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BUSINESS AND ECONOMY - January 2019

Jan 2019

Feb 16, 2024

PayU, NPCI Join Hands to Roll out Credit Lines on UPI' Feature

Payments solution provider, PayU announced collaboration with National Payments Corporation of India (NPCI) for rolling out of the 'Credit Lines on UPI' feature on its platform, which will create avenues of financial security and growth for the merchants.
As per the company, the enablement of pre-sanctioned Credit Lines by banks through UPI will empower businesses and consumers alike, fostering India's financial inclusion agenda.
As part of integration, PayU will share information about the relevant identifiers related to the type of credit the consumer has undertaken, such as pay-later, personal loans, etc.

SBICAPS Appoints Virendra Bansal as the New MD and CEO

SBI Capital Markets' (SBICAPS), the investment banking arm of State Bank of India (SBI), Virendra Bansal was appointed as the new Managing Director and Chief Executive Officer. Bansal stepped into the role, succeeding Rajay Kumar Sinha, who moved on to serve as the Whole Time Member (Finance and Investment) at the Insurance Regulatory and Development Authority of India (IRDAI) for a three-year tenure starting January 2024.
Virendra Bansal brings a wealth of experience, having previously served as the Country Head for SBI's expansive US Operations. His responsibilities spanned across key financial hubs, including New York, Chicago, Los Angeles, Sao Paulo, and Washington DC, showcasing his ability to manage and lead in diverse and dynamic environments. His tenure as Chief Executive Officer of the SBI New York branch and Vice-Chairman of SBI (California) further emphasizes his deep understanding of international banking and financial markets.

Japan Loses its Position as the World's Third-largest Economy, Germany Takes Over

Japan lost its spot as the world's third-largest economy to Germany, as the Asian giant unexpectedly slipped into recession.
Japan's economy, now the world's fourth-biggest, grew 1.9% in 2023 in nominal terms – meaning it is not adjusted for inflation – but in dollar terms its gross domestic product (GDP) stood at $4.2 tn compared with $4.5 tn for Germany.

Feb 15, 2024

Reliance Industries Hits Rs. 20 Lakh Crore Market Cap Milestone

Shares of Reliance Industries Ltd. (RIL) climbed nearly 2 per cent in trade and, in the process, the oil-to-telecom major became the first ever listed firm to cross the Rs. 20 lakh crore market capitalisation milestone.
The Mukesh Ambani-led firm hit the Rs. 20 lakh crore mark, commanding a value of Rs. 19,93,881.61 crore as the session progressed.

Nvidia Surpasses Alphabet, Amazon to Become World's Third Most Valued Company

Nvidia stocks surges and its market value zoomed past Alphabet a day after surpassing Amazon, becoming the third most valued company in the world.
Nvidia on Thursday surpassed Google's parent company Alphabet Inc in market value just a day after zooming past Jeff Bezos' Amazon, becoming the third most valued company in the world. Now, Nvidia's market value is only behind Apple and Microsoft.
AI chipmaker Nvidia recorded immense growth on Wednesday, owing to investors' anticipation over its upcoming quarterly reports. The company's stock rose 2.46%, putting its value at $1.825 trillion, while Alphabet's stock climbed 0.55%, leaving it with a value of $1.821 trillion.

Feb 14, 2024

Visa Appoints Shruti Gupta as Vice President, Head of Commercial and Money Movement Solutions

In a move reflecting its commitment to the India and South Asia markets, Visa, the global leader in digital payments, appointed Shruti Gupta as Vice President and Head of Commercial & Money Movement Solutions (CMS). This announcement signals a new chapter in Visa's regional operations.
Shruti Gupta, an industry veteran with over two decades of experience in commercial solutions, risk management, and strategy, will be spearheading Visa's CMS division. Her role will encompass overseeing business and corporate solutions, including Commercial Solutions, Integrated Money Movement, and Visa Government Solutions.

India Signs MoU to Interlink UPI with UAE's Instant Payment Platform AANI

In a significant move towards enhancing bilateral ties and fostering economic cooperation, India and the United Arab Emirates exchanged multiple memoranda of understanding (MoUs). Among these agreements was a notable MoU on linking the instant payment platforms of both nations, namely India's UPI and UAE's AANI.
The exchange ceremony took place in the presence of Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan, underscoring the importance of the collaborations between the two nations.

JSW Steel Forms JV with Japanese Firm to Produce Steel Variety in India

JSW Steel established a 50:50 joint venture (JV) with JFE Steel Corporation Japan for producing in India a kind of steel used in the production of energy-efficient transformers.
The new company, JSW JFE Electrical Steel Private Limited, will have its manufacturing base in Bellary, Karnataka. It will be set up with a planned investment of Rs. 5,500 crore. The JV will meet the surging domestic demand for grain-oriented electrical steel.

Wipro Acquires Aggne to Boost Capabilities in Insurance Sector

IT major Wipro acquired a 60 per cent stake in US-based insurtech Aggne Global for $66 million to strengthen its competitive advantage in the insurance sector, particularly in the property and casualty (P&C) insurance space.
Founded in 2019, Aggne is incorporated in the US and India, with offices in Tampa, Florida, and Hyderabad, India.

Feb 13, 2024

Independent Director Manju Agarwal Quits Paytm Payments Bank Board

Paytm's parent One97 Communications (OCL) confirmed that Manju Agarwal, an independent director at Paytm Payments Bank (PPBL), resigned from its board citing 'personal commitments'.
There were four independent directors at the payments bank. These include Manju Agarwal, Shinjini Kumar, a seasoned banker, Ramesh Abhishek, a former bureaucrat, and Pankaj Vaish, who is a start-up mentor and former Managing Director of Accenture.

Feb 12, 2024

RBI to Introduce Offline Capability for E-rupee Transactions

The Reserve Bank of India plans to introduce additional additional functionalities of programmability in CBDC retail payments to facilitate transactions for specific/targeted purposes, and allow offline capability to enable these transactions in areas with poor or limited Internet connectivity.
Currently, the CBDC Retail (CBDC-R) pilot also allows Person to Person (P2P) and Person to Merchant (P2M) transactions using Digital Rupee wallets provided by pilot banks.
Programmability will permit users like, for instance, government agencies, to ensure that payments are made for defined benefits. Similarly, corporates will be able to programme specified expenditures like business travel for their employees. Additional features such as validity period or geographical areas within which CBDC may be used can also be programmed.
For offline functionality, multiple offline solutions (proximity and non-proximity based) across hilly areas, rural and urban locations will be tested for this purpose, the central bank said, adding that these functionalities will be introduced through the pilots in a gradual manner.

Sri Lanka, Mauritius Get UPI Services

India's flagship instant payment system, the Unified Payments Interface (UPI), along with RuPay card services, was launched in Sri Lanka and Mauritius. Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritius Prime Minister Pravind Jugnauth oversaw the launch, marking a significant milestone in digital financial integration.
UPI services were extended to Sri Lanka and Mauritius, facilitating seamless digital transactions for Indian nationals visiting these countries and Mauritian nationals travelling to India.
In addition to UPI, RuPay card services were introduced in Mauritius, allowing Mauritian banks to issue cards based on the RuPay mechanism.
RuPay cards can be utilised for settlements both within India and Mauritius, bolstering economic ties and facilitating smoother financial transactions for travellers.
UPI was first launched on April 11, 2016 by Raghuram G Rajan, the then RBI Governor, in Mumbai.

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