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<ul><li>Salil Parekh’s induction into the post of Infosys CEO was supposed to mark a ‘fresh start’ for the company. </li><li>He is currently being accused of ‘unethical practices’ like reporting higher profits and revenues — and hiding it.</li><li>When he was brought on board in 2018, he was given more than $5 billion in cash to make large margin acquisition for Infosys.</li></ul>Salil Parekh was named the CEO of Infosys just in January last year was supposed to mark a ‘fresh start’ for the company after massive layoffs in 2017. In fact, he beat out internal candidates and former executives as he rose from being a business manager at Capgemini to the CEO of one of the biggest tech companies in india. Come 2019, Parekh’s being accused of ‘unethical’ practices like misreporting higher profits and revenues by a group of whistleblowers. The allegations against him also include overlooking reviews and approvals to secure larger deals. Here's a quick look at Parekh's story since he became CEO:

The Infosys clean-up under Salil Parekh seems to have come a full circle within 2 years

<ul><li>The Securities Exchange Board of India and the Bombay Stock Exchange is looking for further clarification from Infosys. </li><li>Nandan Nilekani's statement filed with the Securities Exchange Commission (SEC) does not include any disclosures as per Regulation 30. </li><li>Infosys is also under threat of class action lawsuits from US law firms. </li></ul>Infosys filed a statement with the Securities Exchange Commission (SEC) yesterday too soothe its investors. But the Indian regulatory authorities aren't satisfied. The Securities Exchange Board of India (SEBI) and the Bombay Stock Exchange (BSE) are looking for further clarification. "Infosys vide an announcement date October 22, 2019, titled "Statement", submitted statement attributable to Nandan Nilekani, Chairman of Infosys, wherein it is mentioned that Infosys had received whistleblower complaints," said SEBI in a statement. "However, it is observed that Infosys Ltd has not made any disclosures under <a href="https://www.corporate-cases.com/2016/10/regulation-30-of-sebi-lodr-disclosure-of-events-or-information.html">Regulation 30</a> of SEBI (LODR) Regulations, 2015, w.r.t. receipt of whistleblower complaint mentioned in the announcement," it added. While the news of whistleblower complaints became public, day before yesterday on 21 October 2019, these complaints had been filed on September 30. The regulators believe that they should have been notified of such stock sensitive information beforehand. It does not help Infosys' case in this matter that a <a href="https://www.businessinsider.in/stock-market/markets/news/infosys-share-price-signs-of-insider-trading-before-the-complaint-against-ceo-salil-parekh/articleshow/71698615.cms">large bet on a possible </a>fall of stock price as early as October 18. As many as 1.8 million shares were involved in the put option in the futures and options market, which is basically when investors make bets that either a stock would gain or lose in the future. The timing of this put option is so close to the news break, is suspicious. As investors lose billions yesterday, this individual or group could have made million using the insider information which Infosys had failed to disclose in a timely manner. A little better but a little worse Yesterday, Infosys saw its value crash by ₹53,000 crore— its largest ever cap erosion in a single day — closing 16.21% lower at ₹643.30 on BSE. But, the Indian tech giant managed to erase early losses on Wednesday and is currently trading 1.18% up at ₹ 651.15 per share. In addition to addressing the whistleblower complaint, Infosys is also under threat of a class action with two US law firms looking to file a class action lawsuit against the company. Infosys has been in hot water since Monday with a group of whistleblowers accusing the company's CEO and CFO of <a href="https://www.businessinsider.in/business/corporates/news/infosys-whistle-blowers-accuse-ceo-and-cfo-of-concealing-information-from-board-auditors/articleshow/71682975.cms">concealing information</a> from the board.

