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BUSINESS AND ECONOMY - November 2015

Nov 2015

Jan 11, 2022

Timex Group Gets Manufacturing Rights for Guess & Gc Watches in India

Leading watchmaker Timex Group India Ltd was granted manufacturing and distribution rights for Guess & Gc branded watches in the country.
It sealed a pact with Timex Nederland B.V. for the grant of manufacturing and distribution rights for the Indian market.
The deal is a significant win for Timex Group India, given the Guess & Gc market share, reach and brand recognition in the fashion watch segment. The power of the Guess & Gc brands is a great addition for Timex Group India.

Ex-RBI Executive Director Uma Shankar Appointed to Board of EbixCash

Former Reserve Bank of India (RBI) Executive Director Uma Shankar was appointed to the Board of Directors of EbixCash Pvt Ltd, a subsidiary of Nasdaq-listed Ebix, Inc.
Uma Shankar, who was with the RBI for 37 years, has served as the co-chair of the committees relating to financial regulation and as a member of the audit and supervision groups of several international financial bodies.
Uma Shankar is currently an independent director on the boards of Karnataka Bank as well as IDBI Capital Markets and Securities Ltd.

RBI Sets up Fintech Department

The Reserve Bank of India (RBI) set up a fintech department to focus on the dynamically growing financial sector.
With a view to give further focus to the area and facilitate innovation in fintech sector in keeping pace with the dynamically changing financial landscape, it was decided to set up a fintech department in the Bank.
The new department was created with effect from January 2022, by subsuming the FinTech Division of Department of Payment and Settlement Systems, Central Office (DPSS, CO).
The department will not only promote innovation in the sector, but also identify the challenges and opportunities associated with it and address them in a timely manner.
The department is headed by Ajay Kumar Choudhary.

Jan 10, 2022

TCS Bags Phase 2 of Centre's Passport Plan

The Ministry of External Affairs (MEA) again chose Tata Consultancy Services (TCS) to implement the second phase of the Passport Seva Program, the country's largest mission critical e-governance programme till date. TCS will be managing the project for another nine-and-a-half years, which can be extended for two more years.
As per reports, the deal could be in the range of Rs. 6,000-8,000 crore.
In the next phase of the programme, TCS will refresh existing facilities and systems, and develop new solutions to enable the issuance of e-passports using technologies such as biometrics, artificial intelligence, advanced data analytics, chatbots, auto-response, natural language processing, and the cloud.

Myntra Elevates Achint Setia as the Head of Marketing

Walmart-owned online fashion retailer Myntra announced the appointment of Achint Setia, who currently leads the organisation's social commerce business, as its head of marketing.
In his new role, Setia will lead Myntra's marketing function while continuing to oversee the social commerce business. With this, his core responsibilities will include, scaling the Myntra brand, developing the marketing strategy including for large consumer-centric events, strengthening customer loyalty, and applying research-based insights into the business to fuel its growth.

Adani Group Set up New Subsidiary ANIL for New Energy Business

Billionaire Gautam Adani's logistics-to-energy conglomerate has set up a new subsidiary, Adani New Industries Ltd (ANIL) to undertake green hydrogen projects, generation of low carbon electricity and manufacture of wind turbines, solar modules and batteries as it looks to become the world's largest renewable energy company and produce the cheapest hydrogen.
ANIL will undertake business of developing and operating projects for the synthesis of low carbon fuels and chemicals, generation of low carbon electricity and the manufacture of key components/material for projects including generation of green hydrogen, related downstream products, electricity generation, manufacture of wind turbines.

Jan 09, 2022

HDFC Bank Starts Online Customs Duty Payment Facility for Customers

HDFC Bank's integration with Central Board of Indirect Taxes and Customs (CBIC) ICEGATE platform has gone live, allowing customers to pay for their customs duty directly via the bank.
With this, the bank will offer customers the convenience of directly paying customs duty by selecting HDFC Bank.
This follows authorisation by the Principal Chief Controller of Accounts of CBIC to collect IGST on import and export of goods and services.
HDFC Bank facilitated both retail and wholesale payments of customs duty.

