Wipro Current Affairs - 2019
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Azim Premji Chairman of Wipro Ltd will be felicitated with the Ernst & Young Lifetime Achievement Award. Ernst & Young, famously known as EY is a multinational professional services firm and is one of the “Big Four” accounting firms.
Motivational Journey of Azim Premji
Azim Premji was born on July 24, 1945, to an affluent Gujarati entrepreneur. He inherited Wipro, a vegetable oil company at the age of 21 after the sudden demise of his father.
Azim Premji was pursuing Electrical Engineering from Stanford University, USA when he took over the reins of his family business in 1966. He was written off to carry the herculean task and was publicly advised to sell his shareholding and give it into more mature hands. This further strengthened his resolve to make Wipro a success story.
Under his able leadership, Wipro diversified from hydrogenated cooking fats to bakery fats, ethnic ingredient based toiletries, hair care soaps, baby toiletries, lighting products and hydraulic cylinders.
The expulsion of IBM from the Indian market led to a vacuum and Wipro ventured into software services taking advantage. The rest is history. He led Wipro from a hydrogenated cooking fats company to a pioneer in providing integrated business, technology and process solutions on a global delivery platform. Wipro Technologies is the largest independent R&D service provider in the world and is ranked among the top 100 technology companies globally.
In 2005 Premji was conferred the Padma Bhushan and Padma Vibhushan in 2011. Premji has also pledged to donate USD 2 billion for improving school education in India, the first of its kind by any Indian billionaire.
The Reserve Bank of India (RBI) has shortlisted six major IT firms to set up a wide-based digital Public Credit Registry (PCR) for capturing details of all borrowers and wilful defaulters. The RBI will now seek request for proposal from the six vendors.
Shortlisted IT Firms
The firms shortlisted by the RBI are TCS, Wipro, IBM India, Capgemini Technology Services India, Dun & Bradstreet Information Services India, and Mindtree Ltd.
Public Credit Registry
Public Credit Registry is a digital registry of authenticated granular credit information and will work as a financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem. It would be mandatory for reporting for all material events for each loan, notwithstanding any threshold in the loan amount or type of borrower to the Public Credit Registry.
The public credit Registry will also allow borrowers to access their own credit information and seek corrections to the credit information reported on them.
Why there was a need of Public credit registry?
At present, there are multiple granular credit information repositories in India, with each having somewhat distinct objectives and coverage. Lack of integrated comprehensive information had become a bottleneck in tackling bad loans. Public credit registry will fill this gap.
Credit Management in India
Within RBI, CRILC (Central Repository of Information on Large Credits) is a borrower-level supervisory dataset that keeps the record of loans of Rs 5 crore and above. In India, there are four privately owned credit information companies (CICs). They are CIBIL, Equifax, Experian and High Mark Credit Information Services. The RBI has also mandated all its regulated entities to submit credit information individually to all four CICs.