RBI to Introduce UPI QR Codes for CBDC Transactions
The Reserve Bank of India (RBI) will implement interoperability between central bank digital currency (CBDC) and United Payments Interface (UPI) by the end of July 2023, Deputy Governor T. Rabi Sankar said at an Indian Banks' Association conference.
The customers would be able to use a single QR code to pay through UPI and CBDC. Thirteen banks have placed the system, and the central bank aims to reach 1 million transactions through CBDC per day by the end of the current calendar year. At present, banks process 5,000-10,000 transactions per day.
UPI is a platform that facilitates digital transactions, where the beneficiary will be able to make payments through debit or credit cards, internet banking or by mobile wallets.
ONGC Becomes India's First PSU to Achieve Anti-Bribery Management System Certification
Oil and Natural Gas Corporation (ONGC) made history by becoming the first Central Public Sector Enterprise (CPSE) in India to receive certification for its Anti-Bribery Management System (ABMS). The certification was awarded by the internationally accredited certification body InterCert USA. ONGC's commitment to combat bribery was previously demonstrated in 2005 when it became the first organization in India to adopt the Integrity Pact (IP) initiated by Transparency International.
ONGC's pursuit of an ABMS certification marks a significant milestone in its journey as an Energy Maharatna, further solidifying its position as a trusted business partner. The certification was achieved by successfully implementing the ISO 37001:2016 International Standard, following a thorough assessment and validation process conducted by InterCert USA.
Razorpay Launches First International Payment Gateway in Malaysia through Curlec
Fintech major Razorpay India launched its first international payment gateway in Malaysia with Curlec, known as 'Curlec by Razorpay'.
In February 2022, Razorpay had acquired a majority stake in Kuala Lumpur-based fintech firm Curlec at a valuation of $20 million, kicking off its global expansion plans. The balance stake acquisition was to be completed in 2023.
The company currently works with over 700 Malaysian businesses, including Tune Protect, CTOS, Courts, Mary Kay and The National Kidney Foundation. "The new Curlec payment gateway will serve more than 5,000 businesses with a target of RM10 billion ($2 billion) in annualized gross transaction value (GTV) by 2025.
ITC Board Reappoints Sanjiv Puri as Chairman & Managing Director
ITC Ltd's board reappointed Sanjiv Puri as the company's Chairman & Managing Director for a period of five years.
Puri was appointed as chief executive officer in February 2017 and re-designated as the managing director in May 2018. He was appointed as the chairman of the tobacco-to-hotels conglomerate effective May 13, 2019.
Puri joined ITC in January 1986. With a career spanning over three decades at ITC and its subsidiaries, he has held several business leadership positions and also handled a wide range of responsibilities in manufacturing, operations and information & digital technology.
Jul 12, 2023
CoinDCX Appoints Rajnish Vedi as the New Head of Customer Experience
Rajnish Vedi was appointed as the Head of Customer Experience of CoinDCX.
With over 15 million users, the company is looking at bolstering customer journey and experience on its platform.
In his new role at CoinDCX, Vedi will lead customer experience across all product lines, including self-help platforms, voice and back-office inquiries and core product experience. He will work towards improving the net promoter score (NPS) and customer satisfaction score (CSAT) by building seamless customer journeys, transparent customer communication and top-notch customer support practice.
Before joining CoinDCX, Vedi was vice-president of customer experience at MakeMyTrip, where he designed and implemented successful digital innovation and transformation programmes to exceed user demands and enhance overall digital experience.
SBI Appoints Abhijit Chakravorty as SBI Card's CEO
SBI Cards & Payment Services (SBI Card), the country's largest pure-play credit card issuer, appointed Abhijit Chakravorty as MD & CEO.
Chakravorty, who is presently a Deputy Managing Director at SBI, will assume charge of his new role on August 12, 2023.
He has been appointed as SBI Card's MD&CEO for two years.
Incumbent MD & CEO Rama Mohan Rao Amara tendered his resignation owing to his transfer to SBI.
Chakravorty, who started his banking career as a Probationary Officer with SBI in 1988, has gained over 34 years of rich experience in Retail and Corporate Banking, Overseas Operations and IT verticals of the bank.
