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BUSINESS AND ECONOMY - December 2018

Dec 2018

Mar 30, 2022

HDFC Life Insurance Launches KlarifyLife

  • HDFC Life, one of India's leading life insurers, launched 'KlarifyLife', a digital education and awareness initiative, to simplify life insurance. Aimed mainly at the Millennial and Gen-Z audience base, 'KlarifyLife' is available on social media platforms like Instagram, LinkedIn and Facebook. It focuses on simplifying complex topics, clarifying doubts, and addressing life insurance-related questions in an engaging and straightforward language, with no jargon or information overload.

Uday Kotak Resigns as the Chairman of IL&FS

  • Uday Kotak is stepping down from his position as non-executive chairman of IL&FS three-and-a-half years after the government and regulators asked him to steer the infrastructure financing giant out of a colossal mess. Kotak, who was often asked to play the role of a trouble shooter in badly managed companies, is leaving with more than half the job done.
  • In a statement issued, IL&FS said the government-appointed board led by Kotak had resolved debt worth over Rs. 55,000 crore out of a total outstanding amount of Rs. 99,000 crore. Kotak is set to step down on April 2. The Union government has appointed C.S. Rajan as chairman and managing director of IL&FS and he will take charge for a period of six months.

DBS Bank India and EaseMyTrip Partner to Launch an Environment-friendly Green Debit Card

  • DBS Bank India partnered with EaseMyTrip to launch an environment-friendly international debit card made using 99% recycled polyvinyl chloride (PVC) material. This first-ever 99% recycled PVC debit card–the digibank EaseMyTrip Green Debit Card - helps reduce carbon footprint and rewards cardholders for supporting sustainability. The digibank EaseMyTrip Green Debit Card provides exclusive travel-related offers to customers and rewards them for adopting eco-friendly practices while encouraging them to reduce their carbon footprint.
  • The digibank EaseMyTrip Green Debit Card offers exclusive best-in-class deals on bookings made through the EaseMyTrip website and mobile app, offering a 10% discount up to INR 2000 on flight ticket bookings and up to 17% discount on stays at select eco-friendly hotels & resorts.

SIDBI Partners with Meghalaya to Grow the MSME Ecosystem

  • The Small Industries Development Bank of India (SIDBI) joined hands with the Meghalaya government to develop an ecosystem for small and medium businesses. SIDBI entered into a Memorandum of Understanding (MoU) with the Meghalaya Infrastructure Development and Finance Corporation Ltd (MiDFC) to develop the MSME ecosystem in the state
  • SIDBI is the country's principal financial institution for Micro, Small and Medium Enterprises (MSMEs). As per the MoU's few broad objectives, SIDBI will aid in entrepreneurship development in the state; development of MSME clusters; capacity building of NGOs/development organisations/ MSMEs; support and showcase replicable livelihood projects aligned to the priority identified by the state among others.
  • It will also help in building capacity of MSMEs using online platforms PSB 59, Mitra portals, GeMS, TReDS, initiating business information and counselling centres for micro enterprises among others.

Suzuki, SkyDrive Team up to Make Flying Cars

  • Suzuki and SkyDrive announced a partnership for research and development of flying cars. Japanese company, SkyDrive, has been developing flying cars and cargo drones since 2018, with the company saying its cargo drones are already in service at various worksites in Japan, especially in mountainous areas. Currently, the company is developing a compact, two-seat electric flying car and is aiming for full-scale production.
  • SkyDrive is looking to commence air taxi service during the 2025 World Expo in Osaka, Japan. SkyDrive and Suzuki will collaborate in business and technology, and develop new markets, with an initial focus in India. The two parties are yet to disclose details on investment collaboration, product timelines and target.

Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) Set Up an Ink Manufacturing Unit Nam...

  • BRBNMPL was set up Varnika with an annual ink manufacturing capacity of 1,500 MT to enhance
  • the security of banknotes. It is a boost to 'Make in India' initiative. It ensures that the entire requirement of banknote printing inks is produced in-house. This unit also manufactures Colour Shift Intaglio Ink (CSII) and meets the entire requirements of bank note printing presses in India, which has resulted in cost efficiency and self-sufficiency in bank note ink production.
  • Reserve Bank of India (RBI) Governor Shaktikanta Das also laid the foundation stone for establishment of a Learning and Development Centre (LDC) of BRBNMPL in Mysuru. Such a Centre will facilitate human resource capacity building in the currency production eco-system of the country and emerge as a global centre of excellence.

