Amara Raja Batteries Rebrands as Amara Raja Energy & Mobility Ltd
Amara Batteries Ltd, an industrial and automotive battery manufacturer, officially changed its name to Amara Raja Energy & Mobility Ltd (ARE&M). The new name aims to reflect more accurately the company's expansion from batteries to the broader energy and mobility sectors.
Over the past two years, ARE&M has strategically expanded its portfolio to offer a range of solutions and products. These include automotive batteries, industrial batteries, battery energy storage solutions, lithium-ion cell manufacturing, a wide range of electric vehicle chargers, lithium-ion battery pack assembly, renewable energy storage solutions, battery management systems and lubricants.
Cognizant Appoints Wipro's Jatin Dalal as its Chief Financial Officer
Nasdaq-listed IT major Cognizant announced the appointment of Wipro veteran Jatin Dalal as Chief Financial Officer (CFO), with the appointment anticipated to be effective December 2023. Wipro announced Dalal's resignation on September 21.
Dalal will report to Ravi Kumar S, Cognizant's Chief Executive Officer (CEO), who joined the company in October 2022 after spending 20 years at Infosys. Dalal will oversee Cognizant's global financial planning and analysis, accounting and controllership, tax, treasury and internal audit, corporate development, investor relations and enterprise risk management functions.
Dalal will succeed Jan Siegmund who intends to retire in early 2024. Upon Dalal's assumption of the role of CFO, Siegmund will remain with the company as a non-executive officer and special advisor to support an orderly transition.
Sep 29, 2023
Flipkart Appoints Microsoft's Keshav Dhakad as Senior V-P, General Counsel
Keshav S. Dhakad was appointed senior vice president and general counsel for the Flipkart Group. Dhakad will be responsible for all legal-related matters for the Flipkart Group. Dhakad joined Flipkart from Microsoft Corporation, where he spent over a decade and a half.
As the general counsel of Microsoft India, which comprised six business units, Dhakad was the group head of Corporate, External and Legal Affairs (CELA). He has over 23 years of law firm and in-house legal experience, having begun his professional journey with a leading boutique intellectual property law firm, M/s Anand & Anand Advocates, New Delhi, in 1999.
He is a law graduate (LLB) from Campus Law Centre, Faculty of Law at the University of Delhi, and obtained his masters (LLM) from Franklin Pierce Law Centre, New Hampshire, USA. Besides the Bar Council of Delhi, Dhakad is also admitted to practise law in New York State since 2003.
RBI Clears K. N. Madhusoodanan as Part-time Chairman of Dhanlaxmi Bank
The Reserve Bank of India (RBI) cleared the appointment of K. N. Madhusoodanan as a part-time chairman of Kerala-based Dhanlaxmi Bank. This came after a period of 21 months during which the company was without a chairman, following the resignation of G. Subramonia Iyer in December 2021 for personal reasons.
Madhusoodanan has been an independent director with the bank since 2022. This appointment also follows the RBI's rejection of a proposal to appoint G. Rajagopalan Nair as its part-time chairman. Nair was also an independent director with the bank since August 2020.
Sep 28, 2023
Yes Bank Appoints Manish Jain as Country Head of Wholesale Banking
Yes Bank announced the appointment of Manish Jain as the new country head of Wholesale Banking, effective September 27. He succeeded Ravi Thota, who resigned in August 2023, citing personal and professional reasons.
Jain holds a master of business administration from the Indian Institute of Management Bangalore and a BTech degree in mechanical engineering from the Indian Institute of Technology Delhi, and has nearly three decades of professional experience. As country head of Wholesale Banking, he will lead and oversee various segments, including large corporates, emerging local corporates, transaction banking group, institutional and government banking, and business economics banking within YES Bank.
Intel Appoints Gokul Subramaniam as New President of Intel India
Intel Corporation appointed Gokul Subramaniam as the new President of Intel India, responsible for overseeing the company's comprehensive engineering and design operations. This includes innovation, cross-group efficiencies, and execution of Intel's products in India.
The appointment follows the departure of Nivruti Rai, Intel's former country head, who joined Invest India, the government's investment promotion agency, as its Managing Director and Chief Executive Officer.
Santhosh Viswanathan, Vice President and Managing Director of Sales, Marketing and Communications Group (SMG) for Intel India, will continue overseeing Intel's overall business in the country, focusing on new revenue and growth opportunities.
RBI Deputy Governor M. Rajeshwar Rao Gets Term Extension
The Central government granted a one-year extension to M. Rajeshwar Rao's term as Deputy Governor of the Reserve Bank of India (RBI).
