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BUSINESS AND ECONOMY - May 2022

May 2022

Aug 08, 2022

Max-life Launches 3 in 1 Protection Plan

  • Max Life Insurance Company Ltd launched Max Life Smart Secure Easy Solution, a three-in-one protection solution offering benefits of life, critical illness and disability and accidental cover.
  • Aimed primarily towards self-employed individuals, the solution is available for multiple customer cohorts, including salaried and other professionals to comprehensively guard against life's uncertainties.
  • The solution is a combination of Max Life's Smart Secure Plus Plan that aims at providing financial protection in case of any uncertainties in life with an accidental cover option and Max Life Critical Illness and Disability Health Rider, which offers an added layer of financial protection in case of critical illnesses, total and permanent disability and provides extra coverage against death due to accident.

SEBI Constitutes Committee to Attract Foreign Investment; Former Chief Economic Advisor K. V. Sub...

  • The Securities and Exchange Board of India (SEBI) constituted an expert group of Foreign Portfolio Investors (FPIs) to boost overseas flows into the country. The FPI Advisory Committee (FAC) is chaired by former Chief Economic Adviser K. V. Subramanian and consists of 14 other members representing foreign banks, stock exchanges depositories and RBI.
  • The FAC was tasked with advising on issues related to investments and operations of FPIs in the financial markets, including measures to facilitate ease of doing business by FPIs in India. The committee will review investment avenues available for FPIs and to advise on the feasibility of new investment avenues. It will also suggest measures required to encourage FPI participation in the bond market.

RBI Hikes Repo Rate by 50 bps to 5.40%

  • The Reserve Bank of India's Monetary Policy Committee (MPC) announced a 50 basis point hike in the repo rate to 5.40 per cent, citing continued upside risks to inflation.
  • The Standing Deposit Facility (SDF) rate is now at 5.15 per cent, while the Marginal Standing Facility (MSF) Rate stands at 5.65 per cent. The SDF represents the lower band of the interest rate corridor and the MSF the higher.
  • The latest rate action takes the total tally of rate hikes since May to 140 basis points. Accounting for the introduction of the SDF at a higher rate than the reverse repo rate in April, effective rate hikes stand at 180 bps so far in 2022.

Indian Bank Inks MoU with SRM University in Andhra

  • Indian Bank collaborated with Hatchlab Research Centre, TBI of SRM University-AP to launch 'IND Spring Board', an initiative for financing start-ups and MSMEs. The bank will extend loans of up to Rs. 50 crore to start-ups incubated at SRM Hatchlab for their working capital requirements or purchase of machinery and equipment. This collaboration is one of its kind in the state of Andhra Pradesh.

Unity SFB Appoints Inderjit Camotra as MD & CEO

  • Unity Small Finance Bank Limited (Unity Bank) announced the appointment of Inderjit Camotra as the managing director and chief executive officer. A senior banker with over 25 years of experience across India, Camotra held various leadership positions at Standard Chartered Bank, ANZ and Citibank.
  • Unity Small Finance Bank is a new age, digital first bank which was recently elevated to a 'Scheduled Bank' and was included in the Second Schedule of the RBI Act. The bank is promoted by Centrum Financial Services Ltd and Resilient Innovations Pvt Ltd as a joint investor. The bank commenced its operation in November 2021.

Aug 07, 2022

Sun Pharmaceutical Industries Chairman Israel Makov to Retire

  • Drug major Sun Pharmaceutical Industries said that its Chairman Israel Makov will retire from the company on August 29, 2022.
  • Makov is retiring upon the completion of his current term post the company's Annual General Meeting after having led the Mumbai-based company for ten years.
  • He was appointed a Board member and the Chairman in 2012.

Axis Bank to Wind up UK Subsidiary after Deal with OpenPayd Fails

  • As per reports, India's third largest private lender Axis Bank is winding up its subsidiary in Britain after a deal with financial firm OpenPayd failed.
  • Axis Bank first said in 2020 that it will be winding down its UK operations. Currently, the bank's international strategy is to focus on Indian corporates that have global operations, it said in an investor presentation in the results of the quarter ended June.

Aug 06, 2022

Ranjit Rath Takes over as CMD of Oil India Limited

  • Ranjit Rath took over as new Chairman and Managing Director (CMD) of Oil India Limited (OIL), the country's second-largest public sector exploration and production company.
  • Before taking over the charge of Oil India Limited, Rath was the Chairman cum Managing Director of Mineral Exploration & Consultancy Limited under the Ministry of Mines.
  • He also served as Chief Executive Officer of Khanij Bidesh India Limited; Managing Director of Bharat Gold Mines Limited and also held additional charge of the Director General of Geological Survey of India under the Government of India.

