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Oct 2022

Mar 15, 2023

Suryoday Small Finance Bank Launches New Savings Account for Women

  • Suryoday Small Finance Bank launched a new savings account for women. Suryoday's Blossom Women's Savings Account is built on a strong proposition of giving women a complete, simplified, and rewarding banking experience.
  • Under this new account, women can earn up to 7% interest rate per annum with monthly interest credit coupled with a specially designed RuPay Platinum Debit Card which offers discounts on shopping and online purchases and many more.

RBI Accords 'Infra Finance Company' Status to IREDA

  • The Reserve Bank of India (RBI) granted an 'Infrastructure Finance Company (IFC)' status to Indian Renewable Energy Development Agency (IREDA). It was earlier classified as an 'Investment and Credit Company (ICC)'.
  • With the IFC status, IREDA will be able to take higher exposure in RE financing. The IFC status will also help the company to access a wider investor base for fund mobilisation, resulting in competitive rates for fundraising.
  • The recognition of IREDA as an IFC will increase the investors' confidence, enhance the brand value and generate a positive outlook in the market.
  • The grant of IFC status is a recognition of IREDA's 36 years of infrastructure financing and development with focused development of renewable energy.
  • With IFC status, IREDA will keep contributing towards the government target of 500 GW installed capacity of non-fossil fuels by 2030.

FDIC Appoints Tim Mayopoulos as CEO of Silicon Valley Bank

  • Tim Mayopoulos, the former CEO of Fannie Mae, was appointed by the Federal Deposit Insurance Corporation (FDIC) as Chief Executive Officer (CEO) of Silicon Valley Bank. He took over after the start-up-focused lender was shut down by regulators as a result of a run on its deposits, which left it with insufficient capital. For more than six years prior to joining fintech Blend, Mayopoulos was the CEO of mortgage financier Fannie Mae.

Mar 14, 2023

TCS on Forbes America's Best Large Employers List

  • Tata Consultancy Services (TCS) was included in the annual list of America's Best Large Employers by Forbes. The list was created based on an independent survey of 45,000 employees working for American companies with over 1,000 employees.
  • The release further noted that over the past three years, the software company has hired over 21,000 employees who work in collaboration with global teams to assist clients in innovating, transforming, and growing their businesses.
  • Earlier, TCS was recognized by various organizations for its exemplary performance in the field of technology and employment. Fortune magazine had included TCS in its 2023 list of the World's Most Admired Companies, while CareerBliss had affirmed it on its 50 Happiest Companies of 2023 list.

LIC Appoints M. Jagannath as Managing Director

  • Life Insurance Corporation of India announced that M. Jagannath, Zonal Manager (In-Charge), South Central Zone, Hyderabad, was appointed as Managing Director up to the date of his superannuation, or until further orders, whichever is earlier.
  • He has held various important assignments and led large teams successfully. The newly-recruited MD at LIC India has previously worked as Senior Divisional Manager in charge of Ernakulam, Dharwad, and Bangalore I Divisions. He also served as Chief Executive Officer and Manager Director of LIC (Lanka) Ltd., Colombo, Sri Lanka between 2009 and 2013 for a period of four years.

Hyundai Inks Pact to Acquire General Motors India's Talegaon Factory

  • Hyundai India signed a pact with General Motors India for the potential acquisition of the latter's plant in Talegaon, Maharashtra.
  • The American company had signed a deal with Great Wall Motors in January 2020 to sell the plant, but the deal fell as the Chinese carmaker did not receive the required approvals from the Indian government in time.
  • General Motors stopped production at the Talegaon plant in 2020. The plant, established in 2008, has the capacity to produce 1.3 million cars and 1.6 million engines per year.
  • If Hyundai's agreement with General Motors is approved, the South Korean automaker could potentially increase its production capacity in India by over two-fold.

Ashok Leyland Unveils All-women Production Line at Tamil Nadu Plant

  • Heavy commercial vehicle maker Ashok Leyland unveiled a new production line that would produce engines at its manufacturing facility in Hosur completely operated by women employees.
  • The initiative to introduce an all-women production line is to promote women empowerment and encourage them take up roles in manufacturing industry. Ashok Leyland, the flagship company of Hinduja Group, has set up this new line with 80 women employees.
  • This initiative is in line with the company's brand philosophy of 'Koi Manzil Door Nahin' as the company aims to up skill and generate employment for women.

Mar 13, 2023

Tech Mahindra Appoints Mohit Joshi as MD and CEO

  • Tech Mahindra appointed former Infosys President Mohit Joshi as Managing Director and Chief Executive Officer (CEO). Joshi will take over for C. P. Gurnani, who is retiring in December.
  • Mohit Joshi joins Tech Mahindra from Infosys, where he is currently the President. Mohit has over two decades of experience in the Enterprise technology software and consulting space and has worked with the largest corporations in the world in driving digital transformation and building thriving businesses.

IDFC Mutual Fund Rebrands Itself as Bandhan Mutual Fund

  • IDFC Mutual Fund rebranded itself as Bandhan Mutual Fund and its schemes will reflect the new name.
  • The fund house also unveiled a new logo.
  • Consequently, each scheme of the fund house will be renamed to replace the word 'IDFC' with the word 'Bandhan'.
  • The company, which was earlier a part of the IDFC group, was acquired by a Bandhan Financial Holdings-led consortium in April 2022.

