RBI Cancels Licence of Deccan Urban Co-operative Bank
The RBI said the licence of Deccan Urban Co-operative Bank, Karnataka, was cancelled as the lender did not have adequate capital and earning prospects. As per the data submitted by the bank, more than 99 per cent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
Central Bank Inks Pacts with Protium Finance, lncred Fin to Offer Loans
State-owned Central Bank of India forged co-lending partnerships with Protium Finance and lncred Financial Services to offer loans to MSME borrowers.
The partnerships will provide greater expansion of portfolio by the bank and to these players.
The state-owned lender said that Protium Finance would originate and process MSME proposals under the priority sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India would take into its books 80 per cent of the MSME priority sector loans under mutually agreed terms.
Vistara Emerges Second Largest Domestic Airline by Market Share
Full-service Vistara emerged as the second biggest airline by domestic market share last month (July) with a 10.4% pie of the sky, distantly second to the market leader IndiGo at 58.8%. The airline is Tata Sons' joint venture with Singapore Airlines. The number three, four and five positions saw airlines separated by just decimal points — Air India (8.4%), GoFirst (8.2%) and SpiceJet (8%).
India's airlines carried 9.7 million passengers on domestic routes in July, almost double from a year earlier but lower than the 10.5 million passengers ferried in June 2022.
The combined market share for the three Tata Group airlines: Air India, Vistara and AirAsia India for July was 23.4%. IndiGo's share was 2.5 times higher at 58.8%.
Bill Gates Foundation named Ashish Dhawan to its board of trustees
Indian philanthropist Ashish Dhawan has been named to the board of trustees of the Bill & Melinda Gates Foundation. The foundation announced the appointment of two new members to its board of trustees. Ashish Dhawan is the founder and CEO of Convergence Foundation, and along with him, Dr Helene D Gayle, President of Spelman College, US, has also been appointed.
Edelweiss MF to Introduces India's First Gold and Silver Fund
The asset management firm (AMC) Edelweiss Mutual Fund (Edelweiss MF) is slated to introduce India's first programme that provides exposure to gold and silver through a single fund. The Edelweiss Gold and Silver ETF Fund of Fund (FoF) by Edelweiss MF new fund offer will expire on September 7. Bhavesh Jain and Bharat Lahoti are the fund managers for the scheme of Edelweiss MF. Silver-based mutual funds were initially introduced in January of this year, while India's first gold fund, Nippon India ETF Gold BeES, was released in March 2007.
The new strategy from Edelweiss MF aims for equal exposure to the two metals and will periodically adjust.
The scheme by Edelweiss MF would invest in shares of gold and silver ETFs managed by other fund houses or Edelweiss MF since the AMC lacks a single gold or silver fund.
Aug 21, 2022
Wipro Bags Deal from UK Government Treasury, to Deliver Service Integration
IT company Wipro Limited bagged a multi-year contract to deliver service integration and management services to the UK government treasury.
The service will enable seamless integration of IT services across multi-functional suppliers and partners, enhancing the user experience across HMT and its arm's length bodies.
Wipro and Her Majesty's Treasury (HMT) will collaborate to enable end-to-end SIAM (Service Integration and Management) services, from strategy, design, and implementation to running business-as-usual services such as day-to-day coordination of service integration across HMT's vendors.
NHPC Ltd Inks Pact to Develop Nepal Hydropower Plant Left by China
Nepal signed a pact with an Indian company NHPC to develop a hydroelectric plant in the west of the nation years after a Chinese firm backed out.
Nepal opened its rivers, which it sees as having a combined potential to generate more than 42,000 megawatts of hydroelectric power, to foreign players to develop its economy and export electricity to narrow the trade deficit of more than $13 billion.
NHPC Ltd signed a memorandum of understanding allowing it to study details like feasibility, environmental impact, inundation of land and construction costs for two projects - West Seti (750 megawatts) and SR 6 (450 megwatts).
Both plants are to be located on the West Seti River in Nepal's least developed far western region.
China's biggest hydropower developer, Three Gorges International Corp, was previously lined up to develop the West Seti plant, but Nepal scrapped the deal in 2017 amid haggling over the terms.
RBI Cancels Licence of Deccan Urban Co-operative Bank
The RBI cancelled the licence of Deccan Urban Co-operative Bank, Karnataka, as the lender did not have adequate capital and earning prospects.
As per the data submitted by the bank, more than 99 per cent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
The RBI has requested the Commissioner for Cooperation and Registrar of Cooperative Societies, Karnataka, to issue an order for winding up the bank and appoint a liquidator for the bank.
