IEX Forms Subsidiary to Explore Business Opportunities in Carbon Market
Indian Energy Exchange (IEX) announced setting up a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to explore business opportunity in the voluntary carbon market.
The ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent & reliable platform and facilitate reduction of global GHG (green house gases) emission by 45 per cent by 2030 to get on track to limit global warming to 1.5 degrees.
The new company will facilitate corporates to meet their climate commitments goals. The Exchange platform will provide a robust market signal for attracting further investments in the sustainable projects and help corporates to allocate capex towards energy transition in most optimum manner.
Indian Firm Bags Consultancy Contract for Bangladesh Port
An Indian firm bagged a contract for providing consultancy for a capacity building project at Mongla port, the second largest seaport in Bangladesh, which will boost sub-regional connectivity in South Asia. The contract was signed between Mongla Port Authority and EGIS India Consulting Engineers Pvt Ltd. The total project cost under Government of India concessional Line of Credit is USD 530 million of which PMC contract awarded to EGIS India Consulting Engineers Ltd. is for USD 9.60 million.
The project includes constructing a container terminal, handling and delivery yards, a residential complex and community facilities, marine workshop and service jetty.
The upgradation of Mongla port will strengthen maritime connectivity for Bangladesh, not just for the movement of goods with India but also with Bhutan and Nepal.
Dec 29, 2022
India Signs $125 Million Loan deal with ADB to Improve Urban Services in Tamil Nadu
The Government of India and Asian Development Bank (ADB) signed a $125 million loan to develop climate-resilient sewage collection and treatment, and drainage and water supply systems in three cities in the state of Tamil Nadu. The signatories to the tranche 3 loan for Tamil Nadu Urban Flagship Investment Program were Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance who signed for the Government of India, and Hoe Yun Jeong, Officer-in-Charge of ADB's India Resident Mission who signed for ADB.
The financing is the third and the last tranche of the $500 million multi-tranche financing facility (MFF) for the Program approved by ADB in 2018 to build priority water supply, sewerage, and drainage infrastructure in strategic industrial corridors across 10 cities in the state. The tranche 3 loan covers Coimbatore, Madurai, and Thoothukudi.
Baskar Babu Re-appointed as Suryoday Bank's Chief for 3 Years
Reserve Bank of India (RBI) approved the re-appointment of Baskar Babu Ramachandran as the MD & CEO of Suryoday Small Finance bank for three years effective from January 23, 2023. The founder of the bank, Baskar Babu Ramachandran sold the bank's 50 lakh shares in December for Rs. 55.44 crore to close a loan for exercising warrants to maintain the promoter's stake at the minimum of 26 per cent for the first 5 years.
The bank was originally incorporated as Suryoday Micro Finance Pvt Ltd in Chennai in 2008.
The bank subsequently converted into a public limited company as Suryoday Micro Finance Ltd in 2015.
Suryoday Micro Finance was granted in-principle and final approval to establish an SFB by the RBI.
Suryoday Small Finance Bank is a scheduled commercial bank. The bank has a widespread presence across 13 states and UTs across India through its 565 banking outlets. The bank reported a net profit of Rs. 13 crore in Q2 FY22 as against a net loss of Rs. 1.92 crore.
Bajaj Allianz General Insurance Announces Launch of 'Respect Senior Care Rider'
Bajaj Allianz General Insurance, one of the leading private general insurers of India, announced the launch of its unique health insurance rider 'Respect Senior Care Rider'. This rider helps one fulfil their parental responsibility smoothly. In order to accomplish this goal, Bajaj Allianz General Insurance tied up with a wide network of service providers to assist the insured with their worries.
The company offers a comprehensive network of services and professionals who collaborate with one another to ensure that senior citizen will always receive the highest possible level of care.
This network can be accessed by them or their family members at any time, this product will protect the customers from shelling out significant sums of cash and reduces worries and brings a plethora of services at their fingertips.
The intention of the rider is to minimize the worries of senior citizens and of their family members who might not be living in the same city. Anyone who is aged 50 years & above and has the company's base health insurance policy can opt for this rider.
Indian Bank Launches 'MSME Prerana' Programme in Rajasthan
Indian Bank, one of the leading public sector banks in the country, launched its flagship business mentoring program for MSME entrepreneurs – 'MSME Prerana' – in the state of Rajasthan.
