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BUSINESS AND ECONOMY - November 2016

Nov 2016

Jun 27, 2024

Union Minister Jitendra Singh Announces Grant of 'Mini RATNA' Status (Category-1) for Central Ele...

Union Minister Jitendra Singh announced the grant of 'Mini RATNA' status (Category-1) for Central Electronics Limited (CEL) at its Golden Jubilee celebration at the Ghaziabad campus.
Central Electronics Limited is a Government of India Enterprise under the Department of Scientific and Industrial Research (DSIR), Ministry of Science & Technology. It was established in 1974, with an objective to commercially exploit indigenous technologies developed by National Laboratories and R&D Institutions in the country.
CEL is pioneer in the country in the field of Solar Photovoltaic (SPV) and it has developed the technology with its own R&D efforts. Its solar products have been qualified to International Standards IEC 61215/61730.

A. M. Naik Steps Down as Chairman of LTIMindtree; S. N. Subrahmanyan to Succeed

IT company LTIMindtree said that its chairman A. M. Naik stepped down from the post and announced the appointment of S. N. Subrahmanyan as the new Chairman.
Subrahmanyan, who joined the board of L&T Infotech in 2015 and was appointed vice chairman in 2017, played a pivotal role in the acquisition of Mindtree in 2019 and subsequently led the merger of L&T Infotech and Mindtree.

JPMorgan India Bank CEO Singh Quits Before End of Term

Prabdev Singh, Chief Executive Officer of JPMorgan Chase & Co's bank in India, stepped down before the end of his term.
Pranav Chawda, head of commercial banking for India, expanded his current responsibilities and became the head of India Corporate Banking.
Singh, popularly known as PD, had received regulatory approval in January 2023 for a three-year term as CEO of JPMorgan Chase Bank India. He had replaced Madhav Kalyan who, in October 2022, was named head of payments for Asia Pacific.
Singh, an engineer, had worked for a decade at HSBC Holdings Plc before joining JPMorgan in 2010.

Jun 26, 2024

RBI Appoints Director on the Board of Bandhan Bank after Drop in Profits

The Reserve Bank of India appointed a director on the board of private sector lender Bandhan Bank, which will soon see a top management transition.
The RBI, under the Banking Regulation Act, can appoint directors to boards in order to oversee bank operations.
In a notification issued by Bandhan Bank, the private lender confirmed that Arun Kumar Singh, a Chief General Manager at the RBI, is the additional director of Bandhan Bank for a year, starting June 24.
Arun Kumar Singh has worked with the RBI for 36 years and managed positions in Non-Banking Supervision & Regulation, Financial Inclusion and Monetary Policy.

ICICI Bank Unveils 'SmartLock', a New Safety Feature for iMobile Pay

ICICI Bank launched 'SmartLock', a new safety measure that will enable customers to lock/unlock multiple banking services without any help from a customer care executive through phone or e-mail.
The "first-of-its-kind" measure in the country's banking sector will be available of iMobile Pay. It will empower customers to lock/unlock access to internet banking, UPI (including payments from other UPI apps linked to the bank account), credit and debit cards, simply by clicking a button.
The new feature also permits account holders to lock or unlock the entire iMobile Pay.
The feature can be used to deactivate a particular banking service and in case of a possible fraudulent transaction.

HDFC ERGO General Insurance Elevates Anuj Tyagi as MD and CEO

HDFC ERGO General Insurance announced the elevation of Anuj Tyagi as the new Managing Director and Chief Executive Officer. Tyagi will succeed Ritesh Kumar effective July 1. Tyagi has been with the company since 2008.
Tyagi's appointment follows a decision approved by the board, marking a significant change in the company's leadership. Ritesh Kumar will transition to ERGO International, joining its Board of Management as the new Deputy Chief Operating Officer (COO) from October 4, 2024. Kumar will focus on expanding the company's presence in Asian markets such as China, Thailand, and Singapore, pending administrative approvals and consent from ERGO International's Supervisory Board.

Jun 25, 2024

Sony Pictures Networks India Gets Gaurav Banerjee as New MD & CEO

Sony Pictures Networks India announced the appointment of former Disney executive Gaurav Banerjee as its Managing Director and CEO, pending regulatory approvals. Banerjee will succeed N. P. Singh, who will move into the role of Non-Executive Chairman after a 25-year tenure.
He holds a Master's degree in filmmaking and TV production from Jamia Millia Islamia University and an undergraduate degree in history from St Stephens, Delhi. Banerjee previously served as head of content for Hindi entertainment and Disney+ Hotstar, and business head for Star Bharat, Hindi and English movies, kids and infotainment, and regional (east). In these roles, he oversaw content curation across several languages and also spearheaded original series and films.

ESAF SFB Chief Paul Thomas is Chairperson of Sa-Dhan

Paul Thomas, MD & CEO of ESAF Small Finance Bank, was elected as Chairperson of the board of Sa-Dhan, which is an association of microfinance and impact finance institutions. Thomas so far was the co-chair of the Association.
Sa-Dhan is an association of Microfinance and Impact Finance Institutions. It is an RBI appointed Self-Regulatory Organization (SRO) for Microfinance Institutions. Sa-Dhan is the first and largest association of community development finance institutions in India formed over two decades back for supporting and strengthening the agenda of fostering Inclusive Impact Finance in India. It strives for creating a better understanding of the microfinance sector among policymakers, funders, banks, governments, researchers, and practitioners.

