Category Archives: Members

The World of Finance: Week of February 24th to March 2nd 2014

the-world-of-finance-week-2013-mar-24India: RBI

  • RBI issued guidelines for revitalizing distressed assets by forming Joint Lenders’ Forum (JLF) and adoption of Corrective Action Plan (CAP) for operationalizing the framework
  • RBI launched the 35th round of the inflation expectations survey for the current quarter
  • RBI has launched an integrated computerized export data processing and monitoring system to step up monitoring and follow-up of the exports transactions

India: SEBI

  • SEBI exempted the government from making an open offer after its stake increased by about 8 per cent in UCO Bank through conversion of Rs 1,200 crore worth of preferential shares
  • SEBI imposed a penalty of Rs 2 lakh on IDBI Bank for failing to make disclosures about purchase of shares in Welspun India

India: Finance Ministry

  • Finance ministry is slated to appoint Executive Director of Punjab & Sind Bank, Mukesh Kumar Jain as chief of United Bank of India
  • Finance ministry may allow American depository receipt (ADR) and global depository receipt ( GDR) issuance for debt. Indian investors holding government debt or equity in a company may soon be able to encash these overseas at attractive prices through liberalised access to ADR and GDR markets

India: Banking Developments

  • The country’s first Post Office Savings Bank ATM was inaugurated here today by Finance Minister P Chidambaram as a part of the government’s Rs 4,909 crore IT modernization scheme for the Department of Posts
  • Axis Bank, India’s third largest private bank, launched the Aadhaar based eKYC mode of account opening service aimed at financial inclusion customers (NREGS beneficiaries & Pensioners) in Adilabad district of Andhra Pradesh.
  • Axis Bank has become the first bank in India to offer paperless account opening services through MicroATMs
  • Telecom major Vodafone India and ICICI Bank on Friday announced the launch of ‘M-Pesa’, a mobile money transfer and payment service, in Odisha
  • Salaries of employees of the Kolhapur zilla parishad under the shalarth scheme will be deposited in the Prathmik Shikshak Sahakari Bank Limited from June.The shalarth system was introduced last year to facilitate a payroll system for school teachers through online entries across the state

India: Banking expansions

  • Canara Bank opened 35 branches in the remote villages of West Bengal where no banking service was available
  • Canara Bank is in the final lap of taking over Amanath Co-operative Bank, with the Karnataka government all set to issue a gazette notification soon
  • With RBI’s approval, the Shri Mahila Sewa Sahkari Bank Ltd is looking beyond Ahmedabad’s boundaries for the first time
  • Aluva-based Federal Bank has received the approval of the Cabinet Committee of Economic Affairs (CCEA) for increasing the foreign equity participation to up to 74% of the paid-up capital of the bank, under the foreign direct investment policy

India: General banking

  • The Bimal Jalan panel which was scrutinising applications for new bank licences has submitted its report to RBI on 25th Feb, 2014
  • Corporation Bank has bagged the awards for lending to MSE (micro and small enterprises) and to micro enterprises from the Union Ministry of Micro, Small and Medium Enterprises (MSME) for 2012-13
  • Indian Bank has revised the interest rates on foreign currency non-resident (banking) term deposits with immediate effect. The interest rates for deposits (in US dollar terms) of one year and above but less than two years will be 2.55 per cent from the existing 2.57 per cent
  • A panel formed to suggest a fair fee structure for ATM transactions has set a timeframe of 15 days for lenders to place their draft proposals on interchange fees
  • United Bank of India may be bracing for worse as the state-owned lender is looking into the possibility of Rs 800 crore having been disbursed at one of its branches in New Delhi without making sure of collateral
  • A large number of Maithili speaking people have requested RBI governor Raghuram Rajan to use Maithili as well as Manipuri, Santhali, Dogri and Bodo on Indian currency

India: They said it

  • C Rangarajan, Chairman, Prime Minister’s Economic Advisory Council (PMEAC): Policy rate cuts by the RBI will depend on inflation movement
  • Raghuram Rajan: No differences with Finance Ministry on growth
  • RBI Governor Raghuram Rajan: Retail inflation targeting awaits government nod

India: Frauds

  • Five persons have allegedly cheated nearly Rs 11 lakh from a bank by presenting fake papers for loan at Bhankrota area in Jaipur
  • The ACB arrested the chief manager (civil) of State Bank of Bikaner & Jaipur (SBBJ), Anant Kumar Sinha, after he was caught red-handed taking a bribe of Rs 30,000 at his office from a building contractor

India: Forex reserve

  • India’s foreign exchange (forex) reserves fell by $383.7 million in the week ended February 21 to $293.40 billion

International:

