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<ul><li>Diwali is a popular south Asian festival tracing its origin back to 2,500 years, signifying ‘victory of good over evil’. </li><li>New York Mayor Eric Adams declared Diwali will be a public holiday in the city starting 2023. </li><li>Growing popular cultural references of Diwali are a reflection of the increasing importance of Indians in global cinema and politics.</li></ul>Indian immigration to the United States began in the 19th century but it was only in 2009 when the first Diwali diya was lit in the Oval office by the then US President Barack Obama. Since then, the festival of lights is fast becoming mainstream in countries like the US with depictions on popular shows. Immigration brings with it unique customs and traditions of a country and Diwali, the festival of lights, is one of them, tracing its origin 2,500 years back. Sparkling crackers, the chaos of family get-togethers and the fervour over competing Rangolis – all form part of <keyword id="3405" type="General" weightage="20" keywordseo="diwali-celebrations" source="Orion">Diwali celebrations</keyword>. “When Michelle and I visited India, we were able to join in the Diwali festivities with some wonderful children in Mumbai. It was a reminder of the traditions we share, across continents and cultures,” said <a href="https://obamawhitehouse.archives.gov/blog/2015/11/10/president-obama-happy-diwali#:~:text=In%202009%2C%20President%20Obama%20was,community%20and%20across%20the%20world.">Obama</a>, referring to the official visit the couple made in India during 2015. Diwali is not only celebrated in India but is an important south Asian festival celebrated in Indonesia, Malaysia, Fiji, Nepal, Guyana, Sri Lanka, Thailand and Mauritius. The origin stories may be different but all signify victory of good over evil, light over darkness. In the US, the Hindu American<a href="https://www.hinduamerican.org/hindu-heritage-month"> Foundation</a> has been leading efforts to popularise Indian culture and festivals. It has led efforts to identify October as the Hindu Heritage Month – due to the birth of Mahatma Gandhi and is often the month when the festivals of <keyword id="48284" type="General" weightage="80" keywordseo="navratri" source="Orion">Navratri</keyword> and Diwali are celebrated. The ‘state’ of Diwali parties in the US The mainstreaming of key Indian festivals like Diwali and Dussehra (the tenth day of Navratri) is a reflection of the growing clout of Indian Americans in the US. Today, over 130 Indian-Americans hold key positions in the administration of US President Joe <a href="https://timesofindia.indiatimes.com/world/us/record-over-130-indian-americans-at-key-positions-in-us-president-joe-biden-administration/articleshow/93741817.cms">Biden</a>. In America alone there are 40 <a href="https://www.dnaindia.com/analysis/report-dna-special-india-s-diwali-goes-global-2918553">lakh</a> Indian origin citizens, who have contributed vastly to the American economy by being top doctors, engineers and entrepreneurs. President Biden has plans for a Diwali party in the White House on October<a href="https://www.outlookindia.com/international/biden-to-celebrate-diwali-at-white-house-on-october-24-trump-at-mar-a-lago-on-october-21-news-229253"> 24</a> with US Vice President <keyword id="180909" type="General" weightage="80" keywordseo="kamala-harris" source="Orion">Kamala Harris</keyword> and her husband. Former US President Donald Trump will also be celebrating Diwali at his Mar-a-Lago resort in Florida today. The Secretary of State <a href="https://www.businessinsider.in/international/news/diwali-celebrations-begin-at-times-square-vp-kamala-harris-and-former-prez-donald-trump-to-attend/articleshow/95001470.cms">Tony Blinken</a> is hosting another Diwali party at the State Department with the diplomatic community on October 26. On Friday, New York Mayor Eric Adams declared Diwali will be a public holiday in the city schools starting 2023. “This is an educational moment because when we acknowledge Diwali, we are going to encourage children to learn about Diwali. We're going to have them start talking about what it is to celebrate the festival of lights, and how to turn the light on within yourself,” Adams said. The 11th Grand International Diwali-Dussehra Festival was celebrated in Houston on October 17, attracting 10,000 people. It also involved consul generals of 15 countries in the Dussehra parade. With November elections approaching in the US, candidates like Bete O'Rourke could also be spotted at the parade. Statues of Ram, Hanuman, Kumbhakaran, Meghnad and Ravan could also be <a href="https://www.businessinsider.in/international/news/diwali-dussehra-festival-celebration-attracts-over-10000-in-houston/articleshow/94921328.cms">seen</a>. The US also introduced a bill in the parliament last <a href="https://www.dnaindia.com/analysis/report-dna-special-india-s-diwali-goes-global-2918553">year</a>, proposing how Diwali should be considered a public holiday. In Canada, Prime Minister Justin <a href="https://twitter.com/JustinTrudeau/status/1583230092112953344">Trudeau</a> visited the Cedar Hills School today and made small clay Diyas with children ahead of Diwali. Growing pop culture references, ‘lit Diwali’ parties The increasing brightness of Diwali across the globe is also due to the rise of Indo-American diaspora and mentions across pop culture. Diwali parties across Los Angeles have been a way of vocalising the presence of Indian colours and customs. Actress Priyanka Chopra with husband Nick Jonas also threw a party in Los Angeles celebrating Indian<a href="https://www.hindustantimes.com/entertainment/bollywood/inside-nick-jonas-priyanka-chopra-s-diwali-bash-couple-s-la-home-lights-up-with-fireworks-joe-jonas-joins-celebrations-101636104693939.html"> traditions</a>. “My beautiful wife has introduced me to so many wonderful Indian holidays and traditions. My heart is so full to be able to share this with our friends and family,” said Nick Jonas. Last year, Youtuber Lilly Singh hosted a grand diwali party, which was attended by the who’s who of the Indian-American film community – <keyword id="1041057" type="General" weightage="80" keywordseo="mindy-kaling" source="Orion">Mindy Kaling</keyword>, Tyra Banks, Tesher, <keyword id="966769" type="General" weightage="80" keywordseo="kunal-nayyar" source="Orion">Kunal Nayyar</keyword>, <keyword id="695094" type="General" weightage="80" keywordseo="poorna-jagannathan" source="Orion">Poorna Jagannathan</keyword>, Deepika Mutyala, Radhi Devluka-Shetty, Indira Varma, Meena Harris and Kal <a href="https://www.cosmopolitan.in/celebrity/features/g25763/heres-what-went-down-lily-singhs-fun-filled-hollywood-diwali-celebration#slide-12">Penn</a> to name a few. In 2019, Indian actor Kunal Nayyar who played Indian nerd Raj in Big Bang Theory announced his <a href="https://timesofindia.indiatimes.com/tv/news/english/kunal-nayyar-celebrates-diwali-in-india-makes-instagram-comeback/articleshow/71816705.cms">comeback</a> to Instagram with celebrations of Diwali in India. American comic Mindy Kaling’s Diwali party in L.A last year celebrated the achievements of South Asian <a href="https://www.vogue.com/slideshow/mindy-kaling-celebrated-diwali-by-honoring-inspiring-women">women</a>. Kaling’s Diwali party for her The Office staff inspired the episode “Diwali” which aired in 2006. The episode even featured Steve Carell singing “The Diwali song” and calling it “The Hindu Halloween”. Not just The Office, there are depictions of Diwali in And Just Like That – a reboot of American drama series Sex and the City – where <keyword id="12148992" type="General" weightage="80" keywordseo="sarah-jessica-parker" source="Orion">Sarah Jessica Parker</keyword> dons a sari and goes Diwali shopping with her realtor turned friend Seema. Despite criticisms of cultural <a href="https://twitter.com/pewcubed/status/1479880460910084110?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1479880460910084110%7Ctwgr%5E9c87be1b8f1dc22a2857c141222b2f9f4549e61d%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.indiatimes.com%2Fentertainment%2Foriginals%2Ffans-reactions-to-diwali-satc-reboot-episode-558874.html">appropriation</a> that the episode attracted, the popularity and reach of the show meant that ultimately it was a victory for the festival of lights. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/if-you-are-looking-to-add-sparkle-to-your-portfolio-this-diwali-here-are-ten-stocks-for-samvat-2079/articleshow/95007121.cms">If you are looking to add sparkle to your portfolio this Diwali, here are ten stocks for Samvat 2079</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rishi-sunak-may-get-a-second-chance-to-run-for-uks-premiership-heres-all-you-need-to-know-about-him/slidelist/95010029.cms">Rishi Sunak may get a second chance to run for UK’s premiership: Here’s all you need to know about him</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/article/best-time-to-buy-gold-on-dhanteras-day/articleshow/95002923.cms">Best time to buy gold on Dhanteras day</a>

