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BUSINESS AND ECONOMY - March 2018

Mar 2018

Apr 11, 2022

RBI Imposes Penalties on Axis Bank, IDBI Bank

Reserve Bank of India imposed a penalty of Rs. 93 lakh on Axis Bank for various violations, including those related to KYC guidelines. The central bank also slapped a fine of Rs. 90 lakh on IDBI Bank.
A monetary penalty of Rs. 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by RBI. The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines and 'levy of penal charges non-maintenance of minimum balances in savings bank accounts'
IDBI Bank has been penalised for non-compliance of directions on 'frauds - classification and reporting by commercial banks and select financial institutions'. It was also fined for violating norms on 'strengthening the controls of payment ecosystem between sponsor banks and corporate customers like SCBs/UCBs' and 'cyber security framework.'

Infosys and Rolls-Royce Launches 'Aerospace Engineering and Digital Innovation Centre'

Infosys, a global leader in next-generation digital services and consulting, and Rolls-Royce, one of the world's leading industrial technology companies, inaugurated their joint 'Aerospace Engineering and Digital Innovation Centre' in Bengaluru, India.
This centre has been established to provide high-end research and development (R&D) services integrated with advanced digital capabilities to Rolls-Royce's engineering and group business services from India. Infosys and Rolls-Royce's collaboration has been reinforced through strategic deals, aimed at yielding mutual benefits to both organisations over the next seven years.

South-Central Railway Launches 'One Station One Product' Initiative at 6 Major Stations

The South-Central Railway (SCR) launched the "One station One Product" initiative at 6 major stations in all its six divisions. SCR in-charge General Manager, Arun Kumar Jain, inaugurated stalls under the new initiative at Secunderabad Station. The stalls were also opened at Kacheguda beside Vijayawada, Guntur and Aurangabad Stations. The Government had announced the new initiative in the General Budget 2022-23 and is already under trial at Tirupati.
Railways stations are suitable to promote indigenous and local products and the initiative is aimed at making the railway stations a sales and promotional hub for them.

Apr 10, 2022

PNB Implements Positive Pay System Compulsory for Cheque Payments Worth Rs. 10 lakh

Punjab National Bank has implemented the Positive Pay System (PPS) being compulsory for cheque payments worth Rs 10 lakh and above. This is being done as a move to protect its over 180 million customers from any security threats. The bank had announced to make the Positive Pay System mandatory last month, and the same has been implemented today. Under the new system, high-value cheques worth Rs 10 lakh and above will be cleared using the PPS, after reconfirmation with the issuer of the cheque.
As per the Positive Pay System (PPS) developed by the National Payments Corporation of India (NPCI), a customer issuing a high-value cheque has to reconfirm some essential details. The details are then cross-checked while presenting the cheque in clearing before payment.
Positive Pay System will be available for all account holders issuing cheques for amounts of Rs. 50000 and above. Availing of this facility will be at the discretion of the account holder.

RBI Approves Re-appointment of Murli Natarajan as MD-CEO of DCB Bank

The Reserve Bank of India (RBI) approved an extension in the tenure of Murli M. Natarajan as the managing director and chief executive officer (MD & CEO) of DCB Bank for a period of two years. His extended term will be applicable from April 29, 2022, to April 28, 2024. Natrajan is serving as MD & CEO of the bank since April 2009.
RBI capped the tenure of bank chief executives at 15 years and Natrajan will complete 15 years at the helm of the bank in 2024. The re-appointment as above is subject to the approval of shareholders at the ensuing annual general meeting of the bank.

Govt. Released Data: India's Trade Deficit Rises 88% in FY22

According to government data released, India's trade imbalance increased by 87.5 percent to $192.41 billion in 2021-22, up from $102.63 billion the previous year. While total exports hit a new high of $417.81 billion last fiscal year, imports also hit a new high of $610.22 billion, resulting in a $192.41 billion trade deficit.
As per the ministry of commerce and industry, "India's merchandise imports in April 2021-March 2022 totaled $610.22 billion, up 71 percent from $394.44 billion in April 2020-March 2021 and 28.55 percent higher than $474.71 billion in April 2019-March 2020."I
n March 2022, the trade deficit was $18.69 billion, compared to $192.41 billion for the entire fiscal year 2021-22.

