Espresso: Yes Bank's new CIO, MeitY empanels Oracle

Yes Bank appoints new CIO

Yes Bank announced the appointment of Mahesh Ramamoorthy as its Chief Information Officer (CIO).

Ramamoorthy who will lead technology and digital transformation for Yes Bank, was previously with payments firm FIS. He led its payments vertical for Europe, Asia-Pacific, West Asia, and Africa.

He has more than three decades of technology experience in banking and financial services across Indian and multinational banks, said a Yes Bank press statement.

“While Yes Bank continues to enhance customer experience leveraging on technology and innovation, Mahesh’s experience and expertise will help us cultivate and boost our technology-backed offerings, in line with the Bank’s strategy of building a transformed ‘Digital Bank’,” said Prashant Kumar, CEO of Yes Bank.

Wipro’s partnership with IP Infusion

IT firm Wipro and disaggregated network solutions company IP Infusion will jointly develop offerings in IP and optical networks.

Disaggregation involves transitioning network constructs from proprietary hardware and software to an ecosystem of decoupled and open components.

Through this partnership, Wipro and IP Infusion will work with original design manufacturers, original equipment manufacturers, and communication service providers to operate more effectively while reducing capital expenditure and operating expenditure.

The joint solutions will help customers enhance their network programmability and automation, enabling them to advance their hyper automation journey, and shorten their time-to-market goals, Wipro said in a press statement.

Coinbase's June 2021 earnings swell

Cryptocurrency exchange platform Coinbase reported a net profit of $1.6 billion in the June 2021 quarter, up nearly 4,900 percent over the same period last year.

The quarter-ended June 2021 was marked by huge volatility and trading in the crypto market, as governments discussed regulations, and businesses became more open to crypto decisions.

Coinbase’s revenue during the quarter was $2 billion, up 27 percent over last year. This includes $1.9 billion in transaction revenue, and over $100 million in subscription and services revenue, the company said in a stock exchange filing. Retail monthly transacting users grew 44 percent from last quarter to 8.8 million.

MeitY empanels Oracle Cloud for public sector

The Ministry of Electronics & Information Technology (MeitY) has empanelled Oracle as a cloud infrastructure solution provider, according to a press release from the multinational.

Governments and other public sector entities in India can use Oracle’s second-generation cloud technologies and move their workloads, including Oracle workloads, to Oracle Cloud Infrastructure, the company said in a press statement.

Governments of Bihar, Chhattisgarh, Delhi, Haryana, Jharkhand, Karnataka, Maharashtra, Meghalaya, Orissa, Rajasthan, Telangana, Uttar Pradesh, and West Bengal already use Oracle solutions. Government entities and public sector organisations will have access to Oracle’s Autonomous Database, which leverages machine learning and automation for data management, and to unlock additional insights.

The governments can also maintain an active Disaster Recovery location, and move significant quantities of data for less, Oracle said.

Bhaskar Pramanik on Route Mobile's board

Route Mobile announced the appointment of Bhaskar Pramanik as an additional and independent Director on its board of directors. Route Mobile is a leading cloud communication platform service providers to enterprises, OTT players and mobile operators.

Pramanik has held various leadership positions during his career, including Chairman of Microsoft India, board member of State Bank of India, and Managing Director of Sun Microsystems India.

“Pramanik’s deep domain expertise and experience in working with big tech firms across sectors as well as his in-depth business acumen especially with emerging technologies will bring tremendous value to the company,” said Rajdipkumar Gupta, Group CEO of Route Mobile.

India Test-Fires indigenous cruise missile 

India successfully test-fired the Indigenous Technology Cruise Missile off the coast of Odisha’s Balasore district on Wednesday.

The cruise engine was designed and built by the Defence Research and Development Organisation, powering the missile for around 150 km, according to news agency Asian News International.

L&T to divest Singoli Bhatwari project

Larsen & Toubro (L&T) Group said it will sell its entire stake in Singoli Bhatwari Hydroelectric Project, a river hydroelectric power plant, to Renew Power.

L&T Uttaranchal Hydropower, which operates and owns the project, will sell it for Rs 985 crore to Renew Power Services, a wholly owned subsidiary of Renew Power.

The deal aligns with L&T’s focus of divesting non-core assets and improving shareholder value. “It represents our strategic effort to increase focus on our core strengths and exit others to move towards becoming a more asset-light organisation.” said D K Sen, whole-time director and Senior Executive Vice President (Development Projects), L&T.