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BUSINESS AND ECONOMY - December 2018

Dec 2018

Mar 21, 2022

UAE Cargo Ship Sinks in Persian Gulf

  • An Emirati-flagged cargo ship, longer than a soccer field, sank in stormy seas off Iran's southern coast in the Persian Gulf. Rescuers were trying to account for all of the vessel's 30 crew members.
  • Capt. Nizar Qaddoura, operations manager of the company that owns the ship, said that the 'Al Salmy 6' encountered treacherous weather. The choppy waters forced the vessel to list at a precarious angle and, within hours, fully submerged the ship.
  • Emergency workers dispatched from Iran successfully saved 16 crew members, and civilian ships had been asked to help with the rescue efforts. Another 11 survivors made it into life rafts, while one person was plucked and saved from the water by a nearby tanker.
  • The crew consisted of nationals from Sudan, India, Pakistan, Uganda, Tanzania and Ethiopia. The ship had been bound for the Port of Umm Qasr, in southern Iraq, carrying cars and other cargo.

RCEP: World's Largest Trade Deal Comes into Effect in Malaysia

  • The Regional Comprehensive Economic Partnership (RCEP), the world's largest trade deal, came into effect in Malaysia.
  • Malaysia is expected to be the largest beneficiary among the ASEAN (the Association of Southeast Asian Nations) members from the RCEP in terms of export gains.
  • The country is expected to see a $200 million increase in export gains, making the RCEP a vital tool in recovering from the economic disruptions caused by the Covid-19 pandemic.

Australia to Announce 'Largest-ever' Investment Worth Rs. 1,500 cr in India

  • In the largest-ever investment by the Australian government in India, Canberra will announce an investment of Rs. 1,500 crore in the country in multiple sectors at the India-Australia bilateral summit to be held.
  • India and Australia will conclude an early harvest agreement by the end of this month.
  • An early harvest agreement is aimed at liberalising tariffs on the trade of certain goods between two countries or trading blocs before a comprehensive agreement.

ICICI's Sandeep Bakhshi: Business Standard's 'Banker of the Year'

  • ICICI Bank's Managing Director and Chief Executive Officer Sandeep Bakhshi was chosen as the Business Standard Banker of the Year 2020-21 for turning around the private sector lender both in terms of performance and perception during his tenure of the past three and a half years.
  • A jury of five members chaired by former RBI Deputy Governor SS Mundra unanimously chose Bhakshiu as the winner.
  • Bakhshi took charge of India's second-largest private sector lender in October 2018 amid controversy surrounding his predecessor Chanda Kochhar, who had to step down over corporate governance issues.

Central Record Keeping Agency under NPS Launches CAMS

  • The go-live and opening of the Central Record Keeping Agency (CRA) under the National Pension System was announced by Computer Age Management Services Limited (CAMS), India's largest registrant and transfer agent of mutual funds (a SEBI regulated business). CAMS was chosen as a CRA by the sector regulator, the Pension Fund Regulatory and Development Authority (PFRDA), to broaden the services available to NPS subscribers and the ecosystem.
  • The National Pension Scheme (NPS), a voluntary retirement scheme created and administered by the Pension Fund Regulatory and Development Authority (PFRDA), was launched by the Central Government on January 1, 2004 to assist in the building of a retirement corpus.

Mar 20, 2022

SBI Signs Agreement to Provide $1-bn Credit Facility to Sri Lanka

  • India announced a USD 1 billion line of credit to Sri Lanka as part of its financial assistance to help the island nation deal with its economic crisis.
  • Visiting Sri Lankan Finance Minister Basil Rajapaksa witnessed the signing of the agreement for the USD 1 billion line of credit being extended through the State Bank of India (SBI).
  • The signing ceremony was held at the Ministry of Finance in the presence of Rajapaksa, External Affairs Minister S. Jaishankar and Finance Minister Nirmala Sitharaman.

Dredging Corporation Signs Ship Building Pact with Cochin Shipyard

  • In a major push towards the Centre's Make in India initiative, Dredging Corporation of India and Cochin Shipyard signed an agreement to build India's first domestically-manufactured high-capacity dredger.
  • The 12,000-cubic metre trailing suction hopper dredger (TSHD), which is being built at a cost of Rs. 920 crore, will be delivered in 34 months.
  • The DCI Dredge Brahmaputra vessel, which is to be used for desilting water bodies at a large scale, will be instrumental in facilitating the smooth mobility of both freight and passenger vessels, Union Minister of Ports Shipping and Waterways Sarbananda Sonowal said at the signing ceremony.
  • Dredging Corporation, an erstwhile central government-owned company, was disinvested to four state-owned major ports in 2019.
  • Till now, we had to import these dredgers from a Dutch firm — IHC Holland — which has a monopoly in this market. With the making of this dredger, we are foraying into building a full-scale dredger manufacturing ecosystem.