Infosys will have to answer tough questions from market regulators — like a suspicious bearish bet

<ul><li>Infosys has trouble piling on from all side. </li><li>The company is being investigated by the SEC over whistleblower complaints filed against management and SEBI is looking into Infosys over possible insider tradingas well. </li><li>Infosys plans to ‘vigorously’ defend itself against all allegations. </li></ul>Infosys and its executives have had a tough week with troubles piling on. On one side, the Securities and Exchange Commission (SEC) has started an investigation into US-listed company over whistleblower complaints filed against its management. Back home, the Securities and Exchange Board of India (SEBI) has also asked Infosys to disclose additional information as per Regulation 30. On behalf of Infosys stakeholders, Rosen law firm has filed a class action lawsuit against the company in the US. All this while, it is busy investigating the allegations and its stock has been taking a beating. In the midst of it all the tech giant plans to defend itself against ‘vigorously’ against all allegations, according to a <a href="https://www.sec.gov/Archives/edgar/data/1067491/000106749119000058/exv99w01.htm">company filing</a> with the SEC. The issue with SEBI Laws in India require Infosys to disclose material information with respect to the allegations in the whistleblower complaints. But, there’s no exact definition of ‘material’. SEBI lists out 16 pieces of information that have to be filed but other than that, it’s up to the company to decide what they would consider ‘material’. The sudden stock movement SEBI isn’t just looking into the non-disclosure of information but also possible insider trading. Infosys’ stock crashed by a massive 16% when news of whistleblower complaints came to light. But beforehand, a suspicious futures and options trade was made which on this very crash. The possibility of insider trading also arises since the board members and company were aware of the whistleblower complaints on October 11. It was only on October 20 that the whistleblower sent a copy of the complaint to the media, which caused the stock to take a hit. The company said that they had hired the law firm, Shardul Amarchand Mangaldas and Co to investigate the matter.

Infosys to ‘vigorously’ defend itself against whistleblower allegations

<ul><li><keyword id="339164" type="POSITION" weightage="20" keywordseo="Infosys-chairman">Infosys chairman</keyword> <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> told analysts that not ‘even God’ can change the company’s numbers. </li><li>He said that the company’s finance team is feeling insulted by the whistleblower allegations. </li><li>Nilekani also told analysts that <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>’ clients will continue to conduct business with the company as the investigation continues. </li></ul>Infosys chairman Nandan Nilekani, believes that Infosys is untouchable. He said that not ‘even God’ can change its numbers, in an analyst call. This came after <a href="https://www.businessinsider.in/business/corporates/news/infosys-whistle-blowers-accuse-ceo-and-cfo-of-concealing-information-from-board-auditors/articleshow/71682975.cms">whistleblowers </a>accused the company of sweeping $50 million under the rug. "Infosys has strong processes, even God can’t change the numbers of this company. Our finance team is feeling insulting by these allegations. But I don’t want to bias the investigation," Nilekani told analysts, according to <a href="https://economictimes.indiatimes.com/tech/ites/infosys-chairman-nilekani-says-even-god-could-not-change-its-numbers/articleshow/71935467.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=NewsDigest1&amp;utm_content=Tech&amp;utm_term=3&amp;ncode=713096360c19bccffc5e1c392fb2beaf">ET</a>. During the meeting, Nilekani also said that the company’s clients aren’t going to hold back spending just because of an ongoing investigation. He assured analysts that he had already reached out to clients and proactively told them that there was nothing to worry about. "Customers are extremely supportive. Customers have faith in Infosys and deal flow continues to be as good ever," said Nilekani. On November 4, Infosys and Siemens Gamesa Renewable Energy (SGRE) inked a multi-year deal. The tech giant said that it’s going to help SGRE’s digital transformation but the financial details of the deal were not disclosed. Infosys’ story so far Infosys is conducting an internal audit with Ernst &amp; Young and hired Shardul Amarchand Mangaldas to investigate the whistleblower claims. <a href="https://www.businessinsider.in/business/news/infosys-to-vigorously-defend-itself-against-whistleblower-allegations/articleshow/71751120.cms">The company</a>’s CEO <keyword id="328377" type="PERSON" weightage="20" keywordseo="Salil-Parekh">Salil Parekh</keyword>, and CFO Nilanjan Roy are accused of unethical practices — such as inflating deal numbers to show larger margins and asking the sales team to hide information to report higher revenue. On Monday, Infosys reported that it has not been able to find any ‘prima facie’ evidence to support the whistleblower’s allegations. "Given the circumstances at this stage, where there is complete absence of prima facie evidence and the Anonymous Complaints are still under investigation, the Company is not in a position to determine the concreteness, credibility and materiality of the anonymous complaints," the <a href="https://www.businessinsider.in/business/news/infosys-clear-ceo-and-cfo-of-whistleblower-allegations/articleshow/71935085.cms">company said in a statement</a> to the National Stock Exchange (NSE) on Monday. Infosys is currently being investigated by the Securities and Exchange Commission (SEC) and the Securities and Exchange Board of India (SEBI). There <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-in-more-trouble-as-a-class-action-lawsuits-gather-steam-in-the-us/articleshow/71705319.cms">at least one class action lawsuit</a> filed against the company based on the allegations. See also: <a href="https://www.businessinsider.in/business/news/infosys-to-vigorously-defend-itself-against-whistleblower-allegations/articleshow/71751120.cms">Infosys to ‘vigorously’ defend itself against whistleblower allegations</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-in-more-trouble-as-a-class-action-lawsuits-gather-steam-in-the-us/articleshow/71705319.cms">Infosys is in more trouble as a class action lawsuits gather steam in the US</a> <a href="https://www.businessinsider.in/careers/news/benching-firing-and-re-deploying-the-story-of-20000-employees-at-tech-majors/articleshow/71934414.cms">Benching, firing and re-deploying — the story of 20,000 employees at tech majors</a>

