Binny Bansal steps down from board of PhonePe
New Delhi, Nov 22: Flipkart's co-founder Binny Bansal has stepped down from the board of PhonePe, the fintech company said on Friday.
PhonePe also announced the appointment of Manish Sabharwal as an Independent Director and Chair of its Audit Committee.
In this role, Sabharwal will be instrumental in upholding the integrity and effectiveness of PhonePe's financial reporting, internal controls, and risk management practices, he company said in a release.
"PhonePe also announced that Flipkart's co-founder, Binny Bansal has stepped down from its Board of Directors. Binny acquired PhonePe in 2016 and has been on its Board since then," the release said.
Commenting on the board rejig, Sameer Nigam, CEO and Founder of PhonePe said, "I would like to express my heartfelt gratitude to Binny Bansal for being one of PhonePe's earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!"
Nigam further said that Sabharwal's depth of understanding of India's macro economy, coupled with his leadership in shaping India's policies for education, employment, and employability will be invaluable as PhonePe continues to work ahead towards shared vision of a Viksit Bharat by 2047.
Sabharwal is Vice-Chairman of Teamlease Services, India's largest staffing and human capital firm.
Bansal played an instrumental role in Flipkart's acquisition of PhonePe way back in 2016 and had been on its board since then (the payments firm separated from Flipkart in 2022).
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Bill to set up single higher education regulator likely to be tabled in Parliament next week
New Delhi (PTI): A Bill which seeks to set up a single regulator for institutions of higher education is required to facilitate universities and other higher educational institutes become independent and self-governing, officials said.
The Bill is likely to be introduced in Parliament next week after it got the Union Cabinet's nod on Friday.
The proposed legislation, which was earlier christened the Higher Education Commission of India (HECI) Bill, has now been named Viksit Bharat Shiksha Adhikshan Bill.
A single higher education regulator, which was proposed in the new National Education Policy (NEP), looks to replace the University Grants Commission (UGC), the All India Council for Technical Education (AICTE), and the National Council for Teacher Education (NCTE).
"The Bill proposes to set up a Higher Education Commission of India to facilitate universities and other higher educational institutes become independent and self-governing institutions and to promote excellence through a robust and transparent system of accreditation and autonomy. It is likely to be introduced (in Parliament) in the coming week," an official said.
While the UGC presently oversees non-technical higher education in the country, the AICTE oversees technical education, while the NCTE is the regulatory body for teachers' education.
The Commission is proposed to be set up as a single higher education regulator, but medical and law colleges will not be brought under its ambit.
It is proposed to have three major roles -- regulation, accreditation and setting professional standards, officials said.
Funding, which is seen as the fourth vertical, is not proposed to be under the regulator so far. The autonomy for funding is proposed to be with the administrative ministry, they said.
