Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Noted <keyword id="48669" type="General" weightage="20" keywordseo="banker" source="Orion">banker</keyword> <keyword id="396965" type="General" weightage="20" keywordseo="kv-kamath" source="Orion">KV Kamath</keyword>, who now chairs the National Bank for Financing Infrastructure and Development (NaBFID), expects the digital sector to contribute a quarter of the incremental <keyword id="35050" type="General" weightage="20" keywordseo="gdp" source="Orion">GDP</keyword> by the time the economy becomes a USD 7 trillion giant by <keyword id="9422686" type="General" weightage="20" keywordseo="FY29" source="Orion">FY29</keyword>. Currently, the contribution of the digital economy is a low 4 per cent, whereas it is as much as 40 per cent in China. The government and planners see the economy becoming the third largest in the world by FY29, overtaking Japan, with a GDP of USD 7 trillion from the present USD 3.3 trillion. The digital economy -- the digital infrastructure, e-commerce and other digital payments and services segments--can be the country's biggest growth-driver and can contribute as much as 25 per cent of the incremental GDP by the time India becomes a USD 7-trillion economy by FY29. Currently, the share is a low 4 per cent, Kamath told PTI in an interaction over the weekend. "As much as 40 per cent of the Chinese economy come from the digital sector today, and I don't see any reason why we can't achieve this," the former ICICI Bank chairman quipped. The chairman of NaBFID, the newest development finance institution funded by the government, does not see any reason to stop pushing infrastructure investments as the economy has lot more appetite for more expressways, highways, airports, seaports, and high-speed railheads, discounting a question whether he sees any room for an encore of the banking crisis that befell on lenders after the government push on infrastructure during FY06-08. "The economy has more appetite for infrastructure and we still have a lot to do on the key infrastructure sectors of transport such as expressways, highways, airports, seaports, and high-speed railway networks. I would say on roads, we've to have more and more expressways going forward, large airports and dedicated high-speed railheads for both goods as well as passengers," Kamath said. "More important, we can have more urban rejuvenation projects. Why to limit this to the top cities alone? Let's build more world class cities and also upgrade the existing ones," he said. The economy will need more expressways, more airports and seaports to handle the demand of an economy that will be doubling from the present size to be the third largest with a USD7 trillion GDP over the next five years, he explained. He also does not see the asset quality of banks imploding again as happened in the last leg of the past decade as most of the infra companies went bust due to their excessive debt-driven expansion. When pointed out that the highly talked about NPA resolution -- from over 12 per cent to under-5 per cent now--come with a heavy cost on banks, having written off close to Rs 13 lakh crore since the IBC came into force as the recovery has been less than 30 per cent so far, Kamath said whatever progress has been made so far is the topping and as "we move forward and as the IBC system improves, there will be more incremental gains." On the funding part, he said, though banks will continue to remain an integral part of infra funding, there is a need to look at more sources that offer longer term funds. The <keyword id="49448" type="General" weightage="80" keywordseo="nhai" source="Orion">NHAI</keyword> has made a very good beginning with asset monetization through InVits. The whole infra segment, including the railways, should move into the monetization model and this is the most secure way of fundraising, he said. On the digital front, Kamath said, the NaBFID is actively looking to fund key areas in this space such as data centres , smart cities etc. The NaBFID was set up in 2021 with an Act of Parliament with Rs 20,000 crore capital and it made the first lending with a Rs 520 crore loan to the Banihal Qazigund Road Tunnel project in J&amp;K in December. The company expects to do around Rs 15,000 crore of funding by the end of this fiscal.

