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BUSINESS AND ECONOMY - December 2018

Dec 2018

Apr 13, 2025

Infosys Expands Partnership with AIB to Drive Digital Transformation

  • Indian IT major Infosys announced the expansion of its partnership with AIB, a financial services group in Ireland and the United Kingdom, to deliver application development, testing, and support services.
  • Infosys will assist AIB in improving its software systems and managing application development and maintenance.
  • "Building further on its 10-year relationship, Infosys will take on a renewed and expanded role to support AIB as it further accelerates its transformation initiatives and delivers support and value to its customers and stakeholders.

Apr 12, 2025

T. Koshy Steps Down as CEO of ONDC

  • The government-backed Open Network for Digital Commerce (ONDC) announced that its MD and CEO, T Koshy, has stepped down following the completion of his three-year tenure at the company.
  • ONDC is an initiative of the commerce and industry ministry to help small retailers expand their business and reduce the dominance of e-commerce giants.
  • It aims to build an open, interoperable network on which buyers and sellers can transact without needing to be present on the same platform.

NaBFID Inks MoU with New Development Bank to Boost Financing Infra Projects

  • The National Bank for Financing Infrastructure and Development (NaBFID) signed a Memorandum of Understanding (MoU) with the New Development Bank (NDB) creating a deep and sustainable infrastructure financing market and developing a supportive ecosystem around it.
  • NDB, headquartered in Shanghai, China, is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
  • This collaboration will help bridge the infrastructure financing gap and explore long-term collaboration opportunities, including the exchange of technical expertise.

Apr 11, 2025

Neelam Dhungana Appointed Acting Governor of Nepal Rastra Bank

  • Neelam Dhungana Timsina, the Senior Deputy Governor of Nepal Rastra Bank (NRB), was appointed as the Acting Governor following the completion of the five-year term of the previous Governor, Maha Prasad Adhikari. The Ministry of Finance, led by Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel, assigned Dr. Dhungana to take on this role. This transition came amid the ongoing process of selecting a new governor for the NRB. The process involves a Governor Appointment and Recommendation Committee, which is tasked with proposing candidates to the Council of Ministers.

Juspay Becomes India's First Unicorn of 2025: $1 Billion Valuation Achieved

  • Bengaluru-based payments infrastructure firm Juspay became India's first unicorn of 2025 after securing $60 million in a Series D funding round. Led by Kedaara Capital, with participation from existing backers SoftBank and Accel, the funding round pushed Juspay's valuation past the $1 billion mark.

PNB MetLife and Policybazaar Collaborate to Launch Pension Premier Multicap Fund

  • PNB MetLife India Insurance Company Ltd launched a pension premier multicap fund as part of its unit-linked insurance plans (ULIPs) for which it has tied up with Policybazaar.
  • The new offering is aimed at helping customers to build a financially secure retirement corpus while ensuring life insurance coverage.
  • The fund is structured around PNB MetLife's existing multi-cap strategy, targeting long-term wealth creation. It aims to outperform the S&P BSE 500 Index by investing in a diversified mix of equities across market caps.

Apr 10, 2025

IOCL's to Invest Rs. 61,000 crore in Odisha for World-Class Petrochemical Complex

  • Indian Oil Corporation Ltd (IOCL) announced an investment of Rs. 61,077 crore to establish a world-class petrochemical complex in Paradip, Odisha. This move marks the largest-ever investment by IOCL at a single location and aims to bolster India's petrochemical industry and manufacturing capabilities. The project will not only enhance the region's infrastructure but will also create a range of high-demand petrochemical products used in various industries such as pharmaceuticals, agrochemicals, coatings, and adhesives. The agreement was formalised in the presence of key government officials, including Odisha Chief Minister Mohan Charan Majhi, Union Petroleum and Natural Gas Minister Hardeep Singh Puri, Union Education Minister Dharmendra Pradhan, and Union Tribal Affairs Minister Jual Oram.

Satish Chavva Appointed as CEO of OIJIF

  • The Oman India Joint Investment Fund (OIJIF) appointed Satish Chavva as the Chief Executive Officer (CEO). This appointment came as part of the fund's efforts to strengthen its leadership and strategic growth initiatives. With over two decades of experience in private equity and finance, Chavva is expected to steer the fund towards enhanced portfolio performance and long-term value creation. OIJIF is a private equity fund jointly promoted by the Oman Investment Authority (OIA) and the State Bank of India (SBI), focusing on investments that drive sustainable growth in India.

