Sun Pharmaceutical Industries Chairman Israel Makov to Retire
Drug major Sun Pharmaceutical Industries said that its Chairman Israel Makov will retire from the company on August 29, 2022.
Makov is retiring upon the completion of his current term post the company's Annual General Meeting after having led the Mumbai-based company for ten years.
He was appointed a Board member and the Chairman in 2012.
Axis Bank to Wind up UK Subsidiary after Deal with OpenPayd Fails
As per reports, India's third largest private lender Axis Bank is winding up its subsidiary in Britain after a deal with financial firm OpenPayd failed.
Axis Bank first said in 2020 that it will be winding down its UK operations. Currently, the bank's international strategy is to focus on Indian corporates that have global operations, it said in an investor presentation in the results of the quarter ended June.
Aug 06, 2022
Ranjit Rath Takes over as CMD of Oil India Limited
Ranjit Rath took over as new Chairman and Managing Director (CMD) of Oil India Limited (OIL), the country's second-largest public sector exploration and production company.
Before taking over the charge of Oil India Limited, Rath was the Chairman cum Managing Director of Mineral Exploration & Consultancy Limited under the Ministry of Mines.
He also served as Chief Executive Officer of Khanij Bidesh India Limited; Managing Director of Bharat Gold Mines Limited and also held additional charge of the Director General of Geological Survey of India under the Government of India.
Federal Bank Becomes 1st to List Payment Gateway on New Tax Platform
Kerala-based Federal Bank became the first bank to list its Payment Gateway platform on the TIN 2.0 platform of the Income Tax Department.
The TIN 2.0 platform went live on July 1, 2022 and the "Payment Gateway" was enabled, providing one more payment option to taxpayers, who can now make their payments with ease, using modes such as Credit/Debit Card, UPI, NEFT/RTGS and Internet Banking.
Aug 05, 2022
Karnataka Bank Forms Co-lending Partnership with Yubi
Karnataka Bank entered into an arrangement with Yubi (formerly known as CredAvenue Pvt Ltd) for co-lending via the Yubi Co.Lend, the latter's co-lending platform.
The collaboration would allow the bank to digitally onboard various NBFCs, lend significant amount of money, and onboard a larger customer base as a result of their better consumer outreach.
The digital co-lending platform would enable Karnataka Bank and the NBFC partners to effortlessly integrate and lend to borrowers with faster turnaround time.
RBI Names Minority-dominated Regions for Banks' Priority Lending Schemes
In a significant move, the Reserve Bank of India released a list of states, Union Territories and districts dominated by different minority communities for extending priority lending schemes implemented by scheduled commercial banks in the country.
Presently, the Union Minority Affairs Ministry classified Sikhs, Muslim, Christians, Zoroastrians, Buddhists, and Jains as minority communities.
The RBI listed 121 districts where the minority population component is at least 25 per cent, plus the states of Punjab, Meghalaya, Mizoram, Nagaland, and the Union Territories of Jammu & Kashmir, Ladakh and Lakshadweep.
Bangladesh Signs MoU with IOCL for Emergency Supply of Petroleum Goods
The Indian Oil Corporation Limited (IOCL) signed an MoU with the Bangladesh Roads and Highways department in Dhaka for the emergency supply of petroleum goods via Bangladesh territory to India.
This is an interim set up to facilitate urgent supply of petroleum products due to damage caused by the flood in Assam this year.
The petroleum tankers would enter from Meghalaya and would go to Tripura crossing through the Bangladesh territory. The IOCL would bear all the administrative fees, charges and local taxes including road usage fee for use of the Bangladeshi territory.
The Ministry of Foreign Affairs (MoFA) of Bangladesh in a statement said that the MoU has been signed in a spirit of good neighbourly relations to allow Indian vehicles for transportation of the fuel from Assam to Tripura by Road which has been severely disrupted due to the recent floods in Assam and Tripura.
Aug 04, 2022
LIC Breaks into Fortune 500 List
Life Insurance Corporation (LIC) broke into the latest Fortune Global 500 list, while Reliance Industries jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list.
Reliance Industries jumped 51 places to 104 on the 2022 list.
