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New Delhi, Indian-Canadian billionaire Prem Watsa-backed <keyword id="20847043" type="General" weightage="20" keywordseo="fairfax-india" source="keywords">Fairfax India</keyword> on Wednesday announced its commitment to provide up to USD 200 million (about Rs 1,650 crore) liquidity support to IIFL Finance after the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> barred the non-bank lender to disburse gold loans. The RBI's embargo has raised liquidity concerns among the company's investors and lenders, Fairfax India Holdings Corporation said in a statement. In response to these concerns, Fairfax India has agreed to extend up to USD 200 million of liquidity support on terms to be mutually agreed and subject to applicable laws, including regulatory approvals (if any), it added. "We have been long-term investors in the IIFL group of companies and have full trust and confidence in the company's strong management team led by Nirmal Jain and R Venkataraman. We are confident that Nirmal and Venkat will take corrective actions to meet and exceed RBI's compliance standards," said Fairfax India chairman <keyword id="20146567" type="General" weightage="20" keywordseo="prem-watsa" source="keywords">Prem Watsa</keyword>. Commenting on the development, IIFL Finance Managing Director Nirmal Jain said at this crucial juncture, Fairfax India's and Prem's generous offer to provide liquidity support is very timely and motivating. "We are committed to complying fully with RBI's directives and growing the business under the regulator's guidance on the strong foundation of compliance, risk management, and fair practices," Jain said. Earlier this week, the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> barred <keyword id="20849308" type="General" weightage="20" keywordseo="iifl-finance-ltd" source="keywords">IIFL Finance Ltd</keyword> from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. IIFL Finance offers a range of loans and mortgages. The latest directions from the RBI pertain to only the gold loan business. The RBI in a statement had said certain material supervisory concerns were observed in the gold loan portfolio of the company. The concerns include serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default; breaches in loan-to-value ratio; significant disbursal and collection of the loan amount in cash far in excess of the statutory limit; non-adherence to the standard auction process; and lack of transparency in charges being levied to customer accounts.

Prem Watsa-backed Fairfax India commits up to $200 mn to IIFL Finance

<ul><li><keyword id="5029493" type="UNKNOWN" weightage="20" keywordseo="Digit-Insurance">Digit Insurance</keyword> has partnered with <keyword id="156251" type="COMPANY" weightage="20" keywordseo="Karur-Vysya-Bank">Karur Vysya Bank</keyword> for bancassurance. </li><li>The <keyword id="3345735" type="PERSON" weightage="20" keywordseo="InsurTech">insurtech</keyword> <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> is backed by Canadian billionaire <keyword id="6385037" type="PERSON" weightage="20" keywordseo="prem-watsa">Prem Watsa</keyword>’s <keyword id="1880146" type="ORGANIZATION" weightage="20" keywordseo="Fairfax-Group">Fairfax group</keyword>. </li><li>The startup was also listed in the global Fintech 250 list by CB Insights, being the only Indian company to do so. </li></ul>Karur Vysya Bank (KVB) will sell insurance products from Digit Insurance, a company backed by Fairfax Holdings owned by the Canadian billionaire Prem Watsa. “Together, we are looking forward to delivering innovative products like the ones aimed for catering insurance needs of SMEs. We are sure that our customers will get the best attention from Digit in terms of pricing and settlements,” said P R Seshadri, MD &amp; CEO, Karur Vysya Bank. Many Indian banks have been venturing into bancassurance including the likes of State Bank of India and Axis Bank, diversifying their offerings to include insurance. Through this partnership, Digit Insurance and KVB will target the SMEs of India. KVB has 750 branches with a large presence in South India. “KVB has a strong customer base of Small &amp; Medium Enterprise (SME) customers and that is one segment which is hugely underinsured in India. Therefore, this tie-up will help us reach out to the SMEs in India with our innovative solutions that can also help such SMEs to cover for business interruption &amp; loss with a fixed benefit, beyond the regular coverage available in the market,” Kamesh Goyal, Chairman of Digit Insurance said. Digit Insurance, was founded by Goyal in 2016 and is backed by Canadian billionaire Prem Watsa’s Fairfax group. Watsa had pumped in $140 million into the insurtech startup. In May 2019, it was reported that Fairfax might invest more into the startup. The startup was also listed in the global Fintech 250 list by CB Insights, being the only Indian company to do so.

