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India's largest bank SBI to invest $20 mn in fintech firm

Pine Labs Pine Labs, a leading merchant commerce platform, announced a new investment of $20 million from India’s largest commercial bank, the State Bank of India (SBI). Earlier in 2021, Pine Labs had raised a total round size of $600 million from a marquee set of new investors and followed it up with a $100 million fundraise from US-based Invesco Developing Markets Fund. In addition to augmenting its merchant commerce offerings at the offline point-ofsale, Pine Labs is now looking to invest in scaling Plural, its newly launched brand of online payment products and emerge as an omnichannel partner of choice for merchants.

Post DHFL acquisition, Piramal Capital to open 100 branches

Having access to over 10 lakh customers post acquisition of DHFL last year, Piramal Capital & Housing Finance (PCHFL) plans to open 100 branches and expand to 1,000 more cities in coming years. In September 2021, PCHFL completed acquisition of debt-laden Dewan Housing Finance Ltd (DHFL), thereby creating one of the largest housing finance companies in the country. PCHFL has now access to over 1 million (10 lakh) customers across 24 states with a network of 301 branches, PCHFL said in a release on Tuesday

LIC's assets at $463 billion exceeds the GDP of several economies

LIC assets at $463 billion exceeds the GDP of several economies, and it is ranked 5th globally in terms of life insurance GWP and 10th globally in terms of total assets. Its assets are 1.1 times more than the entire Indian MF industry i.e. Rs 31.4 trillion (till March 31, 2021). LIC's assets are 16.3 times the AUM of the second largest private insurer in India, i.e. SBI Life. 4 per cent of total NSE market cap is held by LIC.

Alembic gets USFDA nod for generic drug to treat bacterial infections

Alembic Pharmaceuticals on Tuesday said it has received approval from the US health regulator to market Doxycycline Hyclate delayed-release tablets, used to treat drug resistant bacterial infections, in the American market. The company has received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Doxycycline Hyclate delayed-release tablets, the drug firm said in regulatory filing.

Axis Bank concludes structured derivative deals as RBI ban lifts

India's Axis Bank has started offering structured derivative products to leading companies including Reliance Industries after a ban on these deals was lifted by the Reserve Bank of India effective Monday. Axis Bank, India's third-largest private sector bank said the first of these transactions was executed with Reliance Industries which involved the use of Barrier FX options for their currency risk management, it said in a statement

Social commerce industry to touch $1.2 trn by 2025 globally: Accenture

The $492 billion global social commerce industry is expected to grow three times as fast as traditional ecommerce to $1.2 trillion by 2025. Growth is predicted to be driven primarily by Gen Z and Millennial social media users, accounting for 62% of global social commerce spend by 2025.

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