Subrat Kumar Appointed as Executive Director of Bank of India
Subrat Kumar has been appointed executive director of the Bank of India with effect for three years.
He has an experience of 27 years in commercial banks and asset management companies.
Previously he held the roles of Regional Head, Patna, Head of Treasury Management, Audit & Inspection, Credit Monitoring, and Corporate Credit.
He also served as the bank's Chief Risk Officer (eVB) and Chief Financial Officer (CFO).
India's Jindal Wins Botswana Coal-Fired Power Plant Project
India's steel, mining, and infrastructure company, Jindal Steel and Power (JSPL) has won the tender to build a 300-megawatt (MW) coal-fired power plant in Botswana.
It is the only fossil fuel-based power plant the Southern African country plans to procure in the next 20 years. Under the project, Jindal will finance the plant and recouping its investments from selling electricity to the Botswana Power Corporation (BPC).
Airtel Payment Bank Launches Face Authentication-Based Savings Account
Airtel Payments Bank has launched face authentication-based savings bank account opening for customers.
Its aim is to ease the account opening process and provide better customers experience. It is the first payments bank in the country to offer this facility.
It will also help business correspondents of the bank to open an account just by undertaking face authentication e-KYC. The authentication is processed by using a newly developed mobile application by UIDAI.
Nov 22, 2022
3i Infotech Receives a Contract from HPCL
3i Infotech, the IT company, received a contract from Hindustan Petroleum Corporation. The contract includes managing and supporting IT infrastructure at HPCL offices and refinery including data centres across India.
3i Infotech rose 1.67% to Rs. 42.60 after the company said it bagged multi-year digital infrastructure managed services contract of Rs. 51 crore from Indian state refiner Hindustan Petroleum Corporation Limited (HPCL).
3i Infotech's Digital Infrastructure Managed Services (DIMS) comprises of IT Infrastructure and Cloud, which helps clients in optimising their IT spends.
Adani Group's Rs. 493-Cr Open Offer for NDTV
Adani group's open offer to acquire an additional 26 per cent stake in the media firm New Delhi Television (NDTV) from the market would start from Tuesday.
The offer, for which a price band of Rs. 294 per share has been fixed, will open on November 22 and closes on December 5, said a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms.
Markets regulator SEBI on November 7 granted its approval to the proposed Rs. 492.81 crore-open offer.
The conglomerate, run by India's richest man Gautam Adani, in August acquired a little-known company that lent over Rs. 400 crore to NDTV's founders more than a decade ago in exchange for warrants that allowed the company to acquire a stake of 29.18 per cent in the newsgroup at any time.
Federal Bank Ties Up with JCB India to Finance Heavy Equipment Buyers
Federal Bank in November said that it has tied up with JCB India to finance the prospective buyers of heavy construction equipment and boost its loan portfolio.
The private sector lender said it has inked a memorandum of understanding (MOU) with JCB India, a leading manufacturer of earthmoving and construction equipment.
The arrangement will boost financing options for JCB customers in India, said Federal Bank in a release. Under the arrangement, Federal Bank will be the preferred finance partner of the construction equipment manufacturer, where JCB's customers can avail loans from the lender at competitive interest rates.
With the government's focus on infrastructure development continuing to remain strong, there will be various opportunities to create synergies between the teams from JCB India and Federal Bank, Deepak Shetty, CEO and Managing Director of JCB India, said.
Nov 21, 2022
Axis Bank Launches 7th Edition of Knowledge Summit 'Evolve' for MSMEs
Axis Bank launched the 7th edition knowledge summit 'Evolve.
The current edition is focused on the broader theme of 'Indian SMEs: Shifting Gears for Next Level Growth' with sub-themes such as 'Digitalisation to Building Indian SMEs' and 'Export Opportunities for SMEs in the New World Order'.
During the launch, Sangram Singh, President, Commercial Banking Coverage Group, Axis Bank said, "The bank strongly believes that MSMEs are the engines of growth for the nation and as partners in progress, we at Axis Bank endeavour to offer both financial and non-financial services to help MSMEs expand their businesses holistically."
Govt. Raises Maximum Tenure of PSU Banks' CEO to 10 Years
The maximum tenure of CEO and MD of public sector banks was increased to 10 years, a move that would help the government retain the best talent in the banking sector. As per a government notification, the term for the appointment was extended to 10 years, from the earlier 5 years, subject to superannuation age of 60 years.
