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In a bid to transform state-run banks, the Indian Government is determined to hire outside talent and bureaucrats in <keyword id="6355548" type="ORGANIZATION" weightage="80" keywordseo="Public-Sector-Banks">public sector banks</keyword>. The Government is going to appoint Ravi Venkatesan, an independent director on the <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> board, and former revenue secretary Sumit Bose as chairmen of two public-sector banks. 
 Also, TN Manoharan, who is on the board of <keyword id="43217" type="CITY" weightage="80" keywordseo="Tech-Mahindra">Tech Mahindra</keyword>, and former petroleum secretary GC Chaturvedi are going to head two other banks. 
 
However, names of the banks they will be soon heading could not be confirmed. 
 
"Approvals have been sought for the candidature of Ravi Venkatesan and Sumit Bose," a senior official with the department of personnel &amp; training told Economic Times. The official also confirmed the news about appointment of Manoharan and Chaturvedi to head other banks. 
 
The Government wants to hire chairmen of eight banks as it wants to reform the state-run banking system. 
 
"It should take at least a week for the announcement of chairmen of eight PSBs," another official, aware of the developments, told ET, adding, “the move shows the resolve of the government to give more autonomy to state-run banks and transform the way banking is done at these institutions.” 
 
The official said the shortlisted candidates were industry leaders, veteran bankers and reputed bureaucrats, which will further empower individual bank boards. 
 
Venkatesan was the chairman of Microsoft India between 2004 and 2011. He is also a fellow of the Center for Higher Ambition Leadership, Boston. 
 
The financial daily reported that the Government had appointed Manoharan on Satyam’s board after it took control of the scam-hit company. The company was later on acquired by Tech Mahindra and Manoharan is now a director on the board of Tech Mahindra. He served as the president of Institute of Chartered Accountants of India during 2006-07. 
 
Bose and Chaturvedi are seasoned bureaucrats, as the former was revenue and disinvestment secretary while the latter held the charge of additional secretary, financial services, before he went on to become petroleum secretary. 
 
(Image: Indiatimes)

Big public banks to now have tough
corporate bosses from Infosys and Tech Mahindra

<keyword id="2038187" type="COMPANY" weightage="20" keywordseo="Thinkers50">Thinkers50</keyword> India released the definitive list of most influential management thinkers from India for the year 2015, who created, expanded and enhanced thought leadership in India. 
 
Among the Thinkers50 include Nirmalya Kumar, Ravi Venkatesan, Tarun Khanna, Gurcharan Das. 
 
Nirmalya Kumar of Tata Sons contributed to the theory and practice of management include authoring six books in the domain of marketing strategy and publishing extensively in the Journal of Marketing Research and Harvard Business Review. 
 
Venkatesan of Social Venture Partners has had powerful bearing in recent years on management thinking especially for multinationals by publishing the much acclaimed book on how to succeed in Indian context and drawing lessons for markets elsewhere. 
 
Other thinkers on the list include dons from Harvard Business School, Kellogg School of Management and the all important Indian Institute of Management system and ISB, etc. 
 Among professors, Prof. Tarun Khanna, expert in the areas of innovation and <keyword id="107737" type="ORGANIZATION" weightage="20" keywordseo="Entrepreneurship">entrepreneurship</keyword> in emerging markets, Prof. Rakesh Khurana, forefront of organizational theory and leadership development, were also named. 
 
Prof. TT Ram Mohan from IIM Ahmedabad and Prof. R. Vaidyanathan, similarly are known for their work in the areas of finance, banking and capital markets. Their seminal work has led to considerable developments in the areas of banking and finance in India. 
 
Dr. Amit Kapoor, Editor-in-Chief, Thinkers and Curator of Thinkers50 India said, “India has always been at the forefront of thought leadership in the domain of management. But the challenge has been in recognizing management thinking and practice. Thinkers 50 India list 2015 is an embodiment of this spirit and I hope in the coming years several pathbreaking ideas in the domain of management come from Indian Thinkers.” 
 
(Image: Thinkstock)

The definitive list of 50 of India’s best Management Minds!

