Uday Sankar Roy takes over as MD & CEO of SBI Life Insurance

Uday Sankar Roy has taken over as managing director & CEO of SBI Life Insurance from the incumbent, S Krishnamurthy, who retired at the end of January, 2007. Roy, a post-graduate in Science, joined State Bank of India in January 1972 as a probationary officer. During his tenure in SBI for over 34 years,. Roy has held several key assignments in various Circles of the Bank including the Banks’ London office and at the Corporate Centre in Mumbai. His previous assignment was as Chief General Manager of SBI’s oldest Circle, now spanning the states of West Bengal, Sikkim and the Bay Islands, from 2005. Besides, managing banking operations, Mr. Roy as Chief General Manager of SBI’s IT Global Hub at Belapur, Mumbai, was instrumental in implementing SBI Connect network and Core Banking software across the Bank.

Micro insurance may be let off from service tax

With the Union Budget just round the corner, micro insurance may be in for some good news. The government is planning to exempt micro insurance products from the service tax net.Microinsurance products are basically small premium policies that range between Rs. 5,000 to Rs. 50,000. They are subject to much more liberal norms and are targeted to the underprivileged and lower income groups.The service tax imposed at present is 12.24% and the revenue generated from it is growing at over 60%. The premiums of micro insurance products are small and taxing it would mean more cash outgo from the insured’s pocket, who comprise of potters, farmers, craftsmen from the lower income groups.However, broadly speaking, micro insurance exposes insurance companies to good opportunities in terms of excellent growth prospect.

Indra Nooyi chosen as Pepsi chairman

The board of directors of PepsiCo on Monday announced that it has elected CEO Indra K Nooyi, 51, as chairman of the board too, effective from May 1.

The current chairman Steven S Reinemund, 58 retires on May 2, as he had announced last August.

Nooyi, who assumed the position of CEO of the more than $32 billion global convenient food and beverage company in October, will thus become the fifth chairman and CEO and the first woman in PepsiCo's 42-year-old history, following Reinemund (2001-2006), Roger A Enrico (1996-2001), Wayne D Calloway (1986-1996) and Donald Kendall (1971-1986). Herman W Lay served as PepsiCo's first chairman from 1965-1971), while Kendall served as chairman.

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