India Ranks Fourth with 24 Firms in 'Forbes Asia Best Under A Billion'
Forbes Asia published its 2022 edition of the best 200 mid-sized companies in the Asia-Pacific region. These are publicly listed companies with annual revenue of below one billion dollars. This year (2022), 24 Indian firms made the list titled "Best Under A Billion", down from 26 in 2021.
This placed India in the fourth position among Asian countries, one position ahead of China which has 22 companies on the list. Taiwan has the greatest number of companies listed at 30, followed by Japan with 29 and South Korea has 27.
The list which is unranked was compiled from a long list of over 20,000 publicly traded companies in the Asia-Pacific region with annual sales of above USD10 million but less than USD1 billion.
State Bank of India Launches First Branch Dedicated to Start-ups
State Bank of India (SBI) launched its first branch dedicated to start-ups in Koramangala, Bengaluru.
Apart from providing funding and regular banking service to start-ups, SBI will also support such players through associated services such as investment banking, treasury operations, advisory and other ancillary financial services through its subsidiaries.
The branch would provide services ranging from the stage of formation of start-ups to Initial Public Offerings and Follow-on Public Offerings.
Bajaj Electricals Elevates Anuj Poddar as Managing Director, CEO
Consumer durable products maker Bajaj Electricals elevated its Executive Director Anuj Poddar to Managing Director and Chief Executive Officer (CEO).
The company separated the post of Chairman & Managing Director and its patron Shekhar Bajaj would continue as Executive Chairman of the company.
Paytm Partners with Samsung Stores to Deploy Smart PoS Devices
Digital financial services firm Paytm partnered with Samsung stores across India to facilitate smart payments as well as its loan service Paytm Postpaid through deployment of point of sale devices. The partnership would enable consumers purchasing Samsung devices — laptops, smartphones, television, smart watches etc — from any authorised store in the country to pay through Paytm payment instruments, including UPI, wallet, buy now pay later scheme, debit cards and credit cards.
Paytm through its postpaid or buy-now-pay-later service will provide credit limit of up to Rs. 60,000 per month. It will also give customers an option to avail personal loan of up to Rs. 2 lakh through financial institution partners of Paytm.
State Bank of India Launches Utsav Fixed Deposit Scheme
The largest lender in the nation, State Bank of India (SBI) introduced a unique term deposit programme called "Utsav Deposit Scheme". This fixed deposit scheme has higher interest rates and is only available for a limited time.
SBI is offering an interest rate of 6.10% per annum on fixed deposits with a tenure of 1000 days. And senior citizens will be eligible to get an additional interest rate of 0.50% over and above the regular rate.
Aug 16, 2022
CCI Approves Acquisition of Stake in IIFL Home Indirectly by ADIA Group
The Competition Commission of India (CCI) approved the acquisition of stake in IIFL Home indirectly by Abu Dhabi Investment Authority (ADIA).
The proposed transaction relates to the acquisition of up to 20 per cent stake in IIFL Home Finance by Platinum Owl C 2018 RSC Ltd, a trustee acting for Platinum Jasmine Trust.
ADIA is the sole beneficiary and settlor of the Platinum Jasmine Trust.
Razorpay Becomes the Only Indian Company to be listed on 'Forbes Cloud 100 List'
Razorpay, India's leading full-stack Payments and Banking Platform for Businesses, became the first Indian company to be named in the 2022 Forbes Cloud 100 List, the definitive ranking of the top 100 private cloud companies in the world. Published for the sixth time by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures, Razorpay entered the list for the second time, being listed at the 49th position for being a Financial Solutions Software (last year Razorpay ranked 57th). This places Razorpay amongst world leaders such as Canva, DataBricks, Airtable, to name a few.
The Cloud 100 list recognizes standouts in the technology category from small startups to private-equity-backed giants.