KV Kamath says digital economy can contribute 25% GDP by FY29

<ul><li><keyword id="169284" type="ORGANIZATION" weightage="20" keywordseo="ASCI">ASCI</keyword> enters the next phase of evolution, unveils a new brand identity.</li><li>Advertising industry body invests in technology-led future to become more responsive, dynamic and inclusive.</li></ul>Freshfrom a series of new initiatives such as the <keyword id="11341642" type="UNKNOWN" weightage="20" keywordseo="Influencer-guidelines">Influencer Guidelines</keyword>, asci.social, the Guidelines for Online Real Money Gaming, the <keyword id="120108" type="ORGANIZATION" weightage="20" keywordseo="Advertising-Standards-Council-of-India">Advertising Standards Council of India</keyword> (ASCI) has unveiled a new brand identity to reflect the agenda of becoming future-facing and more inclusive. ASCI has always been the conscience keeper of the Indian advertising industry, and in this new phase, it aims to expand its offerings and services that will help advertisers balance creativity and responsibility. In addition to its time tested and robust complaint management system and process, the three new dimensions of ASCI’s future activities are: 1.Helping advertisers with services that help them “get it right”. These include advisory services and research-based insight studies. ASCI has already embarked on a massive study <keyword id="11830844" type="UNKNOWN" weightage="20" keywordseo="gendernext">GenderNext</keyword>, that looks at gender depiction in advertising, and aims to provide new starting points for advertisers for more progressive gender depictions. ASCI is also in the process of overhauling its Advertising Advisory service, which will support advertisers at the pre-production stage. This approach will provide the necessary thought leadership, provocations and support to the advertising ecosystem to create more responsible advertising. 2.Gearing up for the digital age: ASCI recognizes that with the digital age, not only are consumers seeing more ads on the digital media, but also their expectations and interactions with advertisements and the media world is changing. The industry has reorganized itself to reflect this new reality. The coming together of marketing and information technology is determining how advertisements get created and consumed. Updating our guidelines and procedures to keep consumers safe in the digital age is of paramount focus for ASCI 3.Deployment of technology: Use of technology tools, machine learning and AI systems to track and measure advertising content is going to be a critical part of ASCI, going forward. Technology will help ASCI be more vigilant, more real time in overseeing the sheer explosion of advertising content. Deployment of technology in its complaint management system will also enable a smoother interaction between consumers, industry and other stakeholders with ASCI. <keyword id="212022" type="PERSON" weightage="20" keywordseo="Subhash-Kamath">Subhash Kamath</keyword>, Chairman, ASCI, said: “ASCI has stepped into the next phase of challenges that impact the interests of consumers in new ways. With new-age challenges posed by the digital age, it is imperative for ASCI to take a leap into becoming a contemporary thought leader and add greater value to consumers, industry and all our stakeholders. The new logo represents this very interesting phase of ASCI’s journey, and the vibrant and optimistic outlook of responsible advertising. Our ideology and aim remain unchanged; however, we are now on the path to becoming a more dynamic and future facing organization.” <keyword id="1112320" type="ORGANIZATION" weightage="20" keywordseo="KV-Sridhar">KV Sridhar</keyword>, Chief Creative Officer (Global), <keyword id="11830843" type="UNKNOWN" weightage="20" keywordseo="nihilent-ltd">Nihilent Ltd</keyword>, which designed the logo, said: “The colourful logo palette denotes the vibrancy of advertising and communication itself, as well as the diversity of ASCI’s stakeholders who have taken the oath to self-regulate and create ads with responsibility. The idea of creativity with responsibility is central to ASCI. The logo also reflects the dynamic nature of media platforms and the newer interesting ways in which communication is being created and consumed today. The elegant and inclusive font reflects an organization opening up to newer kinds of stakeholders, an organization that is collaborative and demonstrates leadership in bringing together the needs of different stakeholders. It signals that ASCI is gearing up towards this fast evolving and dynamic environment of consumers and advertising. Advertising veteran Roger C B Pereira, Founder Member, ASCI, said: The world today is remarkably different from when we started ASCI in 1985. However, what is noteworthy is that the twin principles of consumer protection and fostering creativity remain unchanged.

ASCI unveils a new brand identity to reflect the agenda of becoming future-facing and more inclusive

