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BUSINESS AND ECONOMY - January 2015

Jan 2015

Mar 24, 2024

PolicyBazaar Establishes Wholly Owned Subsidiary 'PB Pay Private Limited': Expansion into Payment...

  • PolicyBazaar, a prominent player in insurance and financial services, unveiled plans to diversify its offerings by establishing a wholly owned subsidiary named 'PB Pay Private Limited.' This subsidiary, approved by the board of directors, aims to specialise in payment aggregation services, both domestically and internationally, subject to regulatory clearances.
  • PB Pay Private Limited is slated to operate as a Non-Banking Financial Company (NBFC) with a focus on payment aggregation.
  • The authorised share capital for the subsidiary is set at Rs. 50,00,00,000, with a proposed paid-up capital of Rs. 27,00,00,000.

SBI Card and Titan Launch Titan SBI Card

  • SBI Cards and Payment Services Ltd, in partnership with Titan Company Ltd, launched Titan SBI Card, a shopping credit card.
  • With a focus on cashbacks, gift vouchers, and reward points, this card promises benefits worth over Rs. 2,00,000 annually.
  • Individuals can enrol for the card digitally through SBI Card SPRINT on SBI Card website or Titan stores. The joining and annual renewal fee for the card is Rs. 2,999. The contactless card is available on RuPay and VISA payment platforms.

BPCL Secures 5th Spot in Business World Real 500

  • Bharat Petroleum Corporation Limited (BPCL), a Maharatna and India's second-largest government-owned downstream oil producer, proudly announced its continued position as the 5th-ranked company in The Business World Real 500 List of 2024. This accomplishment underscores BPCL's unwavering commitment to excellence and highlights its consistent and robust financial performance in a dynamic operating environment.
  • BPCL has demonstrated agility and resilience in navigating through changing times while remaining firmly committed to the strategic path of energy transition.

Mar 23, 2024

Mustafa Suleyman, the New Face of Microsoft's AI Division

  • Microsoft named British AI pioneer Mustafa Suleyman as the head of its AI division. Suleyman, who co-founded Google's DeepMind, will now report directly to Microsoft CEO Satya Nadella.
  • In his new role, Suleyman will oversee various AI projects at Microsoft, including:
  • Integration of AI Copilot into Windows
  • Adding conversation elements to Microsoft's Bing search engine
  • Consolidating all consumer AI projects under one leader

Naveen Jindal Takes Charge as President of the Indian Steel Association

  • Naveen Jindal, chairman, Jindal Steel and Power, took charge as president of Indian Steel Association (ISA), the apex body for steel producers.
  • The association said that Naveen Jindal was unanimously elected as the president of ISA by the apex committee, the governing body of ISA. He succeeded Dilip Oommen, CEO of ArcelorMittal Nippon Steel India.

Mar 22, 2024

DBS Bank India Announces $250 Million Lending Support for Start-ups, 'New Economy' Companies

  • DBS Bank India announced a lending commitment of $250 million for new-age start-ups. The initiative is part of the bank's focus on fostering innovation and entrepreneurship within the country's thriving start-up ecosystem.
  • The Indian start-up sector, a foundational pillar of the country's development goals, has seen significant expansion over the years with over 90,000 start-ups and more than 100 unicorns as of 2024. Despite their growing resilience, access to capital for these companies in the current dynamic environment presents an ongoing challenge. Recognising the disruptive power of the start-up segment, particularly those harnessing emerging technologies, DBS Bank India has earmarked lending support of $250 million, focusing on enterprises that are set to redefine industry standards with innovative solutions.