M. Rajeshwar Rao was originally appointed as Deputy Governor of the Reserve Bank in October 2020, with a term of three years. His initial assignment was to oversee financial regulation within the central bank. However, this new extension will allow him to continue his vital role for an additional year, starting from October 9, 2023, or until further orders are issued, whichever comes first.
RBI Approves Poonawalla Fincorp to Issue Credit Cards with IndusInd Bank
Cyrus Poonawalla-owned Poonawalla Fincorp received Reserve Bank of India's (RBI) permission to issue co-branded credit cards with IndusInd Bank.
The company envisages to launch this credit card within three months. According to the company, this partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit.
Sep 27, 2023
Global Investment in Indian Banks to Continue on Robust Finances
Indian banks will continue attracting global investment from investors looking for better returns as credit growth, improved margins, and stable asset quality boost the country's lenders
The total market value of foreign institutional investors' holdings in Indian banks has increased to Rs. 8.36 trillion as of June 30, 2023 from Rs. 7.71 trillion 2022
Top lenders that attracted foreign institutional investors include ICICI Bank, HDFC Bank, and Kotak Mahindra Bank.
SIDBI Signs Pact with DLAI to Boost Fintech Sector
The Small Industries Development Bank of India has inked an agreement with the Digital Lenders Association of India (DLAI) to boost the country's fintech sector.
Aim: To collaborate with SIDBI to develop standard protocols to expedite the adoption of digital lending partnerships including alliances between banks and Lending Service Providers.
It also provides resource support to eligible DLAI member NBFCs and also explores Assignment and Securitisation transactions.
Khamree Mo Sikkim!
Maruti Suzuki India Limited (MSIL) has embarked on a mission to raise awareness about career opportunities among the youth in Northeastern India.
To achieve this goal, MSIL has joined hands with the Indian Navy for the 'Khamree Mo Sikkim' outreach program, a collaborative effort dedicated to the progress and well-being of the region.
PhonePe Launches its Own App Store to End Google's Monopoly
PhonePe announced the launch of the Indus Appstore Developer Platform.
PhonePe wants all Android developers to register and upload their apps using the Indus Appstore.
According to PhonePe, these apps will be listed on the soon-to-be-launched.
Indus Appstore, offering a localised experience in 12 languages.
Sep 26, 2023
India Fourth in Number of Start-ups with over $50 mn Funding
According to the first edition of Startup Genome's Scaleup Report, India ranks fourth in the world in the number of scaleups or start-ups that have received over $50 million of disclosed venture capital (VC) investment.
In the survey involving 12,400 startups, India ranked fourth with 429 scaleups, after the US (7,184), China (1,491), and the UK (623). However, India is ahead of the UK in total VC investment that has gone into these scaleups and in cumulative tech value investment of scaleups. The report stated that India recorded 429 scaleups, with a VC investment of $127 billion and a total value of tech investment of $446 billion.
Startup Genome, an innovation policy advisory and research firm, surveyed start-ups in over 80 cities across more than 40 countries and looked at 60-plus metrics.
Utkarsh Small Finance Bank Leads the Way with ICCW
The Bank announces the launch of Interoperable Cardless Cash Withdrawal (ICCW) service that utilises UPI (Unified Payments Interface) on its ATM networks. This is in line with the Reserve Bank of India's directive in May 2022, urging all banks to provide Interoperable Cardless Cash Withdrawal (ICCW) options at their ATMs, and Utkarsh Small Finance Bank took the lead in fulfilling this mandate.
The ICCW service empowers bank customers who are active on UPI to conveniently withdraw cash from Utkarsh Small Finance Bank ATMs designated for UPI-ATM - ICCW transactions, all without the need for a physical debit card.
Notably, this ground-breaking service extends its convenience not only to Utkarsh Small Finance Bank customers but also to customers of other Banks who employ BHIM Utkarsh, BHIM UPI, or any other ICCW-enabled UPI application on their mobile devices. It's an exciting development that underscores our commitment to enhancing customer experiences.
RBI Imposes Monetary Penalty on SBI, Punjab & Sind Bank and Indian Bank
The Reserve Bank of India (RBI) imposed a monetary penalty on the State Bank of India (SBI), Punjab & Sind Bank, and Indian Bank owing to non-compliance with certain regulations.
As per the RBI circular, SBI was penalised with Rs. 1.30 crore due to lack of compliance with directions on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures'.
Meanwhile, Indian Bank was charged with Rs. 1.62 crore for non-compliance with 'Loans and Advances – Statutory and Other Restrictions', along with 'Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016' and 'Reserve Bank of India (Interest Rate on Deposits) Directions, 2016'.
Punjab & Sind Bank paid a fine of Rs. 1 crore for failing to comply with regulations on 'The Depositor Education and Awareness Fund Scheme, 2014–Section 26A of Banking Regulation Act, 1949–Operational Guidelines'.
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