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RBI proposes to introduce new category of money changers

New Delhi: The Reserve Bank on Tuesday proposed to introduce a new category of money changers who may conduct business through an agency model by becoming Forex Correspondents (FxCs) of Authorised Dealers.  Currently, the Reserve Bank issues licence to authorised dealers — banks authorised to deal in foreign exchange — and full-fledged money changers. Licences are also granted to financial and other institutions to carry out specific foreign exchange transactions related to their business.  The framework for licensing of Authorised Persons (APs) under FEMA, 1999 was last reviewed in March 2006.

The RBI said that keeping in view the progressive liberalisation under FEMA, increasing integration of the Indian economy with the global economy, digitisation of payment systems, evolving institutional structure, over the last two decades, it has been decided to rationalise and simplify the licensing framework for APs. 

The review aims to meet the emerging requirements of the rapidly growing Indian economy, and achieve operational efficiency in the delivery of foreign exchange facilities to common persons, tourists, and businesses while maintaining appropriate checks and balances, it said while issuing draft Licensing Framework for Authorised Persons (APs) under FEMA. 

“To enhance the ease of doing business, it is proposed to introduce a new category of money changers who may conduct money-changing business through an agency model by becoming Forex Correspondents (FxCs) of Category-I and Category-II Authorised Dealers. Such entities shall not be required to seek authorisation from the Reserve Bank,” the draft said.  The draft also proposed to introduce Forex Correspondent Scheme (FCS), which will be based on a principal-agency model where AD Category-I or AD Category-II will act as the principal for the FxCs. The objective behind FCS is to increase the reach of foreign exchange services.

The central bank has sought comments from stakeholders on the draft by January 31, 2024.

This story has been sourced from PTI.

Tags: BFSI

Administrative reshuffle in Assam, 4 IAS Officers transferred

New Delhi: Ravi Kota IAS (Assam-Meghalaya 1993), currently serving as Additional Chief Secretary to the Govt. of Assam in the Home & Political Department (including Passport, Prisons, etc.) and Industries, Commerce & Public Enterprises Department, has taken on an additional role as Additional Chief Secretary to the Govt. of Assam in the Power (E) Department.

Aruna Rajoria IAS (Assam-Meghalaya 2004), presently Commissioner & Secretary to the Govt. of Assam in the Environment & Forest Department and Development Commissioner, Hill Areas (addl.), has assumed an additional responsibility as Commissioner & Secretary to the Govt. of Assam in the Information & Public Relations and Printing & Stationery Department.

Rakesh Kumar IAS (Assam-Meghalaya 2005), who was serving as MD of APDCL and Commissioner & Secretary to the Govt. of Assam in the Fishery, Excise, and Power (E) Departments, and Chairman of APDCL and APGCL, has been relieved from the role of Commissioner & Secretary to the Govt. of Assam in the Power (E) Department. Furthermore, he has been appointed as Commissioner of Excise, Assam, effective from January 1, 2024.

Rakesh Agarwala IAS (Assam-Meghalaya 2009), the current Commissioner of Excise, Assam, and Managing Director of Assam Tea Corporation Ltd., will continue as Managing Director of Assam Tea Corporation Ltd. after his retirement on December 31, 2023, pending approval from the Cabinet and finalization of the terms and conditions for his post-retirement re-engagement.

This story has been sourced from Indian Bureaucracy

Tags: Governance

Administrative reshuffle in Madhya Pradesh, 4 IAS Officers transferred

New Delhi: In a recent administrative reshuffle in Madhya Pradesh, Mukesh Chand Gupta IAS (Madhya Pradesh 1998), the current Director of Town & Country Planning, has been named the Principal Secretary of the Planning, Economic, and Statistics Department. 

 

Neeraj Kumar Vashishth IAS (Madhya Pradesh 2013) has taken on the role of Deputy Secretary, Secretariat, Madhya Pradesh Government.

 

Additionally, T Prateek Rao IAS (Madhya Pradesh 2021), currently serving as Assistant Collector in Dewas, has been reassigned as SDO in Itarsi. 

 

Divyanshu Choudhary IAS (Madhya Pradesh 2021), Assistant Collector in Betul, is now appointed as SDO in Dabra, Gwalior. 

 

This story has been sourced from Indian Bureaucracy.

