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BUSINESS AND ECONOMY - May 2018

May 2018

Aug 10, 2021

Govt's SWAMIH Fund to Invest in Six Amrapali Projects

  • Special Window for Affordable and Mid-Income Housing SWAMIH Investment Fund I (SWAMIH Fund), sponsored by Union Government and managed by an arm of SBI Capital Markets, will invest Rs. 650 crore in six projects of erstwhile Amrapali Group at Noida and Greater Noida.
  • The fund manager SBICAP Ventures has signed agreement with the Supreme court appointed receiver for infusing the funds.
  • The projects receiving the funds include include Silicon City-1, Silicon City-2, Crystal Homes, Centurian Park- Low Rise, O2 Valley and Tropical Garden where 6,947 units are stalled of which 6,132 units are sold but homebuyers are awaiting delivery. These projects were launched almost about 10 years ago between 2011 and 2013 and have been delayed for more than 4-5 years from their promised delivery timeline.

RBI Hikes Collateral Free Loans to SHGs

  • The Reserve Bank of India notified the enhancement of collateral free loans to self-help groups (SHGs) from Rs. 10 lakh to Rs. 20 lakh under Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM).
  • The DAY-NRLM is the flagship programme of Government of India for promoting poverty reduction through building strong institutions of the poor, particularly women, and enabling these institutions to access a range of financial services and livelihoods.
  • DAY-NRLM adopts a demand driven approach, enabling the states to formulate their own state-specific poverty reduction action plans.
  • For loans to SHGs up to Rs. 10 lakh, no collateral and no margin will be charged.
  • "For loans to SHGs above Rs. 10 lakh and up to Rs. 20 lakh, no collateral should be charged and no lien should be marked against savings bank account of SHGs.
  • However, the entire loan (irrespective of the loan outstanding, even if it subsequently goes below Rs. 10 lakh) would be eligible for coverage under Credit Guarantee Fund for Micro Units (CGFMU).

Wipro Appoints Jason Eichenholz as Global Partnerships Lead

  • IT services firm Wipro Ltd has appointed former Deloitte Consulting executive Jason Eichenholz as its Senior Vice President and Global Partnership Lead.
  • Eichenholz will lead Wipro's efforts across all partnerships, and will report to Chief Growth Officer Stephanie Trautman.
  • Eichenholz will be based in Florida, US.
  • With over two decades of experience working in enterprise technology, Eichenholz brings deep cloud experience and a passion to couple technology with sales and service techniques to Wipro.

Gift City, India Insurtech Ink Pact to Promote Fintech in Insurance Sector

  • GIFT City, the country's first international financial services centre (IFSC), has collaborated with the India InsurTech Association (IIA) to promote financial technology in the insurance sector.
  • IIA is a not-for-profit organisation working towards growing a technology-driven insurance ecosystem in India.
  • The two entities will collaborate on building thought leadership in the field of insurance and creating awareness about GIFT City among Indian and foreign insurance companies, the country's first operational smart city said in a statement.
  • To raise awareness about GIFT-IFSC, the collaboration will organise events, information series, seminars, and conferences.

Aug 09, 2021

IDBI Bank Strategic Sale: 7 Firms in Race for Transaction Advisor

  • As many as seven firms, including JM Financial, Ernst and Young and Deloitte, have bid for managing the strategic sale of IDBI Bank.
  • These firms would make a virtual presentation before the Department of Investment and Public Asset Management (DIPAM), which is handling the sale process, on August 10.
  • The firms that have bid for acting as transaction advisor are Deloitte Touche Tohmatsu India LLP, Ernst and Young LLP, ICICI Securities, JM Financial Ltd, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets.
  • DIPAM would appoint one transaction advisor for the strategic sale of IDBI Bank, in which the central government and LIC together own more than 94 per cent.
  • LIC, currently having management control, has a 49.24 per cent stake, while the government holds 45.48 per cent in the bank. Non-promoter shareholding stands at 5.29 per cent.

JSPL Accepts Revised Offer from Worldone to divest Stake in Jindal Power

  • Jindal Steel and Power Limited's Board accepted the revised binding offer from Worldone Private Limited (acquirer) to divest its 96.42 per cent stake in Jindal Power Limited (JPL), a material subsidiary of JSPL.
  • The deal will also entail debt associated with JPL (of Rs. 6,566 crores approx as on December 31, 2020) moving out of JSPL's consolidated books, thereby, strengtheningJSPL's balance sheet.