<ul><li>The Reserve Bank of India (RBI) is bringing in <keyword id="396965" type="ORGANIZATION" weightage="20" keywordseo="KV-Kamath">KV Kamath</keyword> to head up a new committee that will look into the one-time restructuring of loans. </li><li>The committee will look into the financial parameters that need to be factored into resolution plans. </li><li><keyword id="4124197" type="PERSON" weightage="20" keywordseo="loan-resolution">Loan resolution</keyword> beyond a certain amount will also be validated by the committee before implementation.</li></ul>The Reserve Bank of India (RBI) has taken heed to the call of industry leaders and is open to the idea of the one-time restructuring of loans — with its own terms and conditions, of course. It will set up a new mechanism for stressed assets that need rescuing and the existing scheme for restructuring MSMEs has been extended. <div type="Article" hostid="261" msid="77387591" title="‘Watchful’ RBI leaves repo rate unchanged to keep inflation in check" mstype="2" mssubtype="0"></div> Governor <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword> said that the Reserve Bank of India will set up a committee under KV Kamath ⁠— the former chairman of BRICS Bank and ICICI Bank ⁠— to set the parameters and benchmarks for this programme aimed at the resolution of stressed loans. The existing scheme for restructuring MSMEs is being extended to cover loans that were classified as standard as of March 1. Das said that for any new borrowers coming into the fold that the restructuring has to be implemented before 31 March 2021. <div type="Article" hostid="261" msid="77328145" title="One-time loan restructuring dilemma - RBI won’t commit, and India Inc won’t stop asking for it" mstype="2" mssubtype="0"></div> “The underlying theme of this resolution window is the preservation of the soundness of the Indian banking sector,” said Das highlighting that safeguards will be put in place like prudent entry norms, clearly defined boundary conditions, specific binding covenants, independent validation and strict post-implementation performance monitoring. The one-time restructuring of loans or resolution window will be implemented under the Prudential Framework dated 7 June 2019. Prudent entry norms Banks and other lending institutions can only extend this facility to borrowers that are facing stress on account of COVID 19. But when it comes to types of loans, everyone is fair game — from big corporate loans to personal loans. Banks will also need to make sure that any resolution plan adheres to the eligibility criteria put forward by the RBI. For instance, MSME borrowers with aggregate exposure of ₹25,000 crore or less as of March 1 will not be eligible. Financial service providers, credit societies, and government loans will not be eligible either. The Expert Committee headed by Kamath will also bring in sector specific benchmark ranges for the financial parameters that need to be taken into account. Clearly defined boundary norms In addition to the financial parameters that will cover aspects of leverage, liquidity, and debt serviceability among other things, the Expert Committee will also be called on to vet resolution plans for loans where the amount is ₹1,500 crore or more. The Confederation of Indian Industry (CII) has suggested that business should only be given enough money to survive, not grow and the money should be given on priority — it will have precedence over all other obligations of the company. The CII had also recommended that loans not be classified as non-performing assets (NPAs) as a part of the restructuring. RBI seems to agree provided the resturcturing of loans is carried out within the stipulated timlines. This means that banks will still have to set aside 15% of the loan value to cover the default risk. Which means the levels of provisioning will continue to remain high and the demand for capital is unlikely to subside if bad loans grow. Constant monitoring Considering the uncertainty brought on by the coronavirus pandemic, borrowers are likely to be more conservative in their estimates for recovery. The difference could be as much as a borrower needing one year to recover in a pre-COVID world versus five years to recover post-COVID, according to EY analyst Abizer Diwanji. The RBI is only allowing banks to give up to two years for borrowers to pay back the pending amount of their loans. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-governor-shaktikanta-das-leaves-repo-rate-unchanged-to-check-inflation/articleshow/77387591.cms">‘Watchful’ RBI leaves repo rate unchanged to keep inflation in check</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-opened-a-pipeline-of-funds-for-startups-home-buyers-and-green-power-producers-too/articleshow/77388903.cms">RBI has opened a pipeline of funds for startups, home buyers and green power producers too</a> <a href="https://www.businessinsider.in/stock-market/markets/news/manappuram-finance-and-muthoot-finance-share-price-chart-after-after-rbi-increased-the-loan-to-value-ratio-on-gold/articleshow/77388739.cms">Manappuram and Muthoot Finance shares jump nearly 5% after RBI increased the loan to value ratio on gold to 90%</a>

RBI brings in KV Kamath to set the boundaries for a one-time restructuring of loans

After stepping down as chairman and non-executive director of <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword>, <keyword id="396965" type="ORGANIZATION" weightage="100" keywordseo="KV-Kamath">KV Kamath</keyword> sold more than half of his stock holding worth around Rs 272 crore. 
 Kamath, whose holding in the bank dropped to 0.02% of the company’s total shares, will join Shanghai-based <keyword id="989534" type="UNKNOWN" weightage="100" keywordseo="new-development-bank">New Development Bank</keyword> as its President. 
 
As per the annual report of ICICI for 2014-15, the shares were sold in four transactions in June and November last year. 
 
Kamath, who was paid a remuneration of Rs 30 lakh as chairman and Rs 16 lakh in sitting fees as non-executive director, retired from executive responsibilities at ICICI Bank on April 30, 2009. 
 
