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BUSINESS AND ECONOMY - December 2014

Dec 2014

Feb 07, 2024

Tata AIA Life Insurance Appoints Venkatachalam H as New CEO and MD

Tata AIA Life Insurance Company Limited announced the appointment of Venkatachalam H as its new Chief Executive Officer and Managing Director. This appointment is subject to regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI). Venkatachalam H, also called Venky, brings over 27 years of experience in the life insurance, asset management, and custodial services sectors.
Venkatachalam H worked in various domains, including sales & distribution, strategy, business development, and key account management. He joined Tata AIA in 2016 and served as president and chief distribution officer in his previous role.

HDFC Bank Receives RBI Approval for Stake Acquisition in Six Banks

HDFC Bank and its affiliated companies obtained approval from the Reserve Bank of India (RBI) to acquire stakes in six prominent banks. This approval grants HDFC Bank and its group entities the authority to acquire an aggregate stake of up to 9.5% in ICICI Bank, Axis Bank, IndusInd Bank, Yes Bank, Bandhan Bank, and Suryoday Small Finance Bank (SFB). The approval, valid until February 2025, follows applications submitted by the bank as a promoter or sponsor of the group in December 2023.
The approval encompasses HDFC Bank and its group entities, including HDFC Mutual Fund, HDFC Life Insurance, and HDFC ERGO General Insurance.
The approval allows acquisitions within the normal course of business for these respective group entities.
HDFC Bank is required to ensure that the aggregate holding in the mentioned banks does not surpass 9.5% of the paid-up share capital or voting rights of the respective banks at any given time.

Mukesh Ambani Tops Global Brand Guardianship Index 2024

Reliance Industries Limited (RIL) Chairman and Managing Director, Mukesh Ambani, secured the top position among Indians and second globally in the Brand Guardianship Index 2024, as unveiled by Brand Finance in its latest survey.
With a Brand Guardianship Index (BGI) score of 80.3, Mukesh Ambani outshone notable global corporate leaders, including Microsoft's Satya Nadella, Sundar Pichai of Google, Apple's Tim Cook, and Tesla's Elon Musk. The survey placed Ambani just below Huateng Ma of China-based Tencent, who clinched the top spot with a BGI score of 81.6.
The Brand Guardianship Index, crafted by Brand Finance, is a prestigious global platform that acknowledges CEOs who effectively and sustainably enhance their business's value. This achievement requires CEOs to skilfully manage the expectations and needs of various stakeholders, including employees, investors, and the wider community, ensuring a harmonious balance.

Feb 06, 2024

Dr. Bina Modi Named 'Outstanding Business Woman of the Year 2023'

Dr. Bina Modi, the esteemed Chairperson of Modi Enterprises, was honoured with the prestigious 'Outstanding Business Woman of the Year' Award. This recognition, bestowed upon her by Rajnath Singh, Defence Minister of India, at a distinguished conference organised by the Indo-American Chamber of Commerce (IACC), underscores her exceptional leadership and contributions to the industry.
The award ceremony, held to celebrate Dr. Modi's outstanding achievements, took place during a conference aimed at strengthening the Indo-US relationship. Attended by notable figures including Ambassador to India Eric Garcetti and representatives of IACC, the event served as a platform to foster economic and diplomatic ties between the two nations.

Jio Financial Services, HDFC Bank Frontrunners to Buy Paytm's Wallets Business

Paytm is in exploratory talks to sell its wallets business. HDFC Bank and Jio Financial Services (JFSL) are among the forerunners to acquire it. The company's wallet business is housed under Paytm Payments Bank.
The report came days after the Reserve Bank of India (RBI) barred the Paytm Payments Bank from accepting deposits from February 29.
As per reports, Paytm had reached out to HDFC Bank for a deal just before the RBI ban. HDFC's digital wallet, Payzapp, has around 14 million users. JFSL has not been able to make any significant impact on the industry, but this deal could give it the much-needed start.