Aug 20, 2022
Shiprocket Becomes India's 106th Unicorn, Raises $33.5 Million
Zomato-backed logistics technology platform Shiprocket became India's 106th unicorn after raising $33.5 million (about Rs. 270 crore) in a funding round co-led by Temasek and Lightrock India.
Shiprocket was valued at around $1.2 billion with the fresh round of funding.
The fresh funds will help Shiprocket extend its operating system by building newer software and intelligence products along with deepening its capability on the fulfilment and same-day delivery experience.
Launched in 2017, Shiprocket delivers packets to more than 66 million consumers annually and is growing 3 times year on year.
HDFC Bank Opens First All-women Branch in North Kerala's Kozhikode
Private sector bank major HDFC opened its first all-women branch in north Kerala region in Kozhikode.
The branch, located in Cherootty Road, the hub of traders in the district, will have 4 women bankers.
This adds to all-women branches opened by the Bank in southern India and takes forward the bank's inherent values of diversity and inclusion.
The branch was inaugurated by city Corporation Mayor Beena Philip.
Aug 19, 2022
HDFC Bank Introduces "Vigil Aunty" to Promote Secure Banking Practices
HDFC Bank launched a new campaign called "Vigil Aunty". Vigil Aunty Campaign attempts to motivate citizens all around the nation to adopt secure banking practices. This will go along with the bank's "Mooh Band Rakho" campaign, which implores consumers to keep their banking information private. A campaign to promote Vigil Aunty and persuade people to follow her on social media and/or WhatsApp will be run for four to six weeks.
The Vigil Aunty Campaign's protagonist is Anuradha (Anu) Menon. Menon, playing the role of Vigil Aunty, will be raising awareness of safe banking practises through a series of videos, reels, and chat programmes.
Centre Approves Limit of Emergency Credit Line Guarantee Scheme to 5 Lakh crore
The Union Cabinet approved the enhancement in the limit of the Emergency Credit Line Guarantee Scheme (ECLGS) by Rs. 50,000 crore to Rs. 5 lakh crore, with the additional amount being earmarked exclusively for enterprises in hospitality and related sectors. ECLGS is a continuing scheme and the additional amount of Rs. 50,000 crore would be made applicable to enterprises in hospitality and related sectors till validity of the scheme in March 31 next year.
The enhancement is expected to provide much-needed relief to enterprises in these sectors by incentivizing lending institutions to provide additional credit of up to Rs. 50,000 crore at low cost, enabling these business enterprises to meet their operational liabilities and continue their businesses.
Aug 18, 2022
Centre Appoints Rajkiran Rai as NaBFID Managing Director
The Centre and the board of National Bank for Financing Infrastructure and Development (NaBFID) appointed Rajkiran Rai G as its Managing Director (MD).
After the Financial Services Institutions Bureau (FSIB) recommended Rai's name for the top job at the government-backed development finance institution (DFI), the Reserve Bank of India (RBI) and central government agencies gave their nod for the recommended candidate. The board of NaBFID approved Rai's appointment based on clearance by the RBI, centre and the DFI's nomination and remuneration committee.
Axis Bank Inks MoU with Food Corporation of India
Axis Bank signed an MoU with Food Corporation of India (FCI) to provide 'Ultima Salary package', a best-in-class salary account with exclusive benefits & features to all its employees. With this MoU, the Bank reinstated its commitment towards offering holistic banking services to the employees of Public Sector Undertakings (PSU) sector.
This MOU is a reflection of Axis Bank's constant endeavour to address the banking requirements of different customer segments, helping them meet their financial aspirations & milestones.
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.
Japanese Lender MUFG Bank Commences Operations from GIFT City
Japanese lender MUFG Bank began operations from Gujarat International Finance Tec-City (GIFT City) in India.
In May 2022, MUFG had received approval from the International Financial Services Centres Authority in India and the Financial Services Agency of Japan for the opening of this branch office in Gujarat.
MUFG opened its first branch in 1953 in Mumbai and with the latest one at GIFT City, its total number of branches reached six. The other centres are New Delhi, Chennai, Bengaluru and Neemrana.
ONGC Inks Agreement with ExxonMobil for Deepwater Exploration in India
Indian oil explorer and producer Oil and Natural Gas Corp signed a Heads of Agreement (HoA) with global petroleum giant ExxonMobil Corp for deep water exploration in India's East and West coasts.
The Heads of Agreement document was signed in the Ministry of Petroleum & Natural Gas by Rajesh Kumar Srivastava, Director (Exploration), ONGC and Monte K Dobson, CEO & Lead Country Manager, ExxonMobil India in the presence of Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas.
The collaboration areas focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore.
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