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BUSINESS AND ECONOMY - October 2018

Oct 2018

May 23, 2021

SBI and HyperVerge Partner for AI-powered Online Account Opening

  • HyperVerge announced its partnership with SBI, with one of its flagship products, the Video Banking solution, which aims to achieve a 10x improvement in the number of account openings per day per agent. The new service will offer a quick and completely paperless experience to customers with minimal ID documents. Assisted by AI engines with an accuracy of 99.5%, HyperVerge's Video Banking solution enables SBI to provide convenient digital banking services to millions of Indians.
  • Last year, the Reserve Bank of India (equivalent to the Federal Reserve) allowed banks to adopt the Video Customer Identification Process (V-CIP). This measure has proven to be prophetic given the rising Covid-19 cases.
  • The technology developed by the Palo Alto headquartered company is critical at this hour since it helps financial institutions deliver uninterrupted services, and save the cost and time spent on manual processing.
  • For comparison, manual checks by an agent can take up to 25 minutes, while HyperVerge's solution completes the entire process within 5 minutes.
  • The Video Banking solution can be supported on multiple platforms.
  • Additionally, the solution performs pre-qualifier checks on customer details, schedules video calls with high throughput and performs AI-driven Liveness, OCR, and Facematch checks. This technology has long-term implications for an organization's efficiency.

IDBI Bank Launches Digital Loan Processing System

  • IDBI Bank Limited announced the launch of its fully digitised, end-to-end, Loan Processing System (LPS) for its MSME and Agri products.
  • This new loan processing system seamlessly integrates with data fintechs, bureau validations, document storage/retrieval, account opening/management, customer notifications, and portfolio management capabilities along with embodied policy/knock off parameters.
  • These features of the fully digitised and automated loan processing system are further aimed at providing a superior tech-enabled banking experience to bank's MSME & Agri.customers.
  • The platform is designed to incorporate knock-off criteria & credit policy parameters for superior underwriting standards.

SEBI Doubles AIFs Overseas Investment Limit

  • The Securities and Exchange Board of India (SEBI) doubled the overseas investment limit of alternative investment funds (AIFs) to $1.5 billion. The decision was taken following consultation with the Reserve Bank of India (RBI).
  • In 2015, SEBI had created a $500-million allowance for overseas investment. However, domestic AIFs were only allowed to invest a fourth of their corpus overseas. Also, overseas investments were required to have an Indian connection. In 2018, the limit was increased from $500 million to $750 million.
  • Doubling of the overseas investment allowance to $1.5 billion will enable Indian AIFs to invest overseas and generate strong returns for their investors. This will allow greater Indian participation in global companies and will accelerate the growth of the Indian AIF industry overall.

Axis Bank Awaits Nod to Reclassify 3 Promoters as Public Shareholders

  • Private sector Axis Bank said that three promoters United India Insurance Company, National Insurance Company and New India Assurance Company will be reclassified as public category shareholders post requisite regulatory approvals.
  • The bank has identified the administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), Life Insurance Corporation of India (LIC), General Insurance Corporation, New India Assurance Company, National Insurance Company, United India Insurance Company, and Oriental Insurance Co Ltd as the promoters.
  • Three promoter entities United India Insurance, National Insurance and New India Assurance have made a request to reclassify them to "public" category from "promoter" category, in terms of SEBI regulations.

May 22, 2021

JSW Steel Examining Bid for Sanjeev Gupta's British Business

  • As per reports, India's largest steel producer, JSW Steel, is considering a bid to buy Liberty Steel in Britain as well as mills elsewhere.
  • JSW's interest, which extends to plants including Gupta's Adhunik steel mill in eastern India, could mark yet another chapter for Britain's steel industry, which has been privatised and sold to overseas buyers as its pre-eminence slid in lock-step with the country's manufacturing might.
  • A sale would also chip away at Gupta's sprawling network of businesses, comprising hundreds of privately-held companies with interests spanning steel, aluminium, mining, financial services and real estate, built up over years of acquisitions.

