ACKO Launches 'Health Insurance ki Subah ho Gayi Mamu' Campaign for Platinum Health Plan
ACKO, a leading insurance company, unveiled its latest health insurance offering called the 'ACKO Platinum Health Plan'. This comprehensive plan boasts several notable features, including 100% bill payment, no room rent capping, and zero waiting periods. To promote this new product, ACKO reintroduced the beloved characters of Munna Bhai and Circuit from the iconic Bollywood movie. The campaign is aptly titled 'Health Insurance ki Subah ho Gayi Mamu' and has been directed by renowned filmmaker Rajkumar Hirani. Sanjay Dutt and Arshad Warsi reprise their original roles in the campaign.
The series of advertisements within the campaign focus on educating the audience about several critical aspects of the ACKO Platinum Health Plan:
Zero Waiting Period: The campaign highlights the plan's unique feature of zero waiting periods, ensuring immediate coverage for policyholders.
100% Bill Payment: ACKO emphasizes its commitment to covering 100% of the medical bills, alleviating financial burdens during health crises.
IREDA Signs MoU with Bank of Maharashtra for Financing Renewable Energy Projects
Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) Government of India enterprise under the administrative control of Ministry of New and Renewable Energy, signed a significant Memorandum of Understanding (MoU) with Bank of Maharashtra (BoM). This collaboration aims to promote and facilitate co-lending and loan syndication for a diverse spectrum of Renewable Energy projects across the nation.
The MoU comprises several services including co-lending and co-origination support for all Renewable Energy projects, facilitating loan syndication and underwriting, management of Trust & Retention Account for IREDA borrowers, and a commitment to establishing stable fixed interest rates spanning a period of 3-4 years for IREDA borrowings. Under this agreement, Bank of Maharashtra can invest in the Bonds issued by IREDA in accordance with the specified terms and conditions of the offering.
The MoU was signed by General Manager (Technical Services), IREDA, Bharat Singh Rajput and General Manager (Retail & MSME Credit), Bank of Maharashtra, Rajesh Singh at IREDA's Business Centre, New Delhi.
Sashidhar Jagdishan Reappointed as HDFC Bank MD & CEO
The Reserve Bank of India (RBI) approved the reappointment of Sashidhar Jagdishan as the Managing Director (MD) and Chief Executive officer (CEO) of HDFC Bank for three years starting from October 27, 2023.
In March 2023, HDFC Bank board had recommended the re-appointment of Jagdishan for a period of three years.
Jagdishan took charge as the MD & CEO of the largest private-sector lender in October 2020, after Aditya Puri retired.
Jagdishan, who has an overall experience of 31 years in the industry, joined the bank in 1996 as a manager in the finance function.
Dhananjay Joshi Appointed Chairman of Telecom Industry Body DIPA
Digital Infrastructure Providers Association (DIPA) appointed Dhananjay Joshi, MD and CEO of Summit Digitel, as the Chairman.
DIPA also named Sandeep Girotra, CEO of American Tower India, as the new vice chairman of the association.
The Digital Infrastructure Providers Association (DIPA) is a non-profit industry body that represents the digital infrastructure industry in India. It was founded in 2010 as the Tower and Infrastructure Providers Association (TIPA), but was renamed DIPA in 2020 to reflect the broader scope of its membership.
DIPA's mission is to promote the growth and development of the digital infrastructure industry in India.
Sep 19, 2023
Dhanlaxmi Bank Independent Director Sridhar Kalyanasundaram Resigns from Board
Dhanlaxmi Bank's independent director Sridhar Kalyanasundaram resigned from the board, citing factionalism to unethical business conduct. Kalyanasundaram, appointed on December 5, 2022, also referred to whistle-blower issues, rights issue of the bank and the belligerent attitude of Shivan J.K., Managing Director and Chief Executive Officer, among other reasons for his exit.
Bob van Dijk Steps Down as CEO of Prosus and Naspers
Bob van Dijk, the Chief Executive Officer (CEO) of Dutch-listed technology investor Prosus NV and its South African parent Naspers stepped down from his position effective immediately, after nearly a decade with the investing giant. He also gave up his board seats at the companies.
Van Dijk, who has led Naspers since 2014 and Prosus since 2019, has agreed to remain as a consultant until September 30, 2024.
