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BUSINESS AND ECONOMY - August 2020

Aug 2020

Feb 26, 2021

Post-Retirement Fund Guarantee Plan By Bajaj Allianz Life

  • Bajaj Allianz Life Insurance launched an insurance plan offering a guaranteed regular deferred annuity during post-retirement life.
  • There is a funding gap in the post-retirement life and lots of people will not be earning but would need funds, so this is a grave issue that needs to be addressed, said Bajaj Allianz Life MD and CEO Tarun Chugh while announcing the launch of 'Bajaj Allianz Life Guaranteed Pension Goal' plan.
  • The plan is designed to fill the gap of the pension needs of various categories of people, which has nine different variants in the offing.
  • Bajaj Allianz Life claimed it is the only life insurance plan that offers a regular premium deferred annuity option so that the policyholders have a guarantee of their pension, having paid regularly over a period of time, when they are not active in work life.

Fino Payments Bank Elevated to the Status of Scheduled Commercial Bank

  • Fino Payments Bank is now a scheduled commercial bank and will explore new growth opportunities.
  • The Reserve Bank of India announced through a notification that Fino Payments Bank has been included in the Second Schedule to the Reserve Bank of India Act, 1934.
  • The scheduled commercial bank status allows Fino Payments Bank to enhance its banking position in the treasury and participation in LAF (Liquidity Facility) window, as per the RBI. It also helps the bank strengthen its business proposition on liabilities generation.
  • As a scheduled commercial bank, Fino Payments Bank will be better positioned to explore and manage government businesses. 

Finance Ministry Allows Private Sector Banks for Government Related Transactions

  • All private sector banks will be allowed to conduct government related banking transactions such as tax and pension payments.
  • Finance minister Nirmala Sitharaman said that private banks can now be equal partners in development of the Indian economy, furthering government social sector initiatives, and enhancing customer convenience.
  • The Finance Ministry said that the government has conveyed its decision to the Reserve Bank of India or RBI. At present besides state run lenders only a few selected private sector banks are allowed to conduct government related banking transactions.
  • With the lifting of the embargo there is now no bar on RBI for authorisation of private sector banks for government business including government agency buisness.
  • Government related banking transactions include taxes and other revenue payment facilities, pension payments and small savings schemes. 

Feb 25, 2021

Axis Entities Get IRDAI Approval to Acquire Stake in Max Life Insurance

  • The Insurance Regulatory and Development Authority of India (IRDAI) has given its nod to Axis entities — Axis Bank and its subsidiaries — for acquiring up to 12 per cent stake in Max Life Insurance, paving the way for Axis firms to become a joint venture partner in the life insurance company.
  • Axis Bank will acquire 9 per cent stake in the life insurance company while Axis Capital and Axis Securities will acquire another 3 per cent in the first leg of the transaction. Furthermore, Axis entities — Axis Capital & Axis Securities — will have the right to acquire another 7 per cent in the life insurance company, something they intend to do in the coming years.
  • Max Financial Services is the holding company of the private sector life insurer Max Life Insurance.

Federal Bank Aims 'Mid-Teen' Growth in Credit for Fiscal 2022

  • Private sector lender Federal Bank is aiming for an acceleration in credit growth into "mid-teen" figures in 2021-22 on the back of an economic recovery.
  • The bank's Managing Director and Chief Executive Officer Shyam Srinivasan said that the increase in virus infections in states like Maharashtra needs to be watched, but exuded confidence that it will not affect the overall economic activity, terming it a "minor blip".
  • Srinivasan said that a majority of the loan segments will grow at over 20 per cent levels and a few like corporate will also grow around 10 per cent to achieve the credit growth target next fiscal.

Centre Signs $304 Million Pact with AIIB for Power Transmission Network in Assam

  • The Centre signed an agreement with Asian Infrastructure Investment Bank (AIIB) for borrowing $304 million (over Rs. 2,200 crore) to improve power transmission network in Assam.
  • The fund will be utilized for the 'Assam Intra-State Transmission System Enhancement Project', aiming to improve reliability, capacity and security of the power transmission network in the state.
  • The total estimated cost of the project is $365 million, of which $304 million will be financed by the AIIB and the rest by the state government.

