HDFC Bank, India’s largest private sector lender, is on an aggressive drive to recover lost ground in the credit card business. On March 11, the Reserve Bank of India lifted a ban imposed on the bank in December 2020, allowing the lender to launch digital products.

In an exclusive interview to media on March 16, HDFC Bank’s group head of payments, consumer finance and digital banking, Parag Rao, said the bank has used the interim period to relook at fault areas and revamp strategy.

Rao is optimistic the bank can get back lost market share in cards in 2-3 quarters. Rao also spoke about digital initiative plans in FY23 and on forming a digital-only bank. Edited excerpts:

Zomato will be investing $150 million in debt to rescue cash-strapped quick commerce startup Blinkit, the company said in a stock filing on March 15.

Moneycontrol was the first to report that Zomato would invest around $100 million in the online grocer.

The investment will happen in "one or more tranches" at an interest rate of 12 percent per annum with a tenure of not more than one year.

"This loan will support the capital requirements of GIPL in the near tern and is in line with our stated intent of investing up to $400 million cash in quick commerce in India over the next two years," said Zomato.

The Indian economy is facing unprecedented inflation just as the country is headed out of the covid-19 pandemic, said Sanjiv Puri, Chairman and Managing Director of ITC Ltd. Talking at The Financial Express Boardroom 2022, Sanjiv Puri said that inflation is a key concern, and the ongoing geopolitical conflict between Russia and Ukraine has only accentuated the concern. “As the pandemic was ebbing we are faced with a situation of unprecedented inflation. Both food and energy inflation are key and the recent conflict in Ukraine has only accentuated the situation,” the ITC Chairman said.

Sanjiv Puri’s comments come on the day when India recorded WPI inflation at over 13% and CPI inflation at 6.07%. Puri also touched upon three focus points that he believes India needs to work on to stay on the growth trajectory despite rising inflation.

Billionaire Azim Premji is known to have a big heart, which is well-documented by his philanthropy. Recently, the Supreme Court of India lauded Azim Premji for forgiving a person who had filed over 70 cases against the business tycoon.

Appreciating Premji for taking a constructive view of the matter, the SC bench of justices Sanjay Kishan Kaul and MM Sundresh said, “We are happy to note that Azim Hasham Premji has taken a constructive view of the matter and agreed to forgive the past conduct of R Subramanian, more so, in view of the financial issues he has faced and to take also a compassionate view of the amounts due from him to the group companies of Premji.

Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company’s share price has tanked nearly 33 per cent from its 52-week high of Rs 940, touched on its debut day in December last year. The stock is down 30 per cent from its IPO price of Rs 900 per share. Jhunjhnwala and his wife held a 17.51 per cent stake or 10.07 crore shares in the company at the end of December 2021 quarter. Despite the 30% correction in share price in three months, ICICI Securities is bullish on this stock. The brokerage firm has given a target price of Rs 806 per share, potential upside of 27 per cent from last close. 

The investment thesis of Star Health includes market-leading position, product and distribution leadership© Provided by The Financial Express The investment thesis of Star Health includes market-leading position, product and distribution leadership