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BUSINESS AND ECONOMY - January 2015

Jan 2015

Apr 10, 2025

IOCL's to Invest Rs. 61,000 crore in Odisha for World-Class Petrochemical Complex

  • Indian Oil Corporation Ltd (IOCL) announced an investment of Rs. 61,077 crore to establish a world-class petrochemical complex in Paradip, Odisha. This move marks the largest-ever investment by IOCL at a single location and aims to bolster India's petrochemical industry and manufacturing capabilities. The project will not only enhance the region's infrastructure but will also create a range of high-demand petrochemical products used in various industries such as pharmaceuticals, agrochemicals, coatings, and adhesives. The agreement was formalised in the presence of key government officials, including Odisha Chief Minister Mohan Charan Majhi, Union Petroleum and Natural Gas Minister Hardeep Singh Puri, Union Education Minister Dharmendra Pradhan, and Union Tribal Affairs Minister Jual Oram.

Satish Chavva Appointed as CEO of OIJIF

  • The Oman India Joint Investment Fund (OIJIF) appointed Satish Chavva as the Chief Executive Officer (CEO). This appointment came as part of the fund's efforts to strengthen its leadership and strategic growth initiatives. With over two decades of experience in private equity and finance, Chavva is expected to steer the fund towards enhanced portfolio performance and long-term value creation. OIJIF is a private equity fund jointly promoted by the Oman Investment Authority (OIA) and the State Bank of India (SBI), focusing on investments that drive sustainable growth in India.

RBI Permits NPCI to Enhance UPI Transaction Limits for P2M Payments

  • The Reserve Bank of India (RBI) announced a major step in India's digital payments landscape by authorising the National Payments Corporation of India (NPCI) to revise transaction limits for UPI-based Person-to-Merchant (P2M) payments. This move came in response to evolving user demands and use cases in the UPI ecosystem. However, Person-to-Person (P2P) transaction limits remain unchanged at Rs. 1 lakh.

Department of Financial Services Notifies Amalgamation of 26 RRBs in Fourth Phase of Amalgamation

  • The Department of Financial Services (DFS) has notified the amalgamation of 26 Regional Rural Banks (RRBs) under the "One State, One RRB" principle. This is the fourth phase of the RRB consolidation process. The Ministry of Finance rolled out the amalgamation plan in November last year (2024), building on improvements in efficiency from previous phases.
  • Following consultations with stakeholders, 26 RRBs across 10 states and one Union Territory have been merged, focusing on enhancing scale, efficiency, and cost rationalisation. Currently, 43 RRBs operate across 26 states and two Union Territories. Post-amalgamation, there will be 28 RRBs covering 700 districts with more than 22,000 branches. Around 92 per cent of these branches are located in rural and semi-urban areas.

Apr 09, 2025

Nippon Life India Asset Management Hires Andrew Holland to Lead SIF Foray

  • Nippon Life India Asset Management (NAM) appointed Andrew Holland as the head of the newly introduced asset class — Specialised Investment Funds (SIF).
  • Holland was previously the chief executive officer of Avendus Capital Public Markets Alternate Strategies. Before joining Avendus, he served as the Chief Executive Officer of Ambit Investment Advisors, where he played a key role in building one of India's largest hedge funds.
  • NAM is the second asset manager after Axis Mutual Fund to appoint a person to lead the SIF foray.

Axis Bank Starts 'In-App Mobile OTP' to Protect Users from Frauds, Scams

  • Axis Bank, one of the largest private sector banks in India, introduced an industry-first 'In-App Mobile OTP' feature on its mobile app, 'open', to enhance authentication security and protect customers from rising OTP-related frauds and scams.
  • This feature eliminates dependence on telecom networks by generating time-based one-time passwords (TOTP) directly within the app, instead of sending OTPs via SMS.

DBS Bank India Names Ambuj Chandna, Santanu Mitra to Lead key Business Units

  • DBS Bank India announced two senior-level appointments to strengthen its leadership team.
  • Ambuj Chandna was named Managing Director and Head of Consumer Banking Group, succeeding Prashant Joshi.
  • Santanu Mitra tooks over as Managing Director and Country Head for Corporate Banking (Large and Midcap).
  • Chandna joins from Kotak Mahindra Bank, where he served as President and Head of Consumer Assets.
  • Mitra was previously with DBS Bank Singapore, where he led the Digital Economy Group and Institutional Banking.

RBI Launches Verified WhatsApp Channel to Boost Financial Awareness

  • In a move to enhance public awareness and promote financial literacy, the Reserve Bank of India (RBI) launched a verified WhatsApp channel under its ongoing 'RBI Kehta Hai' initiative.
  • This latest step by the RBI aims to deliver crucial financial information directly to citizens in a simple and accessible manner.
  • With the introduction of the WhatsApp channel, the RBI plans to strengthen its outreach efforts and ensure that important financial messages reach people across different regions of the country.

