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BUSINESS AND ECONOMY - December 2017

Dec 2017

Jul 01, 2023

Deloitte Appoints Former SoftBank India Head Manoj Kohli as Senior Advisor

  • Deloitte appointed Manoj Kohli, an experienced professional, as a senior advisor. With a remarkable career spanning 44 years and encompassing 30 countries, Kohli held significant positions such as the Country Head of Softbank India. During his tenure, he played a crucial role in expanding the firm's presence in the Indian digital start-up market. Prior to that, he served as the CEO and Managing Director of Bharati Airtel, where he successfully drove the company's growth and market dominance in India's telecommunications industry.
  • Kohli's extensive knowledge in technology, telecommunications, renewables, and digital sectors makes him a valuable asset in providing guidance on strategic initiatives, innovation, adapting to the evolving business landscape, improving client experience, and generating value for stakeholders.
  • Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a British multinational professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of professionals in the world and is considered one of the Big Four accounting firms along with EY, KPMG and PwC.
  • The firm was founded by William Welch Deloitte in London in 1845.

Canara Bank Offers UPI Payments through RuPay Credit Cards

 

ICICI Lombard, ICICI Prudential Launch Combi Product 'iShield'

  • ICICI Lombard General Insurance and ICICI Prudential Life Insurance jointly launched a combi product, 'iShield', which provides customers with both health and life insurance under the use and file procedure.
  • The use and file procedure allows an insurer to launch a product without prior approval of the regulator. A combi product offers benefits of a life insurance, along with that of general or other insurance covers.
  • 'iShield' will enable customers to take care of expenses required for medical treatments.

Canara Bank Offers UPI Payments through RuPay Credit Cards

  • Bengaluru-based Canara Bank became the first public sector bank in India to introduce UPI (Unified Payments Interface) payments for merchants through its RuPay Credit Card. This exciting feature is now accessible within the bank's 'Canara ai1' Banking Super App, thanks to a partnership with the National Payments Corporation of India (NPCI).
  • This development means that Canara Bank customers can now make UPI payments to merchants directly from their RuPay Credit Cards. Customers will have to link their Canara Bank RuPay Credit Cards to their UPI IDs, to conduct credit card transactions using this secure and seamless digital payment method.

Jun 30, 2023

Tata AIA Introduces Industry-First Premium Payment through WhatsApp and UPI

  • Tata Group-backed life insurance arm, Tata AIA introduced digital payments via WhatsApp and Unified Payment Interfaces. This newly added payment option is first-of-its-kind in the insurance industry and offers an instant premium payment facility through WhatsApp and UPI-enabled payment options.
  • For easy use for both tech and non-tech-savvy consumers, it also offers a hassle-free premium payment experience.
  • Through the new feature, policyholders can pay premiums digitally and receive a quick premium payment confirmation & acknowledgment.
  • This is also part of Tata AIA's goal to improve its Net Promoter Score (NPS), a system used to measure how well the company is meeting its consumer's needs and improving consumer behaviour.

Micron, Gujarat Govt. Ink Deal to Set up Semiconductor Plant

  • Micron Technology, a US-based semiconductor manufacturer, signed a Memorandum of Understanding (MoU) with the Gujarat government to set up a state-of-the-art semiconductor unit in Sanand, near Ahmedabad. The project, valued at Rs. 22,500 crore, marked a significant milestone in India's journey towards self-reliance in memory chip manufacturing. The MoU signing ceremony was attended by Union Minister Ashwini Vaishnaw, Chief Minister Bhupendra Patel and Micron Technology's senior vice-president, Gursharan Singh.
  • This collaboration between Micron Technology and the Gujarat government is the second MoU signed by the state with a semiconductor manufacturer. In September 2022, a similar MoU was inked with the Foxconn-Vedanta joint venture for a Rs. 1.54-lakh crore unit in Gujarat. While the project at Dholera SIR awaits formal approval from the Central government, the signing of the MoU with Micron Technology demonstrates Gujarat's commitment to attracting semiconductor investments.

Jun 29, 2023

Rohit Jawa Takes Cgarge as MD and CEO of Hindustan Unilever

  • Rohit Jawa took charges as the Managing Director and Chief Executive Officer of FMCG major Hindustan Unilever Ltd (HUL). Jawa replaced Sanjiv Mehta who retired. Mehta handed over the baton to Jawa, who was appointed as an Additional Director and CEO-Designate in April. Mehta was at the helm for almost a decade and was with the company for more than 30 years.
  • Prior to this role, Jawa was the Chief of Transformation for Unilever in London. He had started his career with HUL as a management trainee in 1988 and has a proven track record of sustained business results across India, South East Asia, and North Asia. Mehta had taken over as the MD & CEO of HUL in October 2013.

Federal Bank Receives RBI Approval to Appoint A. P. Hota as Part-time Chairman

  • The Reserve Bank of India (RBI) gave the approval for the appointment of A. P. Hota as part time chairman of the private sector bank Federal Bank.
  • Hota has banking experience of over 27 years in Reserve Bank, mostly in technology and payment systems, from 1982- 2009. While at Reserve Bank of India, he served as nominee director to the Board of Vijaya Bank and subsequently Andhra Bank. He was the architect of NPCI and served as its Managing Director and Chief Executive Officer between 2009- 2017.
  • Hota was appointed as Independent Director of Federal Bank in January 2018.

