RBI Approves Shriram Group's Financial Services Business Merger
The Reserve Bank of India approved Shriram Group's composite scheme of arrangement and amalgamation of financial services business.
Reserve Bank of India vide its letter dated June 15, 2022 issued No Objection to the Scheme with usual and normal conditions as generally stipulated in such similar approvals.
Kotak General Insurance Partners with PhonePe to Offer Motor Insurance
Betting big on the digital distribution and direct-to-customer space, Kotak Mahindra General Insurance Company Limited (Kotak General Insurance) partnered with PhonePe Insurance Broking Services Pvt. Ltd (PhonePe), a digital payments platform to offer motor insurance to 380 million customers on the PhonePe platform. Through PhonePe, Kotak General Insurance will provide quick and seamless car and two-wheeler insurance policies to its customers.
This tie-up will empower PhonePe customers to buy car and two-wheeler insurance end-to-end online in just a few clicks from the comfort of their smart phones. At Kotak General Insurance it has been our endeavour to provide simple and easy to understand products for customers and the partnership with PhonePe will help us to connect and engage with customers who are digital natives, seeking convenience.
Jun 16, 2022
Russia Overtakes Saudi Arabia to Become India's 2nd Biggest Oil Supplier
As per industry data, Russia overtook Saudi Arabia and became India's second-biggest supplier of oil behind Iraq as refiners snapped up Russian crude available at a deep discount following the war in Ukraine.
Indian refiners bought about 25 million barrels of Russian oil in May or over 16 per cent of all their oil imports.
Russian-origin crude hit 5 per cent of India's total seaborne imports in April for the first time, rising from under one per cent throughout 2021 and Q1 2022.
India, the world's third-biggest oil-importing and consuming nation, has long defended purchases of crude oil from Russia following President Vladimir Putin ordering the invasion of Ukraine.
Equitas Small Finance Bank Gets RBI Nod to Reappoint Vasudevan as MD & CEO
Equitas Small Finance Bank said that the Reserve Bank of India okayed its proposal to reappoint MD and CEO Vasudevan P N for one year.
Earlier in May this year, ESFB founder and CEO Vasudevan P. N. had asked the lender to look for his successor as he wanted to step down to pursue a distinct set of goals.
He is also the Managing Director of Equitas, which began as a micro finance institution in 2007 and was later converted into bank in 2016.
Adani Group Fastest in Valuation Growth at 88%, Ambani's RIL up 13%
The Adani Group gained the most in terms of value in the six months to April 2022, with 88.1 per cent jump to Rs. 17.6 lakh crore. In comparison, billionaire Mukesh Ambani's Reliance Industries, which houses nearly all its ventures, saw a 13.4 per cent rise in value to Rs. 18.87 lakh crore, which helped it retain the top rankings in Burgundy Private Hurun India 500 rankings.
Tata Consultancy Services came second at Rs. 12.97 lakh crore, and was followed by HDFC Bank, Infosys and ICICI Bank.
Jun 15, 2022
XPay.Life Launches UPI Services Targeted at Rural India
Fintech start-up XPay.Life, which claims to be India's first blockchain-enabled transaction framework, launched its UPI services targeted at rural India, as it completes three years of operations. XPay.Life is working closely with the regional rural banks and district co-operative banks to help them bank better and enable true financial inclusion of the rural populace with security and no disruption.
XPay.Life aims to make financial facilities accessible for people in rural areas who need financial support the most. The launch of its UPI services is expected to benefit XPay.Life's 4 million consumers across more than 15 states and 1 lakh villages. The fintech start-up works on three models: Software-as-a-Service (SaaS) which includes their mobile app, Platform-as-a-Service (PaaS) which includes their website, and Infrastructure-as-a-Service (IaaS) which refers to their mobile vans.
UAE's META4 to Invest Rs. 250 cr in New EV Manufacturing Facility in Telangana
United Arab Emirates-based company META4 announced to invest Rs. 250 crore to set up an electric two-wheeler manufacturing plant in Telangana. The plant will help create nearly 500 direct and 2,000 indirect jobs in the state. The Telangana government will provide 15 acres of subsidised land in the national investment and manufacturing zone at Zaheerabad. The EV 2-Wheeler unit is expected to be ready by the end of FY 2022-23. With this investment with the Telangana government, META4 intends to bring quality driven EVs to the Indian market in accordance with the 'Fame2' approvals set by the Indian regulatory authority.
The management team of Volty Energy signed an MoU in the presence of state IT and Industries Minister KT Rama Rao and Jayesh Ranjan, Principal Secretary, Industries & Commerce I&C and Information Technology in the state.
Indian Bank Launches Digital Renewal Scheme for Kisan Credit Card Holders
PSU lender Indian Bank launched its KCC Digital Renewal scheme, enabling eligible customers to renew their Kisan Credit Card accounts via digital modes. The initiative is part of the bank's digital transformation under project 'WAVE' - World of Advanced Virtual Experience. The account renewals can be done using Indian Bank's IndOASIS mobile app, internet bankingl and via its website. The facility is available through SMS for feature phone users with no internet or with limited internet access.
