, the Repo rate or the rate at which the RBI lends funds to banks, by 25 basis points to 6.50 per cent in a bid to rein in retail inflation. The RBI decision is expected to make all external benchmark linked (based on the Repo rate) loans costlier immediately.
  • The RBI has also projected a GDP growth for the next fiscal at 6.4 per cent. Retail inflation is expected to be 5.3 per cent in FY24.
  • It was a 4:2 majority decision by the RBI's policy panel to hike the Repo rate, the sixth since May 2022, with MPC members Ashima Goyal and Jayanth R. Varma voting against the increase.

Aditya Birla Group Forays into Premium Casual Dining Market

  • Aditya Birla Group announced its foray into the premium casual dining space that will see the conglomerate open restaurants in collaboration with chef-restaurateur Rahul Akerkar.
  • The group's foray into the food services market will be housed under Aditya Birla New Age (ABNA) that will build more premium casual dining restaurants across India.
  • ABNA, promoted by Aryaman Vikram Birla, son of Kumar Mangalam Birla, aspires to create the most preferred house of food and beverages brands in India.
  • Chef Akerkar founded Mumbai's now shut Qualia, a fine-dine restaurant. He has joined ABNA's wholly owned subsidiary as a creative director and director, cuisine and will be responsible for the restaurant's concept and the culinary vision.

Airtel Payments Bank Launches BizKhata for Small Businesses & Merchant

  • Airtel Payments Bank announced the availability of its current account, BizKhata, which offers small businesses and business partners across the nation fast activation and limitless transactions. Because they cannot maintain the minimum amount required for business accounts, many small business owners continue to use savings accounts for business-related expenses. This makes it difficult to distinguish between personal and corporate dealings.

PhonePe Becomes First Indian Fintech to Allow UPI Payments Abroad

  • PhonePe launched a service that will allow the fintech firm's Indian users travelling abroad to pay foreign merchants using Unified Payments Interface (UPI).
  • 'UPI international' supports merchant outlets in UAE, Singapore, Nepal and Bhutan that have a local QR (quick response) code. Users will be able to make direct payments in a foreign currency from their Indian bank, like they do with international debit cards. Walmart-backed PhonePe said that it is the first Indian fintech app to launch the service.

Feb 08, 2023

K. Satyanarayana Raju New MD & CEO of Canara Bank

  • The Union Government appointed K. Satyanarayana Raju as Managing Director and CEO of Canara Bank, with immediate effect.
  • He replaced L. V. Prabhakar who demitted office on December 31, 2022.
  • Raju, who is a Physics Graduate, Post Graduate in Business Administration (Banking and Finance) and CAIIB (Certified Associate of Indian Institute of Bankers), had earlier served Canara Bank as Executive Director since March 10, 2021.
  • He has a very rich and vast experience in all segments of banking including Branch Banking, Corporate Credit, Retail Credit, Agri Financing, Credit Monitoring, Credit Recovery, Compliance etc.

South Indian Bank Launches Wealth Management Platform

  • South Indian Bank launched a wealth management platform in partnership with Geojit Financial Services.
  • SIB Wealth seeks to help the bank's high net worth (HNI) customers while investing their money in the best financial instruments available in the market. The platform offers portfolio management services, alternative investment fund, systematic investment plan, mutual funds, bonds, real estate funds and structured products.
  • As per Jones George, Executive Director, Geojit Financial Services, the tie up will enable the bank's account holders to maximise their wealth through tailored investment solutions.

Cashfree Payments Launches Automated Escrow Management Solution for Co-lending

  • Cashfree Payments, a leading payments and API banking solutions company, launched 'Co-lend', India's first fully automated escrow management solution for co-lending that facilitates instant disbursal with auto reconciliation and a dashboard for managing multiple partnerships.
  • Co-lend, developed in line with the digital lending guidelines announced by the Reserve Bank of India, requires no manual intervention, automatically notifies the loan management system, and eliminates reconciliation efforts.
  • Currently, in co-lending partnerships, the reconciliation of funding to the escrow accounts for disbursement and repayments is done manually, resulting in errors and delays.
  • 'Co-lend' provides a robust platform for co-lending originators and lenders, especially the ones sanctioning high volumes of loans, where real-time disbursement, repayment and reconciliation are primary requirements. Cashfree Payments has also partnered with Loan Management Service and Loan Origination Service providers as well as banks to enable a plug-n-play offering for lenders to manage all their co-lending and add new partners with ease.