Tags: Governance

Dr Vikas Dhawan appointed as Director General at IMS, Noida

New Delhi: Dr Vikas Dhawan has been appointed as Director General at the Institute of Management Studies, Noida. Before this appointment, Dr Dhawan was Pro Vice-Chancellor at the SGT University.

Dr Dhawan is an experienced academician & administrator in higher education with more than 20 years of experience. He holds a Doctor of Philosophy (PhD) focused in Mechanical Engineering from Guru Nanak Dev Engineering College, Ludhiana.

He worked extensively on NEP implementation and introduced new interdisciplinary courses and vocational programs. He is Skilled in Team Building, leadership, leading from the front, teaching, FOOP control, innovation, asset management, resource management, research and development, discipline, and meeting targets in a particular time frame.

Dr Vikas took it to LinkedIn to announce his recent appointment, he quoted “ I am proud to share with you all that I have joined IMS Noida as Director General.”

Tags: Education

Females returning to work come with a lot of innovation and creativity, says Raju Foujdar, CHRO, RK Pharma

New Delhi: Human Resources leader emphasizes proactive workforce planning, identifying high-potential individuals and aligning them with future roles through a meticulous training process. The organization prioritizes employee well-being through comprehensive engagement, career progression, and stress management initiatives, along with an unlimited leave policy. 

 

For aspiring HR professionals, the advice centers on becoming business partners, fostering deep understanding, entrepreneurial thinking, and emphasizing accountability. The path from CHRO to CEO is not a distant dream, and success lies in a holistic approach that combines business acumen with empathy and humility. In this Regard Shreya Singh, ObserveNow Media interacted with Dr. Raju Foujdar, Global Chief Human Resource Officer (CHRO), RK Pharma.

 

Here are a few excerpts from the interview:

 

What’s your organization’s approach to talent strategy and hiring? Is there a perfect recipe to get it all right or is it always a balanced view?

RK Pharma group has a balanced Talent Strategy. Generally, organizations use the Build V/S Buy Methodology. Our organization has got more focus on Build. This means developing in-house talent for new future roles. Our organization has aggressive growth plans. Building in-house talent to cater to the needs in such an environment is not always feasible. In such cases – we go by mapping of High Potential (Hi-Pot) of our competitors in business and acquire talent from outside. Because the development of in-house talent is a continuous process and takes reasonable time.

 

As an HR leader, how do you ensure that the workforce you have today is the one you need tomorrow? What is your master plan for the skills update of the team?

The value of Gold always remains the same – let it be old or new. The only difference is shine in both cases. We map the future roles and future requirements of the organization. Map our existing human capital against those roles. Training Need Identification (TNI) is mapped against the strengths of the talent available v/s requirement of the new role. Then train them to take up those positions. The visionary HR Leader can make a big difference in the future requirements of the organization. He can keep his old gold shining at par with new. We just don’t believe in vertical growth of knowledge, which comes with years of experience – rather helping our Hi-Pots to acquire horizontal growth to explore their capabilities in cross-functional verticals.

 

What innovative approaches are businesses adopting to retain top talent in an increasingly competitive market? How are they prioritizing employee well-being and career growth?

Employee Engagement since profile shortlisting for the interview process, career progression, succession pipeline and alignment of own human capital, Training and development, horning of skillset to ensure employability, Stress management sessions, work-life balance, flexible working and last but not the least – we have unlimited leave policy.

 

How do you approach diversity and inclusion in your hiring practices, particularly in the context of hiring veteran workforce or Women returning to work?

Diversity and inclusion are the requirements of today’s time, wherein we have the talent and expertise available. Absorption is purely based on the job profile. Females returning to work many times come with a lot of innovation and creativity. They outperform their other counterparts. Veterans have in-depth knowledge and experience available to youngsters. Even the Government is willing to extend a helping hand to organizations to make diversity and inclusion implementation a Success story for both parties to arrange.

 

In what ways can your organization support and empower freshers to understand work life, chart a path for them, and find their sense of purpose in alignment with the company’s vision?