Canadian billionaire Prem Watsa backed firm ties up with Karur Vysya Bank for bancassurance

Mumbai, Jan 21 () Fairfax Group-backed general insurance start-up Digit Insurance on Tuesday said it has received approval from the Insurance Regulatory and Development Authority of India (Irdai) to raise USD 84 million (about Rs 600 crore) from equity investors A91 Partners, Faering Capital and TVS Capital. 
 The new round of investment will take Digit's total funding to USD 224 million (about Rs 1,600 crore), the company said.
 This is one of the largest funding rounds in the domestic general insurance space, the company, which offers a portfolio of products across motor, travel, property and health insurance, claimed. 
 Within two years of operation, Digit now serves more than 5 million customers and has achieved close to USD 300 million of annualised premium and has 1.2 per cent market share in general insurance industry.
 In addition to the three high quality institutions investing in the company, 72 Digit employees have also invested over USD 4.34 million along with the investors as part of the funding round. 
 The funding round shows the confidence of investors and employees on the business model, Digit Insurance founder and Chairman Kamesh Goyal said. 
 Aditya Parekh, co-founder and managing director of Faering Capital, said Digit is uniquely poised to become a dominant player in the general insurance industry and we are excited to offer our expertise and partner with them. 
 The company has previously raised two rounds of funding amounting to USD 140 million. 
 Fairfax Financial Holdings is one of the largest insurance investment companies in the world with operations in over 30 countries.
 Headquartered in Bengaluru, Digit has partnered with some of the leading companies like Cleartrip, Sterling Holidays, SOTC and Policy Bazaar. BEN
 RVK

Fairfax-backed Digit Insurance gets Irdai nod to raise USD 84 mn

<ul><li><keyword id="87184" type="COMPANY" weightage="20" keywordseo="Thomas-Cook">Thomas Cook</keyword> reported a consolidated revenue growth of 6% to ₹17 billion from ₹16 billion.</li><li>Its standalone revenue from operations decreased by 5% to ₹5.3 billion from ₹5.6 billion.</li></ul><keyword id="164802" type="COMPANY" weightage="20" keywordseo="Thomas-Cook-India">Thomas Cook India</keyword>’s second quarter consolidated revenue and profits grew, but its standalone revenue from operations fell. The company’s consolidated revenues grew by 6% to ₹17 billion from ₹16 billion in the same quarter last year. However, its standalone revenue from operations decreased by 5% to ₹5.3 billion from ₹5.6 billion. Its travel services were hit due to multiple reasons. “This has been a challenging quarter for the travel industry with the collapse of <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> leading to a surge in airfares, as well as the negative impact on customers and to the entire Indian travel industry caused by the closure of Cox &amp; Kings,” said Madhavan Menon, Chairman and Managing Director, Thomas Cook (India). The company’s business faced many global headwinds too. “The geopolitical unrest in Hong Kong and the Middle East, haze and heat in parts of South East Asia etc. impacted parts of our outbound and DMS businesses. Also, being a fairly recent event - we continue to monitor the impact at a retail level, of the closure of Thomas Cook UK,” said Madhavan Menon, Chairman and Managing Director, Thomas Cook (India). The iconic British travel company Thomas Cook shocked travellers around the world as it declared bankruptcy in September. However, Thomas Cook India is a completely separate entity from Thomas Cook UK, as it was acquired by Canada-based Fairfax Financial Holdings in 2012. Fairfax Financial Holdings is run by Canadian billionaire Prem Watsa. It had bought 77% stake in Thomas Cook India, as Thomas Cook UK exited.

Thomas Cook India’s business is hit by bankruptcies, political unrest and heat waves