Infosys Collaborates with GE Digital for Grid Transformation Solutions

  • IT services firm Infosys announced a strategic collaboration with GE Digital, the US conglomerate's software division, to accelerate grid transformation in utilities.
  • GE Digital and Infosys will together follow an approach to deliver solutions for grid-related products and services for their new and existing clients.
  • The two companies will jointly bring these solutions for the utilities industry to help operators realise a more reliable, resilient, and sustainable grid. The work will be driven by a software platform and a suite of intelligent applications that bring together energy data, network modelling, and artificial intelligence (AI).
  • Infosys has an eighteen-year relationship with GE that includes collaboration in innovative technology for energy transition.

Uniper Signs Pact with Greenko to Source Green Ammonia from India

  • Germany-based Uniper signed an agreement with Greenko ZeroC to source green ammonia from the latter's Kakinada facility in Andhra Pradesh.
  • Under the MoU, the two companies intend to negotiate pricing, supply and tenure structure for a supply and purchase agreement for 2,50,000 tonnes per annum of green ammonia (GASPA) based on the heads of terms.
  • Uniper and Greenko ZeroC signed the Memorandum of Understanding (MoU) and heads of terms during the India Energy Week in Bengaluru in presence of Petroleum Minister Hardeep Singh Puri, Greenko CEO Anil Chalmalasetty, Uniper CCO Niek den Hollander and other senior company officials.

Feb 07, 2023

Indian Oil to Sign MoU with LanzaJet for Sustainable Aviation Fuel

  • Indian Oil Corp will sign a memorandum of understanding with sustainable fuel tech provider LanzaJet to produce sustainable aviation fuel at its Panipat refinery in northern India.
  • The company has a tie up with LanzaTech for converting waste gas to ethanol, and U.S.-based LanzaJet will be helping in upgrading ethanol to jet fuel.
  • By 2030, 2% of aviation fuel will be sustainable aviation fuel, Chairman S. M. Vaidya said on the sidelines of India Energy Week in Bengaluru.

India's 1st New Mobility-focused Cluster in Telangana

  • The Telangana government launched the country's first new mobility-focused cluster, Telangana Mobility Valley' (TMV), which aims to attract investments of around Rs. 50,000 crore and generate more than 4 lakh jobs in the next five years in the state.
  • Telangana Mobility Valley will create best in class infrastructure making Telangana the most competitive destination for both manufacturing and E R&D in India.
  • TMV aims to facilitate companies across all segments of sustainable mobility including Electric 2Wheelers/ 3 wheelers/ 4 wheelers, Advanced Cell Chemistry and Hydrogen fuel cells, Tier 1 and Tier 2 Component manufacturers and Auto Engineering R&D companies among others.

Vedanta Appoints David Reed as CEO of Global Semiconductor Business

  • Vedanta appointed David Reed as the Chief Executive Officer of its semiconductor business. Reed will be responsible for setting up a state-of-the-art semiconductor fab unit and semiconductor assembling and testing unit, the company shared.
  • Reed's extensive international experience includes establishment of a complete semiconductor ecosystem with global execution of wafer fabrication, research and development, assembly and testing, total quality management and packaging, and supply chain management.
  • In a career spanning several geographies such as Germany, Japan, Singapore, the U.S., Italy and the Philippines, Reed has established a reputation for growing the business, increasing revenues, delivering shareholder values, executing joint ventures and building winning teams and has served on multiple boards, crafting the growth and profit strategies of technology majors.

Vedanta Appoints David Reed as CEO of Global Semiconductor Business

  • Vedanta appointed David Reed as the Chief Executive Officer of its semiconductor business. Reed will be responsible for setting up a state-of-the-art semiconductor fab unit and semiconductor assembling and testing unit, the company shared.
  • Reed's extensive international experience includes establishment of a complete semiconductor ecosystem with global execution of wafer fabrication, research and development, assembly and testing, total quality management and packaging, and supply chain management.
  • In a career spanning several geographies such as Germany, Japan, Singapore, the U.S., Italy and the Philippines, Reed has established a reputation for growing the business, increasing revenues, delivering shareholder values, executing joint ventures and building winning teams and has served on multiple boards, crafting the growth and profit strategies of technology majors.