Whenever we go for any campus placement, we just see that the students should have basic knowledge of what they have learned, some discipline, and attitude & aptitude to learn. Every year – we hire interns across the organization for different departments. These interns are nurtured to be future leaders. We are working on 3-layer succession planning to maximize utilization of our in-house talent. The target in the next 5 years is that if one personnel above General Manager retires – that will be filled with the position of a Trainee/fresher. The talent framework for this initiative is under finalization.

 

Is there any advice you would like to give to the new HR Professionals entering the industry?

HR is no longer going to be an enabling function. We need to be frontline partners in Business Partnering. You might have observed during Covid. Once we took the lead during VUCA times – we should explore our expertise in normal times. The journey from CHRO to CEO is no longer a dream. 

We have many set examples. What you need to do, is focus on the following:-

Business deep understanding, Business Orientation, entrepreneurial mindset, Building people capability w.r.t Organizational needs and alignment, Team Leadership. Last but not the least – holding people responsible and accountable. Have an eye on the department’s individual performance and the organization as a whole. Humility and empathy should be front runners for us – we deal with human beings. This is the Mantra for success.

Tags: Trending

Samir Kumar Sinha promoted to Chief Secretary Grade, Assam

New Delhi: Samir Kumar Sinha, IAS officer of the Assam-Meghalaya cadre from 1994, currently serving as Additional Chief Secretary to the Chief Minister of Assam, has been promoted and granted the opportunity to act in the Apex Scale, Level 17 of the Pay Matrix, i.e., Rs.2,25,000/- (fixed) per month (Chief Secretary Grade) starting from January 1, 2024.

 

Following his promotion, Sinha, will continue in his roles as Additional Chief Secretary to the Chief Minister of Assam, Additional Chief Secretary to the Government of Assam in the Finance Department, and Additional Principal Resident Commissioner at Assam Bhawan, New Delhi.

Tags: Governance

Event Marketing most important among Field Marketing Tactics, Says Nitu Sharma, Head of Marketing , Iron Mountain, India

New Delhi: The adoption of Generative AI in B2B marketing is rising in India. Gen AI offers efficiency in content generation, real-time customer engagement through chatbots, and improved data-driven decision-making, promising a more personalized and impactful B2B marketing landscape globally. 

For B2B marketers, balancing consumer journey, content marketing, and field marketing practices is essential. The synergy of these elements, tailored to the target audience, forms a cohesive and impactful marketing approach, fostering meaningful connections. In this regard, Priyanka Chakraborty, Observe Now Media, interacted with Nitu Sharma, Head of Marketing, Iron Mountain, India.

 

Here are a few excerpts from the interview:

 

In today’s data-driven world how are you using your TG data to create better segmentation of profiles and to make sure of a hyper-personalized delivery; while cautiously not breaching privacy?

After gaining a comprehensive understanding of your customer, competition, and company, the subsequent crucial step is segmentation before targeting your customers. While every marketer aspires for hyper-personalized deliveries to tailor experiences for specific target groups, achieving this is becoming more challenging due to privacy issues.

 

An effective approach to maintain relevance in your campaigns is to segment based on the needs of target industry personas. Problems across industries are generally well-known and transcend the demographics and firmographics of the target audience. Another beneficial strategy is to assess the intent of the buying persona. Sometimes, there is a clear need, but there may be no intent to invest in a given solution or service due to various reasons.

 

As a B2B marketer today, what are your primary areas of focus- is it your consumer journey, content marketing or field marketing practices?

The synergy between the art and science of marketing is only realized when all these factors harmonize. There isn’t a one-size-fits-all solution; it hinges on the target audience and their preferences. We must be ready to deploy any of these tactics in our marketing mix. Your customer journey serves as the blueprint for defining your content and field marketing practices within your go-to-market strategy. Striking a delicate balance among these crucial elements is imperative for crafting a cohesive and impactful marketing approach, ensuring we maximize our influence and cultivate meaningful connections with our audience.

 

In the tech world today- redefine the purpose of Field marketing specifically event marketing for us. How are you leveraging it to its true potential?

In the tech-driven landscape, event marketing remains one of the most important field marketing tactics for me. It serves as a powerful avenue to showcase products and services, facilitating direct networking with individuals genuinely interested in what you offer.

 

Events, in particular, contribute significantly by enabling us to position ourselves as thought leaders in our industry, attracting the right audiences. They excel at driving brand engagement, breathing life into our tech solutions, and fostering immersive experiences through direct interactions. This establishes a tangible and memorable connection with our audience, allowing us to showcase our technology in action and address their specific needs.