Federal Bank Becomes 1st to List Payment Gateway on New Tax Platform

  • Kerala-based Federal Bank became the first bank to list its Payment Gateway platform on the TIN 2.0 platform of the Income Tax Department.
  • The TIN 2.0 platform went live on July 1, 2022 and the "Payment Gateway" was enabled, providing one more payment option to taxpayers, who can now make their payments with ease, using modes such as Credit/Debit Card, UPI, NEFT/RTGS and Internet Banking.

Aug 05, 2022

Karnataka Bank Forms Co-lending Partnership with Yubi

  • Karnataka Bank entered into an arrangement with Yubi (formerly known as CredAvenue Pvt Ltd) for co-lending via the Yubi Co.Lend, the latter's co-lending platform.
  • The collaboration would allow the bank to digitally onboard various NBFCs, lend significant amount of money, and onboard a larger customer base as a result of their better consumer outreach.
  • The digital co-lending platform would enable Karnataka Bank and the NBFC partners to effortlessly integrate and lend to borrowers with faster turnaround time.

RBI Names Minority-dominated Regions for Banks' Priority Lending Schemes

  • In a significant move, the Reserve Bank of India released a list of states, Union Territories and districts dominated by different minority communities for extending priority lending schemes implemented by scheduled commercial banks in the country.
  • Presently, the Union Minority Affairs Ministry classified Sikhs, Muslim, Christians, Zoroastrians, Buddhists, and Jains as minority communities.
  • The RBI listed 121 districts where the minority population component is at least 25 per cent, plus the states of Punjab, Meghalaya, Mizoram, Nagaland, and the Union Territories of Jammu & Kashmir, Ladakh and Lakshadweep.

Bangladesh Signs MoU with IOCL for Emergency Supply of Petroleum Goods

  • The Indian Oil Corporation Limited (IOCL) signed an MoU with the Bangladesh Roads and Highways department in Dhaka for the emergency supply of petroleum goods via Bangladesh territory to India.
  • This is an interim set up to facilitate urgent supply of petroleum products due to damage caused by the flood in Assam this year.
  • The petroleum tankers would enter from Meghalaya and would go to Tripura crossing through the Bangladesh territory. The IOCL would bear all the administrative fees, charges and local taxes including road usage fee for use of the Bangladeshi territory.
  • The Ministry of Foreign Affairs (MoFA) of Bangladesh in a statement said that the MoU has been signed in a spirit of good neighbourly relations to allow Indian vehicles for transportation of the fuel from Assam to Tripura by Road which has been severely disrupted due to the recent floods in Assam and Tripura.

Aug 04, 2022

LIC Breaks into Fortune 500 List

  • Life Insurance Corporation (LIC) broke into the latest Fortune Global 500 list, while Reliance Industries jumped 51 places.
  • The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list.
  • Reliance Industries jumped 51 places to 104 on the 2022 list.
  • This is the first outing of LIC on the list, which ranks listed companies by sales.
  • The list, topped by US retailer Walmart, has nine Indian companies -- five of them state-owned, and four from the private sector.

Online Marketplace Etsy Appoints Pankaj Jathar as VP and Country Head for India

  • US-Based e-Commerce company Etsy Inc appointed Pankaj Jathar as the Vice President and Country Head for India. He was earlier the CEO of Prione, a joint venture between Amazon and private equity fund, Catamaran, which Infosys founder N. R. Narayana Murthy floated.
  • Jathar held various senior roles at Amazon between 2011 and 2017 and was part of its Indian operations launch team. An engineer from Mumbai's Bharati Vidyapeeth University with an MBA from Kolkata's Indian Institute of Management, he has also worked with Accenture.
  • Since its launch in 2005, Etsy has become a niche destination for consumers seeking handcrafted products by local artisans. The online marketplace has been investing in India, which it considers one of its seven core markets globally.

Vodafone Idea (Vi) Appoints Ravinder Takkar as Chairman

  • Ravinder Takkar, MD and CEO of Vi (Vodafone Idea Limited), will take over as chairman from August 19. He replaces Himanshu Kapania, who stepped down as non-executive chairman of the company. Kapania was appointed non-executive chairman last August. Takkar's three-year term as MD and CEO ends in August and he is being replaced by chief financial officer (CFO) Akshaya Moondra.
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