BRICS nations-Brazil, Russia, India, China and South Africa-agreed to set up the New Development Bank as an alternative to the World Bank and the International Monetary Fund (IMF) to enhance financial and development cooperation among the five emerging markets. 
 
(Image: Indiatimes)

KV Kamath has offloaded over half his holding in ICICI Bank

<keyword id="6360386" type="PERSON" weightage="100" keywordseo="Jawaharlal-Nehru">Jawaharlal Nehru</keyword> wrote eight letters to his daughter Indira Gandhi educating her about Indian history and civilisation during his years in prison. Those letters are testimony to people’s belief in hope during dark times in their lives. But in this digital age, sms and whatsapp have overpowered the art of writing letters. Even telegram died in 2013. During such times letters written by <keyword id="45875" type="PERSON" weightage="100" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword> to her daughter Aarti or <keyword id="396965" type="ORGANIZATION" weightage="100" keywordseo="KV-Kamath">KV Kamath</keyword> to his daughter Ajnya or Prakash Padukone to his daughter Deepika Padukone come as refreshing break from the digital age back to the age where paper and ink shared an adorable relationship. 

	Here are 5 letters written by eminent personalities passing on their wisdom to the next generation.
 

	
		1. The letter by the MD and CEO of ICICI, <a href="http://www.businessinsider.in/We-can-do-a-lot-more-if-we-focus-on-e-governance-says-Chanda-Kochhar/articleshow/50902901.cms">Chanda Kochhar</a>, to her daughter Aarti, a young girl on the threshold of beginning her professional life, is inspirational and insightful. It talks of Kochhar’s personal and professional journey. She tells Aarti, “Even today I can remember the equanimity and calmness with which she (her mother) handled the crisis on hand when my father passed away. You have to handle challenges and emerge stronger from them, rather than allow them to bog you down. I remember how, in late 2008, we were faced with a situation where ICICI Bank’s survival was in jeopardy in the face of a global economic meltdown. The situation was being analysed with a hawk’s eye by major media platforms and debated widely in the public space. The problem started at the peak of the financial crisis in the United States and resulted in investors and customers expressing doubts about the bank, given its exposure to global financial institutions. I got down to work, systematically communicating with all stakeholders... Simultaneously, I also advised staff across the bank’s various branches to lend a sympathetic ear to those depositors who turned up to withdraw their money.” “Aim for the sky but move slowly, enjoying every step along the way. It is all about all “those little steps that make the journey complete.” 
	 
	
		2. Kochhar’s mentor and the architect of India’s largest private sector bank, <a href="http://www.businessinsider.in/Now-use-your-voice-to-operate-your-ICICI-Bank-account/articleshow/47418147.cms">ICICI</a>, K.V. Kamath, wrote to his daughter Ajnya how he is inspired by his mother. He says, "Often in the world, women who are homemakers are not given the same place in society that a working woman is given."
	 
	
		3. <keyword id="166683" type="PERSON" weightage="100" keywordseo="Shaheen-Mistri">Shaheen Mistri</keyword>, the founder of the NGO Akanksha and the venture Teach For India, chooses to write a profound poem to her daughters Samara and Sana, inspiring them to take on the challenges of life with poise and courage. 
	
		4. PP Chabbria proudly writes, “I grew up a poor unlettered man and it makes me proud to see you so immersed in a career that has the power to change people's lives.”
	 
	
		5. <a href="http://www.businessinsider.in/7-inspiring-stories-of-the-early-lives-of-Indias-most-successful-people/articleshow/51343288.cms">Narayana Murthy</a> tells his daughter, "The world admires a woman who brings a sense of balance to all the three responsibilities - being a loving wife, a caring mother and a competent career woman."
	 


	 
	(Image credits: indiatimes)

Lessons from the letters written by eminent personalities to their daughters

KV Kamath, President of the new $100-billion BRICS Bank has given up his position as non-executive chairman at <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword>. Ashok Leyland Vice-Chairman <keyword id="484178" type="PERSON" weightage="80" keywordseo="R-Seshasayee">R Seshasayee</keyword> is set to take his place. 
 
