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<ul><li><keyword id="15023564" type="General" weightage="100" keywordseo="moneyplanned" source="Orion">MoneyPlanned</keyword> is an Indian personal finance platform that helps clients automate their financial goals. </li><li>The round was led by <keyword id="7036829" type="General" weightage="80" keywordseo="inflection-point-ventures" source="Orion">Inflection Point Ventures</keyword>, with participation from California-based startup accelerator <keyword id="15023565" type="General" weightage="50" keywordseo="expert-dojo" source="Orion">Expert Dojo</keyword>, Joseph R Saviano – partner at Dot Capital, New York, and <keyword id="241332" type="General" weightage="50" keywordseo="sameer-khan" source="Orion">Sameer Khan</keyword>, executive director corporate <keyword id="6374832" type="General" weightage="50" keywordseo="treasury" source="Orion">treasury</keyword>, <keyword id="133737" type="General" weightage="50" keywordseo="dbs-bank" source="Orion">DBS Bank</keyword>, Singapore. </li><li>MoneyPlanned currently has 10,000 weekly active users and 35,000 monthly active users, with the platform collectively tracking financial goals worth ₹ 6,500 crore. </li></ul> Fintech company MoneyPlanned on Monday raised over ₹2.5 crore in a seed funding round led by Inflection Point Ventures. The other investors who participated in the round include California-based startup accelerator Expert Dojo, Joseph R Saviano – partner at Dot Capital, New York and Sameer Khan – executive director corporate treasury, DBS Bank, Singapore. Founded in July 2020 by Sameer Shashank Gattupalli and Nikhila Putcha, MoneyPlanned is a fintech platform assisting clients to automate their financial goals. The funds raised will be used for marketing and user acquisition, deepening the tech infrastructure and expanding the tech and business teams. “India has a large base of salaried people with more youngsters joining the workforce every year. Financial planning is not a luxury anymore but a necessity, that's one of the biggest lessons from the Covid pandemic. MoneyPlanned’s platform is built to offer a personalised service at scale. At IPV, we invest in businesses that have the ability to scale while maintaining a healthy business matrix,” <keyword id="6342098" type="General" weightage="50" keywordseo="vinay-bansal" source="Orion">Vinay Bansal</keyword>, Founder CEO, Inflection Point Ventures, said. MoneyPlanned currently has 10,000 weekly active users and 35,000 monthly active users, with the platform collectively tracking financial goals worth ₹ 6,500 crores. The founders aim to build an advanced financial planning platform powered through technologies like AI and blockchain that performs like an in-person financial planner. According to a survey conducted by <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword>, only 27% of India's population is financially literate. The ratio of advisors to investors is only 1:76000, which can be solved using technology, states MoneyPlanned. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-great-indian-festival-sale-best-deals-and-offers/articleshow/94004700.cms">Amazon Great Indian Festival sale announced – card offers, cashback, new launches and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/call-of-duty-warzone-mobile-announced-heres-how-to-pre-register-on-android/articleshow/94297494.cms">Call of Duty: Warzone Mobile announced — here’s how to pre-register on Android</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/anil-agarwal-profile-vedanta-resources-listing-in-london-stock-exchange-gujarat-semiconductor-chipset-plant/articleshow/94297057.cms">Anil Agarwal – how a Bihar boy who knew only ‘yes’ and ‘no’ went onto list the first Indian company on London Stock Exchange</a>

Fintech company MoneyPlanned raises over ₹2.5 crore from Inflection Point Ventures, others