An Indian-American woman, who raised her voice against alleged discrimination in admission of Asians in IV League schools, has announced that she will run for US House of Representatives, saying she wants to be a "voice, not a noise" for the community particularly the Hindus in the US. Andhra Pradesh-born Manga Anantatmula, who worked as a federal government contractor in defence acquisitions programme management, has already become a presumptive nominee of Republican party from the 11th Congressional District of Virginia, making her the first Indian origin candidate to run for the House of Representatives from there. Said to be a Democratic strong bastion, the 11th Congressional District comprises mostly of the affluent Fairfax County on the outskirts of Washington DC, has about 17 per cent Asian population, including an estimated 7 per cent Indian Americans. Asian Americans, including Indian-Americans normally support Democratic party candidates, but she hopes to turn the tide in the November Congressional elections by defeating six-term incumbent Congressman Gerry Connolly. Political pundits call it a tall order. "This time a large number of Democratic party supporters are moving towards the Republican party because of the current political situation and due to the successful policies of President Donald Trump," Anantatmula, who filed her nominations on January 26, told . Anantatmula, who will formally launch her Congressional Campaign on Saturday from Herndon, a Virginia suburb of Washington DC, is a great supporter of President Donald Trump. For campaign purposes, she has expanded her first name Manga as "Making Americans Great Again". Running her campaign on the platform of reducing taxes, equal rights for women, helping the growth of small and medium business and affordable healthcare, Anantatmula says if elected to the House of Representatives she will strive to strengthen India-US relationship. Anantatmula, in her interview, said that she considers herself as one among a new generation of Indian American and Hindu American leaders who do not become pawns in a globalist ideological agenda that undermines their own integrity as well as the national interests of their adoptive homeland. Slamming Congresswoman Pramila Jayapal, the first ever Indian American woman to be elected to House of Representatives, for tabling a resolution on Kashmir in the Congress, Anantatmula said such a move has caused "dismay" in the community. "I will be your voice, not a noise," Anantatmula says in her outreach to Indian American and Hindu community. In her recent tweets she has supported India's stand on Kashmir and recently enacted Citizenship Amendment Act and building the Ram Temple in Ayodhya. "She (Jayapal) is anti-India. She has no compassion for Kashmiri Hindus," she alleged. "I will support a strategy to build a global alliance to defeat terrorism," Anantatmula said, asserting that India and the US are natural partners in fight against terrorism. She had recently joined the Indian American community when they held a demonstration outside the Pakistani Embassy here against Pakistan's support to terrorist activities in India. "I am the only Indian American who continues to fight the discrimination in admission in IV League Schools," she said, adding that her fight resulted in 25 per cent more admissions of Indian American students in 2019. She has also been critical of recent stand of the US Commission for International Religious Freedom on India. "Leaving behind an affluent life in India, my little boy and I accompanied my husband to the US in early 1990s in pursuit of his graduate and doctoral degrees, an American dream. We chose Northern Virginia as our new home for its school system and standard of living, and lived in Fairfax County," she said. Born in <keyword id="37102" type="LOCATION" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword>, she did her schooling from Chennai and graduated from the Agra University before coming to the US as an immigrant. LKJ PMS PMS

Indian-American woman to run for US Congress from Virginia

<ul><li>Globally, <keyword id="70855" type="COMPANY" weightage="20" keywordseo="Travellers">travellers</keyword> with <keyword id="899721" type="PERSON" weightage="20" keywordseo="Thomas-Cook-UK">Thomas Cook UK</keyword> are stranded as the company declared bankruptcy.</li><li>However, <keyword id="164802" type="COMPANY" weightage="20" keywordseo="Thomas-Cook-India">Thomas Cook India</keyword> is a separate entity from Thomas Cook UK after it was acquired by Prem Watsa’s Fairfax Financial Holdings in 2012.</li><li>The Thomas Cook India Group’s cash and bank deposits balances stand at ₹13,890 million as of June 30, 2019.</li></ul>The iconic British travel company Thomas Cook has shocked travellers around the world as it declared bankruptcy today. But Indian travellers with bookings from Thomas Cook India need not worry at all. Here’s why – Thomas Cook India is a completely separate entity from Thomas Cook UK, after it was acquired by Canada based Fairfax Financial Holdings in 2012. Fairfax Financial Holdings is run by Canadian billionaire Prem Watsa, and had bought 77% stake in Thomas Cook India, as Thomas Cook UK exited. “We believe that it is important that we clarify for the record that Thomas Cook (India) Limited is financially strong, profitable and maintains a positive outlook in the travel and tourism sector and continues to witness strong growth,” said Madhavan Menon, Chairman &amp; Managing Director, Thomas Cook (India). The Indian entity has released its financial report to ensure travellers of its safety from all the financial crisis. “The Thomas Cook India Group’s cash and bank deposits balances stand at ₹13,890 million as of June 30, 2019. On a standalone basis, Thomas Cook India is debt-free upon pre-payment of ₹670 million debenture obligations ahead of schedule,” said the company’s statement. Thomas Cook UK left the travellers in for a rude shock, as it collapsed and declared bankruptcy. As many as 600,000 travellers across the world, stranded. One of the world’s oldest travel booking firms, Thomas Cook UK was struggling to get an additional $249 million in emergency funding on Sunday, which failed leading to the crisis.

