Table of Contents
Banking & Finance
NDB first multilateral agency to open office in Gift City
New Development Bank (NDB) will become the first multilateral agency to open an office in the Gujarat International Finance Tech City (Gift) after an approval for the same this week.
The multilateral agency will take all requisite steps to make the Indian office operational by the middle of May.
UPI transactions value dips to Rs 8.27 lakh crore in February
India’s cashless retail transactions on UPI platform were worth Rs 8.27 lakh crore in February, slightly
lower than the amount recorded in the previous month, data from the National Payments Corporation of India (NPCI).
In the preceding month, NETC FASTag toll collections were valued at Rs 3,603.71 crore by way of 23.10 crore (231.01 million) transactions. There were a total of 452 crore (4.52 billion) transactions in February 2022.
Mahagram to power Bank of Maharashtra’s project – ‘Bank Sakhi’ in Odisha
Bank of Maharashtra has tied up with Mahagram to roll out the ‘Bank Sakhi’ project in Odisha.
As part of the tie-up, the company has onboarded more than 11,000 bank sakhis (women) on the BharatATM platform to help the rural citizens avail basic banking services at their doorstep or the next door Kirana stores. Fintech would provide financial technology & infrastructure support to rural areas.
India’s stock exchanges starts T+1 Stock Settlement
On July 9, 1997, about 25 years ago, the National Stock Exchange (NSE) implemented the T+5 stock
settlement mechanism. From February 25, 2022, India became only the second country after China to move to the T+1 stock settlement mechanism in a phased manner.
RBI selects Intellect Design Arena for Cloud Native Intellect Quantum Core Banking solution
Intellect Design Arena will implement the upgraded version of the Cloud Native Intellect Quantum Core Banking solution to power the next stage of thedigital transformation agenda. The next generation Intellect Quantum solution is built on cutting edge API first, cloud-native and cloud-agnostic microservices arhitecture supported by a rich set of packaged business component. The entire central banking operation of RBI is currently being supported e Kuber
ICICI Bank makes InstaBIZ interoperable to help merchants
ICICI Bank announced that it has made InstaBIZ interoperable, making the benefits of its business banking mobile app available to all merchants including customers of other banks. InstaBIZ is an app for business customers to access banking accounts and do transactions on both mobile and tablet devices.
Banks Board Bureau (BBB) launches programme for improving quality of PSU bank boards
The nine-month Directors’ Development Programme (DDP) is designed for the directors of the PSBs and financial institutions with the key objective of enhancing director effectiveness to increase their impact on the boards.
The programme designed in collaboration with IBA and others will help empower and enrich the board critical for the decision making. Bhanu Pratap Sharma: Chairman, Banks Board Bureau
Axis Bank rolls out ‘HouseWorkIsWork’ initiative; to bring educated women to workforce
Urban educated women’s participation in the workforce still not at desired levels, Axis Bank has kicked off the ‘HouseWorkIsWork’ initiative, offering opportunities to those who want to rejoin the professional space.
GIG-A-Opportunities is Axis Bank’s new platform for alternative work models to attract the finest talent, with a promise of growth.
SEBI Increases Public Debt Investment Limit Through UPI To Rs 5 Lakhs
The Securities and Exchange Board of India (SEBI) increased the investment limit for payments through
the Unified Payments Interface (UPI) mechanism for retail investors buying debt securities in public
issues to Rs 5 lakh from Rs 2 lakh currently to make investments more accessible.
Interest subsidy scheme for exporters extended till March 2024: RBI
The Reserve Bank of India extended the interest equalisation scheme for pre and post shipment rupee
credit for MSME exporters till March 2024 with the objective of boosting outbound shipments. Exporters
get subsidy under the ‘Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit’.
In April last year, the scheme was first extended till June end and later till September.
HDFC MF launches financial empowerment initiative for women
HDFC Mutual Fund has launched a women-led financial empowerment initiative ‘LaxmiForLaxmi’ which
will connect women investors to a woman financial expert near them through a unique missed call service. The female financial expert will guide and address queries of the woman investor.
RBI releases booklet on modus operandi of financial frauds
Sharing of confidential information by customers, knowingly or unknowingly, is one of the major causes
leading to financial frauds, according to a booklet, “BE(A)WARE”, released by the Reserve Bank of
India.
The booklet gives information on the common modus operandi used by fraudsters and precautions to be
taken while carrying out various financial transactions.
