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BUSINESS AND ECONOMY - May 2018

May 2018

Apr 25, 2024

BharatPe Introduces BharatPe One: Revolutionising Payment Solutions

In a significant move, BharatPe unveiled BharatPe One, an innovative all-in-one payment device set to redefine digital transactions. This cutting-edge product integrates POS, QR, and speaker functionalities into a single device, promising unparalleled convenience for merchants and customers alike.
BharatPe aims to roll out BharatPe One across 100+ cities initially, with plans for expansion to 450+ cities within the next six months. This expansion underscores the company's commitment to enhancing payment experiences for millions of offline merchants nationwide.
Designed to simplify transactions, BharatPe One offers a wide array of payment acceptance options, including dynamic and static QR codes, tap-and-pay, and traditional card payments.

PayU Receives RBI's In-principle Approval for Payment Aggregator Role

Fintech firm PayU received an in-principle approval from the Reserve Bank of India to operate as a payment aggregator. With in-principle approval in place, PayU can now on-board new merchants and provide them digital payment services.
This will allow PayU to begin on-boarding new merchants, offering them digital payment solutions.
A payment aggregator is a financial technology company that simplifies the process of accepting electronic payments for businesses. It acts as an intermediary between the business and the financial institutions that handle payment processing, allowing businesses to avoid the complexities of establishing direct relationships with these entities.

Reliance Jio Becomes World's Largest Mobile Operator in Data Traffic

Reliance Jio become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.

RBI Restricts Kotak Mahindra Bank

The Reserve Bank of India, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card customers.
According to the RBI, serious deficiencies and non compliances were found in the bank's IT inventory management, patch and change management, user access management, vendor risk management, data security, and leak prevention strategy, business continuity, and disaster recovery rigor and drill.

Apr 24, 2024

RBI Releases New Guidelines for ARCs Effective April 24, 2024

The Reserve Bank of India (RBI) issued a comprehensive master direction for asset reconstruction companies (ARCs), which came into effect from April 24, 2024. These guidelines aim to enhance the regulatory framework for ARCs and ensure their financial stability and effectiveness in resolving distressed assets.
ARCs are required to maintain a minimum capital of Rs. 300 crore, a significant increase from the previous requirement of Rs. 100 crore set on October 11, 2022. Existing ARCs are given a transition period until March 31, 2026, to meet this new minimum requirement. Non-compliance with these regulations will lead to supervisory actions, potentially including restrictions on conducting further business activities until compliance is achieved.
ARCs with a minimum Net Owned Fund (NOF) of Rs. 1000 crore are eligible to act as resolution applicants. They are permitted to invest in various financial instruments, including government securities, deposits with specified financial institutions, and short-term instruments such as money market mutual funds and corporate bonds, subject to certain limitations and regulations.

Razorpay and Airtel Payments Bank Introduce UPI Switch: Revolutionising Payment Infrastructure

Razorpay and Airtel Payments Bank unveiled the UPI Switch, a cutting-edge cloud-based infrastructure designed to revolutionise the landscape of digital payments. This innovative product promises to enhance success rates by 4-5% and handle an impressive 10,000 transactions per second (TPS), offering businesses unprecedented efficiency and scalability.
Recognising the limitations of existing UPI infrastructure, Razorpay's UPI Switch aims to overcome challenges related to customization, scalability, and performance. By offering accelerated dispute resolution, instant refunds, and a holistic infrastructure solution, it aims to elevate the transaction experience for both businesses and consumers.

Apr 23, 2024

Three Indian Banks in Top 50 Banks in Asia-Pacific by Assets

According to a report by S&P Global, three Indian banks, State Bank of India (SBI), HDFC Bank and ICICI Bank, secured positions among the top 50 banks in the Asia-Pacific region based on their assets.
SBI, India's largest commercial bank, claimed the top spot among Indian banks in the 2023 list.
It improved its ranking from 20 in 2022 to 21 in 2023, with assets reaching $780.05 billion.
HDFC Bank, India's largest private sector bank, saw a significant jump in its ranking from 46 in 2022 to 33 in 2023.
ICICI Bank, the second-largest private sector bank in India, made its debut on the list, securing the 48^th position.

Gajanan S. Kale Takes over as CEO of Tata Power Delhi Distribution

Tata Power Delhi Distribution Ltd. announced the appointment of Gajanan S. Kale as its new Chief Executive Officer.
Before joining Tata Power-DDL, Kale served as the Chief Executive Officer of TP Western Odisha Distribution Limited (TPWODL) since 2021. He also served as the CEO of Tata Power Ajmer Distribution Ltd. (TPADL) from 2018 to 2020.
Kale, an M-Tech in Integrated Power Systems from NIT-Nagpur, has been with Tata Power group since 2003.

IndusInd Bank Successfully Executes RBI's Programmable CBDC Pilot

IndusInd Bank announced the successful execution of the Reserve Bank of India's programmable Central Bank Digital Currency (CBDC) pilot, marking the first such instance by any bank.
The pilot project, done in collaboration with Circularity Innovation Hub India Private Limited (CIH), involved an alternate form of CBDC wherein the bank can program the end use of funds, specifically targeting farmers for carbon credit generation.
As a part of this pilot, IndusInd Bank initiated the programmable CBDC disbursement to 50 farmers in Ratnagiri district of Maharashtra and will cover around 1,000 farmers going ahead, marking a milestone in the adoption of innovative financial solutions for the agriculture sector.

