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BUSINESS AND ECONOMY - December 2018

Dec 2018

Aug 29, 2022

Yoddha: BOB Finance with Indian Army Launches Contactless Credit Card

  • BOB Finance launched a Yoddha co-branded RuPay credit card for Indian Army troops by Bank of Baroda-backed BOB Financial Solutions in collaboration with National Payments Corporation of India (NPCI). The new co-branded credit card is available on the RuPay platform and has contactless characteristics.
  • Credit cards are BOB Financial Solutions' main line of business, and the company prides itself on offering straightforward, uncomplicated solutions that are reasonably priced and quickly handled. Additionally, it provides a wide range of goods that appeal to all customer groups.
  • Yoddha, the co-branded credit card, had been specially crafted to provide Indian Army troops with the best features and advantages available.

Essar Signs $2.4 Billion Deal to Sell Ports Business to ArcelorMittal

  • Essar Group announced a USD 2.4 billion (Rs. 19,000 crore) deal to sell its ports business to Arcelor Mittal Nippon Steel Ltd.
  • Essar signed definitive agreements with ArcelorMittal Nippon Steel for certain ports and power infrastructure assets which are primarily captive to Hazira steel plant operations.
  • The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal.

Ananth Narayan Gopalkrishnan Appointed as Whole-time Member of SEBI

  • The Appointments Committee of Cabinet (ACC) appointed Ananth Narayan Gopalakrishnan, an associate professor at SP Jain Institute of Management and Research (SPJIMR), as a whole-time member of the Securities and Exchange Board of India (SEBI).
  • He would hold office for three years from the date he assumes charge of the post or until further orders, whichever is earlier, said an executive order issued by the Department of Personnel and Training.
  • With this appointment, Gopalakrishnan becomes the fourth whole-time member of SEBI, which had been functioning with a vacancy for the position since November 2021.

HDFC Leads Credit Card Market While SBI Tops Chart in Debit Card Market

  • The State Bank of India (SBI), the largest bank in the nation, maintained its leadership position in the debit card market and HDFC Bank in the credit card market as of June 2022, according to the most data, despite a 6% decline in year-over-year growth. According to data compiled by PGA Labs, public sector banks hold a larger percentage of the debit card market than private banks, whereas reverse in the Credit card market. Bank of Baroda came in second with an 8% market share, followed by Bank of India, Canara Bank Union Bank, and Punjab National Bank, each with 5%.

HDFC Leads Credit Card Market While SBI Tops Chart in Debit Card Market

  • The State Bank of India (SBI), the largest bank in the nation, maintained its leadership position in the debit card market and HDFC Bank in the credit card market as of June 2022, according to the most data, despite a 6% decline in year-over-year growth.
  • According to data compiled by PGA Labs, public sector banks hold a larger percentage of the debit card market than private banks, whereas reverse in the Credit card market.
  • Bank of Baroda came in second with an 8% market share, followed by Bank of India, Canara Bank Union Bank, and Punjab National Bank, each with 5%.

NHPC Inks Pact with Himachal Pradesh for 500 MW Dugar Hydro Project

  • State-owned hydro power giant NHPC has inked a pact with the Himachal Pradesh government for the implementation of 500 MW Dugar Hydroelectric Project in Chamba district.
  • The agreement was signed in the presence of Jai Ram Thakur, Chief Minister, Himachal Pradesh, and A. K. Singh, Chairman & Managing Director, NHPC Limited. The document was signed by Suresh Kumar, General Manager (E), NHPC, and Harikesh Meena, Director (Energy), Directorate of Energy (DoE), Himachal Pradesh.
  • The Dugar Hydroelectric Project is expected to generate 1,759.85 million units in a year.

Aug 28, 2022

Godrej Agrovet Signed Agreements with Assam, Manipur, and Tripura for Palm Oil

  • Godrej Agrovet, a diversified agribusiness conglomerate, announced that it has signed an MoU with the governments of Assam, Manipur, and Tripura to advance and promote oil palm growth in the area under the National Mission on Edible Oils-Oil Palm initiative.
  • The partnership between Godrej Agrovet and the state governments will create new chances for expansion of oil palm plants in these states as well as support for farmers.

RBI Report: Bank Credit Rise Expedites 14.2% in the June 2022 Quarter

  • The Bank credit growth increased from 6% in the quarter that ended in June 2021 to 14.2% in the quarter that concluded in June 2022 as per the data released by the Reserve Bank of India.
  • The Bank credit has increased by 10.8% in the three months that ended in March 2022.
  • The last five quarters have seen a consistent 9.5 to 10.2% annual growth in aggregate deposits.

