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Long-term negative impact of Brexit on India negligible; short-term challenges remain
NEW DELHI/MUMBAI: Britain’s politically controversial referendum last week to exit from the European Union, a unique economic and political union between 28 European nations, has created ripples globally, but in India the general feeling is long term impact may be negligible.
While the British media and entertainment industry, having major exposure to European market(s), are wringing their head in dismay at possible long-term financial fallout and increased bureaucracy and paperwork, Indian media industry has been subdued in its reaction.
Sources in both BBC World and Star India said that they were still studying the fine prints of Brexit — as Britain’s EU exit has been popularly dubbed — but added they don’t see any short to medium-term impact (except, of course, the currency exchange valuations).
Some Indian media companies like Zee, Star, and Times TV Network do have fairly big exposure to the European markets in terms of their TV channels’ distribution and sale of Indian content and formats.
Similarly, Hindi and increasingly Indian language film industry are shooting more in various European countries in sharp contrast to yesteryears few fav foreign locales like Holland, London and Paris.
While organisations like The Film & Television Producers Guild of India had no statement put out on Brexit, European media & entertainment players have been very active.
Forbes magazine quoted a statement on Brexit from Britain Stronger in Europe campaign, signed by the likes of Patrick Stewart, Benedict Cumberbatch and Keira Knightley amongst hundreds of celebrity-signatories, as saying: “Our global creative success would be severely weakened by walking away.”
Such sentiments and falling markets and currencies, coupled with media conjectures on future of multi-billion dollar budget TV programmes like the popular Game of Thrones, made its producer HBO to issue clarifications.
“We do not anticipate that the result of the EU Referendum will have any material effect on producing Game of Thrones,” HBO said in an official statement late last week
Variety magazine reported that HBO had confirmed GoT received financial support from the EU’s European Regional Development Fund when it first began, but there has been no contribution to its massive $10 million per episode budget in recent years.
That everybody is scrambling to assess the political and economical fallout of Brexit, while remaining cautiously optimistic at present, is reflected in the opinions of some industry chambers too.
Pointing out that the “way forward, and timelines to achieve negotiated agreements with the EU and other trade partners is not yet known”, UK India Business Council said, “What is clear, though, is that the UK’s trade and economic engagement with the world’s leading countries, including India, will become more important to the nation’s future, not less.”
Motion Picture Association of America in a statement said, “While it will take time to understand the full implications of the referendum result, we urge the UK Government to prioritize a stable environment for the film and television sector.”
Closer home in India, some reactions did come forth on Brexit.
Ashish Bhasin, chairman and CEO, Dentsu Aegis Network, South Asia discounted any mid or long term impact of Brexit on India.
Pointing out short term uncertainty may lead to a “depressed business sentiment,” Bhasin said advertising gets directly influenced and often suffers when business sentiment weakens.
According to Frost & Sullivan’s senior partner and managing director for Europe Sarwant Singh, “It is important to note that during this interim period, Britain will still be subject to existing EU treaties and laws, but will be barred from decision-making processes. Therefore, existing regulations are likely to continue until negotiations are completed.”
The National Association of Software and Services Companies (NASSCOM), whose member-companies have billions of dollars of exposure in the European and UK market, termed the Brexit announcement as a phase of uncertainty in the near term but a mix of challenges and opportunities in the longer term.
Meanwhile, the Indian government has assured that the Indian economy is fundamentally strong enough to withstand any immediate impact of Brexit.
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YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
