American brokerage Morgan Stanley cut its India growth estimate by 30 basis points for 2022-23 and 2023-24 on global headwinds, and warned that macro stability indicators like inflation are set to "worsen" going ahead.
It expects India to clock a real GDP growth of 7.6% in the current fiscal, as against its earlier estimate of 7.9% and 6.7% in FY24 against 7% forecast earlier. Many analysts have been worried about the impact on the GDP growth as a result of the ongoing geopolitical events. Global slowdown, surging crude oil prices, and weak domestic demand would take a toll on Asia's third-largest economy, said Morgan Stanley.
Biggest White Diamond Ever Auctioned 'The Rock' Sold for $18.8 Million
The Rock, the biggest white diamond ever auctioned, sold for a hammer price of 18.6 million Swiss francs ($18.8 million), far short of the record for such a jewel.
The 228.31-carat stone, larger than a golf ball, was sold by Christie's auction house in Geneva. The world record for a white diamond still stands at $33.7 million, fetched in the Swiss city in 2017 for a 163.41-carat gem.
The Rock, a perfectly symmetrical pear-shaped diamond, was in the hands of an unnamed owner from North America. It was bought by a telephone bidder following the action at the Hotel des Bergues.
ICICI Bank Ties up with Santander for India-UK Business Ease
One of India's leading private sector banks, ICICI Bank, tied up with Santander bank in Britain in a pact aimed at facilitating the banking requirements of corporates operating across both countries. The memorandum of understanding (MoU) between ICICI and Santander UK Plc, signed in Mumbai, is designed to establish a framework of partnership between the banks to meet the financial service requirements of corporate customers operating within the India-UK corridor.
ICICI Bank will provide banking solutions across trade, cross-border payments, supply chain, treasury solutions and retail banking to the UK corporates operating in India and Santander UK will support Indian corporates and new age businesses for their banking requirements in the UK.
May 12, 2022
Quoting PAN or Aadhaar must for Deposit, Withdrawal of Rs. 20 lakh, Current Account
The government made it mandatory to quote either PAN or Aadhaar for depositing or withdrawing over Rs. 20 lakh in a financial year or opening of a current account. Furnishing the Permanent Account Number (PAN) or biometric Aadhaar will be mandatory for such high-value deposits or withdrawals from banks in a financial year or opening of a current account or cash credit account with a bank or post office.
Further, the mandatory condition of obtaining PAN for deposit and even for withdrawals would help the government in tracing the movement of cash in the system. All in all, this would tighten the entire process of suspicious cash deposits and withdrawals with the already present TDS provision u/s 194N under the Income-tax Act, 1961.
HDFC Bank Launches 'Xpress Car Loan' Industry's First Digital New Car Loan
HDFC Bank, a private sector lender, introduced 30-minute 'Xpress Car Loans', an end-to-end digital new car loan solution for both existing and non-customers. The bank has integrated its lending application with automobile dealers throughout India. It is the industry's first automotive lending experience, and it is expected to change the way automobile financing is done in India.
The facility will be offered at all of the bank's branches, dealerships, and, eventually, on third-party aggregator platforms.
This comprehensive, faster, more convenient, and inclusive digital journey for car buyers will simplify the automobile purchase process and boost car sales across India, particularly in semi-urban and rural locations.
As it has integrated its lending application with vehicle dealers across India, it anticipates 20%–30% of clients to use this loan facility of up to Rs. 20 lakh.
Currently, the facility is only available for four-wheelers, and it will be gradually extended to include two-wheeler loans.
May 11, 2022
SBI hikes interest rates on bulk term deposits by 40-90 basis point
Country's largest lender State Bank of India announced a hike of 40-90 basis points in the interest rates on several bulk term deposits. While interest rate on deposits maturing between 7 days and 45 days has been kept unchanged at 3%, those maturing between 46 and 179 days will now attract an interest rate of 3.50% as against 3% earlier. The public sector lender also revised interest rate on bulk term deposits maturing between 180 and 210 days by 40 basis points to 3.50%, as against 3.10% earlier. Deposits maturing between 211 days and less than 1 year will earn an interest of 3.75%, up 45 bps from 3.30%.
The interest rate on bulk deposits having maturities between 1 year and less than two years has been increased by 40 bps to 4%. For deposits having 2 years to less than 3 years maturity period, the rate has been hiked by 65 bps to 4.25%.
The interest rate on bulk term deposits for 3 years and up to 10 years has been increased by 90 basis points to 4.50% as against 3.60%.
May 10, 2022
MG Motor Reaches 1 lakh Customer Base in India, Aims 50% Women Employees by 2023
MG Motor India announced that it has crossed the 1,00,000 sales milestone in India. The British car manufacturer entered into the Indian market in 2019 with the Hector midsize SUV.
Following the same, MG Motor India introduced the ZS EV and India's first Autonomous Level 1 luxury SUV, the MG Gloster and then the Autonomous Level 2 SUV, the MG Astor in the Indian market.
