South Indian Bank Joins Hands with SAIL for Financing Dealers
South Indian Bank and Steel Authority of India Limited signed an agreement to provide financial assistance to the dealers of SAIL across the country.
This tie-up allows South Indian Bank to offer SAIL's dealers with financial assistance for working capital, especially steel procurement. With its network of 928 branches, it will be able to serve the MSME and corporate customers of SAIL located at different geographies.
The Memorandum of Understanding (MoU) was exchanged between Praveen Joy (Head-Transaction Banking Group) of South Indian Bank and Surendra Kumar Sharma, (CGM- Finance & Accounts) of SAIL. Jiljith J, (AGM & Regional Head- Kolkata, South Indian Bank and Chaitali Deb (GM- Finance & Accounts, SAIL) were also present.
Vedanta's Cairn Oil & Gas Announces Appointment of Nick Walker as New CEO
Vedanta's Cairn Oil & Gas announced the appointment of Nick Walker as the new Chief Executive Officer (CEO) of the company.
Before this appointment, Walker was president and chief executive officer at Lundin Energy, one of the leading European independent E&P companies.
Having worked previously in companies like BP, Talisman Energy and Africa Oil, he has over 30 years of diverse international experience in technical, commercial and executive leadership roles.
He is the sixth CEO of the company since mining billionaire Anil Agarwal-led group bought the company from Scottish explorer Cairn Energy plc in 2011.
Walker came into Cairn Oil & Gas after Prachur Sah quit the firm to join Indus Towers Ltd (formerly Bharti Infratel Ltd) as Managing Director and CEO.
Accenture most Valued IT Brand
Indian IT services firms consolidated their positions in Brand Finance report's rankings for 2023. Accenture retained its position as the most valuable IT services brand globally. TCS and Infosys remained the second and third most valued brands, while increasing their brand value by 2 per cent.
Accenture retained the top slot for the fifth year straight, with a brand valued at $39.8 billion. It is the strongest IT services brand in the ranking with a Brand Strength Index (BSI) score of 87.8 out of 100 and a corresponding AAA brand rating.
Jan 18, 2023
MoU Signed to Facilitate Low Interest Rate Loans to Farmers
To facilitate farmers in getting loans at low-interest rates, Warehousing Development Regulatory Authority (WDRA) signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI).
According to a Ministry of Consumer Affairs, Food and Public Distribution release, the MoU was signed with the intent of promoting awareness about the new loan product called Produce Marketing Loan to exclusively fund against e-NWRs (electronic Negotiable Warehouse Receipt) with features such as Nil processing fee, No Additional collateral and attractive interest rates.
It is envisaged that the product will have far-reaching consequences with regard to the acceptance of e-NWRs among small and marginal farmers. It has the potential to make a significant impact on the finances of rural depositors by preventing distress sales and releasing better prices for their farm produce.
Paytm Payments Bank Receives Approval from RBI as BBPOU
Paytm Payments Bank received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU).
Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, credit card bill and municipal taxes.
BBPS is owned by the National Payments Corporation of India.
So far, Paytm Payments Bank Ltd (PPBL) has been undertaking this activity under in-principle authorisation from RBI.
Adani, Ashok Leyland to Develop Asia's First Hydrogen-mining Truck
Adani Enterprises signed a deal with Ashok Leyland and Ballard Power to launch a pilot project to develop a hydrogen fuel cell electric truck for mining logistics and transportation, a first in Asia.
The FCET is scheduled to be launched in India in 2023. The demonstration project will be led by AEL, a company focused on both mining operations and developing green hydrogen projects for sourcing, transporting, and building out hydrogen refueling infrastructure. Ballard, an industry leading PEM fuel cell engine manufacturer, will supply the FCmoveTM fuel cell engine for the hydrogen truck and Ashok Leyland, one of the largest manufacturers of buses in the world, will provide the vehicle platform and technical support.
Jan 17, 2023
Govt. Extends Tenure of Bank of Baroda MD Sanjiv Chadha by 5 Months
The government extended the tenure of Managing Director (MD) and CEO of Bank of Baroda (BoB) Sanjiv Chadha for about five months till June 30, 2023.
The Appointments Committee of the Cabinet (ACC) approved the proposal of the Department of Financial Services for extending the term of Chadha till June 30, 2023, when he attains 60 years, the retirement age.
Axis Bank Tops Re-bond League Table for 16th Consecutive Year in 2022
Axis Bank trumped every competitor for the 16th consecutive year in 2022 as a rupee domestic bond issue arranger, cornering 19.20 per cent market share or Rs. 92,904.5 crore across 127 issuances.
Significantly, the top three spots were retained by private sector lenders with the second position maintained by ICICI Bank with a market share of 17.67 per cent or Rs. 85,486 crore and HDFC Bank third with 17.29 per cent or Rs. 83,667 crore of the total share, according to the Bloomberg league table for 2022.
India, UK to Launch Young Professionals Scheme in February
India and the UK will launch the Young Professionals Scheme next month that will allow degree-holding Indian nationals in the age group 18-30 years to live and work in Britain for up to two years.
The scheme would be launched on February 28, according to a Ministry of External Affairs (MEA) statement issued after the 15th India-UK Foreign Office Consultations (FOC).
