GAIL Signs MoU with Shell Energy India on Ethane Sourcing
GAIL (India) signed a memorandum of understanding (MoU) with Shell Energy India to explore opportunities in different facets of energy-value chain. For GAIL, this is a step towards achieving improved sustenance in business operations.
In a bid towards diversification of the feedstock for its petrochemical plant, GAIL is looking to import ethane from ethane-surplus countries with matured export terminal infrastructure through water-borne transportation to India and transport it further through GAIL's pipeline systems to demand centres.
The MoU envisages exploring prospects in the import and handling of different hydrocarbons which are important chemical and petrochemical precursors, LNG for road transport, regasification of imported LNG, renewables, etc.
GAIL (India) is India's leading natural gas company with diversified interests across the natural gas value chain of trading, transmission, LPG production and transmission, gasification, petrochemicals, city gas, etc.
RBI Imposes Fine on HDFC over Transfer of Deposits
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 5 lakh on mortgage financier HDFC Ltd for failing to transfer matured deposits of certain depositors to designated bank accounts of such depositors during the period 2019-20.
The central bank said that the housing finance company was penalised because it was found to be non-compliant with certain provisions of the Housing Finance Companies (NHB) Directions, 2010 issued by the National Housing Bank (NHB).
G. Krishnakumar Takes over as the Chairman of Bharat Petroleum Corporation
G. Krishnakumar took over as the new Chairman and Managing Director of Bharat Petroleum Corporation Ltd (BPCL).
Krishnakumar, an electrical and electronics engineer from National Institute of Technology, Tiruchirappalli and a postgraduate in finance management from Jamnalal Bajaj Institute of Management Studies, Mumbai, was executive director in the company before his elevation.
Krishnakumar will hold the position of Chairman and Managing Director till April 2025 or until any further notice, whichever is earlier, according to an official order.
National Company Law Tribunal (NCLT) Approves HDFC and HDFC Bank Merger
The National Company Law Tribunal (NCLT) approved the merger of HDFC Ltd and HDFC Bank, which is considered to be the largest merger in the history of corporate India. The merger will create a massive banking entity by combining India's largest housing finance company with the country's largest private lender. Prior to this, HDFC Ltd had already received approval from various regulatory bodies and stock exchanges for the merger.
HDFC Ltd, or Housing Development Finance Corporation Limited, is one of the leading financial institutions in India. The company was established in 1977 with the objective of providing finance for the purchase or construction of homes.
Mar 19, 2023
Rajesh Gopinathan Quits as TCS CEO; K. Krithivasan Appointed CEO-Designate
In an unexpected move, Tata Consultancy Services (TCS) Managing Director (MD) and Chief Executive Officer (CEO) Rajesh Gopinathan stepped down to pursue other interests.
He has been with the company for over 22 years. The board of directors considered his request to be relieved of his positions, and accepted it. It nominated K. Krithivasan CEO-designate with immediate effect.
Gopinathan will continue with the company till September 15, 2023, to provide transition and support to his successor.
Founded 1968, TCS has had only four CEOs and Krithivasan will be the fifth. The company has had one of the most stable management teams in the industry. It has its headquarters in Mumbai.
TCS is the second largest Indian company by market capitalization and is among the most valuable IT service brands worldwide.
Anup Bagchi to Take over as MD & CEO of ICICI Prudential Life Insurance
Private sector life insurer ICICI Prudential Life Insurance will see a change of guard as N. S. Kannan, the current Managing Director (MD) & Chief Executive Officer (CEO), will superannuate from his services after the completion of his term in June 2023. Anup Bagchi, presently serving as Executive Director of ICICI Bank, will succeed him after that as the MD & CEO of the company for five years, with effect from June 19, 2023, subject to the approval of the insurance regulator.
Bagchi has been serving as the ED of ICICI Bank, the parent organisation of ICICI Bank, since 2017.
Salil Nath is Etihad Airways' General Manager for Indian Subcontinent
Etihad Airways, the national airline of the UAE, appointed Salil Nath as General Manager of the Indian subcontinent.
Based in New Delhi, Salil will be responsible for all commercial activities across a key cluster for the Etihad network within the central region - India, Bangladesh, Sri Lanka, Maldives & Seychelles.
Since joining Etihad in 2012, Nath has served as the Regional Sales Manager of key sectors starting with Bangalore-Hyderabad, followed by the North and East India. During the COVID-19 restructuring, he took on the additional responsibility of managing Central India as well as Bangladesh & Seychelles.
Prior to joining Etihad, Nath worked with Kingfisher Airlines, part of the United Breweries Group, and a brief stint at renowned multinational travel management company Amex GBT, overlooking corporate sales and client servicing respectively.
FSIB Recommends Ashwani Kumar for the Post of Managing Director of UCO Bank
The Financial Services Institutions Bureau (FSIB), the head-hunter for directors of state-owned banks and financial institutions, recommended the name of Indian Bank Executive Director Ashwani Kumar for the post of Managing Director of UCO Bank.
Prior to joining Indian Bank, Kumar was serving as Chief General Manager of Mumbai Zone of Punjab National Bank (PNB).
The Financial Services Institutions Bureau (FSIB) interviewed 11 candidates from various public sector banks (PSBs) for the forthcoming positions of MD & CEO in PSBs.
It's a government body set up under the department of financial service by central government in 2022.
The government was forced to replace the Banks Board Bureau (BBB) with a new entity after the Delhi High Court in 2022 had ruled that the BBB couldn't select the general managers and directors of state-run general insurers, as it was not a competent body.