Jun 28, 2023

India's Amara Raja Group Secures Solar Power Project in Bangladesh

  • India's Amara Raja Group secured a $130 million solar power project in Bangladesh, marking its debut in the international market.
  • The project consists of the engineering, design, supply, installation, and commissioning of a 100 megawatt solar power plant.
  • According to Amara Raja Infra Private Limited (ARIPL), part of the Amara Raja Group, the project will be funded by the EXIM Bank of India and completed in 18 months.
  • After the project is commissioned, ARIPL will also provide comprehensive operation and maintenance services for two years, along with warranty spares and consumables.

CCI Approves Acquisition of TCNS Clothing by Aditya Birla Fashion

  • The Competition Commission of India (CCI) approved the acquisition of TCNS Clothing Co Limited by Aditya Birla Fashion and Retail Limited.
  • The proposed combination involves acquisition of 51 per cent of the expanded share capital of TCNS Clothing Co Limited by Aditya Birla Fashion and Retail Limited.
  • Aditya Birla Fashion and Retail Limited is a listed company and is part of the Aditya Birla conglomerate. It is engaged in retailing of branded products within the apparel, footwear and accessories segment, through its retail stores, online retail platforms, and e-commerce marketplaces.
  • TCNS Clothing is also a listed company engaged in the business of manufacturing, distribution and sale of women's apparel, jewellery, footwear, and beauty products, currently undertaken under the brands ie, W, Aurelia, Wishful, Elleven and Folk Song. TCNS Clothing is also engaged in the business of wholesale cash and carry trading (including sale through franchisee outlets) of products in the aforementioned categories.

Centre Approves Rs. 56,415 crore for 16 States under Capex Scheme

  • The Department of Expenditure under the Finance Ministry approved capital investment proposals of Rs. 56,415 crore for 16 states in the current financial year 2023-24.
  • With an intent to tap into a higher multiplier effect of capital expenditure by frontloading the spending by states, the amount was approved for 16 states including Arunachal Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Mizoram, Odisha, Rajasthan, Sikkim, Tamil Nadu, Telangana, and West Bengal.
  • The approval was given under the scheme titled 'Special Assistance to States for Capital Investment 2023-24'. The scheme, which was announced in the Budget for 2023-24 in continuation of a similar push for capex from the last three years, special assistance is being provided to the state governments in the form of 50-year interest free loan up to an overall sum of Rs. 1.3 lakh crore during the financial year 2023-24.

Jun 27, 2023

DBS Bank India Appoints Rajat Verma as MD, Head of Institutional Banking

  • DBS Bank India appointed Rajat Verma as Managing Director and head of institutional banking in India. The previous head of institutional banking Niraj Mittal moved to a new role as country head of DBS Bank in Australia.
  • Prior to this appointment, Verma was with HSBC India where he was Managing Director and country head of commercial banking in India. Verma brings a wealth of knowledge and deep industry expertise to DBS. He holds an MBA from the Indian Institute of Management, Lucknow, and a Bachelor of Electrical Engineering from the Delhi College of Engineering.
  • DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which 'DBS' was derived from, before the present abbreviated name was adopted on July 21, 2003 to reflect its role as a global bank.
  • Established on July 16, 1968 by the government to take over the industrial financing activities from the Economic Development Board, the bank's main purpose was to provide loans and financial aid to the manufacturing and processing industries and to help establish and upgrade existing industries in Singapore.

TCS Enters Strategic Partnership with Standard Life International DAC

  • Tata Consultancy Services (TCS) entered into a strategic partnership with Standard Life International DAC (SLIDAC), a wholly-owned subsidiary of the Phoenix Group, to transform its operating model and enhance the customer experience for its policyholders in Europe, using the TCS Digital Platform for Life and Pensions.
  • TCS has had a long-standing partnership with the Phoenix Group in the UK, where its UK subsidiary Diligenta has digitally transformed the operating model and administers more than 10 million policies for the latter. The two organizations are keen to replicate this successful model, extending the same enhanced digital experience to policyholders in Germany and Austria and, after that, in other European markets.
  • With this partnership, TCS will set up a customer operations centre in Germany and a future-ready life and pensions digital platform for Germany and Austria, with capabilities to extend into other European markets.

Cleartax Forays into Crypto Tax Segment

  • Online tax filing platform, Cleartax forayed into the crypto tax calculation and filing segment with its new product 'CryptoTax'. The platform has integrated with over 100 crypto exchanges, including Coinbase, CoinDCX, Binance, and WazirX, among others, to enable taxation services to the investors.
  • The amalgamation of various exchanges will provide users a single view of all their investments across platforms.

Infosys Wins $454-million Deal from Danske Bank

  • IT major Infosys bagged a digital transformation deal from Denmark-based Danske Bank estimated to be around USD 454 million for five years.
  • As part of the strategic collaboration with Danske Bank, Infosys will acquire Danske Bank's IT centre in Bengaluru, which employs 1400 digitally skilled professionals.
  • The deal, which can be extended for three more additional years, is to accelerate the Nordic-based bank's digital transformation initiatives with scale. This collaboration will help Danske Bank better its customer experiences and technology modernisation.
  • Infosys will accelerate the Danske Bank's digital agenda by enhancing their IT operations and capabilities through Infosys Topaz– its AI-first set of services, solutions and platforms.
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