Karnataka Bank Launches New Deposit Scheme as Part of 'Azadi Ka Amrit Mahotsav'
Karnataka Bank launched a new term deposit 'KBL Amrit Samriddhi' to celebrate 75 years of Independence (Azadi Ka Amrit Mahotsav). The interest rate for this 75-week (525 days) term deposit scheme is 6.10 per cent per annum.
With the new product, KBL Amrit Samriddhi, the bank extends the benefit of an increase in the interest rates to our customers. I request each one of you to make use of this opportunity, which will be available for a limited time.
Shareholders' Approve Ashishkumar Chauhan Appointment as NSE MD, CEO
Leading bourse National Stock Exchange (NSE) said that shareholders approved the appointment of Ashishkumar Chauhan as its Managing Director and Chief Executive Officer.
Shareholders approved the appointment of Chauhan, who was the MD and CEO of rival bourse BSE, with 99.99 per cent votes.
He took over the helm of NSE from Vikram Limaye, whose five-year term ended on July 16. Limaye did not seek another tenure at the National Stock Exchange (NSE) despite being eligible for it.
Gopal Vittal Re-appointed as Managing Director of Airtel
Bharti Airtel's shareholders approved the re-appointment of Gopal Vittal as Managing Director of the company for a period of five years with effect from February 1, 2023. Over 97 per cent of total votes polled were in favour of the resolution, and the same was passed with requisite majority.
Vittal was re-appointed as the Managing Director and CEO with effect from February 1, 2018 for a period of 5 years, (up to January 31, 2023). His re-appointment was due for another term of five years (that is from February 1, 2023 to January 31, 2028).
Bank of Maharashtra Tops List of PSU Lenders in Q1 Loan, Deposit Growth
Bank of Maharashtra (BoM) emerged as the top performer among the public sector lenders in terms of the loan and deposit growth in percentage terms during the first quarter of 2022-23. The Pune-headquartered lender recorded a 27.10 per cent increase in gross advances to Rs. 1,40,561 crore at the end of June 2022, according to published quarterly numbers of the public sector banks (PSBs).
It was followed by the Indian Overseas Bank and Bank of Baroda with 16.43 per cent and 15.73 per cent rise in advances growth, respectively.
Aug 15, 2022
India Holds World's Highest Rate of Recognising Start-ups per Day
Start-ups have been the buzzword in India for the last several years. India is powering its growth with innovation and entrepreneurship. Currently, there are 75,000 start-ups in the country, which coincides with the 75th year of independence.
A programme was initiated to lay out an action plan to build a strong ecosystem for nurturing innovation and start-ups in the country.
In the past six years, the action plan has successfully guided into making India the third largest ecosystem. While the initial 10,000 start-ups were recognised in 808 days, the latest 10,000 were achieved in only 156 days. With more than 80 start-ups getting recognised per day- India holds the highest rate in the world. This further encourages the future start-up culture that is promising and encouraging for budding entrepreneurs. The Indian start-up ecosystem is promising not just for entrepreneurs but also for job seekers too.
Currently, of the total recognised start-ups, around 12 per cent cater to IT services, 9 per cent to Healthcare and Life Sciences, 7 per cent to education, 5 per cent to professional and commercial services and 5 per cent to agriculture. The start-up India programme has become synonymous with sustainable economic growth.
NCLT Okays Demerger Plan of Piramal Enterprises into Pharma, Corporate Biz
As per Piramal Enterprises Ltd (PEL), the National Company Law Tribunal approved the demerger of its pharmaceutical business and simplification of corporate structure.
With this, the company can now go ahead with its plans to have two separate listed entities -- PEL, a non-banking financial company and Piramal Pharma Ltd (PPL).
Last October, the PEL board approved the demerger of the pharma business and simplification of the corporate structure.
It had already obtained approvals from RBI, SEBI, stock exchanges, creditors and equity shareholders.
