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BUSINESS AND ECONOMY - May 2018

May 2018

Mar 17, 2021

Reserve Bank imposes Rs 2 cr penalty on SBI

  • Reserve Bank of India imposed a penalty of Rs 2 crore on State Bank of India  (SBI) for contravention of norms, including specific directions to the lender on remuneration to its employees in the form of commission.
  • The penalty has been imposed for contravention of certain sections of Banking Regulation Act and its specific directions of RBI issued to the bank on payment of remuneration to employees in the form of commission, according to a release.
    • It said the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Inflation-stricken Venezuela Rolls out New, Larger-denomination Banknotes

  • Venezuela is rolling out larger-denomination banknotes as hyperinflation batters the crisis-stricken South American country's bolivar currency.
  • Bills worth 2,00,000 and 5,00,000 bolivars — worth just 10 and 27 U.S. cents, respectively, at the current exchange rate — began to circulate on March 15.
  • Venezuela's central bank said this month it also planned to roll a bill worth 1 million bolivars, just 50 U.S. cents.
  • The highest-denomination bill had previously been 50,000 bolivars. Annual inflation in the once-prosperous OPEC nation was running at 2,665% in January, contributing to chronic shortages of cash.

Google Halves Play Billing Fee to 15% for Developers on First $1 mn Revenue

  • Google Play will from July 1 slash by half its 30 per cent billing fee for developers globally when they make the first $1 million of their annual revenue, said the company on Tuesday.
  • Apps that sell digital goods in the Play Store have to use the platform's billing system, which allows the tech giant to collect a percentage of in-app purchases as a fee. The developers are required to use the Play billing system – and therefore pay a service fee – if they implement in-app sales of digital goods. With this change, 99 per cent of developers globally that sell digital goods and services with Play will see a 50 per cent reduction in fees.

Mar 16, 2021

FM Introduces Bill to Raise FDI Limit in Insurance

  • Finance Minister Nirmala Sitharaman introduced a Bill in Rajya Sabha that seek to amend the Insurance Act to pave the way for 74 per cent foreign direct investment (FDI) in the sector.
  • The Union Cabinet had given its nod for amendments to the Insurance Amendment Bill 2021.
  • Finance Minister Sitharaman introduced the Bill for amendments to the Insurance Act, 1938.
  • Currently, the permissible FDI limit in the life and general insurance stands at 49 per cent with ownership and management control with Indian.

Finance Ministry Releases Entire Estimated FY'21 GST Shortfall to States

  • The finance ministry released the full Rs. 1.10 lakh crore estimated GST compensation shortfall to the states with the release of final weekly instalment of Rs. 4,104 crore.
  • With the release of the 20th instalment, 100 per cent of the total estimated GST compensation shortfall of Rs. 1.10 lakh crore for the year 2020-21 has now been released to the states and UTs with Legislative Assembly. Out of this, an amount of Rs. 1,01,329 crore has been released to the states and an amount of Rs. 8,879 crore has been released to the three UTs with Legislative Assembly.

Bitcoin Crosses $60K Mark for First Time

  • With a sign of acceptance among the mainstream investors, the world's largest cryptocurrency Bitcoin surpassed a record high of $60,000.
  • According to the website CoinMarketCap, the cryptocurrency hit $60,197 and continued to hover around $60,000.
  • Bitcoin has tripled in value over the last three months—it was worth $20,000 in December—bolstered by increasing backing from corporate heavyweights.
  • This year, Bitcoin rose around 72 per cent after tech billionaire Elon Musk's electric vehicle company Tesla invested $1.5 billion in it.

Tech Mahindra to Buy Stake in Perigord Asset Holdings

  • Tech Mahindra will acquire a 70 per cent stake in Ireland-based Perigord Asset Holdings Ltd for around Rs. 182 crore and plans to buy the remaining 30 per cent shareholding over a period of four years.
  • Tech Mahindra said that the acquisition will help in augmenting its expertise in the global pharmaceutical, healthcare and life science sectors.
  • For the financial year ended December 31, 2020, Perigord had reported revenues of around Rs. 170 crore.
  • The acquisition is a part of Tech Mahindra's long-term growth plan to build presence across key markets in Ireland, Germany, USA, and India with enhanced global delivery.

Mar 15, 2021

Govt. to Sell Stake in Tata Communication

  • As per reports, the government will sell its entire stake in Tata Communications through an offer for sale and the rest to Tata Son's investment arm Panatone Finvest Ltd.
  • Currently, the government holds 26.12 per cent stake in Tata Communications, Panatone Finvest Ltd 34.8 per cent and Tata Sons 14.07 per cent, respectively.
  • Tata Communications Ltd signed an amendment agreement between the President of India, Panatone Finvest Ltd, Tata Sons Private Ltd and the company for sale of the entire shareholding in the company by the Government of India.

