Bajaj Allianz Life Insurance and Punjab & Sind Bank Enter Strategic Partnership
Punjab & Sind Bank (PSB), a public sector bank, and Bajaj Allianz Life Insurance (BALI) entered into a corporate agency partnership.
The partnership will allow PSB's new and existing customers to avail a variety of retail life insurance products from BALI including term, savings, retirement and investment options.
It will allow BALI to offer protection and savings life insurance plans to bank's customers through its branch network.
PSB is the 25th Schedule Commercial Bank that partnered with BALI for distributing its life goals-based product suite.
Cognizant appoints former Infosys president Ravi Kumar as CEO
IT giant Cognizant announced Ravi Kumar as its new Chief Executive Officer, replacing the outgoing Brian Humphries. Kumar was the president and COO of Infosys until October 2022, before leaving the company to join Cognizant the following week as President of Cognizant Americas.
Humphries resigned from the post that he held for four years, a move that has been linked to Cognizant's recent underperformance, including revenue decline in the third quarter of 2022.
Kumar worked in Infosys for over 20 years, and served as the company's president for the last six years of his stint. He also served on the boards of TransUnion and software services provider Digimarc Corp.
HCLTech Becomes Mattel's Primary Digital Transformation Partner
Technology company HCLTech announced that global toy manufacturer Mattel Inc. selected it as primary digital transformation partner for the next several years.
HCLTech will drive transformation across Mattel's global technology landscape cutting across applications, infrastructure and information security domains. The IT major will support Mattel's future direction and continued digital transformation journey.
"With operations in more than 35 locations around the world, it is vital to have an IT services partner that can match our scale and adjust for our growth as an IP-driven, high-performing toy company," said Sven Gerjets, Chief Technology Officer at Mattel.
Jan 13, 2023
Govt. Approves Incentive Scheme for Promotion of RuPay Debit Cards
The Union Cabinet gave its nod to a Rs. 2,600 crore-incentive scheme, which is aimed at boosting low-value transactions done through Unified Payments Interface (UPI) and promote Rupay debit cards.
The incentives will be provided on the use of Rupay debit cards and the person-to-merchant BHIM-UPI transactions of low value.
Under the scheme, the acquiring banks will be provided financial incentive for promoting point-of-sale (PoS) and e-commerce transactions for current FY2022-23.
The benefits of the scheme include the building of a robust digital payment ecosystem, and to promote UPI Lite and UPI 123Pay as economical and user-friendly digital payment options.
Infosys Appoints Govind Iyer Independent Director
IT major Infosys approved the appointment of Govind Vaidiram Iyer as an additional and independent director of the company.
The appointment is based on recommendation of the Nomination and Remuneration Committee of the Infosys board, and is for a period of five years, subject to the approval of shareholders.
Iyer, an industry veteran, retired as a partner from Egon Zehnder, a global leadership advisory firm. Prior to joining Egon, he worked at Procter & Gamble, Coca-Cola, and Heinz.
Jan 12, 2023
EnKash Gets in-principle Approval for Payment Aggregator Licence
Fintech startup EnKash got in-principle approval from RBI for payment aggregator's licence.
The licence will enable EnKash to broaden its product offerings to millions of businesses for digital transactions.
Founded in 2018, EnKash claims to have assisted 1 lakh businesses to digitise and decentralise their corporate payments.
RBI Imposes Monetary Penalty on 5 Cooperative Banks for Rules Violation
The Reserve Bank of India (RBl) imposed a monetary penalty on five cooperative banks for some contravention or for non-compliance with varied central bank directions.
The entities are Shree Mahayogi Lakshmamma Co-operative Bank Ltd., Kurnool, Andhra Pradesh; The Attur Town Co-operative Bank Ltd., Attur, Salem District, Tamil Nadu; Gondia District Central Co-operative Bank Limited, Gondia (Maharashtra); The Shirpur Peoples' Co-operative Bank Ltd., Shirpur, Maharashtra; and Tirupati Urban Co-operative Bank Ltd., Nagpur, Maharashtra.