Foreign Secretary Vinay Mohan Kwatra led the Indian delegation while the British side was helmed by Philip Barton, Permanent Under-Secretary, Foreign, Commonwealth & Development Office.
The UK-India Young Professionals Scheme will offer 3,000 places annually to 18 to 30 years old degree-educated Indian nationals to come to the UK to live and work for up to two years.
The programme will be reciprocal, also allowing UK professionals in the same position to participate in a professional exchange by living and working in India.
Jan 16, 2023
Piyush Goyal Launches MAARG portal for Start-up Mentorship
Commerce and Industry Minister Piyush Goyal launched the MAARG platform (Mentorship, Advisory, Assistance, Resilience, and Growth), which would facilitate mentorship between start-ups and entrepreneurs across sectors, stages, and functions.
The matchmaking phase of the portal, which was launched, will allow start-ups to connect with mentors and discuss their mentorship needs.
REC Signs MoU with UP Govt. for Multiple Projects
State-owned REC signed non-binding MoUs with the Uttar Pradesh (UP) government to extend financial assistance for various projects during UP Global Investors Summit, Delhi that will help UP in employment generation as well as exponential growth in the state.
These projects include a power plant at a cost of Rs. 14,103 crore, with a capacity addition of nearly 3,000 megawatts (MW), pollution control equipment and allied works; transmission projects worth Rs. 7,800 crore for strengthening the transmission system and network in the state, and a distribution project of Rs. 13,600 crore for strengthening infrastructure, reducing aggregate technical and commercial losses.
REC, formerly Rural Electrification Corporation, is a subsidiary of Power Finance Corporation under the Union Power ministry. It finances and promotes power projects across India. The PSU provides loans to central or state sector power utilities in the country, state electricity boards, rural electric cooperatives, NGOs and private power developers.
Union Minister Jitendra Singh Launches Geospatial Hackathon
Union Minister for Science and Technology Jitendra Singh launched Geospatial Hackathon to promote Innovation and start-ups in India's Geospatial ecosystem. Speaking on the occasion in New Delhi, Singh said that the aim of the hackathon is to promote partnerships not only among the public and private geospatial sectors but also to strengthen country's geospatial start-up ecosystem. There will be two sets of challenges which are research challenge and start-up challenge to find out four winners for the best solutions to the geospatial select problem statements.
NCLT allows Jalan-Kalrock Consortium to Take Control of Jet Airways
The National Company Law Tribunal (NCLT) allowed an application by the Kalrock-Jalan consortium to implement its resolution plan for Jet Airways and infuse funds to revive the grounded airline.
The tribunal gave the consortium 180 days beyond November 16 to make payments to creditors and employees.
The consortium can now take over the airline, but it could face a legal challenge as lenders may appeal against the tribunal's order.
FSIB Recommends Names for MD Posts of Bank of Baroda, Bank of India
The Financial Services Institutions Bureau (FSIB) recommended Debadatta Chand for the post of Managing Director and CEO in Bank of Baroda. Chand is currently an Executive Director at BoB.
This autonomous professional body also recommended Rajneesh Karnatak to the post of Managing Director and CEO in Bank of India. He is currently Executive Director in Union Bank.
FSIB interfaced with 13 candidates for the position of MD & CEO in Bank of Baroda and 12 candidates for the position of MD & CEO of Bank of India.
It may be recalled that FSIB was set up as a single autonomous professional body tasked to search and recommend high-caliber persons for appointment as Wholetime directors (WTDs) and non-executive Chairpersons in public sector banks, public sector insurers and financial institutions. FSIB had subsumed the Banks Board Bureau, which now ceases to exist.
Jan 15, 2023
SBI Launches e-Bank Guarantee Facility
State Bank of India (SBI) launched e-Bank Guarantee (e-BG) facility in association with National e-Governance Services Limited (NeSL).
As per the bank, this facility will bring about a revolutionary change in the banking ecosystem, where bank guarantee is frequently used in large volumes.
The bankyook this initiative to enhance transparency and reduce turnaround time from days to minutes.
NeSL's Digital Document Execution (DDE) platform, which provides e-Stamp and e-Sign functions, will facilitate the e-Bank Guarantee process. Beneficiaries will instantly receive an e-Bank Guarantee on NeSL's platform without further verification.
CBIC Notifies the Customs Valuation Rules 2023, Effective from February 11
The center notified Customs (Assistance In Value Declaration Of Identified Imported Goods) Rules, 2023, which is a measure to reduce the undervaluation of certain imported goods. The rules will become effective as of February 11, 2023, as per a notification by the Central Board of Indirect Taxes and Customs (CBIC). This is in line with the budget proposal which proposed amending section 14 of the Customs Act by levying additional obligations on the importer for a specific category of imported goods. They strongly belive that importers are evading duties by not declaring the true value of their goods which results in lesser value to the government.
In a First, India among the Top Five ECM Markets Globally in 2022
India was among the top five markets, globally, in terms of equity fundraising despite the quantum of funds raised declining by 43 per cent.
According to a report by Kotak Investment Banking, funds to the tune of $16.4 billion were transacted via equity capital market (ECM) activity in India in 2022.
Traditionally, India has rarely featured in the top 10 in terms of ECM activity. Interestingly, in 2022, India also broke into the top-five league in terms of market capitalisation.
India's outperformance came on the back of a sharper decline in ECM activity in major markets such as the United Kingdom, Australia and Japan.
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