Hero MotoCorp Appoints Arun Jaura as CTO

Two-wheeler maker Hero MotoCorp announced the appointment of industry veteran Arun Jaura as its chief technology officer (CTO) to lead the company's research and development (R&D).
The company also announced the resignation of Neerja Sharma, company secretary and chief compliance officer.
Jaura, who was the managing director of Michelin India Technology Center before taking up the current position, reports to Hero MotoCorp Chairman and CEO Pawan Munjal.

RBI Approves Anup Bagchi's Re-appointment as ICICI Bank Executive Director

The RBI approved the re-appointment of Anup Bagchi as the Executive Director of ICICI Bank for three years, even as the bank had cleared the term for five years.
The shareholders of the bank at its Annual General Meeting in August 2021 had approved Bagchi's re-appointment for five years effective February 1, 2022.
ICICI Bank has two more executive directors -- Sandeep Batra and Vishakha Mulye.

Jan 08, 2022

Ujjivan Small Finance Bank's Company Secretary & Compliance Officer Resigns

Ujjivan Small Finance Bank's Chanchal Kumar resigned from the position of Company Secretary and Compliance Officer of the bank.
His resignation would be effective from April 04, 2022 (close of business hours) after serving the applicable notice period. Consequently, he shall also cease to be a Key Managerial Personnel of the Bank in terms of Section 203 of the Companies Act, 2013 and other Applicable Laws.

RBI Hikes Threshold for Deposits of Non-financial Small Business Customers

The Reserve Bank of India (RBI) has increased the threshold limit for deposits and other extensions of funds made by non-financial small business customers from Rs. 5 crore to Rs. 7.5 crore for the maintenance of Liquidity Coverage Ratio of banks.
This has been done to better align guidelines with the Basel Committee on Banking Supervision standard and enabling banks to manage liquidity risk more effectively.

Cabinet Approves Rs. 12,000 crore Green Corridors-II for RE Uptake in States

In order to accelerate the penetration of renewable energy in the states, the Union Cabinet approved the second phase of the Green Energy Corridor (GEC). The projects in this phase would be set up in seven states to expedite the transmission of renewable energy.
GEC is an alternative transmission system for renewable energy (RE) power projects. During the first phase of GEC, inter-state transmission projects were constructed by state-owned Power Grid Corporation of India (PGCIL) and some projects were awarded to private players through competitive bidding.
The second phase will aim to add approximately 10,750 circuit kilometres (ckm) of transmission lines and approx. 27,500 Mega Volt-Amperes (MVA) transformation capacity of substations.

Jet Airways VP-operations Sudhir Gaur Quits

Jet Airways said that its VP-operations, Sudhir Gaur, who was designated as the airline's 'accountable manager', quit the company.
The grounded airline, which is expected to resume operations this year under its new promoters Murari Lal Jalan-Kalrock consortium, in a regulatory filing clarified that Gaur was not the interim CEO of the company.
It also said that the Monitoring Committee at its meeting on January 5 has provided its "in-principle approval" to the nomination of Priyapal Singh as the new 'accountable manager' of the company.

Jan 07, 2022

Reliance Jio Introduces UPI Autopay in Collaboration with NPCI

Reliance Jio, in partnership with the National Payments Corporation of India (NPCI), launched autopay facilities for millions of UPI and Jio users, making the telecom giant the first player in its industry to integrate with this unique e-mandate feature.
This feature, namely the UPI autopay, would allow Jio customers to set standing instructions on the MyJio app for a hassle-free recharging experience and allow them to seamlessly enjoy their favourite tariff plans.
Jio's integration with UPI autopay has made it the first player in the telecom industry to go live with the unique e-mandate feature that was launched by NPCI.

Bharti Airtel's African Arm Completes $176 mn Tower Sale Deal in Tanzania

Bharti Airtel's African arm completed the first part of its $176 million telecom tower sale deal in Tanzania. The sale is part of its overall deleveraging strategy, which netted over $800 million through fund raise and asset sales in 2021.
Airtel Africa's tower assets in Tanzania were acquired by a joint venture company owned by SBA Communications Corporation and Paradigm Infrastructure Ltd.
Under the terms of the transaction, Airtel's business unit in Tanzania would continue to develop, maintain and operate its equipment on the towers under separate lease agreements.
Airtel operates in 14 African countries and provides mobile service and mobile money services in the continent.

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