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Feb 2022

Aug 15, 2022

India Holds World's Highest Rate of Recognising Start-ups per Day

  • Start-ups have been the buzzword in India for the last several years. India is powering its growth with innovation and entrepreneurship. Currently, there are 75,000 start-ups in the country, which coincides with the 75th year of independence.
  • A programme was initiated to lay out an action plan to build a strong ecosystem for nurturing innovation and start-ups in the country.
  • In the past six years, the action plan has successfully guided into making India the third largest ecosystem. While the initial 10,000 start-ups were recognised in 808 days, the latest 10,000 were achieved in only 156 days. With more than 80 start-ups getting recognised per day- India holds the highest rate in the world. This further encourages the future start-up culture that is promising and encouraging for budding entrepreneurs. The Indian start-up ecosystem is promising not just for entrepreneurs but also for job seekers too.
  • Currently, of the total recognised start-ups, around 12 per cent cater to IT services, 9 per cent to Healthcare and Life Sciences, 7 per cent to education, 5 per cent to professional and commercial services and 5 per cent to agriculture. The start-up India programme has become synonymous with sustainable economic growth.

NCLT Okays Demerger Plan of Piramal Enterprises into Pharma, Corporate Biz

  • As per Piramal Enterprises Ltd (PEL), the National Company Law Tribunal approved the demerger of its pharmaceutical business and simplification of corporate structure.
  • With this, the company can now go ahead with its plans to have two separate listed entities -- PEL, a non-banking financial company and Piramal Pharma Ltd (PPL).
  • Last October, the PEL board approved the demerger of the pharma business and simplification of the corporate structure.
  • It had already obtained approvals from RBI, SEBI, stock exchanges, creditors and equity shareholders.

Aug 14, 2022

Kerala Government to Launch Mobile App to Curb GST Evasion

  • The Kerala government is set to launch a mobile app where people can upload original bills and also stand a chance to win prizes. The government of Kerala aims to curb GST evasion with this app. The app is named 'Lucky Bill App' and it will be launched on 16th August 2022, by Chief Minister Pinarayi Vijayan.
  • The state government expects this will help increase tax collection as people will be encouraged to ask for bills while purchasing goods and availing services.
  • The government is looking for new ways to support the revenue and financial status of the state with this app.
  • The app is capable enough to help the state's GST department to examine return filings with the help of uploaded bills.
  • This initiative of the state government was proposed when the compensation from the center concerning the Goods and Services Tax ceased.

Govt Re-nominates Four Independent Directors on Central Board of RBI

  • The central government re-nominated Satish Kashinath Marathe, Swaminathan Gurumurthy, Revathy Iyer, and Sachin Chaturvedi as part-time, non-official directors on the central board of the Reserve Bank of India.
  • The re-nominations of Gurumurthy and Marathe were for a further period of four years with immediate effect or until further orders.
  • Iyer and Chaturvedi were re-nominated for a period of four years after the completion of their present tenures on September 18.
  • The Centre also re-appointed Iyer and Chaturvedi as members of the Northern Local Board and the Eastern Local Board, respectively, of the RBI.

Pfizer's Managing Director S. Sridhar to Take an Early Retirement

  • Drug firm Pfizer announced that its Managing Director S. Sridhar resigned from the company.
  • Sridhar would continue to serve in his current position until the identification, selection and transition to the new leadership takes place in the company.
  • Over the past six years, he has led Pfizer as Managing Director and made significant contributions to the growth of the company's portfolio and presence across India.
  • Sridhar also serves as the President of the Organisation of Pharmaceuticals Producers of India (OPPI).

Aug 13, 2022

Amit Burman Steps Down as the Chairman of Dabur

  • Amit Burman stepped down as chairman of Dabur India Limited.
  • Amit Burman, who took charge as the chairman of Dabur India Ltd in 2019, will continue to serve as non-executive director of the company.
  • Mohit Burman was elevated to the position of non-executive chairman of the Board of Directors of Dabur India Limited for a period of 5 years. Before elevation to the new position, Mohit Burman was non-executive vice chairman of the company.

SBI Formalises Policy to Finance Makers of Lab-grown Diamonds

  • State of Bank of India (SBI) is the first Indian lender to frame a policy to fund makers of lab-grown diamonds which come across as replicas of the natural stones, but are often looked at with suspicion by high-street banks and scoffed at by many traditional diamantaires.
  • Reflecting the slow shift in the diamond trade, the decision by the country's largest bank comes amid some of the jewellers putting up factories in Surat to produce synthetic diamonds and many diamond houses considering relocating from the financial capital Mumbai to the southern Gujarat town, which for decades has been the hub of diamond cutters and polishers.