  • Indian banks like State Bank of India, Bank of India and Bank of Baroda may face hurdles in Britain because of new financial regulations to be launched in the UK
  • Russia’s central bank hiked its key lending rate by 1.5% points after the rouble hit an all-time low on President Vladimir Putin’s declaration at the weekend of his right to invade Ukraine

The World of Finance: Week of February 17th to February 23rd 2014

the-world-of-finance-week-2013-feb-23

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India: RBI

  • RBI announces panel for skill development of bank employees
  • The Madras High Court ordered issue of notice to RBI on a PIL seeking to declare as null and void RBI’s recent notification on withdrawing all old series of currency notes issued prior to 2005
  • RBI restricts foreign investors from buying IDFC shares beyond 52.5 per cent as IDFC has decreased the limit for foreign shareholding
  • RBI to enforce strict regime on United Bank of India
  • RBI de-licenses Bhubaneswar Urban Co-operative Bank after the state government failed to take steps for its merger with any other co-operative society

India: SEBI

  • Bank channels underutilized for mutual fund distribution, says SEBI
  • SEBI exempts govt from open offer to buy Vijaya Bank shares

India: Finance Ministry

  • New United Bank chief likely to be appointed in 15 days: Rajiv Takru, Secretary, Department of Financial Services, Ministry of Finance
  • No merger plans for United Bank of India: Finance Ministry

India: Banking Developments

  • Rampur Zila Shakari Bank launched RuPay Kissan card for small farmers living in remote areas and has become the first bank in the country to issue such card. A tiller of the land shall be at liberty to draw his loan amount from any ATM across the country and can also make purchases at points of sale by swiping this card
  • HDFC Bank has launched its toll-free banking service which will help customers in carrying out six basic banking transactions just by dialing the numbers. Customers will receive an instant SMS with the information requested including mini statement and balance enquiry on their registered mobile number
  • According to the Banking Codes and Standards Board of India’s (BCSBI) revised code of commitment to customers that came into force from January 2014, banks will have to take a lot more responsibility for any “unauthorized” transactions
  • The government has directed banks not to publish photographs of education loan defaulters in newspapers, shielding the youth from the ‘name-and shame’ policy that lenders have adopted to tighten the screws on borrowers who refuse to pay

India: Banking expansions

  • Punjab National Bank has applied for opening of two branches in Pakistan, one each in Lahore and Karachi, but these branches have not been approved by the competent authority
  • Export Import Bank of India (EXIM Bank) is confident of setting up a project advisory company (PAC) in Africa this year, its Executive Director David Rasquinha has said
  • Bharatiya Mahila Bank (BMB) signed a memorandum of understanding (MoU) with New India Assurance Company to deliver three unique innovative health insurance policies (BMB-Sakhee, BMB-Nirbhaya and BMB-Parivar Suraksha) for women account holders of the bank
  • ING Vysya Bank plans to open 40-50 branches each every year between 2014 and 2016 as its aims to improve mobilization of current and savings accounts (CASA) and speed up growth
  • ICICI bank launched its first branch on wheels in Raipur, to provide services in villages devoid of banking facilities in two districts of state.

India: General banking

  • Veteran civil servant Yaduvendra Mathur who was Chairman and Managing Director of Rajasthan Financial Corporation, appointed as Chairman and Managing Director of the EXIM Bank
  • Archana Bhargava, Chairman and Managing Director of United Bank of India, has quit from her role
  • Jalan panel working on new bank licence expected to finish work by March
  • No plan to replace Co- chief executive Anshu Jain: Deutsche Bank
  • Blaming wrong classification for showing assets as bad debt, United Bank of India (UBI) said the software system sourced from Infosys has “inherent deficiencies” in identifying quality of assets in certain categories
  • Indian Banks Association (IBA) has invited the nine-union United Forum of Bank Unions for bilateral talks on the contentious issue of long-term wage accord in the banking industry in the country
  • Development Credit Bank (DCB) Bank said it has sought extension of deadline from RBI to dilute promoter stake to 10 per cent, citing prevailing poor market conditions

India: They said it

  • RBI Deputy Governor K C Chakrabarty: Financial inclusion should be the priority in India, not consolidation of banks
  • P Chidambaram: Raghuram Rajan panel had no reference to any state
  • P Chidambaram: RBI must align monetary policy with government’s economic vision
  • International Monetary Fund (IMF): RBI will need to keep raising policy interest rate

India: Frauds

  • The Thane district consumer forum has held that ICICI Bank failed to provide credible services to one of its consumers after the bank deducted an amount of Rs1,686 unnecessarily from the his saving’s account on the grounds that he had failed to maintain minimum balance in his account. The forum has held the bank guilty of providing faulty service and asked the bank to pay a compensatory amount of Rs50, 000 for causing mental agony to the consumer
  • In Delhi, 4 bank officials get 3 years’ jail for Rs 1cr fraud

