Country's second largest private sector lender HDFC Bank today launched a dedicated product for start-ups which will offer banking, payments and forex services.
The product's features include enhanced transaction limits with no minimum balance requirement for the first six months, customised salary accounts and a dedicated relationship manager, the bank said in a statement.
Launched in association with the start-up accelerator Zone Startups India, it also offers support for foreign trade and remittances services, Payzapp for business, recommendation of a chartered accountant to take care of tax, regulatory and compliance, it said.
It can be noted that following the launch of the Startup India initiative by the Government in January, the banks have come out with special offerings for the entrepreneurs.
Marico starts production at Guwahati plant
* FMCG firm Marico today said it has commenced commercial production at its plant in Guwahati, set up to manufacture personal care products.
"The company's new plant... In Guwahati, Assam set-up to manufacture value added personal care products has successfully commenced its commercial production," it said in a BSE filing.
This is the second plant of the company in Guwahati which is operational.
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ICRA assigns AAA(stable) & A1+ rating to PFC's borrowing plan
Rating agency ICRA has assigned AAA (Stable) and A1+ to long term and short term borrowing programmes of state-run Power Finance Corp for FY2017.
"ICRA has assigned the rating of [ICRA]AAA to the Rs 60,000 crore (enhanced from Rs 40,000 crore) long term borrowing programme and [ICRA]A1+ to the Rs 32,000 crore (enhanced from Rs 30,000 crore) short term borrowing programme of Power Finance Corp for FY2017," ICRA said in statement.
According to statement, the ratings continue to reflect PFC's majority sovereign ownership (67.8% equity held by the Government of India) as on September 30, 2016) and its strategically important role in the implementation of various Government schemes-such as Ultra Mega Power Projects (UMPPs) and Integrated Power Development Scheme (IPDS)-for the development of the country's power sector.
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BFSI, fintech companies join forces under IAMAI * Leading banks and fintech firms including SBI, HDFC and Capital Float have collaborated to form a fintech group under the aegis of Internet and Mobile Association of India (IAMAI).
The purpose of the group is to encourage collaboration, seek complementarities and build synergy between leading BFSI companies and the emerging Fintech start-ups, IAMAI said in a statement.
The group comprises 60 members from leading banks and technology start-ups and will be chaired by Mrutyunjay Mahapatra, Deputy MD and CIO of State Bank of India and co-Chaired by Adhil Shetty, CEO of Bank Bazaar.
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Ricoh India re-appoints AT Rajan as MD
* Ricoh India today said its board has approved the re- appointment of AT Rajan as Managing Director upto March 31, 2018.
"The Board of Directors of the company in a meeting held today have inter-alia considered and approved matter of re-appointment of Mr AT Rajan as Managing Director of the company for a further term of one year effective April 1, 2017 to March 31, 2018, subject to approval of the shareholders of the company," it said in a BSE filing.