M. V. Rao New Chairman of Indian Banks Association

  • The Indian Banks' Association (IBA) elected M. V. Rao, Managing Director and Chief Executive Officer of the Central Bank of India, as its new Chairman. The decision was taken during the IBA's managing committee meeting.
  • The committee also elected the following three individuals as Vice-Chairmen of the banking lobby group: Dinesh Kumar Khara, Chairman of State Bank of India (SBI), S. L. Jain, Managing Director and Chief Executive of Indian Bank and N. Kamakodi, Managing Director and Chief Executive of City Union Bank.
  • Madhav Nair, the Country Head and Chief Executive of the Bank of Bahrain and Kuwait, was unanimously elected as the Honorary Secretary of the IBA.
  • The IBA is a representative body of Indian banks, comprising public sector, private sector, foreign, cooperative, and regional rural banks. It plays a crucial role in shaping banking policies and promoting best practices in the Indian banking industry.

GRID-INDIA Achieves Miniratna Status

  • Grid Controller of India Limited (GRID-INDIA) achieved a significant milestone by being conferred with the status of Miniratna Category-I Central Public Sector Enterprise (CPSE). This recognition was bestowed upon by the Ministry of Power, Government of India, highlighting GRID-INDIA's pivotal role in the nation's power landscape.
  • Established in 2009, GRID-INDIA holds the crucial mandate of overseeing the seamless and uninterrupted operation of the Indian Power System. Its responsibilities include ensuring the efficient transfer of electric power within and across regions, facilitating trans-national power exchanges, with a focus on reliability, economy, and sustainability. It also facilitates competitive and efficient wholesale electricity markets and administers settlement systems.
  • GRID-INDIA comprises five Regional Load Despatch Centres (RLDCs) and the National Load Despatch Centre (NLDC). It shoulders the immense responsibility of managing the All India synchronous grid, one of the world's largest and most intricate power systems.

Mar 21, 2024

RBI Imposes Penalties on Tamilnad Mercantile Bank and DCB Bank

  • The Reserve Bank of India (RBI) levied penalties on Tamilnad Mercantile Bank and DCB Bank for non-compliance with certain regulatory directions pertaining to interest rates on advances.
  • Tamilnad Mercantile Bank was penalised with Rs. 1.31 crore for non-compliance with RBI directives on 'Interest Rate on Advances' and 'Central Repository of Information on Large Credits (CRILC) – Revision in Reporting'.
  • DCB Bank was penalised with Rs. 63.6 lakh for failure to comply with RBI guidelines concerning 'Interest Rate on Advances'.

Wipro Appoints Anne-Marie Rowland as CEO of Capco

  • IT major Wipro appointed Anne-Marie Rowland as the Chief Executive Officer (CEO) of Capco, the London-headquartered consulting firm it had acquired for $1.45 billion in 2021.
  • Rowland is currently Managing Partner of Capco's business in the UK and Ireland and a member of Capco's global leadership team. She will take on the CEO's role effective April 1, 2024.
  • As CEO, Rowland will report to Delaporte and will become a member of Wipro's Executive Committee (WEC).
  • She had joined Capco 14 years ago and has consulting expertise in business change management, innovation, and transformation.

Mar 19, 2024

Startup Mahakumbh 2024: Revolutionising India's Entrepreneurial Landscape

  • Startup Mahakumbh 2024, a groundbreaking initiative led by industry giants such as ASSOCHAM, Nasscom, Bootstrap Incubation & Advisory Foundation, TiE, and Indian Venture and Alternate Capital Association, is set to unite over 1,000 startups, 50 unicorns, 500 incubators, and 5,000 delegates from 23 countries. 
  • This three-day event, supported by the Department for Promotion of Industry and Internal Trade (DPIIT), aims to foster innovation and collaboration across various sectors, featuring prominent figures like Amitabh Kant, Sivasubramanian Ramann, and Falguni Nayar.

