Renewable Energy Ministry to Continue Bio Energy Programme till 2025-26
The Ministry of New & Renewable Energy said that it will continue National Bio Energy Programme till 2025-26 with a budget outlay of Rs 858 crore for the first phase.
The programme would aid the use of huge surplus biomass, cattle dung, and industrial and urban bio-waste available in the country for energy recovery.
The MNRE continued the National Bioenergy Programme for 2021-22 to 2025-26. The programme was recommended for implementation in two phases.
Phase-I was approved with a budget outlay of Rs. 858 crore.
Tata Motors Becomes India's First to Roll Out 50,000 EVs
Tata Passenger Electric Mobility, the EV arm of Tata Motors rolled its 50,000th electric vehicle—a Nexon EV—from its facility in Pune, Maharashtra, becoming the first auto company in India to achieve the feat. The EV market leader, which entered the market in 2020, is now focusing on a three-phased architecture approach for EVs and plans to launch 10 such vehicles in five years.
GSMA Appoints Airtel CEO Gopal Vittal as Deputy Chair
The GSMA, a global organisation that represents mobile network operators worldwide, elected Gopal Vittal, CEO of Bharti Airtel as Deputy Chair among the newly-elected members, for a two-year term beginning January 1, 2023.
Jose Maria Alvarez-Pallete Lopez, CEO of Telefonica Group, will continue to be the Chair at the GSMA.
There are 26 members of the GSMA Board, including senior representatives from global mobile operators as well as smaller independent operators.
Kerala Becomes the First State to Introduce Uniform Gold Price Based on Bank Rates
Kerala became the first state in India to launch uniform gold price based on the bank rate. The decision to introduce uniform price on 916 purity 22 carat gold was taken at a meeting between officials of Malabar Gold and Diamonds, one of the largest gold and diamond retail chains in the country and key members of All Kerala Gold and Silver Merchants Association which sets the board rate for gold.
The gold rate should be uniform across the country based on bank rate. However, in most states, gold is priced Rs.150-300 per gram extra over the bank rate. In Kerala, gold used to be sold at different prices on a particular day. Uniform gold price based on bank rate offers an opportunity to the consumers to purchase gold at a reasonable and transparent price.
Nov 07, 2022
Reliance Industries India's Best Employer, in Top 20 Worldwide
According to Forbes' World's Best Employers rankings 2022, Reliance Industries, the country's largest company by revenues, profits and market value, is India's best employer and the world's 20th best firm to work with.
The global ranking was topped by South Korean giant Samsung Electronics, followed by US giants Microsoft, IBM, Alphabet and Apple.
US companied occupy rankings from 2nd to 12th, followed by German automaker BMW Group at 13th. The world's largest online retailer Amazon is ranked 14th in the list and French giant Decathlon is at 15th rank.
There is no Indian company other than Reliance in the top 100. HDFC Bank is ranked 137th. Bajaj (173rd), Aditya Birla Group (240th), Hero Motocorp (333rd), Larsen & Toubro (354th), ICICI Bank (365th), HCL Technologies (455th), State Bank of India (499th), Adani Enterprises (547th) and Infosys (668th) are the other companies on the list.
Anant Goenka Appointed as Interim MD of Zensar Tech
Technology services company Zensar Technologies Ltd appointed Anant Goenka, son of RPG Group chairman Harsh Goenka, as interim Managing Director saying chief executive officer Ajay Bhutoria is undergoing treatment for an undisclosed health condition.
Anant Goenka, Managing Director at Ceat Ltd, was tasked with the additional responsibility of steering Zensar, prompting a few analysts and proxy advisory firms to question the succession planning at the country's tenth largest IT services company.
Centre Appoints Non-executive Chairman in Four Public Sector Banks
Non-Executive Chairman was appointed on the Boards of four public sector banks, Canara Bank, Punjab National Bank, Union Bank of India and Punjab & Sind Bank (PSB) respectively following approval given by the Appointments Committee of the Cabinet (ACC).
