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BUSINESS AND ECONOMY - December 2018

Dec 2018

Apr 23, 2024

Three Indian Banks in Top 50 Banks in Asia-Pacific by Assets

According to a report by S&P Global, three Indian banks, State Bank of India (SBI), HDFC Bank and ICICI Bank, secured positions among the top 50 banks in the Asia-Pacific region based on their assets.
SBI, India's largest commercial bank, claimed the top spot among Indian banks in the 2023 list.
It improved its ranking from 20 in 2022 to 21 in 2023, with assets reaching $780.05 billion.
HDFC Bank, India's largest private sector bank, saw a significant jump in its ranking from 46 in 2022 to 33 in 2023.
ICICI Bank, the second-largest private sector bank in India, made its debut on the list, securing the 48^th position.

Gajanan S. Kale Takes over as CEO of Tata Power Delhi Distribution

Tata Power Delhi Distribution Ltd. announced the appointment of Gajanan S. Kale as its new Chief Executive Officer.
Before joining Tata Power-DDL, Kale served as the Chief Executive Officer of TP Western Odisha Distribution Limited (TPWODL) since 2021. He also served as the CEO of Tata Power Ajmer Distribution Ltd. (TPADL) from 2018 to 2020.
Kale, an M-Tech in Integrated Power Systems from NIT-Nagpur, has been with Tata Power group since 2003.

IndusInd Bank Successfully Executes RBI's Programmable CBDC Pilot

IndusInd Bank announced the successful execution of the Reserve Bank of India's programmable Central Bank Digital Currency (CBDC) pilot, marking the first such instance by any bank.
The pilot project, done in collaboration with Circularity Innovation Hub India Private Limited (CIH), involved an alternate form of CBDC wherein the bank can program the end use of funds, specifically targeting farmers for carbon credit generation.
As a part of this pilot, IndusInd Bank initiated the programmable CBDC disbursement to 50 farmers in Ratnagiri district of Maharashtra and will cover around 1,000 farmers going ahead, marking a milestone in the adoption of innovative financial solutions for the agriculture sector.

Apr 22, 2024

IRDAI Does Away with Age Cap

With a view to widening the market and fostering adequate protection from healthcare expenses, the Insurance Regulatory and Development Authority of India (IRDAI) removed the age limit of 65 years for individuals buying health insurance policies.
This marks a significant departure from the conventional constraints that limited individuals in securing comprehensive coverage.

Santosh Viswanathan New India Region Head of Intel

In a strategic move to capitalize on the rapid economic growth in India and fortify its presence in the Asia-Pacific region, Intel Corporation announced the appointment of new executives for its Sales, Marketing, and Communications Group (SMG). This reorganisation is part of the company's ongoing transformation initiatives.
Hans Chuang was named the General Manager of SMG for the Asia Pacific and Japan (APJ) region, effective immediately. Based in Taiwan, Hans will oversee Intel's entire operations in the Asia-Pacific area, driving revenue growth, fostering new opportunities within the local ecosystem, and strengthening relationships with existing partners and customers.
Recognizing India's rapid economic development, Intel has designated the country as a distinct region within its SMG organisation. Santhosh Viswanathan was appointed as the Vice President and Managing Director for the India region, leveraging his experience to promote value and customer-centricity.
Both Hans and Santhosh are renowned for their commitment to meeting the needs of Intel's customers and their extensive leadership experience within the company. This strategic realignment positions Intel to capitalize on the immense potential offered by the Asia-Pacific and Indian markets, fostering growth and innovation while delivering exceptional value to its customers.

Bandhan Life Insurance Unveils New Identity

Bandhan Life Insurance, formerly known as Aegon Life Insurance, rebranded itself with the tagline 'Bharat Ki Udaan, Bandhan Se', reflecting its commitment to empowering the aspirations of India. Under the ownership of Bandhan Financial Holdings, the company embarked on an aggressive growth strategy, aiming to recruit 1,000 new employees and expand its customer base.
Satishwar B., MD and CEO of Bandhan Life, emphasized the transformative nature of this transition as the company joins the renowned Bandhan Group. With a vision set for the next five years, Bandhan Life aims to emerge as a leading multi-channel insurance provider, focusing on digital innovation, robust distribution, and service excellence.

Apr 21, 2024

Santosh Viswanathan Appointed India Region Head of Intel

Santhosh Viswanathan has been appointed as the Vice President and Managing Director for the India region, leveraging his experience to promote value and customer-centricity.
In a strategic move to capitalise on the rapid economic growth in India and fortify its presence in the Asia-Pacific region, Intel Corporation has announced the appointment of new executives for its Sales, Marketing, and Communications Group (SMG). This reorganisation is part of the company's ongoing transformation initiatives.
With a master's degree in business administration and an engineering degree in industrial engineering and management, Santhosh brings a wealth of leadership experience to his new role.

ABFRL Board Approves Vertical Demerger of Madura Fashion and Lifestyle Business

The board of Aditya Birla Fashion and Retail (ABRFL) approved the proposal of a vertical demerger of Madura Fashion and Lifestyle (MFL) business into a newly incorporated entity named as Aditya Birla Lifestyle Brands (ABLB).
ABFRL also plans to raise Rs. 2,500 crore equity capital within 12 months of demerger with promoter participation, and it will be used to strengthen its balance sheet and fund the growth of the remaining businesses.
It also added that ABLB will be listed separately on exchanges post the completion of the demerger.
Aditya Birla Fashion and Retail Limited (ABFRL) is an Indian fashion retail company headquartered in Mumbai. It emerged after the consolidation of the branded apparel businesses of Aditya Birla Group, comprising ABNL's Madura Fashion division and ABNL's subsidiaries Pantaloons Fashion and Retail (PFRL) and Madura Fashion & Lifestyle (MFL), in May 2015. Post consolidation, PFRL was renamed Aditya Birla Fashion and Retail Ltd.