Diwali is becoming a global celebration and cementing Indian identity globally

Envision a system where borrowers can ask for a certain amount, however they don't need to use it all. Rather, borrowers can modify what they spend to their needs, and they just need to pay interest on the amount they spend, not on the whole <keyword id="173215" type="UNKNOWN" weightage="20" keywordseo="credit-line">credit line</keyword>. In addition, customers can likewise modify their repayment amounts as required, taking into account their budget or cash flow. For instance, borrowers can repay the whole outstanding balance without a moment's delay, or they can select to simply make the base monthly payments. 
 Well, it’s a reality now! Bangalore based <keyword id="138263" type="UNKNOWN" weightage="20" keywordseo="startup">startup</keyword> <keyword id="3697970" type="UNKNOWN" weightage="20" keywordseo="moneytap">MoneyTap</keyword> has launched a similar system in their app. Founded by <keyword id="815567" type="PERSON" weightage="20" keywordseo="Bala-Parthasarathy">Bala Parthasarathy</keyword>, <keyword id="193790" type="PERSON" weightage="20" keywordseo="Anuj-Kacker">Anuj Kacker</keyword> and <keyword id="605004" type="UNKNOWN" weightage="20" keywordseo="Kunal-Varma">Kunal Varma</keyword>, the app aims to empower the middle class consumer with loans starting from Rs 3,000 to Rs 5 lakh. 
 