SPIC Thoothukudi Plant Starts Receiving Natural Gas from ONGC Facility

  • Fertilizer-maker Southern Petrochemicals Industries Corporation Ltd (SPIC) started taking delivery of natural gas directly from ONGC's facility, through Indian Oil Corporation Limited (IOCL's) recently inaugurated Ramanathapuram-Thoothukudi natural gas pipeline, at its Thoothukudi factory in Tamil Nadu.
  • The natural gas will be transported from the gas fields of ONGC in Ramanathapuram to the company's plant in Thoothukudi.
  • SPIC is one of the anchor customers to benefit from this pipeline. In the first phase, natural gas will be made available directly to SPIC's plant as feedstock and fuel, transported from ONGC's gas wells through the IOC pipeline.
  • In the second phase, IOC will also supplement the supply of natural gas from its LNG facility in Enmore, near Chennai.

BNP Paribas Cardif Offloads 5% in SBI Life

  • BNP Paribas Cardif, the French insurer, has sold a 5 per cent stake, or a little over 50 million shares, in private sector life insurer SBI Life for Rs. 4,556.7 crore at Rs. 911 a share in an open market sale.
  • With this, the shareholding of the French insurer has come down to 0.2 per cent in SBI Life.
  • Before the sale of shares, BNP Paribas Cardif held 5.2 per cent stake in SBI Life, with the country's largest lender State Bank of India (SBI), the promoter of the company, holding more than 55 per cent stake. Among the buyers, the government of Singapore bought 1.68 per cent stake for Rs. 1,533.5 crore at Rs. 915 a share. And, BNP Paribas Arbitrage bought 0.9 per cent for Rs. 820 crore at Rs. 910 per share.

First Digital, Israel's First New Bank Since 1978

  • First Digital Bank, the first new bank in Israel since 1978, started operations on a trial basis, and planned to open to the public later in 2021.
  • The bank, which Israel's banking regulator approved last year, has 140 staff and has begun opening accounts and providing all banking services for a closed group of customers.
  • First Digital Bank was founded by Amnon Shashua, co-founder of Intel's autonomous car business Mobileye. Shashua has invested $60 million into the venture and the bank said it would raise additional funds to expand its operations.
  • The bank will use artificial intelligence and other innovative technologies to meet customer needs.
  • The bank will have no branches and will focus on retail services, including extending credit to households and accepting deposits. Opening accounts will be done online.

Finmin Asks SEBI to Make Greater Disclosure

  • The Finance Ministry has suggested several changes in the Securities and Exchange Board of India's (SEBI's) annual report format seeking "true and full account of its activities", policies and programmes of the whole year. The new format demands greater disclosure and in-depth analysis of each segment ranging from corporate governance to regulatory action taken by the market regulator.
  • Under the new format, SEBI's annual report will now include the regulator's source of funds and major area of expenditure; greater disclosure in terms of corporate governance and corporate restructuring for instance details of merger and acquisition deals, regulatory action taken by the regulator for enhancing transparency and improving governance, open offers, issuance of observations on offer documents, details of listed companies being wound up, details of defaulter companies, regulatory coordination with Ministry of Corporate Affairs and consequent steps taken by them.

Mar 14, 2021

Trader Body CAIT Launches Vendor Onboarding App ahead of E-Commerce Portal

  • Traders' body CAIT launched a vendor onboarding mobile app for its upcoming e-commerce portal 'Bharat e Market'. The app will enable businesses and service providers to register on the portal and create their own "e-dukaan".
  • The Confederation of All India Traders (CAIT) said its 'purely Indian' Bharat e Market portal will comply with all the rules and regulations of the country.
  • CAIT has been engaged in a tirade against foreign e-commerce companies, accusing them of violating the country's FDI policy norms -- a charge denied by the firms.
  • The traders' body aims to onboard 7 lakh traders on the portal by December this year and 1 crore traders by December 2023.

IndoSpace and METL in Pact for Logistics Park in Haryana

  • Everstone-backed IndoSpace has formed a partnership with Reliance Industries arm METL to develop a 55-acre logistics park at Farukhnagar in Haryana.
  • Model Economic Township Ltd (METL) is a 100% subsidiary of Reliance Industries. The land parcel has a development potential of 1.28 million sq ft.
  • IndoSpace has acquired 55 acres at Farukhnagar in Haryana and this acquisition is a joint venture with the METL. METL will have a minority stake in the JV.

