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BUSINESS AND ECONOMY - January 2019

Jan 2019

Sep 14, 2023

Bharti AXA Life Insurance Launches 'Income Laabh'

Bharti AXA Life Insurance announced a new product, Bharti AXA Life Income Laabh, with an aim to simplify insurance and deliver maximum protection to its consumers. The plan provides financial protection and a steady income stream to consumers.
The newly launched plan provides customers a steady stream of guaranteed income for 10 to 12 years, depending on the policy term they choose. It starts with an initial income pay-out equivalent to 100 percent of the annual premium paid by the policyholder.

AIBI Appoints Mahavir Lunawat of Pantomath Capital as Chairman

Association of Investment Bankers of India (AIBI), the investment banking sole representative to SEBI and various statutory authorities, announced the appointment of Mahavir Lunawat, Managing Director of Pantomath Capital Advisors Pvt Ltd. as its Chairman for two years starting September 2023. The Chairperson of AIBI represents Investment Bankers on the Primary Market Advisory Committee (PMAC) of SEBI, and has been active in representing the members' views, comments, and suggestions on various regulatory reforms pertaining to the capital markets.
AIBI also announced the appointment of Arjun Mehra, MD of J.M. Financial, and Prem D'Cunha, SVP & Head – ECM Execution at ICICI Securities as its Vice Chairmen.
In order to promoting standardized and best business practices within the Merchant Banking Industry, it became necessary to set up a Self Regulatory Organisation. This led to the birth of the Association of Merchant Bankers of India (AMBI).
In 1993 AMBI was incorporated as a Public Limited Company under Section 25 of the erstwhile Companies Act, 1956 and now covered under Section 8 of the Companies Act 2013.
Post incorporation, AMBI was granted recognition by SEBI to set up professional standards, for providing efficient services and to establish standard practices in merchant banking and financial services.
In 2010, it was decided to change the name of AMBI to Association of Investment Bankers of India (AIBI) to reflect the entire gamut of activities carried out by the Investment Bankers in India.

NVIDIA Partners with Reliance to Advance AI in India

US-based chipmaker NVIDIA inked partnerships with India's biggest conglomerates, Reliance Industries and Tata Group, to build artificial intelligence (AI) infrastructure in India and up skill and re-skill the country's talent base.
With Reliance, it will develop India's own foundational large language model trained on the nation's diverse languages and tailored for generative AI applications to serve the populous nation. NVIDIA will provide Al supercomputing services and technologies.
With the Tata Group, it will create AI infrastructure to support the local economy and the AI companies in India. Tata Consultancy Services (TCS) workforce of over 6 lakh people will also be reskilled in AI.

Infosys Signs Multi-year Digital Partnership with Denmark-based STARK Group

IT major Infosys signed a strategic multi-year collaboration with STARK Group, Europe's largest retailer and distributor of building materials, to power its digital transformation journey by leveraging Topaz, Infosys' artificial intelligence (AI) offering.
As part of this collaboration, Infosys and STARK Group will establish a state-of-the-art data centre in Denmark, which will serve as the foundation to drive technological advancements and provide seamless services to STARK Group's offices across Europe.
Infosys will adopt an AI-first approach powered by Topaz, to help STARK Group with AI-driven operational efficiencies and service quality. Infosys will further aim to enable STARK Group to improve cost and operational efficiency and help them scale across multiple geographies.

Sep 13, 2023

AU Small Finance Bank Partners Star Health and Bajaj Allianz

AU Small Finance Bank entered into two distribution partnerships with two insurance companies - Bajaj Allianz Life Insurance and Star Health and Allied Allied Insurance.
The Jaipur-headquartered small finance bank will distribute the insurance products of these two companies through its network of 1,038 touchpoints. The bank has a customer base of 41 lakh. In addition to this the company will also offer the insurance products through its digital channels.
In the case of Bajaj Allianz Life Insurance, AU SFB will distribute the term insurance, savings and retirement products.

NASSCOM Appoints SAP Lab's MD, Sindhu Gangadharan as Vice Chairperson

The National Association of Software and Service Companies (NASSCOM) appointed Sindhu Gangadharan, Senior Vice President (SVP) and Managing Director (MD) of SAP Labs India and the head of SAP user enablement, as its new vice chairperson. In this new role, Gangadharan will help shape India's TechAde.
She also serves on boards of organisations, including Siemens India and Titan Company Ltd. Gangadharan. She is also a member of the Steering committee of the Indo-German Chamber of Commerce, an industry body driving the bilateral trade and deliberations between India and Germany. She also holds a position on the advisory board of YuWaah, supported by UNICEF.

Razorpay Acquires Digital Invoicing, Customer Engagement Start-up BillMe

Fintech platform Razorpay announced the acquisition of BillMe, a Mumbai-based digital invoicing and customer engagement start-up, marking the company's eighth acquisition after it acquired Ezetap last year (2022).
With this acquisition, Razorpay will get access to BillMe's client base of over 4,000 merchants, including companies such as McDonald's, Burger King, Decathlon, Baggit, Relaxo Footwear, and Cinepolis among others.
Founded in 2018, BillMe assists merchants with digital invoicing.

