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BUSINESS AND ECONOMY - August 2022

Aug 2022

Sep 10, 2024

India's First Silicon Carbide Manufacturing Facility to be Set Up in Odisha

Odisha Chief Minister Mohan Charan Majhi graced the ground-breaking ceremony of India's first silicon carbide manufacturing facility to be set up in Odisha at an investment of Rs. 620 crore.
The project will be developed by RIR Power Electronics Limited, a leader in India's semiconductor power electronics technology at the EMC Park, Infovalley, Bhubaneswar.
This development places India and the state of Odisha squarely at the forefront of the global power electronics market.
The facility will attract skilled professionals, foster local innovation, drive economic growth, and further solidify Odisha's position as one of India's most promising destinations for electronics and semiconductor manufacturing.

Israel's Tower Semiconductor and Adani's $10 Billion Chip Project in India

Israel's Tower Semiconductor and India's Adani Group are set to invest 839.47 billion rupees ($10 billion) in a semiconductor manufacturing project in Maharashtra. The initiative highlights India's push to become a global hub for chip production, despite previous challenges such as Foxconn's withdrawal from a $19.5 billion joint venture with Vedanta and stalled plans by ISMC to invest $3 billion.
The semiconductor plant in Maharashtra will initially produce 40,000 wafers. The project is part of a broader investment strategy in the state, which also includes the establishment of two new electric vehicle manufacturing units. Skoda-Volkswagen will invest 150 billion rupees in an electric vehicle plant, while Toyota-Kirloskar will allocate 212.73 billion rupees for hybrid and electric vehicle production.

RBI Imposes Penalties on Godrej Housing, HUDCO, and Aadhar Housing Finance

The Reserve Bank of India (RBI) levied penalties on three Non-Banking Financial Companies (NBFCs) for failing to comply with its directives on housing finance companies. The penalties were as follows: Godrej Housing Finance Limited and Aadhar Housing Finance Limited were each fined Rs. 5 lakh, while Housing and Urban Development Corporation Limited (HUDCO) faced a penalty of Rs. 3.5 lakh.
These fines, imposed under Section 52A of the National Housing Bank Act, 1987, followed inspections by the National Housing Bank (NHB) based on the companies' financial positions as of March 31, 2022. Despite the companies' responses to the notices issued by RBI, the regulator determined that they had breached specific guidelines and imposed penalties accordingly.

Sep 09, 2024

Max Life Enters into Bancassurance Partnership with CSB Bank

Max Life Insurance Company Ltd. (Max Life) entered into a bancassurance partnership with CSB Bank (CSB), a private sector bank in India.
This partnership aims to offer a range of savings, protection, retirement, and group life insurance plans to more than 2.5 million CSB customers.
Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and the insurance company get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the distribution network of the bank.

Sanjeev Mehta Quits Standard Chartered Bank

Sanjeev Mehta stepped down as Standard Chartered Bank's Managing Director and head of transaction banking sales for corporate, commercial and institutional Banking for South Asia after a 17-year career at the bank. Mehta resigned with plans to launch a greenfield venture.
His departure from the bank came at a time when the Indian financial landscape is undergoing rapid change, presenting both challenges and opportunities for new entrants.

Sep 08, 2024

CDSL Secures SEBI Approval for Nehal Vora's Appointment as MD & CEO

Central Depository Services (India) Limited (CDSL) announced a crucial step in its leadership transition. The company received the green light from the Securities and Exchange Board of India (SEBI) for the appointment of Nehal Vora as its Managing Director and Chief Executive Officer (MD & CEO). This approval marks a pivotal moment in CDSL's corporate governance and strategic direction.
The regulatory approval from SEBI is a critical milestone in the appointment process. It underscores the regulator's confidence in Vora's capabilities and the transparency of CDSL's selection process. This endorsement is particularly significant given CDSL's crucial role in India's financial infrastructure as one of the country's premier depositories.