RBI Approves Ajith Kumar K. K. as Dhanlaxmi Bank's MD & CEO

The Reserve Bank of India (RBI) approved Ajith Kumar K. K's appointment as Managing Director & CEO of Dhanlaxmi Bank, marking a pivotal moment amidst the bank's preparations for a Rs. 300 crore rights issue. The leadership transition follows a series of senior management exits amid internal conflicts.
Ajith Kumar K. K., leveraging over 36 years of experience at Federal Bank, brings expertise in credit, human resources, and branch banking. His appointment signifies a strategic move to navigate the bank through its current challenges.

Airtel Payments Bank Launches NCMC-enabled Debit and Prepaid Cards

Airtel Payments Bank has introduced NCMC-aligned debit and prepaid cards in collaboration with NPCI, powered by RuPay. These cards are designed to support India's One Nation, One Card initiative. Savings account holders can avail NCMC-enabled debit cards, while wallet users can opt for prepaid cards. Crafted from eco-friendly e-PVC material, these cards offer versatility in payment options, including offline transit transactions, online shopping, and enhanced security with EMV Chip protection.
All-in-One Travel Solution: Seamlessly use the card for offline transit transactions like metros, buses, tolls, and parking.
Versatile Usage: From offline shopping to e-commerce purchases, ticket bookings, and fuel payments, the card covers various transaction needs.
Flexible Payment Options: Enjoy multiple fare options, including pay-per-ride and purchase passes.
Enhanced Security: Ensure better security with the highly secured EMV Chip-protection feature.

Apr 20, 2024

Top Indian Banks in Asia-Pacific Region: S&P Global Report

According to a recent report by S&P Global, three Indian banks—State Bank of India (SBI), HDFC Bank, and ICICI Bank—have secured positions among the top 50 banks in the Asia-Pacific region based on their assets.
The report reveals that SBI, HDFC Bank, and ICICI Bank have secured positions among the top 50 banks in the Asia-Pacific region based on their assets, marking significant progress for Indian banks.
SBI, India's largest commercial bank, claimed the top spot among Indian banks in the 2023 list. It improved its ranking from 20 in 2022 to 21 in 2023, with assets reaching $780.05 billion.
HDFC Bank, India's largest private sector bank, saw a significant jump in its ranking from 46 in 2022 to 33 in 2023.
The merger with the Housing Development Finance Corporation (HDFC) in 2023 contributed to this rise, with assets totaling $464.34 billion.
ICICI Bank, the second-largest private sector bank in India, made its debut on the list, securing the 48^th position. Its inclusion reflects the impressive growth in assets, marking a milestone for the bank.

OpenAI Hires First Employee in India

ChatGPT-parent OpenAI appointed Pragya Misra as its first employee in India. Misra was appointed as government relations head at a time when India is voting in the 2024 Lok Sabha Elections, which will decide whether Prime Minister Narendra Modi will return to power for a third time.
OpenAI's move to first recruit a policy head has come at a time when the government is also working on regulations around artificial intelligence. The Digital India Act (DIA) is in the works and will also touch upon the aspects to regulate new age technologies from the prism of user harm.

Amara Raja Infra Bags 500 MW Solar Project from Greenko in Andhra Pradesh

Amara Raja Infra Pvt. Ltd. secured a 700 MWp solar project from Greenko in Andhra Pradesh.
With the latest win, the order book of Amara Raja Infra Private Limited (ARIPL) stands at Rs. 1,516 crore at the end of FY24.
The project spans across an area of 2,200 acre site near Uyyalavada Town in Kurnool district of Andhra Pradesh.
The work includes Engineering, Procurement and Construction (EPC) of the entire balance of system (BoS) for the 700 MWp (Megawatt peak) project, which is part of Greenko's Integrated Renewable Energy Project.

Apr 19, 2024

Vedanta firm Hindustan Zinc Becomes 3rd Largest Silver Producer Globally

Hindustan Zinc - a Vedanta Group company in zinc-lead-silver business became the 3rd largest silver producer globally as per the World Silver Survey 2024 conducted by 'The Silver Institute', USA.
The company's Sindesar Khurd Mine now (as in April 2024) stands as the world's 2nd largest silver-producing mine moving up from last year's (2023) 4^th position.

Bharti Airtel Signs Deal to Merge Sri Lankan Unit with Dialog Axiata

Bharti Airtel signed an agreement to merge the operations of its Sri Lankan unit with Dialog, the island nation's largest telecom provider and a subsidiary of Malaysia's Axiata Group Berhad.
Dialog will acquire 100 per cent of the issued shares in Airtel Lanka. In return, Airtel Lanka will be granted a stake in Dialog. Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.35 per cent of the total issued shares of Dialog by way of a share swap.
Bharti Airtel Lanka, a wholly-owned subsidiary of the Indian telecom giant, began commercial operations in Sri Lanka in 2009.

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