This is the first outing of LIC on the list, which ranks listed companies by sales.
The list, topped by US retailer Walmart, has nine Indian companies -- five of them state-owned, and four from the private sector.
Online Marketplace Etsy Appoints Pankaj Jathar as VP and Country Head for India
US-Based e-Commerce company Etsy Inc appointed Pankaj Jathar as the Vice President and Country Head for India. He was earlier the CEO of Prione, a joint venture between Amazon and private equity fund, Catamaran, which Infosys founder N. R. Narayana Murthy floated.
Jathar held various senior roles at Amazon between 2011 and 2017 and was part of its Indian operations launch team. An engineer from Mumbai's Bharati Vidyapeeth University with an MBA from Kolkata's Indian Institute of Management, he has also worked with Accenture.
Since its launch in 2005, Etsy has become a niche destination for consumers seeking handcrafted products by local artisans. The online marketplace has been investing in India, which it considers one of its seven core markets globally.
Vodafone Idea (Vi) Appoints Ravinder Takkar as Chairman
Ravinder Takkar, MD and CEO of Vi (Vodafone Idea Limited), will take over as chairman from August 19. He replaces Himanshu Kapania, who stepped down as non-executive chairman of the company. Kapania was appointed non-executive chairman last August. Takkar's three-year term as MD and CEO ends in August and he is being replaced by chief financial officer (CFO) Akshaya Moondra.
Aug 03, 2022
BharatPe Founder Bhavik Koladiya Quits, Months after Ashneer Grover's Exit
BharatPe's founder Bhavik Koladiya resigned from his position at the unicorn fintech company.
The development came a few months after another co-founder and managing director Ashneer Grover's exit, following weeks of dispute between him and the management on alleged misappropriation of funds.
His (Koladiya's) contract tenure ended on July 31, 2022, and he expressed his desire to spend time on other assignments outside BharatPe.
BharatPe said Koladiya had been associated with it as an independent consultant, guiding the firm's product and technology teams.
India Achieves Milestone of 75,000 Recognised Start-ups
The Department for Promotion of Industry and Internal Trade (DPIIT) recognised over 75,000 start-ups. This milestone was achieved at the time when India is celebrating 75th year of Independence and Azadi ka Amrit Mahotsav. Start-up ecosystem in India is picking up through innovation, enthusiasm, and entrepreneurial spirit.
On January 16, 2016, a program was started to put forward an action plan for building a strong start-up ecosystem in India.
January 16 is now celebrated as the National Start-up Day.
Start-up India Program was launched by government to provide an enabling environment for the start-ups. This program has become a launchpad for those start-ups. Under this program, government provides fund to tax incentives, support intellectual property rights in a bid to ease public procurement, and enables regulatory reforms to get access to the international fest & events. Thus, the program has become synonymous with sustainable economic growth.
SIDBI Partners with SVC Bank for Empowering MSMEs
SVC Co-operative Bank Ltd and Small Industries Development Bank in India (SIDBI) announced that they entered into a partnership.
The agreement was signed by Ashish Singhal, MD, SVC Bank and Sanjeev Gupta, GM, SIDBI in Mumbai. As per the agreement, SIDBI will extend refinance facility to SVC Bank to facilitate an improved flow of credit to MSMEs.
As the principal financial institution for promotion, financing and development of the MSME sector as well as coordinator of functions of institutions engaged in similar activities, SIDBI recently decided to extend refinance assistance to eligible scheduled Urban Co-operative Banks (UCBs) and Regional Rural Banks (RRBs).
Private Banks Reported most Data Breaches in 2018-22
As per reports, private banks reported the most data breaches between June 2018 and March 2022 in attacks that stole business and personal information, said a minister on Tuesday.
All banks reported 248 data breaches in the four-year period, Minister of State for Finance Bhagwat Karad told Rajya Sabha. Of those attacks, 205 were in private banks and 41 in state-owned. The remaining two were at foreign banks.
The Reserve Bank of India (RBI) has a Cyber Security Framework for Scheduled Commercial Banks, which requires banks to implement cyber/IT (Information technology) controls to prevent data leakage.
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