Sep 07, 2024

India's Pioneering Fashion Forecasting Initiative VisioNxt Launched by Textile Ministry

Union Minister of Textiles, Giriraj Singh, unveiled the 'VisioNxt Fashion Forecasting Initiative' developed by the National Institute of Fashion Technology (NIFT). This launch event, which also saw the introduction of a bilingual web portal and the India-specific Fashion Trend Book 'Paridhi 24×25', marks a pivotal moment in India's fashion and textile sector.
Giriraj Singh emphasised that the VisioNxt project is a result of Prime Minister Narendra Modi's visionary leadership. He highlighted how India, post-2014, has been prioritizing indigenous design and manufacturing, with VisioNxt being a direct outcome of this strategic shift.
The inception of VisioNxt can be traced back to the Global Textile Summit in 2017, where Prime Minister Modi highlighted the need for India-specific real-time trend insights. This recognition led to the establishment of VisioNxt in 2018, supported by the Ministry of Textiles.

Kotak General Insurance Rebrands as Zurich Kotak General Insurance

In a significant development for India's insurance sector, Kotak General Insurance underwent a transformative rebranding, emerging as Zurich Kotak General Insurance. This change came on the heels of a major acquisition that saw the global insurance giant, Zurich Insurance Group, taking a commanding 70% stake in the company. This move not only reshapes the competitive landscape of India's general insurance market but also signals a new chapter in foreign investment in the country's financial services sector.
The acquisition, first announced in November 2023, represents a substantial foreign investment in India's general insurance sector. Zurich Insurance Group's purchase of a 70% stake in Kotak General Insurance, valued at approximately US$670 million, underscores the growing attractiveness of India's insurance market to global players. This deal was made possible by the Indian government's forward-thinking policy change in 2021, which increased the foreign direct investment (FDI) limit in the insurance sector to 74%.

Star Health Launches India's First Health Insurance Policy in Braille

Star Health and Allied Insurance introduced an insurance policy in Braille. This is aimed at empowering visually impaired individuals in India. This will allow the blind community to access health insurance information independently.
The new "Special Care Gold" policy provides tailored health coverage for individuals with disabilities.
The policy is designed to meet the specific needs of people with 40% or more disability, including physical, sensory, or cognitive impairments.
Star Health also launched a financial inclusivity drive, offering visually impaired individuals the opportunity to become health insurance agents.
The initiative focuses on training and upskilling this marginalised group, allowing them to generate income while working from home.

Sep 06, 2024

HDFC Bank Launches GIGA: Financial Services for India's Gig Workforce

HDFC Bank introduced GIGA, a new suite of financial products and services specifically designed for gig workers and freelancers in India. The initiative aims to cater to an estimated 30-50 million gig workers across various job sectors, from white-collar to pink-collar roles. The new offerings include a range of financial tools such as savings and current accounts, debit and credit cards, health insurance, flexible investment options, and customized asset products.

Ashok Leyland Inaugurates Advanced Uptime Solution Center at Ennore

Ashok Leyland, the Indian flagship of the Hinduja Group and a leading commercial vehicle manufacturer, inaugurated its state-of-the-art Uptime Solution Centre at Ennore, Tamil Nadu.
This future-ready facility, with cutting-edge technology and proprietary predictive analytics, is designed to revolutionise the after-sales landscape by ensuring maximum fleet utilisation for commercial vehicle operators across India.
The advanced Uptime Solution Centre brings together teams from aftermarket services, vehicle engineering, and field quality to proactively support Ashok Leyland customers nationwide by promptly troubleshooting and resolving technical issues.

POP Launches India's First Multi-Brand Co-Branded Card with RuPay & Yes Bank

POP, a fintech enabler for direct to consumer brands started by former Flipkart employees, introduced India's first multi-brand co-branded credit card developed in collaboration with RuPay and Yes Bank.
As India's first multi-brand co-branded card, it brings together top brands such as Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy, covering key daily expenditure categories like e-commerce, groceries, F&B, travel, and health & fitness.

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