Kamath replaced founder NR Narayana Murthy as the company's chairman in August 2011. He has played a crucial role in the succession planning in the company since he took over. 
 "The Board of Directors accepted <keyword id="2885458" type="UNKNOWN" weightage="80" keywordseo="K-V-Kamath">K.V. Kamath</keyword>'s resignation from his position as Chairman of the Board and as an Independent Director of the Company with immediate effect, consequent to his nomination as the President of the <keyword id="2421583" type="UNKNOWN" weightage="60" keywordseo="BRICS-New-Development-Bank">BRICS New Development Bank</keyword>," Infosys has reported in an filing to the exchanges. 
 
Seshasayee’s appointment would be effective immediately. 
 
(Image credit: Indiatimes)

Chairman KV Kamath quits Infosys. R Seshasayee to take over

<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)

Seshasayee likely to be interim chairman while search for Kamath’s successor continues

Ahead of <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword>’ annual shareholder meeting on Monday, the first non-founder chief executive officer, <keyword id="6369763" type="PERSON" weightage="80" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> has highlighted some of the biggest achievements of the country’s second-largest software exporter during the past one year, in his blog. He also paid tribute to outgoing <keyword id="177384" type="POSITION" weightage="80" keywordseo="non-executive-chairman">non-executive chairman</keyword> <keyword id="396965" type="ORGANIZATION" weightage="80" keywordseo="KV-Kamath">KV Kamath</keyword>, according to an Economic Times report. Sikka spoke about some of the big bets Infosys has made, including what the company internally calls '<keyword id="2911637" type="UNKNOWN" weightage="80" keywordseo="Zero-Distance">Zero Distance</keyword>'. He said the company started the Zero Distance initiative as part of an internal push to infuse innovation into each of the company's existing client projects. The company currently has about 23,000 projects with customers. Twelve months after being named as the CEO of Infosys, Sikka said in the internal company blog on Sunday: "I write this onboard a beautiful <keyword id="71561" type="CITY" weightage="80" keywordseo="Lufthansa">Lufthansa</keyword> <keyword id="999178" type="UNKNOWN" weightage="80" keywordseo="Boeing-747-8">Boeing 747-8</keyword>, the latest incarnation of the magnificent plane that was born around the same time I was, and has evolved through these decades in a timeless manner. It makes me even more proud that a brilliant team of Infoscions helped design many key parts and systems of this amazing machine." He further said the company had made a five-point template internally to improve the quality of each customer project. Infosys has even formed Zero Distance groups on <keyword id="726756" type="COMPANY" weightage="80" keywordseo="Yammer">Yammer</keyword> and on the company's intranet Sparsh. 

	"Then we rolled this template out to a 1000 projects and their leadership, and a few weeks later, to all our projects....Projects covering more than 68k delivery colleagues at Infosys, that is more than 70% of our delivery strength, are participating and more than 500 client conversations relating to the improvements and innovations in their projects have already happened," he said.
 

	The Infosys CEO said the company had so far trained over 35,000 employees in design thinking, of which more than 21,000 have been trained from the delivery organisation. The company has also conducted over three dozen design thinking workshops till date.
 The company has rolled out its Infosys Information Platform (IIP) to more than 100 customer projects. It is the company's flagship big data analytics platform and the platform's development is being overseen by platforms head <keyword id="1187683" type="PERSON" weightage="80" keywordseo="Abdul-Razack">Abdul Razack</keyword>, a key Sikka lieutenant. "Under Abdul and Samson's leadership, our work in IAP is already resulting in substantial savings due to automation in the routine, mechanizable areas like parts of infrastructure management. And we now have more than 100 commercial IIP engagements, including many that have already produced breakthrough results. <keyword id="2728667" type="UNKNOWN" weightage="80" keywordseo="Panaya">Panaya</keyword>'s adoption is underway, and is picking up steam. We've crossed 12 Panaya wins done by the Infosys CSG teams," Sikka said. 

	Meanwhile, Sikka paid tribute to Kamath and said new chairman R Seshasayee had "become a mentor" to him. "(KV Kamath) is an amazing man, a natural leader, a unique combination of spirituality and practicality, of great vision and dreams, and great execution and discipline. As happy as I am to see him lead this great new institution for humanity, I will really miss him," he said. 