Essel Group Celebrates 95 Years of Completion

  • The Essel Group which owns news and entertainment media venture along with business in finance and infrastructure celebrated the 95th successful years on May 21.
  • Sharing the message on social media Essel Group chairman and Rajya Sabha member Dr. Subhash Chandra said that celebrations will take place this year due to the COVID-19 pandemic. The organisation will next celebrate its 100th year.

Tata Steel to Re-enter Sensex

  • Tata Steel will replace state-owned Oil and Natural Gas Corporation (ONGC) in the benchmark Sensex, the BSE announced. The change will become effective from June 21. Analysts said that the move will result in inflows of $119 million in Tata Steel and selling of $58 million from ONGC by passive funds benchmarked to the Sensex index. In December 2020, Dr. Reddy's had replaced Tata Steel in the 30-share index.

RBI to Transfer Rs. 99,122 cr as Dividend to Govt. Changes Accounting Year

  • The Reserve Bank of India (RBI) will transfer Rs. 99,122 crore as surplus to the central government for the nine months ended March 31 (July 2020-March 2021).
  • This is much higher than what most had estimated and what the government itself had budgeted for. Finance Minister Nirmala Sitharaman had earmarked a transfer of Rs. 53,511 crore.
  • The transfer was approved in the meeting of the regulator's central board, during which the RBI's annual report was also approved.
  • The central bank has changed its accounting period, aligning it with the fiscal calendar (April-March) from this year, instead of the earlier July-June calendar.

May 21, 2021

Reserve Bank Imposes Penalty on City Union Bank, 3 other Lenders

  • The RBI has imposed monetary penalty on City Union Bank, Tamilnad Mercantile Bank and two other lenders for contravention of certain directions issued by the central bank.
  • A penalty of Rs. 1 crore has been imposed on City Union Bank Limited for contravention of/non-compliance with certain provisions contained in the RBI (Lending to Micro, Small & Medium Enterprises (MSME) Sector) Directions, 2017 and the circulars on Educational Loan Scheme and Credit Flow to Agriculture Agricultural Loans Waiver of Margin/Security Requirements.
  • the RBI imposed penalty of Rs. 1 crore on Tamilnad Mercantile Bank for non-compliance with certain provisions of directions issued by it on Cyber Security Framework in Banks.
  • The Reserve Bank of India also imposed a penalty of Rs. 90 lakh on Nutan Nagarik Sahakari Bank, Ahmedabad for non-compliance with directions Interest Rate on Deposits, Know Your Customer (KYC) and Circular on Frauds Monitoring and Reporting Mechanism.

Andhra Finance Minister Presents Annual Budget

  • Andhra Pradesh Finance Minister Buggana Rajendranath Reddy presented the state's annual budget for the year 2021-22 with an outlay of Rs. 2,29,779 crore and a focus on welfare, health, agriculture and education.
  • Andhra Pradesh currently ranks 3rd at the national level across 17 strategic development goals. It shall be our endeavour to be at the forefront of the achievement of the SDGs at the national level. To invest in the future of our citizens and empower them to realise their true potential shall continue to be the constant endeavour of our government.
  • The presentation of the budget, which is generally done in March, was delayed by two months, as the YS Jagan Mohan Reddy deferred the budget session on account of elections to urban local bodies and by-elections to Tirupati parliamentary constituency.

Kotak Mahindra Bank Issues India's First FPI Licence to GIFT AIF

  • Kotak Mahindra Bank has issued the first-ever foreign portfolio investor (FPI) licence to the GIFT IFSC alternative investment fund (AIF) of True Beacon Global.
  • This is the first FPI licence issued to an AIF incorporated in GIFT IFSC by any custodian bank or designated depository participant (DDP) in the country.

India is the 2nd Largest Insurance-technology Market in Asia-Pacific

  • According to S&P Global Market Intelligence data, India is the second largest insurance technology market in the Asia Pacific, accouting for 35% of the $3.66 billion of the venture capital coming into the sector in the region.
  • At least 335 private insurtech firms are operating in the Asia-Pacific, with about 122 of them disclosing $3.66 billion in aggregate capital raised via private placement deals.
  • "China and India are collectively home to nearly half of private insurtech companies in the APAC region and attracted about 78% of the investments," a report by S&P Global Market Intelligence said. The two markets will continue to corner the lion's share of investor interest on account of their large and fast-growing insurance markets.

