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Magma Fincorp has appointed Adar Poonawalla as its chairman as part of a management overhaul following the Poonawala-controlled Rising Sun Holdings acquiring a controlling stake in it.
Rising Sun invested Rs 3,456 crore in the non-bank lender earlier this month. Magma will soon be rebranded as Poonawalla Group company.
The lender has also appointed Abhay Bhutada as its managing director and Vijay Deshwal as chief executive officer. Deshwal, currently a business head at ICICI Bank, will assume charge at Magma from the first week of July. He will also be the Group CEO of Poonawalla Group’s financial services business.
ZEE taps former Aadhaar CTO Nitin Mittal to drive digital transformation
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Mittal, the former technology advisor to the National Payments Corporation of India (NPCI) and former head of technology services at Unique Identification Authority of India (UIDAI), has joined the company today, with the mandate to drive the digital transformation of the company.
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India’s largest listed media & entertainment company Zee Entertainment Enterprises (ZEE) has roped in Nitin Mittal as President – Technology & Data.
Mittal, the former technology advisor to the National Payments Corporation of India (NPCI) and former head of technology services at Unique Identification Authority of India (UIDAI), has joined the company today, with the mandate to drive the digital transformation of the company.
Read more about RBI s status quo policy may revolve around Covid-19 pandemic measures on Business Standard. RBI s forecast for growth is 10.5% for the current fiscal year. Most analysts expect the RBI to lower it in the June 4 monetary policy announcement
CLSA said the corporate credit cycle is turning, and there is adequate capitalisation in BoB following the recent capital raise (CET-1 at 11 per cent). Besides, the bank showed strong retail asset quality in a pandemic year, it said.