Mar 29, 2022

Indian Power Project Replaces Chinese venture in Sri Lanka's Northern Islands

  • India will set up hybrid power projects in three Islands off Jaffna, effectively replacing the Chinese venture cleared by Colombo in 2021. The MoU for the project was among those signed during a meeting between visiting External Affairs Minister (EAM) S. Jaishankar and his Sri Lankan counterpart G.L. Peiris.
  • It is the third Indian energy project coming up in Sri Lanka's north and east, after the recent agreements for National Thermal Power Corporation's solar venture in the eastern Sampur town, and the Adani Group's renewable energy projects in Mannar and Pooneryn in the north.

Indian American Raj Subramaniam to Head FedEx As Founder-CEO Steps Down

  • Indian American Raj Subramaniam was named the new Chief Executive Officer of FedEx, a US multinational courier delivery giant. In his new role, Smith said that he looks forward to focusing on Board governance as well as issues of global importance, including sustainability, innovation, and public policy. Smith had founded FedEx in 1971.
  • Headquartered out of Tennessee, FedEx has 600,000 employees globally.
  • Prior to his role as president and Chief Operating Officer of FedEx Corp., Mr. Subramaniam was president and CEO of FedEx Express, the world's largest express transportation company.

Crisis-hit Sri Lanka Seeks Additional $1 Billion Credit Line from India

  • The island nation is struggling to pay for essential imports of food and fuel after a 70% drop in foreign exchange reserves since January 2020
  • Sri Lanka has sought an additional credit line of $1 billion from India to import essentials amid its worst economic crisis in decades, as Indian Foreign Minister S. Jaishankar began talks with Colombo. New Delhi has indicated it would meet the request for the new line, to be used for importing essential items such as rice, wheat flour, pulses, sugar and medicines, said one of the sources briefed on the matter.

Kalyan Jewellers Appoints Former CAG Vinod Rai as Chairman

  • Kalyan Jewellers India Ltd appointed former CAG Vinod Rai as its Chairman and independent non-executive director.
  • T. S. Kalyanaraman will continue as Managing Director on the company's board.
  • Vinod Rai was the former Comptroller and Auditor General of India (CAG) and the former chair of the United Nations Panel of External Auditors.
  • Rai has held various positions within the central as well as state governments, and has been instrumental in various reforms. He has also served as the Chairman of the Banks Board Bureau, a body set up by the government to reform public banking in the country.
  • Rai was awarded the Padma Bhushan, India's third highest civilian award, in recognition of his services to the country.

Mar 28, 2022

Tata AIG, ICICI Lombard Join Race to Buy Insurance Units of Reliance Cap

  • Tata AIG, ICICI Lombard and Nippon Life are among 54 prominent Indian and foreign financial companies joining the race for the profit-making insurance arms of Reliance Capital, which was last year put under administration due to defaults and governance issues.
  • HDFC Ergo, Bandhan Financial Holdings, Cholamandam Investment, Adani Finserv, Yes Bank, OakTree Capital, Blackstone, New Quest, Indusind International, Brookfield, TPG, Zurich Insurance Group, Ares SSG Capital, ArpWood Partners, Capri Global Holdings, Edelweiss Alternative, International Asset Reconstruction Company, JC Flower, Motilal Oswal Financial Services, Square Four Housing, UV Multiple Asset Investment are among 54 companies to have submitted their EOI.
  • The earlier date to submit the EOI was March 11 but it was extended following request by some prospective bidders.

NITI Aayog`s Releases Export Preparedness Index 2021, Gujarat again Tops

  • Gujarat topped Niti Aayog's Export Preparedness Index 2021, followed by Maharashtra and Karnataka in second and third place, respectively. Union Territories (UTs) and smaller states like Lakshadweep, Arunachal Pradesh, Mizoram, Ladakh and Meghalaya were placed at the bottom of the Index.
  • The ranking is based on four main pillars: policy, business ecosystem, export ecosystem and export performance, and 11 sub-pillars like export promotion policy and business environment. The index, prepared in partnership with the Institute of Competitiveness, is used by the states and the UTs to benchmark their performance against their peers and analyse potential challenges to develop better policy mechanisms to foster export-led growth at the sub-national level.