India: Forex reserve

  • India’s forex reserves increased by $1.45 billion to $293.78 billion for the week ended February 14, 2014

International:

  • China aims for 100 percent bank liquidity coverage ratio by 2018
  • Three Pakistani banks are in talks with their Government for opening branches in India. But, Indian officials say, none has yet formally applied to RBI for approval

The World of Finance: Week of October 28th to November 03rd, 2013

 
India: RBI

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  • RBI hikes repo rate by 25 bps; MSF cut to 8.75 % to ease liquidity. This step restores the gap between the two to 100 bps
  • The Reserve Bank of India plans to launch 10-yr Inflation Indexed National Saving Securities (IINSS) for retail investors.
    • The rate of interest on these securities will be a fixed rate plus inflation based on the new consumer price index.
    • It will be distributed through banks.

India: Finance Ministry

  • Finance ministry expects parliament to approve the legislation to lift the cap on foreign investment in insurance to 49% from 26% in the next session of parliament that ends in Dec.
  • Government of India will soon introduce inflation based certificate which is aimed at neutralising the impact of inflation

India: Banks

  • IDBI Bank has reported a 60% decline in net profit at Rs 192.27 crore for the second quarter ended Sep 30
  • Bank of India reported a net profit of over 105% to Rs 622 crore in the quarter ended Sep as against Rs 302 crore last year. Increase in PAT is on account higher net interest income and other incomes.
  • Oriental Bank of Commerce (OBC) raised its fixed depoists rate on select maturities by up to 0.5%

India: Banking expansions

  • Bharatiya Mahila Bank (India’s first all women bank) will be launched on November 19

India: Forex Reserve

  • India’s foreign exchange reserves rose to a 100-day high as RBI raised more than $12 bn. It stood at $282.951 bn at the end of October 25.

India : They said it

  • Chanda Kochhar, MD & CEO, ICICI Bank: Increase in the repo rate was along expected lines
  • Raghuram Rajan, Governor, RBI: Inflationary expectations are high and the central bank will take a tough stance to bring it down to 5 per cent that is not bad for a “poor economy” like India.

International

  • Gross capital investment by the US public sector has dropped to 3.6% of US economic output. This is the lowest since second world war average of 5%
  • ECB Establishes Standing Swap Arrangements With the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank. The standing arrangements will constitute a network of bilateral swap lines among the six central banks.

The World of Finance: Week of September 23rd to September 29th, 2013

the-world-of-finance-week-2013-sep-23

India: RBI

  • RBI bans zero interest loans on EMI to credit card holders
  • RBI likely to finish scrutiny for new bank licence in 1 month
  • RBI has refused to extend the deadline for upgrading security on credit card swipe machines
    • Orders banks to compensate cardholders in seven days if any fraud occurs on non-compliant terminals
  • RBI allows Urban cooperative banks who have total deposits of over Rs 750 crore to upgrade to scheduled bank category
  • RBI may consider to relaxing the initial equity capital requirement of Rs 500 crore for setting up a bank if it fails to find enough “fit and proper” candidates during the screening process.

India: Rates

  • OBC increases interest rate on select term deposits by 50 basis points

India: Data

  • RBI Deputy Governor K C Chakrabarty : Only 40,000 out of 600,000 villages have bank branches

India: Banking expansions

  • State Bank to expand reach of cash deposit machines
  • On 24 September, ICICI Bank Ltd launched Pockets, an application on Facebook, which allows financial as well as non-financial transactions on Facebook

India: Banking Developments

  • Canara Bank launches two new housing schemes for NRIs, HNIs
  • IndusInd Bank may raise $300 million from overseas investors

India: General banking

  • Canara Bank, Ambernath branch, fails to verify genuineness of bearer cheque, pays Rs. 1 lakh fine
  • Deutsche Bank gets $450 mn via FCNR (B) swap
  • Atul Agarwal joins Indian Overseas Bank as Executive Director
  • Mahesh Kumar Jain took charge as Executive Director of Indian Bank on September 27, 2013
  • B S Rama Rao takes charge as Vijaya Bank ED
  • HDFC Bank increases interest rate to 3.25% on credit cards from October

India: Forex

  • India’s forex reserves jumped by $2.03 billion to $277.38 billion for the week ended September 20, the biggest weekly gain in nearly two years

India: They said it

  • P. Chidambaram on right value of rupee: We think that based on the REER (real effective exchange rate) value, that (59-60) is the right level of the rupee and it should not overshoot its mark
  • Manmohan Singh in New York: Economic growth set to improve, GDP to rise at 8-9%

