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BUSINESS AND ECONOMY - December 2018

Dec 2018

Oct 13, 2022

World Bank Extends Unconditional Loan of $250 Million for SALT Project in Andhra Pradesh

  • Special Chief Secretary (School Education) B. Rajasekhar said that the World Bank (WB) extended an unconditional loan of $250 million to the Supporting Andhra's Learning Transformation (SALT) project in appreciation of the path-breaking reforms implemented by the state government.
  • As per Secretariat, Mr. Rajasekhar, the reforms initiated under the SALT project had brought about a paradigm shift in the way education was imparted and that the outcomes had been encouraging. Besides, the facilities in schools were vastly improved under the Nadu-Nedu programme to provide an atmosphere that was conducive for teaching and learning.
  • The SALT is the first project in the school education sector to be funded by the World Bank without any precondition.

NPCI Collaborates with Worldline to Support UPI, RuPay Payments in Europe

  • French multinational payment services firm Worldline collaborated with NPCI International Payments Ltd (NIPL), the global arm of National Payments Corporation of India (NPCI), to support Indian digital payment modes in Europe.
  • Worldline, as part of the tie-up, will enable merchants' point-of-sale (POS) systems in European markets to accept payments from Unified Payments Interface (UPI), an instant real-time payment system, as well as RuPay, NPCI's proprietary card payment network solution.
  • Currently, customers from India pay through international card networks for their expenses in Europe.
  • Facilitated via Worldline QR, the company's universal product for the acceptance of all QR-based payments, the first target markets for NIPL are set to include Benelux and Switzerland with further plans for expansion.
  • According to Worldline Deputy CEO Marc-Henri Desportes, the partnership with NPCI's international arm "seeks to mitigate the risk of excluding or limiting Indian customers from safely using electronic payments in the EU".

West Bengal Govt. Hands over Letter of Award for Tajpur Port to Adani Ports

  • The West Bengal government handed over the Letter of Award for development of a deep-sea port at Tajpur to Adani Ports.
  • It was received by Karan Adani, CEO, Adani Ports and Special Economic Zone (APSEZ) at an event hosted by the state government in the presence of Chief Minister, Mamata Banerjee.
  • The hand-over of the LoA for the port at Tajpur follows the Bengal Cabinet approval last month for issuing it.
  • As per the state government, the port would entail an investment of Rs. 15,000 crore.

IDBI Bank Partners Vayana Network on Supply Chain Finance

  • IDBI Bank signed a memorandum of understanding with Vayana Network as its first fintech partner for end-to-end digitalization services.
  • This partnership aims to contribute in the growth of the supply chain finance penetration in India, which is less than 1% of gross domestic product (GDP) and contributes only 5% of the outstanding banking assets.
  • IDBI Bank has an existing CMS and e-trade platform and with the introduction of end-to-end digitalization, the bank aims to provide complete digital solutions to corporate banking and small business clients. This platform is expected to reduce paperwork, and transaction processing time while providing a smooth customer experience throughout.

SBI Chairman Inaugurates Next-Gen Contact Center for Personalised Customer Experience

  • State Bank of India (SBI) chairman Dinesh Kumar Khara inaugurated their Next-Gen Contact Centre service in order to provide a better and more individualised client experience. With 30+ financial options available 24 hours a day, 7 days a week from the convenience of home, and offered in 12 languages, the redesigned Contact Center will establish a new industry norm.
  • The bank has developed simple-to-remember 4-digit toll-free numbers (1800-1234 or 1800-2100) to further streamline the procedure.
  • State Bank of India (SBI) stated that their contact centre, which is available in 12 different languages, receives 1.5 crore calls each month.
  • It has 3500 agents working for it, giving bank clients great experiences once more. The contact centre also assists with first collections.
  • To help all customer service personnel properly handle most banking inquiries on the phone, the bank has updated, streamlined scripts and soft skill training capabilities.

RBI Raises Minimum Capital Requirement for Setting up ARCs

  • The Reserve Bank raised the minimum capital requirement for setting up an asset reconstruction company (ARC) to Rs. 300 crore from the existing Rs. 100 crore with an aim to strengthen the securitisation sector which plays a vital role in the management of distressed financial assets.
  • The existing ARCs have been given a glide path to meet the minimum net owned fund (NOF) requirement till April 2026, the RBI said in a circular amending the existing regulatory framework for such entities.
  • Under the earlier guidelines, each ARC was required to frame a board-approved policy laying down the broad parameters for settlement of debts due from the borrowers.