RBI bars Paytm Payments Bank from signing new customers; asks company to conduct IT audits
Reserve Bank of India in exercise of its powers, inter alia, under section 35A of the Banking Regulation
Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new
customers,”
RBI has also asked One 97 Communications Ltd’s Paytm Payments Bank Action to appoint an IT audit
firm to conduct a comprehensive System Audit of its IT system.
NaBFID to be regulated as AIFI under RBI Act
NaBFID shall be regulated and supervised as an All India Financial Institution (AIFI) by the Reserve
Bank under Sections 45L and 45N of the Reserve Bank of India Act, 1934.
The National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021, received the
assent of the President on March 28, 2021. It came to force with effect from April 19, 2021.
It shall be the fifth AIFI after EXIM Bank, NABARD, NHB and SIDBI, said the apex bank.
IMF Approves $1.4 Billion Emergency Support For Ukraine
The International Monetary Fund said its executive board has approved $1.4 billion in emergency
financing for Ukraine to help meet urgent spending needs and mitigate the economic impact of Russia’s
military invasion.
The Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic
crisis.
RBI lifts restrictions on HDFC Bank’s new digital business generation, allows lender’s Digital 2.0 programme
In a major relief for HDFC Bank, the Reserve Bank of India lifted all restrictions on new digital business
generating operations.
RBI has removed all restriction from HDFC’s Digital 2.0 programme.
It should be noted that the restrictions were imposed by the Reserve Bank of India in December, 2020.
UCO Bank to acquire 3% stake in debt resolution company IDRCL
UCO Bank has entered into an agreement to acquire a 3 percent stake in India Debt Resolution
Company Ltd (IDRCL) for Rs 1.50 crore.
UCO Bank became one of the stakeholders of IDRCL.
The state-owned lender further said the acquisition will be completed within 10 working days from the
date of the agreement.
LivQuik, first to achieve RBI’s PPI interoperability guidelines
Prepaid Payment Instrument (PPI) issuer LivQuik has achieved full Interoperability as mandated by the
Reserve Bank of India for their Prepaid payments Instruments.
The company is also the first PPI issuer to have achieved full interoperability.
RBI guidelines mandate PPI Issuers to facilitate interoperability for full-KYC wallets by March 31, 2022.
HSBC Mutual Fund launches CRISIL IBX 50:50 Gilt Plus SDL April 2028 Index Fund
HSBC Mutual Fund (MF) has launched HSBC CRISIL IBX 50:50 Gilt Plus SDL April 2028 Index Fund, an
open-ended Target Maturity Index fund. The target maturity fund has a fixed tenure. The securities
maturing on or before the maturity date follow a predefined index. According to the fund house, the
fund is focused on the short end versus the rich stability of the curve.
ICICI Bank launches co-branded credit cards with Emirates Skywards
ICICI Bank launched ‘Emirates Skywards ICICI Bank Credit Card’ in partnership with Emirates
Skywards, the loyalty program of Emirates and flydubai. The bouquet of cards allows the customers to
earn reward points ‘ called Skywards Miles ‘ on travel, lifestyle and everyday spending. ICICI Bank is
the first Indian lender to partner with Emirates Skywards.
Paisabazaar, Orange Retail Finance and Phocket join fintech association Face
Fintech Association for Consumer Empowerment (FACE) has onboarded three new member companies.
Digital credit marketplace Paisabazaar along with online consumer credit providers Orange Retail
Finance and Phocket, have now become members of the association. Face members collectively cater to
more than half of the digital lending market, including B2B and B2C customers. FACE is the largest
consumer-oriented fintech association in India
Mahila Money, Visa and Transcorp launch Mahila Money Prepaid Card for women entrepreneurs
To help women entrepreneurs easily collect payments, loans and get incentives for transactions, Mahila
Money, Visa and Transcorp have teamed up to launch Mahila Money Prepaid Card. Mahila Money said
the prepaid card will help women entrepreneurs use digital payments more effectively. A physical copy
of the card is also available upon request, in addition to the digital ca
Axis Bank bags IFR Asia’s Asian Bank of the Year and India Bond House Award
Axis Bank, India’s third-largest private sector bank has been awarded IFR Asia’s Asian Bank of The
Year, for its breadth of coverage and depth of expertise in the Asian investment banking space. The
award acknowledges the bank’s outstanding performance in equity and debt issuance, across all major
products and segments. Axis has also won the ‘Best DCM House in India’ Award at the Finance Asia’s
Country Award
RBI gives 3-month extension to RBL Bank’s interim MD & CEO Rajeev Ahuja
The Reserve Bank of India has approved the extension of the term of Rajeev Ahuja, interim managing
director and CEO of RBL Bank for three months with effect from March 25, 2022, or till the appointment
of a regular MD & CEO. Earlier the Reserve Bank of India (RBI) has given for the appointment of Rajeev
Ahuja as interim MD and CEO for three months on December 30, 2021. RBL Bank, formerly known as
Ratnakar Bank, is a private bank headquartered in Mumbai.
