RBI Cancels Licence of Millath Co-operative Bank Ltd
The Reserve Bank of India (RBI) cancelled the licence of Millath Co-operative Bank Ltd as "the bank does not have adequate capital and earning prospects", among other reasons. The Registrar of Cooperative Societies, Karnataka, was also requested to issue an order for winding up the bank and appoint a liquidator for the bank.
The RBI cancelled the license as: a) the bank does not have adequate capital and earning prospects; b) the bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949; c) the continuance of the bank is prejudicial to the interests of its depositors; d) the bank with its present financial position would be unable to pay its present depositors in full; e) and public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
Govt. Department to Collaborate with SBI to Create Integrated Pension Portal
The Centre's Department of Pension & Pensioners' Welfare (DoPPW) would collaborate with the State Bank of India (SBI) to create an integrated pension portal to enhance ease of living of pensioners.
Sessions on pension policy reforms and digitisation regarding the disbursement of pensions to central government pensioners were organised with the objective of updating SBI field functionaries during the two-day bankers' awareness programme in Udaipur, Rajasthan.
Yes Bank Appoints Dheeraj Sanghi as Head of Branch Banking
Private sector lender Yes Bank announced the appointment of Dheeraj Sanghi as its country head of branch banking.
In this role, Sanghi would be responsible for leading the branch banking, rural branch banking, corporate salary, TASC and embassy businesses, driving accelerated growth in liabilities base and fee income.
Sanghi will focus on building a sustainable and profitable liabilities business by improving resource level productivity, augmenting synergies between channels and leveraging the reach of the bank's current branch network. He will report to Rajan Pental, global head of retail banking.
The bank said that Sanghi has over 25 years of experience with an extensive experience in managing large distribution across the branch and banking functions.
Marzin Shroff to Step Down as Managing Director and CEO of Eureka Forbes
Vacuum cleaner and water purifier maker Eureka Forbes' Managing Director and CEO Marzin R. Shroff will step down, effectively from August.
Shroff, who was leading the company for the last five years, will move to a new role as senior advisor to both Advent International and Eureka Forbes Ltd.
In his new role as senior advisor, Marzin will use his expansive industry knowledge to assist both Advent and Eureka Forbes with managing business risks, cultivating best-in-class talent and building strong leadership.
Nomura Names Jwalant Nanavati as Southeast Asia Investment Banking Head
Nomura Holdings named Jwalant Nanavati as the new head of its Southeast Asian investment banking business.
Hong Kong-based Nanavati, who joined Nomura nearly four years ago to head its Asia ex-Japan technology, media and telecom (TMT) investment banking team, will take over the new role from July 1 but relocate to Singapore only later this year.
Nanavati, an investment banking veteran of two decades, previously worked at BNP Paribas, Deutsche Bank and Lehman Brothers.
Jun 21, 2022
Fitch Upgrades 9 Indian Banks' IDRs to Stable
Fitch Ratings upgraded nine Indian institutions, including SBI, ICICI Bank, and Axis Bank, from negative to stable. Bank of Baroda (BOB), Bank of Baroda (New Zealand) Ltd, Bank of India, Canara Bank, Punjab National Bank (PNB), and Union Bank of India are among the other institutions to get a upgrade. Fitch Ratings has upgraded 9 India-based banks' Long-Term Issuer Default Ratings (IDRs) to stable from negative, while upholding their IDRs.
The IDRs are based on Fitch's evaluation of the sovereign's ability and tendency to offer extraordinary support for these institutions, which takes into account Fitch's assessment of the sovereign's ability and inclination.
It takes into account the government's track record of backing systemically important banks, the lenders' relative systemic importance, and their various ownership structures.
Fitch also changed the outlook on the Export-Import Bank of India's (EXIM) Long-Term IDR from negative to stable.
RBI's 'Payments Vision 2025' Aims for a Three-fold Increase in Digital Payments
The Reserve Bank's 'Payments Vision 2025' document, which seeks a three-fold jump in the number of digital payments, is progressive and aims to establish India as a powerhouse of payments globally, opined industry players.
The RBI on June 17 came out with its 'Payments Vision 2025' document which also talks about ring-fencing of domestic payment systems, including the need to mandate domestic processing of payment transactions, in view of the emerging geopolitical risks.
The core theme of the vision documents is 'E-Payments for Everyone, Everywhere, Everytime' (4Es), with an overall objective to provide every user with safe, secure, fast, convenient, accessible, and affordable e-payment options.
Jun 20, 2022
France Signs Agreement to Accept UPI Payments and RuPay Cards from India
After Singapore, UAE, Nepal and Bhutan, India's Unified Payments Interface (UPI) and RuPay cards are going to make their services available in France, as confirmed by the Union Communication Minister Ashwini Vaishnaw.
NPCI International Payments Ltd (NIPL), the international arm of the National Payments Corporation of India (NPCI), signed a memorandum of understanding (MoU) with Lycra Network of France for acceptance of UPI and Rupay Cards in France.
The NPCI international is also in talks to extend the UPI services in the US, other European countries, and West Asia.
With UPI service and RuPay cards available in France, Indian tourists will be able to make seamless payments during their travel to that country.
India, EU Resume Talks for Free Trade Agreement after more than 8 Years
India and the European Union (EU) finally restarted the negotiations for the long-pending trade and investment agreement on Friday after a gap of over eight years.
The negotiations took place in Brussels, over a year after India and the EU announced to resume the talks for a balanced and comprehensive trade pact.
EU-India negotiations resumed towards a free trade agreement, and begin negotiations on an investment protection agreement and an agreement on geographical indications.