IDFC FIRST Bank Partners LetsVenture to Support Start-ups

  • IDFC FIRST Bank and LetsVenture, India's leading early-stage platform for investors and founders announced a partnership to explore synergies and support the start-up ecosystem by offering curated products and solutions to start-ups, founders and investors.
  • A Memorandum of Understanding to work on areas of mutual interest was signed between IDFC FIRST Bank LetsVenture Technologies at LetsVenture's flagship event, 'LetsIgnite', for start-ups and founders in Bengaluru.
  • The partnership makes IDFC FIRST Bank a preferred banker to all start-ups on LetsVenture's Scalix, a newly launched platform that supports the start-up ecosystem through fundraising solutions, knowledge series, and investor connect.
  • IDFC FIRST Bank offers customized solutions to start-ups under its FIRST WINGS program, dedicated to powering the start-up ecosystem. Offerings under FIRST WINGS range from providing Zero Balance Start-up Current Account with unlimited free IMPS, NEFT, RTGS transactions and doorstep banking for three years, uniquely designed Working Capital solutions for Pre-Profit start-ups, Business Credit Cards for Start-ups with step-up credit, a tailored 'Founder Success Program' and 40+ 'Beyond Banking' offers from its partners.

Aug 12, 2022

Kotak Mahindra Bank Launches Lifestyle-focused Corporate Salary Account

  • Kotak Mahindra Bank launched a lifestyle focused salary account named Kotak Creme. The bank claims that this account would offer an upgraded experience to its customers working in MNCs, retails, law firms, unicorns etc.
  • The account would be available to all corporates in India and will also come with a host of privileges and rewards across lifestyle, travel, healthcare, dining, skilling and learning experiences.
  • Each account will come with preferential banking services, including a complimentary Zen Credit Card. The account holders will be able to enjoy a lot of benefits like subscription to top lifestyle brands offering health and wellness, lifestyle, entertainment, and access to complimentary airport lounges.

Paytm Partners with Piramal Finance

  • To expand distribution of merchant loans to small cities and towns in India One 97 Communications (Paytm) announced a partnership with Piramal Capital & Housing Finance, herein referred as Piramal Finance, to expand distribution of merchant loans to the small cities and towns of India.
  • Piramal Capital & Housing Finance is a wholly-owned subsidiary of Piramal Enterprises and an established financial services company in India.
  • This partnership will expand Paytm's loan distribution business, supported by Piramal Finance's wide network of over 300 branches across India. It will also help drive financial inclusion by bringing access-to-credit to small businesses and retailers.

Yes Bank Team Up with IBSFINtech to Provide Digital Services

  • Yes Bank and IBSFINtech, a TreasuryTech Solution provider, teamed up to explore untapped opportunities emerging out of digitisation of corporate finance. This partnership would empower the corporate treasury ecosystem with a robust decision-making tool and automated workflows backed by seamless bank connectivity.
  • As per Yes Bank Ajay Rajan, Country Head-Transaction Banking, this partnership with IBSFINtech is a step forward towards providing next gen technology solutions across cash, liquidity, treasury, risk, trade finance and supply chain finance functions of corporations. It is focused on co-creating and delivering deeply integrated treasury solutions via IBSFINtech's platform.

Aug 11, 2022

Power Grid Corporation Appoints Pramod Kumar as CFO

  • Power Grid Corporation of India Limited appointed Pramod Kumar as Chief Financial Officer (CFO) of the company.
  • Before his appointment to the new position, Kumar served as Executive Director (Finance) of Power Grid Corporation.
  • Pramod Kumar is a fellow member of the Institute of Chartered Accountants of India (ICAI), having 35 years of experience in the power sector involving almost all areas of finance and accounting function i.e. finalisation of corporate accounts, formulation of capital budget, coordination with internal/statutory/government auditors, concurrence of award activities, MIS, Fund Management etc.

Axis Bank Launches One-stop Cash Management Solution to Automate Receivables

  • Axis Bank is the first Indian bank to introduce the Axis Receivables Suite (ARS), a cutting-edge cash management solution that simplifies Receivables reconciliation, increases cash flow, improves customer experience, and reduces the cost of doing business.
  • ARS is an end-to-end proposition, along with a mobile app to automate reconciliation of receivables against sales invoices raised by clients. Using ARS, Axis Bank clients can customize and automate fully what has traditionally been a very time consuming, costly, manual and error-prone activity.
  • Clients also benefit from knowing their upcoming/pending payments, and gives them real-time control over all their receivables.
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