He also served at the Hongkong branch of the Bank. He had a long tenure in Commercial Credit Group and was involved in high value Corporate Lending.
Chakravorty managed the Bangladesh Operations of SBI as CEO and Country Head.
India, Bangladesh Start Bilateral Trade in Rupees
Bangladesh and India launched a much-anticipated trade transaction in rupees, a move aimed at reducing dependence on the US dollar and strengthening regional currency and trade.
This is the first time Bangladesh has done bilateral trade with a foreign country in addition to the US dollar.
Bangladesh Bank Governor Abdur Rouf Talukder described the start of trade settlement in rupees as the first step in a great journey.
Banks in Bangladesh and India have been given permission to open nostro accounts, an account in a bank of another country for the purpose of foreign currency transactions.
Jul 11, 2023
India Overtakes China as Most Attractive Emerging Market for Investing
India overtook China as the most attractive emerging market for investing, according to 85 sovereign wealth funds and 57 central banks representing USD 21 trillion in assets.
India is increasingly viewed positively for its improved business and political stability, favourable demographics, regulatory initiatives, and a friendly environment for sovereign investors, according to a report by global investment management firm Invesco.
The report titled 'Invesco Global Sovereign Asset Management Study' included views from 142 chief investment officers, heads of asset classes along with senior portfolio strategists from 85 sovereign wealth funds and 57 central banks.
Deutsche India Expands Tech Operations in Country
Deutsche India, which houses the largest technology centre of German investment bank Deutsche Bank, is expanding its operations in India and hiring thousands.
As banks undergo digital transformation, Deutsche India is hiring people with skills in cloud migration, artificial intelligence (AI), and machine learning.
The India centre is the largest within Deutsche Bank's global network with other such locations in Europe and the US. It plays a key role in the German bank's technology transformation through emerging technologies to deliver innovative products and services to its clients.
Four Indian-origin Business Leaders on 2023 Forbes' 100 Richest Self-made Women List
Four Indian-origin women made it to the Forbes list of America's 100 most successful self-made women. Building supply distributor Diane Hendricks, with a $15 billion net worth, retained the top spot for the sixth year in a row. This year's (2023) list had eight entrants, including television producer Shonda Rhimes and Insitro CEO Daphne Koller.
The four Indian-origin women are Jayshree Ullal, president and CEO of computer networking firm Arista Networks, ranked 15th on the list, the highest among Indian-origin business leaders.
Neerja Sethi, with a net worth of USD 990 million, was ranked 25th on the list. Sethi along with her husband Bharat Desai, co-founded IT consulting and outsourcing firm Syntel in 1980.
Neha Narkhede, co-founder and former chief technology officer (CTO) of cloud company Confluent, was ranked 50th on the list with a net worth of USD 520 million.
Indira Nooyi, the former chair and CEO of PepsiCo, retired in 2019 after 24 years with the company, half of which she spent in the top job. She has a net worth of USD 350 million and was ranked 77th on the Forbes list.
Jul 10, 2023
Numaligarh Refinery Upgraded to 'Schedule A' CPSE
Numaligarh Refinery Limited (NRL) was upgraded from Schedule B to Schedule A CPSE by the Government of India. This is a significant milestone for NRL. The upgradation to Schedule A was notified by the Ministry of Petroleum and Natural Gas.
This upgradation to Schedule A recognises NRL's strong financial performance and operational efficiency and contribution to the economic development of the Northeast region.
NRL ranks among the top 20 CPSEs in India, both in terms of sales revenue and profitability. Among the Indian PSU refineries, NRL is considered as a high performing model refinery with industry leading figures in terms of distillate yield, specific energy consumption and gross refining margin. Marking its international presence, NRL has commenced export of petroleum products to the neighbouring countries and has acted as a catalyst in promoting the Act East Policy of Govt. of India.
NRL is the largest refinery in Northeast India, with a capacity of 3 million metric tonnes per annum (MMTPA) and is currently implementing a mega refinery expansion project to triple its refining capacity to 9 MMTPA along with laying a trans-national crude oil pipeline from Paradip in Odisha. NRL is currently implementing projects involving investments to the tune of Rs. 35,000 crore in the region and is recognised as one of largest investments in the oil and gas sector.