Poonawala Fincorp Appoints Arvind Kapil as MD and CEO

  • Poonawalla Fincorp share price gained over 3% in early trade on Tuesday after the company announced the appointment of retail banking veteran Arvind Kapil as its new Managing Director & Chief Executive Officer for a five-year term starting June 24.
  • Kapil is currently serving as Group Head - Mortgages at HDFC Bank and comes with over 25 years of experience with the largest private lender in handling a bouquet of retail products.
  • He will replace current MD & CEO Abhay Bhutada, who will move to Poonawalla Group, and remain a non-executive director in the company, as per a regulatory filing.
  • Analysts expect the leadership transition to pivot to a phygital approach (branch + digital) with a wider product offering to target a larger customer base. 
  • "With the backing of the Poonawalla Group, AAA credit rating, guidance of Keki Mistry, and a retail banking veteran in Arvind Kapil at the helm of affairs, the right ingredients are in place to establish a successful retail lending franchise," said Avinash Singh, Senior Research Analyst at Emkay Global Financial Services.

Startup Mahakumbh 2024: Revolutionising India's Entrepreneurial Landscape

  • Startup Mahakumbh 2024, a groundbreaking initiative led by industry giants such as ASSOCHAM, Nasscom, Bootstrap Incubation & Advisory Foundation, TiE, and Indian Venture and Alternate Capital Association, is set to unite over 1,000 startups, 50 unicorns, 500 incubators, and 5,000 delegates from 23 countries. 
  • This three-day event, supported by the Department for Promotion of Industry and Internal Trade (DPIIT), aims to foster innovation and collaboration across various sectors, featuring prominent figures like Amitabh Kant, Sivasubramanian Ramann, and Falguni Nayar.

NCRTC Managing Director Vinay Kumar Singh Resigns

  • In a sudden development, Vinay Kumar Singh, the Managing Director of the National Capital Region Transport Corporation (NCRTC), resigned from his position.
  • Singh has been spearheading the Regional Rapid Transit System (RRTS) project in India, and his resignation came at the cusp of the successful completion of India's first Namo Bharat service (formerly RapidX).
  • Singh has been the MD of the corporation since 2016.

YES Bank Partners with Indian Olympic Association for Paris Olympics 2024

  • YES Bank announced its partnership with the Indian Olympic Association (IOA) as the Official Banking Partner for Team India at the Paris Olympics 2024.
  • As part of the collaboration, the bank launched the campaign 'Milkar Jitayengey' and introduced the 'YES Glory Debit Card,' specially designed for India's Olympic athletes.
  • The bank also unveiled the 'YES Glory' savings account proposition, extending benefits to athletes and their immediate family members.
  • The YES Glory account offers a range of benefits tailored to the needs of champion athletes. These perks include a complimentary Welcome on-board Taj voucher, free orthopedic consultations, and zero cross-currency mark-up on international spends.

YES Bank Partners with Indian Olympic Association for Paris Olympics 2024

  • YES Bank announced its partnership with the Indian Olympic Association (IOA) as the Official Banking Partner for Team India at the Paris Olympics 2024.
  • As part of the collaboration, the bank launched the campaign 'Milkar Jitayengey' and introduced the 'YES Glory Debit Card,' specially designed for India's Olympic athletes.
  • The bank also unveiled the 'YES Glory' savings account proposition, extending benefits to athletes and their immediate family members.
  • The YES Glory account offers a range of benefits tailored to the needs of champion athletes. These perks include a complimentary Welcome on-board Taj voucher, free orthopedic consultations, and zero cross-currency mark-up on international spends.

P&G India appoints Kumar Venkatasubramanian as CEO effective May 1

  • Kumar Venkatasubramanian will be the new chief executive officer (CEO) of Procter & Gamble (P&G) India beginning May 1, as the incumbent LV Vaidyanathan has decided to move on after 28 years at the FMCG giant.
  • Venkatasubramanian is currently leading the P&G business in Australia and New Zealand as CEO, where he has delivered record metrics. Before the overseas role, he was leading the sales team in P&G India till 2020.
  • An alumnus of IIM Calcutta, Venkatasubramanian had started his journey with P&G in the sales team in India in 2000, soon after leaving the campus.
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