Siddhartha Mohanty is Interim Chairman of LIC

  • The government appointed Siddhartha Mohanty as the interim chairman of Life Insurance Corporation of India (LIC) for three months. As per reports, current LIC chairman M. R. Kumar won't get the extension.
  • Mohanty was appointed as the MD of Life Insurance Corporation (LIC), effective February 1st, 2021. In place of T. C. Suseel Kumar, who retired in 2021.

RBI Approves Reappointment of Sumant Kathpalia as MD, CEO of IndusInd Bank

  • The Reserve bank of India (RBI) approved the re-appointment of Sumant Kathpalia as Managing Director and Chief Executive Officer (MD & CEO) of IndusInd Bank for two years.
  • Sumant Kathpalia is a career banker with years of experience in large multi-national banks such as Citibank, Bank of America and ABN AMRO, prior to joining IndusInd Bank. Kathpalia has led several roles in his 30-year career.

Rohit Jawa to Replace Sanjiv Mehta as HUL Managing Director and CEO

  • Rohit Jawa was named as the new Managing Director and CEO of Hindustan Unilever with effect from June 27, 2023. Jawa is currently the Chief of Transformation for Unilever, London. He will be a whole-time director of the company from April 1, up to June 26, 2023.
  • Jawa started his career with HUL as a management trainee in 1988 and has a proven track record of sustained business results across, India, South East Asia, and North Asia. As EVP for North Asia and chairman for Unilever China, he led a significant transformation of Unilever China into a competitive, profitable, and consistent business — now Unilever's third biggest globally.
  • Hindustan Unilever Limited (HUL) is an Indian consumer goods company headquartered in Mumbai. It is a subsidiary of the British company Unilever.
  • HUL was established in 1931 as Hindustan Vanaspati Manufacturing Co. Following a merger of constituent groups in 1956, it was renamed Hindustan Lever Limited. The company was renamed again in June 2007 as Hindustan Unilever Limited.

Mar 12, 2023

Paytm Payments Bank Goes Live with UPI Lite

  • Paytm Payments Bank went live with UPI Lite, thus enabling its customers to experience hassle free UPI payments, without keying in the pin every time they make payment up to Rs. 200.
  • UPI Lite is a feature enabled by National Payments Corporation of India (NPCI) for multiple small value UPI transactions. With UPI LITE, users can carry out a large number of small value UPI payments without worrying about the bank cap on UPI transactions.
  • Payments made using UPI Lite will de-clutter the passbook of Paytm Payments Bank users and these small value transactions would now show in the Paytm balance and history section.

Godrej Agrovet Inks Pact with AP Govt. to Set up Edible Oils Refining Plant

  • Godrej Agrovet Ltd inked a pact to invest Rs. 100 crore to set up a refining plant for edible oils in Andhra Pradesh.
  • The company signed a Memorandum of Understanding (MoU) with the state government on the sidelines of Andhra Pradesh Global Investors Summit (APGIS) 2023.
  • As a part of the MoU, Godrej Agrovet's oil palm business will set up a manufacturing facility for edible oil refinery and solvent extraction plant.
  • The company already has 45,000 hectare area of oil palm plantation area in Andhra Pradesh (AP). The proposed new plant will have a projected refining capacity of 400 tonnes per day and will be set up in Seethanagaram, Eluru District in AP.

Indigo Appoints Mark Sutch as Chief Commercial Officer of CarGo

  • IndiGo airline appointed Mark Sutch as its new Chief Commercial Officer - CarGo International.
  • Mark brings with him 25 years of airline industry experience across different verticals, including extensive cargo experience. Mark's was also Chief Commercial Officer with CMA CGM Air Cargo based in Marseille.
  • Mark is a British and Irish national and has spent most of his career on international assignments.

Mar 11, 2023

Govt. Brings Crypto under Money Laundering Laws

  • The government bought a range of cryptocurrencies or virtual digital asset (VDA) transactions under the ambit of Prevention of Money Laundering Act (PMLA), 2002.
  • Besides, the safekeeping or administration of VDA and the participation in financial services related to the offer and sale of VDA will also come under the preview of the Act.
  • The measure is expected to aid investigative agencies in carrying out action against crypto firms.

Yes Bank and Aadhar Housing Finance Ink Co-lending Partnership

  • Yes Bank entered into a co-lending partnership with Aadhar Housing Finance to offer home loans at competitive interest rates.
  • Under the partnership, the entities will provide products such as home loan for salaried employees, loan for plot purchase and construction, home improvement loan, loan against residential commercial property, balance transfers and top up, among others, to customers from lower and middle-income groups.

B. Gopkumar Takes over Axis Mutual Fund as CEO

  • B. Gopkumar, Managing Director and Chief Executive Officer at Axis Securities, is the new CEO of Axis Mutual Fund. He took over from Chandresh Nigam who stepped down as the CEO.
  • The fund house has been plagued by the front-running scandal that came to light in 2022 when it suspended its former chief dealer Viresh Joshi after finding him guilty in an internal investigation.
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