Oct 12, 2022

Ravi Kumar. S Resigns as President of Infosys

  • Infosys said that Ravi Kumar. S, president resigned from the company. The resignation is effective from October 11, 2022.
  • Kumar, worked with Infosys for almost 20 years, and led the Infosys Global Services Organisation across all industry segments.
  • He was previously Group Head for the Insurance, Healthcare, and Cards & Payments unit, oversaw Infosys Business Process Management, and oversaw Infosys' business in Latin America, Japan and China, among other roles.

Power Grid Acquires ETL under TBCB Route

  • Power Grid Corporation of India (PGCIL) acquired ER NER Transmission (ETL), in accordance with its selection as the successful bidder under tariff based competitive bidding.
  • The company acquired ETL, the project special purpose vehicle (SPV), to establish an interstate transmission system for system strengthening scheme for eastern and northeastern regions, on a 'build, own, operate and transfer (BOOT) basis' from the bid process coordinator - REC Power Development and Consultancy.
  • The interstate transmission system comprises of upgradation works at 400/132kV Banka (Bihar) with implementation schedule of 24 months and establishment of 220kV D/C Transmission lines passing through the states of Assam & Arunachal Pradesh and bays extension works with implementation schedule of 36 months.

Twitter Promotes Rishabh Sharma as Next Asia-Pacific Core Business' Head

  • Twitter elevated Rishabh Sharma as Head of Core Business, Twitter Next Asia-Pacific, as the micro-blogging platform aims to further strengthen its presence in the APAC market.
  • Prior to the new role, Sharma was heading 'Twitter Next in India' since 2017.
  • The 'Core Business' hub led by Sharma plays an important role in working with global brands holistically in the region, with a keen focus on applying ideas and strategy while always respecting the cultural nuances of each country.
  • 'Twitter Next in India,' is an in-house brand strategy team of experts that brings in both the understanding of Twitter's audience, and the expertise of brand communications, to provide services like data-driven experimentation, technological innovation, brand voice consultation as well as creative strategy.

Vikaas Sachdeva is Managing Director of Sundaram Alternates

  • Vikaas M. Sachdeva joined Sundaram Alternates as Managing Director. Sachdeva has over 25 years of work experience in the financial services industry, of which he served as CEO for around 10 years in several of his previous roles, the most recent being Emkay Investment managers. His earlier stints include ENAM Asset Management, Edelweiss AMC, BOI Axa AMC and Birla AMC to name a few.
  • Sundaram Alternate Assets Ltd. (SA), a leading player in the alternative investments space, is a 100% subsidiary of Sundaram Asset Management Company Limited (SAMC). Sundaram Alternates manages an AUM of over Rs. 4,000 crores, catering to investment needs of high net worth individuals (HNIs) with offerings across Portfolio Management Services (PMS) and Alternative Investment Funds (AIF). SAMC is a wholly owned subsidiary of Sundaram Finance Limited, a leading non-banking finance company in India.

TCS Launches Solution to Help Central Banks in Use of Digital Currencies

  • As major central banks work towards roll-outs of digital currencies, India's largest software exporter TCS announced a solution which would aid in their roll-outs and usage.
  • The Tata Group company enhanced its blockchain solutions platform Quartz to enable central and commercial banks to support the entire lifecycle of Central Bank Digital Currency (CBDC) issuance, book-keeping and transactions.
  • As per the company's president for banking, financial services and insurance products and platforms, Vivekanand Ramgopal, having the capability was fundamental to TCS, which counts on the BFSI (Banking, Financial Services and Insurance) segment as its largest business vertical.