Earlier, the MD or executive director of a public sector undertaking (PSU) bank was eligible for a maximum tenure of 5 years or 60 years whichever was earlier. This is also applicable for whole-time directors of all Central Public Sector Enterprises (CPSEs).
The amendment would be called Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2022.
The central government has the right to terminate the term of office of a whole-time director, including the managing director, any time before the expiry of the term specified, by giving him a notice of not less than three months, in writing or three months' salary and allowances in lieu of notice.
Govt. Appoints 10 Executive Directors to Public Sector Banks for 3 Years
Days after the government increased the tenure of whole-time directors in public sector banks to 10 years, ten executive directors were appointed to public sector banks for a three-year period, subject to a review after two years.
These are: Lalit Tyagi (Bank of Baroda), Binod Kumar (Punjab National Bank), Ashok Chandra (Canara Bank), Ramasubramanian (Union Bank), Mahesh Bajaj (Indian Bank), M. Paramasivan (PNB), Subrat Kumar (Bank of India), Malladi Venkat Murali Krishna (Central Bank of India), Rahendra Saboo (UCO Bank), and Sanjay Mudaliyar (Indian Overseas Bank).
Nov 20, 2022
Retired BPCL Chairman Arun Kumar Singh to be Next Head of ONGC
As per reports, BPCL's former Chairman Arun Kumar Singh is likely to be the new chairman of India's top oil and gas producer ONGC.
He retired from BPCL after attaining the superannuation age in 2022 and was already selected to head the Petroleum and Natural Gas Regulatory Board (PNGRB) before the August 27 interviews.
It will be first time that a person aged over 60 will be heading a top PSU board-level position.
Big name in Oil refining market, Singh was chosen by a search-cum-selection committee, constituted by the oil ministry. They zeroed in on Singh after interviewing six candidates in August 2022.
SEBI Introduces New Option for Appointment, Removal of Independent Director
Capital markets regulator SEBI introduced a new option for appointment and removal of independent directors from the boards of companies, a move that will provide flexibility to such a process. Under this, the appointment and removal of independent directors could be done by way of two parameters – threshold for ordinary resolution and threshold for majority of minority shareholders.
Currently, the appointment, re-appointment or removal of independent directors is made through a special resolution. For a special resolution to be passed, 75% of 'yes' votes are needed from a company's board.
To give these effects, SEBI has amended LODR (Listing Obligations and Disclosure Requirements) rules, according to a notification made public by the regulator.
Under the alternate mechanism, if the special resolution for appointment of an independent director does not get the requisite majority, then two other thresholds – for ordinary resolution and for majority of minority shareholders – would be tested.
If the resolution crosses the above two thresholds in the same voting process, then such a resolution for appointment of the independent director would be deemed to be approved by shareholders.
Nov 19, 2022
Thierry Bollore Quits JLR, Adrian Mardell Takes over as Interim CEO
Jaguar Land Rover Chief Executive Officer Thierry Bolloré tendered his resignation from the company for personal reasons.
He will leave the company on December 31, 2022.
Adrian Mardell took over as the interim CEO. He has been a part of Jaguar Land Rover for 32 years and a member of the Executive Board for three years.
Wipro the First Indian Company to Set Up European Work Council
IT company Wipro reached an agreement with employee representatives on setting up a European Works Council. The creation of Wipro's EWC is the first to be established by an Indian headquartered company.
Senior vice president & CHRO, Wipro Europe stated: "Setting up the EWC strengthens the already successful cooperation with employee representations in many European countries. Wipro aims to provide the best employee experience and create an inclusive environment that welcomes everyone and nurtures an overall sense of belonging. The EWC will help us in getting even better as we assimilate employee perspectives on a consistent basis. It also demonstrates that Wipro is applying and adopting European employment standards as a responsible global employer."
Facebook Parent Meta Appoints Sandhya Devanathan as Head and VP for India
Facebook parent Meta appointed Sandhya Devanathan as its vice president for India, tasking her to bring the organisation's business and revenue priorities together and support long-term growth.
Devanathan will take up the role on January 1, 2023 and she will report to Dan Neary, vice president, Meta APAC (Asia Pacific). She will be part of the APAC leadership team and will move back to India.
Devanathan has 22 years of experience and an international career in banking, payments and technology. She joined Meta in 2016 and helped build the company's Singapore and Vietnam businesses and teams as well as initiatives in Southeast Asia. In 2020, she moved to lead gaming for APAC, one of the largest verticals for Meta.
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