RBI Imposes Curbs on Shushruti Souharda Sahakara Bank Niyamita
RBI imposed several restrictions on Bengaluru-based Shushruti Souharda Sahakara Bank Niyamita, including a withdrawal cap of Rs. 5,000 per account, following a deteroriation in the lender's financial position. The directions shall remain in force for a period of six months from the close of business on April 7, 2022, and are subject to review, the Reserve Bank said in a statement.
The co-operative bank cannot, without prior approval from RBI, grant or renew any loans and advances, make any investment, incur any liability and accept fresh deposits, among other restrictions.
The bank will continue to undertake banking business with restrictions till its financial position improves.
Tata Group Launches Super App Neu
Tata Group launched possibly India's first super app, Tata Neu, that brings together grocery-to-hotel-to-airline ticket booking and medicine on a single platform, rivalling similar products from Amazon and Walmart's Flipkart.
The group has been testing the app since last year as it seeks to play a big role in the fast growing e-commerce space.
Brands such as Air Asia, BigBasket, Croma, IHCL, Qmin, Starbucks, Tata 1Mg, Tata CLiQ, Tata Play and Westside are on the Tata Neu platform already, and Vistara, Air India, Titan, Tanishq and Tata Motors will soon join.
Card-less Cash Withdrawal Facility across All Banks' ATM Network Soon: RBI
To encourage card-less cash withdrawal facility, the Reserve Bank of India (RBI) proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI).
At present, the facility of card-less cash withdrawal through ATMs is limited only to a few banks. As per the central bank, card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their own ATMs).
Now you can send money from a bank account to anyone in India with a valid mobile phone number through card-less cash withdrawal. The beneficiary can then withdraw cash from the ATM without using a debit or an ATM card.
Under the card-less cash withdrawal facility, a user can authenticate a transaction, and this is expected to add a layer of security and authentication to the transaction. This will also prevent frauds happening due to skimming of card or card cloning.
DLF Chairman Rajiv Singh Richest Real Estate Entrepreneur in India
DLF Chair Rajiv Singh is the richest real estate entrepreneur in India with a wealth of Rs. 61,220 crore, up 68 per cent in the last one year.
He is followed by Mangal Prabhat Lodha and family — promoters of Macrotech Developers — according to the Grohe – Hurun India Real Estate Rich List. Lodha and family slipped to the second spot with their wealth at Rs. 52,970 crore, a 20 per cent increase during the one-year period.
Apart from realtors, the list also includes hotel and hospitality entrepreneurs.
Apr 07, 2022
Tata Motors Bags Order for 1,300 Commercial Vehicles from VRL Logistics
Tata Motors bagged an order for 1,300 commercial vehicles from VRL Logistics. The order comprises medium and heavy commercial vehicle and intermediate & light commercial vehicle range, suited for logistics operations of VRL Logistics. The vehicles were selected on the basis of superior drivability, high fuel efficiency and low total cost of ownership, which will enable VRL Logistics to increase its fleet efficiency.
Tata Motors' commercial vehicles are designed and engineered on the Power of 6' philosophy, which delivers driveability, total cost of operations, comfort and convenience, and connectivity. It also offers its flagship initiative, Sampoorna Seva, a bouquet of service offerings including repair time assurance, breakdown assistance, insurance and accidental repair time, extended warranty, and other add-on services for vehicle maintenance and upkeep.
Forbes Billionaires 2022: The Richest People in The World
The Forbes billionaires 2022 list was released, which compiled the list of the world's richest, who this time was hit by the impact of the Russia-Ukraine conflict, coronavirus pandemic and sluggish markets. Elon Musk, the Tesla and SpaceX founder topped Forbes' list for the first time ever with a net worth of $219 billion. Elon Musk is leading the Forbes billionaires list with a net worth of $219 billion, followed by Amazon chief Jeff Bezos at $171 billion.
