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BUSINESS AND ECONOMY - December 2017

Dec 2017

Feb 10, 2024

SBI Partners Flywire to Modernise International Education Payments for Students

State Bank of India (SBI) teamed with Flywire Corporation to revolutionise the landscape of international education payments for Indian students.
This strategic partnership aims to simplify the traditionally complex payment process, offering students a seamless and fully digital experience.
Integrated directly into SBI's platform, Flywire's technology would enable Indian students to complete their international education payments effortlessly in Indian rupees.
The collaboration also allows automatic capturing of relevant student information, ensuring accuracy and traceability in transactions. It aligns with the Reserve Bank of India's Liberalised Remittance Scheme (LRS) guidelines, enhancing transparency and compliance.

Ravi Kumar Jha Named MD & CEO of LIC Mutual Fund

LIC Mutual Fund Asset Management Limited announced the appointment of Ravi Kumar Jha as its Managing Director and Chief Executive Officer.
Jha, with a distinguished career and prior association with LIC, comes with a track record of over 30 years in handling diverse positions.
His previous roles include Executive Director Corporate Strategy – LIC Mutual Fund Asset Management and various positions at LIC of India.

NPCI Appoints Ajay Kumar Choudhary as Non-executive Chairman of Board

The National Payments Corporation of India (NPCI) announced the appointment of Ajay Kumar Choudhary as non-executive chairman of the Board and independent director for a period of three years.
Choudhary succeeded Biswamohan Mahapatra who was appointed non-executive chairman in 2018.
Ajay Kumar Choudhary is a distinguished central banker with an illustrious career spanning over three decades at the Reserve Bank of India (RBI). He concluded his dedicated service to the institution as its Executive Director in October 2023.
Dilip Asbe is the Managing Director (MD) and Chief Executive Officer (CEO) of NPCI.
Venkatraman Srinivasan, Rishikesha Krishnan, D. Manjunath, and Padmini Khare Kaicker are independent directors at NPCI, an umbrella organisation handling retail payments and settlement systems in India.

Feb 09, 2024

ONGC in Joint Venture Agreement with NTPC Green for Renewable Energy

ONGC and NTPC Green Energy Limited (NGEL) signed a Joint Venture Agreement (JVA) to focus on offshore wind energy projects. The agreement signed at India Energy Week in Goa, was witnessed by Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs Hardeep Singh Puri. This collaboration aims to lead renewable energy initiatives, both domestically and internationally.
Besides offshore wind projects, the agreement extends to ventures in storage, e-mobility, carbon credits, and green hydrogen business, including derivatives like Green Ammonia and Green Methanol.
Earlier, ONGC had entered into a Memorandum of Understanding (MoU) with NGEL in September 2023, emphasising the advancement of renewable energy objectives across sectors.

RBI Keeps Lending Rate Unchanged at 6.5%

The Reserve Bank of India (RBI)-led Monetary Policy Committee (MPC) retained the key interest rate repo at 6.5 per cent signalling that the central bank's long battle against persistently high inflation is not over yet.
The decision to maintain the key repo rate at 6.5 percent marked the sixth time the 6-member Monetary Policy Committee (MPC) opted to keep the interest rates unchanged.
The standing deposit facility (SDF) rate stands at 6.25 per cent and the marginal standing facility (MSF) rate and the bank rate stand at 6.75 per cent.
The MPC also decided to remain focused on 'withdrawal of accommodation' to ensure that inflation progressively aligns with the target while supporting growth.

Feb 08, 2024

Tata Group Becomes First Indian Conglomerate to Cross Rs. 30 trn Market Cap

Tata Group became India's first business conglomerate to cross Rs. 30 lakh crore in market capitalisation (m cap).
More than half of the group's market value came from Tata Consultancy Services, whose market cap hit the Rs. 15 lakh crore mark for the first time.
The Reliance Group held the second position on the market-cap leader board, at Rs. 21.60 lakh crore. The Adani Group, with interests across various infrastructure sectors and capital-intensive commodities, is ranked third, with a combined market value of Rs. 15.54 lakh crore.

ADB Appoints Mio Oka as New Country Director for India

Asian Development Bank (ADB) appointed Mio Oka as its country director for India. She succeeded Takeo Konishi who was promoted as ADB Director General for South Asia at the Manila headquarters.
She will lead the implementation of ADB's country partnership strategy, 2023-2027 that is designed to catalyse robust, climate-resilient, and inclusive private sector-led growth in India.
Oka has almost 3 decades of professional experience, including over 18 years with ADB, where she has served in various capacities since joining as a project specialist in the Mekong Department in 2005.

Naveen Tahilyani as New CEO of Tata Digital

Tata Digital, the superapp from Tata Sons, appointed Naveen Tahilyani, as Chief Executive Officer (CEO) and Managing Director (MD).
Tahilyani replaced Pratik Pal, who was at the helm since the Tata Group announced its foray into digital commerce and the creation of the Tata Neu supperapp.
As per Tata Digital, Tahilyani comes with a strong understanding of the Indian consumer landscape and extensive experience in the financial services sector. He has a proven track record of driving innovation, fostering collaboration, and achieving operational excellence.
Tata Digital, the superapp from Tata Sons, appointed Naveen Tahilyani, as Chief Executive Officer (CEO) and Managing Director (MD).
Tahilyani replaced Pratik Pal, who was at the helm since the Tata Group announced its foray into digital commerce and the creation of the Tata Neu supperapp.
As per Tata Digital, Tahilyani comes with a strong understanding of the Indian consumer landscape and extensive experience in the financial services sector. He has a proven track record of driving innovation, fostering collaboration, and achieving operational excellence.

