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BUSINESS AND ECONOMY - December 2018

Dec 2018

Feb 09, 2025

RBI Launches Exclusive 'Bank.in' Domain to Tackle Financial Frauds, Enhances Digital Security Mea...

RBI Governor Sanjay Malhotra introduced an exclusive 'bank.in' internet domain for Indian banks to combat financial fraud, along with stricter authentication protocols for digital transactions, while unveiling the Monetary Policy.
Malhotra emphasised that this initiative will ensure customers can distinguish legitimate banking websites from fraudulent ones. Following this, a 'fin.in' domain will be introduced for the broader financial sector.

Zomato Changes Brand Name as 'Eternal', Unveils New Logo

Food-tech giant Zomato announced that it officially changed its name to 'Eternal,' a move that came more than two years after the company started using the new name internally.
'Eternal' comprises four key business segments: Zomato's food delivery service, Blinkit's quick-commerce unit, District's live events business, and Hyperpure's kitchen supplies unit.
The CEO said that the name change applies solely to the company, not its brand or app. The stock ticker will switch from Zomato to Eternal, and the corporate website will change from zomato.com to eternal.com.

Feb 08, 2025

K. Balasubramanian to Succeed Ashu Khullar as India Head for Citibank

K. Balasubramanian was named as India subcontinent sub-cluster and banking head of Citibank, subject to approval from the Reserve Bank of India (RBI). He will report to Amol Gupte, head of Asia South and banking head.
Balasubramanian, a seasoned banker, has worked in multiple markets, covering clients across major industries and geographies in India. He joined Citi India in 1996 and has spent over two decades in various roles.

Zepto Becomes World's Second Most Downloaded Food & Drink App

Zepto, the Indian quick commerce startup, has emerged as the second most downloaded app globally in the food and drinks category, according to a recent report by Sensor Tower. The rankings place Zepto ahead of global giants like KFC and Domino's, with McDonald's securing the top spot.
This achievement highlights the rapid growth of India's quick commerce sector, with Blinkit, Zomato, and Swiggy also making it to the top 10. Zepto's success is attributed to its 300% growth in the second half of 2024, fueled by innovations such as the "buy now, pay later" feature.

PNB MetLife Partners with PolicyBazaar, Launches Smart Invest Pension Plan

Lift insurance firm PNB MetLife announced a partnership with Policybazaar to launch the PNB MetLife Smart Invest Pension Plan, a Unit-Linked, Non-Participating Individual Pension Plan, designed to help individuals plan for their golden years.
The Smart Invest Pension Plan is designed for individuals between 40 to 50 years of age and offers a flexible approach to early retirement planning.

Feb 07, 2025

South Indian Bank Unveils Start-up Current Accounts for Entrepreneurs

South Indian Bank (SIB) introduced two specialised start-up current account products, namely the SIB Business Start-up Current Account and SIB Corporate Start-up Current Account, both designed to cater to the unique needs of entrepreneurs. These accounts offer a range of benefits that aim to simplify banking for start-ups and help them focus on scaling their businesses.
The introduction of these accounts reflects SIB's commitment to empowering entrepreneurs with banking solutions that align with their needs.

IOB Joins Global Partnership for Carbon Accounting

Indian Overseas Bank (IOB) took a significant step towards sustainability by becoming a signatory of the Partnership for Carbon Accounting Financials (PCAF). This move reflects the bank's commitment to measuring and disclosing its greenhouse gas (GHG) emissions associated with financed activities. With this initiative, IOB is not only aligning itself with international best practices in the financial sector but also reinforcing its role in India's journey towards a net-zero future.
PCAF is a global initiative that helps financial institutions measure and disclose the carbon emissions associated with their financing activities. The partnership aims to create a standardized method for banks and other financial institutions to track and report their carbon footprints. By joining PCAF, IOB is adopting a globally recognised methodology for GHG accounting, ensuring transparency and contributing to the fight against climate change.

RBI Approves Tata Communications' Rs. 330 Crore ATM Business Sale to Findi

The Reserve Bank of India (RBI) approved Tata Communications' plan to sell its entire stake in Tata Communications Payment Solutions (TCPSL) to Transaction Solutions International (TSI), the Indian arm of Australian fintech company Findi. The deal, first announced in November 2024, is valued at Rs. 330 crore, with an additional Rs. 75 crore based on interchange rate adjustments.
This acquisition will help Findi grow in India's financial services sector, especially in underbanked areas. The company aims to leverage its ATM network and digital payment services to eventually become a full-fledged payments bank.

Feb 06, 2025

Ujjivan Small Finance Bank Seeks Universal Banking Licence

Ujjivan Small Finance Bank (USFB) applied for a universal banking licence, a major milestone in its journey from a small finance bank to a full-fledged commercial bank. This move aligns with the bank's strategy to expand its financial services, increase regulatory flexibility, and strengthen its position in the banking sector. The bank's decision follows a growing trend of small finance banks transitioning to universal banks for broader operational capabilities.
Established in 2017, USFB has focused on providing financial services to underserved and unbanked sections of society. Over the years, the bank has expanded its portfolio, offering savings accounts, fixed deposits, microloans, housing loans, and small business loans. The shift to a universal bank will allow it to offer a wider range of services, including corporate banking and larger loan products.

L&T Finance Unveils AI-Powered Home Loan Advisor 'KAI'

In a significant move towards improving customer experience, L&T Finance Limited (LTF), a leading Non-Banking Financial Company (NBFC) in India, launched 'Knowledgeable AI' (KAI), an AI-powered virtual home loan advisor on its newly redesigned corporate website.
This new feature marks a major step in LTF's ongoing efforts to combine cutting-edge technology with customer service, offering an innovative solution to simplify and personalise the home loan process.

Feb 05, 2025

Ratan Tata's Aide Shantanu Naidu Promoted to New Position at Tata Motors

Shantanu Naidu, a close aide of late industrialist Ratan Tata, was promoted to General Manager, head - strategic initiatives at Tata Motors, marking a significant milestone in his journey with the Tata Group.
An automobile design engineer, Naidu first gained recognition in 2014 for developing a safety innovation to protect homeless dogs from speeding cars. His work caught the attention of Ratan Tata who, known for his love for animals, invested in the project and took Naidu under his wing.

Ten Russian Exhibitors to Participate in India Energy Week

Around 10 exhibitors from Russia will participate in the India Energy Week (IEW), the second largest energy event globally.
India Energy Week 2025 is scheduled to take place from February 11-14 in New Delhi. IEW 2025, spanning over 1 lakh square metres, will be the second-largest energy event globally in terms of participation, exhibition space and sessions.
This time more than 700 exhibitors have booked the space to display their products which is an increase of 57 per cent from the last edition held in Goa.
Exhibitors from India, the UK, UAE, Belgium, Israel, Malaysia, New Zealand, South Korea, Spain, Switzerland, Turkiye, Canada, Japan, France, Singapore, the US, Netherlands, Germany, and Norway will display their products during the event.

Standard Chartered Appoints Ramos as New Chair

Standard Chartered appointed former South African bank CEO Maria Ramos as new chair to succeed Jose Vinals, who is approaching the end of his nine-year term.
Ramos, 65, joined Standard Chartered's board as an independent non-executive director in January 2021 and was the head of South African bank ABSA Group Ltd from 2009 to 2019, overseeing its exit from the ownership of Britain's Barclays.

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