Good morning. It’s Earlybird here bringing you the latest news from the world of unicorns, bears, and businesses. Happy Monday.

In this edition:

• 💲India and Tanzania ink dollar-free bilateral trade

• ☀️ SJVN new 200 MW solar project

• 🏦 SVB and Credit Suisse: Meet the Buyers

MARKETS: WEEK-TO-DATE

*Stock data as of market close. Source.

• Markets: Indian stock market index Nifty slipped to a 5-month low amidst the ongoing global banking crisis, leaving investors wondering what's next. Whether the situation will see a plot twist soon remains to be seen.

GLOBAL TRADE

The dollar is losing its sizzle in India-Tanzania trade

💲India and Tanzania have decided to scrap the US dollar from their bilateral trade equation, as they look to enhance their economic ties. The move is part of India's strategy to strengthen trade links with African nations by reducing dependency on the greenback. Here’s what you need to know:

The new trade deal

• Per a recent press release, the Reserve Bank of India (RBI) has enabled authorized Indian banks to open Special Rupee Vestro Accounts (SRVA) in Tanzania.

• To trade under this method, Tanzanian banks must likewise open SRVA in India and garner the approval of RBI.

The list, in total. Tanzania joins other territories that trade with India under this arrangement, including Kenya, Uganda, Botswana, Mauritius, and Seychelles, Fiji, Germany, Guyana, Israel, Malaysia, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, and the United Kingdom.

The next step forward. The Indian High Commission is set to host a stakeholder conference on March 24 to explore further details of the bilateral commerce mechanism.

ENERGY

SJVN new 200 MW solar project in Maharashtra

☀️ State-owned power company SJVN has won a bid to construct a 200 MW sun-harvesting project in Maharashtra, signaling a new era for renewable energy in India. Here's what you need to know:

Project details

• Estimated development cost: Rs 1,000 crore

• The new solar power plant is expected to reduce carbon dioxide emissions by 5,13,560 tons in 2030.

• The project is expected to be commissioned within 18 months of the signing of the power purchase agreement (PPA).

• Energy target: 455.52 MU in year 1, 10,480.82 MU. over 25 years.

Broader picture. The project is seen as a step towards India's goal of achieving 450 GW of renewable energy capacity by 2030 and reducing its reliance on fossil fuels.

ENERGY

Razorpay, NBFCs, and others receive chargesheet from ED

💰️ The Enforcement Directorate (ED) has filed a charge sheet against Indian fintech companies and NBFCs, including Razorpay, for their alleged involvement in money laundering activities related to a Chinese loan app scam. Here's what you need to know:

Allegations against Razorpay and others

• Razorpay, a popular Indian fintech company, and several other NBFCs are being charged with facilitating the transfer of funds obtained through illegal means.

• The ED claims that the companies provided payment gateway services to the loan app operators, helping them to launder the ill-gotten money.

A list of the accused

• Chinese controlled entities: Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited

• Non-banking financial companies (NBFCs): X10 Financial Services Private Limited, Track Fin-ed Private Limited, and Jamnadas Morarjee Finance Private Limited

The dent in fintech. This development is likely to have its mark on the Indian fintech industry, which has seen explosive growth in recent years. The ED's crackdown on money laundering activities within legitimate companies may lead to increased scrutiny of fintech firms at large, as well as stricter regulations.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• 💵 HDFC fined 5 lakh for failed returns. The Reserve Bank of India (RBI) has imposed a fine of Rs 5 lakh on Housing Development Finance Corporation (HDFC) for failing to transfer matured returns on customer deposits.

• 🤝 India Post is partnering with Shiprocket. India Post, the country's largest postal service provider has teamed up with logistics aggregator Shiprocket, bringing a new buff to its delivery services.

• 🛑 Tata ceases bid on bottled water. Tata Consumer has recently dropped its plans to acquire Indian bottled water company Bisleri, leaving the deal high and dry for the next buying opportunity.

FUNDING DEALS

Catch up on the Indian funding flows from the past 24hrs:

• Kabira Mobility, an electric vehicle maker, has secured $50M in a funding round led by Qatar-based AI Abdulla Group.

• PhonePe, the Indian mobile payments giant, just got a $200M injection from its majority stake owner and multinational retail brand, Walmart.

• Zouk, a Mumbai-based vegan lifestyle products brand, just snagged a $3M raise led by Stellaris Venture Partners and other investors.

WORLD

Headline Explorer

🆓 Musk slaps ‘open-source’ sticker on some Twitter code. Tech billionaire Elon Musk has announced that the Tweet recommendation algorithm for Twitter will be open-sourced effective March 31.

🏦 Will First Citizens pick up what’s left of SVB? First Citizens Bancshares, a North Carolina-based bank, is reportedly in talks to acquire the now-in-shambles Silicon Valley Bank.

👀 UBS eyes Credit Suisse buy out. Swiss bank UBS is reportedly in "mountain-high" talks to acquire embattled rival Credit Suisse, as the latter grapples with the fallout from extensive probing.

⚡️China zaps Deloitte with $308M fine. Deloitte is facing a $308M fine from Chinese regulators over audit failings in its work with a local company, marking the latest setback for the accounting giant in a "Great Wall-sized" market.

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