RBI Permits NPCI to Enhance UPI Transaction Limits for P2M Payments

  • The Reserve Bank of India (RBI) announced a major step in India's digital payments landscape by authorising the National Payments Corporation of India (NPCI) to revise transaction limits for UPI-based Person-to-Merchant (P2M) payments. This move came in response to evolving user demands and use cases in the UPI ecosystem. However, Person-to-Person (P2P) transaction limits remain unchanged at Rs. 1 lakh.

Department of Financial Services Notifies Amalgamation of 26 RRBs in Fourth Phase of Amalgamation

  • The Department of Financial Services (DFS) has notified the amalgamation of 26 Regional Rural Banks (RRBs) under the "One State, One RRB" principle. This is the fourth phase of the RRB consolidation process. The Ministry of Finance rolled out the amalgamation plan in November last year (2024), building on improvements in efficiency from previous phases.
  • Following consultations with stakeholders, 26 RRBs across 10 states and one Union Territory have been merged, focusing on enhancing scale, efficiency, and cost rationalisation. Currently, 43 RRBs operate across 26 states and two Union Territories. Post-amalgamation, there will be 28 RRBs covering 700 districts with more than 22,000 branches. Around 92 per cent of these branches are located in rural and semi-urban areas.

Apr 09, 2025

Nippon Life India Asset Management Hires Andrew Holland to Lead SIF Foray

  • Nippon Life India Asset Management (NAM) appointed Andrew Holland as the head of the newly introduced asset class — Specialised Investment Funds (SIF).
  • Holland was previously the chief executive officer of Avendus Capital Public Markets Alternate Strategies. Before joining Avendus, he served as the Chief Executive Officer of Ambit Investment Advisors, where he played a key role in building one of India's largest hedge funds.
  • NAM is the second asset manager after Axis Mutual Fund to appoint a person to lead the SIF foray.

Axis Bank Starts 'In-App Mobile OTP' to Protect Users from Frauds, Scams

  • Axis Bank, one of the largest private sector banks in India, introduced an industry-first 'In-App Mobile OTP' feature on its mobile app, 'open', to enhance authentication security and protect customers from rising OTP-related frauds and scams.
  • This feature eliminates dependence on telecom networks by generating time-based one-time passwords (TOTP) directly within the app, instead of sending OTPs via SMS.

DBS Bank India Names Ambuj Chandna, Santanu Mitra to Lead key Business Units

  • DBS Bank India announced two senior-level appointments to strengthen its leadership team.
  • Ambuj Chandna was named Managing Director and Head of Consumer Banking Group, succeeding Prashant Joshi.
  • Santanu Mitra tooks over as Managing Director and Country Head for Corporate Banking (Large and Midcap).
  • Chandna joins from Kotak Mahindra Bank, where he served as President and Head of Consumer Assets.
  • Mitra was previously with DBS Bank Singapore, where he led the Digital Economy Group and Institutional Banking.

RBI Launches Verified WhatsApp Channel to Boost Financial Awareness

  • In a move to enhance public awareness and promote financial literacy, the Reserve Bank of India (RBI) launched a verified WhatsApp channel under its ongoing 'RBI Kehta Hai' initiative.
  • This latest step by the RBI aims to deliver crucial financial information directly to citizens in a simple and accessible manner.
  • With the introduction of the WhatsApp channel, the RBI plans to strengthen its outreach efforts and ensure that important financial messages reach people across different regions of the country.

DBS Bank India Names Ambuj Chandna, Santanu Mitra to Lead key Business Units

  • DBS Bank India announced two senior-level appointments to strengthen its leadership team.
  • Ambuj Chandna was named Managing Director and Head of Consumer Banking Group, succeeding Prashant Joshi.
  • Santanu Mitra tooks over as Managing Director and Country Head for Corporate Banking (Large and Midcap).
  • Chandna joins from Kotak Mahindra Bank, where he served as President and Head of Consumer Assets.
  • Mitra was previously with DBS Bank Singapore, where he led the Digital Economy Group and Institutional Banking.

WorldSteel Recognises Tata Steel as Steel Sustainability Champion

  • Tata Steel was recognised as a Steel Sustainability Champion 2025 by Worldsteel for the eighth consecutive year, reaffirming the company's commitment to sustainable development and adherence to global standards. Tata Steel has been a champion every year since the programme's launch in 2018. The recognition highlights Tata Steel's leadership in the steel industry through its sustainability-driven initiatives and responsible business practices.
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