Equitas Small Finance Bank Launches 'Equitech' to Boost Fintech Start-ups

  • Equitas Small Finance Bank is set to launch 'Equitech' - a Fintech Accelerator aimed at the start-up ecosystem. It is a unique program designed to scale up and help Fintechs curate their products and define a go-to-market strategy. This will help the Fintechs to reach the next level and take its product to the market in a more targeted manner. The program has been launched on 07 August and the application process for the enrolment has commenced.
  • The program aims to augment the fintech ideas into outcome-driven partnerships with key focus on product and customer acquisition.

Karnataka Bank Empanelled as 'Agency Bank' for Government Business

  • Karnataka Bank said that the bank is empanelled by the Reserve Bank of India to act as an empanelled "Agency Bank", Karnataka Bank is now authorised to undertake the Government businesses such as Revenue receipts and payments on behalf of the Central/State Governments, Pension payments in respect of Central / State Governments, Collection of stamp duty charges and also any other item of work specifically advised by Reserve Bank of India.

Aug 08, 2021

RBI Keeps Repo Rate Unchanged

  • The Reserve Bank of India's monetary policy committee kept the key interest rates unchanged for a seventh straight meeting, while retaining an accommodative stance to help revive the economy amid coronavirus-related stress.
  • The repo rate and reverse repo rate would remain unchanged at 4 per cent and 3.35 per cent, respectively, said RBI Governor Shaktikanta Das, after a three-day meeting of the committee in Mumbai.
  • The central bank kept its FY22 GDP forecast at 9.5 per cent and it projected retail inflation for the same period to be 5.7 per cent from 5.1 per cent earlier.

ICICI Prudential Life Ties up with NPCI for UPI Autopay

  • ICICI Prudential Life Insurance has tied up with the National Payments Corporation of India (NPCI) to provide a Unified Payments Interface Autopay facility to its customers. This tie-up is another step in the company's digitalisation journey, which provides customers with a hassle-free and seamless experience across the policy lifecycle.
  • While purchasing a life insurance policy, customers can link their bank accounts with UPI Autopay for payment of premium.
  • The UPI Autopay e-mandate can be activated by customers by using their smartphones to make regular renewal premium payments in a paperless format.
  • The UPI payment mode is fast becoming a preferred route of payment due to the contactless and frictionless experience it provides.
  • Customers can set up the e-mandate facility to make their regular renewal premium payments and ensure financial security for self and their families.
  • Customers can enable the UPI Auotpay feature on their UPI apps. Alternatively, it can be enabled for banks through an e-mandate.

ICICI Prudential Life Ties up with NPCI for UPI Autopay

  • ICICI Prudential Life Insurance has tied up with the National Payments Corporation of India (NPCI) to provide a Unified Payments Interface Autopay facility to its customers. This tie-up is another step in the company's digitalisation journey, which provides customers with a hassle-free and seamless experience across the policy lifecycle.

Axis Bank Crosses one Million Customers on WhatsApp Banking

  • Axis Bank has crossed the milestone of over one million customers on its WhatsApp banking channel with a total request count of 6 million till now. Axis Bank had launched banking services on WhatsApp in January 2021 and has since witnessed robust organic growth in its customer base for WhatsApp banking.
  • After signing up for the service, customers can inquire and get details of products across savings account, credit and debit cards, deposits and personal loans. Non-financial service requests can also be initiated, such as locating ATMs or getting updates on third-party deals available on credit and debit cards.
 

Aug 07, 2021

Suryoday Small Finance Bank Opens 'Health and Wellness Savings Account

  • Suryoday Small Finance Bank (SSFB) has launched a 'Suryoday Health and Wellness Savings Account' to help customers grow their wealth and also take care of their family's health amid the covid-19 pandemic.
  • The account offers an attractive interest rate and comes with three major benefits for a family of four -- top-up health insurance of Rs. 25 lakh, annual healthcare package and on-call emergency ambulance medical care services.
  • Top-up health insurance and healthcare package are free of charge for one year after opening the account. Free ambulance service up to a distance of 20 km will be available at 102 locations across the country till March-end 2022. For opening the savings account, customers will need to maintain an average monthly balance of Rs. 3 lakh and have to be eligible as per the key health declaration form.

