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Kotak Mahindra Bank to sell 8.5% stake in Airtel Payments Bank to Bharti Enterprises

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Kotak Mahindra Bank will sell 20 crore shares in Airtel Payments Bank Ltd amounting to 8.57 per cent stake to Bharti Enterprises for around Rs 294 crore.

Kotak Mahindra Bank Limited has executed a share purchase agreement for the sale, the bank said in a regulatory filing.

It said that the shares were acquired for an aggregated consideration of Rs 200 crore invested in tranches during calendar years 2016 and 2017.

The cash consideration for the share sale would be equal to or higher than Rs 294.8 crore at Rs 14.74 per share. The consideration will be determined in accordance with the terms of the share purchase agreement.

Kotak Mahindra Bank does not require any governmental or regulatory approvals for the proposed transaction. Bharti Enterprises Limited has received ‘No Objection’ from the RBI to enable execution of the proposed transaction, which is expected to be completed by September 15, 2021, said the filing.

Airtel Payments Bank is a payments bank duly licensed by the Reserve Bank of India to carry out the activities permitted under the license issued by the central. It commenced its operations as a payments bank, with effect from November 23, 2016.

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WhatsApp working on new software that uses Apple Mac Catalyst

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 Meta-owned WhatsApp is working on a new Mac app that uses the Apple Mac Catalyst development environment to make better use of system resources.

According to AppleInsider, WhatsApp currently provides a web-based Electron app for Mac users in addition to its web app via browsers.

Electron and Catalyst are software development frameworks that help developers create desktop apps.

The new app has been in a closed beta for a few months, but now anyone can download the file on macOS Big Sur or later on the WhatsApp website, according to the report.

Following installation, it will display a QR code that users can scan with their iPhone to link their accounts using the WhatsApp iOS app.

The Mac app’s three-panel interface provides access to archived chats, starred messages, phone calls, and settings.

The Catalyst app includes features not available in the Electron version, such as file drag-and-drop and a spell-checker, the report mentioned.

Meanwhile, WhatsApp has reportedly rolled out some new shortcuts for group admins to quickly and easily perform actions for a certain group participant, on iOS.

The new shortcuts simplify interactions with group members as now the platform supports large groups of up to 1,024 participants, reports WABetainfo.

The new update will help group admins quickly manage and communicate with such a large number of participants in private.

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Mumbai: No jumbo block on Western Railway on Sunday

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There will be no jumbo block on Sunday, January 29 over Western Railway’s (WR) Mumbai suburban section, the WR announced today.

Major block to dismantle Gokhale bridge

Earlier last week, the Western Railway had enforced a major 4.5 hour block on the down slow lines from 12.15am to 4.45am on the intervening nights of Jan 19-20 and Jan 20-21 to carry out dismantling work of the Gokhale road overbridge at Andheri.

As a result, a number of local train services were affected.

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Panvel unit of employees of Bank of Maharashtra to join a day strike

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The Panvel unit of employees of the Bank of Maharashtra joined the one-day strike on January 27. All the unions operating in the Bank of Maharashtra have called for a one-day nationwide strike on January 27, 2023, mainly on the issue of adequate recruitment in all the cadres. The bank has eliminated the part-time staff cadre.

In the case of clerks and officers, the bank has not filled vacancies caused by death, retirement, resignations, or promotions, let alone vacancies caused by business growth.

During the last 10 years, banks’ business has grown by 250% while their staff has been reduced by 20%, and thus staff is hard pressed.

According to the union, employees are required to work beyond normal hours on almost all days and report to their duties on their weekly off and holidays. Employees are not able to avail of leave to their credit even for exigencies, and thus they have lost work-life balance.

Due to acute staff shortages, employees are unable to provide efficient customer service, despite their sincere efforts. Employees are working under immense pressure and thus are undergoing physical and mental stress.

The unions have been raising this issue of recruitment individually and collectively, but management is adamant and stubborn; thus, the January 27, 2023, strike has become inevitable.

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