Mumbai, Feb 1 () The non-banking finance sector, which has been down in the dumps since September 2018, has heaved a sigh of relief with the Union Budget offering a slew of measures to boost their liquidity and asset recovery.
 The shadow banking sector, which also includes housing finance companies, has been struggling ever since the bankruptcy of IL&amp;FS in September 2018 which created a crisis of confidence for the system and the resultant snapping of credit flow to them.
 The Budget stated that the limit for NBFCs to be eligible for debt recovery under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, is proposed to be reduced from Rs 500 crore to asset size of Rs 100 crore or loan size from the existing Rs 1 crore to Rs 50 lakh.
 Welcoming the budgetary measures for NBFCs, State Bank of India (SBI) Chairman Rajnish Kumar said this will lead to better recovery and borrower discipline in the sector.
 Leading industry player Tata Capital's Rajiv Sabharwal said the budget has offered many positive measures to boost the NBFC and HFC sector which will increase the flow of liquidity.
 "Budget has taken specific measures like enhancement of FPI limits in corporate bonds, abolishing of the dividend distribution tax and extension of the partial credit guarantee scheme. Lowering the threshold limits for accessing Sarfaesi Act benefit will further ease the recovery mechanism," Sabharwal said.
 Vishal Kampani of JM Financial Group said the budget is a mixed bag for embattled NBFCs, which were waiting for big incentives to get out of the current squeeze.
 "Yet some announcements like the tweak in eligibility limit for debt recovery, and reduction in loan size directly and the push to MSMEs will indirectly support NBFCs. More importantly, NBFCs will now be pinning hopes on the promises to ensure fund flow and revision of the partial credit guarantee scheme to come out of the current crisis," Kampani said.
 Jaspal Bindra, chairman of the Centrum Group, also expressed disappointed with the budget saying "not enough has been done for the banking and financial services sector".
 The mega challenge is around credit growth and the resultant liquidity crisis, which has not been addressed, he said.
 Thomas John Muthoot of the Muthoot Pappachan Group said the measures announced for farm sector will have a ripple effect on the NBFC sector.
 Ratings agency Brickwork Ratings said the increase in agriculture financing to Rs 15 lakh crore for fiscal 2021 enhances banks' dependence on NBFCs towards on-lending or kick-starting co-lending. This will improve the resource profile of NBFCs.
 Also, allowing smaller NBFCs to use the Sarfaesi Act and also to smaller ticket loans will help accelerate recovery in this segment and improve their asset quality. That apart, the partial credit guarantee scheme has supported the liquidity profile of NBFCs. But the budget offers no specific redressal to address NBFCs exposure to stressed real estate sector which is a major disappointment, it said.
 Gold loan player Manappuram Finance's VP Nandakumar said relaxation given to NBFCs for debt recovery is a welcome step even as it was looking forward to eventual parity with banks.
 Also, enabling NBFCs to extend invoice financing to MSMEs through TReDS will help increase the flow of credit to MSMEs.
 Ashwini Mehra of Duff &amp; Phelps the budget empowers NBFCs to go for hard recovery measures and reduce the stress in their balance sheets. The restoration of health of the NBFC sector has to be a priority given their relative efficiency in credit delivery and last mile reach.
 Siddhartha Mohanty of LIC Housing Finance said the time extension till March 2021 for additional Rs 1.5 lakh interest subsidy for affordable housing is a welcome step. Also, the tax holiday on profit would encourage more builders to take up affordable housing projects, individual can firm up home buying decision to enjoy the additional tax benefit of Rs 1.50 lakh.
 Shachindra Nath of Ugro Capital said, "The reduction in the NBFC eligibility for SARFAESI Act to Rs 100 crore from Rs 500 crore AUM will boost the confidence among small NBFCs and reduce the cost of borrowing for MSMEs. The proposal to allow NBFCs to extend invoice financing to MSMEs will boost productivity in the sector."
 Hemant Kanoria of Srei Infrastructure Finance said extension of the partial credit guarantee scheme for NBFCs can address their liquidity issues. BEN ABM
ABM

