General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Jan 29, 2023

Nomura Hires Mahesh Natarajan to Head India ECM Business

Nomura Holdings hired Mahesh Natarajan to head its equity capital markets business in India.
Natarajan is due to join the Japanese firm's Indian unit in the coming months.
Natarajan currently heads the equity capital markets, including initial public offerings and block deals, for Nomura's domestic rival ICICI Securities and has spent nearly 17 years with the firm. He worked with Morgan Stanley earlier.
He replaced MangeshGhogre, who headed Nomura's equity capital market business in India until last month.

Kishore Biyani Resigns as Executive Chairman and Director of Future Retail

Kishore Biyani resigned as executive chairman and director of Future Retail and his resignation was placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code.
Troubles began mounting for Future Retail because of high debt which was compounded by its operations taking a hit due to the Covid-19 induced lockdowns, which impacted its sales and its net worth.

Jan 28, 2023

Shamalbhai B. Patel Appointed as Chairman of Amul

Gujarat Cooperative Milk Marketing Federation (GCMMF) that markets milk and dairy products under the Amul brand announced the appointment of Shamalbhai B. Patel as its chairman and ValamjibhaiHumbal as vice chairman. The announcement was made after an election was carried out by the deputy collector, Anand, in presence of 17 out of 18 members who're chairmen representing their district milk unions within the state. GCMMF is made up of 18 member unions overlaying 33 districts.
Shamalbhai B. Patel is the chairman of Sabarkantha District Cooperative Milk Producers Union Ltd., Sabar dairy and related to dairy cooperatives of Gujarat since 33 years.
ValamjibhaiHumbal, has been chairman of Kutch District Cooperative Milk Producers Union Ltd., Sarhad Dairy for 14 years. Humbal's nomination was proposed by Mansinhbhai Patel, chairman, Surat milk union and supported by VihabhaiSabhad, chairman, Surendranagar milk union.
GCMMF is India's largest meals merchandise group with annual gross sales turnover of Rs. 46,481 crore. It markets a variety of milk and milk merchandise underneath the model title Amul. At the moment, the member unions of GCMMF procure a mean 264 lakhs litres of milk day-after-day from 36 lakhs milk producers in 18,154 villages of the state.

Chairman Arun Kumar Singh to Take Charge as ONGC's CEO

More than a month after Arun Kumar Singh was appointed chairman of India's largest oil and gas producer ONGC, the retired BPCL head is also the CEO of the company now.
Oil and Natural Gas Corporation (ONGC) has been traditionally headed by a chairman and managing director. It, however, did not have a full-time head after ShashiShanker superannuated on March 31, 2021.
The government on December 7 named Arun Kumar Singh, who had a couple of months back retired as head of Bharat Petroleum Corporation Ltd (BPCL), as the chairman of ONGC but not as its managing director.
Now, he has been appointed the CEO of the company as well.

Jan 27, 2023

Bank of Baroda Introduces Vikram Credit Card Dedicated to Soldiers

Bank of Baroda Financial Solutions Limited (BFSL), a fully-owned subsidiary of Bank of Baroda, introduced the Vikram Credit Card for members of the Indian military, paramilitary, and police forces. The Vikram Credit Card, according to BFSL, strengthens its commitment to meet the credit needs of the soldiers, who selflessly protect us and serve our country.
BFSL already has exclusive cobranded credit cards with the Indian Army (Yoddha), Indian Navy (Varunah), Indian Coast Guard (Rakshamah) and Assam Rifles (The Sentinel). Vikram credit card would cover defence, paramilitary, and police personnel.

PNB &Aadhar Housing Finance Enter into Co-lending Partnership

Punjab National Bank and& Aadhar Housing Finance Ltd. entered into a co-lending agreement to offer Home Loans at competitive interest rates. Through this partnership, the aim is to reach out to a large section of society viz. economically weaker, lower, and middle-Income groups for providing easy, convenient, and efficient home finance solutions to customers.
The co-lending framework of the Reserve Bank of India provides a tool for the Banks and NBFCs/HFCs to collaborate, leverage on their respective strengths to provide affordable solution to the unserved and underserved sections of the society.
Agreement was signed in presence of Kalyan Kumar, Binod Kumar, M. Paramasivam, Executive Directors, Sunil Kumar Chugh, Chief General Manager from Punjab National Bank and Rishi Anand, Managing Director & Chief Executive Officer, D. K. Tripathi, Executive Vice Chairman from Aadhaar Housing Finance Ltd.

Jan 26, 2023

AU Bank Launches Credit Card Offering Platform SwipeUp

AU Small Finance Bank, India's largest Small Finance Bank, announced the launch of a first-of-its-kind platform in the credit card industry – the SwipeUp platform. With this platform, AU Bank will provide an opportunity to other bank credit cardholders to upgrade their card to one of AU credit cards. The Bank provided a platform to compare existing credit cards of customers within 2-3 seconds. Thereafter, within minutes they can upgrade credit limit, cashback, reward points with a quick end-to-end digital process so that the Card can match their current lifestyle.
The credit cards issued in SwipeUp platform are different from current credit cards offered by AU Small Finance Bank. While the new range of cards offer high value proposition to customers, the card plastic is biodegradable which is another step towards a better environment.
SwipeUp platform primarily focuses on the customers who hold Credit Card of any other Bank and can benefit from an upgraded Credit Card matching their current lifestyle.

