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BUSINESS AND ECONOMY - December 2017

Dec 2017

Oct 05, 2023

IndusInd Bank Launches Digital Banking App

IndusInd Bank unveiled its digital banking application, INDIE, setting a target to onboard 10 million customers within the next three years. Sumant Kathpalia, MD & CEO of IndusInd Bank, highlighted the app's pivotal role in boosting the bank's customer base from 33 million to a projected 45 million.
Kathpalia mentioned that the bank's focus is on acquiring a majority of mass banking customers through INDIE rather than traditional branches. In the next six months, the bank anticipates 70% of its mass banking customers to come onboard through this app.

TCS Signs with Asda in Disinvestment and Digital Transformation Deal

Information technology (IT) major Tata Consultancy Services (TCS) announced a multi-year partnership with British retail firm Asda to implement a new organisation-wide IT operating model. TCS stated that it has expanded its strategic partnership with Asda to transform its technology landscape and operating model for future growth, following Asda's disinvestment from Walmart.
TCS indicated that the partnership will leverage TCS's cloud, artificial intelligence (AI), and security solutions to help Asda carry out the divestiture smoothly and securely. TCS will also assist Asda in enhancing its customer experience and innovation capabilities to help increase its market share and retain price leadership.

Fintech Unicorn Slice Announces Merger with North East Small Finance Bank

Fintech credit and payments start-up Slice and Guwahati-based North East Small Finance Bank (NESFB) announced a merger between the two entities.
The banking regulator, the Reserve Bank of India approved the deal, a first-of-its-kind development in the fintech and banking space.
Slice and NESFB customers will have access to a broad range of products and omnichannel offerings.

Oct 04, 2023

PayU India CEO Anirban Mukherjee Elevated to Global CEO Role

Prosus-owned fintech major PayU India's Chief Executive Officer (CEO) Anirban Mukherjee was promoted to the role of global CEO of PayU in a big management rejig.
In his new role, Anirban will join the Prosus leadership team and report directly to Ervin Tu, Prosus and Naspers Interim CEO. He will be responsible for overall business operations of PayU.
This came just two months after Netherlands-based investment firm Prosus announced that the fintech arm PayU is selling a part of its business to Israel's Rapyd for $610 million.

Oct 03, 2023

MyGov Chief Tripathi Takes Over as CEO of India Semiconductor Mission

Akash Tripathi, chief executive of MyGov, is the new Chief Executive Officer (CEO) of India Semiconductor Mission (ISM).
Akash Tripathi succeeded Amitesh Kumar Sinha.
Launched in 2021, ISM's main focus is to establish a semiconductor manufacturing ecosystem in India. It was allocated $10 billion by the Centre. The ISM screens applications received for manufacturing semiconductors in India and shortlists the ones that are eligible for subsidies.

Oct 02, 2023

Ashok Leyland Wins Order for 1,282 Buses from Gujarat State Transporter

Ashok Leyland, the Indian flagship of the Hinduja Group, won an order to build 1,282 buses for the Gujarat State Road Transport Corporation (GSRTC).
This order, one of the largest by a state transport undertaking for a single original equipment maker (OEM), will help Ashok Leyland strengthen its dominant position in the Indian bus market.
Ashok Leyland will deliver 55-seater fully assembled Bharat Stage VI (BS VI) diesel buses in a phased manner.

Saugata Gupta New Chairman of Board of Governors of ASCI

The Advertising Standards Council of India (ASCI) announced the appointment of Saugata Gupta, managing director and chief executive officer (CEO) of Marico Limited, as the new chairman of the ASCI board of governors.
Gupta has served two years on the board of governors and four years as a special invitee on the board of governors.
Partha Sinha, president of response, Bennett Coleman & Company Limited, was elected vice chairman, and Sudhanshu Vats, deputy managing director, Pidilite Industries Ltd, was appointed honorary treasurer.
The Advertising Standards Council of India (ASCI) is a voluntary self-regulatory organization of the advertising industry in India. Established in 1985, ASCI is registered as a non-profit company under section 25 of the Company Act.

Oct 01, 2023

Tamilnad Mercantile Bank MD & CEO Krishnan Resigns

The Tuticorin-based Tamilnad Mercantile Bank (TMB)'s Managing Director and Chief Executive Officer, Krishnan Sankarasubramaniam, resigned from the post, citing personal reasons.
This came within thirteen months since he was appointed on September 4, 2022.
Krishnan also served as the MD and CEO of Punjab and Sind Bank from September 4, 2020, to May 31, 2022. Krishnan was also the executive director of Canara Bank from April 1, 2020, to September 3, 2020, before joining Punjab and Sind Bank. Before Canara Bank, he served as the executive director of Syndicate Bank between November 1, 2017, and March 31, 2020.
The board of directors accepted the resignation of Krishnan. However, he shall continue to be the managing director and CEO, until guidance is received from RBI.

CDIL 1st Indian Firm to Make Silicon Carbide Chips, Starts Unit in Mohali

Continental Device India Pvt Ltd (CDIL) become the first company to start producing Silicon Carbide devices, used in electric vehicles (EV) and power electronics, in India. It opened a new semiconductor packaging line at its Mohali plant, taking its annual manufacturing capacity to 600 million units.
CDIL Semiconductors, which claims to be the first company to introduce silicon semiconductor technology in India in 1964, also partnered with the government's Semi-Conductor Laboratory (SCL) in Mohali. As per the Memorandum of Understanding (MoU) between the Ministry of Electronics and Information Technology (MeitY) and CDIL, the latter will utilise the semiconductor wafer fabrication facility for its new packaging unit.
The development came a week after MeitY invited commercial and technology players with the necessary technological and operational expertise to modernise the SCL facility that serves as the only semiconductor fabrication unit in the country.

Adman Piyush Pandey to Step Down, Transition into Advisory Role at Ogilvy

Piyush Pandey, Ogilvy's chief creative officer worldwide and the executive chairman of its India office, will step down after a 41-year-long association with the agency. Devika Bulchandani, Global Chief Executive Officer of Ogilvy, announced Pandey's departure from the company, adding that he would continue in an advisory role.
Hephzibah Pathak will take on the role of executive chairperson of Ogilvy India. Group President V. R. Rajesh will take charge as CEO. The new change will come into effect from 1 January 2024.
The 41-year-long association between Pandey and Ogilvy began in 1982 when he commenced his career as a client-servicing executive.

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