Cashfree Payments Launches Customer on-Boarding

Cashfree Payments, a financial technology company, launched 'AutoPay on QR' in collaboration with National Payments Corporation of India (NPCI).
The feature enables customer on-boarding through a two-step workflow of scanning a QR code and approving an e-mandate via Unified Payments Interface (UPI) apps within 30 seconds.
As per the company, 'AutoPay on QR' eliminates the necessity to download an app or register on a website as it directly activates a unique subscription for every customer.
The feature will enhance customer acquisition, support retention, and facilitate growth for subscription-based businesses.

Sep 12, 2023

Saudi Arabia Plans Sovereign Wealth Fund Office in Gujarat's GIFT City

Saudi Arabia is considering setting up an office of its sovereign wealth fund at GIFT City in Gandhinagar.
The country's Investment Minister Khalid A. Al Falih said that within the next few weeks, he would send a delegation to GIFT City to explore opportunities.
Public Investment Fund (PIF) is Saudi's sovereign wealth fund with assets under management of around $700 billion.
Gift City is India's tax-neutral financial services centre conceptualised by Prime Minister Narendra Modi. It is a global financial hub and India's first operational smart city.

RBI Approves Reappointment of Sandeep Bakhshi as ICICI Bank MD & CEO

ICICI Bank received the Reserve Bank of India (RBI)'s approval for reappointment of Sandeep Bakhshi as the Managing Director and Chief Executive Officer (MD and CEO) of the bank.
RBI approved Sandeep Bakhshi's reappointment as the bank's MD and CEO with effect from October 4, 2023 till October 3, 2026.
Bakhshi has been holding the position in the bank since October 15, 2018. Prior to his appointment, he was Whole time Director and the Chief Operating Officer (COO) of the bank.
Bakhshi has been with the ICICI Group for 36 years and has handled various assignments across the group in ICICI Limited, ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance.

Sep 11, 2023

SBI Unveils Nation First Transit Card for Digital Fare Payments

State Bank of India (SBI), the country's largest lender, took a significant step in enhancing the commuting experience and promoting digital payment adoption with the launch of the 'Nation First Transit Card.' This innovative card is designed to facilitate seamless and convenient customer commuting experiences, offering easy digital ticketing fare payments across various modes of transportation, such as metro, buses, water ferries, parking, and more, all through a single card. Additionally, the card can also be used for making retail and e-commerce payments.
Dinesh Kumar Khara, Chairman of SBI, emphasized that the Nation First Transit Card, powered by RuPay and National Common Mobility Card (NCMC) technology, has the potential to revolutionise the commuting experience for millions of Indians. The card is not just a financial tool but also a symbol of SBI's commitment to the growth and development of the nation.

Sep 10, 2023

360 ONE Launches Global Platform 360 ONE Global, Appoints New Team

360 ONE wealth and alternatives-focused asset management group, earlier known as IIFL Wealth & Asset Management, launched its global platform, 360 ONE Global. It roped in industry veteran Vikram Malhotra as co-founder and Chief Executive Officer (CEO) of the platform.
360 ONE Global will start the business by developing a product and service proposition for offshore wealth and investment advisory to complement the existing platform in the Indian onshore market.
Malhotra has served as the global market head for Global South Asia & Middle East at the Bank of Singapore. He has over three decades of experience across several institutions, including Barclays, UBS, and ABN AMRO, in countries like Singapore, Hong Kong, Dubai and the UK.

Amazon India Inks Pact with 5 States to Empower Persons with Disabilities

Amazon India signed a pact with five state governments to engage with employable Persons with Disabilities (PwDs) and enable their participation in the mainstream workforce.
These states are Haryana, Maharashtra, Gujarat, Karnataka and Tamil Nadu.
The memorandum of understanding which extends until 2026 aims to provide skilling and employment opportunities to PwD candidates in the five states.
With this, Amazon aims to provide PwDs support with on-the-job training, intervention and an environment of acceptance and inclusion.
"The opportunities will be provided across Amazon's Operations Network, that is fulfilment centres, sortation centres and delivery stations for various roles, including stowing, picking, packing, and sorting among other roles.

'Moon Man of India' Mylswamy Annadurai Joins the Board of SS Innovations

Noted scientist Mylswamy Annadurai joined the Board of Directors of SS Innovations. Annadurai also called the 'Moon Man of India' for his contributions to ISRO's Chandrayaan-1 mission, would be the Director of SS Innovations Pvt Ltd and the global firm SS Innovations International Inc.
Annadurai is credited with putting India on the global map. His scientific temper in the field of robotics and new-age technologies like artificial intelligence, machine learning, and sophisticated engineering projects augurs well for SS Innovations.

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