Former RBI Deputy Governor Kanungo, Kaushik Dutta Join BharatPe Board
Fintech unicorn BharatPe appointed former RBI deputy governor B. P. Kanungo and TARI founder Kaushik Dutta as independent directors as it looks to strengthen governance rigour and transparency in the preparation of a listing.
The firm, which currently has nine directors on its board, is looking to have at least one-third of directors as independent directors.
The appointments are in line with the company's aim to build a world-class institution and being the torchbearer of corporate governance in the start-up world.
HDFC Life Launches Click2Protect Super Term Insurance Policy
HDFC Standard Life Insurance launched a term insurance plan Click2Protect Super, which enables customisation as per protection needs and you only pay for the benefits/plan options that you have chosen.
Click2Protect Super is a non-linked, non-participating, individual, pure risk premium/ savings life insurance plan that provides you with multiple flexibilities such as changing life cover, extending the policy term, getting coverage for accidental death and terminal illness, among others.
The plan provides comprehensive financial protection for the family. One can choose a cover as per requirement from among three plan options – Life, Life Plus & Life Goal.
Axis Bank, Square Yards Launch Co-branded Home Buyer Ecosystem
Private lender Axis Bank and Square Yards, an integrated real estate platform launched 'Open Doors', a co-branded home buyer ecosystem, which offers one-stop solution from searching to buying a home.
As per reports, Open Doors is a first-of-its-kind unified platform, designed to address the entire gamut of customer queries related to residential property.
With this collaboration, Axis Bank and Square Yards customers can avail an array of financial benefits, including customized loan amounts and flexible tenure, along with minimal documentation for a seamless home buying experience.
Former SEBI Chief Damodaran to Head Committee to Boost PE/VC Investments
The Finance Ministry constituted an expert committee headed by former SEBI chief M. Damodaran to examine and suggest appropriate measures to address regulatory issues to scale up investments by venture capital (VC) and private equity (PE).
Other members of the committee include G. Mahalingam, former whole time member of SEBI and executive director of RBI; D.P. Nagesh Kumar, former member, CBIC; Ashish Verma, former principal chief commissioner of income tax; Poonam Gupta, director general of NCAER; and Prabhat Ranjan Acharya, director, Arun Jaitley National Institute of Financial Management.
BMW Agrees to Set Up Auto Parts Manufacturing Plant in Punjab
As per reports, Germany's luxury carmaker BMW agreed to set up its auto part manufacturing unit in Punjab.
A decision to this effect was taken during the visit of Punjab Chief Minister Bhagwant Mann at BMW headquarters in Germany.
Mann was on a visit to Germany to woo investors as his government promotes Punjab as the most preferred destination for doing business.
Sep 13, 2022
American Express India Appoints Sanjay Khanna as Chief Executive Officer
American Express Banking Corp appointed Sanjay Khanna as its chief executive officer (CEO) and country manager.
Khanna, at present, heads the country executive team and is responsible for driving growth across the organisation's consumer and commercial businesses.
In his new role, Khanna will be leading several business development initiatives for American Express, while steering collaboration across its diverse businesses in India.
Khanna has spent about 27 years with American Express, joining as manager of finance in 1996. In his previous roles, he held many leadership positions in the company, including head of Global Financial Operations, India Center Lead for Finance and chairman of the American Express India Pvt Limited Legal Entity Board.
HDFC Bank Issues e-BG
HDFC Bank issued an electronic bank guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL), becoming the first bank in the country to do so. e-BG was developed in consultation with NeSL, CVC-CBI committee and IBA to simplify the process and eliminate the possibility of fraud and manipulation. e-BG would be issued on the NeSL portal through an API-based digital workflow.
Paper based; time-consuming process has been eliminated with the new electronic bank guarantees.
Sep 12, 2022
RBI fines Industrial Bank of Korea for Non-compliance
The Reserve Bank imposed penalties on three entities, including Industrial Bank of Korea, for non-compliance with regulatory norms. A penalty of Rs. 36 lakh was imposed on the Industrial Bank of Korea for non-compliance with certain Know Your Customer (KYC) norms.
A penalty of Rs. 59.10 lakh imposed on Woori Bank for non-compliance with RBI's directions on Creation of a Central Repository of Large Common Exposures – Across Banks'. A fine of Rs. 12.35 lakh was slapped on Indiabulls Commercial Credit Limited, New Delhi for contravention of certain provisions of KYC Directions.
SpiceJet Appoints Ashish Kumar as CFO
Budget carrier SpiceJet appointed Ashish Kumar as its Chief Financial Officer.
Kumar succeeded Sanjeev Taneja, who quit the struggling carrier on August 31.
Before joining the Gurugram-based low-cost airline, Kumar was serving as vice president for corporate finance at Interglobe Enterprises since January 2019.
