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BUSINESS AND ECONOMY - March 2023

Mar 2023

Nov 03, 2024

India Rolls Out Its First Made-In-India C295 Aircraft by September 2026

  • India is set to mark a significant milestone in its aerospace industry with the rollout of the first locally assembled C295 military transport aircraft from the Vadodara facility in September 2026. This initiative, part of the "Make in India" campaign, represents a robust collaboration between Airbus and Tata Advanced Systems. The facility was inaugurated by Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez, highlighting the deepening defense ties between India and Spain.

SBI and India Exim Bank Bridge Trade Financing Gaps in Africa

  • The State Bank of India and the India Exim Bank are helping businesses in African countries to fill the gap in trade finance, the South African heads of the two organisations said at the India Entrepreneurs Forum (IEF).
  • The event was initiated by Consul General of India Mahesh Kumar who said that it is the first of a series of ongoing engagements with the IEF.

Jio Financial and BlackRock Form Joint Ventures for Mutual Funds

  • On October 28, 2024, Jio Financial Services Ltd (JFSL) and BlackRock Inc. officially announced the incorporation of two joint venture companies, Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited, to enter the mutual fund sector in India. 
  • This strategic move follows the Securities and Exchange Board of India (SEBI) granting in-principle approval for the companies to act as co-sponsors and establish a mutual fund. JFSL has invested a total of Rs. 82.9 crore for a 50% stake in both entities, which includes Rs. 82.5 crore for Jio BlackRock Asset Management and Rs. 40 lakh for Jio BlackRock Trustee.

Nov 02, 2024

Slice Completes Merger with North East Small Finance Bank

  • Fintech firm Slice successfully merged with North East Small Finance Bank over a year after receiving approval from the Reserve Bank of India (RBI). This merger consolidates their operations, assets, and brand identities into one institution, enhancing the bank's footprint in India's north-eastern region.
  • Rajan Bajaj, CEO of Slice, emphasised the importance of exceptional customer experience and strong governance, while the merged entity plans to introduce various banking products, including savings accounts and credit services. This strategic move aims to streamline operations and leverage the strengths of both organisations.

Nov 01, 2024

TCS Signs Contract with Ireland's Department of Social Protection

  • IT services major Tata Consultancy Services (TCS) secured a 15-year contract with Ireland's Department of Social Protection (DSP) to implement and support the country's new Auto Enrolment Retirement Savings Scheme, known as the 'My Future Fund.'
  • This initiative will provide a comprehensive, end-to-end digital solution for the automatic enrolment of nearly 800,000 workers in Ireland. While the financial details of the deal were not disclosed, such long-tenure contracts are typically categorised as large deals.

FSIB Recommends Ashok Chandra as Next MD and CEO of PNB

  • The Financial Services Institutions Bureau (FSIB) recommended Ashok Chandra as the next Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB). Currently serving as Executive Director at Canara Bank since November 2022, Chandra's banking career began in September 1991 with Corporation Bank. He holds a Master's degree in Economics and is a Certified Associate of the Indian Institute of Bankers. He will succeed Atul Kumar Goel, whose tenure ends on December 31, 2024.
  • FSIB serves as an autonomous body responsible for recommending candidates for high-level appointments in public sector banks.
  • Financial Services Institutions Bureau was constituted effective from July 01, 2022, by Central Government for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions.

Oct 31, 2024

Bharti Airtel Announces Shashwat Sharma as New CEO

  • Bharti Airtel appointed Shashwat Sharma as the new Managing Director (MD) and Chief Executive Officer (CEO), effective January 1, 2026. This decision is part of a structured succession plan, allowing the incumbent MD and CEO, Gopal Vittal, to transition into the role of Executive Vice Chairman.

Jio Payment Solutions Gets RBI Nod to Operate as Online Payment Aggregator

  • Jio Payment Solutions Limited (JPSL), a wholly-owned subsidiary of Jio Financial Services, informed the exchanges that it received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator, marking a significant step ahead in India's digital payment services.
  • The certificate of authorisation, effective from October 28, 2024, permits JPSL to manage digital transactions in compliance with Section 7 of the Payment and Settlement Systems Act, 2007.

Oct 30, 2024

Ujjivan Small Finance Bank Receives RBI Approval for Foreign Exchange Services

  • Ujjivan Small Finance Bank secured approval from the Reserve Bank of India (RBI) for foreign exchange services, marking a significant milestone in its operational capabilities. The bank was granted the 'Authorised Dealer Category 1 licence,' allowing it to offer a comprehensive range of foreign exchange products and services. This development aligns with the bank's strategy to enhance its service offerings and cater to the growing demand for forex solutions among its customers.
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