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Oct 2022

Mar 10, 2023

Reliance Retail Unit Announces Launch of Beverage Brand Campa in 3 New Flavours

  • Reliance Consumer Products Limited (RCPL), the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL), announced the launch of the iconic beverage brand, Campa.
  • The Campa portfolio will initially include Campa Cola, Campa Lemon and Campa Orange in the sparkling beverage category.
  • The launch of this brand is in line with the company's strategy to promote homegrown Indian brands that not only have a rich heritage but also boast a deep-rooted connection with Indian consumers due to their unique tastes and flavours.

Shriram General Insurance Opens Two Women-only Branches in the North

  • Shriram General Insurance Company (SGIC) set up two women-only branches in Ludhiana and Jaipur, in the first such initiative in the industry. The entire workforce, from the branch manager to the support staff, consists of women. SGIC plans to replicate the model nationwide, going forward.
  • Like any other SGIC branch, the two women-exclusive branches will offer insurance and other financial products with the same fervour, and rich customer experience. The company plans to open more such branches across the country to facilitate the professional growth of women.

Ujjivan Small Finance Bank Launches "Unpause Initiative" to Support Women

  • Ujjivan Small Finance Bank launched the 'Unpause Initiative', a programme designed to assist women who have taken a career break for any reason and are now ready to return to the workforce. The initiative is part of the bank's commitment to promoting workplace diversity and inclusion.
  • As part of the 'Unpause Initiative,' Ujjivan SFB has also announced a special Hiring Drive and Employee referral programme for women who are resuming their careers. The hiring programme will be implemented across the bank, and women from all walks of life and diverse backgrounds are encouraged to apply.

Citi Appoints Bhanu Vohra as Head of Commercial Banking in India

  • Citi named Bhanu Vohra as the head of commercial banking in India. He would be in charge of the Citi Commercial Bank (CCB) business in India.
  • Vohra, who will be based in Mumbai, will report to Citi India CEO Ashu Khullar and to Rajat Madhok, head, Citi Commercial Bank Asia Pacific. Vohra replaced Tushar Vikram, who is now the global head of healthcare for CCB.
  • The Citi Commercial Bank business addresses the banking and financial services requirements of emerging large corporates and mid-market enterprises.

Mar 09, 2023

Max Life Partners with Ujjivan SFB to Offer Life Insurance Solutions

  • Max Life Insurance and Ujjivan Small Finance Bank partnered to offer life insurance offerings to Ujjivan Small Finance Bank's customers. Through this partnership, Max Life and Ujjivan SFB will offer a range of savings, protection, retirement, and group life insurance plans to more than 73 lakh Ujjivan SFB customers.
  • Max Life Insurance Company Limited is a joint venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group.
  • Ujjivan Small Finance Bank Limited, on the other hand, is one of the leading small finance banks. It began operations in February 2017.

Future Enterprises Admitted for Insolvency

  • The National Company Law Tribunal (NCLT) ordered Insolvency Resolution Process against Future Enterprises.
  • The Mumbai bench of NCLT also appointed Jitender Kothari as the interim resolution professional (IRP) in the case.
  • The bench admitted the petition filed by Foresight Innovation, which said that Future Enterprises has defaulted on payments worth Rs. 1.58 crore.
  • Operational creditor Retail Detailz India had filed another petition claiming a default of Rs. 4.02 crore.

BSE and UN Women India Launch FinEMPOWER Programme

  • BSE and UN Women India launched a new programme, 'FinEMPOWER', at the Bombay Stock Exchange (BSE). It is a year-long joint capacity-building programme between BSE and UN Women to empower women towards financial security.
  • In commemoration of International Women's Day, BSE and UN Women India collaboratively organised the 'Ring the Bell for Gender Equality ceremony to accelerate investment in women leaders and entrepreneurs at BSE. The MD and CEO of BSE, Mr. Sundararaman Ramamurthy, along with Ms. Susan Ferguson, Country Representative of UN Women India, jointly rang the bell for gender equality.

Goldman Sachs Exits ReNew

  • Goldman Sachs, which entered the Indian renewable energy (RE) space with a Rs. 1,000-crore investment in erstwhile ReNew Power back in 2011, exited the company in order to comply with US state securities regulations. The rules restrict the ownership of securities beyond 10 years in a company.
  • CPPIB bought Goldman's shares for $268 million and now owns 76 million Class-A shares, one Class-D share and 118 million Class-C shares in ReNew. Class-A shares offer voting rights. The shares were priced at $4.8 each.

Adani Power Amalgamates Six Subsidiary Companies Including Mundra

  • Adani Power amalgamated its six subsidiaries, including Adani Power (Mundra), with itself.
  • An amalgamation of six wholly-owned subsidiary companies of Adani Power Ltd (APL) -- Adani Power Maharashtra Ltd (APML); Adani Power Rajasthan Ltd (APRL); Udupi Power Corporation Ltd (UPCL); Raipur Energen Ltd (REL); Raigarh Energy Generation Ltd (REGL) and Adani Power (Mundra) Ltd (APMuL) -- with APL was sanctioned by the Ahmedabad-bench of National Company Law Tribunal.