Indian Bank's unique program, "MSME Prerana", is a first-of-its-kind initiative for MSME Sector in the country by any bank. It aims at empowering MSME entrepreneurs through skill development and capacity building training in their local languages, assisting them in acquiring necessary financial and managerial skills, capacity to handle crisis in business, understanding of dynamics of credit rating and risk management. The training program is in collaboration with M/s Poornatha & Co, a firm that designs entrepreneurial development program in vernacular languages using online web interactive sessions and case studies. Indian Bank has already conducted this online program in 7 languages across 10 states.
Dec 28, 2022
L&T Construction Bags Multiple Orders for its T&D Business
The Power Transmission & Distribution Business of L&T Construction received an EPC order to establish a 90MW Floating Solar PV Plant at the Omkareshwar Dam, a large water body without much change in the water level throughout the year, in the Khandwa district of Madhya Pradesh.
This water body is emerging as one of the largest floating solar parks in the world.
Further, in western Uttar Pradesh, the Business will undertake works for the development of distribution infrastructure under the revamped reforms-linked distribution scheme. The scope of this loss reduction package includes asset mapping using Geospatial Information System (GIS).
In the overseas market, the Business has received an order for establishing 400kV & 225kV transmission lines in North Africa.
The Business has also won an order for building a 132kV substation in the coastal town of Bintulu in Sarawak, Malaysia.
Infibeam Avenues Receives RBI Nod for Bharat Bill Payment Licence
Infibeam Avenues secured perpetual license from the RBI for its bill payments business, BillAvenue, for operating as a Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS).
As a BBPOU, BillAvenue operates as both biller and customer operating unit onboarding billers and agent institutions to service the customers.
The perpetual license will help the company to offer safe, secure and uninterrupted services to our 18,000 plus billers, agent institutions and our network of one million agents spread across 2,000 cities and towns of India. It will also help expand into the hinterlands of India.
Dec 27, 2022
Kirloskar Systems Announces Appointment of Manasi Tata on Board of JV Firms
Kirloskar Systems appointed Manasi Tata, daughter of late Vikram Kirloskar, as Director on the board of the company's joint-venture firms with immediate effect.
These joint ventures include Toyota Industries Engine India Pvt Ltd, Kirloskar Toyota Textile Machinery Pvt Ltd (KTTM), Toyota Material Handling India Pvt Ltd (TMHIN), and Denso Kirloskar Industries Pvt Ltd (DNKI).
Her appointment as Director came after the untimely passing of her father, late Vikram S Kirloskar, former Chairman & Managing Director, KSPL. His wife, Geetanjali Kirloskar, had already taken charge as the new Chairman & Managing Director at KSPL.
SpiceJet Shareholders Approve Re-appointment of Ajay Singh as Director
Shareholders of SpiceJet approved the re-appointment of Ajay Singh as a director of the no-frills airline.
At the annual general meeting, the shareholders also gave their nod for the adoption of audited financial statements for financial year ended March 31, 2022.
Currently, Singh is the Chairman and Managing Director of the no-frills airline.
Singh was originally appointed as director on November 4, 2004 and subsequently resigned on August 27, 2010. Thereafter, he was appointed as Managing Director of the company on May 21, 2015.
RBI Emerges as the Largest Gold Buyer among the Central Banks across the Globe
With 132.34 metric tonnes (MT) of gold purchase, RBI emerged as the largest buyer of the yellow metal among central banks between April 2020 and September 2022. Also, RBI was the top gold buyer among its peers in 2020 while it stood third in 2021. In 2020, it bought 41.68 MT of gold while in 2021 and 2022 (till September end) it bought 77.5 MT and 31.25 MT, respectively.
Every major central bank keeps a portion of its reserves in gold as it plays a fine hedging instrument in the time of uncertainty and economic turmoil. During the balance of payment crisis in 1990-91, Indian government pledged 67 MT of gold to the Bank of England and Union Bank of Switzerland.
RBI's Revised Bank Locker Rules to Come into Effect from 1st January
The Reserve Bank of India (RBI) said that all leading banks should issue the locker agreement to its holders before January 1, 2023, as the new locker rules will be implemented from that date. Earlier, the RBI had announced revised guidelines on August 8, 2021, which became effective from January 1, 2022. And now, all the locker owners must display their eligibility for a new locker arrangement and sign a renewal agreement prior to January 1, 2023.