Apr 22, 2024

IRDAI Does Away with Age Cap

With a view to widening the market and fostering adequate protection from healthcare expenses, the Insurance Regulatory and Development Authority of India (IRDAI) removed the age limit of 65 years for individuals buying health insurance policies.
This marks a significant departure from the conventional constraints that limited individuals in securing comprehensive coverage.

Santosh Viswanathan New India Region Head of Intel

In a strategic move to capitalize on the rapid economic growth in India and fortify its presence in the Asia-Pacific region, Intel Corporation announced the appointment of new executives for its Sales, Marketing, and Communications Group (SMG). This reorganisation is part of the company's ongoing transformation initiatives.
Hans Chuang was named the General Manager of SMG for the Asia Pacific and Japan (APJ) region, effective immediately. Based in Taiwan, Hans will oversee Intel's entire operations in the Asia-Pacific area, driving revenue growth, fostering new opportunities within the local ecosystem, and strengthening relationships with existing partners and customers.
Recognizing India's rapid economic development, Intel has designated the country as a distinct region within its SMG organisation. Santhosh Viswanathan was appointed as the Vice President and Managing Director for the India region, leveraging his experience to promote value and customer-centricity.
Both Hans and Santhosh are renowned for their commitment to meeting the needs of Intel's customers and their extensive leadership experience within the company. This strategic realignment positions Intel to capitalize on the immense potential offered by the Asia-Pacific and Indian markets, fostering growth and innovation while delivering exceptional value to its customers.

Bandhan Life Insurance Unveils New Identity

Bandhan Life Insurance, formerly known as Aegon Life Insurance, rebranded itself with the tagline 'Bharat Ki Udaan, Bandhan Se', reflecting its commitment to empowering the aspirations of India. Under the ownership of Bandhan Financial Holdings, the company embarked on an aggressive growth strategy, aiming to recruit 1,000 new employees and expand its customer base.
Satishwar B., MD and CEO of Bandhan Life, emphasized the transformative nature of this transition as the company joins the renowned Bandhan Group. With a vision set for the next five years, Bandhan Life aims to emerge as a leading multi-channel insurance provider, focusing on digital innovation, robust distribution, and service excellence.

Apr 21, 2024

Santosh Viswanathan Appointed India Region Head of Intel

Santhosh Viswanathan has been appointed as the Vice President and Managing Director for the India region, leveraging his experience to promote value and customer-centricity.
In a strategic move to capitalise on the rapid economic growth in India and fortify its presence in the Asia-Pacific region, Intel Corporation has announced the appointment of new executives for its Sales, Marketing, and Communications Group (SMG). This reorganisation is part of the company's ongoing transformation initiatives.
With a master's degree in business administration and an engineering degree in industrial engineering and management, Santhosh brings a wealth of leadership experience to his new role.

ABFRL Board Approves Vertical Demerger of Madura Fashion and Lifestyle Business

The board of Aditya Birla Fashion and Retail (ABRFL) approved the proposal of a vertical demerger of Madura Fashion and Lifestyle (MFL) business into a newly incorporated entity named as Aditya Birla Lifestyle Brands (ABLB).
ABFRL also plans to raise Rs. 2,500 crore equity capital within 12 months of demerger with promoter participation, and it will be used to strengthen its balance sheet and fund the growth of the remaining businesses.
It also added that ABLB will be listed separately on exchanges post the completion of the demerger.
Aditya Birla Fashion and Retail Limited (ABFRL) is an Indian fashion retail company headquartered in Mumbai. It emerged after the consolidation of the branded apparel businesses of Aditya Birla Group, comprising ABNL's Madura Fashion division and ABNL's subsidiaries Pantaloons Fashion and Retail (PFRL) and Madura Fashion & Lifestyle (MFL), in May 2015. Post consolidation, PFRL was renamed Aditya Birla Fashion and Retail Ltd.

RBI Approves Ajith Kumar K. K. as Dhanlaxmi Bank's MD & CEO

The Reserve Bank of India (RBI) approved Ajith Kumar K. K's appointment as Managing Director & CEO of Dhanlaxmi Bank, marking a pivotal moment amidst the bank's preparations for a Rs. 300 crore rights issue. The leadership transition follows a series of senior management exits amid internal conflicts.
Ajith Kumar K. K., leveraging over 36 years of experience at Federal Bank, brings expertise in credit, human resources, and branch banking. His appointment signifies a strategic move to navigate the bank through its current challenges.

Airtel Payments Bank Launches NCMC-enabled Debit and Prepaid Cards

Airtel Payments Bank has introduced NCMC-aligned debit and prepaid cards in collaboration with NPCI, powered by RuPay. These cards are designed to support India's One Nation, One Card initiative. Savings account holders can avail NCMC-enabled debit cards, while wallet users can opt for prepaid cards. Crafted from eco-friendly e-PVC material, these cards offer versatility in payment options, including offline transit transactions, online shopping, and enhanced security with EMV Chip protection.
All-in-One Travel Solution: Seamlessly use the card for offline transit transactions like metros, buses, tolls, and parking.
Versatile Usage: From offline shopping to e-commerce purchases, ticket bookings, and fuel payments, the card covers various transaction needs.
Flexible Payment Options: Enjoy multiple fare options, including pay-per-ride and purchase passes.
Enhanced Security: Ensure better security with the highly secured EMV Chip-protection feature.

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