Jun 24, 2024

Manoj Jain Appointed as Chairman and Managing Director of Bharat Electronics Limited

Bharat Electronics Limited (BEL) appointed Manoj Jain as the new Chairman and Managing Director of the company.
Previously, he served as Director (R&D) from September 26, 2022, and took on additional roles, including Director (Bangalore Complex) from August 1, 2023, and Director (HR) from November 1, 2022, to May 31, 2023. Additionally, before his elevation as Director (R&D), he was the General Manager of the Electronic Warfare and Avionics SBU at BEL's Bangalore Complex, which he took over in June 2021.
Manoj Jain, who joined BEL as a Probationary Engineer in August 1991, has had an illustrious career spanning over three decades, making significant contributions to the field of Research and Development.
Bharat Electronics Limited (BEL) is an Indian Government-owned aerospace and defence electronics company. It primarily manufactures advanced electronic products for ground and aerospace applications. BEL is one of sixteen PSUs under the Ministry of Defence of India.
Bharat Electronics Limited was founded in Bangalore, Karnataka, India in 1954.

FM Nirmala Sitharaman Chair 53rd GST Council Meeting

The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman in New Delhi. The meeting was attended by key officials, including Union Minister of State for Finance Pankaj Chaudhary, Chief Ministers of Goa and Meghalaya, Deputy Chief Ministers of Bihar, Haryana, Madhya Pradesh, and Odisha, Finance Ministers of States & UTs (with legislature), and senior officers of the Ministry of Finance & States/ UTs.
The GST Council made several recommendations concerning changes in GST tax rates, trade facilitation measures, and compliance streamlining in GST.

Government Appoints Atul Kumar Chaudhary as Secretary of Telecom Regulatory Authority of India

The government appointed Atul Kumar Chaudhary, as the new Secretary, Telecom Regulatory Authority of India (TRAI), the position which was lying vacant after superannuation of V. Raghunandan on May 31, 2024.
Chaudhary is a graduate from IIT-Rookkee and did his Master Diploma in Public Policy & Administration from IIPA Delhi. He has worked in various capacities in Personnel, HR, Administration, Licencing, Vigilance wing of BSNL and Department of Telecommunications (DoT). He was posted as a DDG at the DoT earlier. Chaudhary is an Indian Telecom Service (ITS) officer of 1989 batch and currently working as Deputy Director General (DDG) in Unique Identification Authority of India (UIDAI). He is on deputation on foreign service terms, initially for a period of two years.

Jun 23, 2024

IIFL Finance Recognized by Great Place to Work India as Best Workplace in NBFC Industry for 2024

IIFL Finance was recognized by Great Place To Work India as Best Workplace in NBFC Industry for 2024. This is in addition to the earlier recognitions – India's Best Workplaces in BFSI 2024 and the certification – 'Great Place to Work' for the 6th time in a row. GPTW certification is the gold standard in terms of employer branding in the industry.
As a global authority on workplace culture, Great Place To Work has been studying employee experience and people practices across organizations for over three decades. Every year, more than 100 million employees from over 150 countries worldwide take the Great Place To Work for assessment, benchmarking, and planning of actions to strengthen their workplace culture.

CERT-In and Mastercard India Sign MoU to Enhance Cyber-Resilience in Financial Sector

The Indian Computer Emergency Response Team (CERT-In) and Mastercard India signed a Memorandum of Understanding (MoU) to collaborate on enhancing cyber-resilience in India's financial sector. This partnership aims to leverage the shared expertise of both entities in cybersecurity incident response, capacity building, and advanced malware analysis.
CERT-In, a government organization under the Ministry of Electronics and Information Technology, serves as the national agency for incident response under Section 70B of the Information Technology Act, 2000. It operates a 24×7 incident response help desk and provides incident prevention, response services, and security quality management.
CERT-In and Mastercard will conduct training programs and workshops focused on cyber capacity building, the latest market trends, and best practices to enhance the cybersecurity of financial sector organizations.

Sudhakararao Papa Appointed Director (Enterprise) at BSNL

Sudhakararao Papa was appointed as the Director (Enterprise) of Bharat Sanchar Nigam Limited (BSNL) following a rigorous selection process by the Public Enterprises Selection Board (PESB). His appointment is pending final vigilance clearances and approval from the Appointments Committee of the Cabinet.
Papa, currently serving as Chief General Manager of Chennai Telecom District Circle at BSNL, was selected from a competitive pool of 11 candidates during the PESB's selection meeting. This appointment underscores his leadership qualities and strategic vision for BSNL's enterprise operations.
As Director (Enterprise), Papa will serve as a member of the Board of Directors and report directly to the Chairman and Managing Director (CMD) of BSNL. His primary responsibility will be overseeing the Enterprise Business unit, focusing on business development with large corporate customers and small & medium enterprises (SMEs). This role entails strategic oversight of product design, pricing, sales, marketing, and customer service.

Govt. Appoints Girija Subramanian as CMD of New India Assurance Company

The government appointed Girija Subramanian as Chairman and Managing Director (CMD) of the largest general insurer, New India Assurance, until she attains the age of superannuation or until further orders.
Subramanian holds a bachelor's degree in statistics. She is a fellow member of the Insurance Institute of India and also an associate member of the Chartered Insurance Institute, London.
She started her career as a direct recruit officer in GIC Re in 1988. In a career spanning over 34 years, she worked in reinsurance departments across various lines of business, including aviation, life, health, and property classes. Subramanian was the CMD of AIC of India (from September 2022) before assuming charge as CMD, New India Assurance.

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