Godrej Properties Limited (GPL) appointed Gaurav Pandey as the new Managing Director and Chief Executive Officer, effective from 1 January, 2023.
Gaurav Pandey will replace Mohit Malhotra who resigned from the company.
Gaurav Pandey has been part of GPL for five years. He joined in February 2017 as Business Head and by April 2021 he was appointed as CEO of North Zone of GPL. He has over 17 years of experience in the real estate sector. He is passionate about the sector and believes it will be a key growth driver for the Indian economy.
IRDAI Tightens Anti-money Laundering Rules for Insurance Companies
The insurance regulator stiffened the anti-money laundering rules as part of consolidation of the guidelines for the sector.
The rules issued to consolidate and update guidelines on anti-money laundering replaced the assorted norms issued since 2013. The key change was that exemptions and relaxations from the guidelines for companies were done away with. So, no life, general, or health insurer can claim any relaxations to comply with the money-laundering rules, as set out by the Reserve Bank of India.
Anand Burman Takes Charge as Non-executive Chairman of Eveready Industries
Anand Burman was appointed non-executive chairman of Eveready Industries in the first board meeting since the Burman family, promoters of Dabur India, took control of the company.
The post of chairman in the country's largest dry cell battery maker was vacant since Aditya Khaitan, the younger son of late Brij Mohan Khaitan, stepped down as the non-executive chairman following the announcement of open offer by the Burman family.
Aug 01, 2022
Ujjivan to Enter Gold Loan Segment
With an aim to increase its secured asset portfolio, Ujjivan Small Finance Bank is entering the gold loan segment shortly and also extending auto loan offerings to non-micro borrowers.
Like other small finance banks, currently, as much as 70 per cent of Ujjivan's assets are unsecured/without collaterals, and a vast majority of its customers are micro-loan borrowers. The remaining 30 per cent are under secured loan category. The management has set a target of having half the assets in the secured segment over the next three years.
Jul 30, 2022
Egypt Signs $8 Billion Agreement with India for Suez Canal Economic Zone
Egypt and an Indian company signed a memorandum of understanding (MoU) to construct a green hydrogen factory in the Suez Canal Economic Zone, according to a cabinet announcement. The MoU states that Indian ReNew Power Private Limited (RENE.BO) will invest $8 billion to construct a facility that will create 20,000 tonnes of green hydrogen annually.
According to the Chairman of the renewable energy company, ReNew Power and the Egyptian government signed a preliminary deal to invest up to $8 billion to create green hydrogen there.
ReNew is one of numerous Indian businesses exploring the potential of green hydrogen, which is thought to be essential for decarbonizing difficult-to-reduce heavy industries.
Cabinet Clears BSNL-BBNL Merger
The Union Cabinet cleared the merger of Bharat Broadband Network Limited (BBNL) into the state-owned telecom operator Bharat Sanchar Nigam Limited (BSNL) during the cabinet meeting.
With the merger, BSNL will get an additional 5.67 lakh kilometres of optical fibre which was laid across 1.85 lakh village panchayats in the country using the Universal Service Obligation Fund (USOF). Currently, it has an optical fibre cable network of over 6.83 lakh kilometres.
Jul 29, 2022
Bandhan Bank Opens Currency Chest in Patna
Private sector lender Bandhan Bank opened a currency chest in Deedargunj, Patna. This is the bank's first ever currency chest and will help in cash management in the city.
This initiative will help the public, MSMEs and small traders with supply of currency notes to the bank branches and the ATMs.
The bank plans to open more than 530 new branches across the country during the current financial year, mainly distributed in north, west and south India.
As per C. S. Ghosh, MD & CEO, Bandhan Bank, the currency chest is one-step forward in enhancing customers' convenience in the banking services that the bank offers.
Parle Products Remains most Chosen FMCG Brand for 10 Years in a Row
For record 10 years in a row, Parle Products topped the rankings for most chosen FMGG brands, according to a report by Kantar India. It was followed by Amul, Britannia, Clinic Plus, and Tata Consumer Products in the latest 2021 report, which ranked the most chosen FMCG brands based on consumer reach points (CRPs).
With a CRP score of 6,531 million, Parle held the top spot. Overall, CRPs increased from 89 billion to 98 billion, with the growth rate going up from 3 per cent in 2020 to 9 per cent in 2021, the report said.
As per the report, this growth in CRPs was driven by the food, health & beauty, and beverages categories.
Tata Motors Partners Indian Bank to Provide Retail Car Loans
Tata Motors tied up with Indian Bank to facilitate easy financing for its passenger vehicles customers.
As part of the partnership, Tata Motors' customers would be able to avail car loans from over 5,700 branches of Indian Bank across the country.
Such partnerships would make the car purchasing process seamless for customers and positively impact their overall buying experience of Tata cars.
RBI allows IDBI Bank Bidders to Own more than 40%
The Reserve Bank of India (RBI) accepted the Centre's request for allowing non-financial institutions and non-regulated entities to own more than 40 per cent of IDBI Bank, as the Union government and Life Insurance Corporation (LIC) look to sell 51-74 per cent stake in the lender through the strategic divestment process.
Jul 28, 2022
Piramal Enterprises Receives Approval from RBI to Start NBFC Business
Piramal Enterprises received the approval from the Reserve Bank of India (RBI) to start non-banking finance company (NBFC) operations. The licence is for initiating an NBFC not accepting public deposits.
The approval from the RBI came after the company received clearance of the shareholders to demerge its pharmaceuticals business and simplify its corporate structure.
Roshni Nadar Remains Richest Indian Woman
HCL Technologies' chairperson Roshni Nadar Malhotra retained her position as the richest woman in India, with a 54 per cent jump in her networth to Rs. 84,330 crore in 2021.
Falguni Nayar, who quit her investment banking career to start the beauty focused brand Nykaa around a decade ago, emerged as the richest self-made woman with a networth of Rs. 57,520 crore, as per the Kotak Private Banking-Hurun list.
Nayar saw a 963 per cent increase in her wealth during the year and is also the second richest woman overall, trailing Malhotra, the daughter of HCL Technologies' founder Shiv Nadar.
Biocon's Kiran Mazumdar Shaw witnessed a 21 per cent decline in her fortune and moved down one rank to be the third richest woman in the country with a wealth of Rs. 29,030 crore.
CCI Clears Axis Bank-Citi Deal, One of India's Largest Financial Agreements
Competition Commission approved Axis Bank's proposed acquisition of Citi's consumer business in India, one of the largest deals in the country's financial services space.
Under the deal worth Rs. 12,325 crore, announced on March 30, Axis Bank would take over Citi's credit cards, personal loans and wealth management businesses that are focused on the affluent segment.
Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.
The parties involved in the deal are Axis Bank Ltd, Citibank, N.A. (acting through its India branch) and Citicorp Finance (India) Ltd.
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