Fino Payments Bank Elevated to the Status of Scheduled Commercial Bank

  • Fino Payments Bank is now a scheduled commercial bank and will explore new growth opportunities.
  • The Reserve Bank of India announced through a notification that Fino Payments Bank has been included in the Second Schedule to the Reserve Bank of India Act, 1934.
  • The scheduled commercial bank status allows Fino Payments Bank to enhance its banking position in the treasury and participation in LAF (Liquidity Facility) window, as per the RBI. It also helps the bank strengthen its business proposition on liabilities' generation.
  • As a scheduled commercial bank, Fino Payments Bank will be better positioned to explore and manage government businesses. 

Feb 24, 2021

SEBI Imposes Fine on Alchemist Infra Realty, 4 Others

  • Markets regulator SEBI has slapped a total fine of Rs. 1 crore on Alchemist Infra Realty Ltd and four individuals for illegally mobilising funds from the public through a collective investment scheme.
  • The individuals who have been fined are Brij Mohan Mahajan, Narayan Madhav Kumar, Balvir Singh and Chandra Sekhar Chauhan.
  • As per the order, the company had mobilised funds to the tune of Rs 54.1 crore, Rs 449.41 crore and Rs 1,087.68 crore as on March 31, 2009, March 31, 2010 and March 31, 2011 respectively.

Gati-KWE to Process Cargo Loads of 100 Trucks a Day

  • Express logistics services provider Gati-KWE will set up a surface trans-shipment centre (STC) in Delhi at the Allcargo Logistics Park on the Western Peripheral expressway with a capacity to process cargo for short-haul deliveries in north India and long-haul movements across the country.
  • The proposed facility is designed to process cargo loads of almost 100 trucks a day and to be spread over 1.5 lakh sq feet area at Farukh Nagar logistics park. It is expected to be functional from June this year, Gati-KWE -- which is a part of Allcargo Logistics -- said in a release.
  • The company plans to come up with four more such tech-enabled state-of-the art centres in the future, it said without giving a specific timeline.
  • The facility has been conceptualised to achieve economy of scale and provide unparalleled customer service, the release said, adding that apart from consolidating Gati-KWE's logistics operations on the outskirts to decongest the city, the STC adheres to the green belt requirement as well.

Feb 23, 2021

Airtel Partners with Qualcomm for Virtualised, Open RAN-based 5G Networks

  • Telecom operator Bharti Airtel  announced that it had collaborated with Qualcomm for accelerating 5G in India. Through Airtel's network vendors and device partners, the company would utilise the Qualcomm 5G RAN Platforms to roll out virtualised and Open RAN-based 5G networks.
  • "Airtel has been a pioneer of new technologies and our networks are fully ready for 5G. We are delighted to have Qualcomm Technologies as a key technology provider in our journey to roll out world-class 5G in India. With Airtel's integrated service portfolio and Qualcomm Technologies' 5G leadership, we will be well-placed to usher India into the next era of hyper-fast and ultra-low latency digital connectivity," said Randeep Sekhon, CTO, Bharti Airtel.
  • Airtel is also looking to collaborate with Qualcomm for 5G Fixed Wireless Access (FWA) to deliver broadband connectivity at Gigabit speeds to homes and businesses.

Bharat Forge Joins Hands with Paramount to Manufacture Armoured Vehicles

  • Bharat Forge inked a pact with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in the country.
  • An agreement to this effect was signed by both companies during the International Defence Expo (IDEX 2021) in Abu Dhabi.
  • This collaboration brings together the manufacturing and technology excellence of two leading companies, which have matching synergies and complementary capabilities. 

State-owned Life Insurance Corporation Launches New plan Bima Jyoti

  • Life Insurance Corporation has introduced a new plan which is a non-linked, non-participating, individual, savings plan offering a combination of protection and savings.
  • Bima Jyoti provides a guaranteed lump sum payment on maturity and financial support to the family in case of untimely death of the policyholder during the policy-term.
  • Guaranteed additions at the rate of Rs. 50 per thousand basic sum assured will be added to the policy at the end of each policy year.
  • The minimum basic sum assured is Rs. 1 lakh with no upper limit and the policy can be taken for 15 to 20 years by a 90-day-old child to those under 60.

