REC, PFC ink MoA with STPL for Financing Buxar Thermal Power Plant
REC and Power Finance Corporation (PFC) - CPSEs under the Ministry of Power - signed a memorandum of loan agreement with SJVN Thermal (STPL) for financing 2x660 MW coal based Buxar Thermal Power Plant (BTPP). STPL is a 100% wholly owned subsidiary of SJVN (Mini Ratna CPSE under administrative control of Ministry of Power, Govt. of India).
STPL is currently executing 2x660 MW coal based Buxar Thermal Power Plant (BTPP) which is a green field project designed on supercritical technology with the objective to improve the reliability of India's Eastern Electricity region and providing power to the state of Bihar.
LGT Group Forays into Indian Wealth Management Space via LGT Wealth India
LGT Group, a Liechtenstein-based private banking and manager, forayed into the Indian wealth management market through its entity, LGT Wealth India.
Majority owned by LGT Group, LGT Wealth India employs more than 200 staff and has a presence in 14 cities across India, including Mumbai, Delhi, Chennai, and Bengaluru. With LGT Wealth India, LGT is gaining a foothold in the Indian wealth management market and is further strengthening its Asia presence, including offices in Hong Kong, Singapore, Thailand, Australia and India.
Oct 23, 2022
HDFC Securities Opens Women-Only Digital Centre in Bengaluru
Leading stock brokerage firm, HDFC Securities, announced the opening of the first-ever women-only Digital Centre (DC) in India. This pioneering centre, staffed with a team of women, will serve both male and female investors. This closely follows the company's announcement regarding the opening of multiple DCs across India to ease access to services and promote digital adoption.
The women-only DC is another step in HDFC Securities' aim to foster diversity within the organization, while also empowering its customers with technology that eases their journey to financial freedom.
Sachin Tendulkar Partners with Digital Cricket NFT Platform Rario
Digital cricket collectibles platform Rario announced that it has partnered with former cricketer Sachin Tendulkar to enter the non-fungible token (NFT) market.
With this partnership, Tendulkar not only serves as a strategic investor, but also makes it possible for fans to purchase his digital collectibles exclusively on the platform.
Many legendary and upcoming cricketers are already on Rario's platform exclusively, including Aaron Finch, Faf Du Plessis, Quinton de Kock, Shakib Al Hasan, Rishabh Pant, Virender Sehwag, Zaheer Khan, Smriti Mandhana, Arshdeep Singh and Axar Patel.
"The NFT technology brings fans closer to sports, giving them an opportunity to treasure their favourite moments.
Wipro Appoints Suzanne Dann as CEO for Americas 2 Strategic Market Unit
Wipro appointed Suzanne Dann as Chief Executive Officer of Wipro Americas 2 Strategic Market Unit, effective immediately. Dann would also join the Wipro Executive Board.
In her new role, Dann would focus on increasing bookings, large deal signings, and revenue in high-growth strategic areas. She will also direct operational changes to improve margins and continue investments in talent to serve clients' changing needs.
Dann joined Wipro in April 2021 as US Senior Vice President for Capital Markets and Insurance.
Oct 22, 2022
India Post Payments Bank, RBIH Join Hands for Financial Product, Services
India Post Payments Bank and Reserve Bank Innovation Hub joined hands to focus their efforts on enhancing the reach of financial solutions to large sections of society across India and enabling frictionless finance to a billion Indians. Under the arrangement India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) will plan, design and execute innovative products and offerings to bridge the existing gap by bringing digitalised services at the customer's doorstep.
The collaboration between IPPB and RBIH will explore projects which shall have impact on the masses by leveraging the deep rural reach of IPPB-Department of Posts (DoP) to take rural finance to a billion Indians.
Both entities will jointly work to enabling access to sustainable and secure finance services to every segment of the society, through research and innovation.
Mahindra & Mahindra Financial Services Partners with India Post Payments Bank
To enhance credit access to larger customer base Mahindra & Mahindra Financial Services Limited announced a strategic partnership with India Post Payments Bank (IPPB) to further enhance credit access to a larger customer base. As a part of this alliance, India Post Payments Bank (IPPB) would provide Lead referral services to MMFSL for Passenger Vehicles, 3-Wheeler, Tractor and Commercial Vehicle Loan categories and provide cash EMI deposit facility to existing MMFSL customers at Post Offices.
Oct 21, 2022
Paytm Payments Bank Appoints Deependra Singh Rathore as Interim CEO
Paytm Payments Bank appointed Deependra Singh Rathore as the interim Chief Executive Officer (CEO), in addition to his role as Chief Product & Technology Officer. The bank also appointed Sunil Chander Sharma, a former IRS officer as Chief Operating Officer (COO). As the COO, he would oversee the functions of customer support, retail operations, legal and Law Enforcement Agencies (LEA) and Human Resources and Administration.
Paytm Payments Bank (PPBL) is an Indian payments bank, founded in 2015 and headquartered in Noida. In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. In 2021, the bank received a scheduled bank status from the RBI.
Oct 20, 2022
Nestle Enters into D2C Space, Launches Online Platform
FMCG major Nestle India launched its own Direct-to-Consumer (D2C) platform, foraying into the fast-growing online channel.
The company launched its D2C platform MyNestl in Delhi-NCR and will expand to other parts of the country, said Nestl India Chairman and Managing Director Suresh Narayanan.
This has been created specifically keeping the consumer needs in mind.
Yubi Appoints Atanu Chakraborty as Independent Chairman of its Board
Yubi, formerly CredAvenue, announced the appointment of the retired civil servant and current Chairman of the Board of HDFC Bank Atanu Chakraborty as the Independent Chairman of its Board.
Chakraborty has held prestigious positions as the Joint Secretary of the Ministry of Finance and part of the Central Board of Directors of the Reserve Bank of India.
LIC Launches New 'Dhan Varsha' Plan
Life Insurance Corporation (LIC) launched a new scheme 'LIC Dhan Varsha.' This is a non-linked, non-participating, individual, savings life insurance plan which offers a combination of protection and savings.
This plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. It also provides guaranteed lump sum amount on the date of maturity for the surviving life assured.
This is a close ended plan and would be available for sale till March 31, 2023.
Vedanta Arm Balco Wins Bid for 900 mn Tonne Coal Block in Chhattisgarh
Vedanta Ltd's arm Balco won the bid for a coal block in Chhattisgarh.
The company emerged as successful bidder for the mine during the fourth round of commercial coal mine auction conducted by the government.
The coal block is an optimal fit for Balco, given its logistical location.
Once operational, the mine will provide fuel security, enhance power availability, and further strengthen Balco's operations and performance.
The block has estimated reserves of 900 million tonnes.
Balco was incorporated in 1965 as the first public sector undertaking in the country.
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