Mar 18, 2023
Amitava Mukherjee Assumes Additional Charge as NMDC CMD
NMDC announced that Amitava Mukherjee, director (finance) was assigned the additional charge of Chairman and Managing Director (CMD) for a period of 3 months up to 31 May 2023.
Mukherjee belongs to the 1995 Batch of Indian Railway Accounts Service (IRAS). He is also cost accountant and holds Master's Degree in Commerce. Prior to joining NMDC, he was general manager (finance) in Rail Vikas Nigam (RVNL). During his service in IRAS from 19967 -2016, he held key position in the Eastern Railways.
NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As of December 31, 2022, the Government of India held 60.79% stake in the firm.
It was founded in 1958.
Biyani Withdraws Resignation from post of Executive Chairman, Director of FRL
Kishore Biyani withdrew his resignation from the position of Executive Chairman and Director of Future Retail (FRL).
Biyani had resigned from his position of Executive Chairman and Director of Future Retail on January 23 and his resignation letter was placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code.
Commercial Bank 'First in Qatar' to Launch UPI Remittance Service to India
Commercial Bank, a digital bank in Qatar, launched thef UPI remittance service to India, becoming the first bank in Qatar to offer this service. Customers can use Commercial Banking digital platforms to initiate UPI payments using UPI-ID. The transactions can be completed within 60 seconds and are available 24/7.
UPI (Unified Payment Interface) is a fast and convenient payment system that allows customers to transfer money between bank accounts in real-time using UPI-ID. UPI-ID is a unique identifier that does not require bank account details or IFSC codes to create a beneficiary. Customers can use Commercial Banking digital platforms to make UPI payments using UPI-ID.
Mar 17, 2023
Suzuki Motorcycle Ties up with Standard Chartered to Give Funds to Dealers
Suzuki Motorcycle India joined hands with Standard Chartered Bank to provide wholesale funding to its dealer partners for vehicles and spare parts.
The initiative will support the company's dealer partners across the country and enable them to expand their businesses and operations.
As per Standard Chartered Bank Regional Head Global Subsidiaries, India and South Asia, Corporate, Commercial and Institutional Banking Chandandeep Kaur, the bank is committed to support businesses in India by providing them with the necessary financial tools and developing customised ecosystem solutions to drive their strategic growth.
RBI, UAE Central Bank Sign MoU on Interoperability of their CBDCs
The Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) with the Central Bank of United Arab Emirates for promoting innovation in financial product and services.
Both central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs), and explore interoperability between the CBDCs of UAE's central bank and the RBI.
Central Bank of UAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade.
This bilateral engagement of testing cross-border use case of CBDCs is expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE.
Boat Elevates Vivek Gambhir as Chairman of Earwear Brand Boat
Earwear brand Boat elevated CEO Vivek Gambhir as Chairman of the company.
Boat co-founder Sameer Mehta took on the role of CEO and Managing Director.
Gambhir, in his new role as Chairman, will continue to guide the leadership team on matters of strategy, organisational development and culture and future growth roadmap.
India Trumps China in Unicorn Creation for Second Consecutive Year
India in 2022 created more new unicorns than China for the second year in a row despite macroeconomic uncertainty and recessionary fear affecting investments.
As many as 23 Indian firms crossed the $1-billion valuation mark for unicorn status, compared to China's 11. Deal value in India shrunk 33 per cent from $38.5 billion in 2021 to $25.7 billion in 2022, said the report by IVCA-Bain & Company.
Mar 16, 2023
RBI Allows Banks from UK, 17 other Countries to Open Vostro Accounts for Rupee Trade
Banks from 18 countries were permitted by the Reserve Bank of India (RBI) to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the government told the Rajya Sabha.
Karad informed that as per records, the RBI had granted approval to domestic and foreign AD Banks in 60 cases for opening SRVAs of banks from 18 nations — Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom.
Competition Commission of India Clears Reliance's $344 million Buy of Metro's Local Business
India's competition regulator, Competition Commission of India (CCI) cleared Reliance Industries Ltd's 28.50 billion rupees ($346.16 million) acquisition of the Indian business of German retailer Metro AG (B4B.DE).
The deal, announced nearly three months ago, will help Reliance strengthen its wholesale format and cement its position as the biggest player in India's burgeoning retail industry with stores spanning electronics, groceries and fashion.
Metro has been active in the Indian market since 2003 and reported sales of about 77 billion rupees for the financial year ended September 2022. It operates 31 stores in 21 cities and is mostly a supplier to restaurants and smaller businesses.
Change of Guard at LIC: M Jagannath, Tablesh Pandey Appointed MDs
The government appointed M. Jagannath and Tablesh Pandey as Managing Directors of Life Insurance Corporation of India (LIC).
The Appointments Committee of the Cabinet (ACC) has approved the appointments, according to a circular issued by the Department of Personnel and Training. The government had appointed Siddhartha Mohanty as its acting Chairperson of LIC for three months.
Deepak Mohanty New PFRDA Chairperson
Deepak Mohanty was appointed the chairperson of the Pension Fund Regulatory & Development Authority (PFRDA), which oversees the state system serving the old age income needs of people.
Mohanty will have a five-year tenure, effective from the date of assumption of charge of the post or till attaining the age of 65 years or until further orders, whichever is the earliest.
The PFRDA's chairperson position was vacant for some two months. In August last year, the government started searching for a successor to former chairperson Supratim Bandypadhyay, whose term ended in January 2023.
The government also appointed Mamta Shankar, senior economic advisor in the Department of Food and Public Distribution, as a whole-time member (economics) in PFRDA. Shankar is an officer of the Indian Economic Service (1993 cadre).
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