Apr 09, 2022

Jio-bp and TVS Motor to Collaborate on EV Solutions

Jio-bp and TVS Motor Company agreed to explore the creation of a robust public EV charging infrastructure for electric two-wheelers and three-wheelers in the country, building on Jio-bp's growing network in this space.
Under this proposed partnership, the customers of TVS electric vehicles are expected to get access to the widespread charging network of Jio-bp, which is also open to other vehicles.
Jio-bp is operating its EV charging and swapping stations under the brand Jio-bp pulse.
This partnership will help drive EV adoption in the country among two and three-wheeler customers who aspire to take a step forward in going electric. The rapid proliferation of these charging stations will broaden both the companies' horizons and expedite India's net-zero emission goals.

RBI Issues Guidelines for Banks to Set up 24X7 Digital Banking Units

The Reserve Bank of India (RBI) said that existing banks can open digital banking units to offer products and services in both self-served and assisted mode round-the-clock. In the Union Budget, the government announced the setting up of at least 75 such units in 75 districts to commemorate 75 years of the country's independence as 'Azadi ka Amrit Mahotsav'.
According to the guidelines on the establishment of Digital Banking Units (DBUs), the products and services to be provided at a DBU include, opening of accounts, cash withdrawal and deposit, KYC update, loans and complaint registrations.

Bandhan-led Consortium Buys IDFC's Mutual Fund Business

Bandhan Financial Holding-led consortium entered into a definitive agreement to acquire IDFC Asset Management Company and IDFC AMC Trustee Company for Rs 4,500 crore, subject to receipt of necessary regulatory approvals, an official said on Wednesday.
Bandhan Financial Holding is the holding company of private sector lender Bandhan Bank.
The consortium led by it also includes private equity firm ChrysCapital and Singapore's sovereign fund GIC. In the consortium, the equity pattern is 60% for Bandhan Financial Holding and 20% each for the other two partners.
Bandhan Financial is also the holding company of Kolkata-based private sector lender Bandhan Bank.

Apr 08, 2022

RBI Imposes Curbs on Shushruti Souharda Sahakara Bank Niyamita

RBI imposed several restrictions on Bengaluru-based Shushruti Souharda Sahakara Bank Niyamita, including a withdrawal cap of Rs. 5,000 per account, following a deteroriation in the lender's financial position. The directions shall remain in force for a period of six months from the close of business on April 7, 2022, and are subject to review, the Reserve Bank said in a statement.
The co-operative bank cannot, without prior approval from RBI, grant or renew any loans and advances, make any investment, incur any liability and accept fresh deposits, among other restrictions.
The bank will continue to undertake banking business with restrictions till its financial position improves.

Tata Group Launches Super App Neu

Tata Group launched possibly India's first super app, Tata Neu, that brings together grocery-to-hotel-to-airline ticket booking and medicine on a single platform, rivalling similar products from Amazon and Walmart's Flipkart.
The group has been testing the app since last year as it seeks to play a big role in the fast growing e-commerce space.
Brands such as Air Asia, BigBasket, Croma, IHCL, Qmin, Starbucks, Tata 1Mg, Tata CLiQ, Tata Play and Westside are on the Tata Neu platform already, and Vistara, Air India, Titan, Tanishq and Tata Motors will soon join.

Card-less Cash Withdrawal Facility across All Banks' ATM Network Soon: RBI

To encourage card-less cash withdrawal facility, the Reserve Bank of India (RBI) proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI).
At present, the facility of card-less cash withdrawal through ATMs is limited only to a few banks. As per the central bank, card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their own ATMs).
Now you can send money from a bank account to anyone in India with a valid mobile phone number through card-less cash withdrawal. The beneficiary can then withdraw cash from the ATM without using a debit or an ATM card.
Under the card-less cash withdrawal facility, a user can authenticate a transaction, and this is expected to add a layer of security and authentication to the transaction. This will also prevent frauds happening due to skimming of card or card cloning.

DLF Chairman Rajiv Singh Richest Real Estate Entrepreneur in India

DLF Chair Rajiv Singh is the richest real estate entrepreneur in India with a wealth of Rs. 61,220 crore, up 68 per cent in the last one year.
He is followed by Mangal Prabhat Lodha and family — promoters of Macrotech Developers — according to the Grohe – Hurun India Real Estate Rich List. Lodha and family slipped to the second spot with their wealth at Rs. 52,970 crore, a 20 per cent increase during the one-year period.
Apart from realtors, the list also includes hotel and hospitality entrepreneurs.