Don’t worry travellers, your bookings at Thomas Cook India won't be affected as it is debt-free

HYDERABAD: It's been barely a month since he took over as only the third <a href="http://timesofindia.indiatimes.com/topic/CEO">CEO</a> of tech giant<a href="http://timesofindia.indiatimes.com/topic/Microsoft">Microsoft</a> since it was set up 39 years ago, but <a href="http://timesofindia.indiatimes.com/topic/Satya-Nadella">Satya Nadella</a> already has <keyword id="10387" type="CITY" weightage="80" keywordseo="Microsoft">Microsoft</keyword>'s five-year plan chalked out: use software as a driving force to advance the company's devices and services. 
 In an exclusive interview with TOI — the first with an Indian newspaper or TV channel since his ascension to the post of <keyword id="5645" type="POSITION" weightage="60" keywordseo="CEO">CEO</keyword> in February — Nadella insisted that software is "one of the most valuable, malleable resources" of the organization and that his primary objective as Microsoft chief would be to deliver software-driven advanced innovations that would help enrich customer experience. "I want to see us remain convinced that software matters in the future," the Hyderabad-born 46-year-old said, reiterating his "incredible focus" on offering Microsoft customers what they really value and enable them to do more in work, life and play. 
 
Back home in India too, Nadella aspires to see his "mobile first, cloud first" mantra accelerate future technology advancements. He acknowledges that the country, which boasts of a more than 6,000 employee-strong base, is a vital part of Microsoft's plans. "We are working with our partners to provide a wide range of Azure cloud offerings to accelerate economic growth and breakthrough cloud services in India," he said. 
 Nadella hailed Indian talent, saying, "... India is a tremendous source of technology talent, both at home and around the world, and that is something we can all take pride in." He also confessed to being moved by the flurry of congratulatory messages that have flooded his inbox. That includes mails from Shantanu Narayen (CEO, <keyword id="99699" type="CITY" weightage="40" keywordseo="Adobe">Adobe</keyword>), TK Kurien (CEO, <keyword id="10862" type="CITY" weightage="40" keywordseo="Wipro">Wipro</keyword>) and <a href="http://timesofindia.indiatimes.com/topic/Ajay-Banga">Ajay Banga</a> (CEO, <keyword id="6368201" type="CITY" weightage="40" keywordseo="MasterCard">Mastercard</keyword>) — all alumni of <keyword id="102356" type="ORGANIZATION" weightage="60" keywordseo="Hyderabad-Public-School">Hyderabad Public School</keyword>, like him. 
 
"I deeply appreciate all the support and encouragement I have received from people all across India," said Nadella. Though he spent only a few years of his childhood in Hyderabad, he asserted, "I will always be a Hyderabadi." 
 
Nadella, by his own admission a poetry fanatic, is currently hooked to the works of American poets <a href="http://timesofindia.indiatimes.com/topic/Walt-Whitman">Walt Whitman</a> and WH Auden. "I went through a phase of reading lots of Urdu poetry, thanks to the great transliterated versions that have become available," he said. But what can't stop haunting him are the final lines from <keyword id="1266000" type="POSITION" weightage="40" keywordseo="Romantic-poet">romantic poet</keyword> <keyword id="150109" type="PERSON" weightage="60" keywordseo="John-Keats">John Keats</keyword>' Ode On A Grecian Urn: "Beauty is truth, truth beauty — that is all ye know on earth, and all ye need to know'. 
 
The full interview 
 
Congratulations on your taking over as Microsoft CEO. How has the ride been so far? 
 I've been in the role for little over a month, and it has been incredible. I've been impressed by the passion and energy of Microsoft employees, and their willingness to commit to driving the company forward. I've worked in many areas of the company over 22 years, but there are some pieces of the business I'm getting to learn more about and it's been exciting to dig in deeper with those teams. Together with the leadership team, I'm focused on driving clarity and alignment on the strategy for our path forward with a laser focus on listening to customers and delivering our next waves of innovation. As a side note, I've to admit I was humbled by, and grateful for, the response in India to my appointment. I received congratulations and best wishes from so many people — not just <keyword id="343" type="ENTERTAINMENT" weightage="40" keywordseo="Friends">friends</keyword> and former colleagues, but many I had never met before. I deeply appreciate the encouragement from people across India. 
 