America has most number of billionaires at 735 worth a collective net worth of $4.7 trillion, including Elon Musk, who tops the World's Billionaires list for the first time. China (including Macau and Hong Kong) remains number two, with 607 billionaires worth a collective $2.3 trillion. Forbes uses stock prices and exchange rates from March 11, 2022, to calculate net worth.
Ambani ranked at the 10th position on the global list, followed narrowly by fellow industrialist and Adani Group founder Gautam Adani, whose fortune climbed by almost $40 billion over the past year, to an estimated $90 billion.
Savitri Jindal, the chairperson of the Jindal Group, is the richest woman in India, according to the Forbes' Billionaires List 2022, with a net worth of $17.7 billion. A total of 11 Indian women, with 4 newcomers, joined the global rich list this year.
Union Bank Launches Super App 'Union Nxt'
Union Bank of India launched its super app, Union Nxt which focuses on providing pre-approved personal loans, pensioner loans, Mudra loans, MSME loan auto-renewal services, and farmer loans auto-renewal services to customers.
The bank is looking to invest nearly Rs. 1,000 crore in building and upgrading its digital technology in the present fiscal, as per the bank's management. It has tied up with over a dozen fintechs to upgrade its digital offerings.
The bank presently has 1.65 crore customers on its mobile app and aims to take the count to 2 crore this year, Union Bank MD & CEO Rajkiran Rai G. said.
India's Agriculture Exports Touch a High of $50 Billion
The exports of agricultural products (including marine and plantation products) crossed $ 50 billion, the "highest level ever achieved for agriculture exports", in 2021-22, according to the Commerce and Industry Ministry.
As per the provisional figures released by DGCI&S, the agricultural exports have grown by 19.92% during 2021-22 to touch $50.21 billion.
Highest ever exports have been achieved for staples like rice ($ 9.65 billion), wheat ($ 2.19 billion), sugar ($ 4.6 billion) and other cereals ($ 1.08 billion).
India has captured nearly 50% of the world market for rice.
Export of marine products at $ 7.71 billion is also the highest ever, benefitting farmers in the coastal states of West Bengal, Andhra Pradesh, Odisha, Tamil Nadu, Kerala, Maharashtra and Gujarat.
Facebook Meta Plans Cryptocurrency and Creator Coins for its Apps
Meta Platforms Inc is readying plans to introduce virtual tokens and cryptocurrencies to its family of apps with an aim to use such virtual tokens for rewarding creators and lending and other financial services.
The move, which is reported to be in its early stages, comes as Meta grows its focus on services centered around the metaverse, a virtual environment where people interact, work and play.
If implemented, it could also give Meta a new revenue channel and control over transactions in its suite of apps and services, which include Facebook, Instagram, WhatsApp and the Meta Quest virtual reality platform.
Earlier this year, Meta joined the Crypto Open Patent Alliance (COPA), a group of companies led by Jack Dorsey's Block Inc that has pledged to promote open access to cryptocurrency technologies.
Union Bank of India to Sell its 8% Stake in ISARC to Dhansamridhi Finance
Union Bank of India will sell its 8 per cent stake in India SME Asset Reconstruction Company. The stake sale is subject to obtaining requisite regulatory approvals.
ISARC is the country's first ARC supported by a large number of public sector banks and undertakings, focussed on NPA resolution of the MSME sector. The ARC is sponsored by SIDBI, Bank of Baroda, Punjab National Bank, and SIDBI Venture Capital Ltd.
Apr 06, 2022
Tata Power Renewables Commissions 300MW Solar Plant in Gujarat
Tata Power arm Tata Power Renewables commissioned a 300 MW solar plant in Dholera, Gujarat with the country's largest single-axis solar tracker system. "Tata Power Renewables Energy Ltd (TPREL), a wholly-owned subsidiary of Tata Power, commissioned a 300 MW project in Dholera, Gujarat. The project will generate 774 MUs (million units) annually. Along with this, it will reduce approximately 704340 MT/year (tonnes per annum) of carbon emission. Tata
The total area used for the installation is 1320 acres divided into six different plots of 220 acres each.