Apr 07, 2022

Tata Motors Bags Order for 1,300 Commercial Vehicles from VRL Logistics

Tata Motors bagged an order for 1,300 commercial vehicles from VRL Logistics. The order comprises medium and heavy commercial vehicle and intermediate & light commercial vehicle range, suited for logistics operations of VRL Logistics. The vehicles were selected on the basis of superior drivability, high fuel efficiency and low total cost of ownership, which will enable VRL Logistics to increase its fleet efficiency.
Tata Motors' commercial vehicles are designed and engineered on the Power of 6' philosophy, which delivers driveability, total cost of operations, comfort and convenience, and connectivity. It also offers its flagship initiative, Sampoorna Seva, a bouquet of service offerings including repair time assurance, breakdown assistance, insurance and accidental repair time, extended warranty, and other add-on services for vehicle maintenance and upkeep.

Forbes Billionaires 2022: The Richest People in The World

The Forbes billionaires 2022 list was released, which compiled the list of the world's richest, who this time was hit by the impact of the Russia-Ukraine conflict, coronavirus pandemic and sluggish markets. Elon Musk, the Tesla and SpaceX founder topped Forbes' list for the first time ever with a net worth of $219 billion. Elon Musk is leading the Forbes billionaires list with a net worth of $219 billion, followed by Amazon chief Jeff Bezos at $171 billion.
America has most number of billionaires at 735 worth a collective net worth of $4.7 trillion, including Elon Musk, who tops the World's Billionaires list for the first time. China (including Macau and Hong Kong) remains number two, with 607 billionaires worth a collective $2.3 trillion. Forbes uses stock prices and exchange rates from March 11, 2022, to calculate net worth.
Ambani ranked at the 10th position on the global list, followed narrowly by fellow industrialist and Adani Group founder Gautam Adani, whose fortune climbed by almost $40 billion over the past year, to an estimated $90 billion.
Savitri Jindal, the chairperson of the Jindal Group, is the richest woman in India, according to the Forbes' Billionaires List 2022, with a net worth of $17.7 billion. A total of 11 Indian women, with 4 newcomers, joined the global rich list this year.

Union Bank Launches Super App 'Union Nxt'

Union Bank of India launched its super app, Union Nxt which focuses on providing pre-approved personal loans, pensioner loans, Mudra loans, MSME loan auto-renewal services, and farmer loans auto-renewal services to customers.
The bank is looking to invest nearly Rs. 1,000 crore in building and upgrading its digital technology in the present fiscal, as per the bank's management. It has tied up with over a dozen fintechs to upgrade its digital offerings.
The bank presently has 1.65 crore customers on its mobile app and aims to take the count to 2 crore this year, Union Bank MD & CEO Rajkiran Rai G. said.

India's Agriculture Exports Touch a High of $50 Billion

The exports of agricultural products (including marine and plantation products) crossed $ 50 billion, the "highest level ever achieved for agriculture exports", in 2021-22, according to the Commerce and Industry Ministry.
As per the provisional figures released by DGCI&S, the agricultural exports have grown by 19.92% during 2021-22 to touch $50.21 billion.
Highest ever exports have been achieved for staples like rice ($ 9.65 billion), wheat ($ 2.19 billion), sugar ($ 4.6 billion) and other cereals ($ 1.08 billion).
India has captured nearly 50% of the world market for rice.
Export of marine products at $ 7.71 billion is also the highest ever, benefitting farmers in the coastal states of West Bengal, Andhra Pradesh, Odisha, Tamil Nadu, Kerala, Maharashtra and Gujarat.

Facebook Meta Plans Cryptocurrency and Creator Coins for its Apps

Meta Platforms Inc is readying plans to introduce virtual tokens and cryptocurrencies to its family of apps with an aim to use such virtual tokens for rewarding creators and lending and other financial services.
The move, which is reported to be in its early stages, comes as Meta grows its focus on services centered around the metaverse, a virtual environment where people interact, work and play.
If implemented, it could also give Meta a new revenue channel and control over transactions in its suite of apps and services, which include Facebook, Instagram, WhatsApp and the Meta Quest virtual reality platform.
Earlier this year, Meta joined the Crypto Open Patent Alliance (COPA), a group of companies led by Jack Dorsey's Block Inc that has pledged to promote open access to cryptocurrency technologies.

Union Bank of India to Sell its 8% Stake in ISARC to Dhansamridhi Finance

Union Bank of India will sell its 8 per cent stake in India SME Asset Reconstruction Company. The stake sale is subject to obtaining requisite regulatory approvals.
ISARC is the country's first ARC supported by a large number of public sector banks and undertakings, focussed on NPA resolution of the MSME sector. The ARC is sponsored by SIDBI, Bank of Baroda, Punjab National Bank, and SIDBI Venture Capital Ltd.

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