The monetary penalties slapped on these entities range between Rs. 50,000 to Rs. 3 lakh.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Jan 11, 2023
Tata Motors Completes Acquisition of Ford's Sanand Manufacturing Plant
Tata Motors said that the acquisition of Ford India's manufacturing plant at Sanand through its subsidiary was completed.
In August 2022, the company had announced that its arm Tata Passenger Electric Mobility Ltd (TPEML) would acquire Ford India Pvt Ltd's (FIPL) Sanand plant, Gujarat for Rs. 725.7 crore.
With the fulfilment of the necessary conditions, including receipt of relevant regulatory approvals, the parties have completed the transaction and TPEML has acquired the Sanand property and the vehicle manufacturing plant and machinery.
Hitachi Payment, BharatPe Get RBI Nod to Operate as Payment Aggregators
Hitachi Payment Services and BharatPe received in-principle authorisation from the Reserve Bank of India (RBI) to operate as payment aggregators.
Hitachi, as a payment aggregator, will be able to provide its business-to-business (B2B) customers with digital payment products and value-added services such as EMI, PayLater, BBPS, and loyalty solutions.
BharatPe would be able to widen its reach and provide digital payment acceptance solutions.
Payment aggregators facilitate e-commerce sites and merchants to accept payment instruments from customers. They facilitate merchants to connect with acquirers.
Govt. Extends RBI Deputy Governor Michael Patra's Tenure by One Year
The government re-appointed Michael Patra as deputy governor, Reserve Bank of India for an additional period of one year with effect from January 15, 2023.
The Appointments Committee of the cabinet, headed by Prime Minister Narendra Modi, approved the re-appointment of Patra.
Patra, who is in charge of the monetary policy department and a member of the six-member Monetary Policy Committee, originally had a three-year tenure which was ending on January 14.
Prior to being elevated to the position of deputy governor, Patra was an executive director with the RBI.
Patra, a central banker since 1985, was Principal Adviser of the Monetary Policy Department, from July 2012 to October 2014. He has worked with the International Monetary Fund as a senior advisor to the executive director from December 2008 to June 2012.
Guyana Wants Indian Companies to Invest in its Oil and Gas Sector
Guyana wants Indian companies to invest in its oil and gas sector as the South American nation aims to expand its oil output.
Guyana's President Mohamed Irfaan Ali and Suriname's President Chandrikapersad 'Chan' Santokhi, who visited India, held discussions with Indian Prime Minister Narendra Modi.
Guyana is home to one of the largest oil discoveries in the last decade. It currently produces 340,000 barrels per day (bpd) of oil and aims to raise it to 1.64 million bpd by end of the decade.
Jan 10, 2023
Meta Appoints former Tata CliQ CEO as Global Business Head in India
Vikas Purohit will head Facebook parent Meta's global business group in India, said the social media platform.
Purohit, the former CEO of Tata CLiQ, will lead Meta's strategic relationship with brands and agencies to drive revenue growth across key channels. He will partner with the media and others for accelerating the adoption of digital tools by advertisers and agencies.
Purohit has more than 20 years of experience in senior business, sales and marketing roles at major fashion and retail companies. An alumnus of Indian Institute of Management (IIM) Bangalore and Indian Institute of Technology (Varanasi), Purohit has headed business for Tommy Hilfiger, Reliance Brands Limited, Amazon Fashion, and Aditya Birla Fashion & Retail. His last stint was at Tata CLiQ, where he joined as COO and later became the CEO.
Anurag Kumar New CMD of ECIL
Anurag Kumar was appointed Chairman and Managing Director of Electronic Corporation of India Limited (ECIL).
Kumar was present ECIL's Executive Director.
The Appointments Committee of the Cabinet (ACC) approved Kumar's appointment to the post till the date of his superannuation, i.e 31.01.2026.
ICICI Prudential Life Insurance Ropes in Suryakumar Yadav for New Campaign
ICICI Prudential Life Insurance announced the launch of its '360° Financial Protection with ICICI Prudential Life Insurance' digital-first campaign featuring cricketer Suryakumar Yadav. According to the company, Yadav has emerged as a consistent and dependable batter in the white ball format since his international debut.
The campaign's central message is how ICICI Prudential Life Insurance offers a comprehensive suite of protection products providing all-around life cover that offers 360-degree financial protection in any critical situation.
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