However, it is currently being offered to customers having outstanding loans below Rs. 1.60 lakh. The facility eliminates the need to visit a branch or submit added physical documents and would be beneficial to customers unable to renew their KCCs due to paucity of time due to harvest season.
Anand Mahindra, Venu Srinivasan, Two others Inducted in RBI Board
The government nominated Mahindra & Mahindra Group chairman Anand Mahindra, TVS Motor chairperson Venu Srinivasan, Zydus Lifesciences' chairman Pankaj Patel and Ravindra Dholakia, a former professor of Indian Institute of Ahmedabad, as part-time non-official directors on the central board of Reserve Bank of India (RBI). The appointments are for four years. RBI board members do not engage themselves in monetary policy matters, but provide a broader vision for the central bank.
The RBI central board has 11 members,excluding new appointments announced. Tata Sons chairman Natarajan Chandrasekaran is among members whose term ended.
OmniCard Becomes 1st RBI Licensed PPI to Launch Cash Withdrawal across all ATMs PAN India
Payment solution provider, OmniCard became the 1st RBI licensed PPI (prepaid payment instrument) to launch cash withdrawal using a RuPay-powered card from any ATMs across the country. The move came after RBI permitted the non-bank licensed entities to enable cash withdrawals from the digital wallets.
OmniCard users can withdraw cash from any ATM at their convenience with full security from frauds like card theft, card cloning, and PIN skimming as the withdrawal facility comes with high safety & secure features and protects the user from exposing their money and bank account details. The company worked with the National Payments Corporation of India (NPCI) team to enable the facility.
Jun 14, 2022
Fino Payments Bank Collaborates with Go Digit for Shop Insurance Policy
Fino Payments Bank Limited partnered with Go Digit General Insurance Limited, one of India's fastest growing general insurers, to provide small and medium business owners with shop insurance coverage. Fino Payments Bank serves as a corporate representative for Go Digit. Through the partnership, small and medium businesses are allowed to take advantage of Digit's My Business Policy in the case of a catastrophe.
The insurance is for one-year that will cover loss or damage to inventory or goods caused by burglary, earthquakes, fire, lightning, storms, floods, and riots. The customers of Fino Bank can join Go Digit's coverage for Rs. 550 per year (for a sum insured of Rs. 3 lakh), which will rise to Rs. 2,600 per year (for a sum insured of Rs. 15 lakh).
Jun 13, 2022
Third Major Exit at BharatPe as Founding Member Satyam Nathani Quits
Payments and lending fintech BharatPe's founding member Satyam Nathani resigned from the company.
Satyam Nathani, an IIT Delhi graduate, was a part of founding members of the company and the backbone of the tech team ,including the company's services like pay later product PostPe and peer-to-peer lending product 12% Club.
Nathani was set to play an important role in Unity Small Finance Bank, a joint venture between BharatPe and Centrum Financial Services, in which BharatPe has a minority stake.
This is the third big exit from the company as chief revenue officer Nishit Sharma and head of institutional debt partnerships Chandrima Dhar, both resigned citing personal reason.
Abu Dhabi Fund Buys 20% in IIFL Home Finance
The Abu Dhabi sovereign wealth fund will make the investment through a wholly-owned subsidiary, said IIFL Home Finance, which is among the largest affordable housing financiers with assets under management of Rs. 23,617 crore. On completion, the deal will be one of the largest equity investments in the affordable housing finance segment, by an external investor.
This investment aims to support the company for its next phase of growth, as it meets the significant demand in the country's large, under-served and fast-growing affordable housing finance market. Established in 2006, IIFL Home Finance has an active customer base of 1,68,000 across 16 states and two Union Territories with over 200 branches served by over 3,200 employees.
ICICI Bank Partners with ZestMoney to Expand 'Cardless EMI' Facility
ICICI Bank partnered with digital EMI/pay-later platform ZestMoney, to expand its 'Cardless EMI' facility for purchases on retail and e-commerce platforms. The partnership enhances affordability of customers of the Bank who can use pre-approved cardless credit to instantly buy products/ services using ZestMoney and take care of the cost into Equated Monthly Installments (EMIs).
The facility, in partnership with ZestMoney, is live on select e-commerce websites and will soon be available at retail stores.
With this partnership, the Bank's customers will be able to use ZestMoney's wide merchant base. They will also be able to use ZestMoney's flagship 'Pay-in-3' offering, where they can split the bill into three EMIs without extra cost.
RBI Approves Former IOB Chief Subramaniakumar as CEO of RBL Bank
The Reserve Bank of India (RBI) approved R Subramaniakumar's appointment as the MD & CEO of RBL Bank.
Subramaniakumar is a former managing director and chief executive director of state-run Indian Overseas Bank, retiring on June 30, 2019. He was appointed the administrator of Dewan Housing Finance Co Ltd after the mortgage financier's board was superseded.Subramaniakumar was appointed at RBL for three years from the date of taking charge.
A banker with 40 years of experience, Subramaniakumar started his career with Punjab National Bank. He headed business transformation at PNB for 3 years and transformed several businesses including digital, human resource, MSME, retail, among others.
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