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>In today’s interview, Shoma Narayanan, Executive Director- Strategic Marketing &amp; Communications, <keyword id="133737" type="CITY" weightage="20" keywordseo="DBS-Bank">DBS Bank</keyword> India, tells us about their key learnings from the Covid-19 experience so far, a few tips on how to help consumers deal with today’s challenges, and how they are becoming digital-first to connect with their audience. </li></ul>After the COVID-19 outbreak came to India and slowly started spreading across the country, banks were forced to work at limited capacities, while trying to cater to the essential needs of their customers. However, as market forces and consumer behaviour continue to evolve and unemployment increases day-by-day, it is important for marketers to be agile and keep recalibrating their strategy. Applying a few learning from its fellow markets in Asia, DBS Bank was quick to see the writing on the wall. Earlier, it was using an integrated approach to marketing its brand communications. Albeit, in light of the spreading virus, it has shifted all its marketing monies to digital and is replugging some of its old content to keep engaging with its consumers. There is a lot of uncertainty and anxiety around -- the safety of one's family, public health care, and long-term economic impact are some of the key concerns in people's minds. DBS bank is, therefore, using its communications tools to help its audience navigate these challenges. We caught up with Shoma Narayanan, Executive Director- Strategic Marketing &amp; Communications, DBS Bank India to further understand how they are building a connect with their consumers at a time they are scared to step out of their homes, how is the brand doing its bit to help the society and a few learnings that she has picked on her way in these unprecedented days. Excerpts: Q) How have the past few weeks been for the brand, considering the country has been in a lockdown? These are extremely challenging times and with banking being an essential service, our top priority as an organization is to safeguard customers and colleagues while continuing to fully support client needs. We have a wide range of digital solutions that allow both retail and corporate customers to bank from the comfort and safety of their homes. Our branches remain open with extensive safety measures in place to support physical transactions. DBS has also partnered with Bharti AXA to roll out a health insurance plan covering medical conditions including Covid-19. Additionally, we have launched a series of Covid-19 relief measures to help strengthen healthcare infrastructure and support vulnerable communities such as daily wage earners. Q) What is your marketing strategy right now? How have you been trying to continue building a connect with your audience? Consumers are facing more uncertainty today than ever before. Their family's safety and overall public health are primary concerns and there are worries around long-term economic impact. Our marketing strategy therefore focuses on reassuring customers of our support, sharing relevant and useful content and encouraging them to use digital modes of banking as much as possible. While speaking to customers, we found that many of them were keen on helping people less fortunate than themselves, and were not sure how they could do this during a lockdown. We partnered with The Akshaya Patra Foundation to run a programme under which our customers could donate meals to daily wage earners who have been severely impacted. For every donation made by a customer, DBS is making a matching contribution of double the amount, thereby tripling the impact. We have received a higher than expected response to this campaign, and it has helped us strengthen our connect with customers as well as a wider audience. Q) If the lockdown is further extended, will you be tweaking your marketing strategy further? We follow an agile approach, and our marketing strategy will evolve to meet the needs of the situation at hand. Q) How is your brand making a difference in spreading awareness/contributing in whichever way you can? DBS recently launched the ‘DBS Stronger Together Fund’ to provide help to Covid-19 affected communities across its six key markets, namely Singapore, Hong Kong, China, India, Indonesia and Taiwan. In India, DBS is partnering with United Way, Metropolis Labs and others to help scale up public health infrastructure, provide medical supplies and equipment, and sponsor free testing for the underprivileged. DBS is also working with organisations such as Pratham, Akshaya Patra and United Way to provide the equivalent of 2 million meals (in the form of food supplies and pre-packaged meals) to daily wage earners whose earnings have been affected by the temporary closure of factories and workplaces. We plan to roll out more such initiatives in the coming months. Q) TV viewership and digital engagement continue to increase, where are you betting your money? In normal circumstances, we have found that an integrated approach across TV, outdoor and digital gives us the best results. Right now, most of our spends are focused on digital and social media as that is where we are able to best connect with our audiences. We are seeing increased traction on digital even on slightly older content. Earlier this year, around International Women’s Day, we had launched a new episode of our mini-series, SPARKS, featuring our brand ambassador Sachin Tendulkar. The episode traces the journey of a social enterprise that is supported by DBS and is helping women become delivery agents, a profession that was traditionally inaccessible to them. As there is a heightened demand for online content as well as increased interest in cause-related material, we have seen a recent spike in views. Q) What are a few key learnings for you as a brand in the last few weeks? The importance of agility was brought home to us, and we pivoted some of our campaigns really quickly to make sure they were relevant in the current context. DBS is present in multiple countries across Asia, and we had important learnings from our colleagues in Singapore, China and Hong Kong who had faced similar situations in their markets some months/weeks before we did. Our key learnings are around being digital-first, staying true to our brand ethos of ‘Live More, Bank Less’ in everything we do, and ensuring we understand evolving consumer sentiment and respond appropriately.