Country's second largest software services firm <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> announced the appointment of <keyword id="4715674" type="UNKNOWN" weightage="100" keywordseo="d-sundaram">D Sundaram</keyword> as an independent director with effect from July 14, according to PTI news report. The appointment is based on the recommendations of the Nomination and Remuneration Committee of the Board, Infosys said in a statement. <keyword id="120337" type="COMPANY" weightage="20" keywordseo="Sundaram">Sundaram</keyword> is currently the Vice Chairman and MD of TVS Capital Funds Ltd. He joined Unilever Group in 1975 and has served in various leadership capacities in Unilever Group in a career spanning over 34 years. "He (Sundaram) brings extensive experience in the field of finance and strategy execution," Infosys Chairman <keyword id="484178" type="PERSON" weightage="20" keywordseo="R-Seshasayee">R Seshasayee</keyword> said. Other independent directors on Infosys Board include Prof John W Etchemendy (<keyword id="101399" type="ORGANIZATION" weightage="20" keywordseo="Stanford-University">Stanford University</keyword>'s Provost), Roopa Kudva (former MD and CEO, Crisil), Dr Punita Kumar-Sinha (former Senior MD of Blackstone) and Jeffrey Sean Lehman (vice chancellor of <keyword id="4716260" type="UNKNOWN" weightage="20" keywordseo="nyu-shanghai">NYU Shanghai</keyword>). Ravi Venkatesan (former Microsoft India Chairman), Kiran Mazumdar-Shaw (Chairperson and MD of <keyword id="6358361" type="CITY" weightage="20" keywordseo="Biocon">Biocon</keyword>) and D N Prahlad (CEO of <keyword id="4716261" type="UNKNOWN" weightage="20" keywordseo="surya-software-systems">Surya Software Systems</keyword>) are also on Infosys' Board as independent directors.

Infosys appoints D Sundaram as independent director

Infosys elevates Ravi Venkatesan as co-chairman of the board. Here’s why he matters

<ul><li>The survey conducted among MSMEs during and post the lockdown period delves into major problems faced by entrepreneurs .</li><li>This study shows that of those surveyed only 31 per cent were aware of schemes launched under the 'Atmanirbhar Bharat' initiative.</li><li>The study was conducted over 2020 and 2021 in two rounds, each across 1955 micro businesses.</li></ul> A study on the impact of Covid-19 on microbusinesses in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> has found that nearly 40 per cent of them were denied loans (both formal/informal) as they did not have sufficient collateral or lacked positive credit history. According to non-profit organisation '<keyword id="6815383" type="General" weightage="50" keywordseo="global-alliance-for-mass-entrepreneurship" source="Orion">Global Alliance for Mass Entrepreneurship</keyword>' (GAME), which conducted the study, 21 per cent of the microbusinesses lacked requisite documentation for the application. The report, titled '<keyword id="15622525" type="General" weightage="20" keywordseo="road-to-recovery-examining-the" source="Orion">Road to Recovery: Examining the</keyword> impact of Covid-19 on microbusinesses in India', released recently, is a nationwide study on how the Indian MSME (micro, small and medium enterprises) sector managed the pandemic period lockdowns, GAME said. The survey conducted among MSMEs during and post the lockdown period delves into major problems faced by entrepreneurs regarding financial impact, business confidence, and stress management, it said. The study conducted over 2020 and 2021 in two rounds, each across 1955 micro businesses, pointed out that over 50 per cent of enterprises reported having no coping strategies or mechanisms to cushion the pandemic's impact, GAME said in a statement. GAME Founder, Ravi <keyword id="205709" type="General" weightage="80" keywordseo="venkatesan" source="Orion">Venkatesan</keyword> said there is a dire need for building adequate knowledge of bank managers, field officers, and banking correspondents on bank and government schemes. This study shows that of those surveyed only 31 per cent were aware of schemes launched under the 'Atmanirbhar Bharat' initiative, he said. "As part of the package, financial institutions introduced a credit product for MSMEs whose loan accounts were categorised as special mention accounts by lending institutions. While this was created to support MSMEs unable to repay loans, similarly, financial solutions can be created to encourage business modifications as a response to external challenges", Venkatesan said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/elon-musk-may-produce-alternative-smartphones-to-compete-with-apple-android/articleshow/95780494.cms">Elon Musk may produce 'alternative' smartphones to compete with Apple, Android</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-sees-a-single-day-rise-of-new-389-coronavirus-infections-tally-rises-to-530608/articleshow/95779680.cms">India sees a single-day rise of new 389 coronavirus infections, tally rises to 5,30,608</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/centre-releases-17000-cr-as-gst-compensation-to-states/uts/articleshow/95768144.cms">Centre releases ₹17,000 cr as GST compensation to States/UTs</a>

Over 50% of microbusinesses had no mechanisms to cushion Covid impact, Road to Recovery report says

