NASSCOM Joins Hand with Google for DigiVaani Call Center
NASSCOM Foundation and Google announced setting up a call centre in collaboration with a not-for-profit body Indian Society of Agribusiness Professionals (ISAP) to help women farmers scale up their business. The "DigiVaani Call Center" project is being run on a pilot basis and initially around 20,000 rural women entrepreneurs shall be covered across six states, Himachal Pradesh, Uttarakhand, Uttar Pradesh, Bihar, Haryana and Rajasthan.
DigiVaani will be one place where rural women entrepreneurs will be able to call and get information around various schemes available for them, which can help them scale up their business, be it government schemes or any other information that can be of help for them.
A DigiVaani call centre has been set up at the Delhi and Lucknow offices of ISAP. The project is funded by Google, through its philanthropic arm Google.org.
Quantum Mutual Fund Launches India's First Nifty 50 ETF Fund of Fund
Quantum Mutual Fund launched the country's first Nifty 50 ETF Fund of Fund. The fund will invest in the units of Quantum Nifty 50 ETF.
As per Chirag Mehta, chief investment officer, Quantum MF, Nifty ETF FoF is a more efficient structure than a Nifty 50 Index Fund. "Each unit of Nifty ETF represents 1/10th of the value of Nifty Index. This allows small inflows in the fund to get easily deployed. Whereas with a Nifty Index Fund you need around Rs. 20 lakh of inflow to properly replicate the index. This could lead to higher tracking error.
FSIB Recommends Former Union Bank of India MD for Post of NaBFID MD
The Financial Services Institutions Bureau (FSIB) recommended former Union Bank of India Managing Director Rajkiran Rai as the head of government-owned Development Finance Institution (DFI).
As part of its first appointment after getting restructured, the FSIB interviewed five candidates for the position of managing director of National Bank for Financing Infrastructure and Development (NaBFID). The Centre, earlier this month, transformed the Banks Board Bureau (BBB) into FSIB and expanded the headhunter's role to suggest appointments for public sector banks, insurance companies and financial institutions.
The DFI is looking to commence its operations soon. The Centre, in October 2021, had appointed K. V. Kamath as chairperson of the government-owned DFI. Subsequently, government nominees Pankaj Jain and Sumita Dawra were appointed directors to the board of DFI.
The government has already infused Rs. 20,000 crore into NaBFID to help the DFI start its operations to catalyse investment in the infrastructure sector.
Jul 16, 2022
Aditya Birla Sun Life Insurance Launches ABSLI Fixed Maturity Plan
Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), announced the launch of a savings solution ABSLI Fixed Maturity Plan, a non-linked, non-participating endowment product providing fully guaranteed benefits as a lump-sum on maturity. This plan offers policyholders short- and long-term financial security and provides returns of up to 6.41% along with a life cover.
The plan is a single-pay proposition (premium payment term) and allows the policyholder to choose from a wide range of policy terms (5-10 years) to fit individual needs.
Through its new offering, ASBLI intends to cater to investors who prefer simplified products like fixed deposits.
TCS Launches TCS Pace Port Toronto, its Global Research & Co-innovation Centre
Tata Consultancy Services launched TCS Pace Port™ Toronto, its fifth global research and co-innovation centre, to help Canadian companies bring digital innovations to life faster.
Pace Port Toronto provides companies with access to the latest technologies and breakthrough thinking from TCS Research labs, start-ups, VCs, entrepreneurs, and academia - including the University of Toronto - as well as TCS' network of Pace Ports in New York, Pittsburgh, Amsterdam, and Tokyo.
Pace Port Toronto features an agile workspace, training space, academic research lab, and innovation showcase to encourage rapid prototyping, research, and commercialising of advanced technologies.
HDFC Bank Partners with NIIT, Launches PG Programme in Data Engineering
National Institute of Information Technology, Institute of Finance, Banking and Insurance (IFBI), a subsidiary of NIIT Limited, announced a partnership with HDFC Bank to build digital talent for the banking industry. The partnership aims to nurture talent in tech field of data science and empower them to leverage data meaningfully and deliver useful business insights.
The first learning program to be launched is the HDFC Bank Data Digits-Post Graduate Program in Data Engineering. The learning programs will be delivered through live, instructor-led sessions, and guest lectures from senior executives of HDFC Bank. Through this program the bank aims to hire close to 100 data scientists in one year.
Jul 15, 2022
Govt. Extends RoSCTL Scheme till March 2024 for Exports of Apparel/Garments
The government approved the continuation of the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates as notified by the Ministry of Textiles for exports of apparel/garments and made-ups till March 31, 2024, with a view to boost exports and job creation in the textile sector.