Karnataka Bank bags award ‘Best MSME Bank of the year – Winner’
Karnataka Bank has bagged ‘Best MSME Bank of the year – Winner’ award among private sector Banks
at the 8th Micro, Small and Medium Enterprises’ s Excellence Awards Ceremony and Summit instituted
by ASSOCHAM at New Delhi.
The Associated Chambers of Commerce and Industry of India is a non-governmental trade association
and advocacy group based in New Delhi, India. Karnataka Bank has been focusing on MSME sector with
various digital products.
NPCI set to launch UPI Lite for small value transactions in offline mode
The National Payments Corporation of India (NPCI) is set to launch UPI Lite, which would enable small
value transactions in an offline mode.
At present, it will be near offline but will require a smartphone. It is set to go live with pilots in the next
1 week or 10 days.
NPCI has designed the UPI Lite ‘ on-device wallet functionality for UPI user.
DBS Bank India launches Green Deposits programme enabling institutions to support sustainable projects
DBS Bank India has announced the launch of its Green Deposit Programme for corporate clients
providing a simple way for companies to support environmentally-friendly projects or avenues.
The program will allow Corporate Entities to fund sustainability projects.
FinMapp gets licence from PFRDA and Irdai to sell NPS, insurance
FinMapp, a financial services company, had obtained a license from the Pension Fund Regulatory
Development Authority (PFRDA) under the National Pension System (NPS). In addition, it has obtained a registration certificate certified as a corporate agent from the Insurance Regulatory Development Bureau (Irdai) of India. The company plans to release the NPS as an investment tool for apps in the coming months.
RBI Governor Shaktikanta Das inaugurates Reserve Bank Innovation Hub (RBIH) in Bengaluru
RBI Governor Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) in Bengaluru, set
up with an initial capital contribution of Rs 100 crore to encourage and nurture financial innovation. The
Hub has an independent Board with Senapathy (Kris) Gopalakrishnan as the Chairman and other
eminent persons from industry and academia as members.
Paytm launches ‘Payment Analytics’ to help SMEs make data driven decisions
Digital payments and financial services company One97 Communications Limited, which owns the brand
Paytm, has announced that its wholly-owned subsidiary Paytm Payments Services Limited, is enabling
merchants with data-driven payment insights to help them understand their customers and their
payment preferences.
Bank of Baroda, RBI’s Innovation Hub to boost financial inclusion for millions of women entrepreneurs, others
Bank of Baroda (BoB) has partnered with RBI’s wholly-owned subsidiary Reserve Bank Innovation Hub
(RBIH) to promote financial inclusion of women through technology.
BoB will be the ‘scale-up partner’ for RBIH’s inaugural edition of its programme Swanari TechSprint
which would focus on developing digital solutions to help women achieve financial security and
independence.
RBI Sets Framework For Geo-Tagging Of Payment System Operators
The Reserve Bank of India (RBI) released a framework for geo-tagging of payment system touch points,
issuing instructions to bank and non bank payment system operators to maintain and submit to it the
geographical locations of their touch points on a regular basis.
The announcement was made in the Statement on Developmental and Regulatory Policies released by
the RBI.
Varnika ink manufacturing facility established by RBI in Mysuru, Karnataka
Reserve Bank of India Governor Shaktikanta Das dedicated to the nation the Varnika ink manufacturing
facility in Mysuru, Karnataka. Varnika has been set up by Bharatiya Reserve Bank Note Mudran
(BRBNMPL), a wholly owned subsidiary of RBI. BRBNMPL has set up Varnika with an annual ink
manufacturing capacity of 1,500 MT to enhance the security of banknotes.
Economy
GST collections in Feb stand at ‘1.3L cr
Goods and services tax collections dipped marginally to Rs 1.3 lakh crore during February, compared to
Rs 1.4 lakh crore in the previous month.
This was also the first time in nearly five years that cess collected from soft drinks, coal, tobacco, and
automobiles and automobiles crossed the Rs 10,000 mark in a month.
Reliance to invest ‘1,670 cr in Sanmina’s India unit for JV
Reliance Industries (RIL) has signed an agreement to set up a joint venture (JV) with Sanmina Corp
through an investment in the US-based company’s Indian unit for building an electronics manufacturing
hub in Chennai.Reliance Strategic Business Ventures Ltd (RSBVL), an RIL subsidiary, will invest Rs
1,670 crore in new shares for a 50.1 per cent stake in the JV, and Sanmina.
