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BUSINESS AND ECONOMY - January 2021

Jan 2021

Mar 28, 2022

Tata AIG, ICICI Lombard Join Race to Buy Insurance Units of Reliance Cap

  • Tata AIG, ICICI Lombard and Nippon Life are among 54 prominent Indian and foreign financial companies joining the race for the profit-making insurance arms of Reliance Capital, which was last year put under administration due to defaults and governance issues.
  • HDFC Ergo, Bandhan Financial Holdings, Cholamandam Investment, Adani Finserv, Yes Bank, OakTree Capital, Blackstone, New Quest, Indusind International, Brookfield, TPG, Zurich Insurance Group, Ares SSG Capital, ArpWood Partners, Capri Global Holdings, Edelweiss Alternative, International Asset Reconstruction Company, JC Flower, Motilal Oswal Financial Services, Square Four Housing, UV Multiple Asset Investment are among 54 companies to have submitted their EOI.
  • The earlier date to submit the EOI was March 11 but it was extended following request by some prospective bidders.

NITI Aayog`s Releases Export Preparedness Index 2021, Gujarat again Tops

  • Gujarat topped Niti Aayog's Export Preparedness Index 2021, followed by Maharashtra and Karnataka in second and third place, respectively. Union Territories (UTs) and smaller states like Lakshadweep, Arunachal Pradesh, Mizoram, Ladakh and Meghalaya were placed at the bottom of the Index.
  • The ranking is based on four main pillars: policy, business ecosystem, export ecosystem and export performance, and 11 sub-pillars like export promotion policy and business environment. The index, prepared in partnership with the Institute of Competitiveness, is used by the states and the UTs to benchmark their performance against their peers and analyse potential challenges to develop better policy mechanisms to foster export-led growth at the sub-national level.

Adani Ports and SEZ Highest Bidder for West Bengal's Tajpur Deep-sea Port

  • India's largest private port operator Adani Ports and SEZ (APSEZ) Ltd emerged as the highest bidder for the West Bengal government's greenfield deep-sea port project at Tajpur in a neck-to-neck fight with JSW Group.
  • APSEZ and Sajjan Jindal-led JSW Group were the only two entities that took part in the financial bid round, though there were more port and logistics majors who had expressed initial interest in the estimated Rs 7,000-crore project in Purba Medinipur district.

Payments Council of India Re-elects Vishwas Patel as Chairman

  • Infibeam Avenues' executive director Vishwas Patel was re-elected as chairman of the Payments Council of India (PCI), the apex industry body for digital operators in India's payments and settlement system that operates under the aegis of the Internet and Mobile Association of India (IAMAI). Patel made a significant contribution towards shaping and giving direction to the digital payments industry for more than twenty years.
  • At its executive council meeting, PCI also elected new co-chairs: Praveena Rai, COO, National Payments Corporation of India (NPCI) and MN Srinivasu, co-founder and director at BillDesk. The council also elected chairs and co-chairs of its seven committees.

Anil Ambani Resigns as Director of RPower, RInfra

  • Reliance Group Chairman Anil Ambani resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator SEBI's order restraining him from associating with any listed company.
  • SEBI in February barred Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals from the securities market for allegedly siphoning off funds from the company.
  • The two Reliance Group companies said that Rahul Sarin was appointed as an Additional Director in the capacity of Independent Director for a term of five years on Friday on the boards of RPower and RInfra, subject to approval of members at the general meeting.

RBI Governor Shaktikanta Das Inaugurates Reserve Bank Innovation Hub (RBIH) in Bengaluru

  • RBI Governor Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru, which was established with a Rs. 100 crore initial capital contribution to foster and nurture financial innovation.
  • The RBI has set up the RBIH as a Section 8 company under Companies Act, 2013.
  • According to the central bank, the Hub has an independent Board with Senapathy (Kris) Gopalakrishnan as Chairman and other notable people from industry and academics as members.
  • RBIH intends to build an ecosystem that promotes access to financial services and goods for the country's low-income people. The Hub would bring together several stakeholders in the financial innovation area (BFSI sector, startup ecosystem, regulators, and academia).

Payments Council of India Re-elects Vishwas Patel as Chairman

  • Infibeam Avenues' executive director Vishwas Patel was re-elected as chairman of the Payments Council of India (PCI), the apex industry body for digital operators in India's payments and settlement system that operates under the aegis of the Internet And Mobile Association of India (IAMAI), the association said in a statement.
  • At its executive council meeting, PCI also elected new co-chairs: Praveena Rai, COO, National Payments Corporation of India (NPCI) and MN Srinivasu, co-founder and director at BillDesk.

