The appointment of former comptroller and auditor general Vinod Rai as the chairman of Banks Board Bureau (BBB) will have no ‘obligations on the Consolidated Fund of India” - or, in other words, Rai will not draw any salary or perks from the government.
Rai’s selection as chairman came under scrutiny with Congress questioning the possible violation of Article 148(4) of the Constitution, which says, “The CAG shall not be eligible for further office either under the government of India or under the government of any state after he has ceased to hold his office.”
Former Reserve Bank of India (RBI) executive and PricewaterhouseCoopers (PwC) executive director Shinjini Kumar is set to join Paytm's payments bank as chief executive officer (CEO), multiple sources with direct knowledge of the matter told TOI. Kumar, who also has had a stint at Bank of America Merrill Lynch, is expected to join the company in March as the Alibaba-backed Paytm is gearing up to start its payments bank operations after June this year. The initial plan was to start operations in the first quarter of the new fiscal, but it is now expected to be delayed slightly.
Anshu Jain, the former co-chief executive of Deutsche Bank, is to join online lender SoFi as an adviser in his first venture since he left Germany's biggest bank at the end of last year. In joining SoFi, a San Francisco-based company best known for refinancing student loans, Mr Jain becomes the latest in a succession of former big-bank chief executives exploring the emerging world of financial technology. Vikram Pandit, once of Citigroup, and John Mack, formerly of Morgan Stanley, have developed portfolios of investments in small but fast-growing companies seeking to challenge traditional brick-and-mortar lenders.
Raghav Bahl, founder of Quintillion Media Pvt. Ltd that operates news website thequint.com, has signed a joint venture agreement with New York-based Bloomberg LP to launch a co-branded television news channel and website. Bahl and Bloomberg, the eponymous business information and media company controlled by billionaire Michael Bloomberg, will together invest Rs 100 crore in the venture. Bahl will own a 74 per cent stake and Bloomberg the remaining 26 per cent. The agreement is for a 10-year period.
The venture marks Bahl’s return to the broadcast sector he left when Reliance Industries Ltd in May 2014 took complete control of his Network 18 Media and Investments Ltd by converting its debentures in the media group into shares. Bahl walked away with around Rs.700 crore. Quintillion Media doesn’t have a non-compete agreement with Network18 Media.
Menaka Doshi, executive editor at CNBC-TV18, is likely to become managing editor and Anil Uniyal, chief executive at CNBC TV18, will likely assume the same role at Bloomberg-Quint, said the person cited above.
Zee Media Corp. Ltd is entering the television shopping business by acquiring a stake in two India Today Group companies. In a filing to BSE Ltd, the company that operates Zee News and Zee Business channels said it has bought 80 per cent stake in Today Merchandise Pvt. Ltd (TMPL) and Today Retail Network Pvt. Ltd (TRNL). Both TMPL and TRNL are subsidiaries of Living Media India Ltd that owns the India Today Group of publications.
The target companies are developing infrastructure for launching a television shopping channel and operate e-commerce website baggittoday.com to complement the TV shopping business.
|Sajeet Manghat||Bloomberg-Quint||CNBC-TV 18|
|Nisha Poddar||CNBC-TV 18||ET NOW|