General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Jun 25, 2022

P. Udayakumar Assumes Office as Chairman-cum-Managing Director, NSIC

P. Udayakumar, Director (Plng & Mktg), NSIC assumed additional charge of CMD NSIC. He is a mechanical engineer from College of Engg, Guindy with post-graduation from IIM Bangalore with 12 years of Board experience. He is an expert in the MSME domain.
He was part of many initiatives of Ministry of MSME and NSIC's growth story over 12 years. He is also an Investment Committee member of the PE growth fund namely SRI Fund, the Fund of Fund of Ministry of MSME. He will also be Chairman of NSIC Venture capital fund Ltd. He writes on MSME development issues.
National Small Industries Corporation (NSIC), is an ISO 9001-2015 certified Government of India Enterprise under the Ministry of Micro, Small and Medium Enterprises (MSME). NSIC has been working to promote, aid and foster the growth of micro, small and medium enterprises in the country. NSIC operates through countrywide network of offices and Technical Centres in the Country. In addition, NSIC has set up Training cum Incubation Centre managed by professional manpower.

Karnataka Bank Launches "V-CIP" for Account Opening

Karnataka Bank launched online savings bank (SB) account opening facility through 'Video-based Customer Identification Process (V-CIP)'. The facility enabled in the corporate website of the bank, empowers prospective customers to open an SB account through online process and complete KYC (know your customer) verification through a video call at their place of convenience.
The end-to-end paperless digital process leverages the bank's API (Application Programming Interface) that auto fills the account opening form, validates PAN/Aadhaar number instantly and completes the KYC process through a video call. Online SB Account opening facility through V-CIP will take the customers experience to a new high as it reduces the turnaround time of account opening by eliminating the need of customer's physical presence at the branch to complete Know Your Customer (KYC) process."

World Bank Approves Project to Promote Rain-fed Farming in Uttarakhand

The World Bank approved a project worth Rs. 1,000 crore for taking rain-fed farming to new heights in the hilly regions of Uttarakhand.
The project named Uttarakhand Climate Responsive Rain-fed Farming Project will be implemented by the watershed department.
The State government had proposed the project which is aimed at reducing green house gas emissions for funding by the World Bank.
The project will also help in springshed management, boosting agricultural productivity, controlling migration and promoting cluster based agriculture.

Jun 24, 2022

South Indian Bank Launches SIB TF Online, EXIM Trade Portal

South Indian Bank launched a new portal called 'SIB TF Online' for its corporate EXIM customers. The portal facilitates a platform for trade-related payments to foreign entities remotely. The customer can initiate the payment request over SIB TF Online after uploading the relevant supporting documents for the transaction.
SIB TF Online is yet another accomplishment by the bank to make its operations more tech-driven. It comes close on the heels of launching the internet banking facility targeting retail savings and NRE SB customers to initiate foreign remittances without visiting the branch.
The bank plans to launch SIB TF Online in phases, with the initial version allowing three types of import remittances such as advance remittance for Imports, remittance against import bill received from overseas bank for collection (Bank-to-Bank Foreign Inward Collection Bill) and payment against Import documents received by the importer directly from overseas suppliers.

Former SBI Official Appointed Member of Advisory Committee of SIFL & SEFL

The Reserve Bank appointed Venkat Nageswar Chalasani, former Deputy Managing Director of SBI, as a member of the Advisory Committee of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL).
After superseding the boards of SIFL and SEFL in October 2021, the RBI had appointed a three-member advisory committee to assist Rajneesh Sharma, the administrator of the two crisis-ridden firms.
Consequent upon resignation of R. Subramaniakumar from the Advisory Committee, it was decided to appoint Venkat Nageswar Chalasani as a member of the Advisory Committee with immediate effect.
The Advisory Committee shall advise the Administrator in the operations of the SIFL and SEFL during the corporate insolvency resolution process.

Max Life, Policybazaar Launch Life Insurance Savings Plan

Max Life Insurance Company Ltd launched the 'Max Life Smart Fixed-return Digital Plan', a non-linked, non-participating, individual life insurance savings plan. The offer helps customers meet short-term financial goals with a minimum policy tenure of five years.
The plan offers guaranteed tax-free returns up to 6.14% along with life cover protection at monthly premiums as low as Rs. 3000 and is also available to purchase on Max Life's website and Policybazaar.com.
The Smart Fixed-return Digital Plan is designed for a generation that wants a short-term guaranteed product with tax-free returns topped with life insurance. The combination of easy liquidity and agile onboarding makes this new-age product a valuable fit in the millennials' savings journey.