L&T launches SuFin, a B2B E-Commerce platform for MSMEs
Larsen & Toubro (L&T) has launched an e-commerce platform called L&T-SuFin. It is the country’s first
integrated e-commerce platform for business to business industrial products and services.
The transaction fee of the platform is around 1.5%.
The platform will have all types of construction and industrial products.
Credit Guarantee Scheme for Subordinate Debt (CGSSD) extended upto 31.03.2023
Credit Guarantee Scheme for Subordinate Debt’ scheme was launched on 24th June, 2020 to provide
credit facility through lending institutions to the promoters of stressed MSMEs viz. SMA-2 and NPA
accounts who are eligible for restructuring as per RBI guidelines on the books of the Lending
institutions. The Government has decided to further extend this scheme till 31.03.2023 The
Government had earlier extended this scheme up to 31.03.2022.
India breaks into world’s top five club in terms of market capitalisation
India’s equity market has broken into the world’s top five club in terms of market capitalisation for the
first time. The country’s total market cap stands at $3.21 trillion, which is higher than that of the UK
($3.19 trillion), Saudi Arabia ($3.18 trillion), and Canada ($3.18 trillion).India has climbed two
positions, despite a 7.4 per cent drop in its market cap. 1st- USA 2nd- China 3rd-Japan 4th- Hong Kong
5th- India 6th- UK 7th- Saudi Arabia
I-T dept has made highest tax collection in its history: CBDT Chairman
The I-T department has made the highest collection in its history, CBDT Chairman J B Mohaptra said
when the direct tax mop up jumped over 48% in the current fiscal backed by a 41% surge in advance
tax payments. The net collection numbers as on Mar 17 is Rs 13.63 lakh cr which is against Rs 11.18
lakh cr of 2018-19, Rs 10.28 lakh cr of 2019-20 and Rs 9.24 lakh cr of 2020-21. FY 2021-22 estimates:
the proportion of direct tax to the gross tax revenue would be 49%.
India’s forex reserves dip by $9.64 billion, the biggest drop in 2 years
India’s foreign exchange (forex) reserves declined by $9.646 billion to $622.275 billion in the week
ended March 11, the sharpest decline in nearly two years, as the Reserve Bank of India (RBI) heavily
sold dollars to prevent the slide in the value of rupee. The foreign currency assets are slumped by
$11.108 billion to $554.359 billion during the week under review. The biggest component of the forex
reserves in India is foreign currency assets.
Coal India Plans to Produce 1 Billion-Ton By 2023-24
Coal India Limited, the largest coal producer in the world has planned to increase all India coal
production to the level of 1 BT by 2023-24 and coal production by Coal India Limited to 1 BT by 2024-
25 has been prepared.
As per the draft report of Niti Aayog, the coal demand is expected to remain in the range of 1,192-
1,325 million tonnes by 2030.
ICRA lowers FY23 GDP forecast to 7.2%
Ratings agency Icrasharply lowered India’s economic growth forecast for the financial year 2022-23 to
7.2% from 8% estimated earlier as rising fuel and commodity prices due to the Russia-Ukraine conflict
are expected to impact domestic demand.
It has also taken into account the downside risks arising from fresh lockdown in parts of China led by a
surge in covid-19 cases.
Insurance
T S Ramakrishnan appointed as new MD and CEO of LIC Mutual Fund
LIC Mutual Fund announced the appointment of T S Ramakrishnan as its Managing Director & CEO,
effective March 1, 2022.
Ramakrishnan, as the MD and CEO, LIC Mutual Fund Asset Management, will succeed Dinesh Pangtey,
its former Wholetime Director and CEO.
Govt permits up to 20% FDI under automatic route in LIC
Government has permitted up to 20 percent Foreign Direct Investment (FDI) under automatic route in
Life Insurance Corporation of India (LIC) with an aim to facilitate disinvestment of the country’s largest
insurer.
Department for Promotion of Industry and Internal Trade (DPIIT) had mooted the proposal to allow FDI
in LIC, after taking views from the Ministry of Finance.
IPO-bound LIC posts Rs 235 cr profit in Q3 of 2021-22
The net profit of Life Insurance Corporation of India rose to Rs 234.91 crore in the third quarter of the
current financial year from Rs 0.91 crore recorded in the corresponding period of last year.
