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BUSINESS AND ECONOMY - May 2018

May 2018

Mar 04, 2024

Flipkart Unveils its UPI Handle to Boost India's Digital Evolution

Flipkart launched its UPI (Unified Payments Interface) handle to enhance digital payment offerings to all users, including the e-commerce major's over 500 million customers, and boost India's digital evolution.
Powered by Axis Bank, Flipkart UPI will initially be available for Android users.
Flipkart UPI underscores its dedication to shaping a digitally-empowered society and reaffirms our role as a leading catalyst in India's digital evolution.
The UPI offering will enable users to conveniently avail of the feature for online and offline merchant transactions within and outside of the Flipkart marketplace. It also introduces one-click and quick functionalities for recharges and bill payments, enhancing overall payment efficiency for the users.

L&T Commissions First Indigenously Manufactured Hydrogen Electrolyser at Hazira

Larsen & Toubro (L&T) achieved a major milestone in clean energy by commissioning its first domestically manufactured electrolyser at the Green Hydrogen Plant in Hazira, Gujarat. This marked the entry of L&T Electrolysers Limited into domestic electrolyser manufacturing, showcasing the company's dedication to advancing sustainable energy solutions.
A newly established entity, L&T Electrolysers Limited, emerges as a front-runner in manufacturing pressurized alkaline electrolysers.

Mar 03, 2024

FIU Imposes Penalty on Paytm Payments Bank for PMLA Violations

The Financial Intelligence Unit-India (FIU-India), an organisation under the Revenue Department of the Finance Ministry, imposed a penalty of Rs. 5.49 crore on Paytm Payments Bank.
The FIU's penalty is with reference to the violations under the Prevention of Money Laundering Act (PMLA) read with PML rules.
The penalty pertains to issues within a business segment that was discontinued two years ago.

Paytm Discontinues Inter-company Ties with Payments Bank Amid RBI Scrutiny

Paytm's parent company One 97 Communications said that its board has decided to discontinue the inter-company pacts with its banking service Paytm Payments Bank.
The move to end arrangements with the bank came weeks after the Reserve Bank of India (RBI) placed business restrictions on Paytm Payments Bank (Paytm PB), which will come into effect from March 16.

RBI Clears Appointment of S. Ravindran as Part-time Chairman of TMB

The Reserve Bank of India (RBI) approved the appointment of S. Ravindran as the part-time chairman of Tuticorin-based Tamilnad Mercantile Bank (TMB).
The approval is subject to Ravindran, stepping down from his directorships in Shriram Finance and Bandhan AMC, before assuming charge as the part-time chairman of the bank. This came after the apex bank declined TMB's recommendation to appoint B. Vijayadurai as part time non-executive chairman of the lender last year (in 2023).

Mar 02, 2024

American Beverage Giant PepsiCo Launches New Globe Logo Worldwide

American beverage giant Pepsi rolled out its new globe logo worldwide, as part of its first major global redesign in 14 years.
In India, the company unveiled the new globe logo at the Gateway of India, Mumbai, with a digital artwork that introduced the updated colour palette for the brand – electric blue and black.
The new logo thoughtfully borrows equity from Pepsi's past, whilst incorporating modern elements to create a look that is unapologetically current and undeniably Pepsi.
The fresh design language reflects the invigorating spirit of Indian youth and their boundless pursuit of possibilities.

Future Generali India Life Insurance Appoints Alok Rungta as MD & CEO

Future Generali India Life Insurance appointed Alok Rungta as its Managing Director and Chief Executive Officer (MD & CEO) from April 1, 2024 subject to regulatory approvals.
Rungta has more than 25 years of experience and has held executive positions at insurance companies in the Philippines, Hong Kong and India.

RBI Revamps BBPS Norms for Enhanced Efficiency

The Reserve Bank of India (RBI) introduced a revised regulatory framework for the Bharat Bill Payment Systems (BBPS), effective April 1, 2024. This overhaul aims to streamline bill payments, foster wider participation, and bolster consumer protection measures in light of evolving payment landscape dynamics.
NPCI Bharat Bill Pay Ltd (NBBL), a subsidiary of the National Payments Corporation of India (NPCI), serves as the designated Payment System Provider for BBPS. NBBL operates as the Central Unit (BBPCU), managing the connection between customers and billers, along with overseeing clearing and settlement activities for BBPS transactions.

Mar 01, 2024

Maruti Suzuki Partners with Union Bank of India for Dealer Financing Solutions

Maruti Suzuki India inked an initial pact with Union Bank of India for dealer financing solutions. The tie-up enhances the comprehensive inventory funding options for over 4,000 Maruti Suzuki sales outlets across the country.
The company's partnership with Union Bank of India since 2008, has steadily evolved and reached a significant milestone of facilitating over 3,00,000 car finance cases till date.

RIL Signs Deal with Disney to Merge Viacom18 and Star India

Reliance Industries (RIL) unveiled a significant merger deal with Viacom18 Media and The Walt Disney Company, aimed at forming a joint venture (JV) that will integrate the operations of Viacom18 and Star India. This strategic move is poised to reshape the landscape of the Indian entertainment and sports industry.
Transaction values the JV at Rs. 70,352 crore (approximately US$ 8.5 billion) on a post-money basis, excluding synergies.
Nita M. Ambani was appointed as Chairperson of the JV, bringing her visionary leadership to the forefront.
Uday Shankar was named Vice Chairperson, providing strategic guidance to the JV based on his extensive industry experience.

Jana Small Finance Bank, Dvara Money Partner for Digital Banking

Jana Small Finance Bank Limited and Dvara Money tied up for digital banking services, combining DM's Spark Money platform with Jana SFB's technological capabilities.
The integration of third-party application provider (TPAP) capabilities will enable the Spark Money platform to incorporate a full-stack UPI solution. This will allow customers to connect their savings accounts for digital payments and enable UPI functionalities such as Aadhaar OTP-based onboarding and credit on UPI.

Government Clears 3 Semiconductor Plants

In a major initiative to set up an entire framework for semiconductor manufacturing in the country, the government approved three proposals for semiconductor plants, two of them are to be set up in Gujarat and one in Assam, at an estimated cost of Rs. 1.26 lakh crore.
The proposals include India's first semiconductor fab by Tata Group and Taiwan's PSMC in Gujarat's Dholera at a projected cost of Rs. 91,000 crore.

Feb 29, 2024

SpiceJet Settles Rs. 250 crore Dispute with Aircraft Lessor Celestial Aviation

SpiceJet settled a Rs. 250 crore dispute with Celestial Aviation, a subsidiary of one of the largest aircraft lessor groups, through negotiations and avoided the litigation route.
In October 2023, SpiceJet had informed the National Company Law Tribunal that it was looking for a possible settlement with Celestial Aviation. In December 2023, SpiceJet told the tribunal that they had made some payments to the aircraft lessor. Celestial's counsel, Nitin Sarin, admitted to receiving the payment, though the airline missed some deadlines.

Amazon Pay Gets Final Approval from RBI to Operate as Payment Aggregator

Amazon Pay, the fintech arm of e-commerce major Amazon India, received a payment aggregator licence from the Reserve Bank of India (RBI).
The fintech firm joined a list of companies that the central bank has granted authorisation to operate as payment aggregators (PA).
This month (February 2024,two fintech start-ups, Decentro and Juspay, and enterprise software-as-a-service (SaaS) firm Zoho received final authorisation from the RBI for payment aggregator (PA) licences.

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