SBI Signs MoU with Border Security Force to Offer Special Benefits Through CAPSP Scheme
State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with the Border Security Force to offer special benefits to the serving and retired BSF personnel and family pensioners through the Central Armed Police Salary Package (CAPSP) Scheme. In a statement, bank said, the MoU will ensure extensive benefits to the security forces including complimentary Personal and Air Accidental Insurance (Death) cover, additional cover in case of on-duty death, and Permanent Total Disability/ Partial Disability cover.
The MoU will support child education and the marriage of girl children of deceased BSF personnel. The retired personnel will be eligible for complimentary Personal Accidental (Death) Insurance, irrespective of age, whereas family pensioners will be eligible for a bouquet of benefits. Bank will offer zero-balance savings bank accounts with a host of complimentary benefits and waiver of service charges to BSF personnel. Bank will also provide attractive interest rates and concession on processing charges for serving personnel on Home, Car, Education, and Xpress Credit Personal loans.
NTPC Inks Pact with Gujarat Gas Limited (GGL) to Blend Green Hydrogen in Piped Natural Gas
With the continued focus on a clean environment, NTPC has taken up the initiative of blending green hydrogen in Piped Natural Gas (PNG) network of GGL (Gujarat Gas Limited) at NTPC Kawas.NTPC is the premier energy utility in the country with an installed capacity of 69 GW, with a diversified fuel mix.
The NTPC group plans to achieve 60 GW of RE in a decade and is executing several pilot projects in the green hydrogen space.
GGL is India's largest City Gas Distribution (CGD) Company and has a presence across 43 districts in 6 states and 1 Union territory
This hydrogen blending project at NTPC Kawas is a pioneering effort and the first of its kind in the country. This is a step toward the decarbonization of the cooking sector and self-sufficiency for the energy requirements of the nation.
India's Economy to Grow by 7.5% in FY23; to Pick-up to 8% in FY24: ADB
Asian Development Bank projected a seven per cent collective growth for South Asian economies in 2022 with the subregion's largest economy India growing by 7.5 per cent in the current fiscal year before picking up to eight per cent the next year. ADB said developing Asia's economies are predicted to grow by 5.2 per cent this year and 5.3 per cent in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports.
South Asia comprises Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
Apr 05, 2022
Former Aviation Joint Secretary is Principal Advisor to IndiGo's MD
R. K. Singh, former Joint Secretary in the Ministry of Civil Aviation, was appointed as Principal Advisor to IndiGo's Managing Director Rahul Bhatia.
RK, with over 36 years of experience working in different capacities in the Indian Government as an IAS officer (1985 - 2009) and later as an aviation law specialist (2009 onwards), brings rich administrative, management and aviation experience with him.
In the past, RK has served as Joint Secretary in the Ministry of Civil Aviation and has served on the Boards of Air India, Indian Airlines, Alliance Air, Air India Charters Limited (Air India Express) and has been the CMD of Pawan Hans Helicopters Limited.
Elon Musk Takes 9.2% Stake in Twitter
Tesla CEO Elon Musk took 9.2% stake in Twitter, purchasing approximately 73.5 million shares. Mr Musk's stake in Twitter is considered a passive investment, which means Mr. Musk is a long-term investor that's looking to minimize his buying and selling of the shares. Mr. Musk's revelation about his stake in Twitter shares came two days after Tesla Inc. posted first-quarter delivery numbers. While the company delivered 310,000 vehicles in the period, the figure was slightly below expectations.
Merger of HDFC Limited and HDFC Bank
HDFC's board of directors approved the merger of HDFC Bank, India's largest private sector bank with HDFC (Housing Development Finance Corporation), India's largest housing finance firm.
The deal will be building the housing loan portfolio of the bank and will also be enhancing its existing customer base.
Under the agreement that has been proposed, public shareholders will be 100 percent owning HDFC Bank, and HDFC Limited's existing shareholders will own 41 percent stake in HDFC Bank.