India: Frauds

  • A field officer of a bank arrested in Kurukshetra for cheating villagers of lakhs of rupees in the name of clearing loans
  • Wani police arrested a Nagpur-based coal contractor for filing fake bank guarantee to the tune of Rs 1.5 crore
  • About Rs 2,280 crore unaccounted income being allegedly routed through Private Placement Programme have been detected by economic intelligence sleuths
  • Syndicate bank employee arrested for stealing 750 grams of gold ornaments from one of the lockers
  • Within 15 minutes, a gang of unidentified criminals looted Rs 10 lakh from a State Bank of Patiala ATM at Harsha Chhina village

India: Others

  • Faculty of Management Studies, Delhi introduced 12  Bloomberg Terminals in September’2013 Allows the users to know about the real-time data, news and analytics

International:

  • Rs1m robbed in third bank heist in three days in Karachi

Business Excellence at Max Group: An interview with Mr. Vineet Sharma

Kindly note: Mr. Vineet Sharma will share his experiences of the business excellence journey at Max  Group on 05th September, 2013 (6pm to 7pm) to the LASSIB Society Finance SEG members. To become a part of the LASSIB Society Finance SEG, kindly reach us at executivevicepresident@lassibsociety.org.

Introduction:
Vineet Sharma

LASSIB Society has been at the forefront of industry research, enabling knowledge sharing across the industry.

With this objective in mind LASSIB Society approached Mr. Vineet Sharma, Executive Vice President, Max Life Insurance Co Ltd, to share his experiences during the Business Excellence journey of Max Group.

Below are the excerpts from an interview with Mr. Vineet Sharma.