Infosys untouchable, ‘not even God’ will find evidence of fraud

<ul><li><keyword id="65866" type="General" weightage="100" keywordseo="irctc" source="Orion">IRCTC</keyword> has warned users about a fake Android app and website that tries to steal sensitive information from users looking to book tickets for their next journey. </li><li>The fake app and website look eerily like the original, which makes it difficult for end users to distinguish between the two. </li><li>The fake <keyword id="6503826" type="General" weightage="20" keywordseo="irctc-app" source="Orion">IRCTC app</keyword> for Android smartphones goes by the name ‘irctcconnect.apk’ and is being circulated via WhatsApp and Telegram. </li></ul>IRCTC has warned users about a fake Android app and website that tries to steal sensitive information from users looking to book tickets for their next journey. The fake app and website look eerily like the original, which makes it difficult for end users to distinguish between the two. Indian Railway Catering and Tourism Corporation (IRCTC) is a state-owned service that allows users to book rail, air, bus and hotel tickets. The fake IRCTC app for Android smartphones goes by the name ‘irctcconnect.apk’ and is being circulated via WhatsApp and Telegram. Given that it’s very trivial for Android users to manually install an app using an apk file, IRCTC had to issue an advisory to warn users about the fake app. The fake IRCTC app used by hackers to target passengers also has an accompanying website – https://irctc.creditmobile.site – which looks to have been blocked now. “Fraudsters’ aim is to get sensitive net banking credentials, including UPI details and credit/debit card information, from victims who fall prey to the smishing attack,” the IRCTC warning said. <cmsannotation type="cmsannotation" annotationid="Android safety 101" comment="subhead" text="Android safety 101">Android safety 101</cmsannotation> One of the easiest ways of staying safe while using an Android device is by not clicking on unknown links or installing apps from unknown sources. <ul><li>Newer versions of Android require users to allow app installation from unknown sources to be enabled on a per-app basis. Users are recommended to always install apps from official sources like the Google Play store. </li><li>While clicking on links, ensure that you can determine their authenticity. If you cannot directly verify this, it is recommended that you search for the company’s website. Popular search engines like Google or Bing usually surface the official website as the top search results, so that is another way to make sure to verify the authenticity. </li><li>One of the most common vectors of stealing information and phishing attacks is via one-time passwords – if you receive an OTP without having requested it, simply ignore it and never share it with anyone. </li><li>Users are also recommended to always keep their apps and software up to date. </li><li>Android smartphones also come with app verification via a service called ‘Play Protect’. It is enabled by default, but it is worth ensuring that it is on and running. </li><li>Lastly, always be cautious with app permissions – only grant necessary permissions and avoid giving access to sensitive information or features unless absolutely required. </li></ul>SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/sbi-hul-tcs-kotak-bank-and-hdfc-and-other-big-companies-ceo-will-change-in-next-12-months/articleshow/99574790.cms">Companies with $465 billion in combined market cap to see a CEO change in the next 12 months: Here’s what investors should do</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-hdfc-bank-merger-to-bring-inflows-of-up-to-3-billion-all-eyes-now-on-the-merger/articleshow/99557243.cms">HDFC-HDFC Bank merger to bring foreign inflows of up to $3 billion</a> <a href="https://www.businessinsider.in/stock-market/news/infosys-shares-tank-after-a-disappointing-q4-fy23-performance/articleshow/99548980.cms">Infosys shares tank over 9% post a disappointing Q4, analysts caution demand moderation ahead</a>

IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe

<keyword id="6448574" type="PERSON" weightage="20" keywordseo="n-r-narayana-murthy">N R Narayana Murthy</keyword>, the co-founder of software giant <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> who chairs a Sebi panel on alternate investment policy advisory, on Tuesday pitched for pension funds and banks to invest money in Indian startups. Speaking at the annual Tiecon event, Murthy said a bulk of the money which gets invested as risk capital in the upcoming companies is from abroad and there is a need for domestic money to play an important role in this. At the same event, Murthy's former colleague at Infosys T V <keyword id="6491998" type="PERSON" weightage="20" keywordseo="mohandas-pai">Mohandas Pai</keyword>, who is now associated with Ispirit, an advocacy group for startups, said only a tenth of the USD 60 billion invested into Indian startups since 2014 has come from domestic investors. Pai warned that "we risk the prospect of turning into a digital colony" by 2025, seeking to draw parallels with imperialism.
 He said there will be 1 lakh startups in India with a collective valuation of over USD 500 billion by 2025. There will be at least 100 unicorns among them and over 65 of them will be majorly owned by foreign investors.
 "This is one of the most important issues that we have been discussing (at the Sebi panel). That is, what are the policy changes that are required to make sure that there is more of Indian and domestic money coming into the startup sector because today it is by and large from abroad," Murthy said.
 "To do that, pension funds must be allowed, corporations must be allowed, banks must be allowed," he added.
 Pai sounded more disappointed with Indian billionaires who are willing to invest in real estate and even bank deposits, but have a tendency to overlook the startup sector.
 In an apparent reference to the spate of frauds, Pai said the billionaires also tend to pass the risk on money invested to banks.
 He said the biggest letdown has been from financiers in Mumbai, and asked startup entrepreneurs to educate such professionals on the need of the hour. 
 Pai said why Indian pension funds or insurance companies cannot invest, questioning how companies in the same sector from abroad are coming in and taking interests here.
 Meanwhile, Murthy also clarified on a recent controversy over cutting short his speech at an event where he shared stage with American e-commerce giant Amazon's chief executive <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword>. He said Bezos had come on time to the venue, but the "indisciplined" crowd at the venue in New Delhi mobbed the entry gates which resulted in the delayed start for the event.
 Bezos was very understanding and smiled at the act of cutting short the speech, Murthy said, adding that this is so because the visiting honcho is himself a disciplinarian. See also: <a href="https://www.businessinsider.in/business/news/with-kapil-wadhawans-arrest-the-family-is-now-accused-of-scams-worth-over-a-billion-dollars/articleshow/73713230.cms?src=hp_ts">With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-what-can-finance-minister-nirmala-sitharaman-do/articleshow/73691622.cms?src=hp_wh">Watch: India’s ‘make or break’ budget 2020⁠— once-in-a-career crisis offers Finance Minister Nirmala Sitharaman a fertile ground for creativity</a>

