Axiscades Appoints Former DRDO Chairman S. Christopher as Director
Engineering solutions provider Axiscades Technologies Ltd. onboarded former DRDO Chairman S. Christopher as a director in the company.
Christopher holds an engineering degree from University of Madras, M-Tech in Microwaves and Radar Engineering from IIT, Kharagpur, and PhD in Antenna and Measurement Techniques from IIT Madras.
In his over two decades of career as a scientist, he has earned many recognitions and is also known as the man behind the indigenous Airborne Early Warning and Control (AEW&C) system in defence.
S. Christopher will greatly enhance the company's strategic capabilities and contribute significantly to enhance the company's offerings in advanced defense solutions to global customers and Indian defence.
Bengaluru-based Axiscades is a leading end-to-end engineering and technology solutions provider catering to sectors like aerospace, defence, heavy engineering, automotive, and energy among others.
Debadatta Chand Takes Charge as Bank of Baroda MD
Debadatta Chand took charge as the Managing Director and Chief Executive Officer of Bank of Baroda. He took over from Sanjiv Chadha, whose tenure ended in June 2023.
Prior to his appointment, Chand served as the executive director at Bank of Baroda since March 2021. In his role as executive director, he was overseeing corporate and institutional credit, corporate and institutional banking, treasury and global markets, mid-corporate business, and trade and foreign exchange.
Chand began his career in 1994 as an officer at Allahabad Bank and later worked as a manager at the Small Industries Development Bank of India (SIDBI) from 1998 to 2005.
In 2005, he joined Punjab National Bank as chief manager and was elevated to the position of chief general manager. During his over 15-year tenure at Punjab National Bank, he held various roles, including head of the zonal audit office in Patna, circle head of the Bareilly region, head of integrated treasury operations, and head of the Mumbai Zone.
Bhel Appoints Krishna Kumar Thakur as New HR Director
Bharat Heavy Electricals Ltd (Bhel) appointed Krishna Kumar Thakur as the new Director of its Human Resources (HR) team. He will assume charge as Director (HR) of the public sector engineering and manufacturing enterprise.
Thakur has 25 years of experience in handling HR matters and administration in the Indian Railways as well as other central public sector undertakings (PSUs).
He has a postgraduate degree in literature from Tilka Manjhi University, Bhagalpuras as well as a postgraduate diploma in management with specialisation in human resource (PGDM-HR) from the Tata Institute of Social Sciences (TISS).
Thakur is an officer of the Indian Railway Personnel Service (IRPS) from the 1988 batch.
Jul 04, 2023
Tamil Nadu Overtakes UP and Karnataka to Emerge India's Top Electronics Exporter
Tamil Nadu for the first time overtook Uttar Pradesh and Karnataka to emerge as India's top electronics exporter in the fiscal year ended March 2023 as the global giants Foxconn and Pegatron accelerated iPhone exports last year.
Exports data released by the Central government for FY23 showed that Tamil Nadu's electronics exports almost tripled in the last fiscal and stood at $5.37 billion up from from $1.86 billion in the previous year. This helped TN swiftly climb the ladder from the fourth spot and bag the top spot in FY 23.
A review of data from FY 17-18 to FY 22-23 shows that TN, Uttar Pradesh and Karnataka have been in the top three but the state never made it to the top.
CoinDCX Partners with KoinX to Allow Crypto Tax Tracking on its Platform
Crypto exchange CoinDCX announced a partnership with crypto taxation platform KoinX to provide an infrastructure enabling users to file their crypto taxes on its platform. According to the company's announcement, investors and traders on the CoinDCX platform will have access to KoinX's tax calculation and reporting system.
CoinDCX users will not only be able to track their tax computation on the CoinDCX exchange but also effortlessly connect multiple exchanges and wallets to the KoinX platform. This will enable investors to track all their crypto transactions, including NFTs and DeFi investments, and view the corresponding tax amount in real-time.
Zee Entertainment Clears IndusInd Bank Payment Dues, NCLAT Disposes Appeal
Zee Entertainment and Induslnd Bank announced that all payments due to Induslnd Bank were made by ZEEL in June end. The NCLAT (National Company Law Appellate Tribunal) accordingly disposed off the appeal.
The tribunal asked both parties to pay the cost of the interim resolution professional for the period the case was under the resolution process. The NCLAT also set aside NCLT's order allowing the admission of ZEEL for insolvency.
Jul 03, 2023
SBI opens 34 transaction banking hubs
State Bank of India (SBI) said it has opened 34 Transaction Banking Hubs in top 21 district centres across the country to provide quick and efficient transaction banking solutions to customers. As part of the transaction banking services and current account-related offerings, SBI is planning to meet all customer needs and provide comprehensive solutions for their transaction, payment, and collection requirements under one roof. The newly set-up hubs will be staffed by product specialists who will also assist business customers with their other financial service needs.