India, Japan sign six agreements in areas including cyber security, wastewater management and clean energy
India and Japan signed six agreements in the areas including cyber security, wastewater management
and clean energy after the India-Japan Annual Summit in New Delhi. Prime Minister Narendra Modi and
Japanese Prime Minister Fumio Kishida held productive talks and discussed ways to boost economic and
cultural linkages between the two countries. This is the 14th India-Japan Annual Summit.
HDFC ERGO launches VAULT, an Industry-first Digitally-enabled Rewards Program
HDFC ERGO General Insurance Company, a leading private general insurer and a digital-first company
leads the way in customer loyalty with the launch of the VAULT program, an industry-first digital
customer engagement and rewards program.
The Company has taken advantage of the Regulatory Sandbox by IRDAI, in the form of VAULT, an
experiment to test a new idea.
FinTech
Airtel, Axis Bank partner for financial services; launch co-branded credit card
Bharti Airtel and Axis Bank announced a collaboration for offering financial services, starting with a cobranded credit card for subscribers of the telecom services company. Under the partnership, the
companies will provide pre-approved instant loans, ‘buy now pay later’ offerings, and other services.
Bharti Airtel MD and CEO for India and South Asia, Gopal Vittal. Axis Bank MD and CEO Amitabh
Chaudhry.
Reserve Bank of India (RBI) Launches Instant Payment System “UPI 123PAY”, Helpline For DigiSaathi
RBI and the National Payment Corporation of India launched UPI 123Pay today, i.e., UPI for features
phones which allows one to make payments without the internet.
UPI for feature phone, i.e., UPI123Pay is a 3-step process – call, choose and pay.
Users can visit www.digisaathi.info or call on 14431 and 1800 891 3333 for their queries on digital
payments and grievances.
ToneTag, NSDL Payments Bank introduce voice-based UPI digital payment solutions for feature phones
ToneTag, which is a sound-based proximity communication and payments service provider, has recently
rolled out its VoiceSe UPI digital payments for feature phone users, in partnership with NSDL Payments
Bank and NPCI.
Users can call 6366 200 200 where an Interactive voice response (IVR) guides the desired financial
transaction.
IFSCA announces winners of Hackathon ‘Sprint03: InsureTech’ under I-Sprint’21
International Financial Services Centres Authority, in its endeavour to support a World Class FinTech
Hub at GIFT IFSC, had launched I-Sprint’21, the global FinTech Hackathon as part of InFinity Forum
‘Sprint03:InsureTech’ under the banner of I-Sprint’21 was launched with a focus on Insurance
Sector and was hosted by IFSCA and GIFT city in collaboration with FICCI. InFinity Forum is an IFSCA’s
flagship financial technology event.
India & World
Google And MeitY Startup Hub To Help 100 Early To Mid-Stage Indian Startups Scale Globally As Part Of Appscale Academy
Aiming to help India’s next generation of innovators unlock this growth opportunity, MeitY Startup Hub,
an initiative of the Ministry of Electronics and Information Technology (MeitY), and Google announced a
cohort of 100 Indian early to mid-stage startups it aims to help build high-quality global apps and
games as part of the Appscale Academy.
Celebrating 75 years of Indo-Netherlands ties; Special logo unveiled
India and the Netherlands established diplomatic relations in 1947. Since then, the two countries have
developed strong political, economic & commercial relations, and various sectoral co- operations.The
Netherlands presented 3,000 fresh tulips to India, as a symbol of friendship, which were planted in the
Jawaharlal Nehru Bhawan gardens. The Netherlands has Europe’s second-biggest Indian diaspora
community after UK
India, Bangladesh, Nepal finalise MOU for implementation of BBIN Motor Vehicles Agreement
India, Bangladesh & Nepal finalised an enabling MoU to be signed by them for the implementation of
the BBIN Motor Vehicles Agreement (MVA), pending ratification of the MVA by Bhutan.
The delegates agreed on specific steps and timelines to expeditiously finalise the Passenger and Cargo
Protocols for the implementation of the BBIN MVA.
Indian delegation was led by Smita Pant, Joint Secretary, Ministry of External Affairs.
HAL signs MoU with Safran to extend cooperation on chopper engines
The ground-breaking ceremony for a new facility of Helicopter Engines MRO Pvt Limited (HE-MRO), a
joint venture of HAL and Safran, a French aerospace firm, was held at Sattari in Goa.
HE-MRO aims to constantly improve serviceability and reduce cycle time to aid the operational
preparedness of the armed forces. R. Madhavan, CMD, HAL, Franck Saudo, CEO, Safran Helicopter
Engines.