DBS Bank India Names Ambuj Chandna, Santanu Mitra to Lead key Business Units

  • DBS Bank India announced two senior-level appointments to strengthen its leadership team.
  • Ambuj Chandna was named Managing Director and Head of Consumer Banking Group, succeeding Prashant Joshi.
  • Santanu Mitra tooks over as Managing Director and Country Head for Corporate Banking (Large and Midcap).
  • Chandna joins from Kotak Mahindra Bank, where he served as President and Head of Consumer Assets.
  • Mitra was previously with DBS Bank Singapore, where he led the Digital Economy Group and Institutional Banking.

WorldSteel Recognises Tata Steel as Steel Sustainability Champion

  • Tata Steel was recognised as a Steel Sustainability Champion 2025 by Worldsteel for the eighth consecutive year, reaffirming the company's commitment to sustainable development and adherence to global standards. Tata Steel has been a champion every year since the programme's launch in 2018. The recognition highlights Tata Steel's leadership in the steel industry through its sustainability-driven initiatives and responsible business practices.

Apr 08, 2025

Shaleen Toshniwal is the New Chairman of MATEXIL

  • Shaleen Toshniwal took charge as the new Chairman of Manmade and Technical Textiles Export Promotion Council (MATEXIL) in place of the outgoing Chairman, Bhadresh Dodhia.
  • MATEXIL is an Export Promotion Council that promotes Exports of Manmade Fiber Textiles such as Fiber, Yarn, Fabric, made-ups (including Home Textiles) and Technical Textiles.
  • Shaleen Toshniwal who is the Joint Managing Director of M/S Banswara Syntex Ltd. has over 23 years of experience in the field of Textiles and Clothing Sector and oversees exports of Yarn, Fabrics and Garments at Banswara Syntex Ltd.

Global Finance Names RBI most Innovative Financial Institution Globally

  • The Reserve Bank of India (RBI) was recognised as the Most Innovative Financial Institution globally in Global Finance's prestigious 2025 Innovators list.
  • This marks a historic achievement as RBI became the first central bank to win this award.
  • The award highlights the bank's Unified Lending Interface (ULI), which has significantly enhanced lender data access and credit support, driving greater efficiency and inclusivity in India's financial ecosystem.

Trade Ministry Begins Expanding NAFTA Wing as India Seeks Quick US Tariff Truce

  • In a bid to strike an early trade deal with the US and potentially sidestep the 26 per cent reciprocal tariffs, the Ministry of Commerce and Industry has stepped up efforts by expanding its NAFTA division, which handles India's bilateral trade with the United States, Canada, and Mexico.
  • The ministry began assigning new officers to strengthen the NAFTA (North American Free Trade Agreement) division as more coordination officers would help the division manage the workload better. Senior officers nearing the end of their term in the ministry may also see their tenures extended.
  • A swift deal with the US is crucial for Indian exports, as several countries hit with high reciprocal tariffs—such as Vietnam and Cambodia—have signalled to the US their willingness to slash tariffs on American goods under a trade agreement. The US is also in talks with several other countries that have expressed interest in such deals.

Balaji Nuthalapadi Joins Equitas Small Finance Bank as Executive Director

  • Private sector lender Equitas Small Finance Bank announced the appointment of Balaji Nuthalapadi as Executive Director Technology and Operations, with immediate effect.
  • His appointment has been approved by the Reserve Bank of India and the Board of Directors, underscoring the bank's commitment to advancing digital transformation initiatives and driving technology-led customer solutions.

Apr 07, 2025

Government Set To Implement "One State, One RRB"

  • The Indian government is set to implement the 'One State, One RRB' (Regional Rural Bank) policy to improve operational efficiency, reduce competition, and consolidate the existing 43 RRBs into 28. The Ministry of Finance aims to streamline the functioning of these banks by merging smaller, less efficient ones, with the goal of enhancing their service delivery and cost-effectiveness. This initiative, which is part of a larger consolidation effort, builds on the previous rounds of RRB amalgamation that reduced their numbers from 196 to 43. The policy is expected to improve credit flow, particularly in rural areas, by strengthening RRBs' financial positions and operational frameworks.

Apr 06, 2025

Puma Appoints Arthur Hoeld as CEO and Matthias Bäumer as Chief Commercial Officer

  • Puma, a sports apparel giant appointed Arthur Hoeld as the new Chairman of the Management Board and CEO, effective July 1, 2025. This appointment follows a mutual agreement between current CEO Arne Freundt and the Supervisory Board for Freundt to step down on April 11, 2025, citing differing views on the company's strategic execution. Freundt will depart Puma after 14 years of service in various leading roles.
  • Adding to the executive changes, Matthias Bäumer, currently Vice President of PUMA's Business Unit Teamsport, has been appointed as the new Chief Commercial Officer of Puma SE.

BP Chair Helge Lund to Step Down

  • The chair of BP announced plans to step down from the struggling oil company after growing shareholder opposition derailed its net zero agenda.
  • The oil company said that Helge Lund planned to leave his post in due course once a successor has joined the board, which would most likely be in 2026.
  • His decision to step down from the role, which he has held since 2019, came after the board was forced to reverse the company's green agenda to defend it against Elliott, a feared New York hedge fund known for its attempts to shake up listed companies.
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