Adani Ports and SEZ Highest Bidder for West Bengal's Tajpur Deep-sea Port

  • India's largest private port operator Adani Ports and SEZ (APSEZ) Ltd emerged as the highest bidder for the West Bengal government's greenfield deep-sea port project at Tajpur in a neck-to-neck fight with JSW Group.
  • APSEZ and Sajjan Jindal-led JSW Group were the only two entities that took part in the financial bid round, though there were more port and logistics majors who had expressed initial interest in the estimated Rs 7,000-crore project in Purba Medinipur district.

Payments Council of India Re-elects Vishwas Patel as Chairman

  • Infibeam Avenues' executive director Vishwas Patel was re-elected as chairman of the Payments Council of India (PCI), the apex industry body for digital operators in India's payments and settlement system that operates under the aegis of the Internet and Mobile Association of India (IAMAI). Patel made a significant contribution towards shaping and giving direction to the digital payments industry for more than twenty years.
  • At its executive council meeting, PCI also elected new co-chairs: Praveena Rai, COO, National Payments Corporation of India (NPCI) and MN Srinivasu, co-founder and director at BillDesk. The council also elected chairs and co-chairs of its seven committees.

Anil Ambani Resigns as Director of RPower, RInfra

  • Reliance Group Chairman Anil Ambani resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI's order restraining him from associating with any listed company.
  • SEBI in February barred Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market for allegedly siphoning off funds from the company.
  • The two Reliance Group companies said that Rahul Sarin was appointed as an Additional Director in the capacity of Independent Director for a term of five years on Friday on the boards of RPower and RInfra, subject to approval of members at the general meeting.

RBI Governor Shaktikanta Das Inaugurates Reserve Bank Innovation Hub (RBIH) in Bengaluru

  • RBI Governor Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru, which was established with a Rs. 100 crore initial capital contribution to foster and nurture financial innovation.
  • The RBI has set up the RBIH as a Section 8 company under Companies Act, 2013.
  • According to the central bank, the Hub has an independent Board with Senapathy (Kris) Gopalakrishnan as Chairman and other notable people from industry and academics as members.
  • RBIH intends to build an ecosystem that promotes access to financial services and goods for the country's low-income people. The Hub would bring together several stakeholders in the financial innovation area (BFSI sector, startup ecosystem, regulators, and academia).

Payments Council of India Re-elects Vishwas Patel as Chairman

  • Infibeam Avenues' executive director Vishwas Patel was re-elected as chairman of the Payments Council of India (PCI), the apex industry body for digital operators in India's payments and settlement system that operates under the aegis of the Internet And Mobile Association of India (IAMAI), the association said in a statement.
  • At its executive council meeting, PCI also elected new co-chairs: Praveena Rai, COO, National Payments Corporation of India (NPCI) and MN Srinivasu, co-founder and director at BillDesk.

RBI Directs Banks and Non-banks to Geo-tag Payment Touch Points

  • Geo-tagging refers to capturing the geographical coordinates (latitude and longitude) of payment touch points deployed by merchants to receive payments from their customers.
  • The Reserve Bank of India (RBI) has asked commercial banks as well as payment system operators (PSO) to geo-tag payment touch points like branches and automated teller machines while announcing a framework for Geo-tagging of Payment System Touch Points.
  • Geo-tagging has various benefits, such as, provide insights on regional penetration of digital payments; monitor infrastructure density across different locations; identify scope for deploying additional payment touch points; facilitate focused digital literacy programmes.

RBI Governor Shaktikanta Das Inaugurates Reserve Bank Innovation Hub (RBIH) in Bengaluru

  • RBI Governor Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru, which was established with a Rs. 100 crore initial capital contribution to foster and nurture financial innovation. According to the central bank, the Hub has an independent Board with Senapathy (Kris) Gopalakrishnan as Chairman and other notable people from industry and academics as members.
  • RBIH intends to build an ecosystem that promotes access to financial services and goods for the country's low-income people.The Hub would bring together several stakeholders in the financial innovation area (BFSI sector, startup ecosystem, regulators, and academia).