Indian Oil Corporation will buy Iranian Oil if US Sanctions are Lifted

  • India will resume buying crude oil from Iran once the US sanctions are eased, an Indian Oil Corporation (IOC) executive said, adding Iranian crude was beneficial for Indian refineries.
  • India stopped importing oil from Iran in mid-2019 following sanctions on the Persian Gulf nation by the Trump administration.
  • US President Joe Biden's administration and Iran have been involved in talks to revive the nuclear deal in exchange for the lifting of sanctions.
  • Indian refiners have begun preparatory work and can swiftly enter into contracts once the sanctions are lifted.

Mindtree to Acquire NxT Digital Business of L&T Group

  • Mid-cap IT services player Mindtree signed an agreement to acquire the NxT Digital Business, the cloud based IoT and AI platform for Industry 4.0 of L&T Group for a consideration of Rs. 198 crore.
  • The NxT Digital Business was founded as a startup in FY19 with broad digital capabilities within L&T. The revenue of NxT Digital Business was Rs. 37.59 crore for FY21, a drop of almost 25 per cent when compared to revenues of FY20 at Rs. 49.73 crore.

May 20, 2021

Infosys and Majesco Collaborate to Accelerate Digital Experience for Insurers

  • IT services firm Infosys and Majesco, a cloud insurance software solutions provider announced a strategic collaboration to work together to help joint customers accelerate their digital transformation journey.
  • This will help unlock new opportunities, address the demand for personalised customer experiences, operational effectiveness, and digital adoption across the insurance business value chain.
  • Infosys' insurance domain and digital capabilities combined with Majesco's cloud-based suite of solutions including the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st Insurance on Majesco CloudInsurer, will accelerate business growth and innovation for the insurance industry.
  • The combined synergy will help Life & Annuity (L&A), Group, and Property & Casualty (P&C) customers transform their business and will benefit insurers in achieving agility and innovation at speed and scale.

Govt. to Sell Nearly 2% SUUTI Stake in Axis Bank

  • The government will sell nearly 2 per cent stake in Axis Bank Ltd. held through Specified Undertaking of the Unit Trust of India (SUUTI), a move that's expected to fetch around Rs. 3,969 crore to the exchequer in divestment receipts.
  • The government will sell its 1.21 per cent stake or 36 million shares in Axis Bank with the floor price set at Rs. 680 a share. It has also kept the option to additionally sell its 0.74 per cent or 22 million shares in the private sector lender. In February, it was reported that the government plans to sell its 1-2 per cent stake in Axis Bank.
  • The sale of 1.95 per cent stake in India's third largest private sector bank could help the government mop up around Rs 3,949 crore in divestment receipts. Post the sale, the government would continue to hold a 1.5 per cent stake in Axis Bank through SUUTI.

CCI Approves Sale of YES Bank's MF Subsidiaries to GPL Finance

  • Fair trade regulator Competition Commission of India (CCI) approved the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd.
  • The proposed combination envisages the acquisition of 100 per cent equity shares of the two entities by GPL.
  • By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor.
  • GPL Finance is a non-deposit-taking and non-systemically important non-banking financial company.
  • In August 2020, the private lender had executed a definitive agreement for the sale of 100 per cent of the equity shareholding of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly-owned subsidiaries of Yes Bank to GPL Finance and Investments.

Google Launches Showcase to Train Journalists in Digital Skills

  • Google announced several initiatives for Indian news industry under its Google News Initiative (GNI), including the launch of Google News Showcase, a programme to train 50,000 journalists in digital skills, and training 800 small and mid-sized news organisations grow their digital ad revenue.
  • The Google New Showcase, launched late last year, and currently active in several other countries, will show content from Indian publisher partners in English and Hindi in dedicated News Showcase panels in Google News and on Discover.
  • Google News Showcase will roll out in India with 30 news publishers including national, regional and local news organizations like The Hindu Group, HT Digital Streams Ltd, Indian Express Group, ABP LIVE, India TV, NDTV, Zee News, Amar Ujala, Deccan Herald, Punjab Kesari, The Telegraph India, IANS (Indo Asian News Service), ANI, and others.

