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BUSINESS AND ECONOMY - June 2022

Jun 2022

Dec 12, 2022

Tamilnad Mercantile Bank Signs Pact with Bajaj Allianz Life Insurance

  • Tamilnad Mercantile Bank (TMB) entered into a strategic alliance with Bajaj Allianz Life Insurance to sell term, annuity and other value-packed products of the private life insurer across its over 500 branches.
  • An agreement to this effect was signed by the bank's MD & CEO S. Krishnan and Bajaj Allianz Life Insurance MD & CEO Tarun Chugh.
  • this tie-up will enable the bank to expand the network pan India and offer added features in the products and services.
  • Through this partnership, new and existing customers of TMB can now choose from Bajaj Allianz Life's retail products including term, savings, retirement, and investment products.

RBI Shortlists 7 Consultancy Firms to Use AI, ML to Improve Supervision

  • The Reserve Bank shortlisted seven global consultancy firms, including Pricewaterhouse Coopers, McKinsey and Boston Consulting Group (India), to use artificial intelligence and machine learning for supervisory functions.
  • The RBI is looking to extensively use advanced analytics, artificial intelligence and machine learning to analyse its huge database and improve regulatory supervision over banks and NBFCs. For this purpose, the central bank plans to hire external experts.
  • Based on the scrutiny/evaluation set out in the EOI document, the central bank shortlisted seven applicants for participating in the request for proposal process (RFP) for the selection of consultant(s), according to an RBI document.
  • The seven firms are Accenture Solutions Private Limited; Boston Consulting Group (India) Pvt Ltd; Deloitte Touche Tohmatsu India LLP; Ernst and Young LLP; KPMG Assurance and Consulting Services LLP; McKinsey and Company; and Pricewaterhouse Coopers Pvt Ltd.

Dec 11, 2022

ASK Capital Gets Central Bank of Ireland Nod to Launch India-based Fund

  • ASK Capital received approval from the Central Bank of Ireland to launch an India-based fund — ASK Indian Entrepreneur Fund — through the UCITS route. ASK is the fourth asset or wealth management firm in India to receive approval for an UCITS (Undertakings for Collective Investment in Transferable Securities) fund. Kotak AMC, Whiteoak Capital and UTI AMC already have such funds.
  • UCITS is a regulatory framework of the European Commission for management and sale of mutual funds.

ASK Capital Gets Central Bank of Ireland Nod to Launch India-based Fund

  • ASK Capital received approval from the Central Bank of Ireland to launch an India-based fund — ASK Indian Entrepreneur Fund — through the UCITS route. ASK is the fourth asset or wealth management firm in India to receive approval for an UCITS (Undertakings for Collective Investment in Transferable Securities) fund. Kotak AMC, Whiteoak Capital and UTI AMC already have such funds.
  • UCITS is a regulatory framework of the European Commission for management and sale of mutual funds.

Hero MotoCorp Announces Resignation of Malo Le Masson; CFO Takes Charge

  • Two-wheeler maker Hero MotoCorp announced the resignation of its head of strategy, mergers and acquisitions, and global product planning Malo Le Masson, who decided to pursue opportunities outside the company.
  • Subsequently, Chief Financial Officer Niranjan Gupta was given additional charge of heading strategy, mergers and acquisitions for the company, while Executive Director Vikram Kasbekar was given the responsibility to head the key function of global product planning as an interim charge.
  • Le Masson was with Hero MotoCorp for more than six years and will continue working with the company until the end of December 2022.

Centre Allows 100% WFH for IT Units in SEZs till December 31, 2023

  • The commerce department allowed information technology (IT) firms operating in special economic zones (SEZs) to permit 100 per cent work from home (WFH) or any place outside such zones till December 31, 2023.
  • According to the amended rule 43A under the SEZ law, employees of IT and information technology enabled services, employees who are travelling as well as those who are working offsite will be allowed to work from home (WFH) or any place outside SEZs.
  • In July, the Centre had allowed 50 per cent of the employees in SEZs, including contractual workers, to work from home. Till now, WFH was permitted for a maximum per­iod of one year in an SEZ unit.
  • The new rule states that a unit will have to only maintain the lists of employees who are allowed to follow WFH or from any place outside SEZs. The list will have to be submitted to the development commissioner whenever required.

