PNB to write to IRDAI on stake sale plan in Canara HSBC OBC Life, says MD and CEO Mallikarjuna Rao
K.R.Srivats
New Delhi |
Updated on
June 01, 2021
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Regulator had given one year forbearance post PNB amalgamation with OBC on April 1 last year
Punjab National Bank, the country’s second largest public sector bank, plans to complete its stake sale in associate company Canara HSBC OBC Life Insurance in next one to one-and-a -half years, CH.S.S. Mallikarjuna Rao, Managing Director & CEO of the bank said.
“Because of our amalgamation with OBC from April 1 last year, forbearance was given to us by IRDAI for one year ( till March 31, 2021). Now that the period is over, we have completely assessed the situation and would like to sell our stake. It will not happen overnight .it could be one year or two years. We would like to submit our plan of action to IRDAI and that is why we have taken the approval from the Board, ” Rao told
Corporate travel continues to remain on slow lane, says Puneet Chhatwal, MD and CEO, IHCL
March 17, 2021
Puneet Chhatwal, MD and CEO, Indian Hotels Company Ltd×
‘Revenues are expected to increase if there are no lockdowns’
Recoveries in the hotel industry are currently being driven by domestic travel and corporate travel continues to remain slow, says Puneet Chhatwal, MD and CEO, Indian Hotels Company Ltd (IHCL), the country’s largest hotelier and owner of ‘The Taj’ brand.
The company forayed into homestays under the ‘amã’ brand, and post opening up, is witnessing some movement in the segment.
In an interview to BusinessLine, Chhatwal talks about recoveries, the threat of a second wave of infections on business and overseas expansion plans, among others.
Lending to see higher growth from Q4: PNB chief
February 12, 2021
SS Mallikarjuna Rao, MD and CEO of Punjab National Bank×
Mallikarjuna Rao, MD and CEO, Punjab National Bank, on Friday, said that credit growth is expected to start moving on a higher trajectory from the fourth quarter of this fiscal.
The low credit offtake over the last couple of quarters was primarily due to the laxity of demand in the wake of the slowdown induced by the pandemic. It was not due to the risk aversion of banks as is popularly believed, he said.
“During the pandemic there was laxity in demand and despite the tax reforms in October 2019, there was not much of investments coming in, and this goes to show the poor demand. But now with the good creation of supply and demand, we expect lending will see a higher growth particularly from Q4 onwards,” said Rao, while addressing the Financial Market E-Conclave organised by the Bengal Chamber of Commerce and Industry here on Friday.
Winning Requires Superior Business Crisis Planning
Need to build on flexibility and agility as strategic advantages, while being bolder and less risk-averse
Illustration by Raj Verma
Almost four decades in the consumer products industry, with the most recent seven years running India s leading beverage alcohol company through the turbulence of the Highway Ban , demonetisation and GST, I have had my fair share of excitement and a few battle scars - but none has presented the unparalleled test of leading through a crisis, as in the year just gone by.
Business As Usual
When the news of Covid-19 in China started percolating in early 2020, we were already faced with the headwinds of a slowing economy and soft category growth. But, in an industry where dealing with issues is an everyday way of life, adopting a business as usual mindset came naturally to us, and so we continued to run our business without being overly concerned. It was when the lockdown came into effect in Marc