India's tech icon Narayana Murthy says India may become a 'digital colony' if startups have to rely on foreign funds

After the multi-million dollar coal allocation scam, often referred as‘<keyword id="981763" type="UNKNOWN" weightage="20" keywordseo="Coalgate">Coalgate</keyword>’ by the media, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> founder N R <keyword id="6355623" type="PERSON" weightage="20" keywordseo="Narayana-Murthy">Narayana Murthy</keyword> has requested the BJP government to draft a mechanism under which honest politicians, bureaucrats and businessmen can do their work without fear. On Monday, Murthy told TOI that “All three have to be protected and in particular bureaucrats because they have to take decisions every day and if we create a fear psychosis there is no way our <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword> can progress." 

	He further stated, "It is very important that this government, which has done a lot of good things, takes this up on an urgent basis."
 Recently, a special court had summoned former prime minister <keyword id="6359397" type="PERSON" weightage="20" keywordseo="Manmohan-Singh">Manmohan Singh</keyword> along with renowned industrialist <keyword id="6354955" type="PERSON" weightage="20" keywordseo="Kumar-mangalam-birla">Kumar Mangalam Birla</keyword>, ex-coal secretary P C Parakh along with three others as accused in a case pertaining to allocation of Talabira-II coal block in Odisha in 2005 and asked them to appear before it on April 8, reported PTI. This summon has also shaken <keyword id="46431" type="CITY" weightage="20" keywordseo="India-Inc">India Inc</keyword> at a time when the central government is trying its best to revive sentiment and boost the economic growth, the Economic Times report stated. 

	Murthy, who is also shocked with the latest development, told TOI, "I have known Mr Kumar Mangalam Birla for a long time. He is a good man. He is a decent man. He is very much a progressive modern business leader of this country. It is very important that as we move forward, we ensure that people like him, and there are many others among bureaucrats, among politicians and amongst business people, that we do not get their names maligned unless they are guilty.”
 

	And for this, "a mechanism that enhances transparency of such interactions is very important,” he added.
 

	Praising the initiative that the government took for the auction of coal blocks and telecom spectrum, Murthy stressed upon the need to provide transparency, clarity and speed in every decision for allocation of all public resources.

	(Image:

Narayana Murthy wants the government to protect honest bureaucrats and politicians. Know why!

