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BUSINESS AND ECONOMY - December 2018

Dec 2018

Dec 30, 2023

Reserve Bank of India Approves IDFC-IDFC First Bank Merger

Reserve Bank of India gave its nod for the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank. The boards of IDFC First Bank and IDFC had approved the reverse merger in July 2023.
As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd.
The scheme remains subject to other statutory and regulatory approvals, including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved under the applicable laws.
IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.
The bank was launched through this demerger from IDFC Limited, and it was officially inaugurated by Prime Minister of India Narendra Modi in October 2015. It is headquartered in Mumbai, Maharashtra.
V. Vaidyanathan serves as the Managing Director and Chief Executive Officer of IDFC First Bank as in December 2023.

Gujarat Emerges as India's 'Petro Capital'

With the world's largest grassroot oil refinery in Jamnagar and OPaL petrochemical complex at Dahej in Bharuch district, Gujarat was recognised as the 'petro capital' of India. Reliance Industries Ltd's (RIL) Jamnagar refinery is the largest and most complex single-site refinery in the world with 1.4 million barrels per day (MMBPD) crude processing capacity.

Central Bank of India Enters in Co-lending Partnership with Kisetsu Saison Finance for MSME Loans

Public sector lender Central Bank of India entered into a strategic co-lending partnership with Kisetsu Saison Finance, India for MSME Loans.
As per reports, the participation by both entities in this co-lending arrangement will result in greater expansion of the portfolio by Central Bank of India and Kisetsu Saison Finance, India.
Co-lending or co-origination is a set-up where banks and non-banks enter into an arrangement for the joint contribution of credit for priority sector lending. To put it simply, under this arrangement, both banks and NBFCs share the risk in a ratio of 80:20 (80 percent of the loan with the bank and a minimum of 20 percent with the non-banks).
Bengaluru-based M/s. Kisetsu Saison Finance is an NBFC with AUM (Assets under management) of the Company as of September 30, 2023, was more than Rs. 8200 crore.

Dec 29, 2023

CEBR Forecasts India as Third-Largest Economy by 2032, Global Economic Leader by Century's End

India is set to become the world's third-largest economy by 2032, and will eventually surpass China and the United States to become the 'world's largest economic superpower' by the end of this century, as per a report released by the Centre for Economics and Business Research (CEBR).
India will sustain "robust economic growth", averaging 6.5 per cent from 2024 to 2028, CEBR stated in its 'World Economic League Table 2024' report. This will result in the country surpassing Germany to become the fourth-largest economy in 2027, and overtaking Japan to become the third-largest economy by 2032.

Françoise Meyers World's First Woman to be Worth over $100 Billion

Francoise Bettencourt Meyers, the heir of the L'Oréal empire, made history by becoming the world's first woman to amass a staggering $100 billion fortune. She is also the richest woman in the world.
According to the Bloomberg Billionaires Index, her wealth crossed $100 billion, as she maintains her position as the world's 12th richest individual, ahead of notable figures like Mukesh Ambani, Amancio Ortega, and Gautam Adani.

HDFC Bank Board Approves Re-appointment of Atanu Chakraborty as Chairman

Private lender HDFC Bank's board recommended the re-appointment of Atanu Chakraborty as the part-time non-executive chairman and independent director, subject to further approval.
The bank further added that the matter is with the Reserve Bank of India for a second term of three years from May 5, 2024, to May 4, 2027 approval.
Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020.
HDFC Bank (also known as HDFC) is an Indian banking and financial services company headquartered in Mumbai.
The bank was incorporated in August 1994 after its erstwhile parent HDFC received an 'in principle' approval from the RBI to set up a bank in the private sector, as part of its liberalisation of the Indian banking industry, and commenced operations in January 1995.

Dec 28, 2023

L&T Wins Upward of Rs. 5,000 cr Order for Saudi Arabia's Amaala Project

Larsen & Toubro (L&T) bagged an EPC contract worth more than Rs. 5,000 crore to establish various systems related to renewable energy generation and power utilities for an ultra-luxury tourism destination in the Red Sea region in Saudi Arabia.
Larsen & Toubro was chosen as the turnkey Engineering, Procurement and Construction (EPC) contractor to establish various systems for the Amaala project, a 4,155 square kilometres ultra-luxury resort destination set in the Prince Mohammed bin Salman Natural Reserve along Saudi Arabia's north-western coast. Powered by solar energy, it features hotels, residential properties, pristine landscapes and diverse natural ecosystems, coupled with unique and intriguing heritage and local culture.