	 
	(Image: Reuters)

Vishal Sikka talks about Infosys’ ups ahead of a crucial meet

The largest bank in the private sector in India, <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>, has appointed <keyword id="2891027" type="UNKNOWN" weightage="20" keywordseo="MK-Sharma">MK Sharma</keyword> as its non-executive chairman. MK Sharma will take charge from <keyword id="396965" type="ORGANIZATION" weightage="20" keywordseo="KV-Kamath">KV Kamath</keyword>, who will step down soon as he has been nominated as the first president of the BRICS development bank. 
	 The bank in its filing with the BSE said that Sharma will take charge from July 1 and will continue on the board for tenure of five years. It should be noted that Sharma previously served as an independent director on the bank’s board from 2003 to 2011. He was the former vice chairman of FMCG giant Hindustan Unilever (<keyword id="44863" type="CITY" weightage="20" keywordseo="HUL">HUL</keyword>). 
	 
	Image Credit: Indiatimes.com

Former HUL vice chairman MK Sharma appointed as non-executive
chairman of ICICI Bank

<keyword id="6653" type="CITY" weightage="80" keywordseo="ICICI-bank">ICICI Bank</keyword> <keyword id="6364480" type="POSITION" weightage="80" keywordseo="Chairman">Chairman</keyword> <keyword id="396965" type="ORGANIZATION" weightage="80" keywordseo="KV-Kamath">KV Kamath</keyword> was on Monday appointed as the <keyword id="6369681" type="POSITION" weightage="80" keywordseo="chief">chief</keyword> of the <keyword id="989539" type="COMPANY" weightage="80" keywordseo="BRICS-Bank">BRICS Bank</keyword>. As part of the understanding, while <keyword id="2422318" type="UNKNOWN" weightage="80" keywordseo="The-New-Development-Bank">the New Development Bank</keyword>, as it will be called, will be headquartered in <keyword id="6368000" type="COMPANY" weightage="80" keywordseo="Shanghai">Shanghai</keyword>, India has got the right to nominate the <keyword id="197139" type="POSITION" weightage="80" keywordseo="first-president">first president</keyword>. 
 
The proposed bank with a $50 billion capital structure is seen to be an alternative to other multi-lateral agencies with the focus on the development agenda of BRICS countries. In fact, India is looking to tap it to meet its large infrastructure financing requirement and has been an active supporter of the new entity. 
On February 25, the government formally ratified India's membership of New Development Bank along with the proposed $100 billion Contingency Reserve Arrangement that can be tapped in case of a crisis. "The New Development Bank will mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement existing efforts of multilateral and regional financial institutions for global growth and development," the government had said in a statement. 
 
China is expected to make the biggest contribution, $41 billion, followed by $18 billion each from Brazil, India and Russia and $5 billion from South Africa.

Meet the new Indian Chief of BRICS Bank, also easily India's most renowned banking name

Prime Minister Narendra Modi-led Indian Government will complete one year in office this month and many investors and corporate are already assessing the work done by the Centre. In an exclusive interview to <a href="http://economictimes.indiatimes.com/opinion/interviews/government-will-have-to-be-a-key-player-in-infrastructure-development-kv-kamath/articleshow/47196099.cms">the Economic Times</a>, ICICI Bank Chairman, KV Kamath, says it will be incorrect to say that Modi government did not do anything substantial in last one year, adding that certainly more work was needed to be e done as per the promise made during the Lok Sabha polls. 
 

	Kamath said that progress was made on three fronts-land issues, environment and mineral rights and natural resources.
 

	“There were two or three things that needed to happen. One was clarity on land issues and that is a work in progress. Clarity on environment and the ministry certainly is in a position to take decisions, and I am not hearing anything negative on that front. Third issue was mineral rights, natural resources — things that the government ownsThe only place where the decision has yet to be taken is on the gas front...To me, these were key things that were hurting business and the ability of an entrepreneur to actually put a project on the table,” he said. 
 

	He also mentioned that growth was not happening in the manufacturing side due to which companies were not investing.
 

	Kamath added that issues in infrastructure side were needed to be addressed for attracting investments.
 

	“On the infrastructure side there is a whole lot of issues which need to be addressed before they could invest. I would say, a lot of other issues have come up in infrastructure projects because they have not gotten off the ground,” he told the financial daily.
 

	He further said project completion is not happening, adding these were compounding the challenges and mentioning two important things — action by the government and the bottom line. 

	There are ways to achieve target, he said, adding “you should have had faith in the global positioning that India is having under this Prime Minister. You should have faith that the legal action, wherever required, is being taken on a whole host of issues and they are being addressed”. 
 

	When asked about ministries not being empowered and over centralisation at the Prime Minister Office, he said, “No. I am not seeing that sense at all. I think we have a strong Centre which is as it should be. But, I have not heard anything that the ministries are not able to act. Decisions are taken at the ministries' level.”
 

