BOB Financial Solutions Ltd. and the Indian Navy Unveil Co-branded Credit Card
BOB Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda (BoB), and Indian Navy launched a co-branded credit card for Indian Navy personnel.
The card, offered on the RuPay platform, has contactless features.
Indian Navy personnel can choose from 3 variants of the co-branded credit card.
"While the base variant will be offered as a life time free (LTF) credit card, the other two variants will be offered at very attractive joining and annual fees.
Paytm Lending CEO Gets Additional Role to Lead Offline Payments Vertical
One97 Communications Limited, which owns the fintech firm Paytm, announced consolidatation of leadership of its offline payments business with lending, with an aim to increase penetration of credit to its 23 million merchants.
The company elevated Bhavesh Gupta, CEO, Paytm Lending to take on leadershipfor the offline payments vertical in addition to his existing responsibilities. Bhavesh has led the company's lending vertical, which has reached over $1 billion of annualised runrate of disbursals through the company's platform. Before joining Paytm, Gupta had over 22 years of experience in the financial sector with major banks like IDFC Bank, ICICI Bank.
Dec 26, 2021
HSBC's AMC Acquires L&T Mutual Fund Business
L&T Housing Finance sold L&T Investment Management (LTIM) to HSBC Asset Management (India) at $425 million. LTIM is the investment manager of the mutual fund business of L&T.
The divestment of the mutual fund business is in line with the strategic objective of L&T Finance Holdings of unlocking value from its subsidiaries to strengthen its balance sheet.
L&T Investment Management (LTIM) is the 12th largest asset management company (AMC) in India and offers a basket of equity, fixed-income, and hybrid schemes to retail and institutional investors.
IFFCO Tokio General Insurance Appoints H O Suri as MD
IFFCO-TOKIO General Insurance appointed HO Suri as its new managing director and chief executive officer. Suri was the financial advisor, head, internal audit & legal, at the company.
Suri, who was the financial advisor, head, internal audit & legal at the insurer, began his professional journey in 1982 with Indian Farmers Fertiliser Cooperative Limited (IFFCO). A chartered accountant by profession, he is one of the founder-members of IFFCO-TOKIO General Insurance Company in 2000.
IndiGo Appoints Neetan Chopra as Chief Digital & Information Officer
Budget carrier IndiGo announced the appointment of Emirates former executive Neetan Chopra as its chief digital and information officer (CDIO), effective January 3.
In this newly-created position, Chopra, who is currently the group chief technology officer at Dubai Holding, will be responsible for all aspects of IndiGo's information technology and systems, processes, and organisation, with a strong focus on attracting, retaining, and developing key IT and digital talents.
He previously held the position of senior vice-president of IT and innovation at Emirates.
According to IndiGo, the newly created role of CDIO will provide vision and leadership for developing and implementing IT and digitalisation initiatives as an integral part of IndiGo's business strategy.
Dec 25, 2021
RBI Extends Card Tokenisation Rule by 6 Months
The Reserve Bank of India (RBI) extended the deadline for wiping off card data on merchant sites and applying tokenisation by another six months until June 30, 2022 as merchants and payments companies expressed their inability to meet the December 31 deadline.
After that, all card data "shall be purged". In addition to tokenisation, industry stakeholders must devise an alternative mechanism to handle recurring e-mandates, equated monthly instalment (EMI) options, etc. or any post-transaction activity that currently involves the storage of card-on-file data by entities other than card issuers and card networks.
Govt. Appoints Non-official Directors on Boards of Various Banks
According to regulatory filings by banks, the government appointed independent directors on board of various public sector banks, including Union Bank of India, Punjab National Bank and Canara Bank.
The government has appointed Non-Official Director (NOD) on the board of these banks for three years.
Shashank Shrivastava and Sardar Baljit Singh were appointed as NODs of Bank of Maharashtra.
Ajay Singhal was appointed as part time non-official director on the board Bank of Baroda for a period of three years while Nalini Padmanabhan was appointed on board of Canara Bank.
Pankaj Joshi and Sanjeev Kumar Singhal were appointed on board of PNB and Suraj Srivastava on Union Bank's board.
Dec 24, 2021
India Displaces UK to be Third Top Country Hosting Unicorns
Adding 33 'unicorns' in a single year helped India displace the United Kingdom to be third in the list of countries that are home to such enterprises valued at over USD 1 billion each.
India was placed fourth when it comes to the number of unicorns last year. However, the US and northern neighbour China, who occupy the first two ranks, are way ahead, according to the data compiled by Hurun Research Institute.
The US added 254 unicorns and now totals 487 companies in the coveted list, while China added 74 to take its tally to 301 start-ups having a valuation of over USD 1 billion.
Bank of Baroda Grabs Top Spot in Digital Payments
Bank of Baroda won the #1 position in overall digital transactions amongst large banks for FY20-21. The bank showed the exceptional growth of digital payment transactions achievement and was felicitated by the Ministry of Electronics & Information Technology (MeitY), Govt. of India at the Digital Payments Utsav.