What's your priority number one as CEO? 
 
Microsoft is an amazing company that has changed the world. I firmly believe our best days are ahead of us. I want us to move faster and advance our innovations to deliver new value to customers. I've spent a lot of time with our leadership team talking about these opportunities and focusing on driving clarity and alignment on strategy, providing our teams with the resources and environment to do their best work, and removing internal barriers so our teams can deliver break through innovation faster. 
 
On Day 1 as CEO, you said your aim would be to take Microsoft towards a "mobile first, cloud first" world. How will you do that? 
 
Microsoft was built on productivity, now we're reimagining productivity for a mobile first, cloud first world. I'm focused on zeroing in on what we can uniquely deliver for customers that they really value - this will manifest itself in our cloud services and in the rich experiences we create on devices that enable customers do more in work, life and play. 
 
Microsoft seems to have lost its mojo. How do you get the momentum back? 
 Our industry doesn't value tradition, it only values innovation. Our 39-year history gives us a strong foundation and capabilities to build on, as an organization. Our quest is to continually renew ourselves, be persistent and push the limits on what is possible. I've been inspired as I've met with our product and R&amp;D teams and got <keyword id="154361" type="PERSON" weightage="40" keywordseo="feedback">feedback</keyword> from customers. We are on the brink of boundary-less innovation in this industry and, I'm focused on investing in areas where we can drive unique value for customers, and move faster. 
 
Where do you wish to see Microsoft five years down the line? 
 
I want to see us remain convinced that software matters in future. Software is one of the most valuable resources we have, which will be the driving force in advancing our devices and services and driving the next wave of innovations. Culturally, I'd like to see us be known as a learning organization. The ability in this industry to take new learnings, accrue it to what you've done in the past and make it relevant for the future is valuable — I'm energized when I think of the potential here in harnessing the collective brainpower and talent of our soon to be 130,000 employees. 
 
With you at the helm, the software industry here is hopeful of Microsoft's R&amp;D units in India (especially Microsoft's India Development Center, Hyderabad) getting a boost. Anything specific in mind for India? 
 
India has always been a vital part of Microsoft's plans. I think that only increases going forward. India is one of the few countries where Microsoft has the entire range of our operations — including basic R&amp;D and customer services. We have more than 6,000 employees, and over 10,000 partners in India, creating thousands of jobs and a vibrant technology ecosystem. Twenty of the top 20 companies in India use our technology. Five of the top five IT companies, five of the top five manufacturing companies, five of the top five banking organizations — across virtually every sector, Microsoft technology is helping support the economic infrastructure of India. I'm excited about the future technology advancements possible in India in this mobile first, cloud first world. 
 
The cloud is going to be a huge enabler of consumer services and entrepreneurial growth. We are working with our partners to provide a wide range of Azure cloud offerings to accelerate economic growth and breakthrough cloud services in India. I'm passionate about the work we do to support education and other societal goals across India. Microsoft has been running one of the largest not-for-profit education and skills programmes in India. Over the last two decades, our programmes have helped over 40 million students, teachers and budding Indian entrepreneurs. 
 
Your story is an inspiration to many. Some critics argue that your success highlights the unfortunate reality of Indian students who shine only when they give up on their country to work in the US. Your comments ... 
 
There are many examples of Indian students who have remained in India and built great companies and done great things. Truth is that India is a tremendous source of technology talent, both at home and around the world. That's something we can all take pride in. 
 
What or who has been your inspiration? 
 
My parents have been among my biggest inspirations — they gave me the freedom and confidence to pursue what I wanted to. Beyond that, my teachers, friends and colleagues played a critical role in both introducing me to new things and pushing me to raise my game each step of the way. <a href="http://timesofindia.indiatimes.com/topic/Bill-Gates">Bill Gates</a> has also been an inspiration — from his vision of how technology could unleash the potential of every human being, to the <keyword id="69295" type="UNKNOWN" weightage="40" keywordseo="Curiosity">curiosity</keyword> and intellectual rigour that he brings to every interaction. I've learned so much from Bill, and I am delighted to have the opportunity to work closely with him again as a <keyword id="605495" type="POSITION" weightage="40" keywordseo="technology-advisor">technology advisor</keyword> to me and the company. 
 
