Punjab & Sind Bank Limited, MD & CEO, S. Krishnan retired from the role. He was appointed as Managing Director & Chief Executive Officer of Punjab & Sind Bank from the date of assumption of office till the date of his superannuation, i.e. 31.05.2022 or until further orders, whichever is earlier. It is now informed that S. Krishnan retired upon his superannuation.
S. Krishnan, a postgraduate in Commerce (M.Com) and qualified Cost Accountant (ICMA), took charge as Managing Director & Chief Executive Officer (MD & CEO) of Punjab & Sind Bank on 4th September 2020. Prior to joining Punjab & Sind Bank as MD & CEO, Krishnan was Executive Director of Syndicate Bank and Canara Bank. He started his carrier in Indian Bank in January 1983. He has a long and varied field of banking and administrative experience of nearly 38 years.
Jun 04, 2022
Cabinet Allows Procurement by Cooperatives through GeM (Government e-Marketplace) Portal
The Union Cabinet approved a proposal to expand the mandate of Government e-Marketplace (GeM) by allowing procurement by cooperatives. Presently, the registration of cooperatives as buyers was not covered within the existing mandate of GeM. The move will help over 8.54 lakh registered cooperatives and their 27 crore members as they would get products at competitive rates from the GeM portal.
As per the existing mandate, goods and services registered at the GeM portal are not available for use by private sector buyers. Suppliers (sellers) can be from across all segments - government or private. The GeM was launched on August 9, 2016, by the commerce ministry to create an open and transparent procurement platform for government buyers.
Jun 03, 2022
Facebook COO Sandberg Quits
Sheryl Sandberg, the No. 2 executive at Facebook owner Meta, who helped turn its business from start-up to digital advertising empire while also taking blame for some of its biggest missteps, stepped down. Sandberg has served as chief operating officer (COO) at the social media giant for 14 years. She joined from Google in 2008, four years before Facebook went public.
She led Facebook advertising business and was responsible for nurturing it from its infancy into an over $100 billion-a-year powerhouse.
Javier Olivan, the current chief growth officer at Meta Platforms, will take over as the company's chief operating officer.
Jun 02, 2022
Cashfree Payments Partners NPCI for Tokenization of RuPay Cards
Payments and API banking solutions company Cashfree Payments partnered with the National Payments Corporation of India (NPCI) to provide tokenization solutions on RuPay cards for its merchants.
Cashfree Payments' tokenization solution 'Token Vault' helps merchants provide their customers with the option to save cards on the merchant website or app and process card payments securely while being RBI compliant. With this partnership, Cashfree Payments becomes a certified and compliant payment tokenization service provider across key card networks like RuPay, Mastercard and Visa.
Token Vault supports all major card types: credit cards, debit cards, prepaid cards, and corporate cards.
SEBI Imposes Monetary Penalty on IIFL for Misusing Client Funds
Capital markets regulator SEBI imposed a penalty of Rs. 1 crore on India Infoline Ltd (IIFL) for alleged misutilisation of client securities. The order came after SEBI conducted multiple inspections of the books of account of IIFL, now known as IIFL Securities Ltd, for the period April 2011 to January 2017.
It was found that the IIFL had misused funds credit balance clients for settlement obligation of its debit balance clients for 30 days and the total misutilisation was in the range of Rs. 26.04 crore to Rs. 294.73 crore ranging from 4.01 per cent to 45.97 per cent. Consequently, the market watchdog slapped a total fine of Rs. 1 crore on the firm and also noted that certain violations are repetitive in nature.
Centre Releases Rs. 86,912 crore to States, Clears GST Compensation Dues
Ahead of the compensation regime for goods and services tax (GST) that ends in June, the Centre released the entire compensation of Rs. 86,912 crore due to states. This step was taken to help states in managing their resources. It was also to ensure that their programmes — especially expenditure on capital — were carried out successfully during the fiscal year. The full compensation was made even when the cess fund had an inadequate balance of just Rs. 25,000 crore.
Of the Rs. 86,912 crore released to states, Rs. 47,617-crore compensation was due up to January, Rs. 21,322 crore was due for February-March, and Rs. 17,973 crore was due for April-May. Under the compensation regime, the Centre is mandated to compensate states until June 30 for any loss in revenue under the GST. The government had clarified earlier that the compensation period may not be extended beyond the June-end deadline.
Jan Aushadhi Stores Surpassed the Rs. 100 crore Revenue Threshold
Jan Aushadhi stores surpassed Rs. 100 crore for the first time. More than 1,600 generic pharmaceuticals, 250 surgical equipment, nutraceuticals, Ayush products, and Suvidha Sanitary pads are available in Jan Aushadhi locations. The Pradhan Mantri Bhartiya Jan Aushadhi Pariyojana (PMBJP) is implemented by the Pharmaceuticals & Medical Devices Bureau of India (PMBI).
Total sales in May 2021 were Rs. 83.77 crore. The government has set a goal of increasing the number of Pradhan Mantri Bhartiya Jan Aushadhi Kendras (PMBJKs) to 10,000 by March 2024, with the goal of providing excellent medications at affordable prices to the ordinary man, particularly the underprivileged. At the moment, the country has 8,735 such outlets spread throughout 739 districts.
Indian Economy Grew 8.7% in 2021-22: National Statistics Office
The Indian economy expanded at its fastest pace in nearly 22 years in 2021-22, but growth slowed to a four quarter-low in the three months to January-March due to the impact of the curbs imposed against the backdrop of the Omicron variant of the coronavirus.
Data released by the National Statistical Office showed the economy growing by 8.7% in 2021-22 while growth in the January-March quarter slowed to 4.1%. To put the numbers in context, the 8.7% expansion comes against the backdrop of a very low base as the economy contracted by 6.6% in the previous period due to the impact of one of the strictest lockdowns in the world to prevent the spread of the Covid-19 pandemic.
The latest numbers for 2021-22 makes India one of the fastest-growing major economies in the world, although the momentum of expansion in the months ahead would be tested by high inflation and the need to raise interest rates to combat price pressures.
Jun 01, 2022
Israel and the United Arab Emirates Sign the first Arab Free Trade Deal
Israel inked its first free trade agreement with an Arab country, with the United Arab Emirates (UAE). The agreement was signed in Dubai by Israel's Economy and Industry Minister Orna Barbivay and the UAE's Economy Minister Abdalla Bin Touq Al Marri. According to an official statement released by Israel's Ministry of Economy and Industry, the comprehensive, significant, and ground-breaking agreement is expected to increase bilateral trade in goods and services, increase Israeli exports to the United Arab Emirates, and provide customs exemption on 96% of trade between the countries: food, agriculture, cosmetics, medical equipment, medication, and more.
The commercial pact with Israel will usher in a new era in the Middle East. This agreement will boost economic growth and reinforce the notion that working together is the only way to build long-term, sustainable economies in a complicated environment.
Retired SBI Senior Executive Natarajan Sundar Joins NARCL as MD CEO
Former State Bank of India exexutive Natarajan Sundar joined National Assets Reconstruction Company Ltd (NARCL) as managing director and CEO. Sundar is a banking veteran having served SBI for over 37 years and retired as Dy MD and Chief Credit Officer of the bank. NARCL, a the special purpose vehicle set up as a joint initiative of Public and Private Sector Banks, is expected to takeover bad loans from banks and focus on resolution and recoveries.
Malvika Sinha, retired Executive director of Reserve Babk of India ( RBI), also joined the Board of NARCL as an independent director. Sinha is a career central banker, having joined RBI in 1982 and served across Regulation, Supervision, Foreign exchange and Government and Bank Accounts in RBI.
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