 

To amplify the impact of events, we can leverage cutting-edge technologies like virtual and augmented reality, interactive displays, and personalized experiences. This transforms our events from being solely informative to becoming engaging and highly impactful experiences.

 

How do you define a successful field marketing campaign? How does it contribute to lead generation and customer acquisition now?

 

A field marketing campaign’s success is rooted in its alignment with the customer journey. It goes beyond merely enhancing brand awareness; it strives to yield tangible results, encompassing lead generation and customer acquisition. The aim is to create a lasting impression that transforms into measurable outcomes for the business.

 

To be effective, we must position ourselves where our customers actively engage, rather than assuming predefined locations. A comprehensive understanding of your customer’s psyche should guide decisions on what, where, how, and when to engage.

The triumph of a field marketing campaign is not solely determined by its success, but rather by its impact on the sales pipeline, customer acquisition metrics, and the overall return on investment.

 

How deep are B2B Marketeers in India into Gen AI? Can you share a snippet from your journey and a general observation prediction in your opinion on the same?

 

The advent of Gen AI has made a significant impact, affecting both B2B and B2C domains alike. The adoption of Generative AI in B2B marketing is rapidly gaining momentum, driven by the growing need to generate content swiftly and efficiently.

The imperative to utilize Generative AI is clear – if you don’t, someone else will, potentially causing you to miss out on capturing market opportunities promptly.

 

Generative AI proves instrumental in achieving excellence within short timeframes by automating repetitive tasks, allowing marketers to concentrate on strategic initiatives.

Looking forward, I foresee a widespread incorporation of AI into B2B marketing strategies. This includes the emergence of advanced chatbots for real-time customer engagement, AI-driven content generation, and improved data-driven decision-making.

 

The evolving landscape of Gen AI holds the promise of making B2B marketing efforts more efficient, personalized, and impactful, not only in India but on a global scale.

Tags: Trending

Manoj Kumar Sharma joins Ambuja Cements as CHRO

New Delhi: Recently acquired Ambuja Cements by the Adani Group, positioned Manoj Kumar Sharma as the new Chief Human Resources Officer. Appointment of his post came into effect in November.

 

While taking it to LinkedIn, Sharma posted “I’m happy to share that I’m starting a new position as Chief Human Resources Officer at Ambuja Cements Limited.” 

 

With this, Sharma will be supervising succession planning, HR transformation, leadership development, HR strategy, executive coaching, and talent management in this new role of him.

 

Sharma has joined Ambuja Cements from Adani Electricity where was serving as senior executive vice president of HR. Besides Adani Electricity, he also worked with several verticals of the Adani Group including Adani Green Energy, Adani Power, and Adani Infra India.

Tags: Trending

NMIMS SBMs MBA programme surges 13 places to 83rd in Global B-School Rankings

The NMIMS School of Business Management (SBM), MBA Programme, has achieved another milestone by securing the 83rd rank in the prestigious Financial Times Masters in Management (FT MiM) Ranking 2023. The achievement marks a substantial leap from its debut at 96th in 2022, firmly establishing it as a significant Global player in Management Education.

 

The Financial Times Masters in Management Rankings is recognised as one of the most esteemed rankings worldwide. NMIMS SBM’s consistent upward trajectory (in these rankings) signifies its impact in providing world-class business education to young aspiring graduates in India.

 

NMIMS SBM’s recognition in this prestigious Global Ranking is an affirmation of the school’s demonstrated excellence in several key areas, including career progression, percentage salary increase, student satisfaction, and faculty gender diversity. These outcomes are also a testament to the NMIMS SBM’s globally benchmarked curriculum, pedagogical innovations, and excellent career impact for its graduates.

 

The programme proudly ranks among the top 25 institutions globally for career progression and holds an impressive fourth position among Indian B-Schools.

Moreover, it has earned a coveted spot among the top 50 institutions globally for ‘percentage salary increase,’ securing the 2nd best position among Indian schools. This underscores the industry’s confidence in the calibre of the NMIMS SBM’s students.