<ul><li><keyword id="6354512" type="ORGANIZATION" weightage="100" keywordseo="Infosys">Infosys</keyword> creates, tests blockchain-based document-tracking system.</li><li>Solution named India Trade Connect will help banks track trade documents digitally. </li><li>Seven Indian private banks including Axis Bank, Yes Bank and <keyword id="6653" type="ORGANIZATION" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> are implementing India Trade Connect.</li></ul> Infosys, one of the software giants in the country, has <a href="https://timesofindia.indiatimes.com/business/india-business/to-avoid-pnb-like-fraud-infosys-sets-up-blockchain-based-network-with-banks/articleshow/64190646.cms" data-type="tilCustomLink">set up</a> a blockchain-based document-tracking system for trade finance and is currently testing it. The solution named India Trade Connect aims to increase the security and efficiency of the banking sector and now has seven Indian private banks – ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank and South Indian Bank – on board. At the heart of the Rs 1,400 crore (approximate) <a href="https://www.businessinsider.in/how-one-fraudster-drove-punjab-national-bank-to-the-highest-quarterly-loss-in-the-history-of-indian-banking/articleshow/64187005.cms" data-type="tilCustomLink">Nirav Modi-Mehul Choksi scam</a>, where three jewellery firms defrauded India’s second biggest state-run lender <keyword id="62034" type="ORGANIZATION" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> scam, is lack of transparency and accountability. The blockchain-based trade finance network will make the transactions more transparent for all stakeholders in any undertaking. The solution, earlier called <a href="https://www.prnewswire.com/news-releases/infosys-finacle-pioneers-blockchain-based-trade-network-in-india-in-consortium-with-seven-leading-banks-682801371.html" data-type="tilCustomLink">Finacle Trade Connect</a>, and now rechristened as India Trade Connect, will allow the document-heavy, process-heavy trade financing to happen digitally. How does a <keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">blockchain</keyword> network function? India Trade Connect will help digitise the various processes in trade financing, including validation of ownership, certifying documents, making payments, collection of bills, and producing letters of credit and even invoice financing. <keyword id="6357624" type="UNKNOWN" weightage="20" keywordseo="blockchain-technology">Blockchain technology</keyword> stores details of every transaction securely shared between all the parties involved, say for instance, a buyer, the buyer’s bank, a seller and the seller’s bank. This is more efficient than each bank working on its own. In an interview with the <a href="https://economictimes.indiatimes.com/tech/ites/infosys-creates-blockchain-solutions-for-trade-finance/articleshow/64199469.cms" data-type="tilCustomLink">Economic Times</a>, Sanat Rao, chief business officer at <keyword id="1658904" type="ORGANIZATION" weightage="20" keywordseo="Infosys-Finacle">Infosys Finacle</keyword>, said, “Because of the network effect, where a buyer, the buyer’s bank, the seller and the seller’s bank are all on the platform, it creates a single source of truth. Banking and blockchain Earlier this week, on May 14, HSBC Holdings <a href="https://www.reuters.com/article/us-hsbc-blockchain/hsbc-says-performs-first-trade-finance-transaction-using-blockchain-idUSKCN1IF01X" data-type="tilCustomLink">claimed</a> it had performed the world’s first trade finance transaction on a shared blockchain platform. Prior to this, no trades used a single, shared digital application. This is not the first time that Indian banks have attempted to integrate blockchain into their systems. In June last year, ICICI Bank, DCB Bank, and Deutsche Bank, to name a few stakeholders, <a href="https://www.ethnews.com/indian-banks-partner-with-microsoft-for-blockchain-banking-platform" data-type="tilCustomLink">partnered</a> with <keyword id="10387" type="ORGANIZATION" weightage="20" keywordseo="Microsoft">Microsoft</keyword> to develop blockchain platforms for the Indian banking sector. It was called BankChain. Blockchain <a href="https://www2.deloitte.com/in/en/pages/strategy/articles/blockchain-in-banking.html" data-type="tilCustomLink">started off</a> being a giant, decentralised ledger for bitcoin (digital currency) that records every transaction and stores information about it on a global network. This data is highly secure and cannot be tampered with. Banks and other financial institutions back and invest in blockchain technology because it cuts their costs and makes operations faster, transparent and automated. “The framework of India Connect is said to be ledger agnostic and capable of working with other blockchain platforms like Bitcoin, Hyperledger, Ethereum and Corda,” Rao said.