Marketing in the times of COVID-19: DBS Bank

<ul><li>The Reserve Bank of India has launched a centralised portal to find unclaimed deposits.</li><li>The <keyword id="18436041" type="General" weightage="20" keywordseo="udgam-portal" source="Orion">UDGAM portal</keyword> allows citizens to find unclaimed deposits across various banks.</li><li>Here’s how you can find if there are any unclaimed deposits in your name.</li></ul>The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) has launched a centralised portal, UDGAM (Unclaimed Deposits – Gateway to Access information) to help customers find unclaimed deposits in bank accounts. The portal has been launched to help citizens easily find their unclaimed deposits across multiple banks, without having to contact each bank separately. At present, the bank has data from seven banks and the rest of the banks are expected to be added by October 15. “The launch of the web portal will aid users to identify their unclaimed deposits/accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks”, the Reserve Bank of India said in its statement. <cmsannotation type="cmsannotation" annotationid="What is an unclaimed deposit?" comment="subhead" text="What is an unclaimed deposit?">What is an unclaimed deposit?</cmsannotation> An unclaimed deposit is a deposit where there has been no activity for ten years or longer. These deposits are transferred to the Depositor Education and Awareness fund maintained by the central bank and can be claimed by the respective depositor along with the applicable interest. According to the RBI, as of February 2023, the central bank had unclaimed deposits worth over INR 35,000 crore from 10.24 crore citizens. <cmsannotation type="cmsannotation" annotationid="How to use the UDGAM portal to find unclaimed deposits" comment="subhead" text="How to use the UDGAM portal to find unclaimed deposits">How to use the UDGAM portal to find unclaimed deposits</cmsannotation> You can use the UDGAM portal to find your unclaimed deposits by following the below steps – <cmsannotation type="cmsannotation" annotationid="Sign up and login" comment="subhead2" text="Sign up and login">Sign up and login</cmsannotation> <ul><li>Go to the new UDGAM portal by clicking<a href="https://udgam.rbi.org.in/unclaimed-deposits/#/register"> here</a>.</li><li>Create an account by entering details such as your phone number, name password and the captcha.</li><li>Enter the OTP that you receive and click on “Register”.</li><li>Now, login to your account by clicking<a href="https://udgam.rbi.org.in/unclaimed-deposits/#/login"> here</a>.</li></ul><cmsannotation type="cmsannotation" annotationid="Find your unclaimed deposits" comment="subhead2" text="Find your unclaimed deposits">Find your unclaimed deposits</cmsannotation> <ul><li>Now, enter the name of the account holder.</li><li>Then, click on the dropdown under “Select banks” and click on “All”.</li><li>Now, enter one of the following details – PAN, Voter ID, Driving licence number, Passport or Date of birth.</li><li>Then, click on “Search”.</li></ul> The portal will show the unclaimed deposits, if any, on your name. <cmsannotation type="cmsannotation" annotationid="How to claim unclaimed deposits" comment="subhead2" text="How to claim unclaimed deposits">How to claim unclaimed deposits</cmsannotation> Once you get an unclaimed deposit in your name, you can file an application with the relevant bank. The portal will take you to the application page of the respective bank. <cmsannotation type="cmsannotation" annotationid="Banks available on the portal" comment="subhead" text="Banks available on the portal">Banks available on the portal</cmsannotation> At present, the following banks are available on the portal – <ul><li>Central Bank of India</li><li>Citi Bank</li><li>DBS Bank</li><li>Dhanlaxmi Bank</li><li>Punjab National Bank</li><li>South Indian Bank</li><li>State Bank of India</li></ul> SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-phone-numbers-registered-in-your-name-and-block-those-that-arent-yours/articleshow/100297548.cms">How to find phone numbers registered in your name and block those that aren’t yours</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a>