Vikaas Sachdeva is Managing Director of Sundaram Alternates

  • Vikaas M. Sachdeva joined Sundaram Alternates as Managing Director. Sachdeva has over 25 years of work experience in the financial services industry, of which he served as CEO for around 10 years in several of his previous roles, the most recent being Emkay Investment managers. His earlier stints include ENAM Asset Management, Edelweiss AMC, BOI Axa AMC and Birla AMC to name a few.
  • Sundaram Alternate Assets Ltd. (SA), a leading player in the alternative investments space, is a 100% subsidiary of Sundaram Asset Management Company Limited (SAMC). Sundaram Alternates manages an AUM of over Rs. 4,000 crores, catering to investment needs of high net worth individuals (HNIs) with offerings across Portfolio Management Services (PMS) and Alternative Investment Funds (AIF). SAMC is a wholly owned subsidiary of Sundaram Finance Limited, a leading non-banking finance company in India.

Oct 11, 2022

AU Small Finance Bank Re-appoints R. V. Verma as Non-executive Chairman

  • AU Small Finance Bank re-appointed former head of National Housing Bank (NHB) R. V. Verma as its non-executive chairman.
  • The decision was taken at its board meeting.
  • The board approved the re-appointment of Raj Vikash Verma as part-time chairman of the bank with effect from April 8, 2023 till January 29, 2024 (that is, till completion of his tenure as independent director).
  • The appointment is subject to the approval of the Reserve Bank of India (RBI).
  • Verma, who also served as a whole-time member of Pension Fund Regulatory and Development Authority (PFRDA), took charge as part-time chairman of the bank on April 8, 2020.

Ashok Leyland, IIT Madras Tie up to Develop Hybrid EVS using Turbine Tech

  • Ashok Leyland, the flagship company of the Hinduja Group and a leading commercial vehicle manufacturer, and researchers at the National Centre for Combustion Research and Development (NCCRD) joined hands for development and commercialisation of 'swirl mesh lean direct injection (LDI) system' for developing hybrid electrical vehicles using turbine technology. NCCRD is an arm of the Indian Institute of Technology, Madras.
  • IIT Madras researchers at NCCRD are developing an indigenously-designed micro gas turbine, whose core is a patented combustion technology called 'Swirl Mesh Lean Direct Injection (LDI) system.' The main power train will be the electric motor, but the onboard power would be generated by the micro gas turbine, developed jointly by NCCRD and Aerostrovilos Energy, an IITM-incubated start-up. This micro gas turbine will replace the large battery.
  • After the technology was demonstrated on a lab scale, Ashok Leyland signed a letter of support to develop it for heavy vehicles with NCCRD, IIT Madras. As part of the collaboration, Ashok Leyland handed over to NCCRD a nine-meter passenger electric bus.
  • Micro Gas Turbines hold significant promise as a technology that will extend fuel combustion beyond traditional IC engines and provide for more efficient performance and multi-fuel capability.

RBI Cancels Licence of the Seva Vikas Co-op Bank amid Inadequate Capital

  • The Reserve Bank of India cancelled the licence of Pune-based The Seva Vikas Co-operative Bank Ltd as the lender does not have adequate capital and earning prospects.
  • The bank ceased to carry on banking business, with effect from the close of business.
  • As per the data submitted by the bank, it said about 99 per cent of the depositors are entitled to receive full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
  • It also noted that the bank with its present financial position would be unable to pay its present depositors in full.
  • The Seva Vikas Co-operative Bank is prohibited from conducting the business of banking which includes, among other things, acceptance of deposits and repayment of deposits with immediate effect.
  • The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra was asked to issue an order for winding up the bank and appoint a liquidator for the bank.

Oct 10, 2022

RBI to Launch e-rupee on Pilot Basis for Limited Use

  • The Reserve Bank said that it will soon commence the pilot launch of e-rupee for specific use cases with a view to bolstering India's digital economy, making payment systems more efficient, and checking money laundering.
  • In a concept note on Central Bank Digital Currency, the RBI said CBDC is aimed to complement, rather than replace, current forms of money and is envisaged to provide an additional payment avenue to users, not to replace the existing payment systems.
  • Supported by state-of-the-art payment systems of India that are affordable, accessible, convenient, efficient, safe and secure, the Digital Rupee (e-rupee) system will further bolster India's digital economy, make the monetary and payment systems more efficient and contribute to furthering financial inclusion.
  • CBDC is a digital form of currency notes issued by a central bank. While most central banks across the globe are exploring the issuance of CBDC, the key motivations for its issuance are specific to each country's unique requirements.

