Avon Celebrates 70 Years with Prestigious Brands of Asia Award Win
To mark 70 years of existence Avon invited its top dealers from all over the country and honored them by thanking and rewarding for their association. Started by Pahwa brothers, Avon rolled its first batch of bicycles in the year 1952. Avon has emerged as a strong and reliable player in the bicycle industry with over 200 models for all age groups and categories.
Avon has been awarded as Prestigious Brands of Asia Award. Avon expanded its footprints to segments of electric mobility by launching electric scooters & rickshaws under the brand E World of Avon & Fitness Equipment under Avon Fitness Machines.
Gautam Adani Now World's 6th-Richest; Pips Google Founders Page, Brin
With a net worth of $118 billion, Gautam Adani is now the sixth-richest person in the world, according to a report by Times Now. The owner of Adani conglomerate has overtaken the founders of Google, Larry Page and Sergey Brin, according to the Bloomberg Billionaires Index.
The chairman of Adani Group saw his wealth rise by Rs 65,091 cr as the share prices of his companies like Adani Green Energy, Adani Enterprises, Adani Gas and Adani Transmission soared.
Also, Adani is the biggest wealth-gainer in 2022 with a jump of almost $41.6 billion.
Tata AIA Life Insurance Ties up with Common Service Centres
As part of its effort to deliver much-needed life insurance protection cover to rural households and safeguard their loved ones from life's uncertainties, Tata AIA Life Insurance Co Ltd partnered with Common Services Centres under the Ministry of Electronics & IT. Common Service Centres which will provide access to about 95 per cent of gram panchayats in the country.
With this tie up, the company can engage into the network of over 4 lakh Village Level Entrepreneurs (VLEs) at the last mile for distribution of life insurance plan.
TRAI Recommends over 35 per cent Cut in Prime 5G Spectrum Base Price
Setting the stage for the rollout of 5G services, telecom regulator TRAI mooted a mega auction plan valued at over Rs. 7.5 trillion at the base price across multiple bands for radio waves allocated over 30 years.
Overall, Telecom Regulatory Authority of India (TRAI) recommended about a 39 per cent reduction in the reserve or floor price for the sale of spectrum for mobile services, including the latest 5G offering, as it looked to match revenue expectations with the industry's paying capacity.
With large swathes of spectrum remaining unsold in the last two auctions, TRAI recommended to the government for selling airwaves in all existing bands of 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz and new slots of 600 MHz, 3300-3670 MHz and 24.25-28.5 GHz.
PNB, IDBI Bank Get Govt-appointed Directors
The government nominated new directors on the boards of Punjab National Bank (PNB) and IDBI Bank, following the cessation of the terms of incumbent directors.
Pankaj Sharma was nominated as a director of PNB through a notification dated April 11, 2022 with immediate effect and until further orders.
The government, vide a communication on April 11, 2022 nominated Manoj Sahay and Sushil Kumar Singh as directors on the board of the IDBI bank vice Meera Swamp and Anshuman Sharma respectively, with immediate effect and until further orders.
Apr 12, 2022
Ruchi Soya to Change the Name of the Company to Patanjali Foods
The board of directors of Ruchi Soya Industries decided to change the company's name to Patanjali Foods.
At its board meeting the directors also accorded their in-principle approval for evaluating the most efficient mode of enhancing synergies with Patanjali Ayurved Ltd's food portfolio in any manner on an arm's-length basis.
Ruchi Soya also authorised officials of the company to negotiate, finalise, execute and deliver the terms and conditions of the proposed transaction.
Reserve Bank Introduces Principles for Mid, Large NBFCs
The Reserve Bank of India (RBI) introduced certain principles, standards and procedures for mid and large non-banking financial companies.
The revised regulatory framework for NBFCs, issued in October 2021, had indicated that such entities in the Upper Layer (NBFC-UL) and Middle Layer (NBFC-ML) would be required to have an independent Compliance Function and a Chief Compliance Officer (CCO).
NBFCs in the upper layer and middle layer should treat the prescriptions in the circular as a set of minimum guidelines only and accordingly frame their guidelines taking into account their corporate governance framework, the scale of operations, risk profile and organisational structure, among other factors.
Irina Ghose is Microsoft India COO as Rajiv Sodhi Gets Global Role
Irina Ghose was appointed the chief operating officer of Microsoft India. The new COO of Microsoft India replaced Rajiv Sodhi who moved to the US in a global role.
Ghose will be responsible for driving end-to-end operations for Microsoft in the country. She plans to use her learnings of over two decades as a Microsoft employee to continue working with more than 14,000 partners and customers, aid the country in its digital transformation, and provide skilling platforms for India's youth.
Ghose has held a variety of Strategy and Sales leadership roles across Enterprise, Solution Sales, Partner Solutions, and Education segments, focusing on Business management, Operations, Partnerships and New business initiatives.
Apr 11, 2022
RBI Imposes Penalties on Axis Bank, IDBI Bank
Reserve Bank of India imposed a penalty of Rs. 93 lakh on Axis Bank for various violations, including those related to KYC guidelines. The central bank also slapped a fine of Rs. 90 lakh on IDBI Bank.
A monetary penalty of Rs. 93 lakh has been imposed on Axis Bank for non-compliance of certain directions issued by RBI. The private sector lender violated certain provisions on loans and advances, Know Your Customer (KYC) guidelines and 'levy of penal charges non-maintenance of minimum balances in savings bank accounts'
IDBI Bank has been penalised for non-compliance of directions on 'frauds - classification and reporting by commercial banks and select financial institutions'. It was also fined for violating norms on 'strengthening the controls of payment ecosystem between sponsor banks and corporate customers like SCBs/UCBs' and 'cyber security framework.'
