Bharti AXA Life Insurance has appointed Priya Ranjan as human resource director, global life & savings, AXA Group. He is currently HR director of Bharti AXA Life Insurance. Mr Ranjan will assume his new role on 22nd October and will be based out of France. He will be reporting to Shu Khoo, Group HR Head, AXA, who in turn directly reports to Henri de Castries, chairman and CEO of the AXA Group.
In 2009, AXA created two global lines of business - life & savings, and property & casualty.
Mr Ranjan has over 15 years of HR experience in financial services, information technology and manufacturing.
Power major NTPC Ltd has appointed NN Misra as director (operations). He will be based in New Delhi. Mr Misra will be responsible for overseeing all operational activities of NTPC's projects.
Mr Misra completed his graduation in electrical engineering from Regional Engineering College, Rourkela, in 1977. The same year, he joined NTPC in 1977 as executive trainee in the electrical department. His work involved looking after the various functions of electrical design, project engineering etc.
Mumbai: Amid growing criticism over the use of coercive methods of microfinance institutions (MFIs) to recover loans, the Reserve Bank of India (RBI) on Tuesday said its sub-panel will look into the functioning of such lenders and submit its report in three months, reports PTI.
"The sub-committee will submit its report in three months," the Reserve Bank said in a statement.
"Y H Malegam, a senior member on the Central Board of Directors of the Reserve Bank of India will chair the sub-committee," it added. Other members of the panel include Kumar Mangalam Birla, Shashi Rajgopalan and RBI deputy governor K C Chakrabarty.
The sub-committee of the central board of directors of the central bank will study the issues and concerns of the microfinance sector, including interest rates charged by the lenders in this area.
The RBI further said that there have been some concerns expressed in the media about high interest rates, coercive recovery processes and multiple lending practised by some microfinance institutions.
The Reserve Bank regulates only those MFIs which are registered with it as non-banking finance companies (NBFCs).
However, it does not prescribe lending rates for these institutions, it added.
Although the registered companies cover over 80% of the microfinance business, in terms of number of companies they constitute a small percentage of the total number of MFIs in the country.
Last week, the Andhra Pradesh government issued an ordinance making registration of microfinance institutions (MFIs) with the state government compulsory.
It aims to rein in microfinance institutions (MFIs), whose coercive tactics led to the death of a number of people in the state recently.
Christened 'Andhra Pradesh MicroFinance Institutions (regulation of money lending) Ordinance, 2010,' the ordinance came into force on 15th October with the governor E S L Narasimhan giving assent to it.
Meanwhile, Microfinance Institutions Network (MFin), an association of 44 MFIs has filed a petition in the Andhra Pradesh High Court challenging the ordinance. The hearing on the petition is expected to come up for hearing today.