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BUSINESS AND ECONOMY - July 2022

Jul 2022

Nov 26, 2022

SBI Continues to Lead Debit Card Market, HDFC Leads Credit Cards for October 2022

Country's largest lender, State Bank of India continues to dominate the debit cards market in October 2022, with a 29% share, revealed data by 1Lattice (previously PGA Labs).
Cards in circulation in India hit 1 billion as debit cards issuances revive. While the number of credit cards increased by 25 per cent from 62.81 million in June 2021 to 78.7 million in June 2022, debit cards increased by 2 per cent from 906 million to 921.75 million during the same period, according to the Worldline report on digital payments.
In the credit cards market, India's largest private sector bank, HDFC bank led the share with a whopping 21 per cent. The lead was followed by SBI Card (19%), ICICI Bank (17%), Axis Bank (11%), RBL Bank (5%), and Kotak Mahindra Bank (6%), according to 1Lattice data.

Romal Shetty is CEO-designate of Deloitte India

As per reports, senior consultant Romal Shetty was nominated CEO-designate of Deloitte India after a month-long selection process.
The nomination committee, after considering multiple candidates, zeroed in on Shetty, who leads Deloitte's consulting practice in India. The next step is for its Indian equity partners to confirm his candidacy.
Shetty has 20 years of experience in advisory services across large-scale transformation programs covering the business and technology domain and has worked in over 30+ countries across risk and consulting domain.
Shetty's key focus areas are financial and operational turnaround, customer experience, product innovation, revenue management, analytics, business continuity, risk management, cost reduction, managed services and process reengineering.
He is a Fellow Member of the ICAI and a Certified Information Systems Auditor.

DPIIT Launches Start-up Applications for Registration on MAARG Portal

The Department for Promotion of Industry and Internal Trade (DPIIT) launched start-up applications for registration on the MAARG portal, the National Mentorship Platform by Start-up India.
The purpose of the application is to provide further boost to the start-up ecosystem by catalysing the start-up culture and building a strong and inclusive ecosystem for innovation and entrepreneurship in India.
MAARG portal, (Mentorship, Advisory, Assistance, Resilience and Growth) is a one stop platform to facilitate mentorship for start-ups across diverse sectors, functions, stages, geographies, and backgrounds.
The MAARG is being operationalized in three phases which include, Mentor Onboarding, Start-up Onboarding, and MAARG Portal Launch and Mentor Matchmaking.

Nov 25, 2022

HDFC Bank Elevates Bharucha as Deputy MD, Appoints Zaveri as ED

HDFC Bank, the largest private-sector lender in the country, decided to elevate Kaizad Bharucha as Deputy Managing Director and appoint Bhavesh Zaveri to the board as whole-time Executive Director.
The appointments await approval by the Reserve Bank of India (RBI).
The move comes ahead of the merger of HDFC and HDFC Bank, which is likely by April next year.
Bharucha is executive director (and a whole-time board member) of the bank and looks after corporate loans while Zaveri is group head (operations and ATM products).
The last Deputy Managing Director was Paresh Sukthankar, who resigned in August 2018.

BillBox Unveils Wearable Device for Contactless Payments

BillBox, a solution provider in the payments and merchant ecosystem in India, introduced TapTap, a wearable device facilitating contactless payments, in association with NSDL Payments Bank and Visa.
The objective is to accessorise payment and provide convenience to users, the company said. "Now, people should wear money, not carry money in wallets. It is for those who are seeking faster, secure and frictionless payments," said Viraj Majmudar, managing director and Group CEO, BillBox.
TapTap is a programme manager and fintech in prepaid and gift card programmes. The B2B & B2C solutions through partnerships with major brands, fashion designers, and enterprise customers will help BillBox in accessorising payments through wearable contactless payment products.
The device is available in multiple formats and the chip can be purchased online for Rs. 1,499 plus taxes and it would be connected via a mobile app to facilitate payments at point-of sale machines at merchants' outlets.

Nov 24, 2022

Flipkart and Axis Bank Partner to Launch Super Elite Credit Card

In a bid to scale Flipkart's SuperCoins reward program, the e-commerce major and Axis Bank partnered to launch Super Elite Credit Card.
The card will enable Flipkart customers to earn a total of 8 SuperCoins for every Rs. 100 spent and a maximum of 200 SuperCoins can be earned on every successful transaction. Flipkart Plus customers earn a total of 16 SuperCoins for every Rs. 100 spent and they can earn a maximum of 400 SuperCoins on every successful transaction on Flipkart.