Mar 27, 2022

Pralay Mondal Named as interim MD and CEO of CSB Bank

  • The Reserve Bank of India approved the appointment of Pralay Mondal as the interim Managing Director and CEO of CSB Bank. Presently he is the Managing Director at CSB Bank. The post of MD and CEO at CSB Bank was lying vacant after its full-time MD and CEO, C V R Rajendran announces early retirement on health grounds (w.e.f March 31, 2022). RBI has approved the appointment of Pralay for three months from April 1, or till the appointment of a regular Managing Director and CEO of CSB Bank, whichever is earlier.

University of California Picks 0.57% Stake in Kotak Mahindra Bank

  • The Regents of the University of California picked up 0.57 per cent stake in Kotak Mahindra Bank for Rs. 1,907.6 crore.
  • The stake was purchased at Rs. 1,699 per share from Canada Pension Plan Investment Board (CPPIB).

Meta Appoints Saugato Bhowmik as New India Head for Auto, D2C Vertical

  • Meta announced the appointment of Saugato Bhowmik as the Director of CPG, Auto and D2C industry vertical in India to lead the strategy and solutioning that is focused on the company's largest consumer goods and auto advertisers.
  • Saugato's appointment comes on the back of a series of senior leadership recruitments over the past few months across business, policy and partnerships, demonstrating the company's expanding charter and commitment to India. He will report to Arun Srinivas, Director and Head of Global Business Group at Meta in India.
  • Saugato comes with more than 20 years of experience in senior sales, marketing, and business strategy roles at leading CPG companies such as Dabur and Unilever. He has also held key leadership positions at Viacom18 Media, where he also launched Voot Kids OTT.

Lt Governor Manoj Sinha Addresses Gulf Countries' Investment Summit

  • Lieutenant Governor Manoj Sinha addressed the Gulf Countries' Investment Summit at SKICC, Srinagar which is aimed at providing a platform for the foreign business delegates to explore a host of investment opportunities in the UT of Jammu & Kashmir. The Lt Governor highlighted the scope for J&K and GCC companies' economic cooperation to make Jammu and Kashmir the most beautiful investment destination in the world.
  • The visit of CEOs of top companies, entrepreneurs, start-up representatives, exporters in Jammu and Kashmir is an expression of confidence of the industry leaders in the potential for business cooperation between J&K and Gulf countries. The development of the power sector, trade, horticulture, rural infrastructure, roads and air links, medical education and health services, Industrial Training Institutes, Information Technology and storage facilities for the products are the diverse areas that have been addressed.

Mar 26, 2022

Maruti Suzuki Names Hisashi Takeuchi as New Managing Director and CEO

  • The country's largest carmaker Maruti Suzuki India (MSI) appointed Hisashi Takeuchi as the new Managing Director and CEO with effect from April 1, 2022.
  • In order to facilitate a smooth transition, Ayukawa will continue as a whole-time Director designated as Executive Vice Chairman till September 30, 2022, and will continue to provide guidance to the auto major.
  • Maruti Suzuki India Limited, formerly known as Maruti Udyog Limited, is an Indian automobile manufacturer, based in New Delhi. It was founded in 2001 and owned by the Government of India until 2003, when it was sold to the Japanese automaker Suzuki Motor Corporation.

AU Small Finance Bank to Finance Tata Cars, UVs

  • AU Small Finance Bank signed an agreement with Tata Motors offering finance options for its new Forever range of passenger cars and UVs.
  • This scheme will offer maximum financing on the vehicle as per each individual's requirements. Customers can also enjoy the benefit of unique EMI options with a repayment tenor of up to seven years.
  • The offer is applicable to a spectrum of customers like salaried, self-employed professionals, self-employed non-professionals, agriculture, dairy farmers, etc., including new to credit customers.

Former SBI Chairman Rajnish Kumar Joins Advisory Board of Dun & Bradstreet

  • Former State Bank of India (SBI) chairman Rajnish Kumar joined the international strategic advisory board of data and analytics firm Dun & Bradstreet.
  • Kumar, a veteran banker, currently sits on the boards of HSBC Asia Pacific, L&T Infotech, Hero MotoCorp and BharatPe.
  • Dun & Bradstreet is contributing to empowering MSMEs through technology-based finance, risk, compliance, data and marketing solutions in India.
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