Dec 10, 2022

Bank of Baroda Wins EAG Laureate Award on Financial Security

  • State-owned Bank of Baroda bagged an EAG Laureate award in the International Olympiad of Financial Security held at Sochi, Russia.
  • The Eurasian group on combating money laundering and terrorism (EAG) is a FATF type regional group, which comprises of 9 members including India. The 9 countries are: Belarus, China, Kazakhstan, Kyrgyzstan, India, Russia, Tajikistan, Turkmenistan and Uzbekistan. EAG is an associate member of the FATF.
  • It is the second largest public sector bank in India after State Bank of India (SBI). The banks in which the government of India holds 51% or more equity shares are called public sector banks in India.

ADB Approves $780 mn Loan to Expand Chennai's Metro Rail Network

  • The Asian Development Bank (ADB) approved financing of $780 million to build new lines for Chennai's metro rail and improve the network's connectivity with bus and feeder services.
  • This project will expand Chennai's metro rail system to provide a safe and integrated transport solution essential in improving urban mobility and make the city more liveable.
  • ADB and the Indian government last year signed a deal for a $500 million loan to expand Bengaluru's metro rail network by constructing two new lines of 56 km length. ADB has committed $57.75 billion for 826 projects in India: of that 18.85 billion is for 188 transportation projects.
  • ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

Ashok Leyland Appoints Shenu Agarwal as New Managing dirEctor, CEO

  • Ashok Leyland, the flagship company of the Hinduja Group and India's leading commercial vehicle manufacturer, announced the appointment of Shenu Agarwal as its new Managing Director and Chief Executive Officer.
  • Shenu joined Ashok Leyland from Escorts Kubota Ltd, where he was president. He was Chief Executive for the agribusiness for more than seven years and associated closely with the transformation of Escorts into a leadership position by ushering in contemporary global standards of design, quality, and manufacturing.

Dec 09, 2022

IndusInd Bank Enters into Co-lending Pact with SV Credit Line

  • Private sector IndusInd Bank announced its tie-up with non-banking finance company SV Credit Line for a co-lending agreement for Rs. 500 crore loan exclusively to women borrowers.
  • The agreement will help rural women access to affordable loans which they could use for a wide range of economic activities such as agriculture, animal husbandry, trading and local manufacturing, among others.
  • The NBFC (non-banking finance company) only lends to women customers and has a 3.5 lakh customer base serviced by 248 branches spread across 10 states and 130 districts.

NABARD Names K.V Shaji as Chairman

  • K. V. Shaji was named Chairman of the National Bank for Agriculture and Rural Development (NABARD). He formerly served as NABARD's Deputy Managing Director (DMD) till May 21, 2020. He is an agricultural graduate with a PGDM in Public Policy from the Indian Institute of Management (IIM) in Ahmedabad.
  • He spent 26 years in various roles at Canara Bank. In Canara Bank's corporate office, he was in charge of strategy, planning, and business development. He also played a role in the merger of Syndicate Bank and Canara Bank.
  • He previously worked for the National Payments Corporation of India (NPCI) and Kerala Gramin Bank, the country's largest regional rural bank. From 2013 until 2017, he served as the Chairman of Kerala Grameen Bank.
  • National Bank for Agriculture and Rural Development (NABARD) is an apex regulatory body for overall regulation of regional rural banks and apex cooperative banks in India. It is under the jurisdiction of Ministry of Finance, Government of India. The bank has been entrusted with "matters concerning policy, planning, and operations in the field of credit for agriculture and other economic activities in rural areas in India". NABARD is active in developing and implementing financial inclusion.