Infosys and Rolls-Royce Launches 'Aerospace Engineering and Digital Innovation Centre'
Infosys, a global leader in next-generation digital services and consulting, and Rolls-Royce, one of the world's leading industrial technology companies, inaugurated their joint 'Aerospace Engineering and Digital Innovation Centre' in Bengaluru, India.
This centre has been established to provide high-end research and development (R&D) services integrated with advanced digital capabilities to Rolls-Royce's engineering and group business services from India. Infosys and Rolls-Royce's collaboration has been reinforced through strategic deals, aimed at yielding mutual benefits to both organisations over the next seven years.
South-Central Railway Launches 'One Station One Product' Initiative at 6 Major Stations
The South-Central Railway (SCR) launched the "One station One Product" initiative at 6 major stations in all its six divisions. SCR in-charge General Manager, Arun Kumar Jain, inaugurated stalls under the new initiative at Secunderabad Station. The stalls were also opened at Kacheguda beside Vijayawada, Guntur and Aurangabad Stations. The Government had announced the new initiative in the General Budget 2022-23 and is already under trial at Tirupati.
Railways stations are suitable to promote indigenous and local products and the initiative is aimed at making the railway stations a sales and promotional hub for them.
Apr 10, 2022
PNB Implements Positive Pay System Compulsory for Cheque Payments Worth Rs. 10 lakh
Punjab National Bank has implemented the Positive Pay System (PPS) being compulsory for cheque payments worth Rs 10 lakh and above. This is being done as a move to protect its over 180 million customers from any security threats. The bank had announced to make the Positive Pay System mandatory last month, and the same has been implemented today. Under the new system, high-value cheques worth Rs 10 lakh and above will be cleared using the PPS, after reconfirmation with the issuer of the cheque.
As per the Positive Pay System (PPS) developed by the National Payments Corporation of India (NPCI), a customer issuing a high-value cheque has to reconfirm some essential details. The details are then cross-checked while presenting the cheque in clearing before payment.
Positive Pay System will be available for all account holders issuing cheques for amounts of Rs. 50000 and above. Availing of this facility will be at the discretion of the account holder.
RBI Approves Re-appointment of Murli Natarajan as MD-CEO of DCB Bank
The Reserve Bank of India (RBI) approved an extension in the tenure of Murli M. Natarajan as the managing director and chief executive officer (MD & CEO) of DCB Bank for a period of two years. His extended term will be applicable from April 29, 2022, to April 28, 2024. Natrajan is serving as MD & CEO of the bank since April 2009.
RBI capped the tenure of bank chief executives at 15 years and Natrajan will complete 15 years at the helm of the bank in 2024. The re-appointment as above is subject to the approval of shareholders at the ensuing annual general meeting of the bank.
Govt. Released Data: India's Trade Deficit Rises 88% in FY22
According to government data released, India's trade imbalance increased by 87.5 percent to $192.41 billion in 2021-22, up from $102.63 billion the previous year. While total exports hit a new high of $417.81 billion last fiscal year, imports also hit a new high of $610.22 billion, resulting in a $192.41 billion trade deficit.
As per the ministry of commerce and industry, "India's merchandise imports in April 2021-March 2022 totaled $610.22 billion, up 71 percent from $394.44 billion in April 2020-March 2021 and 28.55 percent higher than $474.71 billion in April 2019-March 2020."I
n March 2022, the trade deficit was $18.69 billion, compared to $192.41 billion for the entire fiscal year 2021-22.
Apr 09, 2022
Jio-bp and TVS Motor to Collaborate on EV Solutions
Jio-bp and TVS Motor Company agreed to explore the creation of a robust public EV charging infrastructure for electric two-wheelers and three-wheelers in the country, building on Jio-bp's growing network in this space.
Under this proposed partnership, the customers of TVS electric vehicles are expected to get access to the widespread charging network of Jio-bp, which is also open to other vehicles.
Jio-bp is operating its EV charging and swapping stations under the brand Jio-bp pulse.
This partnership will help drive EV adoption in the country among two and three-wheeler customers who aspire to take a step forward in going electric. The rapid proliferation of these charging stations will broaden both the companies' horizons and expedite India's net-zero emission goals.
RBI Issues Guidelines for Banks to Set up 24X7 Digital Banking Units
The Reserve Bank of India (RBI) said that existing banks can open digital banking units to offer products and services in both self-served and assisted mode round-the-clock. In the Union Budget, the government announced the setting up of at least 75 such units in 75 districts to commemorate 75 years of the country's independence as 'Azadi ka Amrit Mahotsav'.
According to the guidelines on the establishment of Digital Banking Units (DBUs), the products and services to be provided at a DBU include, opening of accounts, cash withdrawal and deposit, KYC update, loans and complaint registrations.
Bandhan-led Consortium Buys IDFC's Mutual Fund Business
Bandhan Financial Holding-led consortium entered into a definitive agreement to acquire IDFC Asset Management Company and IDFC AMC Trustee Company for Rs 4,500 crore, subject to receipt of necessary regulatory approvals, an official said on Wednesday.
Bandhan Financial Holding is the holding company of private sector lender Bandhan Bank.
The consortium led by it also includes private equity firm ChrysCapital and Singapore's sovereign fund GIC. In the consortium, the equity pattern is 60% for Bandhan Financial Holding and 20% each for the other two partners.
Bandhan Financial is also the holding company of Kolkata-based private sector lender Bandhan Bank.
+91-85588-96644
