Govt. Bars PSEs from Buying State-owned Companies on Block for Privatisation
The finance ministry barred public sector enterprises from bidding for other Central Public Sector Enterprises (CPSEs) which are on the block for privatisation, as it would defeat the very purpose of the disinvestment policy.
Stating that transfer of management control from the government to any other government organisation or state government may continue the inherent inefficiencies of state-run firms, the ministry said that such transfer would defeat the very purpose of the new PSE policy.
PSEs controlled by the government include those where 51 per cent or more ownership is with the Centre/state governments or jointly with central and/or state governments.
Jasleen Kohli Appointed as MD and CEO of Digit Insurance
Digit Insurance, which is backed by Canadian billionaire Prem Watsa, announced Jasleen Kohli as the company's new managing director (MD) and chief executive officer (CEO) with effect from April 20, 2022.
Kohli formerly served as chief distribution officer (CDO) at Digit, where she was responsible for all of the company's sales and distribution channels. Before joining Digit as the CDO in 2017, she was the director at Allianz Technology. Kohli, 42, will be one of youngest CEOs in the insurance industry.
Digit predominantly sells motor insurance, which accounts for nearly 75% of its product mix while commercial fire insurance accounts for 13% of the portfolio. Since 2020, the startup has also been selling health insurance cover that along with travel insurance makes up the balance 12%.
Manappuram Finance Fined Rs. 17.63 lakh by the RBI for Failing to Comply with KYC Regulations
Manappuram Finance Limited was fined Rs. 17,63,965 by the Reserve Bank of India (RBI) for failing to comply with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPIs) and the Master Direction – Know Your Customer (KYC) Direction.
This action is based on regulatory compliance issues and is not meant to be a judgement on the validity of any transaction or agreement the organisation has with its consumers.
The entity was found to be in violation of RBI instructions on KYC and minor PPI standards. As a result, the entity was given notice to show cause why a penalty should not be applied for failing to follow the orders.
US Firm to Set up World's Largest Electric 3-wheeler Plant in Telangana
Telangana is on course to play host to the world's largest electric three-wheeler plant with the California-based Biliti Electric Inc announcing on plans to set up a factory, in phases, to produce 2.40 lakh EVs a year in the State.
It will be the world's largest electric three-wheeler factory and estimated to drive private investment of $150 million as well as expected to create over 3,000 jobs in the State.
The plant will come up in two phases, over 200 acres. Phase I is to be developed over 13.5 acres with a capability to produce 18,000 vehicles per year. It is expected to be ready by early 2023. The larger facility spread across 200 acres will be operational in 2024 and the capacity enhance to 2.4 lakh vehicles.
Apr 22, 2022
Satya Easwaran Appointed as Country Head of Wipro India
IT major Wipro has announced the appointment of Satya Easwaran as the Country Head for India. He will be in charge of strengthening Wipro's business in India across segments through strategic consulting, transformation and modernisation engagements. He will help clients leverage Wipro's capabilities and investments in cloud, digital, engineering R&D, data/analytics and cybersecurity. "India is a strategic market for Wipro.
LV Vaidyanathan Appointed CEO of P&G India
Procter & Gamble India appointed LV Vaidyanathan, who leads the company's business in Indonesia, as the new chief executive officer. He takes over from Madhusudan Gopalan who will move into a new role at the parent company. Vaidyanathan takes over as the CEO from July 1, 2022.
Vaidyanathan completed his Bachelor of Engineering (mechanical) from the National Institute of Technology, Nagpur and has an MBA from IIM-Ahmedabad. He started his career with P&G in India in 1996 in the sales function and worked in various leadership roles. He has more than 26 years of experience across diverse geographies and cultures like India and ASEAN countries including Singapore, Philippines, Thailand and Vietnam. In 2018, he was elevated to the role of CEO, P&G Indonesia.
Reliance Retail to Start Artisan-only Store Format 'Swadesh'
Reliance Retail will launch a dedicated artisan-only store format 'Swadesh', which will showcase agriculture & food products, handlooms, clothing, textiles, handicraft and handmade natural products.
This will boost its handmade in India programme and provide a global platform for artisans and sellers of handcrafted products.
The first Swadesh store is expected to open in the second half of 2022.
Reliance Retail to Start Artisan-only Store Format 'Swadesh'
Reliance Retail will launch a dedicated artisan-only store format 'Swadesh', which will showcase agriculture & food products, handlooms, clothing, textiles, handicraft and handmade natural products.
This will boost its handmade in India programme and provide a global platform for artisans and sellers of handcrafted products.
The first Swadesh store is expected to open in the second half of 2022.
Apr 21, 2022
IFSCA Executes MoU with National Insurance Academy (NIA)
The International Financial Services Centres Authority (IFSCA), with an objective of capacity building and providing skilled talent pool in the insurance sector in International Financial Services Centres (IFSCs), entered into a Memorandum of Understanding (MOU) with the National Insurance Academy (NIA).
IFSCA aims to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform at regional/ global level. Insurance is an emerging sector at IFSC, and the MoU with NIA would go long way in capacity development in the field of insurance.
Jasleen Kohli Appointed as MD and CEO of Digit Insurance
Digit Insurance, which is backed by Canadian billionaire Prem Watsa, announced Jasleen Kohli as the company's new managing director (MD) and chief executive officer (CEO) with effect from April 20, 2022.
Kohli formerly served as chief distribution officer (CDO) at Digit, where she was responsible for all of the company's sales and distribution channels. Before joining Digit as the CDO in 2017, she was the director at Allianz Technology. Kohli, 42, will be one of youngest CEOs in the insurance industry.