Indian software giant Infosys sets up a blockchain trade network with 7 banks

<ul><li>The new <keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">blockchain</keyword> banking solution by <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="6534575" type="UNKNOWN" weightage="20" keywordseo="India-Trade-Connect">India Trade Connect</keyword>, had seven partner banks in May. </li><li>Come June, India Trade Connect now has 14 banks within its purview. </li><li>Adopting blockchain technology for banking is speculated to increase efficiency and add security to transactions.</li></ul>Initially, Infosys’ new blockchain banking solution, India Trade Connect, went <a href="https://www.businessinsider.in/indian-software-giant-infosys-sets-up-a-blockchain-trade-network-with-7-banks/articleshow/64205177.cms">live</a> with seven banks under the umbrella. Now, within the span of one month, that number has <a href="https://www.bloomberg.com/news/articles/2018-06-06/banks-turn-to-blockchain-to-speed-up-indian-internal-trade-deals">doubled</a> to fourteen India Trade Connect, formerly called Finacle Trade Connect, is a blockchain platform that helps banks with loans for trade transactions within the country. Between the 14 institutions lies more than half of India’s internal trade transactions. India isn’t alone in its impetus to adopt blockchain technology for banking. Financial institutions all over the <a href="https://www.youtube.com/watch?v=507wn9VcSAE">world</a> are looking to blockchain-oriented solutions on the basis that its digital ledger saves time, adds a layer of security and enables transparency. Despite the advantages of adopting blockchain technology, there are still a lot of questions on the table that do not have answers yet. The dark side First off, blockchain technology isn’t full proof. Hacks and scams still <a href="http://itsblockchain.com/2017/01/09/can-blockchain-be-hacked/">occur</a>. The only difference is that since the information will now be distributed instead of having a centralised point of <a href="https://www.wired.com/2017/04/hackers-hijacked-banks-entire-online-operation/?mbid=nl_4417_p3&amp;CNDID=38794715">access</a>, obtaining data would be harder and much slower. Second, there are <a href="https://www.bankingtech.com/2018/05/opinion-blockchain-is-not-only-crappy-technology-but-a-bad-vision-for-the-future/">experts</a> who are of the opinion that implementing blockchain technology in the <keyword id="34507" type="PERSON" weightage="20" keywordseo="banking-sector">banking sector</keyword> is a move in the wrong direction. It is mainly because there’s still a lot of regulatory ambiguity around the validity of blockchain data. Tampering with data may be difficult but that doesn’t necessarily mean that all data has integrity. Also, one should consider the irony that blockchain came into being as an<a href="https://www.reddit.com/r/Bitcoin/comments/7ioqy1/why_is_bitcoin_seen_as_antiestablishment/"> anti-establishment</a> piece of technology and now it’s a tool in the hands of the <a href="https://medium.com/bitclave/blockchain-goes-mainstream-f8dc4f4e90f6">mainstream</a>. Initially, the whole point of blockchain was that users wouldn’t need to use a bank anymore.

Infosys’ new blockchain banking solution doubles its partners in a month

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

Entertainment OTT player <keyword id="128682" type="General" weightage="20" keywordseo="netflix" source="Orion">Netflix</keyword> has slashed subscription rates in 116 countries following the success of its business model in India, the company said on Wednesday. Netflix has seen a 30 per cent growth in customer engagement and 24 per cent revenue growth year-on-year in India after it launched a low-priced subscription plan in the country in 2021. The company had for the first time reduced subscription prices in the range of 20-60 per cent to suit the India market and deepen its penetration. "These reductions -- combined with an improved slate -- helped grow engagement in India by nearly 30 per cent year-on-year while F/X (forex) neutral revenue growth in 2022 accelerated to 24 per cent (versus 19 per cent in 2021). Learning from this success, we reduced prices in an additional 116 countries in Q1," Netflix said in its earnings report for March 2023 quarter. The countries where the over-the-top (OTT) player has slashed the price contributed less than 5 per cent to its total revenue during financial year 2022. "We believe that increasing adoption in these markets will help to maximize our revenue in longer term," the company said. Netflix's global net income declined by about 18 per cent to USD 1,305 million in the quarter ended March 2023 from USD 1,597 million in the same period a year ago. The revenue of Netflix, however, grew 3.7 per cent to USD 8,162 million during the reported quarter from USD 7,868 million in the March 2022 quarter. The company's paid membership globally grew 4.9 per cent on YoY basis to 232.5 million. Netflix expects its net income to decline by about 1.6 per cent to USD 1,283 million in the April-June 2023 quarter while revenue to increase by 3.4 per cent to USD 8,242 million. The company, which has earlier averse to advertisements on its platform, has now started advertisement-based plans with lower subscription price points compared to its initial plans. "Engagement on our ads tier is above our initial expectations and, as expected, we've seen very little switching from our standard and premium plans," Netflix said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/infosys-has-beaten-tcs-in-constant-currency-revenue-growth-in-four-of-the-last-five-years/articleshow/99579312.cms">Infosys has beaten TCS in constant currency revenue growth in four of the last five years</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/irctc-warns-users-about-fake-android-app-and-website/articleshow/99583387.cms">IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe</a>