 

The institution’s dedication to student satisfaction is evident through an outstanding overall score of 8.83, positioning it among the top 60 institutions worldwide. Moreover, NMIMS SBM promotes gender diversity among its faculty, ranking within the top 15 globally and securing the 2nd position in India.

 

Notably, NMIMS SBM is the only University B-School having the largest cohort of graduates from India to feature on this distinguished list, setting it apart from other standalone B-School institutions.

 

Commenting on the prestigious achievement in the FT Global 2023 Ranking, Dr Ramesh Bhat, Vice-Chancellor of NMIMS, emphasised the institution’s commitment to excellence, stating, “Our ranking in the FT MiM Ranking 2023 reaffirms our dedication to excellence in management education. At NMIMS, we have always embraced cutting-edge curriculum, pedagogical innovations, modern infrastructure, and the employability of our students. Staying one step ahead is crucial to meet the industry’s evolving needs and equip our students with the utmost confidence to face the competitive professional world. Our strong focus on gender diversity among faculty members enriches our educational environment with unique perspectives.”

 

Dr Prashant Mishra, Dean of NMIMS School of Business Management, Mumbai campus, expressed his pride at this significant accomplishment: “We are immensely proud to achieve the 83rd rank in the FT MiM 2023 ranking. This achievement signifies our pre-eminent position among the Top Management Schools globally and reflects our unwavering efforts to equip our students with the most relevant skills and competencies through a contemporary curriculum and excellent teaching-learning processes, equipping them for success in today’s fiercely competitive business landscape. The rankings also demonstrate the impact and success of our graduates in the business world. Moreover, the school’s recognition also highlights the calibre of business education in India on the global stage.”

 

This story has been sourced from Mediawire.

Tags: Education

KIIT Ranked 6th Best Indian University in Times Higher Education World University Rankings 2024

Kalinga Institute of Industrial Technology (KIIT) Deemed to be University, Bhubaneswar, is among India’s most sought-after universities, attracting students from all over the world to pursue professional and technical education. It has built its reputation as the most student-friendly university, anchored on the principles of Compassion and Humanity.  

 

Founded in 1992-93 as a modest vocational training centre by eminent educationist and social activist Prof. Achyuta Samanta, it took shape as a centre of higher learning in 1997, which is considered as the base year. Since then, KIIT has grown exponentially, setting a high benchmark in each area of education. 

 

It has emerged as the 6th best university in the country out of 91 higher education institutes that feature in the prestigious Times Higher Education World University Rankings 2024. It secured the top position in Odisha.  

 

The University has retained its position from last year in the Times Higher Education World University Rankings – the world’s most respected ranking table of universities published annually. Its global ranking stood in the cohort of 601-800 as it continued to improve its overall score, reflecting its sustained focus on quality teaching, research activities and a steady rise in its global reputation.  

 

The Times Higher Education World University Rankings 2024 include 1,904 universities across 108 countries and regions. The methodology used for ranking the universities is teaching environment, research, citations, international outlook and industry income. 

 

KIIT’s flagship programme – Computer Science Engineering – has been placed in the 301 – 400 band, while General Engineering has achieved a rank of 401 – 500 globally in the Subject Rankings for 2023. The Times Higher Education World University Rankings is widely followed by academia, including students, in deciding their institute of choice for pursuing higher education. 

 

With a diverse student body of 40,000 representing all States of India and 65 foreign countries, KIIT is emerging as an international hub for quality professional and technical education. Despite being a young institution – 26 years as an institution and 19 years as a university – it has achieved impressive positions in international and national rankings of higher education institutions. 

 

Among national rankings and accreditation, KIIT has been ranked as the 16th best university in India by the NIRF India Rankings 2023 of the Ministry of Education, Govt. of India. It has received the ‘A++’ Grade from NAAC, the country’s top accreditation body for higher education institutions. Additionally, its engineering programmes have obtained ‘Tier 1’ (Washington Accord) accreditation from NBA. 

 

Its B.Tech Programmes are also accredited by ABET, USA and IET, UK, which are considered the gold standard for engineering and technology education. 

 

In a relatively short span of time, KIIT has evolved into an institution that consistently strives for excellence in education, research, and innovation. With its student-centric culture and world-class infrastructure, KIIT continues to empower its students to achieve great heights and make a positive impact in their respective fields. 

 

This story has been sourced from Mediawire.

Tags: Education

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