DBS completes takeover of Lakshmi Vilas Bank
Singapore-based DBS Group, on Monday, stated that its Indian subsidiary- DBS Bank India- has completed the takeover of distressed Lakshmi Vilas Bank (LVB). LVB’s banking services have been restored, with all branches, digital channels, and ATMs functioning as usual. The interest rates on savings bank accounts and fixed deposits will remain unchanged until further notice. All employees of LVB will continue in service and are now part of DBS Bank’s workforce.
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Govt likely to spend Rs 18,000 crore on priority vaccination for Covid-19
The Indian Government is likely to spend Rs 18,000 crore for the first phase of priority vaccination for Covid-19. This is according to a report from CNBC-TV18. The projected cost has been estimated by an expert panel comprising of Niti Ayog and Health Ministry officials. Currently, the panel is in the process of identifying 30 crore priority beneficiaries such as health care workers, police, sanitation workers, and the elderly. However, the report also states that these are approximations and the actual cost is yet to be finalised.
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Banks in India to see capital decline over two years without fresh infusion: Moody’s
A report from Moody’s Investors Service stated that Indian banks will see a larger capital decline without further infusion, over the next two years. Moody’s says that the uncertain trajectory of asset quality is one of the biggest threats for emerging market banks. The report also states that the 2021 outlook for banks in emerging markets (such as India) is negative.
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Hindustan Construction, Vensar JV wins Rs 236 crore railway order
Hindustan Construction Company Ltd, in a joint venture with Vensar Constructions Company Ltd, has bagged two contracts worth Rs 236 crore, from the Northeast Frontier Railway. The companies will construct a portion of the Bairabi-Sairang broad gauge rail line. This is part of the Indian Railways’ plans to improve its network across North-East India. Hindustan Construction’s share in the order is placed at Rs 130 crore.
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Shapoorji’s $1.2 billion deal with ADIA on hold over debt issues: Report
The Shapoorji Pallonji Group has kept its logistics venture with Abu Dhabi Investment Authority (ADIA) on hold. According to a report from Business Standard, the reason for keeping the deal on hold is due to debt issues and the ongoing Covid-19 pandemic. The group had planned to launch a $1.2 billion (~Rs 8,874 crore) venture with ADIA to invest in logistic centres in India.
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Serum Institute rejects volunteer’s claims of suffering side effects; seeks damages worth Rs 100 crore
The Serum Institute of India (SII) filed a Rs 100 crore defamation case against a Chennai-based volunteer who took part in its ‘Covidshield’ vaccine trials. The volunteer had alleged that the vaccine triggered an adverse reaction, which included neurological impairment. On November 21, the volunteer sent a legal notice and sued SII for Rs 5 crore. SII has denied the allegations and has stated that there was no correlation between the vaccine trial and the medical condition of the volunteer.
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Tata Sons may raise stake to over 76% in AirAsia India by end of FY21: Report
As per a report from Business Standard, Tata Sons is planning to gradually raise its stake in AirAsia India to more than 76% by the end of 2020-21. This may allow Malaysia-based AirAsia Group (which holds a 49% stake in the company) to exit its operations from India. The AirAsia Group earlier stated that it was struggling to recover from the Covid-19 impact, and had hinted at exiting its operations in India.
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Paytm Money launches IPO investments for retail investors
Paytm’s wholly-owned subsidiary, Paytm Money, will now facilitate investments in Initial Public Offerings (IPOs). It will enable investors to instantly apply for the latest IPOs from their UPI-linked bank accounts and complete the application process in 3-4 days. The company is aiming to capture 8-10% of applications market share in the first year of launch.
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IHCL announces expansion in eastern India with Ambuja Neotia Group
Indian Hotels Company Ltd (IHCL) has announced the signing of three hotels in eastern India (two in Kolkata and one in Patna), with the Ambuja Neotia Group. The company’s CEO Puneet Chhatwal stated that 60% of revenue in FY21 is expected to come from its leisure segment. He further stated that IHCL will be present in 9 out of 10 states in the east. IHCL, which runs the Taj group of luxury hotels, is owned by the Tata Group.
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Indian Railways record 371% increase in electrification during 2014-2020
Piyush Goyal, the Union Minister of Railways, stated that the electrification of 18,065 km of railway lines has been completed during 2014-2020. There constitutes a 371% increase in electrification, as compared to the period between 2009-2014. The minister also stated that the electrification process will help eliminate pollution, cut down imports of fuel, and save costs.
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