‘Green Triangle’ named after Mahatma Gandhi inaugurated in Madagascar’s capital
As part of the ‘Azadi ka Amrit Mahotsav’ to commemorate India’s 75th year of independence, a ‘Green
Triangle’ named after Mahatma Gandhi was jointly inaugurated in Madagascar’s capital Antananarivo.
The word green in the plaque signifies their commitment to sustainable development and saving the
environment.
SBI signs agreement to provide $1-bn credit facility to Sri Lanka
India announced a USD 1 billion line of credit to Sri Lanka as part of its financial assistance to help the
island nation deal with its economic crisis. Visiting Sri Lankan Finance Minister Basil Rajapaksa
witnessed the signing of the agreement for the USD 1 billion line of credit being extended through the
State Bank of India (SBI). Line of Credit is not a grant but a ‘soft loan’ provided on concessional interest
rates.
Sri Lanka-India ink MoUs for defence, economic, education, religious cooperation
Tightening the defence, economic, education, religious and cultural ties, multiple agreements were
inked on the first day of Indian External Affairs Minister S. Jaishankar’s visit to Sri Lanka.
On the security front, an MoU was signed to establish a Maritime Rescue Coordination Centre (MRCC)
with a grant of $6 million from India.
Acquisitions & Mergers
Emami acquires 19% stake in D2C nutrition firm Tru Native F&B
Kolkata-based FMCG major Emami Ltd has acquired 19 per cent equity stake in direct-to-consumer
(D2C) nutrition firm Tru Native F&B Pvt Ltd.
Tru Native F&B markets nutrition products under the brand TruNativ, targetted at health and fitness
enthusiasts.
‘TruNativ’ product offerings are very unique as they are based on real consumer habits and issues.”
Emami Ltd- Founded in 1974 by two childhood friends – RS Agarwal and RS Goenka,
CCI approves acquisition of 100% share capital of L&T Investment Management Limited by HSBC Asset Management (India) Private Ltd
The Competition Commission of India (CCI) approves acquisition of 100% share capital of L&T
Investment Management Limited (L&T AMC/Target) by HSBC Asset Management (India) Private Limited
(HSBC AMC/Acquirer).
HSBC AMC is the asset management entity for operating the day-to-day functioning of HSBC Mutual
Fund schemes.
CCI clears Amazon’s proposal to buy Catamaran’s stake in Cloudtail parent
The Competition Commission of India has cleared Amazon’s proposal to acquire Catamaran Ventures’
entire stake in Prione Business Services Pvt. Ltd., the joint venture between Infosys co-founder N R
Narayana Murthy’s Catamaran Ventures and the US-based e-commerce giant.
Prione Business Services houses Cloudtail, one of the largest retailers on the e-commerce firm’s India.
CCI approves acquisition of Micro Life Sciences Private Limited by South Elm Investments B.V.
Competition Commission of India approved the acquisition of Micro Life Sciences Private Limited by
South Elm Investments B.V.
The proposed combination pertains to the proposed acquisition of a minority stake in Micro Life Sciences
Private Limited (Micro Life/ Target) by South Elm Investments B.V. (SEI/ Acquirer). SEI is an
investment holding company incorporated under the laws of the Netherlands.
CCI approves acquisition of equity stake in Future Generali India Insurance Company by Generali Participations Netherlands N.V
The Competition Commission of India (CCI) approves acquisition of equity stake in Future Generali
India Insurance Company Limited by Generali Participations Netherlands N.V. Generali Participations
Netherlands N.V. (GPN / Acquirer) is a wholly-owned subsidiary of Assicurazioni Generali S.p.A
(‘Generali Group’), the ultimate parent entity of the Generali group of companies.
Razorpay acquires fifth payments tech startup IZealiant Technologies
Fintech unicorn Razorpay announced its acquisition of IZealiant Technologies, a leading Fintech startup
that provides payments technology solutions for banks, for an undisclosed amount. The acquisition of
IZealiant will further strengthen Razorpay’s Banking Solutions Arm to build innovative payment banking
technologies for partner banks. IZealiant is a Pune-based startup founded in 2015.
Torrent Power to buy 51% stake in Dadra and Nagar Haveli, Daman and Diu Power discom
Torrent Power Limited has entered into a Share Purchase Agreement and Shareholders Agreement with
Administrator of the Union Territory of Dadra and Nagar Haveli and Daman and Diu (Holding Entity) and
Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Limited for purchase of 51
percent Equity Share Capital of the SPV from the Holding Entity.
