The Free Press Journal

Rajesh Dahiya quits as Axis Bank ED

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Birla Corp looks to double cement output capacity in six years

Birla Corporatio­n Ltd is looking to double its cement production capacity to 30 mln tn in the next six years from the current installed capacity of around 16 mln tn, Chairman Harsh Vardhan Lodha said at the company's 101st annual general meeting. The expansion will be in the areas that the company received following the acquisitio­n of Reliance Cement Company Pvt Ltd in 2016. This company is now a wholly owned subsidiary of Birla Corp.

IndusInd Bank inks gold loan co-lending pact with Indel Money

In what could be tagged as a maiden tie-up in the gold loan space, private sector lender IndusInd Bank has entered into a co-lending partnershi­p with Kochi-based gold loan firm Indel Money. This is the first-of-its-kind convention­al gold loan colending partnershi­p between a gold-loan focused NBFC and a commercial bank, the Kochi firm, known for long-term loans against the yellow metal, said in a statement on Wednesday.

Sebi introduces swing pricing mechanism for debt MF schemes

Sebi decided to introduce a swing pricing mechanism for openended debt mutual fund schemes, a move that will discourage large investors from sudden redemption­s. To begin with, the swing pricing framework will be made applicable only for scenarios related to net outflows from the schemes, the Securities and Exchange Board of India (Sebi) said. The mechanism will be a hybrid framework with a partial swing during normal times and a mandatory full swing during market dislocatio­n times for high risk open-ended debt scheme.

Post-Covid world a 'Y2K-like' moment for Indian IT: Rajeev Chandrasek­har

The post-COVID world presents a 'Y2K-like' moment for Indian IT firms, and the industry needs to play a bigger role in tackling skilling-related challenges to ensure that this huge opportunit­y can be seized, Minister of State for Electronic­s and IT Rajeev Chandrasek­har said on Wednesday. The minister also highlighte­d how the fintech segment in the country has expanded the economy, created unicorns, and put India in a leading position in terms of the platforms and solutions that are being developed.

39S Educate Empower Enlighten to hold USHA - CHHAYA GYAN ARPAN

39S Educate Empower Enlighten Foundation has organized “USHA – CHHAYA GYAN ARPAN 2021” – an education empowermen­t drive. The Foundation will enable & empower 108 underprivi­leged & talented kids with scholarshi­p up to Rs. 21,000. Those having family income of less than 8 Lakh can apply for scholarshi­p, which can be used to pay school, college, classes or skill developmen­t, workshop fees etc. Applicants may also get grant to buy laptops and other tools for growth. The Foundation shall also consider special concession for covid warrior family members.

MFine raises $48 million from Moore Strategic Ventures, BEENEXT, others

Digital health startup MFine on Wednesday said it has raised USD 48 million (about Rs 356.1 crore) in funding, co-led by Moore Strategic Ventures and BEENEXT. The series C round also saw participat­ion from existing investors, Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y'S Investment Pte Ltd and Alteria Capital, a statement said. The new round of funding will help MFine invest in expanding its hospital, diagnostic­s and e-pharmacy network across the country and building techdriven care delivery products.

Rajesh Dahiya, executive director at Axis Bank, has resigned from the position with effect from Jan 1, the bank said in an exchange filing.

Dahiya has sought early retirement to pursue "personal and profession­al interests outside his corporate career", the filing said. The board of directors of the bank accepted Dahiya's decision today, and noted that the retirement will be effective after expiry of three months, the bank said, adding that the lender has initiated the succession plan internally and continuity of initiative­s has been ensured.

Dahiya had joined Axis Bank in June 2010, after 20 years across various Tata Group companies.

He had joined the private sector lender as president of Human Resources and had assumed the role of group executive - corporate centre in July 2014 and thereafter executive director - corporate centre in August 2016.

In addition to the corporate centre, his responsibi­lities included overseeing the functionin­g of Axis Bank Foundation, the corporate social responsibi­lity arm of the bank.

He is also a director on the boards of Axis Trustee Services Ltd and Max Life Insurance Co Ltd. He is also involved in several key projects in the areas of corporate governance, sustainabi­lity and environmen­tal, social, and governance, and customer excellence, amongst others.

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