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BUSINESS AND ECONOMY - May 2018

May 2018

Nov 04, 2024

Coal India Limited Commemorates 50th Foundation Day

Coal India Limited (CIL), under the Ministry of Coal, marked its 50th Foundation Day on November 1 at the CIL Headquarters in Kolkata. The celebration was graced by Union Minister of Coal and Mines, G. Kishan Reddy, as the chief guest, along with Vikram Dev Dutt, Secretary of the Ministry of Coal, as the guest of honour. This significant event not only celebrated CIL's remarkable contributions to the nation's energy sector over the past five decades but also laid the groundwork for its future initiatives and strategic direction.
On this momentous occasion, Union Minister G Kishan Reddy, launched the Golden Jubilee logo and unveiled the mascot "Angara." The logo symbolises CIL's pivotal role as the backbone of India's energy sector, reflecting the company's commitment to innovation, progress, and sustainability. The mascot embodies the strength and resilience of coal miners, highlighting their courage and dedication. The Mascot is inspired by Royal Bengal Tiger.
On November 1, 1975, Coal India Limited (CIL) was formed to enable better organisational and operational efficiency in coal sector.

Praveena Rai Appointed as CEO and MD of MCX

Praveena Rai officially took office as Chief Executive Officer (CEO) and Managing Director (MD) of Multi Commodity Exchange of India (MCX), embarking on a five-year term. Rai brings her extensive experience in banking, payments, and transaction management to lead India's largest commodity derivatives exchange.
Rai's appointment follows the end of tenure of P. S. Reddy, who served as the CEO of MCX for five years until May 2024. With over 20 years of industry experience, Rai is celebrated for her expertise across multiple facets of banking, including payments, cards, retail banking, and transaction banking.
The Multi Commodity Exchange of India (MCX), headquartered in Mumbai, is the country's largest commodity derivatives exchange. Established in 2003, MCX offers an extensive range of commodity derivative contracts and plays a pivotal role in India's financial market.

RBI Brings Back Another 102 Tonnes of Gold from England

The Reserve Bank of India (RBI) revealed that it successfully transported an impressive 102 tonnes of gold from the Bank of England to secure storage facilities in India. This strategic move was part of the RBI's meticulous planning to ensure the safe and discreet transfer of such a significant quantity of gold, reinforcing the nation's reserves while aligning with the festive spirit of the occasion.

This transfer aimed to reinforce India's gold reserves and ensure the safety of the nation's financial assets amid global geopolitical tensions.

Nov 03, 2024

India Rolls Out Its First Made-In-India C295 Aircraft by September 2026

India is set to mark a significant milestone in its aerospace industry with the rollout of the first locally assembled C295 military transport aircraft from the Vadodara facility in September 2026. This initiative, part of the "Make in India" campaign, represents a robust collaboration between Airbus and Tata Advanced Systems. The facility was inaugurated by Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez, highlighting the deepening defense ties between India and Spain.

SBI and India Exim Bank Bridge Trade Financing Gaps in Africa

The State Bank of India and the India Exim Bank are helping businesses in African countries to fill the gap in trade finance, the South African heads of the two organisations said at the India Entrepreneurs Forum (IEF).
The event was initiated by Consul General of India Mahesh Kumar who said that it is the first of a series of ongoing engagements with the IEF.

Jio Financial and BlackRock Form Joint Ventures for Mutual Funds

On October 28, 2024, Jio Financial Services Ltd (JFSL) and BlackRock Inc. officially announced the incorporation of two joint venture companies, Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited, to enter the mutual fund sector in India.
This strategic move follows the Securities and Exchange Board of India (SEBI) granting in-principle approval for the companies to act as co-sponsors and establish a mutual fund. JFSL has invested a total of Rs. 82.9 crore for a 50% stake in both entities, which includes Rs. 82.5 crore for Jio BlackRock Asset Management and Rs. 40 lakh for Jio BlackRock Trustee.

Nov 02, 2024

Slice Completes Merger with North East Small Finance Bank

Fintech firm Slice successfully merged with North East Small Finance Bank over a year after receiving approval from the Reserve Bank of India (RBI). This merger consolidates their operations, assets, and brand identities into one institution, enhancing the bank's footprint in India's north-eastern region.
Rajan Bajaj, CEO of Slice, emphasised the importance of exceptional customer experience and strong governance, while the merged entity plans to introduce various banking products, including savings accounts and credit services. This strategic move aims to streamline operations and leverage the strengths of both organisations.

Nov 01, 2024

TCS Signs Contract with Ireland's Department of Social Protection

IT services major Tata Consultancy Services (TCS) secured a 15-year contract with Ireland's Department of Social Protection (DSP) to implement and support the country's new Auto Enrolment Retirement Savings Scheme, known as the 'My Future Fund.'
This initiative will provide a comprehensive, end-to-end digital solution for the automatic enrolment of nearly 800,000 workers in Ireland. While the financial details of the deal were not disclosed, such long-tenure contracts are typically categorised as large deals.

FSIB Recommends Ashok Chandra as Next MD and CEO of PNB

The Financial Services Institutions Bureau (FSIB) recommended Ashok Chandra as the next Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB). Currently serving as Executive Director at Canara Bank since November 2022, Chandra's banking career began in September 1991 with Corporation Bank. He holds a Master's degree in Economics and is a Certified Associate of the Indian Institute of Bankers. He will succeed Atul Kumar Goel, whose tenure ends on December 31, 2024.
FSIB serves as an autonomous body responsible for recommending candidates for high-level appointments in public sector banks.
Financial Services Institutions Bureau was constituted effective from July 01, 2022, by Central Government for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions.

Oct 31, 2024

Bharti Airtel Announces Shashwat Sharma as New CEO

Bharti Airtel appointed Shashwat Sharma as the new Managing Director (MD) and Chief Executive Officer (CEO), effective January 1, 2026. This decision is part of a structured succession plan, allowing the incumbent MD and CEO, Gopal Vittal, to transition into the role of Executive Vice Chairman.

Jio Payment Solutions Gets RBI Nod to Operate as Online Payment Aggregator

Jio Payment Solutions Limited (JPSL), a wholly-owned subsidiary of Jio Financial Services, informed the exchanges that it received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator, marking a significant step ahead in India's digital payment services.
The certificate of authorisation, effective from October 28, 2024, permits JPSL to manage digital transactions in compliance with Section 7 of the Payment and Settlement Systems Act, 2007.

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