Mar 08, 2023

Sterlite Power Commissions its Largest Green Energy Corridor

  • Sterlite Power successfully commissioned its largest green energy corridor in Gujarat called Lakadia-Vadodara Transmission Project. The project aims to deliver more than 5,000 MW of power from renewable rich regions of Bhuj and Kutch to the national grid, a step towards accelerating India's transition towards a greener economy.
  • Sterlite Power is a leading power transmission company in India and Brazil.
  • Built with an investment of Rs. 2,024 crore, this inter-state transmission project connects the 765/400 kV substation at Lakadia to Vadodara.
  • With 812 towers spanning seven districts in Gujarat, this transmission corridor is also one of the largest in India till date.

RBI Launches Mission to Make every Citizen a User of Digital Payment

  • While digital payments have skyrocketed during the past few years, a significant portion of the population still does not use digital payments for day-to-day transactions. In order to bridge this gap, Reserve Bank of India (RBI) Governor Shaktikanta Das launched a mission -- "Har Payment Digital" – with the aim of making every citizen in the country a user of digital payments as part of Digital Payments Awareness Week (DPAW) 2023.
  • The theme of the awareness week is "Adopt digital payments and Teach others also".
  • The central bank launched "Har Payment Digital" (HPD) mission that would run till the period of Vision 2025, with an intention to convert the non-users into users of digital payments. Vision 2025 has its theme as "E-Payments for Everyone, Everywhere and Everytime".

Hero MotoCorp Collaborates with US-based Zero Motorcycles on E-Bikes

  • Two wheeler major Hero MotoCorp inked a pact with the US-based Zero Motorcycles to collaborate on premium electric motorcycles.
  • The collaboration combines the expertise of Zero in developing power trains and electric motorcycles with the scale of manufacturing, sourcing and marketing of Hero MotoCorp.
  • In September 2022, Hero MotoCorp's board approved an equity investment of up to USD 60 million in California-based Zero Motorcycles, a leading player in electric motorcycles and power trains.

Mar 07, 2023

Paytm, Andhra Govt Tie up on Financial Inclusion, Health and Cyber Security

  • One97 Communications Limited (OCL), which owns the Paytm brand, on the sidelines of the Andhra Pradesh Global Investors Summit 2023 signed an MoU with the state government in the areas of industrial development, financial Inclusion, public health, cyber security and prevention of financial frauds.
  • In sync with its mission of bringing half a billion Indians into the mainstream economy, Paytm plans to empower merchants, street vendors and Chiru Vyaparulu to accept digital payments and give them access to loans on its lending partners.

HDFC Bank Recommends Re-appointment of Sashidhar Jagdishan as MD and CEO

  • HDFC Bank announced that its board of directors recommended the re-appointment of Sashidhar Jagdishan as Managing Director and CEO for a period of three years with effect from October 27, 2023.
  • The proposal is subject to the Reserve Bank of India (RBI) and shareholder approval.
  • Sashidhar Jagdishan joined the Bank in 1996 and was appointed as chief financial officer in 2008. In 2020, HDFC Bank named Sashidhar Jagdishan as its new Chief Executive Officer and Managing Director who replaced famed banker Aditya Puri.

Axis MF Appoints Former Credit Suisse Executive Ashish Gupta as CIO

  • Axis Mutual Fund appointed former Credit Suisse executive Ashish Gupta as its Chief Investment Officer (CIO). Till now, Axis MF did not have a CIO. The investment team was led by Jinesh Gopani (Head-Equity) and R. Sivakumar (Head-Fixed Income).
  • Previously, Gupta was the head of equity research for India at Credit Suisse. He left the Zurich-based bank in November 2022 after a 14-year stint.
  • Gupta is known for his 'House of Debt' report that first uncovered the extent of non-performing assets (NPAs) in the Indian banking industry.

Mar 06, 2023

PNB Makes Positive Pay System Must for Cheques Worth more than Rs. 5 lakh

  • In a move to safeguard customers from fraudulent payment of cheques, state-owned Punjab National Bank (PNB) made the Positive Pay System (PPS) compulsory for cheque payments worth Rs. 5 lakh and above.
  • This will come into effect from April 5, 2023.
  • Earlier, the mandatory submission of cheque details in PPS was set at Rs. 10 lakh and above.
  • The PPS is a system developed by the National Payments Corporation of India (NPCI), which requires customers to reconfirm essential details (account number, cheque number, cheque alpha code, issue date, amount, and beneficiary name) when issuing cheques of a certain amount.

Tata Steel Mining Signs MoU with GAIL to Get Clean Fuel

  • In order to reduce carbon footprint in its operations, Tata Steel Mining Limited signed a memorandum of understanding with GAIL (India) Limited for supply of natural gas to its ferro alloys plant at Athgarh in Odisha's Cuttack district. According to the MoU, GAIL will supply the agreed quantity of natural gas through its pipeline from Gujarat to Athgarh.
  • The project will lower green house gas emission by 968 tons.

Hyderabad Hosts Meeting on Theme of Knowledge and Experience Exchange Program for Emerging Econom...

  • Hyderabad hosted a meeting on the theme of Knowledge and experience exchange Programme for the emerging economies of the Global South from March 4 to 6. It provided a platform to discuss ways to accelerate development in the Global South. The inaugural session of the event 'India & The Global South: A Vision for a Shared Future' was addressed by G20 India Chief Coordinator Harsh Vardhan Shringla in Hyderabad.
  • The second session was focussed on Digital Public Infrastructure: a digital revolution on global financial Inclusion. The third session was on financial inclusion through digital innovations Knowledge and experience exchange. A side event on the topic of Role and Significance of G20 and GPFI also took place.
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