Grasim Board Inducts Ananya Birla, Aryaman Vikram Birla as Directors

  • The Board of Grasim Industries Ltd inducted Ananya Birla and Aryaman Vikram Birla as directors.
  • Grasim is the flagship company of the Aditya Birla Group, housing the VSF and chemcial businesses. It also holds 57.27 per cent (out of 59.96 per cent total stake) in the group's cement business under UltraTech Cement, and has forayed in paints segment.
  • The new members come with rich and varied experience straddling entrepreneurship and business building, but the appointments are subject to requisite approval by members of the company.

Feb 06, 2023

Amit Shah Lays Foundation Stone for India's Fifth Nano Urea Plant in Deoghar

  • Union Home Minister Amit Shah laid the foundation stone of a Rs. 450-crore nano urea plant and township of the Indian Farmers Fertiliser Cooperative (IFFCO) in Jharkhand's Deoghar.
  • This is India's fifth nano urea plant. Prime Minister Narendra Modi inaugurated the world's first nano urea plant in Gujarat in 2022.
  • "Nano urea will benefit farmers and it is already being exported to five countries," Shah said while laying the foundation stone of the plant.
  • The plant is scheduled to be commissioned in December next year.

Mahindra Finance Names Raul Rebello as MD and CEO-designate

  • The Board of Mahindra & Mahindra Financial Services at its meeting approved the appointment of Raul Rebello, currently the Chief Operating Officer of the Company, as the MD & CEO-designate of the Company. Rebello will assume the position of MD & CEO of the Company (subject to necessary approvals from NRC, Board of Directors and Shareholders), when Ramesh Iyer, the current Vice Chairman & Managing Director of the Company, superannuates on 29 April 2024.
  • Raul joined Mahindra Finance in September 2021, as the COO. Before that, he had a 19-year stint with Axis Bank, where he was most the Executive Vice President and Head, Rural Lending and Financial Inclusion.
  • Raul has deep experience in rural banking, across assets and liabilities.

Feb 05, 2023

Cooperation Ministry Signs MoU to Enable Primary Agricultural Credit Societies

  • The Ministry of Cooperation signed a Memorandum of Understanding (MoU) with Ministry of Electronics and Information Technology, NABARD and CSC e-Governance Services India Limited to enable Primary Agricultural Credit Societies (PACS) to provide services offered by Common Service Centers.
  • The MoU was signed in the presence of Union Home Minister and Minister of Cooperation, Amit Shah and Union Minister of Electronics and Information Technology Ashwini Vaishnav.
  • PACS are the soul of cooperatives and making them multipurpose as providers of about 20 services will increase employment opportunities in rural areas.
  • This agreement is a win-win situation for all. It will not only help in fulfilling Prime Minister's dream of 'Sahkar Se Samridhi' and making cooperatives the backbone of rural development, but it will also strengthen both cooperatives and farmers.

RBI Okays Appointment of Sitting YES Bank Executive Rajan Pental as ED

  • The Reserve Bank of India approved the appointment of Rajan Pental as an Executive Director of YES Bank for three years.
  • Pental, who has been with YES Bank since November 2015, will continue to head retail banking. His portfolio includes branch banking – retail, affluent banking, retail assets and SME banking. He is also designated as a non-executive director of YES Securities.

Mobicule Launches Asset Repossession Module for Banks and NBFCs

  • Mobicule, a niche player and expert in debt collection announced the launch of mCollect Repossession Module, an industry first for banks and NBFCs. The revolutionary Asset Repossession Solution is a comprehension solution that maps all the complex processes in repossession of an asset, as a part of its debt collection and recovery product. Mobicule is a pioneer in offering solutions that digitize processes and improves efficiency using mobile technology. As a result, the launch of mCollect Repossession Module has been projected as a natural extension of its debt collection platform. The repossession module will encompass and cater to fill gaps in the end to end process, such as identification, allocation, digitisation and automation of repo kit, evidencing, yard submission, and yard acknowledgment with evidence, auction and release process. This will also help lenders comply with stringent and ever-evolving regulatory compliance and in-system tracking.
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