Indian Bank rolls out digital services under 'Project WAVE' initiative
Accordingly, the city-headquartered bank in collaboration with National E-Governance Services Ltd, has introduced an electronic bank guarantee (e-BG) service to ease traditional paper-based processes.
This move will also reduce the turn-around time of the bank guarantee issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes, a bank statement said.
Besides, the facility would replace the need for physical stamp paper and physical signatures of customers by replacing them with digital stamping and e-signing making the entire process digital.
Bank of Baroda to divest 49% in credit card arm BOB Financial Solutions
State-owned Bank of Baroda (BoB) plans to sell up to 49 per cent stake in credit card business arm BOB Financial Solutions Ltd.Currently, it is 100 per cent owned by BoB.The bank has floated a Request for Proposal for roping in a strategic investor, and the process is expected to complete in one year, a senior bank official said.
BOB intends to offload up to 49 per cent in a combination of primary and secondary capital from one or multiple investors to create more value in BOB Financial Solutions and take it to the next level of growth, the official said.
BOB Financial doubled the acquisition of new credit cards in FY23 by issuing close to 1.2 million credit cards compared to 0.5 million a year ago.
Jul 02, 2023
Lenders Vote in favour of Hinduja Offer for Bankrupt Reliance Capital
Lenders to debt-ridden Reliance Capital voted in favour of a resolution plan submitted by Hinduja Group firm IndusInd International Holdings Ltd (IIHL), which made the highest cash offer of Rs. 9,661 crore and was the lone bidder in the second round of auction.
An overwhelming majority of 99.6 per cent votes supported the IIHL plan.
Taking into account the cash balance of Rs. 500 crore in the books of Reliance Capital, the lenders are expected to receive nearly Rs. 10,200 crore for distribution as against Rs 16,000 crore principal secured debt. This would mean about 65 per cent recovery for the lenders.
The insolvency administrator for Reliance Capital plans to file the Hinduja group company's resolution plan with the Mumbai Bench of the National Company Law Tribunal (NCLT) next week.
The transaction, however, will depend on the Supreme Court's decision on a petition filed by Ahmedabad-based Torrent Group, which objected to the lenders conducting a second auction for Reliance Capital. In the first auction held last December, Torrent was the highest bidder with an offer of Rs. 8,640 crore.
ICICI Securities to Become 100% Subsidiary of ICICI Bank after Delisting
ICICI Securities announced that it will become a wholly-owned subsidiary of ICICI Bank upon delisting. The company said that its board of directors approved a draft scheme of arrangement for the delisting of the company's equity shares.
As a part of the acquisition, shareholders of ICICI Securities will get 67 equity shares of ICICI Bank for every 100 shares of the company. ICICI Bank will issue equity shares to public shareholders of ICICI Securities in lieu of cancellation of their equity shares in the company.
The acquisition is likely to be completed in the next 12-15 months after various regulatory approvals.
Jul 01, 2023
Deloitte Appoints Former SoftBank India Head Manoj Kohli as Senior Advisor
Deloitte appointed Manoj Kohli, an experienced professional, as a senior advisor. With a remarkable career spanning 44 years and encompassing 30 countries, Kohli held significant positions such as the Country Head of Softbank India. During his tenure, he played a crucial role in expanding the firm's presence in the Indian digital start-up market. Prior to that, he served as the CEO and Managing Director of Bharati Airtel, where he successfully drove the company's growth and market dominance in India's telecommunications industry.
Kohli's extensive knowledge in technology, telecommunications, renewables, and digital sectors makes him a valuable asset in providing guidance on strategic initiatives, innovation, adapting to the evolving business landscape, improving client experience, and generating value for stakeholders.
Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a British multinational professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of professionals in the world and is considered one of the Big Four accounting firms along with EY, KPMG and PwC.
The firm was founded by William Welch Deloitte in London in 1845.
Canara Bank Offers UPI Payments through RuPay Credit Cards
ICICI Lombard General Insurance and ICICI Prudential Life Insurance jointly launched a combi product, 'iShield', which provides customers with both health and life insurance under the use and file procedure.
The use and file procedure allows an insurer to launch a product without prior approval of the regulator. A combi product offers benefits of a life insurance, along with that of general or other insurance covers.
'iShield' will enable customers to take care of expenses required for medical treatments.
Canara Bank Offers UPI Payments through RuPay Credit Cards
Bengaluru-based Canara Bank became the first public sector bank in India to introduce UPI (Unified Payments Interface) payments for merchants through its RuPay Credit Card. This exciting feature is now accessible within the bank's 'Canara ai1' Banking Super App, thanks to a partnership with the National Payments Corporation of India (NPCI).
This development means that Canara Bank customers can now make UPI payments to merchants directly from their RuPay Credit Cards. Customers will have to link their Canara Bank RuPay Credit Cards to their UPI IDs, to conduct credit card transactions using this secure and seamless digital payment method.