When you are not at work or, like you've confessed, signing up for online courses, what do you do? We know you like poetry. Any favourites? 
 
I do buy more books than I can read and sign up for more online courses than I can finish. My love of poetry has grown. Maybe it's my attention span that needs more work, but I do love the compression in poetry. I went through a phase of reading Urdu poetry, thanks to the great transliterated versions now available. Now I am into Whitman and WH Auden. My all-time favourite is Keats — Ode on a Grecian Urn. Who is not haunted by those final lines — Beauty is truth, truth beauty — that is all ye know on earth, and all ye need to know. 
 
How about cricket? Do you now get any time to play? Or even watch Tests? 
 I love the game. I was an <keyword id="244893" type="POSITION" weightage="40" keywordseo="ordinary-player">ordinary player</keyword>, but was lucky to play under some great captains and other solid players at school who went on to play a decent amount of First Class cricket. 
 
You were born and brought up in Hyderabad. What memories do you have of the city? 
 Cumulatively I spent five years in Hyderabad. But I will always be a Hyderabadi. It was a laid back place in the late 70s and early 80s when I was growing up there. One got to do what they wanted versus being in a <keyword id="37572" type="ENTERTAINMENT" weightage="40" keywordseo="rush">rush</keyword> to do what others were doing. I enjoyed that freedom. I have lots of friends from Hyderabad Public School with whom I am pretty close, both in Hyderabad and elsewhere. It was great to get emails from all the CEOs who happen to be HPS alumnus — Shantanu Narayen at Adobe, <keyword id="6385037" type="PERSON" weightage="40" keywordseo="Prem-Watsa">Prem Watsa</keyword> at Fairfax Holdings, TK Kurian at Wipro and <keyword id="44475" type="PERSON" weightage="40" keywordseo="Ajay-Banga">Ajay Banga</keyword> at Mastercard. It's surreal. 
 
What's that one message you would want to give young professionals? 
 
Find something you are truly passionate about, and throw yourself into it fully. Life is too short to just go through the motions on something you are not truly passionate about. Stay curious, never stop learning.

Proud That India's ASource Of Global Tech Talent: Satya Nadella

<ul><li>The IPO offer ranges between ₹193-195 per share.</li><li>The IPO subscription will be open until November 26.</li><li>The bank hopes to raise ₹410 crores through the public listing. </li></ul>CSB Bank, which was formerly known as <keyword id="6676099" type="UNKNOWN" weightage="20" keywordseo="Catholic-Syrian-Bank">Catholic Syrian Bank</keyword>, has opened its IPO for subscription today. The IPO subscription will be open until November 26. The IPO offer ranges between ₹193-195 per share, and the bank hopes to raise ₹410 crores through the public listing. Ahead of the IPO, CBS Bank had also raised ₹184.36 crore via an allotment of 94.54 lakh shares to 24 anchor investors. According to <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/csb-bank-opens-today-heres-what-you-need-to-know/articleshow/72177400.cms">reports</a>, the promoter’s shareholding in the company will come down to 49.7% from 50.1%. "While CSB Bank has a long operating history as a traditional bank, it is currently focusing on implementation of strategic changes in its business model to function efficiently as a full service new age private sector bank backed by its new marquee investor, Canadian billionaire Prem Watsa's Fairfax India Holdings Corporation," <a href="https://www.livemint.com/market/commodities/csb-bank-catholic-syrian-bank-ipo-listing-allotment-date-subscription-recommendations-11574390795820.html">HDFC Securities said</a>. Gold loans are a major part of CSB’s business, and made up for 33.17% of its total advances as of September 2019. CSB Bank is one of the oldest private sector banks in India. It has a strong base in Kerala along with presence in Tamil Nadu, Karnataka, and Maharashtra. It has a total of 414 branches across 16 states and over 1.3 million customers with a focus on SME, retail, and NRI customers. In June 2019, the bank changed its name from Catholic Syrian Bank to CSB Bank. “We are in the process of rebranding ourselves to CSB Bank Limited to address region and community related perceptual issues associated with our previous brand name,” the bank said on its website.

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Don’t worry travellers, your bookings at Thomas Cook India won't be affected as it is debt-free

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