Govt. Okays 33 API Applications under PLI Scheme

  • The government has approved a total of 33 applications with a committed investment of Rs. 5,082.65 crore under the production linked incentive scheme for active pharmaceutical ingredients.
  • Setting up of these plants will make the country self-reliant to a large extent in respect of these bulk drugs.
  • The Department of Pharmaceuticals has launched a PLI scheme for the promotion of domestic manufacturing by setting up greenfield plants in four different target segments with a total outlay of R. 6,940 crore for the period 2020-21 to 2029-30.

Aquaconnect Partners with Bank of Baroda for Loans to Fish Farmers

  • Aquaculture technology venture Aquaconnect partnered with state-owned Bank of Baroda to provide loan access to 1.6 million aquaculture farmers.
  • Bank of Baroda in partnership with Aquaconnect will provide credit access under the Kisan Credit Card scheme at an annualised rate of as low as 10 per cent, according to a statement.
  • The fish and shrimp farmers can also avail the advisory services and quality farm inputs from Aquaconnect platform.
  • Under this partnership, Bank of Baroda has extended loan for up to Rs. 10 lakh under KCC scheme and fisheries loan.
  • Higher credit limits can also be availed under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) schemes on case-to-case basis.
  • The company aims to target Andhra Pradesh, Tamil Nadu, Gujarat and Odisha and later extend it to other states across the country.

Mar 13, 2021

Infosys BPM, Newmont Corp Extend Collaboration to Digitise Delivery Models

  • Infosys BPM, the business process management arm of Infosys, announced a five-year extension of its strategic collaboration with Newmont Corporation to standardise and digitise delivery models across the latter's mine sites.
  • Founded in 1921, the Colorado, US-based Newmont Corporation is a leading gold mining company.
  • Through this renewed engagement, Infosys BPM will drive operational excellence leveraging automation, artificial intelligence (AI), and design thinking, to deliver increased business value for Newmont, a statement said.
  • As part of the engagement, Infosys BPM will provide an enhanced end-to-end digital service to Newmont with its analytics-driven platform-as-a-service offering.

Aquaconnect Partners with Bank of Baroda for Loans to Fish Farmers

  • Aquaculture technology venture Aquaconnect partnered with state-owned Bank of Baroda to provide loan access to 1.6 million aquaculture farmers.
  • Bank of Baroda in partnership with Aquaconnect will provide credit access under the Kisan Credit Card scheme at an annualised rate of as low as 10 per cent, according to a statement.
  • The fish and shrimp farmers can also avail the advisory services and quality farm inputs from Aquaconnect platform.
  • Under this partnership, Bank of Baroda has extended loan for up to Rs. 10 lakh under KCC scheme and fisheries loan.
  • Higher credit limits can also be availed under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) schemes on case-to-case basis.

Axis Bank Launches "Wear N Pay" Contactless Payment Wearable Devices

  • Axis Bank launched a range of wearable contactless payment devices under the brand Wear 'N' Pay. These devices come in different forms of wearables like a band, key chain and watch loop and are available starting at Rs 750. The wearables are directly linked to the bank account of an Axis Bank customer and function like a regular debit card. It allows purchases at any merchant store which accepts contactless transactions.
  • Axis Bank's new 'Wear N Pay' devices are available in a variety of accessories like the band, keychain, and watch loop. Users do not need to carry their smartphones and wallet for payments anymore. These wearable devices can be worn easily to carry out contactless transactions on the go.
  • Customers can use these devices at any merchant that accepts contactless transactions. Users need to wave the device at a POS machine for transactions up to Rs. 5,000. For transactions of more than Rs. 5,000, a PIN is required.
  • The program also provides a host of features for its customers, which include 10% cashback, offers across dining partners as well as a fraud liability cover up to 100% of the purchase limit.

Kamuthi Solar Plant Becomes Water Positive

  • Adani Green Energy Limited (AGEL) said that its Kamuthi solar plant in Tamil Nadu has become water positive.
  • A plant of a company becomes water positive when it harvests and recycles more water than what it consumes, AGEL said in a statement explaining the terminology 'water positive'.
  • The 648 MW Kamuthi Solar Plant, a flagship asset of AGEL, has become the first plant of its class to turn water positive. DNV, an independent global assessment and certification agency, issued the certification following a rigorous audit conducted on the plant's water management in 2020-21.
  • The plant is world's one of the largest single location solar projects spanning 2,500 acres and the power generated at Kamuthi solar power plant provides clean green electricity to 2.65 lakh homes.
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