Feb 05, 2024

Eicher Enters Small Commercial Vehicles Segment, Unveils 'EV-first' Truck

Eicher Trucks and Buses, a division of VE Commercial Vehicles, announced its entry into the small commercial vehicle (SCV) segment with global unveiling of its 'EV-first' Eicher truck at Bharat Mobility Global Expo 2024.
The newly launched truck, designed for city and near-city distribution, aims to transform last-mile logistics and spans from 2 tonnes to 3.5 tonnes gross vehicle weight (GVW).

Anuj Ranjan New CEO of Private Equity Business of Brookfield Asset Management

Canadian investment giant Brookfield, which manages more than $850 billion in assets under management named Anuj Ranjan as the new CEO of its private equity business in a key global top deck reshuffle.
Ranjan had established Brookfied's India and Middle East operations and took over from Cyrus Madon who joined the board of directors as Executive Chairman.
Before this elevation, Ranjan was President of Brookfield's Private Equity business and Global Head of Business Development.
He joined Brookfield in 2006 and has held various positions within the company and its affiliates, including mergers & acquisitions, private equity and real estate.

Feb 04, 2024

ESAF Small Finance Bank and Edelweiss Tokio Life Insurance Partner to Offer Life Insurance

In a strategic move to elevate financial solutions for its customers, ESAF Small Finance Bank entered into a bancassurance partnership with Edelweiss Tokio Life Insurance. This collaboration aligns the two organisations in their commitment to prioritising customer needs, fostering a culture of growth, and promoting innovation in the financial sector.
ESAF Small Finance Bank aims to diversify its offerings, moving beyond traditional banking services to provide a broader array of financial solutions.
The partnership underscores ESAF Small Finance Bank's dedication to extending financial security to the unbanked and under banked population, particularly in rural markets across India.
The collaboration plays a pivotal role in Edelweiss Tokio Life's comprehensive multi-channel distribution strategy. This partnership sets the stage for establishing new benchmarks in customer-focused insurance services.

UPI Services Launched In France at Eiffel Tower

India officially launched the Unified Payments Interface (UPI) at the iconic Eiffel Tower in France, marking a significant step towards realising Prime Minister Narendra Modi's vision of taking UPI global.
UPI, developed by the National Payments Corporation of India (NPCI) in 2016, is an instant payment system that consolidates multiple bank accounts into a single mobile application, streamlining various banking features, fund routing, and merchant payments.

Feb 03, 2024

Bandhan Bank Appoints Santosh Nair as its Consumer Lending and Mortgages Head

Bandhan Bank appointed Santosh Nair, Chief Executive of HDFC Sales Private Limited, as the head of its consumer lending and mortgages.
Nair, a veteran with over three decades of experience in banks and financial services companies, will drive Bandhan Bank's housing finance portfolio and also the retail lending franchise and distribution.
Nair worked in marquee entities such as Housing Development Finance Corporation, HDFC Bank, American Express and Kotak Mahindra Primus.

RBI Slaps Rs. 5 lakh Fine on Bajaj Housing Finance for Violating Provisions

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 5 lakh on Bajaj Housing Finance for changing management, which resulted in a change of directors in the company without seeking prior written permission from the regulator.
The action was taken on the basis of an assessment conducted by the National Housing Bank for a time period ending on March 31, 2022.
The action stood in violation of certain provisions of the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021' issued by the RBI.

Mahindra Announces Key Leadership Appointments

Mahindra Group announced key leadership appointments as well as reshuffling among its top management following Kavinder Singh's decision to leave his role as Managing Director (MD) and Chief Executive Officer (CEO) of Mahindra Holidays & Resorts India Limited (MHRIL). The Mahindra Group will onboard Manoj Bhat and reassign Vimal Agarwal to take on key positions in MHRIL, May 2024 onwards.
Manoj Bhat, the group chief financial officer, was appointed as the new MD & CEO of MHRIL, while Vimal Agarwal, the current CFO of Mahindra Lifespaces Developers Ltd (MLDL), was appointed CFO for MHRIL. Additionally, Amarjyoti Barua, the executive vice-president - group strategy will lead the Mahindra Group's Finance Organisation as the Group CFO.

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