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RBI and Kotak Mahindra Bank, HUL Hit By Price, Firstcry IPO, Toyota & Nissan, Etc.

RBI and Kotak Mahindra Bank, HUL Hit By Price, Firstcry IPO, Toyota & Nissan, Etc.

Vaishali Sharma
April 26, 2024

From Startups to Giants: Covering All of India's Business in Less than 5 Minutes

RBI's Directive on Kotak Mahindra Bank: What Customers Need to Know: RBI's Action Overview:

RBI's Action Overview:

On April 24, RBI barred Kotak Mahindra Bank from taking on new customers through online and mobile banking channels, and issuing fresh credit cards, citing compliance issues with its technology platforms.

Existing Customers' Services:

No disruption for existing customers' digital services, including savings, salary, loan, or credit card accounts.
Branches continue to onboard new customers and offer all services except new credit card issuance.

Impact on Pending Applications:

Applicants awaiting credit card approvals may still receive cards if processed before the RBI's embargo.
Those with pending savings/current account applications should contact branches to avoid delays.

Personal Loan Applicants:

Personal loan applications in process may face delays or require transfer to branch channels.
Customers should engage with customer service or visit branches for assistance.

New Loan Applications:

Customers with existing accounts cannot apply for new personal loans online; branch visits are necessary.
Separate accounts require specific application processes, typically through branch channels.

Duration of Restrictions:

No timeline provided by the regulator or the bank.
Similar cases in the past took 7-15 months for restrictions to be partially or fully lifted.
Customers may anticipate a similar duration for Kotak Mahindra Bank's restrictions to be resolved.

Unilever's Growth Hit by Price Cuts in Indian Soap and Laundry Market:

Impact of Cheaper Products:

Unilever's skin cleansing and home care segment in India affected by cheaper soaps and fabric washers.
Input-deflation benefits for buyers cited as a key factor contributing to price cuts.

Market Performance in India:

India, the second largest market for Unilever, witnessed a modest 0.7% expansion.
Low single-digit volume growth partially offset by price reductions.

Segment-Specific Performance:

Skin cleansing segment reported flat growth due to slight price increase countered by volume decline.
Global home care segment grew by 3.1%, but experienced a 1.1% decrease in price growth, primarily driven by fabric cleaning.

Factors Driving Negative Prices:

Fabric cleaning segment saw higher-than-expected cost deflation in laundry powders, resulting in negative prices in key emerging markets like India and Brazil.

Market Strategy and Response:

Companies, including Hindustan Unilever, have reduced prices of soaps, detergents, and tea amid falling commodity prices to regain market share.
HUL's corporate market share improved by almost 200 basis points compared to 2021, with gains attributed to price cuts.
Recovery in volumes observed in detergent bars segment following price corrections in the market.

Outlook and Response:

Unilever and HUL continue to monitor market dynamics and adjust pricing strategies accordingly for sustained growth.

Firstcry plans to withdraw its current IPO papers shortly and will resubmit them with SEBI next week, including updated key performance indicators (KPIs), as per sources.
A CRISIL subsidiary has received approval from Sebi to conduct environmental, social, and governance (ESG) ratings.
On April 24, some ICICI Bank credit card customers reported a privacy issue on the iMobile Pay app.
Bernstein suggests that Indian markets could face an 'inevitable' correction if Modi's election win disappoints.
IndiGo has placed a $5 billion order for 30 A350-900 widebody aircraft.
Fintech players are expected to request RBI for a simpler merchant KYC process.
The World Bank, in collaboration with the IT ministry, will develop a state-level DPI adoption index.
Adani Green Energy is seeking a $400 million loan for capex expansion.
REC Ltd has secured a Japanese green loan of Rs 3,200 crore.
Online credit card spending rose by 20% YoY in March, reaching a record high of Rs 1 lakh crore.
Reliance Jio has launched JioCinema Premium, a new subscription service in India, offering ad-free streaming in up to 4K quality for just Rs 29 per month.
The follow-on public offer (FPO) aims to put Voda Idea on a growth trajectory, according to SBI chairman.
Adani Group's Vizhinjam Port in Kerala has received approval to operate as India's first transshipment port, facilitating the transfer of cargo between ships.

Hamas officials express willingness to disarm if a two-state solution is implemented.
Chinese electric vehicle battery manufacturer CATL introduces LFP battery with a range of 1,000 km.
US economic growth slows to a two-year low in the first quarter, while inflation surges.
US imposes sanctions on more than a dozen companies, including three from India, over trade and ties with Iran.

Toyota and Nissan Form Partnerships with Tencent and Baidu to Compete in China's AI Arms Race.
Synthesia, Backed by Nvidia, Reveals AI Avatars Capable of Conveying Human Emotions.
Sanctuary Introduces New Humanoid Robot with Faster Learning Capability and Lower Cost.
Synthesia's AI Video Avatars Now Include Emotions, Invoking Emotional Responses from Viewers.

Founder: Ashneer Grover and Shashvat Nakrani
Year Of Foundation: 2016
Headquarter: New Delhi, Delhi, India
Industry: BharatPay is a fintech company that provides solutions for various financial services, including banking, prepaid cards, and point-of-sale.
Why In News In India?
BharatPe has introduced BharatPe One, an all-in-one payment product integrating POS, QR code, and speaker into one device.