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Indian CEOs leading major companies in the world

Screenshot_5Microsoft has become the biggest company to be headed by an Indian. Indian-born Mr. Satya Nadella appointed as the new Chief Executive Officer (CEO) and member of the Board of Directors of the Internet giant Microsoft. The appoint of Mr. Nadella is a significant achievement as he joined a circle of India-origin executives manning top global companies.

Some global corporations led by Indian CEOs:

  • Mr. Lakshmi Mittal – Chairman and CEO of Arcelor-Mittal, world’s largest steel making company. The Indian Steel mogul is one of the most influential and powerful figures globally.
  • Ms. Indra Nooyi – Chairperson & CEO of PepsiCo, one of the largest food and beverage business in the world.
  • Rakesh Kapoor – CEO of Reckitt Benckiser, the consumer goods giant is listed on London Stock Exchange and is a constituent of the FTSE 100 Index.
  • Anshu Jain: Co-CEO, Deutsche Bank.
  • Ajay Banga: President  & CEO, MasterCard, an American financial services corporation that process payments between the banks of merchants when purchases are made through the brand card. Mr. Banga appointed CEO in July 2010.
  • Sanjay Jha: Appointed as chief executive officer of GLOBALFOUNDRIES in January 2014. GLOBALFOUNDRIES is the world’s first full-service semiconductor foundry with a truly global manufacturing and technology footprint.
  • Shantanu Narayen – President and CEO of Adobe Systems, one of the world’s largest and most diversified software companies.
  • Dinesh Paliwali: CEO of Harman International, a leading provider of premium audio and infotainment systems for the automotive, consumer and professional markets. He has served as the CEO since July 2007.
  • Rajeev Vasudeva: Egon Zehnder.
  • Ivan Menezes: CEO of alcoholic beverages firm Diageo PLC since July 1, 2013. 
  • Ajit Jain: Berkshire Hathaway Group.
  • Piyush Gupta: DBS Group Holdings.
  • Sanjay Mehrotra: CEO of SanDisk since January 1, 2011.

As per human resource experts, professionals in India have become global professionals. The technical skills and the behavioural patterns of Indians executives make them very much adaptable to any kind of situation they come across. Indians focus on good education and ability to work in difficult situations is aiding to this rising trend and more and more Indians could rise to top positions at global companies in the near future.

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‘NACH-ready payments services’ hub for India, launched by Polaris Financial Technology

Polaris Financial Technology announced the launch of its NACH-ready India payments solution. With the emergence of NACH, a high rate of adoption is anticipated to make it imperative for banks to have a strategic roadmap for the adoption of NACH. This would include product innovation, operational reconstructs and cutting edge technology adoption.

NACH-ready India Payments solution

 

  • Web-based solution to facilitate inter-bank, high volume electronic transactions that are repetitive and periodic in nature.
  • Facilitates centralized mandate management, direct debits and bulk payments processing.
  • Standard features: cross-border transactions and host-to-host connectivity, etc.
  • Compliant with major payment systems in the country viz. National Automated Clearing House (NACH), Next- Generation Real Time Gross Settlement (NGRTGS) and National Electronic Funds Transfer System (NEFT).
  • Capable of achieving Straight Through Processing (STP) rates of over 97% across high volume and high care payments through business rules driven data validation and enrichment.
  • Operational risks can be reduced by around 20%-25% using a configurable Exceptions Management Framework which offers complete audit and control. 
Polaris Financial Technology Ltd.

 

Screenshot_4A Global leader in Financial Technology for Banking, Insurance and other Financial Services. Founded in 1993.
Headquarters: Chennai, Tamil Nadu. Its iGTB division is the world’s first complete Global Transaction Banking platform, used by the world’s top transaction banks.

Services offered: financial technology products, legacy modernization services and consultant of core banking, corporate banking, wealth & asset management and insurance. 

National Automated Clearing House (NACH)

 

The National Payments Corporation of India (NPCI) has implemented NACH for banks, financial institutions, corporate and government to facilitate inter-bank, high volume, electronic transactions which are repetitive and periodic in nature.

  • Web-based solution: A centralized system that will provide a national footprint and is expected to cover the entire core banking enabled bank branches spread across the geography of the country irrespective of the location of the bank branch.
  • Objective: To provide a single set of rules (operating and business), open standards and best industry practices for electronic transactions which are common across all the Participants, Service Providers and Users, etc.
  • Provides a robust, secure and scalable platform to the participants with both transaction and file based transaction processing capabilities.
  • Facilitates the member banks to design their own products and also addresses specific needs of the banks & corporates including a refined Mandate Management System (MMS) and an online Dispute Management System (DMS) coupled with strong information exchange and customized MIS capabilities.
  • Supports Financial Inclusion measures initiated by Government, Government Agencies and Banks by providing support to Aadhaar based transactions.
  • Used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension, etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium, etc.

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Govt. allows FIIs, NRIs to invest in insurance sector

The Union Government has allowed 26% foreign investment in insurance sector in activities related to insurance viz. broking, Third Party Administrators (TPAs) and surveyors and permitted Foreign Institutional Investors (FIIs) and Non-Resident Indians (NRIs) to also invest in insurers within the stipulated cap.

The Department of Industrial Policy and Promotion (DIPP) stated that in case of insurance, the 26% cap will include FDI and investments from FIIs and NRIs.

(Earlier, only FDI under the automatic route was allowed in insurance companies.)

Apart from insurance companies, the relaxation would apply to insurance brokers, third-party administrators (TPAs), surveyors and loss assessors. All of this investment can be made under the automatic route.

  • Insurance brokers are entities which for remuneration arrange insurance contracts with insurers or reinsurers on behalf of their clients.
  • The TPAs help in facilitating health insurance on behalf of insurers.
  • Surveyors and loss assessors provide technical services to the insurance companies.
  • All these entities are required to obtain a licence from the Insurance Regulatory and Development Authority (IRDA) for undertaking specific activities.

The Arvind Mayaram Committee on definition of FII and FDI, in its draft report, recommended composite caps whereby FDI, FII and NRI investments would form part of the total cap on foreign investments.

Note: The Insurance Act, 1938 does not stipulate any FDI limits for insurance intermediaries or TPAs, but sector regulator IRDA has restricted it to 26%.

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