A. Balasubramanian Re-elected AMFI Chairman

  • A. Balasubramanian and Radhika Gupta were re-elected as the chairman and vice-chairperson of the Association of Mutual Funds in India (AMFI).
  • Vishal Kapoor would continue to helm the industry body's committee of certified distributors, while Nilesh Shah and Navneet Munot would remain the chief of valuation committee and equity CIO committee, respectively.
  • Sundeep Sikka was elected as the chairman of ETF committee and Radhika Gupta as the chairperson of the committee on operations, compliance and risk.

Suzlon Appoints Vinod R Tanti as Chairman and Managing Director for 3 Years

  • Suzlon Energy appointed Vinod R. Tanti as its Chairman and Managing Director with immediate effect for the next three years.
  • The announcement came after demise of Suzlon Energy founder Tulsi Tanti, who was holding the position of Chairman and Managing Director.
  • The appointment of Tanti would be subject to the approval of the shareholders at the next general meeting of the company.
  • Consequent to his appointment as the managing director, Tanti resigned as the whole-time director and chief operating officer with immediate effect.

ICICI Bank Launches Smart Wire for Faster SWIFT-based Inward Remittances

  • ICICI Bank launched a unique solution, Smart Wire, for its customers to help them with SWIFT-based inward remittances in a faster and hassle-free manner. ICICI Bank, which is the first bank in the country to launch such a service, said that the Smart Wire facility will allow both NRIs and resident customers to undertake inward remittance transactions in an online and paperless way.
  • The Smart Wire facility enables the beneficiary to initiate the wire transfer request, submit online declaration/documents, block the exchange rates in advance and track the status of the transaction. One can log in to ICICI bank's internet banking platform, and avail of the service.
  • Through this facility, accurate information related to the beneficiary, the purpose of the inward remittance, and declaration, where required, are captured in advance and shared with the remitter instantly.

PNB Housing Finance Appoints Vinay Gupta as CFO, to Succeed Kapish Jain

  • PNB Housing Finance announced the appointment of Vinay Gupta as the Chief Financial Officer.
  • The appointment will be effective from October 26.
  • Gupta's appointment follows the resignation of Kapish Jain as the CFO in April this year (2022). The interim CFO Kaushal Mithani had resigned in August.
  • Currently, Gupta is associated with SBI Cards and Payment Services. A chartered accountant with over 20 years of experience, he has extensive experience in financial management, financial planning and other areas.

Oct 09, 2022

HDFC Bank Launches SmartHub Vyapar for Merchants

  • Private lender HDFC Bank launched a new app called 'SmartHub Vyapar' for small and medium merchants. The app has more than 25 features and it aimed to help small and medium merchants to grow business, accept digital payments and avail instant business loans.
  • Keeping the privacy and security in mind, the app won't share data with third parties. Besides, data is encrypted for high security.
  • It is a one-stop platform to provide all the banking and business solutions a merchant needs to run a business.
  • Merchants can get pre-approved loans depending on the requirements like business loan, loan on credit card and overdraft facility.

RBI Governor Das Launches Advanced Supervisory Monitoring System DAKSH

  • Reserve Bank Governor Shaktikanta Das launched a new 'SupTech' initiative DAKSH - the bank's Advanced Supervisory Monitoring System, which is expected to make the supervisory processes more robust.
  • DAKSH is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc.
  • The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various MIS reports, among others, through a platform which enables anytime-anywhere secure access.

NTPC Ropes in GE Gas Power to Reduce CO2 Emissions at Plants in Gujarat

  • State-owned NTPC roped in GE Gas Power to help it reduce carbon emissions at its 645 MW Kawas gas power plant in Gujarat.
  • Both companies have entered into a Memorandum of Understanding (MoU) in this regard.
  • MoU is to demonstrate the feasibility for hydrogen (H2) co-firing blended with natural gas in GE's 9E gas turbines installed at NTPC's Kawas combined-cycle gas power plant in Gujarat, and further implementation at scale across NTPC's installed units in India.
  • NTPC's MW Kawas gas power plant is powered by four GE 9E gas turbines operating in a combined-cycle mode and has an installed capacity of 645 megawatt.
  • Under this pact, GE Gas Power will evaluate the possible modifications to the gas turbine unit and auxiliaries required for blending of H2 with natural gas.
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