Ujjivan SFB Gets RBI Nod to Reappoint Ittira Davis as MD and CEO for 2 Years

  • Ujjivan Small Finance Bank (SFB) received the approval of the Reserve Bank of India (RBI) for reappointment of Ittira Davis as its Managing Director and Chief Executive Officer for a period of two years.
  • In January 2022, the Reserve Bank of India (RBI) had approved the appointment of Ittira Davis as the Managing Director and Chief Executive Officer (MD & CEO) of Ujjivan Small Finance Bank (SFB) for a one-year term effective January 14.
  • Davis has been associated with Ujjivan since March 2015.
  • He has over 40 years of work experience in India, the Middle East, and Europe.
  • An alumnus of the Indian Institute of Management-Ahmedabad, Davis was the Managing Director at the Europe Arab Bank, London, prior to joining Ujjivan. He also held leadership positions with Arab Bank plc, Bahrain, and Citibank, India.

Dec 08, 2022

Govt. Includes Steel, Pharma, Chemicals in RoDTEP Scheme as Exports Falter

  • Amid faltering exports, the department of commerce expanded the scope of the export boosting scheme, Remission of Duties and Taxes on Exported Products (RoDTEP), to include iron & steel, chemicals and pharmaceuticals.
  • The expanded list of items will be applicable for exports made from December 15. The outlay for the scheme is estimated to be Rs. 1,000 crore.
  • RoDTEP will refund the embedded non-creditable central, state and local levies paid on inputs to exporters. These taxes were not being refunded till now.
  • The scheme was notified on January 1, 2021 and replaced the controversial Merchandise Exports from India Scheme (MEIS) after a World Trade Organisation (WTO) ruling said it violated the provisions of the global trade body by giving export subsidies for a wide range of goods.

NHPC Appoints Mohammand Afzal as Govt. Nominee Director on its Board

  • State-owned hydro power giant NHPC's board appointed Mohammad Afzal as government nominee director.
  • The company also informed that Afzal is not related to any of the directors of the company and not debarred from holding the office of director by virtue of any order of the Securities and Exchange Board of India or any other such authority.
  • Afzal is presently working as Joint Secretary (Transmission) in the Ministry of Power.

Spice Money Partners with Axis Bank for Financial Inclusion in Rural India

  • Fintech player Spice Money partnered with Axis Bank to facilitate opening of instant, zero balance savings or current accounts for rural citizens through its Adhikari network.
  • Through this association, Spice Money aims to bridge the rural-urban divide and bring financial inclusivity by providing access to banking products to the last mile at their doorstep, thereby financially empowering thousands of rural citizens living in the hinterlands of India.
  • Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering large and mid-corporates, SME, agriculture and retail businesses.

RBI Hikes Repo Rate by 35 bps to 6.25%

  • The Reserve Bank of India announced a 35-basis-point increase in the repo rate to 6.25 per cent. The RBI Monetary Policy Committee (MPC) voted to raise the rate to bring elevated inflation back towards its target of 4 per cent, governor Shaktikanta Das said.
  • The six-member MPC, which held its bi-monthly policy meeting from December 5 to 7, remained focused on withdrawing accommodation.
  • The MPC's rate action was not unanimous, with 5 out of 6 members voting for the rate hike. The decision on the stance was also not unanimous, with 4 out of six members voting for the retention of the stance.

Arun Kumar Singh Appointed Chairman of ONGC for Tenure of 3 Years

  • In the first instance of a retired official being brought back to head a public sector utility in the oil and gas sector, ex-Chairman of Bharat Petroleum Corporation Limited (BPCL), Arun Kumar Singh, was appointed Chairman and Managing Director of the Oil and Natural Gas Corporation (ONGC) for three years. Singh had retired from BPCL in October 2022.
  • The country's largest oil and gas producer has been without a regular CMD since April 2021, with the senior most director on the board having been entrusted with the additional charge. The company has had a record three interim heads.
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