<ul><li><keyword id="6612" type="PERSON" weightage="20" keywordseo="Smriti-Irani">Smriti Irani</keyword>, Minister for Women and Child Development along with 30 participating organisations launched ‘<keyword id="8282463" type="UNKNOWN" weightage="20" keywordseo="yuwaah">YuWaah</keyword>’ — <keyword id="8282462" type="UNKNOWN" weightage="20" keywordseo="generation-unlimited">Generation Unlimited</keyword>’ — to train youth between 10 and 24 years of age. </li><li>The initiative supported by <keyword id="56000" type="COMPANY" weightage="20" keywordseo="UNICEF">UNICEF</keyword>, aims to engage over 300 million youngsters in education, skill training or employment over the next decade. </li><li>In 2018, UNICEF initiated the Generation Unlimited partnership, globally. India is one of the first countries to partner with the initiative. </li></ul>Every month a million people in India turn 18, ready to take up jobs. To help them, Smriti Irani, Minister for Women and Child Development launched ‘YuWaah’ — Generation Unlimited’. The government partnered with 30 participating to train the youth between the ages of 10 and 24. The initiative is supported by UNICEF. It aims to engage over 300 million youngsters in education, skills training or employment over the next decade. “The government is determined to make YuWaah a transformational alliance that brings a national step change in preparing young people for the transition from education to 21st century work,” Irani said at the launch. India is in dire need of skills training as its efforts have to be intensified by ten fold. Skilling needs to be much more aspirational, KP Krishnan, Secretary, Ministry of Skill Development and Entrepreneurship said. In 2018, UNICEF initiated the Generation Unlimited partnership globally. “An engineering degree has a validity of 18 months to 5 years. Hence, the youth today should learn agility — learn, unlearn and relearn. Soft skills — creativity, teamwork, growth mindset — are the future. This can only be learnt experientially, said Ravi Venkatesan, UNICEF representative. The programme is focused to create economic opportunities for 100 million youth through job matching and entrepreneurship. See also: <a href="https://www.businessinsider.in/soft-skills-can-save-your-job-from-the-machines-but-young-professionals-are-severely-short-of-it/articleshow/70243130.cms">Soft skills can save your job from the machines but young professionals are severely short of it</a> <a href="https://www.businessinsider.in/skill-india-mission-employment-rate-is-too-low/articleshow/70459576.cms">Only one in five people trained under government's Skill India Mission found jobs</a>

India will start skilling its youth starting from those who are ten years old

India’s second largest software exporter Infosys has formed a special investment committee on its board to keep a watch on all new acquisitions and big investments of the company. <keyword id="6369763" type="PERSON" weightage="80" keywordseo="Vishal-Sikka">Vishal Sikka</keyword>, the CEO of the Bengaluru-headquartered IT MNC, is aggressively pursuing buyouts as the company wants to generate $20 billion of revenue by 2020. 
 Its rivals, both <keyword id="10862" type="CITY" weightage="80" keywordseo="Wipro">Wipro</keyword> and <keyword id="6357585" type="CITY" weightage="80" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (TCS), have a special committee to oversee decisions regarding strategy planning, capital expenditure programmes, acquisitions and investments. Roopa Kudva, new board member and managing director of <keyword id="211875" type="ORGANIZATION" weightage="80" keywordseo="Omidyar-Network">Omidyar Network</keyword>'s India operations, would chair the committee that comprises board veteran and former <keyword id="28250" type="CITY" weightage="80" keywordseo="Microsoft-India">Microsoft India</keyword> chairman <keyword id="50299" type="PERSON" weightage="80" keywordseo="Ravi-Venkatesan">Ravi Venkatesan</keyword> among other board members, two people familiar with the development told the Economic Times. 
	 

	"Infosys felt that creating a committee to oversee acquisitions was a necessity, given the company's more aggressive stance on acquisitions and investments under Sikka — this committee will be responsible for vetting and overseeing all decisions the company makes on acquisitions, along with the approval of the rest of the board," said one of them. 
	 

	Infosys declined to confirm whether such a committee had been formed. "We do not comment on rumours or speculation," a company spokeswoman said in an email response to ET. 
 

	Sikka has said that he wants acquisitions to generate at least $1.5 billion of that. According to the company's quarterly report, Infosys had cash and cash equivalents of about $5.2 billion as of March 31, 2015. Earlier, in an interview to ET, Sikka said that Infosys would be very aggressive in chasing buyouts. In February, days after the software company bought automation startup <keyword id="2728667" type="UNKNOWN" weightage="80" keywordseo="Panaya">Panaya</keyword> for about Rs 1,200 crore ($200 million), the first non-founder CEO of Infosys said, "We have a dozen targets we are looking at now." Infosys made another large acquisition and bought ecommerce services provider <keyword id="2822310" type="UNKNOWN" weightage="80" keywordseo="Kallidus">Kallidus</keyword> (also known as Skava) for $120 million in April. "Anytime we see a company with talent, capabilities and IP in these areas (AI and collaboration technology) we would love to go for an acquisition," said Sikka, a former SAP board member. 
	 

	Both the Panaya and Skava acquisitions were vetted by the newly-formed investment committee on the Infosys board, said the two sources quoted above. 
	 