Bridgestone Appoints Stefano Sanchini as Head of India Operations

Japanese tyre maker Bridgestone appointed Stefano Sanchini as the head of its India operations with effect from January 1, 2023. He will replace Parag Satpute, who will be heading to Amsterdam (the Netherlands) to assume a new global role in Bridgestone's Solutions Business.
Sanchini is currently VP Region Middle-East and Africa, (MEA).

Unicorn Meesho Joins ONDC to Connect Hyperlocal Sellers and Customers

E-commerce firm Meesho is the fourth unicorn to join the state-run Open Network for Digital Commerce (ONDC), signing up after Paytm, Shiprocket and Dunzo.
Meesho's ONDC pilot will be launched in Bangalore and later rolled out in other locations over a few months. Unicorns are privately held start-ups valued at $1 billion or more.

IndiGo Inaugurates Second MRO Facility at Bengaluru's Kempegowda Airport

IndiGo inaugurated its second maintenance repair and overhaul (MRO) facility at Bengaluru's Kempegowda International Airport.
The 13,000 sq.metre hangar is built on five acres of land and is the second largest maintenance facility at the airport.
IndiGo signed a 20-year pact with the Bengaluru International Airport Ltd. for the facility which was inaugurated by the airline's engineering head, S.C. Gupta.

Nov 23, 2022

Subrat Kumar Appointed as Executive Director of Bank of India

Subrat Kumar has been appointed executive director of the Bank of India with effect for three years.
He has an experience of 27 years in commercial banks and asset management companies.
Previously he held the roles of Regional Head, Patna, Head of Treasury Management, Audit & Inspection, Credit Monitoring, and Corporate Credit.
He also served as the bank's Chief Risk Officer (eVB) and Chief Financial Officer (CFO).

India's Jindal Wins Botswana Coal-Fired Power Plant Project

India's steel, mining, and infrastructure company, Jindal Steel and Power (JSPL) has won the tender to build a 300-megawatt (MW) coal-fired power plant in Botswana.
It is the only fossil fuel-based power plant the Southern African country plans to procure in the next 20 years. Under the project, Jindal will finance the plant and recouping its investments from selling electricity to the Botswana Power Corporation (BPC).

Airtel Payment Bank Launches Face Authentication-Based Savings Account

Airtel Payments Bank has launched face authentication-based savings bank account opening for customers.
Its aim is to ease the account opening process and provide better customers experience. It is the first payments bank in the country to offer this facility.
It will also help business correspondents of the bank to open an account just by undertaking face authentication e-KYC. The authentication is processed by using a newly developed mobile application by UIDAI.

Nov 22, 2022

3i Infotech Receives a Contract from HPCL

3i Infotech, the IT company, received a contract from Hindustan Petroleum Corporation. The contract includes managing and supporting IT infrastructure at HPCL offices and refinery including data centres across India.
3i Infotech rose 1.67% to Rs. 42.60 after the company said it bagged multi-year digital infrastructure managed services contract of Rs. 51 crore from Indian state refiner Hindustan Petroleum Corporation Limited (HPCL).
3i Infotech's Digital Infrastructure Managed Services (DIMS) comprises of IT Infrastructure and Cloud, which helps clients in optimising their IT spends.

Adani Group's Rs. 493-Cr Open Offer for NDTV

Adani group's open offer to acquire an additional 26 per cent stake in the media firm New Delhi Television (NDTV) from the market would start from Tuesday.
The offer, for which a price band of Rs. 294 per share has been fixed, will open on November 22 and closes on December 5, said a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms.
Markets regulator SEBI on November 7 granted its approval to the proposed Rs. 492.81 crore-open offer.
The conglomerate, run by India's richest man Gautam Adani, in August acquired a little-known company that lent over Rs. 400 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the newsgroup at any time.

Federal Bank Ties Up with JCB India to Finance Heavy Equipment Buyers

Federal Bank in November said that it has tied up with JCB India to finance the prospective buyers of heavy construction equipment and boost its loan portfolio.
The private sector lender said it has inked a memorandum of understanding (MOU) with JCB India, a leading manufacturer of earthmoving and construction equipment.
The arrangement will boost financing options for JCB customers in India, said Federal Bank in a release. Under the arrangement, Federal Bank will be the preferred finance partner of the construction equipment manufacturer, where JCB's customers can avail loans from the lender at competitive interest rates.
With the government's focus on infrastructure development continuing to remain strong, there will be various opportunities to create synergies between the teams from JCB India and Federal Bank, Deepak Shetty, CEO and Managing Director of JCB India, said.

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