The central bank directed all lenders to use the Indian Banks' Association IBA-drafted Model Locker Agreement, in line with the Supreme Court's orders and guidelines. RBI has instructed banks to ensure that any "unfair terms or conditions" are not covered in their locker agreements. The revised guidelines add that the terms of the agreement shall not be more "onerous than required in ordinary course of business" to secure the interests of the bank.
RBI advises the banks to install CCTV camera at entry and exit points of the strong room and the common areas of operation. It mandates to preserve its recording for a period of not less than 180 days.
According to the guidelines, if any customer has complained to the bank that his/her locker is opened without his/her knowledge and authority, or any theft or security breach is noticed/observed, the bank shall preserve the CCTV recording till the police investigation is completed and the dispute is settled.
Dec 26, 2022
Jitendra Agrawal New CEO of Surya Roshni's Lighting, Consumer Durables Business
Surya Roshni appointed Jitendra Agrawal as the CEO of the lighting and consumer durables business. He will be responsible for driving profitable growth in all areas of the lighting business and building of categories within the consumer durable space.
Agrawal joined Surya from Luminous Power Technology Pvt Ltd, (a 100% Subsidiary of Schneider Electric), where he was senior vice president and responsible for the company's home electrical business. Prior to that, he spent 19 years with Philips India Limited, where, in his last role, he was a senior director at Philips Lighting.
Agrawal brings with him a rich experience of 27 years in the field of business and people management, business strategy, multi-sales channels, product marketing, marketing communication, new business, R&D, quality, and sourcing. He is an electrical and electronics engineer from Mangalore University.
The 10th North East Festival Begins with Promise to Boost MSME Sector in Region
The 10th edition of the North East Festival began at Jawaharlal Nehru Stadium, Delhi with focus on small and medium enterprises as well as the start-up ecosystem in the region.
The cultural event was inaugurated by Minister of Micro, Small and Medium Enterprises (MSME) Narayan Rane, who said that the festival will help create more job opportunities and boost the start-up ecosystem of the northeast.
The primary goal of this festival organised in Delhi was to showcase the best of northeast India's cultural resources and act as an enticing gateway for the exceptional talents of the region.
P. N. Vasudevan to Continue as Equitas Small Finance Bank MD, CEO
After announcing earlier this year (2022) that he would step down from his post, P.N. Vasudevan, founder of Equitas said that he decided to continue as Managing Director and Chief Executive Officer of Equitas Small Finance Bank.
The Board believes that continuity of management and his leadership would help the Bank sustain its growth in a stable, scalable and inclusive manner. Accordingly the present ongoing process of identifying a successor to him stands terminated.
Honda Cars India Ties up with Indian Bank to Provide Vehicle Loans
Honda Cars India (HCIL) tied up with Indian Bank to provide vehicle finance for its customers.
The partnership will offer easy loan disbursement, reasonable interest rates, special offers, flexible policies and simplified process.
The customers can avail financing benefits across over 5,700 branches of Indian Bank and HCIL dealer network across the country.
NSE Gets SEBI Nod to Set up Social Stock Exchange
The National Stock Exchange of India (NSE) received in-principle approval from market regulator Securities Exchange Board of India (SEBI), to set up a Social Stock Exchange (SSE) as a separate segment of the NSE.
First floated by Finance Minister Nirmala Sitharaman in her Budget speech for the financial year 2019-20, SSE is a novel concept in India and the framework for this was notified in July 2022 based on the recommendations of a working group and technical group constituted by SEBI.
It is meant to serve the private and non-profit sectors by availing more capital to them. The union government issued a gazette notification declaring a new security 'zero coupon zero principal'under the Securities Contracts (Regulation) Act, 1956.
An SSE allows the listing of non-profit or non-government organisations on stock exchanges, providing them with an alternative fund-raising structure.
Countries like the UK, Canada and Brazil have SSEs.
JSW Energy Gets Shareholders' Nod to Appoint Parth Jindal as Director
JSW Energy received the shareholders' approval to appoint Parth Jindal as a director on the company's board.
He is the son of the company's Chairman and Managing Director Sajjan Jindal.
The e-voting process for the resolution to appoint Parth Jindal as a director was started on November 23 and ended on December 22.
The resolution to appoint Parth Jindal was with requisite majority.
Presently, he is the Managing Director of JSW Cement Ltd, Managing Director of JSW Paints Pvt Ltd and founder of JSW Sports Pvt Ltd.
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