Mumbai, Bengaluru in Top 10 Cities with Highest Home Price Rise in APAC

Mumbai and Bengaluru were among the 10 cities in the Asia-Pacific (APAC) region that witnessed the highest rise in residential prices in the second half of 2023, according to a report released by real estate consultancy Knight Frank. The National Capital Region (NCR) featured on the 11th spot in the list of 25 countries in the region.
According to the Asia-Pacific Residential Review Index for H2 2023 released by real estate consultancy Knight Frank, Bengaluru saw the eighth highest year-on-year jump in home prices during the period at 7.1 per cent. It was followed by 7 per cent in Mumbai, which ranked 9th on the list.
In the region, Singapore saw the highest price rise of 13.7 per cent. It was followed by 12.8 per cent in Perth and 12.1 per cent in Brisbane.

Feb 07, 2024

Tata AIA Life Insurance Appoints Venkatachalam H as New CEO and MD

Tata AIA Life Insurance Company Limited announced the appointment of Venkatachalam H as its new Chief Executive Officer and Managing Director. This appointment is subject to regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI). Venkatachalam H, also called Venky, brings over 27 years of experience in the life insurance, asset management, and custodial services sectors.
Venkatachalam H worked in various domains, including sales & distribution, strategy, business development, and key account management. He joined Tata AIA in 2016 and served as president and chief distribution officer in his previous role.

HDFC Bank Receives RBI Approval for Stake Acquisition in Six Banks

HDFC Bank and its affiliated companies obtained approval from the Reserve Bank of India (RBI) to acquire stakes in six prominent banks. This approval grants HDFC Bank and its group entities the authority to acquire an aggregate stake of up to 9.5% in ICICI Bank, Axis Bank, IndusInd Bank, Yes Bank, Bandhan Bank, and Suryoday Small Finance Bank (SFB). The approval, valid until February 2025, follows applications submitted by the bank as a promoter or sponsor of the group in December 2023.
The approval encompasses HDFC Bank and its group entities, including HDFC Mutual Fund, HDFC Life Insurance, and HDFC ERGO General Insurance.
The approval allows acquisitions within the normal course of business for these respective group entities.
HDFC Bank is required to ensure that the aggregate holding in the mentioned banks does not surpass 9.5% of the paid-up share capital or voting rights of the respective banks at any given time.

Mukesh Ambani Tops Global Brand Guardianship Index 2024

Reliance Industries Limited (RIL) Chairman and Managing Director, Mukesh Ambani, secured the top position among Indians and second globally in the Brand Guardianship Index 2024, as unveiled by Brand Finance in its latest survey.
With a Brand Guardianship Index (BGI) score of 80.3, Mukesh Ambani outshone notable global corporate leaders, including Microsoft's Satya Nadella, Sundar Pichai of Google, Apple's Tim Cook, and Tesla's Elon Musk. The survey placed Ambani just below Huateng Ma of China-based Tencent, who clinched the top spot with a BGI score of 81.6.
The Brand Guardianship Index, crafted by Brand Finance, is a prestigious global platform that acknowledges CEOs who effectively and sustainably enhance their business's value. This achievement requires CEOs to skilfully manage the expectations and needs of various stakeholders, including employees, investors, and the wider community, ensuring a harmonious balance.

Feb 06, 2024

Dr. Bina Modi Named 'Outstanding Business Woman of the Year 2023'

Dr. Bina Modi, the esteemed Chairperson of Modi Enterprises, was honoured with the prestigious 'Outstanding Business Woman of the Year' Award. This recognition, bestowed upon her by Rajnath Singh, Defence Minister of India, at a distinguished conference organised by the Indo-American Chamber of Commerce (IACC), underscores her exceptional leadership and contributions to the industry.
The award ceremony, held to celebrate Dr. Modi's outstanding achievements, took place during a conference aimed at strengthening the Indo-US relationship. Attended by notable figures including Ambassador to India Eric Garcetti and representatives of IACC, the event served as a platform to foster economic and diplomatic ties between the two nations.

Jio Financial Services, HDFC Bank Frontrunners to Buy Paytm's Wallets Business

Paytm is in exploratory talks to sell its wallets business. HDFC Bank and Jio Financial Services (JFSL) are among the forerunners to acquire it. The company's wallet business is housed under Paytm Payments Bank.
The report came days after the Reserve Bank of India (RBI) barred the Paytm Payments Bank from accepting deposits from February 29.
As per reports, Paytm had reached out to HDFC Bank for a deal just before the RBI ban. HDFC's digital wallet, Payzapp, has around 14 million users. JFSL has not been able to make any significant impact on the industry, but this deal could give it the much-needed start.

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