After the introduction of GST in 2017, the RoSL (Rebate of State Levies) scheme was replaced by a new scheme – Rebate of State and Central Taxes Levies (RoSCTL) in March 2019.
Raymond Appoints Coca-Cola veteran Atul Singh to Lead the Group
Raymond announced that Atul Singh will lead the group.
The nomination and remuneration committee of Raymond has recommended his appointment as executive vice-chairman to the Board. It is subject to necessary regulatory clearances.
Singh has over 35 years of leadership experience, leading businesses across several geographies. He worked at Coca-Cola for about two decades at several senior leadership positions and concluded his journey there as chairman, Asia-Pacific. He also spearheaded businesses across 25 countries.
Prior to joining Coca-Cola, Singh worked at Colgate-Palmolive for 10 years where he held several key positions globally.
Israel Sells Haifa Port to Adani Ports, Israel's Gadot for $1.2 bn
Israel said that it will sell Haifa Port, a major trade hub on its Mediterranean coast, to winning bidders Adani Ports of India and local chemicals and logistics group Gadot for 4.1 billion shekels ($1.18 billion).
Gadot and Adani made it to the end of a two-year tender process that Israel hopes will lower import prices and help shorten notoriously long wait times at Israeli harbours.
The privatisation of the port of Haifa will increase competition at the ports and lower the cost of living.
Adani will have a majority 70% stake and Gadot will hold the remaining 30%.
Jul 14, 2022
TATA AIA Life Insurance & City Union Bank Announce Partnership
One of India's leading life insurance companies, Tata AIA Life Insurance Co. Ltd, announced a strategic alliance with City Union Bank (CUB) to offer life and health insurance solutions to the bank's consumers.
This partnership brings together two respected consumer centric brands that have been a part of India's consumer landscape for more than a century. This partnership will help City Union Bank consumers (existing and new) to benefit from Tata AIA Life's diverse and innovative products and services spanning term insurance, savings and investment, retirement, and health.
It will enable Tata AIA Life to expand its distribution through CUB's 700+ branches and contribute significantly towards increasing life insurance penetration in the country.
Fincare Small Finance Bank Launches Video Banking Services for Customers
Fincare Small Finance Bank announced an expansion in its state-of-the-art banking services with the launch of its video banking services for customers.
Aimed at reducing waiting lines and offering location agnostic banking services, the bank launched the video banking platform whereby customers can connect face-to-face with a customer service representative of the bank and also chat, simply by initiating a video call using the Bank's WhatsApp channel.
The channel supports increased drive towards modern, digital means of banking with elements of higher personalization, quick and convenient, with the pleasure of a full interaction without having to visit a physical branch. This channel not only brings the bank closer to the customer, but also helps bespoke services possible.
Jul 13, 2022
Madhulika Bhaskar Gets Additional Charge as NIACL CMD
General Manager Madhulika Bhaskar of New India Assurance Company Ltd (NIACL) was given additional charge as CMD for a period of three months.
The tenure of Atul Sahai as the Chairman-cum-Managing Director (CMD) of the company had ended in February 2022 following his superannuation.
The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is a nationalised general insurance company. It is under the ownership of Ministry of Finance, Government of India. It is the largest nationalised general insurance company of India on the basis of gross premium collection inclusive of foreign operations. It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.
Meena Hemchandra Part-time Chairman of Karur Vysya Bank
The Reserve Bank of India (RBI) approved the appointment of former RBI executive Meena Hemchandra as part-time chairman of private sector lender Karur Vysya Bank for three years.
In May, the bank had recommended Hemchandra's candidature for the position of non-executive independent (part-time) chairperson of the bank to the RBI for approval.
She is a career banker with over 35 years of banking experience in various departments of the RBI.
Hemchandra was the Executive Director of RBI from June 2015 to November 2017.
PM Modi to Participate in First I2U2 Leaders' Summit Virtually
Prime Minister Narendra Modi will participate in the first Leaders' Summit of I2U2, along with leaders of Israel, UAE and the US on July 14 virtually.
I2U2 is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security.
The I2U2 Grouping was conceptualised during the meeting of the Foreign Ministers of the four countries held in October 2021. Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation.
KKR India Chairman, TCS CEO among 29 Members Inducted in Board of Trade
The government nominated 29 non-official members from large and small enterprises and different sectors in the Board of Trade, which is a top advisory body on external trade. The inductees include chief executive officer of Tata Consultancy Services Rajesh Gopinathan, and KKR India Chairman Sanjay Nayyar.
The Board, chaired by commerce and industry minister Piyush Goyal, advises the government on policy measures to improve the country's foreign trade.
The government had in 2019 merged the Council of Trade Development and Promotion with the Board of Trade to bring greater coherence in the consultation process with all stakeholders for promoting exports and imports, according to an official notification.
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