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.
Dec 07, 2022
Dish TV Appoints Three Independent Directors
Direct-to-home player Dish TV, which is part of the Essel group, appointed three new independent directors on its board. The three are: Sunil Kumar Gupta, Madan Mohanlal Verma and Gaurav Gupta.
This is the first major appointment on Dish TV's board after founder-chairman Jawahar Goel stepped down from his position in September.
The company also announced the resignation of Executive Director Rajeev Kumar Dalmia from the board, adding that he would continue as the company's chief financial officer.
NITI Aayog Objects to Certain Provisions in Proposed DESH Bill
NITI Aayog raised objections to certain provisions pertaining to the proposed DESH bill, which seeks to replace the existing law for special economic zones.
In the Union Budget 2022-23, the government had proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH).
As per reports, NITI Aayog had concerns on provisions of the proposed bill such as partial de-notification of zones; and removal of NFE (net foreign exchange earnings) requirement.
Centre to Allow Foreign Funds to Invest over 51 % in IDBI Bank
The Indian government will allow a consortium of foreign funds and investment firms to own more than 51% in IDBI Bank Ltd., according to a government clarification.
The current guidelines of the Reserve Bank of India restrict foreign ownership in new private banks. The central bank's residency criteria for promoters applies only to newly set up banks and would not apply to an existing entity like IDBI Bank, the Department of Investment and Public Asset Management said in a response to interested bidders' queries.
The Indian government and the RBI would also consider relaxing the five-year lock-in period for shares if a non-banking financial company is merged into IDBI Bank.
The clarifications come ahead of a December 16 deadline to submit expressions of interest for a majority stake in IDBI Bank, one of the few lenders that the government is trying to offload its stake in.
Flipkart, Walmart ink MoU with NSIC to Speed up Capacity Creation for MSMEs
Home-grown e-commerce brand Flipkart and its parent, US retailer Walmart, signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC) to jointly accelerate capacity building for micro, small and medium enterprises (MSMEs) across India.
The partners also seek to support MSMEs in their quest to become part of local and global retail supply chains.
The MoU was signed at the Walmart Vriddhi Seller Summit in New Delhi, an event that marked the completion of training by 20,000 MSMEs under the Walmart Vriddhi Supplier Development Program (Walmart Vriddhi).
AU Small Finance Bank, ICICI Lombard Partner for Bancassurance
AU Small Finance Bank entered into a Bancassurance tie-up with ICICI Lombard General Insurance. The partnership would provide the Bank's diverse customers access to the insurer's portfolio and enhance penetration across India.
The bank is rapidly expanding its distribution footprints across India and this tie-up between two giants in their respective industries will aim to further enrich its general insurance offering with agile, digital & paperless solutions offered by ICICI Lombard. The entire suite of products will be offered across 980 plus banking touch points spread over 20 states & 2 union territories. The customer centric products will provide long term financial security to customers and their families. With both organizations believing in offering the best to the customers through innovation and consistency, this partnership would offer customers the best of both worlds.
Hitachi Rail Wins Bid to Run Automatic Metro Train Operations: CMRL
A consortium led by Hitachi Rail emerged winner for the largest signalling tender worth Rs. 1,620 crore that would enable automatic train operations, the Chennai Metro Rail Ltd said.
The ultra-modern communication-based train control system would allow Chennai Metro rail to take up automatic train operation without the need for a driver.
Hitachi Rail STS SPA and Hitachi Rail STS India Pvt Ltd was awarded the bid for the 'design, manufacture, supply, installation, testing and commissioning of signalling, train control and video management system.
This is the phase two project of the agency valued at Rs. 1,620 crore and the system would incorporate the metro rail technology currently being used around the world.
For safe transport of passengers, the system would undergo intensive testing on various safety parameters and it would be certified by an independent safety assessment team for highest level of safety as per the international standards.
Dec 06, 2022
Jindal Stainless Partners with ReNew Power for 300 MW Hybrid Power Project
Leading stainless player Jindal Stainless Limited (JSL) partnered with ReNew Power to develop its proposed 300 MW hybrid energy project.
The project will generate 700 million units of green energy annually through a mix of solar and wind technologies.
The project with ReNew Power is expected to start commercial operations by May 2024 and will aid in carbon abatement by over 6.5 lakh tonnes per year.
JSL is the country's largest stainless steel manufacturer with an annual melt capacity of 1.9 MT.
Samsung Electronics Appoints Lee Young-hee as its First Female President
Samsung Electronics promoted a female executive to the president of global marketing for its mobile business, in the first move to tap a female talent for the top post.
Lee Young-hee was promoted to the president of the Global Marketing Centre for Samsung's Device eXperience (DX) division that oversees its mobile business.
She is the first female president at Samsung, the country's biggest conglomerate, to come from outside the founding family.
Lee Young-hee joined the tech giant in 2007 and was promoted to vice president in 2012. Previously working at L'Oreal, she is credited with successfully promoting the image and brand of Samsung's Galaxy mobile phones.
Shriram Finance Merges with Shriram City to Focus on MSMEs and Others
Commercial vehicle financing major Shriram Transport Finance Company and two-wheeler and MSME financier Shriram City Union Finance merged to form Shriram Finance Limited (Shriram Finance).
According to Shriram Finance, the company will be a diversified player with a robust net worth of Rs. 40,900 crore and Assets under Management (AUM) of Rs. 1,71,000 crore catering to over 6.7 million customers across India.
The growth strategy for the company will be focused on driving the self-employed and the micro, small and medium enterprises (MSME) economy.
Shriram Finance further announced the appointment of Jugal Kishor Mohapatra as Chairman of the Company and Maya Sinha as an Independent Director.
Biocon Biologics Elevates Shreehas Tambe as Managing Director and CEO
Biocon Biologics elevated Shreehas Tambe as Managing Director and CEO of the company with immediate effect.
Tambe was Deputy CEO of Biocon Biologics, a subsidiary of Bengaluru-based Biocon.
He took over from Arun Chandavarkar, who will continue to serve as a non-executive, non-independent director on the Biocon Biologics board.
As per Biocon & Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw, Shreehas has taken on the responsibility of leading Biocon Biologics as MD & CEO at a time when the company is gearing up for global leadership in biosimilars with the closing of the Viatris acquisition.
Hyderabad Gets India's First Real-time Gold ATM
Unlike usual ATMs that dispense money, the Goldsikka ATM in Hyderabad dispenses gold coins. In what is India's first gold ATM, people can insert their debit or credit cards into the Goldsikka and buy gold coins.
The ATM has a capacity of storing 5 kg of gold. There are 8 available options for the quantity of gold starting from 0.5 grams to 100 grams.
Goldsikka Pvt Ltd launched its first Gold ATM with technology support from M/s OpenCube Technologies Pvt Ltd, a Hyderabad-based start-up company. This is India's first and the world's first real-time gold ATM.
Biocon Biologics Elevates Shreehas Tambe as Managing Director and CEO
Biocon Biologics elevated Shreehas Tambe as Managing Director and CEO of the company with immediate effect.
Tambe was Deputy CEO of Biocon Biologics, a subsidiary of Bengaluru-based Biocon.
He took over from Arun Chandavarkar, who will continue to serve as a non-executive, non-independent director on the Biocon Biologics board.
As per Biocon & Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw, Shreehas has taken on the responsibility of leading Biocon Biologics as MD & CEO at a time when the company is gearing up for global leadership in biosimilars with the closing of the Viatris acquisition.
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