India's Jobless Rate Rises to 7.83% in April, Haryana Tops the List: CMIE
India's unemployment rate rose to 7.83% in April from 7.60% in March as per data released by the Centre for Monitoring Indian Economy (CMIE). The urban unemployment rate rose to 9.22% in April from 8.28% the previous month, while the rural unemployment rate slipped to 7.18% from 7.29%, the data showed.
The highest unemployment rate of 34.5% was recorded in the northern state of Haryana, followed by 28.8% in Rajasthan.
Economists say job opportunities have been hit by sluggish domestic demand and the slow pace of economic recovery amid rising prices.
The data from the Mumbai-based CMIE is closely watched by economists and policymakers as the government does not release its own monthly figures.
Indian Bank Launches Pre-approved Personal Loan under Project WAVE
Public sector Indian Bank unveiled pre-approved personal loan product under Project 'WAVE'. The service available for existing customers and those who hold regular income and pension accounts and PAPL loan product can be availed of through mobile application, bank's website and through internet banking facility. The loan would carry an interest rate of 10 per cent per annum with no foreclosure charges.
Earlier in January 2022, the Chennai-based bank launched the digital transformation initiative - World of Advance Virtual Experience "WAVE".
May 02, 2022
Union Bank Becomes First Public Sector Bank to Go Live on Account Aggregator Framework
Union Bank of India became the first public sector bank to go live on the Account Aggregator (AA) ecosystem. Touted as the UPI moment for lending, the AA framework ensures swift data sharing with the consent of the user and eliminates the need for physical documents.
The framework facilitates sharing of financial information on a real-time basis between regulated entities. AAs are licensed by the Reserve Bank of India to enable the flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs).
Star9 Mobility Emerges Highest Bidder for Govt's 51% Stake in Pawan Hans
The government approved selling its 51 per cent stake in helicopter services provider Pawan Hans Ltd (PHL) along with transfer of management control for Rs. 211.14 crore to Star9 Mobility Private Ltd. PHL is a 51:49 joint venture of the government and ONGC providing helicopter and aero mobility services. ONGC had earlier decided to offer its entire shareholding to the successful bidder identified in the GoI strategic disinvestment transaction, on the same price and terms as government.
The Reserve Price for sale of 51 per cent shareholding of PHL was fixed at Rs. 199.92 crore, on the basis of valuation carried out by the transaction adviser and asset valuer.
JioSaavn Appoints Sahas Malhotra as CEO
Music app firm JioSaavn appointed former Amazon Music director and entertainment industry veteran Sahas Malhotra as its new CEO. Malhotra has earlier worked with Sony Music India and Tips Industries.
Founded in 2007 as Saavn, JioSaavn is an audio streaming service for South Asian music and artists. In March 2018, Reliance Industries Limited (RIL) acquired a majority stake in the firm. JioSaavn claims to have over 100 million monthly active users.
Khadi Turnover in 2021-22; Beats all FMCG Companies in India
Khadi and Village Industries Commission (KVIC) exceeded turnover of one lakh crore rupees in 2021-22. Micro, Small and Medium Enterprises Ministry highlighted that it is the first time when KVIC clocked a massive turnover of one lakh fifteen thousand crore rupees, and has beaten all FMCG companies in the country.
The Ministry informed that, in the Financial Year of 2021-22, the overall turnover of KVIC stood at a whopping over one lakh fifteen thousand crore rupees as compared to over 95,700 crore rupees in the Financial Year of 2020-21. KVIC thus registered a growth of over twenty per cent from the year 2020-21.
World Bank Approves $47 Million for India's Mission Karmayogi Program
The World Bank approved a USD 47 million financial support to the Government of India for Mission Karmayogi, a national program to build civil service capacity. The loan of $47 million provided from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 11 years, including a grace period of 4.5 years.
Mission Karmayogi was launched by Union Cabinet on September 2, 2020.
May 01, 2022
Pencilton Introduces Contactless RuPay Card in the form of Keychain
Pencilton, a teen-focused fintech start-up, launched PencilKey, a National Common Mobility Card (NCMC) compliant RuPay contactless keychain, in partnership with the National Payments Corporation of India (NPCI) and Transcorp. Users can activate and manage their PencilKey through the Pencilton app which is also used to load money, check spends, block/unblock the account, set limits, etc.
PencilKey is linked to the PencilCard which is an all-in-one prepaid card, metro card, and bus card. PencilKey is equipped with the benefits of NCMC which works at the Delhi Airport Metro line and Goa's buses currently.
It is also scheduled to be accepted for metro travel in Pune, Chennai & Mumbai as well as in BEST buses in Mumbai. According to Pencilton, the virtual PencilCard comes for free.
Users can buy their PencilKey for Rs. 150 and PencilCard for Rs. 100, but as part of the company's launch offer, users can also buy a PencilKit (combo) which includes both PencilCard and PencilKey for Rs. 200.
JM Financial Elevates Sonia Dasgupta as CEO of Investment Banking
JM Financial, a diversified financial services group, elevated Sonia Dasgupta as Chief Executive Officer of Investment Banking. In the new role, she will lead the strategic initiatives and accelerate growth for the business.
Dasgupta succeeded Adi Patel and Atul Mehra who were Co-Heads of Investment Banking business till date.
IDBI Bank Board Approves Appointment of Two Govt. Nominee Directors
IDBI Bank's board approved the appointment of two government nominee directors with immediate effect.