Digit predominantly sells motor insurance, which accounts for nearly 75% of its product mix while commercial fire insurance accounts for 13% of the portfolio. Since 2020, the startup has also been selling health insurance cover that along with travel insurance makes up the balance 12%.
Cyrus S. Poonawalla tops Hurun Global Healthcare Rich List 2022
Chairman and Managing Director of Serum Institute of India(SII), Dr. Cyrus S. Poonawalla topped the Hurun Global Healthcare Rich List 2022 and became the richest billionaire in the healthcare sector 2022. He topped the list with a new value of USD 26 billion (up 41%). Cyrus Poonawalla is followed by Thomas Frist Jr & Family of HCA Healthcare, Li Xiting and Xu Hang of Mindray at the 2nd position with a net value of USD 19 billion. Dilip Shanghvi & Family, of the Sun Pharmaceuticals, is at the 5th position with a net worth of USD 18 billion.
Apr 20, 2022
IMF Cuts Global Growth on Ukraine War, Trims India Forecast to 8.2%
The IMF cut its forecast for India's GDP growth in the current fiscal year to 8.2%, a 0.8 percentage point reduction from its previous projection, as it downgraded the outlook for global growth citing the economic impact of the Russia-Ukraine war. The International Monetary Fund's latest World Economic Outlook also projected India's economy to expand by 6.9% next year, putting it on course to be the fastest growing large economy over the next two years.
SBI Raises $500 Million Through IFSC Gift City Branch
The country's largest lender State Bank of India (SBI) raised USD 500 million (over Rs. 3,800 crore) through its IFSC Gift City branch. This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch. MUFG, Bank of America and JP Morgan were the joint lenders for this offering whereas Fist Abu Dhabi Bank acted as the facility agent.
It is another step towards the bank's commitment to develop IFSC Gift City as an international financial hub.
HCL Technologies Launches a Dedicated Microsoft Business Unit
HCL Technologies announced the launch of a dedicated HCL Microsoft Business Unit focused on Microsoft technologies. This will extend Microsoft's offerings of Business Applications, Microsoft Dynamics 365, Microsoft Azure, loT, and Al/Machine Learning, as well as help employees accomplish more in the modern workplace with Microsoft 365 and Windows 10.
The HCL Microsoft Business Unit will create intellectual property extending the Microsoft platform for customer-specific scenarios and will also provide additional support to clients in the financial services, healthcare and life sciences, manufacturing, retail, and travel industries.
Apr 19, 2022
Kotak Mahindra Bank Launches Kotak FYN
Kotak Mahindra Bank (KMBL) launched Kotak FYN, a new enterprise platform designed specifically for Business Banking and Corporate clients. Customers of the bank can utilise the portal to conduct all trade and service transactions. The Kotak FYN portal will contain many other services by the fourth quarter of 2022, including account services, payments, and collections.
The portal will also have a dashboard that consumers can personalise, real-time tracking of transaction limits, access to prior transactions, and upcoming transaction events, among other things.
Kodak FYN is a digital corporate portal that serves as a one-stop shop. The backbone of rising digital trade will be FYN's end-to-end digital architecture, better efficiency, speed, and enhanced security protocols.
MCA Registers Highest ever 1.67 lakh Companies in FY 2021-22
The Ministry of Corporate Affairs (MCA) registered over 1.67 lakh new companies in FY22, compared to 1.55 lakh in FY21, an 8% YoY growth. The growth is significant, considering that the FY21 number was already the highest annual number of all time.
During FY22, the states having the highest number of company registrations were Maharashtra (31,107), followed by Uttar Pradesh (16,969), Delhi (16,323), Karnataka (13,403), and Tamil Nadu (11,020).
Sector-wise, the maximum number of companies were incorporated in business services (44,168), followed by manufacturing (34,640), personal & social services (23,416), and agriculture & allied activities (13,387).
As part of the Government of India's Ease of Doing Business (EoDB) effort, the MCA has taken several steps to reduce the number of procedures, time, and costs associated with launching a business in India.
India Pulses and Grains Association Appoints Bimal Kothari as Chairman
India Pulses and Grains Association (IPGA), the apex body for India's pulses trade and industry, appointed Bimal Kothari as the new Chairman with immediate effect.
He has been the Vice-Chairman of IPGA since 2011 when the trade body was formed. Kothari takes over as the third chairman of the association after Pravin Dongre and Jitu Bheda.
Wipro Appoints Satya Easwaran as India Head
Wipro appointed Satya Easwaran as the Country Head for India. Satya will be in charge of strengthening Wipro's business in India across key industry sectors through strategic consulting, transformation and modernization engagements. He will help clients leverage Wipro's capabilities and investments in Cloud, Digital, Engineering R&D, Data/Analytics and Cybersecurity to succeed in their business and digital transformation initiatives.
Wipro, which has 231,671 employees globally, has around 75% of its employee base in India. The appointment is part of the company's transformation strategy to have more local leaders announced in 2020.
Govt. Amends FEMA Rules to Allow 20% FDI in LIC
The government amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC. The government is planning to dilute its stake in LIC through the Initial Public Offering (IPO). LIC in February 2022 had filed the Draft Red Herring Prospectus (DRHP) before the markets regulator Sebi for the IPO.
Foreign investment in LIC shall be subject to the provisions of the Life Insurance Corporation Act, 1956, (LIC Act) as amended from time to time and such provisions of the Insurance Act, 1938, as amended from time to time, as are applicable to LIC.
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