Amazon Partners with Mahindra Electric

  • E-commerce giant Amazon India has partnered with Mahindra Electric to add more electric vehicles (EVs) to its delivery fleet in the country. In 2020, Amazon India had announced that its fleet of delivery vehicles would include 10,000 EVs by 2025 – these would be over and above the global commitment of 100,000 EVs by 2030 under the company's Climate Pledge. The partnership with Mahindra Electric is an important step towards India's progress in the e-mobility industry to achieve its environmental sustainability goals.
  • Jeff Bezos-led Amazon would continue to work with several original equipment manufacturers (OEMs) to build a fleet of 'Made in India' EVs that ensure sustainable and safe delivery of customers' orders. 

Indian Oil Signs Pact with Greenstat Norway

  • Days after India unveiled a national hydrogen mission to accelerate plans to generate the carbon-free fuel from renewables, state-owned Indian Oil Corporation (IOC) signed a pact with Greenstat Norway for setting up a Centre of Excellence on Hydrogen.
  • In the Union Budget for 2021-22, the government pledged to focus on generating hydrogen from green power sources as well as build more diverse and efficient energy infrastructure.
  • The partnership between IOC and Greenstat will actively assist partners/stakeholders to develop business models based upon feasibility studies besides facilitating consultancies to industry, utilities and regulators on hydrogen storage, hydrogen production, refuelling stations, fuel cells and CCUS technologies.

PM Modi Launches Petro and Gas Projects in Assam

  • Opening the coffers of his government for poll-bound Assam, Prime Minister Narendra Modi slammed the successive Congress dispensations that ruled the country since Independence for neglecting the state and the northeast for decades.
  • On his third visit to Assam in a month, Modi, who dedicated to the nation three major projects in the petroleum sector worth over Rs. 3,222 crore, enumerated steps taken by the state government led by Sarbananda Sonowal and the centre over the past few years for its balanced growth.

Feb 22, 2021

India Signs $50 mn Agreement to Boost Maldives' Maritime Capability

  • India has signed a USD 50 million line of credit (LoC) agreement with the Maldives to facilitate maritime capability building of the island nations.
  • According to a joint India-Maldives joint statement, the agreement was signed between the Government of the Maldives and EXIM Bank India.
  • The agreement was signed during the visit of External Affairs Minister S Jaishankar to the Maldives.
  • Jaishankar, accompanied by a delegation of senior officials from India, paid an official visit to the Maldives on 20-21 February 2021 at the invitation of Maldivian Foreign Minister Abdulla Shahid.

Mahindra Lifespace to Invest in New Housing Project in Pune

  • Realty firm Mahindra Lifespace Developers Ltd will invest around Rs. 500 crore to build a new housing project in Pune as it seeks to expand business amid strong recovery in residential real estate market.
  • The company will develop more than 1,000 units in the project 'Happinest Tathawade', which is spread over nearly 7 acres of land. The project will be developed in two phases, with the first one comprising over 600 apartments.
  • As per Mahindra Lifespace Developers Chief Marketing Officer Viral Oza, the company has launched a new housing project in Pune, which has been an important market for it.

Dell Opens Global Innovation Facility in Singapore, First Outside US

  • Dell Technologies has opened a $50 million innovation facility in Singapore focusing on research and development (R&D) in key digital transformation technologies.
  • It is the company's first such facility to be built outside the US to research in areas including edge computing, data analytics, and augmented reality.
  • Dell this month launched a skill's accelerator programme in Singapore, offering to equip 3,000 students, fresh graduates, and mid-career professionals over the next two years with skills in cloud computing, data protection, data science, and big data analytics.

Sudan Floats Currency to Overhaul Economy

  • Sudan took the unprecedented but expected step of floating its currency, meeting a major demand by international financial institutions to help transitional authorities overhaul the battered economy.
  • The flotation is the boldest economic measure taken by the transitional government that has ruled the African country after a popular uprising led to the military's overthrow of autocrat Omar al-Bashir in April 2019.
  • The US dollar had been trading at over 350 pounds to the dollar on the black market, while its official rate was at 55 pounds to the dollar.
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