RBI Directs Banks and Non-banks to Geo-tag Payment Touch Points

  • Geo-tagging refers to capturing the geographical coordinates (latitude and longitude) of payment touch points deployed by merchants to receive payments from their customers.
  • The Reserve Bank of India (RBI) has asked commercial banks as well as payment system operators (PSO) to geo-tag payment touch points like branches and automated teller machines while announcing a framework for Geo-tagging of Payment System Touch Points.
  • Geo-tagging has various benefits, such as, provide insights on regional penetration of digital payments; monitor infrastructure density across different locations; identify scope for deploying additional payment touch points; facilitate focused digital literacy programmes.

RBI Governor Shaktikanta Das Inaugurates Reserve Bank Innovation Hub (RBIH) in Bengaluru

  • RBI Governor Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru, which was established with a Rs. 100 crore initial capital contribution to foster and nurture financial innovation. According to the central bank, the Hub has an independent Board with Senapathy (Kris) Gopalakrishnan as Chairman and other notable people from industry and academics as members.
  • RBIH intends to build an ecosystem that promotes access to financial services and goods for the country's low-income people.The Hub would bring together several stakeholders in the financial innovation area (BFSI sector, startup ecosystem, regulators, and academia).

Mar 27, 2022

Pralay Mondal Named as interim MD and CEO of CSB Bank

  • The Reserve Bank of India approved the appointment of Pralay Mondal as the interim Managing Director and CEO of CSB Bank. Presently he is the Managing Director at CSB Bank. The post of MD and CEO at CSB Bank was lying vacant after its full-time MD and CEO, C V R Rajendran announces early retirement on health grounds (w.e.f March 31, 2022). RBI has approved the appointment of Pralay for three months from April 1, or till the appointment of a regular Managing Director and CEO of CSB Bank, whichever is earlier.

University of California Picks 0.57% Stake in Kotak Mahindra Bank

  • The Regents of the University of California picked up 0.57 per cent stake in Kotak Mahindra Bank for Rs. 1,907.6 crore.
  • The stake was purchased at Rs. 1,699 per share from Canada Pension Plan Investment Board (CPPIB).

Meta Appoints Saugato Bhowmik as New India Head for Auto, D2C Vertical

  • Meta announced the appointment of Saugato Bhowmik as the Director of CPG, Auto and D2C industry vertical in India to lead the strategy and solutioning that is focused on the company's largest consumer goods and auto advertisers.
  • Saugato's appointment comes on the back of a series of senior leadership recruitments over the past few months across business, policy and partnerships, demonstrating the company's expanding charter and commitment to India. He will report to Arun Srinivas, Director and Head of Global Business Group at Meta in India.
  • Saugato comes with more than 20 years of experience in senior sales, marketing, and business strategy roles at leading CPG companies such as Dabur and Unilever. He has also held key leadership positions at Viacom18 Media, where he also launched Voot Kids OTT.

Lt Governor Manoj Sinha Addresses Gulf Countries' Investment Summit

  • Lieutenant Governor Manoj Sinha addressed the Gulf Countries' Investment Summit at SKICC, Srinagar which is aimed at providing a platform for the foreign business delegates to explore a host of investment opportunities in the UT of Jammu & Kashmir. The Lt Governor highlighted the scope for J&K and GCC companies' economic cooperation to make Jammu and Kashmir the most beautiful investment destination in the world.
  • The visit of CEOs of top companies, entrepreneurs, start-up representatives, exporters in Jammu and Kashmir is an expression of confidence of the industry leaders in the potential for business cooperation between J&K and Gulf countries. The development of the power sector, trade, horticulture, rural infrastructure, roads and air links, medical education and health services, Industrial Training Institutes, Information Technology and storage facilities for the products are the diverse areas that have been addressed.

Mar 26, 2022

Maruti Suzuki Names Hisashi Takeuchi as New Managing Director and CEO

  • The country's largest carmaker Maruti Suzuki India (MSI) appointed Hisashi Takeuchi as the new Managing Director and CEO with effect from April 1, 2022.
  • In order to facilitate a smooth transition, Ayukawa will continue as a whole-time Director designated as Executive Vice Chairman till September 30, 2022, and will continue to provide guidance to the auto major.
  • Maruti Suzuki India Limited, formerly known as Maruti Udyog Limited, is an Indian automobile manufacturer, based in New Delhi. It was founded in 2001 and owned by the Government of India until 2003, when it was sold to the Japanese automaker Suzuki Motor Corporation.