Jun 23, 2022

AU Small Finance Bank Launches Credit Card that Lets Customers Choose Features

India's largest small finance bank and one of the fastest-growing retail banks, launched a customisable credit card, in which cardholders can choose the features they want and for the time period they want.
This type of offering is for the first time in the industry, claimed the bank.
While credit card companies offer attractive products in different categories, it is often difficult for customers to find the combination of all such features in one single card. This forces them to opt for multiple credit cards offering specific category rewards.
However, with the AU Bank 'LIT' (Live-It-Today) Credit Card, the bank has put the power to choose these features in the hands of the customers – all categories in one card. Further, they also get the freedom to switch on or off these features as per their changing lifestyle requirements.

Jun 22, 2022

RBI Cancels Licence of Millath Co-operative Bank Ltd

The Reserve Bank of India (RBI) cancelled the licence of Millath Co-operative Bank Ltd as "the bank does not have adequate capital and earning prospects", among other reasons. The Registrar of Cooperative Societies, Karnataka, was also requested to issue an order for winding up the bank and appoint a liquidator for the bank.
The RBI cancelled the license as: a) the bank does not have adequate capital and earning prospects; b) the bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949; c) the continuance of the bank is prejudicial to the interests of its depositors; d) the bank with its present financial position would be unable to pay its present depositors in full; e) and public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

Govt. Department to Collaborate with SBI to Create Integrated Pension Portal

The Centre's Department of Pension & Pensioners' Welfare (DoPPW) would collaborate with the State Bank of India (SBI) to create an integrated pension portal to enhance ease of living of pensioners.
Sessions on pension policy reforms and digitisation regarding the disbursement of pensions to central government pensioners were organised with the objective of updating SBI field functionaries during the two-day bankers' awareness programme in Udaipur, Rajasthan.

Yes Bank Appoints Dheeraj Sanghi as Head of Branch Banking

Private sector lender Yes Bank announced the appointment of Dheeraj Sanghi as its country head of branch banking.
In this role, Sanghi would be responsible for leading the branch banking, rural branch banking, corporate salary, TASC and embassy businesses, driving accelerated growth in liabilities base and fee income.
Sanghi will focus on building a sustainable and profitable liabilities business by improving resource level productivity, augmenting synergies between channels and leveraging the reach of the bank's current branch network. He will report to Rajan Pental, global head of retail banking.
The bank said that Sanghi has over 25 years of experience with an extensive experience in managing large distribution across the branch and banking functions.

Marzin Shroff to Step Down as Managing Director and CEO of Eureka Forbes

Vacuum cleaner and water purifier maker Eureka Forbes' Managing Director and CEO Marzin R. Shroff will step down, effectively from August.
Shroff, who was leading the company for the last five years, will move to a new role as senior advisor to both Advent International and Eureka Forbes Ltd.
In his new role as senior advisor, Marzin will use his expansive industry knowledge to assist both Advent and Eureka Forbes with managing business risks, cultivating best-in-class talent and building strong leadership.

Nomura Names Jwalant Nanavati as Southeast Asia Investment Banking Head

Nomura Holdings named Jwalant Nanavati as the new head of its Southeast Asian investment banking business.
Hong Kong-based Nanavati, who joined Nomura nearly four years ago to head its Asia ex-Japan technology, media and telecom (TMT) investment banking team, will take over the new role from July 1 but relocate to Singapore only later this year.
Nanavati, an investment banking veteran of two decades, previously worked at BNP Paribas, Deutsche Bank and Lehman Brothers.

Jun 21, 2022

Fitch Upgrades 9 Indian Banks' IDRs to Stable

Fitch Ratings upgraded nine Indian institutions, including SBI, ICICI Bank, and Axis Bank, from negative to stable. Bank of Baroda (BOB), Bank of Baroda (New Zealand) Ltd, Bank of India, Canara Bank, Punjab National Bank (PNB), and Union Bank of India are among the other institutions to get a upgrade. Fitch Ratings has upgraded 9 India-based banks' Long-Term Issuer Default Ratings (IDRs) to stable from negative, while upholding their IDRs.
The IDRs are based on Fitch's evaluation of the sovereign's ability and tendency to offer extraordinary support for these institutions, which takes into account Fitch's assessment of the sovereign's ability and inclination.
It takes into account the government's track record of backing systemically important banks, the lenders' relative systemic importance, and their various ownership structures.
Fitch also changed the outlook on the Export-Import Bank of India's (EXIM) Long-Term IDR from negative to stable.

RBI's 'Payments Vision 2025' Aims for a Three-fold Increase in Digital Payments

The Reserve Bank's 'Payments Vision 2025' document, which seeks a three-fold jump in the number of digital payments, is progressive and aims to establish India as a powerhouse of payments globally, opined industry players.
The RBI on June 17 came out with its 'Payments Vision 2025' document which also talks about ring-fencing of domestic payment systems, including the need to mandate domestic processing of payment transactions, in view of the emerging geopolitical risks.
The core theme of the vision documents is 'E-Payments for Everyone, Everywhere, Everytime' (4Es), with an overall objective to provide every user with safe, secure, fast, convenient, accessible, and affordable e-payment options.

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