Previously, he served as Chief Financial Officer at Interglobe Hotels for five years from 2014 to 2018.
"Restructuring SpiceJet and putting it back on a path of rapid growth is the best job in the aviation industry today. Ashish's experience and proven track record will ensure that he can successfully lead this effort," said Ajay Singh, Chairman and Managing Director, SpiceJet.
Sonjoy Mohonty Replaces Abinash Verma as New ISMA Director General
Sonjoy Mohonty was appointed as new Director General of Indian Sugar Mills Association (ISMA), the premier body of private sugar millers in the country. He replaced Abinash Verma, who stepped down a few months back.
Mohonty was secretary general of the International Spirits and Wines Association of India. He has over 35 years of work experience in corporations across oil and gas, micro banking, healthcare, telecom and durables.
Fortune India Rich List 2022: 142 Billionaires Worth $832 Billion
The wealth of 142 billionaires based in India is collectively worth $832 billion (Rs 66.36 trillion), according to a Fortune India's list of 'India's Richest' for 2022.
The maiden list, made in collaboration with wealth management firm, Waterfield Advisors, is primarily based on the wealth of entrepreneurs of listed firms; where the entity is unlisted, the price-earnings (PE) multiple of the sector's index, and, in the absence of an industry index, the PE multiple of the closest-listed company from the same industry was used.
Sep 11, 2022
CBDC to Bring Down Time, Cost for Cross-border Transactions
As per Reserve Bank Deputy Governor T. Rabi Sankar, central bank digital currency (CBDC), to be launched this year, could become a tool for reducing time and cost for cross-border transactions.
The RBI proposed to launch on a pilot basis this year, as announced in the Budget by Finance Minister Nirmala Sitharaman.
Agribazaar Launches Kisan Safalta Card for Agri Financing
Agribazaar is a private sector electronic Agri mandi, launched 'Agribazaar Kisan Safalta Card'. The Agribazaar Kisan Safalta Card is a quick and easy way to help farmers to meet their pre- and post-harvest farm requirements and allied expenses. Farmers can use Agribazaar Kisan Safalta Card to get financing. The funds provided can only be used to buy farm inputs and requirements.
The card has a 12-month repayment period, which provides enough time to pay off the balance.
The crop yield of each farmer determines the card's limit, the financing scale, and maintenance costs.
The amount of the card is adjustable for marginal farmers, which ranges from Rs. 10,000 to Rs. 50,000.
Adani Group to Build Giga Factories as Part of $70 bn Investment in Clean Energy
Asia's richest man Gautam Adani, a ports-to-power conglomerate will build three giga factories for manufacturing solar modules, wind turbines, and hydrogen electrolyzers as part of a USD 70 billion investment in clean energy by 2030. Adani Group is stepping up investments across the green energy value chain as it aims to become the world's top renewable energy producer by 2030.
The new giga factories for power electronics will be in addition to four giga factories announced last year (2021) for making integrated solar PV modules that will produce electricity from sunlight, electrolyzers that produce hydrogen from water, fuel cells and batteries to store energy from the grid as well as 20 GW solar energy capacity by 2025 for captive needs.
Sep 10, 2022
FTA may Boost India's Exports to Bangladesh by $10 Billion in Five Years
India's exports to Bangladesh may increase by additional $10 billion in a time span of five years if both countries sign a free trade agreement (FTA), the joint study conducted by both countries for the proposed Comprehensive Economic Partnership Agreement (CEPA) said.
Due to the possible bilateral trade agreement, there exists a potential of additional export from India to Bangladesh, ranging from $4 billion to $10 billion.
Similarly, for Bangladesh, the potential of additional exports to India could range from $3 billion to $5 billion in a time span of 10 years."
Israel: Adani-led Group Gets Extension to Complete Haifa Port Purchase
A consortium led by India's Adani Group requested and received an extension from the Israeli government to complete its purchase of Haifa Port.
The extension of a month and a half came at the consortium's request and took into account Jewish holidays in Israel. It set a new final date of Nov. 27.
Israel had announced in July it would sell Haifa Port, a major trade hub on its Mediterranean coast, to winning bidders Adani Ports and local chemicals and logistics group Gadot for 4.1 billion shekels ($1.20 billion).
Karnataka Bank Becomes Part of Khajane II IFMS
Karnataka Bank Ltd became part of the Karnataka Government's integrated financial management system (IFMS) – Khajane-II -- for implementing single nodal agency (SNA) account system for Centrally-sponsored schemes.
Now, through this interface with Khajane-II in an automated environment, the bank will be strengthening the Government's efforts in implementing various sponsored schemes for disbursement of cash benefits to the targeted beneficiaries through direct credit to their bank accounts in a safe, secure and speedier manner.
The bank, through its technology and digital led solutions, will continue to engage and partner with the Karnataka government for implementing its various initiatives towards welfare of the public.
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