Pramod K. Mittal Named as Chairperson of COAI for 2022-23
Industry body Cellular Operators' Association of India (COAI) named Pramod K Mittal, President of Reliance Jio Infocomm, as the new Chairperson of the association for 2022-23. Mittal was previously the Vice-Chairperson of the COAI, whose members include Reliance Jio, Bharti Airtel, and Vodafone Idea (VIL).
Mittal will replace Ajai Puri as the COAI Chairperson. Mittal comes with a rich experience of 42 years in telecommunications. Prior to joining India's leading telecom operator, the Reliance Jio Infocomm President has also served in the Department of Telecommunications (DoT) for over 37 years.
Equitas Small Finance Bank to Launch Exclusive Savings Account for Kids
Equitas Small Finance Bank launched an exclusive savings account for kids named 'ENJOI'.
The savings account is aimed at introducing young kids to the financial world, and encourages them to develop the saving habit early.
ENJOI will allow kids of 0-18 years to open savings accounts under the supervision of their parents. Minors aged 10 and above will also get the option for a personalised debit card.
Canara HSBC Life Rebrands Due to PNB Exit
Canara HSBC OBC Life renamed itself as Canara HSBC Life following its third partner Punjab National Bank's (PNB's) decision to exit. PNB had acquired a stake in the company following the amalgamation of Oriental Bank of Commerce (OBC). Currently, Canara Bank holds 51% in the insurance arm, HSBC holds 26% and PNB 23%. Following PNB's decision to exit, the stake is likely to be acquired by existing shareholders.
Announcing the rebranding of the company, Canara HSBC Life MD Anuj Mathur said that the company has turned in a profit despite Rs. 500 crore of additional claims due to Covid-19. The strategy was to diversify business beyond bancassurance.
Jun 19, 2022
RBI Increases Limit of E-mandates for Transactions up to Rs. 15,000
The Reserve Bank raised the Additional Factor of Authentication (AFA) limit from Rs. 5,000 to Rs. 15,000 per transaction for e-mandates on cards, Prepaid Payment Instruments (PPIs) and UPI for recurring transactions.
It implies that additional authentication will not be needed for payment of Rs. 15,000 per transaction.
The Reserve Bank of India (RBI) has, over the past decade, put in place various safety and security measures for card payments, including the requirement of AFA, especially for 'card-not-present' transactions.
Under e-mandate, an individual can give standing instruction to the bank to debit a specific amount automatically on recurring basis.
TCS, HDFC Bank, Infosys and LIC among Kantar's Global 100 most Valuable Firms
IT services and banking companies retained top positions in the Kantar Brandz, 2022 Most Valuable Global Brands report. This year the number of Indian brands in the Global Top 100 rose to four: Tata Consultancy Services (TCS), HDFC Bank, Infosys, and Life Insurance Corporation (LIC).
That's more than the amount that Japan, Italy, or the UK placed – combined. TCS jumped 12 positions to 46th position from 58th in 2021. Its brand value was up 61 per cent.
HDFC Bank's rank was up five positions and its brand value increased 35 per cent. However, life insurance player LIC saw its rank slip 19 positions to 92, and its brand value was down by 4 per cent compared to 2021.
Infosys made its debut to the list at 64th position at a brand value of $33,551 billion, up 33 per cent.
RBI Lifts Restrictions on Mastercard, Allows it to Onboard New Customers
The Reserve Bank of India lifted restrictions on Mastercard that it had imposed in 2021 for failing to comply with local data storage norms.
The RBI had barred Mastercard Asia/Pacific Pte from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021 until it complies with Storage of Payment System Data norms.
Jun 18, 2022
Global Start-up Ecosystem Ranking: Kerala Ranks Top in Asia in Global Report
Providing a boost for Kerala's start-up ecosystem, the State was ranked first in Asia in Affordable Talent in Global Start-up Ecosystem Report (GSER). The State was also ranked fourth in global ranking in the GSER, drawn up jointly by policy advisory and research organisation Start-up Genome and Global Entrepreneurship Network. In the first GSER published in 2020, Kerala was ranked 5th in Asia and 20th in the world.
As per the report released by the policy advisory and research firm Start-up Genome, the city of Bengaluru has moved up to number 22 in the Global Start-up Ecosystem ranking.
Bengaluru's tech ecosystem value is at $105 billion which is higher than that of Singapore at $89 billion and Tokyo at $62 billion, report showed.
The GSER was released in the backdrop of the ongoing London Tech Week 2022, which brings together global governments and corporate leaders, inspirational start-up founders and investors to discuss the power of technology for societies.
The report includes ranking of the leading 140 ecosystems, continental insights, and founder-focussed articles from thought-leading experts. Top Asian emerging ecosystems were measured on the basis of talent, experience, long-term trends over the most significant performance factors and the ability to generate and keep talent in the ecosystem.
Levi Strauss Appoints Zivame Ex-CEO Amisha Jain as MD of South Asia-Middle East and Africa
Apparel brand Levi Strauss & Co. appointed Amisha Jain as its senior vice president and managing director for South Asia-Middle East and Africa (SAMEA). Amisha Jain previously served as the chief executive of lingerie brand Zivame. She took over from Sanjeev Mohanty who had moved to the senior vice president and managing director for the US and Canada market last year.
During her stint at Zivame, Amisha lead the scale-up of the company's business nine times in three years before it was acquired by the Reliance Group in 2020.
Amisha Jain will lead Levi's operation in the SAMEA region with a focus on driving expansion and growth in the region while contributing to the company's success in Asia and around the globe.
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