The government nominee directors are Manoj Sahay, Joint Secretary and Financial Advisor, and Sushil Kumar Singh, Director, Department of Financial Services, Ministry of Finance.
Sahay, a 1994 batch IA&AS officer, presently handles six departments -- revenue, expenditure, economic affairs, financial services, DIPAM and public enterprises.
Singh is an officer of 2006 batch of Indian Defence Accounts Service.
Bruce de Broize Appointed as CEO of Future Generali India Life Insurance
Generali Asia appointed Bruce de Broize as MD and CEO of Future Generali India Life Insurance (FGILI). He takes over from Miranjit Mukherjee who served as interim CEO since September 2021. He was the Regional Head of Distribution for Generali Asia based in Hong Kong for over five years. In March, Generali became the majority shareholder of the Indian life insurance joint venture after getting all regulatory approvals.
Broize has a career spanning over 34 years of life and P&C insurance experience. He has also held a range of senior leadership roles to drive strategic initiatives across Asia. Prior to this, Broize was the regional head of distribution for Generali Asia based in Hong Kong where he oversaw life, health and p&c distribution for Generali's operations across China, Hong Kong, Thailand, Indonesia, India, Vietnam, Malaysia and the Philippines.
Apr 30, 2022
Maruti Suzuki Joins Hands with Indian Bank for Car Loans
Maruti Suzuki India (MSI) joined hands with Indian Bank to facilitate easy finance for customers. As part of the partnership, the company's customers can avail the loan benefits in over 5,700 plus branches of Indian Bank at metro, urban, semi-urban and rural locations.
Maruti Suzuki customers, under this exclusive scheme, can avail loans up to 90 per cent of the on-road price of the car besides getting benefits of zero processing charges, free accidental insurance cover up to Rs 30 lakh, free fastag and repayment tenure up to 84 months on their loans.
The country's largest carmaker has a vast network of 3,357 new car retail outlets across 2,156 cities and towns. With this partnership, Maruti Suzuki now has retail finance tie-ups with 37 financial institutions including all 12 public sector banks, 11 private banks, 7 NBFCs and 7 regional rural banks.
PVR Ties up with Oma Cinema of France; to Introduce 'Cinema Pods' at Theatres
Film exhibition company PVR Cinemas entered into a tie-up with Oma Cinema of France to introduce the concept of "cinema pods" in the Indian market. Through its vertical architecture, Oma provides the audience with an intimate cinematic experience with tiered balconies, or "pods", enabling viewers to enjoy a sociable cinema experience whilst enjoying a perfect view of the screen. Having "an option to have a private movie party with friends and family, OMA pods shall be your own space offering an unmatched bespoke experience of watching a film on a very large screen alongside specially-crafted F&B options.
Oma Cinema was created by renowned French architect Pierre Chican who has designed some of the most cutting-edge cinemas in France over the last 30 years.
Reliance Industries Becomes First Indian Firm to Hit Rs. 19 lakh crore Market Valuation Mark
Reliance Industries Limited became the first Indian company to hit the Rs. 19 lakh crore market valuation mark. The market heavyweight stock jumped 1.85 per cent to its record high of Rs. 2,827.10 during the day on the BSE. It finally settled flat at Rs. 2,777.90, up 0.08 per cent.
In March 2022, the company's market valuation had gone past Rs. 18 lakh crore. Last year on October 13, the company's market valuation went past Rs. 17 lakh crore mark.
Apr 29, 2022
ICICI Bank Launches India's 'Open-for-all' Digital Ecosystem for MSMEs
ICICI Bank launched a digital service for Micro, Small and Medium Enterprises (MSMEs) that customers of other banks can use as well. The "digital ecosystem" offers enhanced banking services, banking services to MSMEs who are customers of other banks, and a range of value-added services for all. Anyone can avail of the benefits of digital solutions by downloading the new version of the InstaBIZ app.
MSMEs, who are customers of other banks, can avail of a host of services by logging in as a 'Guest' in the app. One of the services it provides is sanction of instant and paperless overdraft facility up to Rs 25 lakh through 'InstaOD Plus', which enables customers of any bank to avail of an overdraft instantly. Customers of ICICI Bank can activate the overdraft into their current account instantly while customers of other banks can do so after opening of a current account with the bank digitally through Video KYC.
Michelin Becomes First Tyre Maker in India to Get BEE Accreditation
French tyre major Michelin became the first tyre brand in India to be accredited with star labelling programme which is aimed at improving sustainability and newly introduced performance standards for tyres. Michelin X Multi Energy Z tyre was awarded the industry's first fuel savings label with a 4-star rating by the Bureau of Energy Efficiency (BEE).
The tubeless truck and bus tyre is manufactured and designed by Michelin in India and offers robust fuel savings, longevity with multiple re-treads and safety on Indian terrain.
Reliance Inks Pact for UAE Chemical Project
Billionaire Mukesh Ambani's Reliance Industries signed a shareholder agreement for the $2 billion TA'ZIZ chemical joint venture in the UAE and inked a pact to collaborate with ADNOC in finding and producing conventional and unconventional resources.
The TA'ZIZ EDC & PVC joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride and Polyvinyl Chloride production facility, with an investment of over $2 billion. These chemicals will be produced in the UAE for the first time, unlocking new revenue streams and opportunities for local manufacturers to 'Make it in the Emirates'
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