General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

May 08, 2023

Visa Launches CVV-Free Payments for Tokenised Cards in India

Visa, the global card transaction company, launched a new feature in India that allows users to make online payments without the need for a CVV number. The feature applies to tokenised credit and debit cards and is only available for domestic transactions in India. When a user tokenises their card, it is secured with a unique code and transactions are completed using a two-factor authentication process, which does not require the 16-digit card number or any other card details. The new authentication method protects users from cyber fraud as the token cannot be used on another platform.
Merchants such as Zomato and Razorpay are already using the new CVV-free service offered by Visa. The move comes as Visa's other service, Visa Safe Click, has been paused due to regulatory pressure to tighten security standards.

Accenture India Chief Rekha Menon to Retire

Accenture India announced leadership changes as Rekha M. Menon, senior Managing Director and Chairperson, retires from the global professional services company on June 30.
Ajay Vij will take up the newly created role of country Managing Director, and Sandeep Dutta will lead the India Market Unit. The Chairperson's primary responsibilities will now be undertaken by the two new appointees.
During her 20-year career at Accenture, Menon held various roles across markets. As chairperson, she expanded Accenture's business, strengthened its presence in communities and built relationships with key industries, governments, and clients. She pioneered the India corporate citizenship strategy and championed the company's inclusion and diversity agenda.

SEBI Introduces the Legal Entity Identifier (LEI) System

The Securities and Exchange Board of India (SEBI) introduced the Legal Entity Identifier (LEI) system for issuers that have listed or are planning to list non-convertible securities, securitized debt instruments, and security receipts. This unique global identifier for legal entities participating in financial transactions aims to create a global reference data system that uniquely identifies every legal entity that is a party to a financial transaction.
The LEI code is a 20-character code that identifies legally distinct entities that engage in financial transactions. Its purpose is to provide a unique global identifier for legal entities participating in financial transactions. The LEI system helps to improve transparency in financial markets and mitigate systemic risk by providing a comprehensive and standardized database of legal entity information.

Aurionpro Payments Gets RBI Approval to Operate as Payment Aggregator

Aurionpro Payment Solutions Ltd (APSL) received in-principle approval from the Reserve Bank of India (RBI) to operate as payment aggregator under the Payment and Settlement Act, 2007. AuroPay can commence payment aggregator business upon receiving the final certificate of authorisation from RBI.
APSL is founded by Aurionpro Solutions Ltd which offers solutions in the fintech space.
AuroPay' seeks to offer a bouquet of e-payment options which are safe, secure, user-friendly and affordable. The aim is to become a one-stop shop, offering a wide range of services in the payment ecosystem globally, catering to e-commerce businesses as well as SMEs which are rapidly adopting digital technologies.

Lupin Acquires Entire Stake in French Pharma Company Medisol

Pharmaceuticals firm Lupin Ltd acquired the entire share capital of the French pharmaceutical company, Medisol, subject to approval from the French Ministry of Economy and Finance, for 18 million euros.
With this acquisition, Lupin will gain access to Medisol's portfolio of seven injectable products across four therapeutic areas, including pain management, anti-inflammatory, cardiovascular diseases and obstetrics.
Founded in 2011 and headquartered in Lyon, Medisol specialises in generic injectable products and is engaged in developing and commercialising its products in France, both in pharmacies and hospitals.

Marico Re-appoints Saugata Gupta as MD & CEO

FMCG major Marico's board re-appointed Saugata Gupta as its Managing Director and Chief Executive Officer for another term of two years. Gupta's reappointment is effective from April 1, 2024.
He had joined Marico in 2004 as the Head of Marketing and was elevated to CEO of India Business in 2007. In 2014, he took over as Managing Director of the company.
Besides, the company's board has appointed Rajan Bharti Mittal as an independent director for a term of five years, beginning from July 1, 2023 to June 30, 2028.
Mittal is the Vice-Chairman of Bharti Enterprises, one of India's leading conglomerates with diversified interests in Telecom, Space Communications, Digital Solutions, Financial Services, Real Estate, Agri-Processed foods in addition to other ventures.
Both the appointments are "subject to the approval of the shareholders.

May 07, 2023

IndusInd Bank Likely to Get Added to MSCI India Index

IndusInd Bank is likely to get added to the MSCI India Index during the rebalancing exercise in August following a sharp increase in the investment legroom for foreign portfolio investors (FPIs). The addition will be a boost for the private sector lender's stock price as it could result in inflows of over $300 million (Rs. 2,500 crore).
IndusInd Bank was removed from the MSCI India Index at the February 2012 quarterly index review following a drop in foreign room.

Adani Ports Completes Sale of Myanmar Port

India's largest private port operator Adani Ports and Special Economic Zone (APSEZ) announced the sale of the controversial Myanmar Port for a total consideration of $30 million, which is $120 million less than its last-known investment value in the port.
As per Karan Adani, Chief Executive Officer and whole-time Director of APSEZ, this exit is in line with the guidance provided by the APSEZ Board based on the recommendations made by the risk committee in October 2021.

May 06, 2023

Axis Bank, India Shelter Finance Partner for Co-lending Small Loans

Axis Bank, India's third largest private sector Bank and India Shelter Finance Corporation Ltd (IndiaShelter), a Gurgaon based Housing Finance Company, announced a strategic partnership under the co-lending model. With this partnership, both lenders will be offering Secured MSME loans to middle and low-income segment borrowers based in the semi-urban regions.
This partnership will leverage the deep financial expertise of Axis Bank and the strong loan processing technology of IndiaShelter to assess the borrower's credit profile and offer them loans at an optimal interest rate, ensuring a seamless banking experience. The partnership will empower Axis Bank and IndiaShelter to reach out to potential customers in the informal segment who are new to credit and are underserved by larger institutions.