LASSIB Society: Good Evening, Mr. Vineet. Thank you for your time. It is a pleasure to interact with leaders like you. We appreciate you accepting our invitation, to share your experiences to the industry at large.
Vineet Sharma: It is my pleasure. LASSIB Society has taken important steps in enabling sharing of best practices across the industry. I am glad to be part of this initiative and happy to contribute in any small way possible.
LASSIB Society: Thank You. (Pause) So, how did the journey of Business Excellence at Max Group begin?
Vineet Sharma: Let us rewind the clock back by seven years. The journey of Business Excellence at Max Group was initiated in one of its group companies, Max Life Insurance. Seven years ago, Max Life Insurance was taking steps to enable delivery of better customer value and business value through implementation of various quality related initiatives and programs e.g. Lean Six Sigma, Kaizen, ISO 9001 and similar other improvement methodologies. While continuous improvements were delivering results organization wide, we felt the need for a comprehensive framework and a structure that could tell us exactly how good or how bad we were doing overall as a complex business organization covering all aspects of our business. How can we accelerate our journey of quality to achieve our vision of becoming an admired life insurance company by securing financial future of our customers and be a role model of service excellence in the industry? Are we effectively engaging all our people? Are we learning & sharing best practices organization wide? These were some of the many important questions that we asked ourselves at the start of Business Excellence journey. The idea was to build a structure that encompasses every aspect of our organization.
LASSIB Society: Interesting. What were the first few steps?
Vineet Sharma: Through our own research and discussion with leaders internally as well as leaders of other organizations externally, we found that CII EXIM Bank award model answered almost all our questions! Max Life Insurance was already a member of CII. So, we immediately adopted the CII EXIM business excellence award model based on EFQM and started on the journey. The added advantage was that by adopting this model, we could interact with many organizations that were already on this journey using the same model and learn from their experiences as well.
LASSIB Society: That is true. We also read and hear a lot about ‘MPEF’. What is ‘MPEF’?
Vineet Sharma: MPEF stands for Max Performance Excellence Framework and is entirely based on a performance excellence model known as Malcolm Baldrige National Quality Award (MBNQA) program in USA. Both these models CII-Exim (based on EFQM) & MPEF (based on Malcolm Baldrige) have a 1000 point scale. This MPEF scale enables scoring and assessment of the organizations under Max Group. Every group organization is scored under specific criteria like leadership, strategic planning, customer focus, workforce focus and so on. This gives our leadership teams to find out every year those areas where we are already strong as well as those opportunities where we need to improve further.
LASSIB Society Why did Max transition from CII EXIM to MPEF?
Vineet Sharma While CII-EXIM was answer to Max Life Insurance’s search for excellence, the Max group was looking for a customized framework that can be applicable to all the group companies in different industries. This led to creation of MPEF which is based on MBNQA. The MBNQA framework could be easily customized to the businesses of Max Group which are into speciality films, healthcare, life insurance, and health insurance as well as senior living among others. Currently, MPEF is an important component of the overall Max Quality System (MQS).
LASSIB Society: So, business excellence at Max Life Insurance started with CII EXIM model which then transitioned into MPEF and now into Max Quality System?!
Vineet Sharma: True. Note that standardized programs like MPEF and MQS at the Max group level enable Max Group leaders to better assess the relative performance and journey of excellence in all the Max Group organizations.
LASSIB Society: How would you describe the relation between MPEF and MQS?
Vineet Sharma: Though MPEF enables us to objectively assess our businesses, our leaders also wanted to ensure that our cultural backbone strengthens as we accelerated into the future. And the answer was MQS. Max Quality System can be visualized as MPEF at the top with four quadrants below MPEF. These four quadrants are (1) continuous improvement, (2) sharing of best practices, (3) balanced set of measures and (4) reward & recognitions (R&R).
LASSIB Society: Could you describe these four quadrants for the benefit of our readers?
Vineet Sharma: Sure. The continuous improvement quadrant emphasizes on maximizing quality. Under this, we build capability of our workforce and deliver value through improvement projects. For top down large scope and heavy impact strategic projects we deploy lean & six sigma methodologies using trained black belts & green belts and for bottoms up projects we deploy a simpler MAXimizing quality approach where highly empowered team of cross functional teams come together, learn basic quality tools and apply them to solve day to day transactional problems.Second quadrant is on best practice sharing across every Max Group organization. You always find excellence in an organization, in small pockets. Our idea is to identify, leverage and institutionalize these pockets of excellence and deliver greater value across the organizations. This is done using a group wide intranet system with simple work flow based program where employees can upload and download best practices with easy to use templates and formats. This sharing is encouraged by reward points and thoughtfully designed R&R program. Third quadrant is the balanced set of measures which rises from the philosophy that what gets measured gets done. The Balanced Scorecard measures organizational progress on an ongoing basis. There are only three common measures across the group. The first two measures are impact on business and impact on customer. The third measure is the quality DNA which measures how wide and to what depth is the culture of quality is developed.  This typically takes into consideration the kind of training programs that leaders and associates have gone through and what is the level of engagement they demonstrate after the training. Fourth quadrant is Reward and Recognition (R&R) and arises from our belief that beyond measurement what gets recognized and rewarded gets done even better. We have a very systemic process of recognizing our people at various levels culminating in to the highest award in the organization i.e. the Chairman’s award, League of Honour & Team Excellence awards. At the centre of all the four quadrants is Service Excellence. As you will realize Max Group as a corporate is in the ‘Business of Life’.  Our corporate vision is to become the most admired corporate group in the country known for Service Excellence. The MQS, along with MPEF and the four quadrants, support and facilitate this Vision.
LASSIB Society: Thank you for the description. It will definitely add value to our readers. Let’s look in detail on the adoption of MBNQA at Max. You would agree that the initiation is very crucial. Once we have the start, it requires lesser but continuous force to sustain it. Talking about initiation, how was the leadership buy-in obtained?
Vineet Sharma: At Max, the business excellence journey is driven by the leadership from the front. Max Group leaders took the initiative of visiting specific organizations and hospitals in the USA to understand and learn from their best practices. Our leaders thus got introduced to MBNQA which was widely adopted by successful businesses of the USA. Max Group leaders decided to adopt MBNQA, but with the desired customizations for our own business and culture. It is thanks to this deep commitment of our leaders that we have the MQS and MPEF in place. I have not seen any organization worth their name anywhere in the world where such cultural transformation programs can be successfully implemented without top leaders direct sponsorship and involvement.
LASSIB Society: What were the first few steps of the adoption of MBNQA into MPEF?
Vineet Sharma: Well, it is important to note that we did not start with the adoption of MBNQA till we had the right people on board who could drive the entire initiative going forward.Then Max Group invited senior examiners of MBNQA from the USA. The examiners engaged with the Board of Directors, the Chairman and the leadership. I am happy to share that our top leadership showed further commitment by being the first ones to be trained on the framework. The senior examiners from the USA also helped build skills of our internal assessors at Max Group organizations. Over time, each Max Group organization has now developed internal skills and capabilities to facilitate and build further capabilities and required skills within the organizations.
LASSIB Society: Currently, how wide is the implementation of MPEF at Max?
Vineet Sharma: I will take the example of Max Life Insurance. At Max Life Insurance, the entire leadership team including the CEO and the first two levels of top leaders have gone through the concept education programs ranging from 1 day to 3 full days of intense training on MPEF & MQS. Currently, we have about 80 internal assessors across all group companies who are part of this assessor’s pool.
LASSIB Society: Talking about outcomes, experts on MBNQA or other Business Excellence Frameworks would agree that there are no short term returns that come from implementing them. What are your thoughts around it?
Vineet Sharma: That is true. And we have tried to set that expectation with our leadership right at the start. When we positioned it with the leadership we shared with them that it is a long journey that requires persistence and perseverance. And we were clear that outcomes will be seen may be in the next 4 to 6 years down the line. The best scenario is when your customers start talking about this instead of you yourself. We are conscious of this and avoid making too much of noise about this journey. Hopefully, within the next few years we will reach a place in our customers hearts and minds as the ‘first automatic choice’ in all the businesses we operate in.
LASSIB Society: How were the leadership of the group organizations inducted into MPEF (MBNQA)?
Vineet Sharma: We started with an awareness session for the leadership of every group organization. The initial awareness session on MBNQA then led to an open heart-to-heart discussion among the leadership team. The important thing is that we did not communicate it as a mandate and left it for the leadership of each organization to decide the intensity and timing of starting the program in each business. However, we are clear that when an organization starts on this journey there is no stop. This is a journey without any end! Even when you think you have reached number one position in your industry and in your country, the bar will be raised again by your customers to achieve world class. When you reach world class, your customers will demand you to retain that position and that could be even more difficult!
LASSIB Society: How has been the feedback from the leadership of the group companies post implementation of MPEF?
Vineet Sharma: Every year the assessment reports are well accepted and appreciated by all the leaders at Max Group and the group companies. I will take a small example. In one of my discussions with the CEO of a group organization, the CEO talked about the time when his organization was creating their ‘Organizational Profile’. He mentioned that all the key leaders of the organization decided to come together and work on the ‘Organization Profile’. And he was wowed by the kind of alignment that resulted from this discussion itself which is one of the many components of the entire process. He added that the assessment helped to bringing in a companywide alignment which may not have been possible otherwise.Another example of a benefit from the framework is that it helped our businesses to consolidate their set of business measures and helped bring focus to some of the key organization wide softer metrics like people engagement which were earlier in less focus as compared to hard financial measures. These have also gone into the KRAs of the leadership of each organization. With the kind of acceptance and initiatives put into place, we see the scores going up every year.
LASSIB Society: How do you see the future, in this journey?
Vineet Sharma: The journey so far has been exciting. We are few years away from the point where our customers and the industry start to acknowledge our efforts and our delivery of service excellence to all our customers throughout all our businesses and all our customer touch processes. It might take a while for us to make the impact, but we are well on course. With the strong foundation that we have laid and the people on board with us, excellence is an exciting journey. I personally think that in this journey there is never an end. (smiles)
LASSIB Society: If there was one message that you would like to pass on to the adopters of MBNQA or similar Business Excellence Models, what would that be?
Vineet Sharma: I would like to convey two messages.First message is that this kind of initiative should only be taken after there is an open heart-to-heart discussion among all the key leaders. It is crucial to get on board the top ten or twenty leaders of the organization, wherever they are, and whatever function they are heading. In effect, every question and query should be answered even before one starts to think about starting on a transformational journey like this. Having clarity on the business excellence vision is the first step.Second important message is that one should not think of business excellence as a separate program or a project. It should be integrated in BAU [Business As Usual] across the organization.
LASSIB Society: Thank you so much Mr. Vineet for your time. It was pleasure to listen from one of the pioneers in the Indian industry.
Vineet Sharma: (smiles) It is a pleasure for me to share my experience with the industry as well. As a part of the Finance SEG, I would be happy to contribute into the future.
LASSIB Society: Thank you so much. You have a great evening ahead.