TCS Re-appoints Rajesh Gopinathan as MD and CEO

  • IT major Tata Consultancy Services' board re-appointed Rajesh Gopinathan as the Managing Director and Chief Executive Officer for five years, from February 21, 2022 to February 20, 2027.
  • The company has also re-appointed N Ganapathy Subramaniam as the Chief Operating Officer and Executive Director from February 21, 2022, to May 19, 2024.
  • Rajesh Gopinathan has been the CEO and MD of TCS since 2017, and under his leadership the company has strengthened its position with the revenues increasing from $17.6 billion in the financial year ended March 31, 2017, to $22.2 billion in the financial year ended March 31, 2021.

NPCI Launches On-device Wallet Feature for UPI Users for Small Transactions

  • The National Payments Corporation of India (NPCI) came out with the 'on-device' wallet feature for Unified Payments Interface (UPI) users, which would be known as "UPI Lite", for facilitating small ticket transactions. This is aimed at reducing stress on the banking system and making the transaction process even simpler.
  • NPCI said that in phase 1, UPI Lite would process transactions in near offline mode i.e., debit offline and credit online, and at a later point, UPI Lite would process transactions in complete offline mode, i.e. debit and credit both offline.
  • Initially UPI Lite shall be launched as a pilot with multiple banks and app providers, and after a due comfort is achieved, the full-scale commercial launch with compliance timelines for on-boarding for the issuers and app providers shall be declared.

Mar 19, 2022

BBB Recommends A. Manimekhalai to MD & CEO Post at Union Bank of India

  • The Banks Board Bureau (BBB) recommended A. Manimekhalai for the position of managing director and chief executive (MD & CEO) of Union Bank of India. She is cuurenty Executive Director at Bengaluru-based Canara Bank.
  • Rajkiran Rai. G, the incumbent MD & CEO of Union Bank, will complete his term by May end. The government had extended his term beyond June 30, 2020.
  • BBB also recommended Ajay Kumar Srivastava's name as MD & CEO in Chennai-based Indian Overseas Bank and Swaroop Kumar Saha for post of MD & CEO in Delhi-based Punjab & Sindh Bank.
 

IIT Madras, RBI Innovation Hub Join Hands to Boost Fintech Start-ups

  • India's leading deep-tech start-up hub spearheaded by IIT Madras Incubation Cell (IITMIC) and RBI Innovation Hub (RBIH), a wholly owned subsidiary of Reserve Bank of India, signed a Memorandum of Understanding (MoU) to work together in developing the ecosystem necessary to support and scale fintech start-ups in India.
  • Through this strategic collaboration, the two organizations will jointly provide incubation support and nurture early-stage start-ups with innovative and disruptive solutions and accelerate their scale-up journey.

NREGA Wages See Highest Jump in Meghalaya, Nil in Kerala, Lakshadweep

  • In all, 22 States and UTs saw an increase of less than Rs 10, whereas 12 states and UTs registered a hike of over Rs. 10 this time.
  • Meghalaya registered the highest increase in MGNREGS wages — a jump of Rs. 23 from Rs. 203 in 2020-21 to Rs. 226 — for 2021-2022, while there was no increase in Kerala and Lakshadweep, according to the "state-wise wage rate for unskilled manual workers" notified by the Ministry of Rural Development.
  • Under sub-section (1) of Section 6 of the Mahatma Gandhi National Rural Employment Guarantee Act, 2005, the Centre fixes state-wise wage rates for unskilled manual workers, who work under the rural job guarantee scheme — the rates are are fixed according to changes in the CPI-AL (Consumer Price Index- Agriculture Labor) reflecting inflation in rural areas.

Mar 18, 2022

Singapore Exchange Selects TCS as Strategic Partner for NSE IFCS-SGX Connect

  • Tata Consultancy Services (TCS) announced that TCS BaNCS was selected by Singapore Exchange (SGX) to power the NSE IFSC-SGX Connect (Gift Connect), its program to connect to NSE IFSC, a fully owned subsidiary of the National Stock Exchange of India (NSE), for trade execution and clearing of Nifty products on behalf of its members in Singapore and globally.
  • To enable international access to Indian capital markets and create a larger liquidity pool of international and domestic participants, SGX has set up SGX India Connect IFSC Private Limited, a special purpose vehicle at Gujarat International Finance Tec-City (Gift City), a special economic zone in Gandhinagar, India.