Vijay Srirangam was appointed as part-time Non Official Director as well as Non-Executive Chairman of Canara Bank for three years, K. G. Ananthakrishnan was appointed as part-time Non Official Director as well as Non Executive Chairman of PNB for a term of three years, Srinivasan Varadarajan was appointed as part-time Non-Official Director as well as Non-Executive Chairman of Union Bank of India for a term of three years and Charan Singh was appointed as part-time Non-Official Director as well as Non- Executive Chairman of Punjab & Sind Bank for a term of two years.
Reliance Strategic Investments Appoints K. V. Kamath as Independent Director
Reliance Strategic Investments (RSIL) appointed K. V. Kamath as non-executive Chairman. RSIL will be renamed as Jio Financial Services (JFSL) & will be listed soon. K. V. Kamath will continue as Independent Director & non-executive Chairman of JFSL.
Kamath is an banker who started his career in 1971 at ICICI. In 1988, he moved to the Asian Development Bank and spent several years in South East Asia before returning to the ICICI as its Managing Director and CEO in 1996 and post its merger into ICICI Bank, was Managing Director and CEO of ICICI Bank.
Kamath was awarded the Padma Bhushan, one of India's highest civilian honours in 2008.
Nov 06, 2022
Ajit Mohan Quits as Head of Meta India; Manish Chopra Interim Chief
Meta Platforms said that Ajit Mohan, vice-president and managing director (MD) of India unit, stepped down from his role to pursue another opportunity outside of the company.
He had taken over as the MD of Meta India in January 2019 from his previous job as the chief executive officer of Star India's video-streaming service Hotstar.
The company announced Manish Chopra, who serves as the director and head partnerships as the interim chief for the India business.
IMFA MD, Subhrakant Panda Appointed as President of FICCI
The Federation of Indian Chambers of Commerce and Industry (FICCI) announced Subhrakant Panda as its President-Elect, who is currently serving as FICCI's Senior Vice President.
Panda is the Managing Director of Indian Metals & Ferro Alloys Ltd. (IMFA), the largest and fully integrated manufacturer of ferro alloys in the nation with in-house mining and power generation. The company employs about 6,500 people.
Niva Bupa & IDFC FIRST Bank Partner for Bancassurance
Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company), announced its corporate agency partnership with IDFC First Bank to provide best-in-class health insurance solutions to the bank's customers.
The partnership will empower the two institutions to serve customers better and help them lead healthier lives.
Niva Bupa is known for introducing some of the most innovative health insurance benefits across the industry. Their ability to design and launch products for different customer segments will help us offer customised offerings to our customers depending on their requirement and healthcare needs.
Both Niva Bupa and IDFC Bank share synergy in terms of creating strong digital platforms for customers to enable seamless customer onboarding and excellent service experience.
Nov 05, 2022
Cochin Shipyard Receives Rs. 1,000 crore Order from European Client
Cochin Shipyard received an order of about Rs. 1,000 crore to construct vessels from a European client.
These vessels are intended for the services of offshore wind farm installations towards their commissioning and maintenance.
These specialised vessels are being contracted for the first time in the country. The estimated project cost for the firm order is approximately Rs 1,000 crore and the project completion time is 35 months.
Energy Efficiency Services Limited Names Vishal Kapoor as CEO
Energy Efficiency Services Limited (EESL) has announced the appointment of Vishal Kapoor as its chief executive officer (CEO). He takes charge after completing his tenure as the joint secretary at the Ministry of Power. As joint secretary, he led various government interventions, schemes, and reforms in the distribution sector. He also spearheaded cyber security and IT initiatives in the power sector. He played an instrumental role in formulating the Revamped Distribution Sector Scheme for the Operational and Financial turnaround of distribution utilities.
Kapoor worked with the India Railways in various capacities in design, operations and maintenance of the Rolling Stock of Indian Railways. He introduced the high-capacity car carrying freight cars in India and exported of more than a dozen locomotives to Tanzania and Myanmar.