The upgradation to Schedule A will now make NRL eligible to achieve the status of Navratna which in turn will give higher financial autonomy.
Reserve Bank Holds 33rd Conference of State Finance Secretaries
The 33rd Conference of the State Finance Secretaries was held in Mumbai. The conference, inaugurated by the Governor of the Reserve Bank of India (RBI), focused on the theme of 'Debt Sustainability: States' Perspective.' The event was attended by Finance Secretaries from 23 states, one Union Territory, officials from the Ministry of Finance, Government of India, Controller General of Accounts, and the Comptroller and Auditor General of India.
During the conference, RBI Governor Shaktikanta Das highlighted the significance of fiscal consolidation and improving the quality of expenditure for the states. He emphasized the need for states to prioritize these areas to ensure long-term fiscal health.
The conference reviewed several financial matters related to the states' fiscal health. These included market borrowings by the states, administration of the Consolidated Sinking Fund and Guarantee Redemption Fund, issues pertaining to state government guarantees, and short-term financial accommodation provided by the Reserve Bank to the states.
K. Rajaraman Named IFSCA Chairman
The government appointed Telecom Secretary K. Rajaraman as the Chairperson of the International Financial Services Centres Authority (IFSCA).
A 1989 batch Indian Administrative Service officer, Rajaraman was appointed for a period of three years.
Rajaraman succeeded the first ever IFSCA Chairperson Injeti Srinivas who has led the authority since July 9, 2020.
The IFSCA was set up in April 2020 under the International Financial Services Centres Authority Act, 2019, at the Gujarat International Finance Tech (GIFT) city in Gandhinagar. It is currently being heavily pushed by the government as a global financial services hub.
Microsoft India President Anant Maheshwari Resigns, Irina Ghose Becomes MD
Microsoft India president Anant Maheshwari stepped down from his position to pursue other interest. Maheshwari's announcement came amid rejig within the senior leadership in India.
Microsoft had made changes to its senior leadership. As a part of the rejig, Irina Ghose was elevated to the role of MD, Microsoft India. She was earlier COO. Sashi Sreedharan, who was earlier the MD moved to a role in Asia.
As part of the leadership changes, Navtej Singh Bal was elevated to the COO's role. He was earlier heading the government, public sector and education business for Microsoft in India.
Venkat Krishnan, who was heading partnerships, was promoted to head the government business unit.
Jul 09, 2023
Flipkart Partners with Axis Bank to Facilitate Personal Loans for Customers
Flipkart e-commerce marketplace, entered into a strategic partnership with Axis Bank, one of the largest private sector banks, to facilitate personal loans for its valued customers, adding additional convenience and enhanced benefits to its 450 million customers. The newly introduced personal loan service offers highly competitive loan options, granting access to amounts as high as Rs. 5 lakh, allowing customers flexible repayment cycles ranging from 6 to 36 months. Flipkart's introduction to personal loans demonstrates its commitment to addressing customers' demands in today's financial environment and leveraging the potential of digital lending.
PNB Launches Its Virtual Branch in the Metaverse
State-owned Punjab National Bank (PNB) launched a virtual branch, PNB Metaverse.
It is a virtual branch of the bank, which will deliver a unique experience of banking to existing and new customers who can now explore the bank's products and services such as bank deposits, retail and MSME loans, digital products, women and senior citizens, 'Do It Yourself' and government flagship schemes.
PNB developed the bank's Metaverse branch, where its esteemed customers will get exclusive access to its virtual environment from the comfort of their home or office through their mobile phones and laptops.
In addition, the bank will offer an immersive 3D experience to customers while they perform traditional banking activities through their digital avatars.
Indian Refiners Start Yuan Payments for Russian Oil Imports
Indian refiners started paying for some oil imports from Russia in Chinese yuan, as Western sanctions force Moscow and its customers to find alternatives to the dollar for settling payments.
Western punishments over Russia's invasion of Ukraine have shifted global trade flows for its top export, with India emerging as the largest buyer of seaborne Russian oil even as it casts about for how to pay for it amid shifting sanctions.
The U.S. dollar has long been the main global oil currency, including for purchases by India, but now the yuan is playing an increasingly important role in Russia's financial system.
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