RBI Extends Deadline for Locker Agreement Renewal

In a huge relief to customers, the Reserve Bank of India (RBI) extended the deadline for renewal of agreements for existing safe deposit locker to December 31, 2023.
The RBI said that banks will have to complete the process of renewal of agreements in a phased manner and asked them to unfreeze lockers that may have been frozen due to non-renewal of agreement.

PepsiCo Foundation, CARE Bring Global Women Farmer Programme to Bengal

PepsiCo Foundation and CARE announced the expansion of their global 'She Feeds the World' programme to India in West Bengal, home to the company's first food factory in the country.
The programme 'She Feeds the World' focuses on strengthening the role of small-scale women producers across three dimensions: economic, social and environmental.
At the economic level, it would build capabilities for the small-scale farmers; socially, the project aims to promote equitable access to knowledge, resources and inclusive markets and from an environmental perspective, it would tackle soil, water, biodiversity and carbon footprint issues.
PepsiCo, which set up its factory in West Bengal 2004, already has a track record of engaging with women in the state as part of the PepsiCo-USAID Women Farmer Economic Empowerment Program.

BharatPe Makes Three Key Appointments

IPO-bound fintech platform BharatPe announced three key appointments, along with hiring Ambuj Bhalla as its Chief Information Security Officer (CISO), as it fights a legal battle with former Co-founder Ashneer Grover in the Delhi High Court.
BharatPe also announced the appointment of Rahul Bhatia as Head of Internal Audit and Ravinder Oberoi as Head of Compliance.
Bhalla has close to two decades of experience with brands like IndiGo Airlines, Reserve Bank Information Technology (ReBIT) and Bharti Airtel, with a strong focus on information security, as well as data privacy and protection.
Bhatia has about 17 years of experience in the domain of governance, risk and compliance (GRC) in the financial services sector, while Oberoi is an industry veteran with close to 23 years of experience in financial services, banking as well as insurance companies.

Jan 25, 2023

NARCL Acquires First Stressed Account from IDBI Bank-led Lenders

The National Asset Reconstruction Company Ltd (NARCL) acquired its first stressed asset, Jaypee Infratech, from lenders. It acquired their exposure aggregating about Rs. 9,200 crore at a 55 per cent haircut.
IDBI Bank, the lead bank to the consortium of lenders with an exposure of Rs. 3,750 crore, received Rs. 253 crore (15 per cent of the Rs. 1,687.50-crore recovery in cash) and Rs. 1,434.5 crore (85 per cent of the recovery) in the form of security receipts.
The other lenders will receive cash and security receipts depending on their exposure to the company. The cash recovery is expected to boost banks bottom line in the fourth quarter.

Citi Names Aditya Bagree Markets Head for India, South Asia Cluster

Citi appointed Aditya Bagree as head of markets for Citi India and the South Asia cluster which consists of Sri Lanka and Bangladesh.
Bagree will report to Citi India's CEO Ashu Khullar and Citi's Asia Pacific head of markets, Julia Raiskin.
Bagree, who is now part of the Citi leadership team for India and the Asia Pacific markets operating committee, also took over as country treasurer from Badrinivas NC, who was appointed as head of markets treasury for Citi Asia Pacific.

Tata Trusts Appoints Siddharth Sharma as CEO, Aparna Uppaluri as COO

Tata Trusts appointed former government official Siddharth Sharma as the Chief Executive Officer (CEO) of the Trusts.
The trusts, chaired by Tata Group patriarch Ratan Tata, also appointed Aparna Uppaluri as the Chief Operating Officer. Both appointments will take effect on April 1, 2023.
Sharma was in government service for two decades, where he handled important assignments in key ministries of the government, and as the financial advisor to the 13th and 14th Presidents of India. Later, he joined the Tata Group where he was heading the newly formed sustainability portfolio.
Aparna Uppaluri was earlier working with the Ford Foundation for 20 years. She served as programme director to oversee different verticals at the Ford Foundation.

IndiGrid to Acquire 100% Stake in Khargone Transmission

India Grid Trust (IndiGrid) will acquire a 100 per equity stake in Khargone Transmission at an enterprise value of about Rs. 1,497.5 crore.
The acquisition will be for a cash consideration of an enterprise value not exceeding Rs. 1,497. 5 crore.
IndiGrid signed a share purchase agreement this month (January), for the acquisition of a 100 per cent shareholding and economic interest, in one or more tranches, in Khargone Transmission Ltd from Sterlite Power Transmission Ltd (one of the Sponsor of IndiGrid).
The completion of the acquisition would depend upon receipt of unit holders' consent, regulatory and other relevant approvals as well as completion of contractual obligations, it explained.
The Khargone Transmission was incorporated on November 28, 2015.
The transmission project was awarded by the Ministry of Power for a 35-year period from the scheduled commercial operation date, on a BOOM basis.

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