Haryana Formulates Policy to Create Land Banks for Govt. Dept

  • In a bid to prevent distress sale of land by farmers, the Haryana government has provided an option to them by formulating a policy to create land banks for government departments, boards and corporations.
  • Under this policy, farmers can advise the state government for selecting a site for the development project at a particular place.
  • A decision to this regard was taken in the meeting of the Council of Ministers under the chairmanship of Chief Minister Manohar Lal Khattar.
  • This policy may be called the Policy for Creating Land Bank for the Government Department including Boards and Corporations and disposal thereof for development projects.

Action Taken against HDFC Bank, Mastercard to Ensure Compliance

  • A keenness to ensure compliance to regulatory guidelines has led the RBI to initiate strong actions against entities like HDFC Bank, Mastercard and American Express, Reserve Bank of India (RBI) Governor Shaktikanta Das said.
  • The RBI has banned HDFC Bank from selling new credit cards after instances of service outages, and asked Mastercard and American Express to not sell any new cards for data localisation non-compliance.

Oil Ministry Launches Sixth Bid Round of Open Acreage Licensing Programme

  • The Ministry of Petroleum and Natural Gas launched the sixth round of bid under the Open Acreage Licensing Programme (OALP). There are 21 blocks, with an area of approximately 35,346 sq km are on offer to investors.
  • The bidders would be able to submit their bids on an online e-bidding portal starting August 6, 2021 and the deadline for bid submission is October 6, 2021. Award of these blocks to winning bidders is expected by the end of November 2021.
  • In earlier rounds, the Oil Ministry had awarded 105 blocks spanning an area of around 156,580 sq km, which attracted total committed investment of about $2.4 billion.

SBI General Insurance Partners with SahiPay to Offer General Insurance Products

  • SBI General Insurance, one of India's leading General Insurance companies, announced a tie-up with Manipal Business Solutions to increase insurance penetration in the rural markets. SahiPay, the fastest growing tech-enabled financial inclusion platform of Manipal Business Solutions, provides digital and financial services to customers in semi-urban and rural India.
  • This association marks a significant milestone for SBI General in realizing its vision of becoming the most trusted general insurer for India as well as Bharat.
  • Through this partnership, SBI General will provide a bouquet of non-life insurance solutions to SahiPay customers.

RITES Bags Highest Ever Order from Ministry of Railways

  • State-owned RITES Limited has secured its highest-ever work order worth Rs. 4,027 crore for railway track works from the Ministry of Railways.
  • The turnkey order includes the three new line projects - Belgam-Dharwad via Kittur, Shimoga-Shikaripura-Ranebennur and Tumkur-Devangree via Chitradurga.
  • RITES is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.

Aug 06, 2021

Govt. Scrapping Retro Tax

  • In a bid to bury the ghost of retrospective taxation, the government brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund about Rs. 8,100 crore collected to enforce such levies.
  • Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation on indirect transfer of Indian assets prior to May 28, 2012.
  • It is also proposed to refund the amount paid in these cases without any interest thereon.

Zomato Sets up Payments Aggregator

  • Food delivery platform Zomato has incorporated a wholly-owned subsidiary called Zomato Payments Pvt Ltd.
  • The company has been formed to comply with the Reserve Bank of India regulations to "carry on the business of providing payment aggregator services and payment gateway services.
  • Zomato Payments Pvt Ltd (ZPPL) is incorporated with an initial subscription of 10,000 equity shares of Rs. 10 each, aggregating to Rs. 1,00,000.
  • Payment Aggregators are entities that help e-commerce sites and merchants to accept various payment instruments from the customers for completion of their payment obligations without the need for merchants to create a separate payment integration system of their own.

Airtel Partners with Google Cloud, Cisco to Launch Airtel Office Internet

  • Bharti Airtel announced the launch of 'Airtel Office Internet', a unified enterprise grade solution for the emerging digital connectivity needs of small businesses and early-stage tech startups, among others.
  • Airtel Office Internet is built on these insights and brings together secure high-speed data connectivity, and conferencing and business productivity tools as a unified solution with one plan and one bill.
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