About Mr. Vineet Sharma:

Mr. Vineet Sharma is the Executive Vice President of Max Life Insurance and heads the Quality and Service Excellence at Max.

For details, kindly refer http://finance.lassibsociety.org/2013/05/27/mr-vineet-sharma-joins-as-a-member/

About MBNQA:

The Malcolm Baldrige National Quality Award recognizes U.S. organizations in the business, health care, education, and non-profit sectors for performance excellence. The Baldrige Award is the only formal recognition of the performance excellence of both public and private U.S. organizations given by the President of the United States. It is administered by the Baldrige Performance Excellence Program, which is based at and managed by the National Institute of Standards and Technology, an agency of the U.S. Department of Commerce

For details, kindly refer following:

About EFQM (European Foundation for Quality Management) Excellence Model:

The EFQM Excellence Model is a non-prescriptive framework for organizational management systems, and designed for helping organizations in their drive towards being more competitive. Regardless of sector, size, structure or maturity, organizations need to establish appropriate management systems in order to be successful. The EFQM Excellence Model is a practical tool to help organizations do this by measuring where they are on the path to excellence; helping them understand the gaps; and then stimulating solutions.

For details, kindly refer following:

About IMC RBNQA (Ramkrishna Bajaj National Quality Award):

IMC (Indian Merchant’s Chamber) RBNQA is adopted from MBNQA and was instituted in India in 1996. IMC describes it as a catalyst for nation-building.  The aim was to match the stature of international awards such as Malcolm Baldrige, the European Award and the Deming Prize in terms of rigorous criteria and standards of excellence.