AU Small Finance Bank to Finance Tata Cars, UVs

  • AU Small Finance Bank signed an agreement with Tata Motors offering finance options for its new Forever range of passenger cars and UVs.
  • This scheme will offer maximum financing on the vehicle as per each individual's requirements. Customers can also enjoy the benefit of unique EMI options with a repayment tenor of up to seven years.
  • The offer is applicable to a spectrum of customers like salaried, self-employed professionals, self-employed non-professionals, agriculture, dairy farmers, etc., including new to credit customers.

Former SBI Chairman Rajnish Kumar Joins Advisory Board of Dun & Bradstreet

  • Former State Bank of India (SBI) chairman Rajnish Kumar joined the international strategic advisory board of data and analytics firm Dun & Bradstreet.
  • Kumar, a veteran banker, currently sits on the boards of HSBC Asia Pacific, L&T Infotech, Hero MotoCorp and BharatPe.
  • Dun & Bradstreet is contributing to empowering MSMEs through technology-based finance, risk, compliance, data and marketing solutions in India.

Mar 25, 2022

SBI Signs co-lending Pact with PNB Housing, IIFL Home Finance, Three other HFCs

  • India's largest lender State Bank of India (SBI) entered into a co-lending agreement with 5 Housing Finance Companies (HFCs) to sanction home loans to the unserved and underserved sector in line with the Reserve Bank of India (RBI) guidelines.
  • The 5 HFCs are: PNB Housing Finance Limited, IIFL Home Finance Limited, Shriram Housing Finance Limited, Edelweiss Housing Finance Limited, and Capri Global Housing Finance Limited.
  • The partnership agreement, which was signed in Mumbai, was handed over by SBI's chairman, Dinesh Khara, to the respective heads of the HFCs.
  • This collaboration will enhance SBI's distribution network, as SBI aims to extend its credit reach to more Home Loan borrowers of the unserved and underserved segments.

ICICI Bank Launches Credit Card in Partnership with Chennai Super Kings

  • ICICI Bank announced that it has launched a co-branded credit card in partnership with Chennai Super Kings (CSK), an IPL franchise. Called 'Chennai Super Kings ICICI Bank Credit Card', the card has been specially designed with a range of exclusive privileges for millions of cricket fans of the iconic team.
  • The new card is another addition to an exclusive set of co-branded credit cards offered by the bank to enable sports enthusiasts to connect with their favourite teams as well as avail benefits of a credit card. Four years ago, ICICI Bank launched a co-branded credit card with Manchester United, a professional football club of England.

Ola Signs Agreement to Acquire Neo Bank Avail Finance

  • Mobility firm Ola signed an agreement to acquire neo bank Avail Finance which provides financial services to the blue-collared workforce and has over 6 million users.
  • The acquisition is a key step in Ola's broader push into the fintech space as it looks to build a mobility-focused financial services business under Ola Financial.
  • With this expansion, Ola will be able to cross-sell multiple lending products to its large driver-partner base.

Mar 24, 2022

SBI Group Gets RBI Nod to Increase Stake in ICICI Bank

  • The Reserve Bank of India (RBI) approved SBI Mutual Fund, along with other SBI Group companies, to hold a 9.99% stake in ICICI Bank, the country's second largest lender.
  • At the end of the December quarter, SBI Mutual Fund had 5.72% stake in ICICI Bank.
  • Last year the banking regulator accepted a set recommendation of an Internal Working Group (IWG) which was formed to review ownership guidelines and corporate structure for Indian private sector banks. Among others, RBI allowed financial institutions, supranational institutions, public sector undertakings to have 15% stake in private sector banks.

Commerce Ministry to Extend Foreign Trade Policy

  • The commerce ministry will extend the existing foreign trade policy (FTP) for some more months beyond March 31.
  • In September 2021, the government extended the Foreign Trade Policy 2015-20 till March 31, 2022, due to the COVID-19 pandemic. The present policy came into force on April 1, 2015.
  • The policy provides guidelines related to imports and exports in India. The ministry announces the policy every five years.

Infosys Tops List of Firms with Strongest ESG Scores

  • Infosys topped the list of companies with the strongest ESG scores, according to a study conducted by corporate governance firm Stakeholders Empowerment Services (SES).
  • Mahindra & Mahindra (M&M), Tech Mahindra, HDFC and Adani Ports & SEZ are the other firms in the top-five, with ESG scores between 80 and 90 (A rating).
  • SES–in its first such study–has also ranked companies on the basis of individual metrics such as environment, social and governance.
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