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Oct 2022

Mar 05, 2023

Karnataka Bank Appoints Abhishek Sankar Bagchi as New CFO

  • Karnataka Bank appointed Abhishek Sankar Bagchi as chief financial officer (CFO) on contract basis.
  • Bagchi has over 18 years of work experience in financial reporting, financial planning & control, taxation, RBI reporting, strategic planning, fund management and budgeting. He was Chief Financial officer and Head Finance at NSDL Payments Bank since September 2017.
  • Muralidhar Krishna Rao demitted the office of chief financial officer of the Bank on 1 March 1, 2023 upon completion of his term.
  • Karnataka Bank is an Indian private sector bank based in Mangalore.

RBI Slaps Amazon Pay (India) with Rs. 3.06 crore Penalty

  • The Reserve Bank of India (RBI) imposed a penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited, on charges of not complying with certain norms of the Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction.
  • RBI said that after considering the response from Amazon Pay on charge of non-compliance with RBI directions it imposed monetary penalty.
  • The central bank said that the charges were imposed under Section 30 of the Payment and Settlement Systems Act, 2007.

Mar 04, 2023

State Bank of India Completes First Commercial Trade in Sri Lankan Rupees

  • Indian lender State Bank of India completed its first non-dollar transaction with Sri Lanka, by paying for exports in Sri Lankan rupees as India looks to bring countries that are short of U.S. dollars into the trade mechanism.
  • The move came as Sri Lanka grapples with its worst economic crisis since its independence, triggered by a shortage of dollars. The island nation's forex reserves stood at $2.1 billion as of end-January 2023.

Foxconn to Set up Electronics Manufacturing Facility in Telangana

  • Electronics major Foxconn will set up a manufacturing facility in Telangana with employment generation potential for over one lakh people.
  • This was announced after Foxconn Chairman Young Liu met Telangana Chief Minister K. Chandrasekhar Rao.
  • Hon Hai Technology Group (Foxconn) and the Government of Telangana signed an agreement at the Pragati Bhavan.
  • The historic deal has the potential to generate employment for more than one lakh people over a period of 10 years.

Mar 03, 2023

Tata Power Partners with Enel Group to Power Digitalisation, Automation

  • Tata Power collaborated with Enel Group to power digitalisation and automation of India's distribution network.
  • Tata Power joined hands with Enel Group, one of the largest integrated players in the global power and renewable markets, for implementing two key pilot projects through former's Delhi based distribution business.
  • The agreement towards the same was signed by Robert Ronald Denda - CEO Gridspertise Srl, and Praveer Sinha, CEO & MD, Tata Power, in New Delhi.

Pramerica Life Insurance Appoints Pankaj Gupta as MD and CEO

  • Pankaj Gupta was appointed as the MD & CEO of the Pramerica Life Insurance. Gupta succeeded Kalpana Sampat.
  • He will be responsible for driving strategic growth led transformation to bring Pramerica Life amongst the leading life Insurance companies in India.
  • Gupta joined Pramerica Life Insurance from HDFC Life, where he was the Group Head – Distribution Strategy & Alliances and was part of HDFC Life's top Leadership team.
  • Pramerica Life Insurance Limited is a joint venture between DIL, a wholly owned subsidiary of Piramal Capital and Housing Finance Limited and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI).

Mar 02, 2023

HDFC Bank's Sashidhar Jagdishan is 'BS Banker of the Year 2022'

  • Sashidhar Jagdishan, Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Bank, was chosen as the Business Standard Banker of the Year 2022, as the lender continued its strong performance under his leadership while successfully navigating through technology-related challenges.
  • An eminent five-member jury, chaired by former Reserve Bank of India (RBI) deputy governor S. S. Mundra, picked the CEO of the largest private sector bank of the country as the winner.
  • Jagdishan took charge of HDFC Bank on October 27, 2020, after his illustrious predecessor Aditya Puri demitted office upon attaining the age of 70 years – the maximum age for a CEO in a private sector bank.
  • Jagdishan's journey in HDFC Bank started in 1996 as a manager in the finance function.

HDFC First Private Bank to Tie up with IRCTC for Co-branded Credit Card

  • HDFC India's largest private sector bank announced a partnership with IRCTC and launched "IRCTC HDFC Bank Credit Card" which provides exclusive benefits on bookings through IRCTC website & app, lounge access, besides others.
  • Earlier, IRCTC has only partnered with SBI and Bank of Baroda for this travel segment of the card.
  • The launch came a day after many HDFC Bank users mentioned that they were not able to perform transactions on HDFC's internet banking and mobile app.
  • The credit card was launched by Ms. Rajni Hasija, Chairman & Managing Director, IRCTC, Mr. Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking and IT, HDFC Bank and Ms. Praveena Rai, COO, NPCI.

Vishal Sharma Appointed as Godrej Industries CEO-designate of its Chemicals Business

  • Vishal Sharma was named the Chief Executive Officer-Designate (CEO-Designate) of the GIL-Chemicals Business. Nitin Nabar, Executive Director and President (Chemicals), Godrej Industries Limited, is Vishal's reporting authority.
  • From Ecolab Inc., where he served as Senior Vice President for the India, Middle East, and Africa (IMEA) region, stationed in Dubai since June 2020, Vishal Sharma joined Godrej.
  • Vishal has a Bachelor of Engineering from MIT Manipal in Mangalore and a Postgraduate Diploma in Management from IMDR Pune.

Mar 01, 2023

Citi Consumer Business Becomes Axis Bank Property

  • Effective from  March 1, 2023, Citibank's consumer business in India will be transferred to Axis Bank, completing the final step in the process of acquisition that started in March last year.
  • The multinational bank's consumer business in India comprises credit cards, home loans, personal loans, retail banking and insurance distribution, among others. The deal came after Citigroup, in 2021, announced its decision to shutter its retail banking operations in 13 countries, including India, as part of a global business strategy.
  • Citibank has now put out a list of answers to customers' common queries about the transition process. Let's decode its responses to queries around Citi's existing products, services, charges, and more.

SEBI Bars 21 Entities in Axis Mutual Fund Front-Running Case

  • The Securities and Exchange Board of India (SEBI) in 2023, issued interim orders in a case of alleged front-running at Axis Mutual fund, while issuing show cause orders to the mutual fund and related entities.
  • The SEBI directed that 21 entities be barred from the capital markets until further orders.
  • It identified Rs. 305 million ($3.7 million) as wrongful gains accrued due to the alleged front-running activities and directed that this amount be impounded from the entities. SEBI has not passed any directions against the fund house and its operations will not be impacted by it.
  • The regulator conducted a probe in a case of front running in trades of Axis Mutual Fund between September 2021 and March 31, 2022. Front running is a market malpractice of trading in securities ahead of large client orders for personal gains.
  • "Viresh Joshi, the then chief dealer of Axis MF, was observed to have traded in different securities ahead of the impending orders placed on behalf of the big client (Axis Mutual Fund)," SEBI said in the order.
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