Netflix slashes subscription rates in 116 countries following success in India

<ul><li>‘Challenge accepted,’ said Gurnani to <keyword id="15681942" type="General" weightage="20" keywordseo="chatgpt" source="Orion">ChatGPT</keyword> maker OpenAI CEO <keyword id="257641" type="General" weightage="20" keywordseo="sam-altman" source="Orion">Sam Altman</keyword> who had said it was totally hopeless to compete with his company on training foundational AI models.</li><li>Gurnani has taken a contrarian stance to that of the industry recently on the <keyword id="64527" type="General" weightage="20" keywordseo="moonlighting" source="Orion">moonlighting</keyword> issue.</li><li>He had created a unique approach to downsizing when his company took over troubled Satyam Computers. </li></ul>Come December, <keyword id="351287" type="General" weightage="20" keywordseo="c-p-gurnani" source="Orion">C P Gurnani</keyword> is all set to hang his boots as <keyword id="43217" type="General" weightage="20" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword>’s CEO, but that’s not making him take a back seat. Unlike most tech CEOs and other top leaders in general, he is unafraid to speak his mind. So much so that Gurnani made OpenAI CEO Sam Altman back down and clarify his comments that it’s hopeless for India to compete with his company on AI. The first to respond was Gurnani who ‘accepted a challenge’ on behalf of India — to create a ChatGPT-like product. “From one CEO to another, challenge accepted,” Gurnani said after Altman said, “The way this works is we're going to tell you, it’s totally hopeless to compete with us on training foundational models, you shouldn’t try and it’s your job to try anyways,” responding to a question on the capability of small team of Indians to try it. Altman’s comments, however, ended up reportedly offending the likes of minister of state for IT and electronics, Rajeev Chandrasekhar. Meanwhile, the 64-year-old Gurnani, never one to shy away from taking on challenges or voicing his opinions, however contrary — has taken the bull by the horn one more time. A votary of moonlighting Not too long ago, when moonlighting was a hot debate, almost every tech major including Tata Consultancy Services (TCS) and Infosys opposed it calling it an ‘ethical issue’. In fact, Wipro’s executive chairman Rishad Premji was a vocal opponent, claiming to have fired people for taking up side hustles while being employed with the company and ‘working’ from home. Amidst a sea of dissent, Gurnani was one of the first voices who supported moonlighting – only asking his employees to be open about it. He asked them not to cover up the extra work as it would aid their resumes. “If you go by my word, if someone is meeting the efficiency and productivity norms, and he wants to make some extra money as long as he is not committing fraud, he is not doing something against the values and ethics of his company, I have no problem. I would like to make it a policy. So, if you want to do it, cheers to that, but be open about it," Gurnani had said. ‘People were not toxic’ Such out-of-the-box thinking and policies are not new for Gurnani. After the shocking Satyam scam, where its founder admitted to falsifying accounts, Mahindra &amp; Mahindra bought the company and brought Gurnani to run it. Almost all the employees of the beleaguered company had turned persona non grata. However, he said, “The company’s accounting books were toxic, the people were not.” Amidst dealing with legal and regulatory issues, he did roadshows lasting many months to convince clients to stay with the company. However, as the immediate task was to improve profitability of the company, he had to do what he dreaded — fire around 18,000 people. The firing was not done at one go however. The company gave a small salary for six months, set up job fairs, trained them and even had psychiatrists to help tide over the crisis – until they found another job. As with moonlighting and the Satyam restructuring, Gurnani brings his unique perspective to artificial intelligence (AI) as well. The chemical engineer from NIT Rourkela isn’t worried about AI taking over human jobs – he believes it will give humans more leeway to create emotional connections and relationships, and of course bring in more creativity to work and life.

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