RBI Proposes Framework to Rationalise Money Changers' Authorisation

The Reserve Bank of India (RBI) proposed draft norms aimed at rationalising the authorisation of money changers in view of the widespread availability of banking services to the public and to explore alternative models for facilitating foreign exchange-related services.
The authorisation framework under the Foreign Exchange Management Act (FEMA) was last reviewed in March 2006.
The RBI has reviewed the extant authorisation framework under FEMA with an objective to further improve the ease with which foreign exchange transactions can be undertaken by users, and at the same time, strengthen the regulatory oversight/framework governing authorised persons (APs).
This is in view of the accelerated universal reach of financial services due to financial inclusion initiatives, increasing integration of the Indian economy with the global economy, digitisation of payment systems, evolving institutional structure, etc., over the past two decades.
The norms proposed a new category of money changers who may conduct money changing business through an agency model by becoming forex correspondents (FxCs) of category-I and category-II authorised dealers. Such entities will not be required to seek authorisation from the RBI.

RBI Approves C. S. Rajan's Appointment as Kotak Mahindra Bank Chairman

The Reserve Bank of India (RBI) approved the appointment of C. S. Rajan, an independent director of Kotak Mahindra Bank, as its part-time chairman for a period of two years.
Rajan's appointment follows the retirement of the incumbent non-executive independent part-time chairman, Prakash Apte.
Rajan is a successful leader with over 40 years of experience across significant government portfolios. An IAS officer of 1978 batch, he was appointed as an Independent Director on the Board of Kotak Mahindra Bank, in October 2022.

Dec 27, 2023

IndusInd Bank Launches 'eSvarna', first RuPay Corporate Credit Card

IndusInd Bank launched 'eSvarna', the country's first corporate credit card on the RuPay network, enabling the private sector lender to become the first to integrate UPI functionality with a corporate credit card.
The card facilitates smooth transactions at merchant outlets and allows users the flexibility to make UPI payments by linking the card with UPI-enabled apps. It also comes with an array of exclusive perks and rewards.
The launch of 'eSvarna,' the country's inaugural corporate card on RuPay, represents a significant step for corporate clients to access unique corporate offerings, benefits, and seamless UPI-enabled payments.

India Makes First-ever Rupee Payment for the Purchase of Crude Oil from UAE

India, the world's third-largest energy consumer, made its first-ever payment in rupees for crude oil purchased from the United Arab Emirates (UAE), signalling what could be a strategic push to promote the local currency globally. The move is part of India's broader efforts to diversify oil suppliers, cut transaction costs, and establish the rupee as a viable trade settlement currency. This initiative aligns with the Reserve Bank of India's move on July 11, 2022, allowing importers to pay in rupees and exporters to receive payments in the local currency.

Dec 26, 2023

MedTech Mitra: Health Minister Launches Online Portal for Medtech Start-ups

Union Minister of Health and Family Welfare Mansukh Mandaviya launched MedTech Mitra, an online portal that aims to assist medtech innovators in clinical evaluation, regulatory facilitation, and uptake of new products.
The portal will be coordinated collaboratively by the Indian Council of Medical Research (ICMR) and the Central Drugs Standard Control Organisation (CDSCO), under the guidance of NITI Aayog's Atal Innovation Mission.
The launch of a separate portal for medtech start-ups came months after the government launched the National Medical Device Policy and a scheme worth Rs. 5,000 crore for the promotion of research in pharma and medtech sectors.

S. K. Kalra is Interim MD & CEO of North East Small Finance Bank

Satish Kumar Kalra was appointed interim Managing Director and Chief Executive Officer of the merger-bound North East Small Finance Bank (NESFB). The Reserve Bank of India and the board of NESFB granted approval to the appointment of S. K. Kalra, a former Managing Director of Andhra Bank.

Maruti Suzuki Signs MoA with Haryana Government to Set up Fourth JIM

Maruti Suzuki India signed a memorandum of agreement (MoA) with the government of Haryana to set up its second Japan-India Institute for Manufacturing (JIM) in the state.
Spread over five acres, the existing ITI Kansala (in Rohtak, Haryana) will be upgraded to a JIM with an investment of Rs. 5.8 crore as a corporate social responsibility (CSR) activity of Maruti. This would be the carmaker's fourth JIM overall in India.

India Skills Report Finds Kerala the Most Preferred State to Work

Kerala emerged the most preferred State to work in the India Skills Report 2024.
The report, which surveyed 3.88 lakh youths through a National Employability Test conducted across the country, indicated the employability in India has improved with 51.25% of the assessed youths found to be employable with the required skills.

Innovative All-in-One Insurance Product, Bima Vistaar, to Debut in Q1 FY25

Bima Vistaar, a groundbreaking all-in-one insurance product encompassing life, health, and property coverage, is poised for launch in the first quarter of the upcoming financial year.
As per Insurance Regulatory and Development Authority of India (IRDAI), the product design and crucial rollout aspects are nearing completion, with a keen focus on leveraging technology for a seamless launch.
Bima Vistaar holds strategic importance as part of the "Insurance Trinity," a trio featuring Bima Sugam (a digital platform), Bima Vistaar, and Bima Vahak (a women-led field distribution force). Aligned with IRDAI's vision to achieve universal insurance coverage by 2047, these components aim to address existing gaps in product design, pricing, and distribution.

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