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BUSINESS AND ECONOMY - February 2016

Feb 2016

Nov 25, 2022

HDFC Bank Elevates Bharucha as Deputy MD, Appoints Zaveri as ED

HDFC Bank, the largest private-sector lender in the country, decided to elevate Kaizad Bharucha as Deputy Managing Director and appoint Bhavesh Zaveri to the board as whole-time Executive Director.
The appointments await approval by the Reserve Bank of India (RBI).
The move comes ahead of the merger of HDFC and HDFC Bank, which is likely by April next year.
Bharucha is executive director (and a whole-time board member) of the bank and looks after corporate loans while Zaveri is group head (operations and ATM products).
The last Deputy Managing Director was Paresh Sukthankar, who resigned in August 2018.

BillBox Unveils Wearable Device for Contactless Payments

BillBox, a solution provider in the payments and merchant ecosystem in India, introduced TapTap, a wearable device facilitating contactless payments, in association with NSDL Payments Bank and Visa.
The objective is to accessorise payment and provide convenience to users, the company said. "Now, people should wear money, not carry money in wallets. It is for those who are seeking faster, secure and frictionless payments," said Viraj Majmudar, managing director and Group CEO, BillBox.
TapTap is a programme manager and fintech in prepaid and gift card programmes. The B2B & B2C solutions through partnerships with major brands, fashion designers, and enterprise customers will help BillBox in accessorising payments through wearable contactless payment products.
The device is available in multiple formats and the chip can be purchased online for Rs. 1,499 plus taxes and it would be connected via a mobile app to facilitate payments at point-of sale machines at merchants' outlets.

Nov 24, 2022

Flipkart and Axis Bank Partner to Launch Super Elite Credit Card

In a bid to scale Flipkart's SuperCoins reward program, the e-commerce major and Axis Bank partnered to launch Super Elite Credit Card.
The card will enable Flipkart customers to earn a total of 8 SuperCoins for every Rs. 100 spent and a maximum of 200 SuperCoins can be earned on every successful transaction. Flipkart Plus customers earn a total of 16 SuperCoins for every Rs. 100 spent and they can earn a maximum of 400 SuperCoins on every successful transaction on Flipkart.

Bridgestone Appoints Stefano Sanchini as Head of India Operations

Japanese tyre maker Bridgestone appointed Stefano Sanchini as the head of its India operations with effect from January 1, 2023. He will replace Parag Satpute, who will be heading to Amsterdam (the Netherlands) to assume a new global role in Bridgestone's Solutions Business.
Sanchini is currently VP Region Middle-East and Africa, (MEA).

Unicorn Meesho Joins ONDC to Connect Hyperlocal Sellers and Customers

E-commerce firm Meesho is the fourth unicorn to join the state-run Open Network for Digital Commerce (ONDC), signing up after Paytm, Shiprocket and Dunzo.
Meesho's ONDC pilot will be launched in Bangalore and later rolled out in other locations over a few months. Unicorns are privately held start-ups valued at $1 billion or more.

IndiGo Inaugurates Second MRO Facility at Bengaluru's Kempegowda Airport

IndiGo inaugurated its second maintenance repair and overhaul (MRO) facility at Bengaluru's Kempegowda International Airport.
The 13,000 sq.metre hangar is built on five acres of land and is the second largest maintenance facility at the airport.
IndiGo signed a 20-year pact with the Bengaluru International Airport Ltd. for the facility which was inaugurated by the airline's engineering head, S.C. Gupta.

Nov 23, 2022

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).

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