	Talking about the mood and less hope in corporate earnings, Kamath said there were two parts to it, corporate earnings and corporate investment. “Corporate earnings… hampered by clearly on the manufacturing front; growth in terms of demand is not at the expected level,” he said.
 

	“In terms of infrastructure, it is clearly reflected in the whole issue of new investment not happening. In manufacturing, very large projects can kick-start a project in new capacity creation in 12 to 18 months... On the infra front, I am not seeing new projects or the interest as we would need for an economy which is set to provide 8% to 10% growth,” he added. 
 

	Commenting about the Reserve Bank of India which has cut interest rate by 50 basis points, Kamath said:,“Over the next one year if you can see a 200 basis points-plus cut, then you will see (demand)... because less than that is not going to be meaningful.” 
 

	Kamath said he was not asking the RBI to cut as much. “I am saying that for the growth momentum to be noticeable you will need that sort of a cut in terms of interest rates to make the EMI actually (lower) and it will move the needle,” he told the ET. 
 

	Coming to infrastructure, Kamath said the government has to be a key player in terms of investment in infrastructure. “In the private sector, what I would expect is that leverage players clearly will not be the future. It will have to be only players with the balance sheet who will need to push this agenda. There are players who would have earlier sat out on this. It has to be players with the balance sheet who will drive this. There is another interesting opportunity, which is all the assets in distress,” he said.
 

	Commenting about the bad promoters who are losing their empire, he said this will be the first time it will really be happening, but it will be probably in the banks' interest to make the assets productive, which are unproductive and they will work out an appropriate modality for that. 
	 
	(Image: India Times)

This is ICICI Chairman, KV Kamath’s views on the Modi Govt 1 yr since coming to power

Automobile major <keyword id="130549" type="General" weightage="50" keywordseo="tata-motors-ltd" source="Orion">Tata Motors Ltd</keyword> on Saturday said it will be increasing the prices of its passenger vehicles effective from November 7. The passenger car segment is logging good monthly growth for the industry players. While <keyword id="42747" type="General" weightage="100" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> did not specify the model wise price hike, it said the weighted average increase will be 0.9 per cent depending on the variant and the model. "The company has been absorbing a significant portion of the increa sed costs but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike," Tata Motors said. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/myositis-the-condition-affecting-actress-samantha-prabhu-is-more-common-among-adult-women-say-doctors/articleshow/95304784.cms">Myositis – the condition affecting actress Samantha Prabhu – is more common among adult women, say doctors</a> <a href="https://www.businessinsider.in/india/news/delhi-pollution-air-quality-severe-for-3rd-straight-day-noida-records-529-aqi-gurugram-at-478/articleshow/95313876.cms">Delhi pollution: Air quality 'severe' for 3rd straight day; Noida records 529 AQI, Gurugram at 478</a> <a href="https://www.businessinsider.in/business/corporates/news/kv-kamath-appointed-independent-director-of-reliance-industries-jio-financial-services/articleshow/95313728.cms">KV Kamath appointed independent director of Reliance Industries, Jio Financial Services</a>

You Searched For "kv kamath" and got 12 results

KV Kamath says digital economy can contribute 25% GDP by FY29

PTI

ASCI unveils a new brand identity to reflect the agenda of becoming future-facing and more inclusive

BI India Partner

RBI brings in KV Kamath to set the boundaries for a one-time restructuring of loans

Prabhjote Gill

KV Kamath has offloaded over half his holding in ICICI Bank

BI India Bureau

Lessons from the letters written by eminent personalities to their daughters

Usha Rani Das

Chairman KV Kamath quits Infosys. R Seshasayee to take over

BI India Bureau

Seshasayee likely to be interim chairman while search for Kamath’s successor continues

BI India Bureau

Vishal Sikka talks about Infosys’ ups ahead of a crucial meet

BI India Bureau

Former HUL vice chairman MK Sharma appointed as non-executive chairman of ICICI Bank

BI India Bureau

Meet the new Indian Chief of BRICS Bank, also easily India's most renowned banking name

BI India Bureau

This is ICICI Chairman, KV Kamath’s views on the Modi Govt 1 yr since coming to power

BI India Bureau

Tata Motors to hike prices of passenger vehicles from November 7

IANS

Popular Keywords

Buying Guides