RBI Report Focuses on Climate Change, Challenges to Sustainable Growth

The Reserve Bank of India (RBI) released a report on currency and finance for the financial year (FY) 2022-23. The theme of the report is 'Towards a Greener Cleaner India'.
The apex bank said that the report covered four major dimensions of climate change to assess future challenges to sustainable high growth in India, viz., the unprecedented scale and pace of climate change; its macroeconomic effects; implications for financial stability; and policy options to mitigate climate risks.
The central bank highlighted that there is a need for a balanced policy intervention with progress ensured across all policy levers for India to achieve its green transition targets by 2030 and later make the net zero goal by 2070 attainable.

BharatPe Rebrands Multi-brand Loyalty Program PAYBACK India as 'Zillion'

BharatPe Group, one of India's leading names in the fintech industry, rebranded PAYBACK India, the multi-brand loyalty program to 'Zillion'.
This new brand identity is in line with the company's vision to make Zillion ubiquitous to loyalty and rewards across the country.
The new brand identity intends to appeal to clients of all ages and give their overall shopping experience—across brands and categories—a new dimension.
Customers will have a variety of alternatives from Zillion to earn and redeem points at a variety of partners across the country.

May 05, 2023

Cashfree, Yes Bank Partner to offer International Payment Collection

Cashfree Payments and Yes Bank came together to offer 'Global Collections', an international collection service for exporters, who are account holders of Yes Bank. Under this partnership, the Bank's account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service. The funds so received can then be converted into INR and settled into their local bank account in India within one business day.
In addition to having dedicated facilities in 4 currencies (USD, GBP, EUR and CAD), the product also enables global collections in over 30 currencies up to the equivalent of $10,000 in line with the Reserve Bank of India's (RBI's) Online Payment Gateway Service Providers (OPGSP) guidelines.

Pine Labs Partners ICICI Bank to Enable Digital Rupee on PoS Terminals

Merchant commerce platform Pine Labs announced the acceptance of the digital Rupee on its PoS (point-of-sale) terminals in partnership with ICICI Bank. The technology integration between the two entities will now support Digital Rupee acceptance at Pine Labs' point-of-sale terminals across key retail outlets in Mumbai and Bengaluru.
Pine Labs' execution of the Digital Rupee payment process is completely digital via dynamic QR (quick response) built within its smart Android PoS terminals.

HDFC ERGO General Insurance Elevates Anuj Tyagi to Joint Managing Director

HDFC ERGO General Insurance elevated Anuj Tyagi and designated him as Joint Managing Director of the Company.
As per reports, the elevation was approved by the nomination and remuneration committee and the board of directors of the company decided during their meeting held in April in Mumbai.
Tyagi has been associated with HDFC ERGO for the last 14 years. During these years, he has spearheaded the development of retail, commercial and rural business apart from reinsurance, technology and human resources. He has also been a part in ensuring the merger of Apollo Munich Health Insurance Company with HDFC ERGO.

May 04, 2023

Alchemy India Long Term Fund Relocates from Mauritius to Gift City IFSC

Alchemy India Long Term Fund, an offshore fund, re-domiciled from Mauritius to the Gift City IFSC. Kotak Mahindra Bank acted as the custodian and issued the first-ever foreign portfolio investor (FPI) license to the fund incorporated in Gift City.
The government had allowed India-sponsored funds and managers to relocate to Gift City. As per Industry players, more such funds could move to Gift City as the tax treatment is now at par with other global jurisdiction.
One of the important objectives of IFSC initiative is to bring back India centric business from offshore to onshore in GIFT IFSC.

Singapore's Vantage Point is Highest Bidder for Bankrupt SKS Power

Singapore's Vantage Point Asset Management emerged as the highest bidder for bankrupt SKS Power Generation (Chhattisgarh) by offering Rs. 1,800 crore. Ahmedabad-based Torrent, came a close second with a difference of just Rs. 7 crore from Vantage's offer.
Nagpur-based Sarda Energy and Jindal Power, which is owned by Naveen Jindal, also made good offers.
SKS owns a 600-mw power plant in Chhattisgarh that is now run by state-owned NTPC, which didn't make an aggressive bid for the company.
The company was sent to bankruptcy court after it defaulted on loans worth Rs 1890 crore to State Bank of India and Bank of Baroda. Hong Kong-based Agritrade Resources bought the plant from Indian lenders in November 2018 in a one-time settlement. Agritrade itself fell into financial problems and could not service the loan.

Hindustan Aeronautics Joins Rs. 1-trillion Market Cap-club

The market capitalisation (m-cap) of state-owned aerospace & defense company Hindustan Aeronautics (HAL) crossed the Rs. 1-trillion mark.
HAL claimed the 52nd spot in the overall market cap ranking, the BSE data showed.
HAL, a defence public sector undertaking (DPSU), is engaged in the business to undertake design, development, manufacturing, maintenance, repair, overhaul, and servicing of products like aircraft, helicopters, engines and other related systems like avionics, instruments, and accessories.
It also engages with the Indian Space Research Organisation (ISRO) to contribute to the space programmes of the country. The Government of India (GoI) remains HAL's largest shareholder, with a current shareholding of around 75 per cent.

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