Adani Adds $49 bn Wealth in 2021, Higher than Jeff Bezos, Elon Musk

  • According to the 2022 M3M Hurun Global Rich List, Gautam Adani, India's and Asia's second-richest person, added USD 49 billion to his wealth last year - more than the net addition of wealth by the top three global billionaires Elon Musk, Jeff Bezos and Bernard Arnault.
  • Mukesh Ambani, who runs the oil-to-retail conglomerate Reliance Industries, continues to be the richest Indian with a wealth of USD 103 billion, a 24 per cent rise year-on-year.
  • Adani, the head of ports-to-energy conglomerate Adani Group, is a close second with his wealth surging 153 per cent to USD 81 billion.

Reliance Capital CEO Dhananjay Tiwari Resigns

  • Reliance Capital Ltd's chief executive officer Dhananjay Tiwari resigned.
  • The debt-laden company promoted by Anil Ambani is undergoing a corporate insolvency resolution process (CIRP) at the Mumbai Bench of the National Company Law Tribunal (NCLT).
  • The Reserve Bank had in November 2021 superseded the board of Reliance Capital Ltd in view of payment defaults and serious governance issues.

Mar 17, 2022

MCL Becomes the Largest Coal Producing Company in India

  • The Mahanadi Coalfields Limited (MCL), a unit of the CIL, crossed 157 million tonne (MT) in coal production in the financial year of 2021-22, to become the leading coal producing company in the country.
  • Chairman-cum-Managing Director of the company, OP Singh congratulated all officers, staff, employees of contracted companies and other stakeholders for their contribution in making MCL the leading coal producing company in the country.
  • Surpassing all previous records, MCL despatched over 166 MT dry fuel to the consumers, registering 22 per cent growth over a previous financial year while it has also removed 195 MCuM (million cubic meters) of over burden registering 19 per cent growth over the last financial year.

BBB Recommends A. Manimekhalai to MD & CEO Post at Union Bank of India

  • The Banks Board Bureau (BBB) recommended A. Manimekhalai for the position of managing director and chief executive (MD & CEO) of Union Bank of India. She is cuurenty Executive Director at Bengaluru-based Canara Bank.
  • Rajkiran Rai. G, the incumbent MD & CEO of Union Bank, will complete his term by May end. The government had extended his term beyond June 30, 2020.
  • BBB also recommended Ajay Kumar Srivastava's name as MD & CEO in Chennai-based Indian Overseas Bank and Swaroop Kumar Saha for post of MD & CEO in Delhi-based Punjab & Sindh Bank.

DBS Bank India Launches Green Deposits Programme

  • In line with its focus on responsible banking, DBS Bank India announced the launch of its Green Deposit Programme for corporate clients providing a simple way for companies to support environmentally-friendly projects or avenues.
  • DBS Bank is one of the few banks globally to integrate Sustainable Development Goals by offering lending & trade credit solutions to sustainable and environmentally-friendly green sectors and now offering a Green Deposit product.
  • The Green Deposits proposition combines all the benefits of a regular fixed deposit with a commitment from DBS to support green and sustainable loans disbursed by the bank. Green Deposits serve as an ideal opportunity for corporates looking to include sustainability agenda into their treasury activities or those having limited options for investing in environmentally-beneficial projects.

Highest Number of Frauds at Kotak Mahindra Bank in 2021, followed by ICICI Bank

  • As per Govt. data, Kotak Mahindra Bank was hit by the highest number of frauds at 642, involving Rs. 1 lakh and above, in the first nine months of 2021-22, followed by ICICI Bank and IndusInd Bank at 518 and 377, respectively.
  • Directions issued by the Reserve Bank of India to banks, and the government instituted wide-ranging structural and procedural reforms have helped check frauds in banks over the last five years and the amount involved has come down sharply.

Softbank Representative Munish Varma Resigns from Paytm, PB Fintech Boards

  • Softbank managing partner Munish Ravinder Varma has resigned from the board of the digital financial services company One97 Communications, which operates under the Paytm brand, and PB Fintech.
  • Softbank Vision Funds India Holdings (Cayman) holds a 17.47 per cent stake in Paytm.
  • PB Fintech owns brands like Policy Bazaar, Paisa Bazaar.
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