Ervin Tu will assume the role of interim chief executive of both companies.
Nihar Malaviya is Permanent CEO of Penguin Random House
Nihar Malaviya was named as permanent CEO of Penguin Random House, nine months after he was appointed the interim chief executive. Malaviya succeeded Markus Dohle, who departed weeks after a federal judge struck down Penguin Random House's attempted merger with Simon & Schuster, a deal Dohle had pushed for. Penguin Random House, the world's largest trade publisher, has been undergoing a company-wide reorganization in 2023, with numerous senior editors either laid off or departing under a voluntary retirement plan.
Bertelsmann, the German media conglomerate, has owned Random House since 1998. Random House and Penguin merged in 2013.
Kisan Rin Portal Launched
Finance Minister Nirmala Sitharaman and Agriculture Minister Narendra Singh Tomar launched the 'Kisan Rin Portal' to help farmers avail subsidised loans under the Kisan Credit Card (KCC). A door-to-door KCC campaign and a manual of the Weather Information Network Data Systems (WINDS) portal was also launched at an event.
According to the agriculture ministry, the Kisan Rin digital platform offers a comprehensive view of farmer data, loan disbursement specifics, interest subvention claims, and scheme utilisation progress, fostering seamless integration with banks for more focused and efficient agriculture credit.
Sep 18, 2023
Srinivasan K. Swamy Elected Chairman of the Audit Bureau of Circulations (ABC)
Srinivasan K. Swamy, Executive Chairman of R. K. Swamy Hansa Group, was unanimously elected Chairman of the Audit Bureau of Circulations (ABC) for the year 2023-2024.
Srinivasan K. Swamy is a highly regarded figure in the advertising and media world. He currently serves as the Chairman of the Asian Federation of Advertising Associations and has held pivotal leadership roles in numerous prominent organizations.
Mr. Swamy was also awarded the Lifetime Achievement Award by the Advertising Agencies Association of India (AAAI).
In addition to Swamy's election as Chairman, several other distinguished individuals have been appointed to crucial positions within the Audit Bureau of Circulations:
Deputy Chairman: Riyad Mathew, Chief Associate Editor and Director of Malayala Manorama, will serve as the Deputy Chairman representing publisher members on the council.
Secretary: Mohit Jain, Executive Director of Bennett, Coleman & Co. Limited, was elected as the Secretary of the Bureau, representing publisher members on the council.
Treasurer: Vikram Sakhuja, Partner & Group CEO Media & OOH of Madison Communications Private Limited, was re-elected as the Treasurer of the Bureau, representing advertising agencies members on the council.
Ashok Leyland, UP Govt Sign MoU to Set up Greenfield Bus Plant
Ashok Leyland signed a memorandum of understanding (MoU) with the government of Uttar Pradesh to set up an integrated commercial vehicle bus plant focused on green mobility in Uttar Pradesh.
Manoj Kumar Singh, infrastructure and industrial development commissioner, government of Uttar Pradesh and Shenu Agarwal, Managing Director and Chief Executive Officer of Ashok Leyland, signed the MoU.
Under this partnership, Ashok Leyland, the Indian flagship of the Hinduja Group, will focus on producing electric buses, assembling other vehicles powered by available fuels, and emerging alternative fuels.
Indian Bank Launches 'IB SAATHI' to Enhance Financial Inclusion Services
Indian Bank launched a new initiative called 'IB SAATHI' (Sustainable Access and Aligning Technology for Holistic Inclusion) to bolster its financial inclusion efforts. The primary goal of IB SAATHI is to provide essential banking services to various stakeholders through the business correspondent (BC) channel.
Under this revamped model, Indian Bank is committed to offering basic banking services at all its centres for a minimum of four hours each day through fixed outlets. This initiative is a significant step towards ensuring widespread access to banking services.
Tata Steel Signs 500 Million Pound-deal with UK Government
The United Kingdom announced a joint investment package with Tata Steel worth £1.25 billion (about $1.55 billion), including a government grant of £500 million ($621 million,) to secure the future of Port Talbot operations in Wales, the country's largest steelworks, giving a fresh lease of life to the structurally weak business.
The joint investment package said to be the largest in the UK steel industry in decades would pave the way for greener steelmaking at the Welsh unit, by replacing coal-powered blast furnaces nearing the end of their effective life with a state-of-art 3 million tonne electric arc furnace (EAF).