Hinduja Leyland Finance to merge with NxtDigital
Intercorporate transactions continue with Hinduja Leyland Finance merging with NxtDigital ‘ both of
them are Hinduja Group companies.
Hinduja Leyland Finance is an non-banking financial company. It caters to the vehicle financing. Ashok
Leyland is the promoter of the Hinduja Group, so Ashok Leyland has about 69 percent stake in it, the
AUM is close to about Rs 29,000 crore.
Amazon.com has completed the acquisition of MGM Studios
Amazon.com Inc announced that it has completed its $8.5 billion acquisition of MGM, bringing together
the legendary film studio behind ‘Rocky’ & ‘James Bond’ with the online retailing behemoth as it seeks
to attract more customers through streaming video. MGM gave a plethora of content to produce and
deploy to entice users to Amazon’s fast-shipping and streaming club Prime.
PhonePe acquires freelance entrepreneur network GigIndia to strengthen enterprise offerings
Through the acquisition, PhonePe will integrate with itself the 1.5 million entrepreneurs, and over 100
enterprises as customers, besides the company’s employees. PhonePe will leverage GigIndia’s network
of freelance microentrepreneurs to help corporates and enterprises acquire more customers and scale
up their distribution channels.
CCI approves acquisition of shareholding in Busybees Logistics Solutions Private Limited by BXG Xenon HoldCo Limited
The Competition Commission of India (CCI) approves the acquisition of a shareholding in Busybees
Logistics Solutions Private Limited by BXG Xenon HoldCo Limited. The proposed combination envisages
the acquisition of certain equity shareholding on a fully diluted basis in BusyBees Logistics Solutions
Private Limited (Target) by BXG Xenon HoldCo Ltd (Acquirer). Blackstone Inc. is a global alternative
asset manager. It is headquartered in the USA.
CCI approves acquisition of stake in Busybees Logistics by TPG
The Competition Commission of India (CCI) approves acquisition of the stake in Busybees Logistics by
TPG. The proposed combination envisages acquisition of ~7% shareholding of Busybees Logistics
Solutions Private Limited (Xpressbees) by TPG Growth V SF Markets Pte. Ltd. (TPG SF). TPG SF is
majority owned and controlled by certain affiliates of TPG, Inc. TPG, Inc. is the ultimate holding
company of the TPG group.
Ola signs agreement to acquire neo bank Avail Finance
Mobility firm Ola has signed an agreement to acquire neo bank Avail Finance which provides financial
services to the blue-collared workforce and has over 6 million users. The acquisition is a key step in
Ola’s broader push into the fintech space as it looks to build a mobility-focused financial services
business under Ola Financial.
Ola recently invested nearly Rs 800 crores into its financial services business.
Emami acquires Dermicool from Reckitt for Rs 432 crore
Boroplus maker Emami has acquired Dermicool, one of the leading brands in the prickly heat and cool
talc category, from FMCG major Reckitt for a total consideration of Rs 432 crore (excluding taxes and
duties).
According to industry stakeholders, Navratna is the second-largest brand in the segment after Nycil
(owned by Zydus Wellness) while Dermicool comes in third.
Inox, PVR announce merger; combined entity to be called PVR Inox Ltd
Merger to bring together two of India’s best cinema brands to deliver an unparalleled consumer
experience with a network of more than 1,500 screens.
Ajay Bijli will be managing director of PVR Inox Limited. Sanjeev Kumar will be executive director and
Pavan Kumar Jain will be non-executive chairman of the consolidated board.
Axis Bank, HDFC Bank to acquire up to 15% stake each in India Debt Resolution Co
Private sector lenders Axis Bank and HDFC Bank have signed agreements to acquire up to 15 per cent
stake each in India Debt Resolution Company Limited (IDRCL) for a total cash consideration of Rs 7.5
crore each.
In September last year, public sector banks had created IDRCL as a step-down asset management
company.
Science & Technology
Canada clears world’s 1st plant-based Covid vaccine.
Canada has approved the use of Covifenz, the world’s first plant-derived Covid-19 vaccine jointly
developed by Medicago Inc. and GlaxoSmithKline Plc.
The vaccine has been cleared for people aged 18 to 64 since its safety and effectiveness, according to
Health Canada, have not been established in people younger than 18 or older than 64 years of age.
Google launches ‘Play Pass’ subscription in India
Google has announced the launch of ‘Play Pass’ subscription service in India that will provide Android
device users access to over 1,000 applications and games without ads, in-app purchases, and upfront
payments.
In India, users can get started with the service with a one-month trial and subscribe for Rs. 99 per
month or Rs 889 for the year.