The proposed agreement will be creating a large net worth as well as a balance sheet that would allow a greater credit flow into the economy. Also, underwriting of larger ticket loans such as infrastructure loans will be enabled due to this agreement.
This will be a two-part merger. In the first step, HDFC Holdings Limited and HDFC Investments Limited will be merging with HDFC Limited. In the next step, HDFC Limited will be amalgamated with HDFC Bank. After merging, the total assets of HDFC Bank and HDFC Ltd will be more than Rs. 25 lakh crore. The turnover of HDFC is Rs. 35,681.74 crore while for HDFC Bank it is Rs. 1.16 lakh crore.
Nepal became the fourth foreign country to operationalise the RuPay card with Prime Minister Narendra Modi and his Nepalese counterpart Sher Bahadur Deuba jointly launching the Indian electronic payment system in the Himalayan nation. The three other countries that have the RuPay card are Bhutan, Singapore and the United Arab Emirates. The launch of the card in Nepal would open new vistas for cooperation in financial connectivity, and is expected to facilitate bilateral tourist flows as well as further strengthen people-to-people linkages.
RuPay card scheme was launched in 2012 as part of the Reserve Bank of India's vision to have a domestic, open and multilateral system of payments.
Karnataka Chief Minister Basavaraj Bommai Sets up 'Nandini Ksheera Samridhi Sahakara Bank' to Hel...
The Milk Producers cooperatives have a turnover of about Rs. 20,000 crore in various banks every day. This is a special programme to establish their own bank which would provide greater financial aid for them and improve their economic condition. The state government decided to computerise all the Primary Agricultural Credit Societies (PACS).
IFSCA inks MoU with IRDAI
Insurance Regulatory and Development Authority of India (IRDAI) signed a Memorandum of Understanding (MoU) with International Financial Services Centres Authority (IFSCA) for cooperation and coordination with respect to exchange and sharing of information, knowledge for effective supervision.
The IFSCA is responsible for development and regulation of international financial services, including that of insurance sector, in the IFSC, which is treated as a separate international financial jurisdiction, distinct from rest of India. IFSCA aims to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform at regional/ global level.
This MoU would enable coordination, cooperation and collaboration between the two regulators to attract global insurance industry players, including Indian insurance players seeking international markets to create and develop innovative insurance solutions for both India and the world, in a conducive environment.
India-Australia Deal Seeks to Double Bilateral Trade in 5 Years
India and Australia inked an Economic cooperation and trade agreement (ECTA), under which Canberra would provide duty-free access in its market for over 95 per cent tariff lines, including textiles, leather, furniture, jewellery, machinery and select medical devices. This is the first trade agreement that India has signed with a developed economy after more than a decade. This agreement was signed at a time when India is already working with other developed countries such as the UK, Canada and the European Union to sign a free trade agreement–an evident shift in India's strategy.
Indian Overseas Bank, Software Technology Park of India Ink MoU
Public sector Indian Overseas Bank signed a memorandum of understanding with the Software Technology Parks of India (STPI) and STPINEXT (a Section 8 company of STPI) for leveraging innovation through the financial technologies engaged under the FinBlue initiative.
The FinBlue initiative by STPI is an integrated programme to start-ups to scale through its incubation facility. It provides access to the financial technology ecosystem that consists of bankers, financial institutions, mentors, investors among others.
RBI Extends Deadline for Implementation of Cassette Swap in ATMs by a Year
The Reserve Bank of India (RBI) extended the timeline for banks to use lockable cassettes, which could be swapped at the time of cash replenishment, in their ATMs to March 31, 2023. The RBI decided to extend the timeline after it received representations from various banks and Indian Banks' Association expressing difficulties in meeting the timeline.
The banks were supposed to start using lockable cassettes in a phased manner such that it covers at least one-third of the ATMs covered by the banks by March 31, 2021. However, the timeline was extended to March 31, 2022.
The RBI had come out with the circular intimating banks to make this change back in 2018.
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