Have unclaimed bank deposits? Here’s how to find it using UDGAM portal

Mumbai, Jun 22 () Singapore-based DBS Bank on Monday reported nearly eight-fold jump in profit for 2019-20 from its India operations at Rs 111 crore. The bank had posted a net profit of Rs 14.5 crore in 2018-19. The lender, whose network in India has now increased to 34 branches, reported 24 per cent growth in net revenues at Rs 1,444 crore during the last financial year and a fall in stressed assets. DBS Bank India CEO Surojit Shome said the performance should be seen as being demonstrative of the bank's focus and commitment to India. "Despite the prevailing headwinds, we are confident that we will continue to capitalise on growth opportunities," Shome said. Gross non-performing assets ratio reduced to 2.60 per cent as of March 31, 2020 as against 3.13 per cent by the year-ago same period. Troubles on the asset quality front in the past had led the bank to report losses from the India operations a few years ago. It had then announced a strategy to stay away from high risk loans. The bank reported 6 per cent growth in net advances to Rs 19,131 crore, in line with the 6.14 per cent growth in bank credit at the industry level. It reported a 5 per cent rise in overall deposits to Rs 35,652 crore, with the share of the low-cost current and savings account deposits rising to 19 per cent from the year-ago's 14 per cent. Its overall capital adequacy ratio declined to 16.33 per cent as against 19.69 per cent a year ago, and the core equity tier-I ratio stood at 13.12 per cent. DBS Bank is the largest among the foreign lenders who have chosen to operate as wholly-owned subsidiaries in the country. AA ANU ANU