Aug 14, 2022
Kerala Government to Launch Mobile App to Curb GST Evasion
The Kerala government is set to launch a mobile app where people can upload original bills and also stand a chance to win prizes. The government of Kerala aims to curb GST evasion with this app. The app is named 'Lucky Bill App' and it will be launched on 16th August 2022, by Chief Minister Pinarayi Vijayan.
The state government expects this will help increase tax collection as people will be encouraged to ask for bills while purchasing goods and availing services.
The government is looking for new ways to support the revenue and financial status of the state with this app.
The app is capable enough to help the state's GST department to examine return filings with the help of uploaded bills.
This initiative of the state government was proposed when the compensation from the center concerning the Goods and Services Tax ceased.
Govt Re-nominates Four Independent Directors on Central Board of RBI
The central government re-nominated Satish Kashinath Marathe, Swaminathan Gurumurthy, Revathy Iyer, and Sachin Chaturvedi as part-time, non-official directors on the central board of the Reserve Bank of India.
The re-nominations of Gurumurthy and Marathe were for a further period of four years with immediate effect or until further orders.
Iyer and Chaturvedi were re-nominated for a period of four years after the completion of their present tenures on September 18.
The Centre also re-appointed Iyer and Chaturvedi as members of the Northern Local Board and the Eastern Local Board, respectively, of the RBI.
Pfizer's Managing Director S. Sridhar to Take an Early Retirement
Drug firm Pfizer announced that its Managing Director S. Sridhar resigned from the company.
Sridhar would continue to serve in his current position until the identification, selection and transition to the new leadership takes place in the company.
Over the past six years, he has led Pfizer as Managing Director and made significant contributions to the growth of the company's portfolio and presence across India.
Sridhar also serves as the President of the Organisation of Pharmaceuticals Producers of India (OPPI).
Aug 13, 2022
Amit Burman Steps Down as the Chairman of Dabur
Amit Burman stepped down as chairman of Dabur India Limited.
Amit Burman, who took charge as the chairman of Dabur India Ltd in 2019, will continue to serve as non-executive director of the company.
Mohit Burman was elevated to the position of non-executive chairman of the Board of Directors of Dabur India Limited for a period of 5 years. Before elevation to the new position, Mohit Burman was non-executive vice chairman of the company.
SBI Formalises Policy to Finance Makers of Lab-grown Diamonds
State of Bank of India (SBI) is the first Indian lender to frame a policy to fund makers of lab-grown diamonds which come across as replicas of the natural stones, but are often looked at with suspicion by high-street banks and scoffed at by many traditional diamantaires.
Reflecting the slow shift in the diamond trade, the decision by the country's largest bank comes amid some of the jewellers putting up factories in Surat to produce synthetic diamonds and many diamond houses considering relocating from the financial capital Mumbai to the southern Gujarat town, which for decades has been the hub of diamond cutters and polishers.
IDFC FIRST Bank Partners LetsVenture to Support Start-ups
IDFC FIRST Bank and LetsVenture, India's leading early-stage platform for investors and founders announced a partnership to explore synergies and support the start-up ecosystem by offering curated products and solutions to start-ups, founders and investors.
A Memorandum of Understanding to work on areas of mutual interest was signed between IDFC FIRST Bank LetsVenture Technologies at LetsVenture's flagship event, 'LetsIgnite', for start-ups and founders in Bengaluru.
The partnership makes IDFC FIRST Bank a preferred banker to all start-ups on LetsVenture's Scalix, a newly launched platform that supports the start-up ecosystem through fundraising solutions, knowledge series, and investor connect.
IDFC FIRST Bank offers customized solutions to start-ups under its FIRST WINGS program, dedicated to powering the start-up ecosystem. Offerings under FIRST WINGS range from providing Zero Balance Start-up Current Account with unlimited free IMPS, NEFT, RTGS transactions and doorstep banking for three years, uniquely designed Working Capital solutions for Pre-Profit start-ups, Business Credit Cards for Start-ups with step-up credit, a tailored 'Founder Success Program' and 40+ 'Beyond Banking' offers from its partners.
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