Adidas CEO Kasper Rorsted to Step Down Next Year

  • Adidas CEO, Kasper Rorsted will step down next year, the sports apparel maker. Rorsted, who has been CEO since 2016, and its supervisory board mutually agreed that he will hand over during the course of 2023.
  • Rorsted's departure was a mutual decision of the supervisory board and the CEO following confidential discussions. Besides the pandemic slump, Rorsted had to contend with criticism that the company had done too little to promote diversity.

Sivakumar Gopalan, Gopal Jain Appointed as Non-Executive Directors of RBL Bank

  • The private sector lender RBL Bank has appointed Gopal Jain and Dr. Sivakumar Gopalan as the non-executive directors.
  • RBL Bank has been working on adding a diverse set of leaders with relevant experience to accelerate its 2.0 strategy.
  • With the new additions, the bank's board will have 14 members. The board of RBL Bank approved raising up to Rs. 3,000 crores through the issue of debt securities on a private placement basis, on a "time-to-time basis".

Aug 27, 2022

RBI Report: Bank Credit Rise Expedites 14.2% in the June 2022 Quarter

  • The Bank credit growth increased from 6% in the quarter that ended in June 2021 to 14.2% in the quarter that concluded in June 2022 as per the data released by the Reserve Bank of India.
  • The Bank credit has increased by 10.8% in the three months that ended in March 2022.
  • The last five quarters have seen a consistent 9.5 to 10.2% annual growth in aggregate deposits.

Aug 24, 2022

"All things EV": HDFC Launches India's First EV Ecosystem

  • HDFC has launched India's first one-stop solution portal for Electric Vehicles Ecosystem, "All things EV". HDFC EGRO, General Insurance Company, which is a leading private sector general insurance company has claimed that the "All things EV", fulfills the needs of the existing and potential Electric Vehicles or EV users. The company has also launched a dedicated platform for existing and prospective EV ecosystem users as a part of the initiative which also hosts end-to-end information related to the EV sector. This platform welcomes all Indians who have purchased EVs or are planning to buy EVs in the future or are making an earning out of the growing EV sectors.

Aug 22, 2022

RBI Cancels Licence of Deccan Urban Co-operative Bank

  • The RBI said the licence of Deccan Urban Co-operative Bank, Karnataka, was cancelled as the lender did not have adequate capital and earning prospects. As per the data submitted by the bank, more than 99 per cent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).

Central Bank Inks Pacts with Protium Finance, lncred Fin to Offer Loans

  • State-owned Central Bank of India forged co-lending partnerships with Protium Finance and lncred Financial Services to offer loans to MSME borrowers.
  • The partnerships will provide greater expansion of portfolio by the bank and to these players.
  • The state-owned lender said that Protium Finance would originate and process MSME proposals under the priority sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India would take into its books 80 per cent of the MSME priority sector loans under mutually agreed terms.

Vistara Emerges Second Largest Domestic Airline by Market Share

  •  Full-service Vistara emerged as the second biggest airline by domestic market share last month (July) with a 10.4% pie of the sky, distantly second to the market leader IndiGo at 58.8%. The airline is Tata Sons' joint venture with Singapore Airlines. The number three, four and five positions saw airlines separated by just decimal points — Air India (8.4%), GoFirst (8.2%) and SpiceJet (8%).
  • India's airlines carried 9.7 million passengers on domestic routes in July, almost double from a year earlier but lower than the 10.5 million passengers ferried in June 2022.
  • The combined market share for the three Tata Group airlines: Air India, Vistara and AirAsia India for July was 23.4%. IndiGo's share was 2.5 times higher at 58.8%.

Bill Gates Foundation named Ashish Dhawan to its board of trustees

  • Indian philanthropist Ashish Dhawan has been named to the board of trustees of the Bill & Melinda Gates Foundation. The foundation announced the appointment of two new members to its board of trustees. Ashish Dhawan is the founder and CEO of Convergence Foundation, and along with him, Dr Helene D Gayle, President of Spelman College, US, has also been appointed.

Edelweiss MF to Introduces India's First Gold and Silver Fund

  • The asset management firm (AMC) Edelweiss Mutual Fund (Edelweiss MF) is slated to introduce India's first programme that provides exposure to gold and silver through a single fund. The Edelweiss Gold and Silver ETF Fund of Fund (FoF) by Edelweiss MF new fund offer will expire on September 7. Bhavesh Jain and Bharat Lahoti are the fund managers for the scheme of Edelweiss MF. Silver-based mutual funds were initially introduced in January of this year, while India's first gold fund, Nippon India ETF Gold BeES, was released in March 2007.
  • The new strategy from Edelweiss MF aims for equal exposure to the two metals and will periodically adjust.
  • The scheme by Edelweiss MF would invest in shares of gold and silver ETFs managed by other fund houses or Edelweiss MF since the AMC lacks a single gold or silver fund.
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