May 19, 2021

Infosys and Majesco Collaborate to Accelerate Digital Experience for Insurers

  • IT services firm Infosys and Majesco, a cloud insurance software solutions provider announced a strategic collaboration to work together to help joint customers accelerate their digital transformation journey.
  • This will help unlock new opportunities, address the demand for personalised customer experiences, operational effectiveness, and digital adoption across the insurance business value chain.
  • Infosys' insurance domain and digital capabilities combined with Majesco's cloud-based suite of solutions including the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st Insurance on Majesco CloudInsurer, will accelerate business growth and innovation for the insurance industry.
  • The combined synergy will help Life & Annuity (L&A), Group, and Property & Casualty (P&C) customers transform their business and will benefit insurers in achieving agility and innovation at speed and scale.

Govt. to Sell Nearly 2% SUUTI Stake in Axis Bank

  • The government will sell nearly 2 per cent stake in Axis Bank Ltd. held through Specified Undertaking of the Unit Trust of India (SUUTI), a move that's expected to fetch around Rs. 3,969 crore to the exchequer in divestment receipts.
  • The government will sell its 1.21 per cent stake or 36 million shares in Axis Bank with the floor price set at Rs. 680 a share. It has also kept the option to additionally sell its 0.74 per cent or 22 million shares in the private sector lender. In February, it was reported that the government plans to sell its 1-2 per cent stake in Axis Bank.
  • The sale of 1.95 per cent stake in India's third largest private sector bank could help the government mop up around Rs 3,949 crore in divestment receipts. Post the sale, the government would continue to hold a 1.5 per cent stake in Axis Bank through SUUTI.

India's First Agriculture Export Facilitation Centre Launched in Pune

  • The Mahratta Chamber of Commerce, Industry, and Agriculture (MCCIA) launched India's first agro-export facilitation centre in Pune, in collaboration with National Bank for Agriculture and Rural Development (NABARD). The new Facilitation Centre will work as a one-stop-centre for the exporters in the agricultural sector as well as boost agricultural exports from the region, as per global standards.
  • The center would guide the prospective exporters on various relevant aspects of the farm-to-fork chain of agro-exports through its experts. It would organise awareness programs, training programs and workshops on the related aspects, organise visits to export houses for getting practical guidance, organise buyer-seller meetings etc.

CCI Approves Sale of YES Bank's MF Subsidiaries to GPL Finance

  • Fair trade regulator Competition Commission of India (CCI) approved the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd.
  • The proposed combination envisages the acquisition of 100 per cent equity shares of the two entities by GPL.
  • By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor.
  • GPL Finance is a non-deposit-taking and non-systemically important non-banking financial company.
  • In August 2020, the private lender had executed a definitive agreement for the sale of 100 per cent of the equity shareholding of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly-owned subsidiaries of Yes Bank to GPL Finance and Investments.

Google Launches Showcase to Train Journalists in Digital Skills

  • Google announced several initiatives for Indian news industry under its Google News Initiative (GNI), including the launch of Google News Showcase, a programme to train 50,000 journalists in digital skills, and training 800 small and mid-sized news organisations grow their digital ad revenue.
  • The Google New Showcase, launched late last year, and currently active in several other countries, will show content from Indian publisher partners in English and Hindi in dedicated News Showcase panels in Google News and on Discover.
  • Google News Showcase will roll out in India with 30 news publishers including national, regional and local news organizations like The Hindu Group, HT Digital Streams Ltd, Indian Express Group, ABP LIVE, India TV, NDTV, Zee News, Amar Ujala, Deccan Herald, Punjab Kesari, The Telegraph India, IANS (Indo Asian News Service), ANI, and others.
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