	The formation of this committee comes at a crucial juncture for Infosys, which is making big bets in newer areas of technology as part of Sikka's overall plan to turnaround the fortunes of the company and also when rivals such as TCS and Wipro are trying to make similar investments to gain a first-mover advantage in areas such as artificial intelligence and automation. Sandra Notardonato of <keyword id="6371981" type="CITY" weightage="80" keywordseo="Gartner">Gartner</keyword> Research said, to achieve the compound annual rate of revenue growth of 18% implied by the $20 billion target, Infosys is counting on $1.5 billion in acquisitions, 10% contribution from new service areas and 15% internal growth. It’s worth noting that Infosys’ rival Wipro also has a committee that oversees decisions around acquisitions, among other things. Wipro's billionaire chairman <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword>, CEO TK Kurien, board veterans <keyword id="2881183" type="PERSON" weightage="80" keywordseo="William-Arthur-Owens">William Arthur Owens</keyword> and Jagdish Sheth, and former head of <keyword id="6528042" type="CITY" weightage="80" keywordseo="Hewlett-Packard">Hewlett-Packard</keyword>'s printing business Vyomesh Joshi are currently part of this committee. Even Tata Consultancy Services has an executive committee that oversees decisions around capital expenditure programmes, acquisitions and investments. Members of the committee include TCS CEO N Chandrasekaran, <keyword id="6355725" type="CITY" weightage="80" keywordseo="Tata-Group">Tata Group</keyword> chairman <keyword id="6356895" type="PERSON" weightage="80" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword>, former company veteran S Ramadorai, Harvard Business School professor Clayton Christensen and board veteran Ron Sommer. 
	 
	(Image: Indiatimes)

Infosys CEO Vishal Sikka creates a special panel to look into all acquisitions

Election 2019 DMK Candidate list for TamilNadu

<keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> is all set to get a new Chairman in place of <keyword id="396965" type="ORGANIZATION" weightage="80" keywordseo="KV-Kamath">KV Kamath</keyword>, who is taking over the new role as president of BRICS Bank. 
 
On the condition of anonymity, two people familiar with the development said that while Infosys would evaluate external and internal candidates to replace Kamath, it was expected that the conglomerate would name board member R Seshasayee as interim non-executive chairman. 
 
They added that name of the successor would be finalised within two to three weeks. 
 
Economic Times first reported that Infosys had begun hunting for its next chairman and may appoint either Seshasayee, executive vice chairman at Ashok Leyland, or former Microsoft India chairman Ravi Venkatesan as interim chairman to oversee the transition. 
 
Seshasayee, who started his career with Hindustan Lever in 1971 and joined Ashok Leyland in 1976, joined Infosys' board in 2011. He became executive director of Ashok Leyland in 1983 and managing director in 1998. He has also been the chairman of IndusInd Bank since 2007. 
 
"Seshasayee is the most likely candidate to be selected as interim non-executive chairman, given his experience and the fact that he is among the senior-most people on the board," one of the sources told ET. 
 
The person added that it was likely that Infosys would opt for an interim non-executive chairman for now. “Ideally the company would like to have a chairman in place before the AGM (on June 22)," this person said. 
 
Infosys' nominations committee, which identifies and evaluates candidates for various director positions, has the authority to identify and evaluate candidates to replace Kamath. 
 
Besides Kamath, the committee includes board veteran Jeffrey Sean Lehman, Biocon founder Kiran Mazumdar-Shaw and Seshasayee. Technically, a member of the nominations committee can be considered for the position of chairman, the sources said. 
 
Sources told the financial daily that chief executive Vishal Sikka along with Kamath will also explore appointing an external candidate as the next chairman. 
 "Infosys ideally wants the next chairman to have a profile similar to founder NR <keyword id="6355623" type="PERSON" weightage="80" keywordseo="Narayana-Murthy">Narayana Murthy</keyword> or Kamath. That person could come either from within the board or outside Infosys," the second source told ET. 
 
Kamath helped ICICI Bank become a savvy, next-generation lender. He first replaced Murthy as Infosys' chairman in August 2011 and played a vital role in succession planning at the company. 
 
"Infosys needs (a chairman) with experience in institution building. Right now the company is undergoing a serious transition and a lot of changes are taking place under the new CEO. So Infosys needs to pick someone who can be a good sounding board to Sikka," Kavil Ramachandran, executive director, Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business, told ET. 
 
Ramachandran said it should ideally be someone who Sikka respects and will not be seen a roadblock and also who knows the company well and values the ethos of the founders. 
 
During past five years, Infosys’ chairmanship changed as many as four times. Following two lacklustre years under co-founder SD Shibulal, the company's board brought back Murthy as executive chairman in June 2013 and Kamath moved out of his non-executive role. 
 
After the company appointed Sikka as its first non-founder CEO in August 2014, Murthy stepped down from his executive chairman role and Kamath took over again. 
 
(Image: Indiatimes)

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