“Growing up in India in the eighties and nineties, and coming from middle income group families, we have all faced shortage of additional funds at some point. At MoneyTap, we’re on a mission to change this and make credit accessible to those who deserve it,” said Bala. 
 
6 Steps &amp; you’re done 
 
1. Install app and provide your details to the integrated chatbot 
2. Get a pre-approval upto Rs 5 lakh 
3. Upload KYC Documents and receive money in just a couple of days 
4. Choose amount to be withdrawn and EMI tenure (2-36 months) 
5. Money will be transferred in your bank account instantly 
6. Repay EMIs on time to keep your credit line stagnant 
 
The app is available for all salaried employees across metro cities and plans to expand in other cities in the next few months. 
 
Banks &amp; Rate of Interest 
 The app was launched in partnership with <keyword id="2179992" type="UNKNOWN" weightage="20" keywordseo="RBL-Bank">RBL Bank</keyword>. When asked, Bala clearly stated that they’re planning to collaborate with other banks but for now it’s RBL. 
 
The rate of interests for loans vary from 1.25 - 1.5% per month and the application has a set-up fees of Rs.499-in addition to taxes to be paid to the bank. 
 
“We are delighted to partner with MoneyTap to launch India’s first app based Credit line. We have integrated MoneyTap’s technological innovation with our own banking system to provide a never-before 24/7 experience for users without compromising on security and compliance issues,” Harjeet Toor, Head - Cards, Retail &amp; MSME Loans and Financial Inclusion, RBL Bank, said in a statement. 
 
This will of course help RBL extend its user base by offering small loans and the credit market 
 
Market &amp; A ‘Revolving Cycle’ 
 With a <keyword id="152422" type="UNKNOWN" weightage="20" keywordseo="Line-of-credit">line of credit</keyword>, everything of the loan is accessible once it is allowed. This allows borrowers to access as much or as meagre as they need contingent upon their current needs. As the balance owed is paid down, borrowers can likewise withdraw the funds again, making the line of credit an ever revolving cycle. 
 
Credit markets have stretched insanely in response to the financial crisis, and a few analysts predict that things will deteriorate before they show signs of improvement. The kneejerk reaction by numerous credit card backers has been to get control over credit lines trying to fight off enormous losses or meet stringent regulatory requirements for having a certain amount of cash in reserve in proportion to how much credit they have extended. Sadly, this reaction may have an unintended impact of hindering profitability.

MoneyTap: India’s first “Line of Credit” App; Now pay
interest on what you use

New Delhi, Jan 28 () Consumer lending platform MoneyTap on Tuesday said it has raised Rs 500 crore in a funding round led by global funds like Aquiline Technology Growth and RTP Global.
 The series-B funding round was a mix of equity and debt and saw participation from existing investors like Sequoia India, Prime Venture Partners and MegaDelta, MoneyTap said in a release.
 The funding will aid in creating a loan book of Rs 5,000 crore over the next 12-18 months, it said.
 Debt capital was secured from players like Vivriti Capital, Credit Saison and others in the form of co-lending and credit lines.
 The company had previously raised a total of USD 12.3 million.
 MoneyTap will use the funds to accelerate its growth trajectory, invest further in technology, data science, and launch its NBFC operations, it said.
 The company further said there are plans to significantly expand its geographical footprint from 60 to 200 Indian cities, bringing its unique credit line value proposition to the masses.
 "We will use this funding to scale our business, innovate with data-backed lending models and continue to hire aggressively. We will also use the funds to expand our credit offerings via our own NBFC," MoneyTap Co-founder Anuj Kacker said.
 MoneyTap was commercially launched in September 2016 by Bala Parthasarathy, Anuj Kacker and Kunal Varma. KPM DRR

MoneyTap raises Rs 500 cr in funding round led by Aquiline Technology, RTP Global

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Diwali is becoming a global celebration and cementing Indian identity globally

Eetika Kapoor

MoneyTap: India’s first “Line of Credit” App; Now pay interest on what you use

Gaurav Sangwani

MoneyTap raises Rs 500 cr in funding round led by Aquiline Technology, RTP Global

PTI

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