To commemorate the 75th anniversary of the Independence of India, MeitY celebrated "Digital Payments Utsav". As a part of the celebration, the Bank of Baroda was conferred with 5 DigiDhan awards for FY 2019-20 & 2020-21 in various categories.
Wizikey Report: Reliance is India's most-visible Corporate in Media
Reliance Industries Ltd, India's largest corporate by revenues, profits and market value, topped the 2021 Wizikey News Score ranking as India's most-visible corporate in the media. State Bank of India is a close second on the ranking, followed by Bharti Airtel, Infosys and Tata Motors. Others on the India list include HDFC at the sixth spot, followed by HDFC Bank, TCS, Maruti Suzuki India, Vodafone Idea and ICICI Bank.
Wizikey's News Score is the industry's first integrated metric that measures news visibility. The ranking is based on Wizikey's news score of each brand that analyses the volume of news, headline grabs, the unique reach of media publications, and readership.
IDFC Approves Anil Singhvi's Appointment as Chairman
The board of directors of IDFC approved the appointment of Anil Singhvi as the chairman of the board.
The board also approved a proposal to seek shareholders' approval, by means of a postal ballot, for the appointment of Anita Belani as an independent director of the company for a period of three years.
The board also approved a scheme of amalgamation of IDFC Alternatives, IDFC Trustee Company and IDFC Projects, all wholly owned subsidiaries, into IDFC, subject to regulatory approvals from various authorities.
Dec 23, 2021
Central Bank of India Signs co-lending Deal with Fintech platform U GRO Capital
MSME lending fintech platform, U GRO Capital signed a co-lending agreement with Central Bank of India.
Under this partnership, the two entities aim to disburse up to Rs. 1000 crore to U GRO Capital's varied MSME segments under its programmes like Pratham, Sanjeevani, Saathi, GRO MSME and Machinery financing, in the next 12 months.
The co-lending arrangement with Central Bank of India will work towards providing formal credit to underserved MSMEs at affordable rates across all product categories of U GRO Capital.
Mahindra's SsangYong Joins Chinese Firm for EV Battery Development
SsangYong Motor Co, the South Korean unit of Indian carmaker Mahindra and Mahindra Ltd, signed an initial pact with Chinese electric vehicle maker BYD Auto Co for EV battery development.
The partnership with BYD would pave the way for the company's plan to transform itself into an EV maker in the era of electrification
BYD's wholly owned battery manufacturer FinDreams Industry Co. would participate in the battery development project.
GoI & German Bank Signed Euro 442.26 mn loan for Surat Metro Rail Project
Government of India and the Germany Development Bank- KfW (Kreditanstalt fur Wiederaufbau) signed a 26 million euros loan for a 40.35 km Surat Metro Rail project in Gujarat. The total cost of the project is Euro 1.50 billion, out of which KfW is financing Euro 442.26 million. The project is co-financed by French Development Agency, AFD (Agence Française de Développemet) with Euro 250 million.
Prime Minister Narendra Modi had launched the Ahmedabad Metro Rail Project Phase-II and the Surat Metro Rail Project in January 2021. The project is aimed at reducing traffic congestion and long delays on major travel corridors in Surat city and urban areas.
The 40.35 km Surat Metro project aims to strengthen the transport infrastructure of the urban part of Surat. It comprises two corridors. While corridor-1 is 21.61 km long and is from Sarthana to Dream City. Corridor-2 is 18.74 km long and is from Bhesan to Saroli.
Himanshu Chakrawarti is Snapdeal President for Value Commerce Strategy
E-commerce platform Snapdeal appointed Himanshu Chakrawarti as its president, firming up its leadership after filing for an initial public offering (IPO).
Chakrawarti would lead various functions at Snapdeal to drive its value commerce strategy and steer various growth-related and operational initiatives. He was the chief executive officer (CEO) of Unlimited Fashion, Arvind Lifestyle Brands' value-fashion retail chain. V-Mart Retail acquired Unlimited Fashion earlier this year, adding its nearly 75 stores in West and South India to its national footprint.
Rupen Jhaveri Appointed Group President of Piramal Enterprises
Piramal Enterprises Limited (PEL) appointed Rupen Jhaveri as its Group President, with primary focus on financial services.
In the newly created role, Jhaveri would be responsible for business development, strategy, merger and acquisition, capital allocation and corporate finance. The appointment is effective January 24, 2022.
His appointment is following the company's announcement in October 2021 that it would demerge its financial services and pharmaceuticals operations, aimed at simplifying PEL's corporate structure and unlocking value.
Jhaveri joins PEL from global investment firm KKR, where he was a managing director at its India private equity team. Prior to joining KKR, he was with Goldman Sachs & Co in its Principal Investment Area (PIA) and Warburg Pincus in Mumbai.
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