DST partners with Intel India to boost AI readiness
‘Building AI Readiness among Young Innovators’, a program by the Department of Science and
Technology (DST), Government of India, in partnership with Intel India, was launched on the occasion
of National Science Day on 28th February by Dr Jitendra Singh, Union Minister of State for Science and
Technology(I/C), Government of India.
NASA, ULA Launch NOAA’s Newest Earth Observing Satellite
NASA successfully launched the third in a series of next-generation weather satellites for the National
Oceanic and Atmospheric Administration (NOAA). The newest Geostationary Operational Environmental
Satellite, GOES-T, launched on a United Launch Alliance Atlas V rocket from Cape Canaveral Space
Force Station. GOES-R satellites main job is to help with weather prediction
Petascale supercomputer ‘PARAM Ganga’ established at IIT Roorkee
National Supercomputing Mission (NSM) has deployed PARAM Ganga, a supercomputer at Indian
Institute of Technology (IIT) Roorkee, with a supercomputing capacity of 1.66 petaflops.
The system is designed and commissioned by C-DAC under phase-2 of the build approach of the NSM.
Iran puts second military satellite into orbit – Tasnim
Iran’s Islamic Revolutionary Guard Corps (IRGC) has successfully put a second military satellite, the
Noor 2, into orbit.
Noor 2 is orbiting at an altitude of 500 kilometres (311 miles).
The first military satellite, launched by the Islamic Republic in April 2020, placed the Noor, or “light” in
Persian, at an orbit of 425km (265 miles) above the earth’s surface. Iran’s Capital: Tehran; Currency:
Iranian rial.
ISRO launches ‘Young Scientist Programme’ for Class 11 students; registrations begin
The Indian Space Research Organisation (ISRO) is organising a special programme for school children
called ‘YUva VIgyani KAryakram’ (YUVIKA) or ‘Young Scientist Programme’ to impart basic knowledge
on space technology, space science and space applications to young students, especially for those from
rural areas.
Israel-based Coralogix forms Snowbit, a cyber security venture in India
Israel-based Coralogix, announced its foray into the India cyber security market with the launch of
security venture Snowbit. The company is a full-service cybersecurity venture focussed on empowering
cloud-native companies to secure themselves against growing cyber risks in a quick, efficient, and costeffective manner. it is founded and led by tech veterans and former Amazon Web Services (AWS)
executives.
ISRO successfully carried out ground test of solid booster stage for SSLV
The newly developed Solid Booster Stage (SS1) motor is a three-segmented solid propulsion stage
incorporating various new technologies and innovative processes which includes a bond-free joint
between the segments, high power electromechanical actuator with digital control electronics, optimized
ignitor and simultaneous propellant casting of all segments, have been tested. Small Satellite Launch
Vehicle (SSLV) is developed to laucnh small satellites.
China develops laser weapon that could destroy satellites in space
Researchers in China have developed a microwave machine “Relativistic Klystron Amplifier (RKA)”, that could jam or destroy satellites in space. The device can generate a wave burst measuring 5-megawatts in the Ka-band, a portion of the electromagnetic spectrum increasingly used for both civil and military purposes. Directed Energy Weapons (DEW) use concentrated electromagnetic energy rather than KE.
IIT Madras launches Sudha Gopalakrishnan Brain Centre to map human brains at cellular level
The Indian Institute of Technology Madras has launched the Sudha Gopalakrishnan Brain Centre that
aims to power ‘Global Project” to map the human brain at the cellular and connectivity levels, with a
focus on high-resolution brain imaging.
IIT Madras plans to train hundreds of undergraduate and postgraduate students at this Centre in
neuroscience and computing. Prof K. VijayRaghavan, principal scientific adviser to the government of
India.
IIT Madras launches AquaMAP for improving water use in agriculture
The principal scientific advisor to the government of India,Vijay Raghavan, inaugurated a new water
management and policy centre, AquaMAP, at IIT Madras that will focus on improving the agricultural
water use efficiency.
IIT Madras is collaborating with IIT Dharwad around the broad theme of ‘Data Science for Water
Security and Agriculture Sustenance’ and AquaMAP is a national water centre.
Petascale Supercomputer PARAM Shakti at IIT Kharagpur Dedicated to the Nation
“PARAM Shakti”, a Petascale Supercomputer ” at IIT Kharagpur, has been dedicated to the nation under
Indian government’s National Supercomputing Mission (NSM) – a joint initiative of Ministry of
Electronics and Information Technology (MeitY) and Department of Science and Technology (DST).