DBS Bank logs Rs 111 cr profit in FY20 from India operations

If there’s one industry that is becoming the embodiment of the Atmanirbhar Bharat movement, it is banking and finance. Well, not intentionally, though. <div type="image" title="Major foreign banks are leaving India" msid="90714707" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks are leaving India&amp;lt;/p&amp;gt;"></div> Earlier last week, Axis Bank announced that it has acquired American giant Citibank’s credit card business, wealth franchise and a set of affluent customers for $1.6 billion. Interestingly, the announcement came on the same day last year when it recorded its <a href="https://www.businessinsider.in/stock-market/news/citi-posted-record-profit-in-the-1st-quarter-as-spac-activity-led-a-surge-in-underwriting-fees-and-stock-trading-exploded/articleshow/82086332.cms">highest quarterly profits</a> yet. Even in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, it closed its balance sheet in FY20 to the tune of ₹7,227 crore. So, profitability doesn’t seem to be the reason behind Citi’s partial exit. According to <keyword id="44473" type="General" weightage="50" keywordseo="citigroup" source="Orion">Citigroup</keyword>’s global Chief Executive Officer (CEO) <a href="https://qz.com/india/1997523/citibanks-india-exit-wont-hurt-bank-accounts-and-credit-cards/">Jane </a>Fraser, the bank didn’t have the scale it needed to compete in India. <div type="image" title="Major foreign banks going back home like" msid="90714826" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks going back home like&amp;lt;/p&amp;gt;"></div> Meanwhile, companies left behind are trying to put on a brave face by pulling out of retail business and steering clear of expansion plans. <div type="image" title="Major foreign banks that have left the country" msid="90714853" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks that have left the country&amp;lt;/p&amp;gt;"></div> These subsequent exits underscore the frustrating battle that <keyword id="679237" type="General" weightage="20" keywordseo="international-banks" source="Orion">international banks</keyword> face to get a small pie of the Indian market. While the reasons behind their exits are multifaceted, tough competition, high capital requirements, lack of scalable profits, COVID-19, infrastructural and social barriers have led to a total retreat. As per a survey conducted by <a href="https://bit.ly/3nD94g5">Stocktwits</a>, a social media platform for market buffs, consumers are most bullish on Indian <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword> such HDFC, ICICI, Kotak and the State Bank of India. <div type="image" title="Which bank are you most bullish on?" msid="90714876" hostid="261" caption="&amp;lt;p&amp;gt;Which bank are you most bullish on?&amp;lt;/p&amp;gt;"></div> The share of <a href="https://www.business-standard.com/article/finance/why-citigroup-and-other-foreign-banks-missed-the-india-growth-story-121042200842_1.html">advances </a>of <keyword id="44864" type="General" weightage="20" keywordseo="foreign-banks" source="Orion">foreign banks</keyword> had slipped from 6.55% in 2005 to 4.15% in 2020, according to <a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=20270">Reserve Bank of India figures</a>. As a result, many foreign banks have been forced to shut shop or scale down business in the Indian market. Apart from that, one major roadblock emerged in <a href="https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2313">2011 </a>after the global recession: International banks were allowed to either operate through the <keyword id="1919922" type="General" weightage="50" keywordseo="wholly-owned-subsidiaries" source="Orion">Wholly Owned Subsidiaries</keyword> (WOS) model or branch presence. Unlike branches, locally incorporated subsidiaries are separate legal entities. They have their own capital base and board of directors. As they operate on an independent model from their parent country, they are less likely to be affected by global changes. In the case of branches, parent banks are, in principle, responsible for their liabilities. Of the 45 foreign lenders, just <keyword id="978143" type="General" weightage="50" keywordseo="development-bank-of-singapore" source="Orion">Development Bank of Singapore</keyword> (DBS) and State Bank of Mauritius operate as subsidiaries and these two foreign banks have been successfully expanding their presence in the country. Another challenge imposed on foreign banks was related to priority sector lending. As per RBI 2011 rules, international banks were required to allocate at least <a href="https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2313">40</a>% of the overall loans to the economically weaker sections. However, international banks set up their branches in metro and Tier I cities, so it was hard for them to follow this ruling. And, on average, the <a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=1424&amp;Mode=0">RBI </a>only issues about 14 branch permits to all foreign banks every year. So, apart from DBS, which was able to set up its local subsidiary in 2017 and expand after its acquisition of Lakshmi Vilas Bank, other foreign retail banks continue to struggle in India. Last but not the least, the global pandemic also worsened the bad loan crisis at Indian banks, especially during 2020-2021. Financial institutions were forced to set aside 'provisions' as many borrowers couldn't repay banks during the second wave, which ate into their profits. In July last year, <a href="https://www.fitchratings.com/research/banks/fitch-affirms-bank-of-india-at-bbb-outlook-negative-22-11-2021#:~:text=Fitch%20Ratings%20%2D%20Singapore%20%2D%2022%20Nov,VR)%20at%20'b%2B'.">Fitch </a>Ratings said that India's struggling banks would need between $15 billion to $58 billion in infusion of fresh funds by 2022. So, unless and until these foreign banks get some money to make more money, a lot of key executives may be packing their bags to fly out. Let's look at this short video <div type="image" title="Why are major foreign banks leaving India?" msid="90714926" hostid="261" caption="&amp;lt;p&amp;gt;Why are major foreign banks leaving India?&amp;lt;/p&amp;gt;"></div>

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Fintech company MoneyPlanned raises over ₹2.5 crore from Inflection Point Ventures, others

Eetika Kapoor

Marketing in the times of COVID-19: DBS Bank

Karuna Sharma

Have unclaimed bank deposits? Here’s how to find it using UDGAM portal

Sourabh Jain

DBS Bank logs Rs 111 cr profit in FY20 from India operations

PTI

Simply Put: Why are foreign banks quitting India?

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