The move is aimed at reducing the UK's entire carbon emissions by around 1.5 per cent.
Sep 17, 2023
Former SBI Chief Rajnish Kumar is Chairman of Mastercard India
Mastercard appointed Rajnish Kumar, former Chairman of the State Bank of India (SBI), as the Chairman of Mastercard India. Kumar will guide Mastercard's South Asia executive leadership team led by Gautam Aggarwal, Division President for South Asia & Country Corporate Officer, India, in navigating the domestic payments landscape.
Kumar will be keenly involved in augmenting the local leadership team in its efforts to expand our domestic footprint, while bolstering Mastercard's ongoing commitment to forging strategic partnerships with stakeholders across the payments ecosystem – from banks to fintechs to governments, non-profits and more.
India Becomes 13th Country in World that Can Issue OIML Certificates
India became the 13th internationally accepted authority for issuing International Organisation of Legal Metrology (OIML) certificates.
Domestic manufacturers of weighing and measuring equipment, like BP meters, oximeters and cloth scales, can now get the instruments tested in India itself before selling them in the international market.
An OIML Pattern Approval certificate is mandatory to sell a weight or measure in the international market, which the Department of Consumer Affairs can now issue. Domestic manufacturers can now export their weighing and measuring instruments worldwide without incurring additional testing fees, resulting in significant cost savings.
Twelve other countries, including Australia, Switzerland, China, the Czech Republic, Germany, Denmark, France and the United Kingdom, are authorised to issue these certificates.
IndusInd Bank Launches 'Virtual Commercial Card' for Cross-border Payments
IndusInd Bank announced the launch of a 'virtual commercial card', a credit card that will redefine cross-border transactions for corporates and travel agents.
In partnership with Visa, the global leader in digital payments and Juspay, a payments operating system, the virtual card has additional layers of security that give users complete control over their international expenses, thus making it safe and hassle-free.
Sep 16, 2023
Citibank India Launches WFH Option for 12 Months Post Maternity Leave
Citibank India launched a work-from-home (WFH) option for its women employees who can now request to work from home for up to 12 months at the end of their maternity leave of 26 weeks.
This potentially provides a cumulative period of 21 months of working from home for expecting and new mothers.
In June 2021, the Centre issued an advisory to the state and union territory governments to encourage WFH for nursing mothers.
Citibank India is among the first organisations to implement the maternity-linked WFH initiative. Earlier, ICICI Bank, under Chanda Kocchar, had launched iWork@home an initiative that allowed one year WFH for women based on their requirements.
RBI Releases Direction for the Settlement of Loan Account
The Reserve Bank of India (RBI) asked all banks, non-banking finance companies (NBFCs) and asset reconstruction companies (ARCs) to release all the original movable/immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/settlement of the loan account.
These directions are part of the central bank's responsible lending conduct for regulated entities (REs).
The borrower shall be given the option of collecting the original movable/immovable property documents either from the banking outlet/branch where the loan account was serviced or any other office of the RE where the documents are available, as per her / his preference.
The timeline and place of return of original movable/immovable property documents will be mentioned in the loan sanction letters issued on or after the effective date.
In case of delay in releasing of original movable/immovable property documents or failing to file charge satisfaction form with relevant registry beyond 30 days after full repayment/settlement of loan, the RE shall communicate to the borrower reasons for such delay. In case where the delay is attributable to the RE, it shall compensate the borrower at the rate of Rs. 5,000 for each day of delay.
Hindalco Announces Tech Partnership with Italian Firm to Make Rail Coaches
Aditya Birla Group's Hindalco Industries announced a partnership with Italy-based Metra SpA in large-size aluminium extrusion and fabrication technology to build high-speed aluminium rail coaches in India.
The tie-up provides Hindalco the launching pad to drive the ambitious upgradation programme of Indian Railways that runs the world's largest rail network.
Hindaclo had earlier announced plans to invest Rs. 2,000 crore for a project to produce passenger coaches for Vande Bharat trains. The technology alliance will provide cutting-edge technology for this effort. In August 2023, Hindaclo entered into a strategic alliance to develop and manufacture aluminium rail wagons and coaches with Texmaco Rail & Engineering.
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