For details, kindly refer IMC RBNQA.

About CII EXIM Bank award for Business Excellence:

CII and Export Import Bank of India have, in 1994, jointly established the CII-EXIM Bank Award for Business Excellence, with the aim of enhancing the Competitiveness of India Inc. The Award is based on the internationally recognized EFQM Excellence Model.

For details, kindly refer CII EXIM Bank award.

Welcome to the Finance SEG. Message from Mr. Pavan Kota, Executive President, LASSIB Society

Mr. Pavan Kota, Executive President, LASSIB Society

Mr. Pavan Kota, Executive President, LASSIB Society

Dear Members,

It is a pleasure to have you on board the LASSIB Society Finance Sectoral Excellence Group (SEG).

The LASSIB Society team has been very carefully working, along with multiple industry leaders to put together the Finance SEG.

While we are all busy competing with each other, the intent of the SEG is to promote collaboration.

While the objective of the SEG is to enable your and your organization’s success, it can only be achieved with your participation and involvement.

LASSIB Society team is committed to enabling your success. If there is anything we can do as a part of this endeavor, please feel free to reach out to us and me.

My best wishes.

Best regards,

Pavan Kota

 

Mr. Vineet Sharma Joins as a Member

Vineet SharmaMr. Vineet Sharma, Executive Vice President, Max New York Life Insurance

Vineet is a Chemical Engineer of 1984 batch from IIT, Roorkee. He has over two decades of professional working experience in several very different organizations spanning a wide spectrum of a navratna Public Sector, one of the largest and most admired Multinational Company, a Family owned Indian company and a consulting organization.

Vineet was part of the start-up team for bringing GE and IPCL together for a 50:50 JV for manufacturing and marketing GE Advanced Materials (Engineering Plastics) product range in India. Vineet owes most of his professional learning to GE during his association for over 13 years between 1988 till 2001. He served there in various roles and functions including Business Development, Sales Management, Product Management and Supply Chain Management.

In view of his demonstrated passion and leadership for Six Sigma, he was moved to GE Capital in Gurgaon as Six Sigma Quality Leader for one of the strategic business units of GE Capital India.

A qualified Master Black Belt as per GE’s global standards, Vineet has also been very closely involved in leadership development and training at GE and has undergone rigorous training at Crottonville Management institute run by GE for its senior leadership development programs. He is one of the select high performance leaders in India who was nominated to the prestigious Manager Development Course (MDC) at GE in a global class of 60 leaders from various countries. One of the highlights of this key program was that Jack Welch himself used to teach modern management and leadership as a faculty on this program.

Vineet is also a trained CAP (Change Acceleration Process) coach and trainer and has himself trained over 500 GE leaders and associates in India and abroad on this programme which deals with human and cultural aspects of change management. This program on Change Management was an integral part of successful Six Sigma implementation at GE. Before CAP he was also one of the few select global facilitators of ‘Work Out’ – the first famous organization wide program of GE transformation launched by Jack Welch during mid- eighties.

Vineet moved as Chief Quality Officer to Hindustan Times Limited in October 2001 to utilize his learning and experience at GE to lead the Quality initiative for the entire organization of about 3500 employees spread across 22 locations in India.

Vineet joined QAI India during early 2005 as the Principal Consultant and Practice Head for Change Management Practice. He became a known figure amongst the Indian BPO industry by virtue of his deep involvement in the industry through COPC framework of operational excellence. Vineet trained many professionals in COPC framework. During his consulting tenure at QAI, he helped more than 50 organizations on their operational excellence journey using various frameworks including Six Sigma, COPC, Change Management & such others in India and abroad. Currently, Vineet is the Corporate Quality Leader for one of the private leading Life Insurance Company with national presence. He is a member of Senior Leadership Team and operates out of Corporate Office of the company from Gurgaon near Delhi. In his current role he is responsible for leading multiple initiatives related to Quality and Business Excellence journey of his organization of more than 7000 employees spread over 200 offices through out the country.

Vineet has been also very active in Quality related networks of professional bodies and has been associated with bodies like QCI, NABCB, CII, ASQ, ANQ and LASSIB among others.

He has been invited to various panels as a member of the Jury as well as spoken at multiple platforms on various topics. Vineet is also on the board of NABCB (National Accreditation Board of Certification Bodies) as well as one of the three members on the technical certification bodies of NABCB.

For the last five years Vineet is also deeply involved in CII-Exim business excellence awards program to promote excellence in Indian organizations across industries. He is now a senior assessor with CII and leads teams of professionals for business excellence assessment of Indian organizations participating in the award program.