Moreover, the brand has secured the second position among 4-wheeler mass-market vehicles in dealer satisfaction as per the Federation of Automobile Dealers Associations (FADA).
MG Motor India has integrated 37% of women employees into its workforce including the factory.
MG Motors aims to achieve 50% by December 2023.
Finance Minister Launches NSDL's Investor Awareness Programme for Students
Union Finance Minister Nirmala Sitharaman launched the National Securities Depository Limited's (NSDL) investor awareness programme for students. The programme named 'Market Ka Eklavya' is an online investor awareness programme for students in Hindi and other regional languages. The National Securities Depository Limited (NSDL) launched a new investor awareness programme as part of its silver jubilee celebration.
The Finance Minister asked NSDL to take the initiative global by introducing the programme in world languages. 'Market ka Eklavya' programme aims to introduce the basics of the securities market and also impart training on financial markets for students, in online mode.
The NSDL is India's first and one of the leading Central Securities Depositories in the world. It has played a key role in transforming the Indian securities market by facilitating holding and transfer of securities in dematerialised form.
Pushp Kumar Joshi Appointed HPCL Chairman and Managing Director
Pushp Kumar Joshi, who had taken over as the interim chairman and managing director of Hindustan Petroleum Corporation Ltd (HPCL), was appointed to the Board of the nation's third-largest oil refining and fuel marketing company. Joshi is also holding the additional charge of Director-Marketing of HPCL. Prior to this Dr. Joshi was Director-HR of the Corporation from August 01, 2012.
Joshi, the senior-most director on the HPCL board, was in January 2022 picked by the government headhunter PESB to replace Mukesh Kumar Surana. Surana superannuated from services on April 30, 2022, but in absence of a formal order from the Appointments Committee of the Cabinet (ACC) headed by the Prime Minister, Joshi was named interim head.
Indian Bank Launches Digital Broking Solution 'E-Broking'
Indian Bank, a public sector bank, introduced its digital broking solution – 'E-Broking', as a strategic move toward comprehensive digitalisation of its customer products. E-Broking, an instant and paperless demat & trading account opening service, is now available through the bank's mobile banking app, IndOASIS. The product was introduced in collaboration with Fisdom, the bank's financial technology partner.
The E-Broking initiative will assist the bank in increasing its CASA (Current Account Savings Account).
IndOASIS, the bank's mobile banking app, would provide users with a unified experience ranging from Demat and trading account opening to reduced broking services backed by research-based investment in the secondary market, starting with equity, futures, options, and initial public offerings on a single platform.
May 09, 2022
Amazon Stops Selling e-books on Android App amid New Google Play Policy
As Google prepares to require all app developers on Play Store to comply with its new billing policy, Amazon is turning off digital book purchases via its Android app. All app developers selling digital goods and services in Google Play are now required to use Google's billing system and to remove external payment links. Non-complying apps will not be able to offer updates, and will ultimately be removed from the Google Play store starting June 1, according to Google.
Many app developers around the world have used an alternative in-app billing system or directed users to an external link for payment to circumvent Google's billing policy that takes a hefty 15-30 per cent cut of in-app purchases.
RBI Okays Merger between Equitas Holding and Equitas Bank
The Reserve Bank of India cleared the Equitas Holdings and Equitas SFB merger. The scheme of amalgamation between Equitas Holdings Limited (EHL), Equitas SFB Limited (ESFB), and their respective shareholders was submitted to the Stock Exchanges and the RBI for their approval/ no-objection confirmation. ESFBL will also have to obtain the approval of the National Company Law Tribunal (NCLT) for the Scheme of Amalgamation and submit the same to the RBI.
Notably, Equitas Small Finance Bank is bigger than Equitas Holding in terms of total assets, turnover, and net worth, according to stock exchange filings by both the companies. The market capitalisation of Equitas Small Finance Bank was Rs. 6,404 crore on March 31, compared with Rs. 3,643.48 crore for Equitas Holdings.
L&T Infotech, Mindtree Announce Merger to Create Country's Fifth-largest IT Services Provider
L&T Infotech and Mindtree, the two independently listed IT services companies under Larsen & Toubro Group, announced a merger that would create India's fifth-largest IT services provider. The combined entity will be known as "LTIMindtree". The proposed integration will see Mindtree and LTI join strengths to create an efficient and scaled up IT services provider exceeding USD 3.5 billion.
The Boards of Directors of Mindtree and L&T Infotech (LTI) at their respective meetings approved a composite scheme of amalgamation of both these independently listed IT services companies under the Larsen & Toubro Group.
Significant scale benefits are anticipated through Mindtree and LTI's complementary strengths resulting in a stronger portfolio of offerings across verticals. Enhanced customer engagement and delivery model through industrialisation of delivery and streamlined value-enabling processes is expected to result in improvement in large deal capabilities.
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