Wipro Appoints Amit Choudhary as Chief Operating Officer
Technology services and consulting company Wipro Limited announced the appointment of Amit Choudhary as Chief Operating Officer (COO) and member of the Wipro Executive Board.
Choudhary will manage Global Business Operations, Delivery Excellence, CIO, CISO, and Enterprise Risk Management functions. He joined Wipro from Capgemini, where he was the Chief Operating Officer for the Financial Services Business Unit, as well as a member of their Executive Committee.
The former COO Bhanumurthy Ballapuram left the firm in July 2021 to join Google Cloud as vice president of the Japan and Asia Pacific region.
India Post Payments Bank Conducts India's First Floating Financial Literacy Camp
India Post Payments Bank (IPPB), stablished under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India, conducted India's First Floating Financial Literacy Camp with an initiative called 'Niveshak Didi' to promote Financial Literacy 'By the women, for the women', in Srinagar, J&K.
India, being a large & growing economy, still finds it challenging to spread financial literacy across demography, as an enormous share of population still resides in rural areas. IPPB created a new legacy with the help of world's largest postal network to extend its reach to the last mile and bridge financial inclusion gaps.
Tata Steel's Jamshedpur Plant Gets India's First ResponsibleSteel Certification
Tata Steel received ResponsibleSteel certification for three of its production facilities in Jamshedpur. The steel works, tubes division and cold rolling mill (Bara) have joined the group of other steel producing sites around the world with the certification.
ResponsibleSteel is the steel industry's first global multi-stakeholder standard and certification initiative that works with steel producers, consumers, and intermediaries towards building a sustainable steel industry by addressing pressing challenges including climate change, diversity, human rights and more.
"Tata has demonstrated vision, commitment, and investment and has worked incredibly hard to achieve ResponsibleSteel certification for its Jamshedpur site, the first Tata Steel site to be certified and the first ResponsibleSteel certification in India," said Annie Heaton, CEO, ResponsibleSteel.
A not-for-profit organisation, ResponsibleSteel™ is the steel industry's first global multi-stakeholder standard and certification initiative.
Nov 04, 2022
Maharashtra Appoints Liquidator to Wind up Rupee Cooperative Bank
The Maharashtra registrar of co-operative societies (RCS) appointed D. Doiphode as liquidator to wind up the crisis-laden Rupee Co-operative Bank. The liquidator will focus on recoveries and repayment to depositors of up to Rs. 300 crore.
The appellate authority (in the finance ministry) has dismissed the appeal filed by Pune-based Rupee Co-operative Bank against the order, cancelling the banking licence in August 2022.
Wipro Appoints Amit Choudhary as Chief Operating Officer
Technology services and consulting company Wipro Limited announced the appointment of Amit Choudhary as Chief Operating Officer (COO) and member of the Wipro Executive Board.
Choudhary will manage Global Business Operations, Delivery Excellence, CIO, CISO, and Enterprise Risk Management functions. He joined Wipro from Capgemini, where he was the Chief Operating Officer for the Financial Services Business Unit, as well as a member of their Executive Committee.
The former COO Bhanumurthy Ballapuram left the firm in July 2021 to join Google Cloud as vice president of the Japan and Asia Pacific region.
Indian Exim Bank Inks Pact with Southern Africa's Leading Bank to Boost India-Africa Trade
Export-Import Bank of India (India Exim Bank) concluded a Master Risk Participation Agreement for supporting trade transactions with FirstRand Bank (FRB) Limited. The agreement was signed in Johannesburg on the sidelines of the India – Southern Africa Regional Conclave.
Africa has positioned itself as a key partner in the global arena, a global investment and trading hub, a US$ 2.2 trillion market and a population base of over 1 billion, Africa offers a great market potential.
With the largest arable landmass in the world, housing 30% of global minerals reserves, and 8% of the world's oil reserves, the continent offers promising long-term sustainable growth prospects which would be further enhanced by deeper integration of Africa into the global economy.
FirstRand Limited, is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.
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