Mr. Praveen Arora Joins as a Member

Mr. Praveen Arora
Mr. Praveen Arora, National Head Business Process Excellence at Motilal Oswal Securities Ltd.
Mr. Praveen Arora has 15 Years of experience from various industries and companies such as Deutsche bank, Infosys BPO and Grasim Industries Limited (AV Birla Group) in leading organization change Journey-Quality, Transformation, Business Engineering, Operational Excellence, Client Delivery Management and Business development.
Qualifications
He holds BE from REC, Bhopal along with MBA (HR). Some of the professional qualifications include:

  • Certified Quality Leader
  • Six Sigma Master Black belt
  • Lean Trainer
  • Certified SCRUM Master
  • Certified ISO Internal quality Auditor
  • eSCM and COPC professional
  • Certified Assessor for AVB Chairman’s Award for manufacturing Excellence (2004 Model)

He has experience of establishing change function from inception in multiple organization. Worked in Manufacturing and Service industry specializing in Business and Strategic Planning, Performance benchmarking, Risk Management, Process re-engineering. Global programs under leadership have led to significant process improvements in the areas of Nostro break reduction, T0 submissions, STP rate improvement, Backlog reduction, Query reduction, Cycle time reduction, Error reduction, Functional Realignment, Line Balancing, Cross Business Capacity creation and Strategic Operating Model Changes.

He Specialise in assessing business need and designing change intervention to drive achievement of strategic goals, drive performance culture, strengthen employee experience, knowledge sharing and strengthen change DNA for the organization. Some of the program include: Champion Workshop for Sr Leaders, Problem solving & Mistake Proofing workshop, Theme based workshops, Lean and Six Sigma Academy for focused groups, etc

Mr. Ajith Prabhu Joins as a Member

Mr. Ajith Prabhu, Head Quality and Knowledge Management, Reliance Commercial Finance Ltd
Responsible for Implementing Business Excellence Road Map which would involve

  • Working with Functional Heads to identify, map and implement Business Process Management Systems
  • Facilitating Lean Six Sigma initiatives focusing on Cost Reduction and Service Excellence
  • Facilitating “Idea Express”, a suggestion scheme focused on cost saving initiatives
  • Pan-India ISO Certification for all functions, all processes, and all locations

Work Experience
More than 14 years experience in Quality. Started career with Grindwell Norton before joining Qimpro Consultants. From there went on work with Bharti (Airtel), ICICI One Souce, Synagoge Knowledge Services, Dell International Services.

Six Sigma Black Belt, key skills lies in using quality to improve organizational performance

Education

  • MBA in Operations from KG Somaiya Institute of Management Studies (1999)
  • BE in Mechanical from REC Rourkela (1995)

Professional Qualifications

  • Certified Six Sigma Black Belt – ASQ
  • Certified Examiner for Quality Management – IMC Ramkrishna Bajaj National Quality Award
  • Certified Facilitator for Quality Improvement- Juran
  • Certified Thomas Profile Professional- HR Initiative
  • Certified Quality Engineer- QCI, USA
  • Accredited Quality Auditor- IQRS (Quality Management System), DNV
  • Internal Auditor- URS (India) Quality Registrar Pvt Ltd
  • Certified Trainer for Quality Education System- Phil Crosby Model by IQL

Hobbies
Music and Reading

Mr. Sameer Inamdar joins as a Member

Mr. Sameer Inamdar
Mr. Sameer Inamdar, National Head – Quality & Process Excellence, Bajaj Finance
Sameer Inamdar is currently working as National Head for Quality & Process Excellence at Bajaj Finance. He is responsible for development and deployment of Process Excellence strategy at an Organizational level. He is presently working on deployment of Lean practices.

He has 19 years of experience in the field of Quality, his experience spans Manufacturing and Services sector. Before joining Bajaj Finance, he worked with Infosys BPO, Tata AutoComp and Mahindra & Mahindra.

He holds bachelor’s degree in Production Engineering with Masters in Materials Management. He is a certified “Lean Six Sigma Black Belt” from ISI (Indian Statistical Institute) and also ASQ certified “Manager for Quality & Organizational Excellence” and “Six Sigma Black Belt”.

He is a qualified assessor for Business Excellence models; iSOP (Infosys Scaling Outstanding Performance) and TBEM (Tata Business Excellence Model). He has participated in several internal & external assessments within Infosys units and Tata group.

He has global exposure to Quality; he has successfully led the post acquisition integration of Quality functions of Philips Shared Services Center, Poland and McCamish BPO, USA with Infosys BPO. He was also responsible for establishing & training Quality team at Infosys BPO center in the Czech Republic.

His achievements also include the ISO 9000 certification & development of resource management systems at Tata AutoComp (Engineering SBU) and ISO 9000 certification for M&M (Nashik plant).