NBFC players say budget offers some hope, finally

New Delhi, Mar 27 () From Prime Minister Narendra Modi to rating agencies and economists, all welcomed the Reserve Bank of India's steps to reduce the cost of borrowing and infusing liquidity in the market in its war against the impact of coronavirus pandemic. Following are the comments made by key leaders, businessmen and economists:* Prime Minister Narendra Modi: Today RBI has taken giant steps to safeguard our economy from the impact of the Coronavirus. The announcements will improve liquidity, reduce the cost of funds, help middle class and businesses.* Finance Minister Nirmala Sitharaman: Appreciate RBI Governor Shaktikanta Das' reassuring words on financial stability. The 3-month moratorium on payments of term loan installments (EMI) and interest on working capital give much-desired relief. The slashed interest rate needs quick transmission.* Alka Anbarasu of Moody's Investors Service: "RBI's guidelines permitting banks and non-bank financial institutions to grant a 3-month moratorium on loan repayments will soften the negative credit impact that the coronavirus has had on their borrowers in the near term. However, there are still material downside risks to asset quality given the halt in India's economy, the impact of which will not be known until a few quarters after the end of the moratorium.* SBI Chairman Rajnish Kumar: The RBI policy announcements are bold, decisive, compelling and with a humane touch in attenuating to the needs of the economy to fight through the pandemic.The large rate cut, the adjustment in capital conservation buffer, the moratorium on repayments and the bazooka of conventional CRR cut and unconventional liquidity measure of incentivising banks to support CP market - all will help financial markets stabilise, lead to immediate rate transmission and address the credit needs of the real economy. Given that we are in exceptional times, RBI has played the role of championing the cause for the economy and financial system!* Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas: The RBI has unleashed a bazooka to deal with the economic pain and uncertainty prevailing. This provides a much-needed respite for borrowers and lenders in these trying circumstances and should soften the recovery period.* BJP president Jagat Prakash Nadda: RBI decision will help the middle class. I welcome these progressive and timely measures.* Oil Minister Dharmendra Pradhan: Moratorium on payment of interest on loans and working capital will provide much-needed relief to both people and businesses. * Raymond Ltd chairman and managing director Gautam Hari Singhania: The moves announced by RBI today are decisive and a comprehensive package to ensure the stability of financial markets making borrowing costs as low as possible with businesses around the country are closed and the economy is showing recessionary trends.The steps to ease working capital pain, reduced liquidity costs and providing moratorium on term loans will alleviate stress across various sectors.* Essar Ports CEO Rajiv Agarwal: Moratorium of 3 months for interest and principle payments along with a sharp cut in the CRR will ease the liquidity and help industry as well other segments of the economy. More steps might be needed once the Government comes out with the much-needed stimulus package to overcome the economic crisis arising from COVID-19.* Anshuman Magazine, CBRE: RBI is in a mission mode to nurture the market, preserve financial stability and the timing here is crucial. The decision to defer installments of all term loans by three months will provide the necessary support to homebuyers as well.* Arun Singh, Chief Economist, Dun and Bradstreet: Strong proactive measures have been taken by RBI to address the need of the country in times of heightened uncertainty. Such robust measures were unanticipated and would restore the confidence of the market, restrict foreign capital outflows, both in the debt and equity market, and will help in arresting depreciation of rupee.Mitigating debt servicing burden to prevent transmission of financial stress to the real economy was much needed as various countries globally have deferred loan payments from three to six months. However, banks might face difficulties meeting the capital adequacy norms which we expect will be further relaxed by the RBI during the short term.* Gayathri Parthasarathy, KPMG: It is a good decision and the time is right for RBI to intervene and announce these measures. The steps to ease working capital pain, reduce liquidity costs and provide a moratorium on term loans will alleviate stress across various sectors. Liquidity will definitely help the current situation and I strongly believe the rates could go down further by 50 to 75 basis points.* Sanjay Doshi, KPMG: Onus is now on the financial institutions to ensure better credit support to the corporate. However, given the challenging times, many corporates will have significant pressure on their income stream. Banks will have a tough job in deciding the allocation of credit.* Muthoot Pappachan Group Chairman Thomas John Muthoot: Various measures to nudge banks to lend and to inject liquidity into the system, will help in passing the benefit to the potential borrowers.* Radhika Rao, Economist, DBS Group Research: RBI pulled all the stops, delivering an aggressive rate cut. Its moves provide the right tailwind for the economy once the lockdown is complete. ANZBAL

PM, FM, industry welcome RBI 'bazooka' of interest rate cut, liquidity measures

New Delhi, May 29 (IANS) As businesses around the globe adapt to the new normal, Google Cloud is helping a diverse set of organisations, from the National Payments Corporation of India (NPCI) to Artificial Intelligence (AI)-based company Fluid AI efficiently manage their workloads across remote locations, Karan Bajwa, Managing Director, Google Cloud India, said on Friday. Bajwa, a senior industry veteran with over three decades of leadership experience who joined Google Cloud in March this year, said that most businesses and users in the country depend on Google Cloud to stay connected and get work done. "As Covid-19 runs its course, we at Google Cloud are working hard to deliver technology and business solutions to help millions of people stay connected. We believe today more than ever, we need to collaborate and innovate and build new features to make our tools helpful, secure and safe," he said in a blog post. Bajwa said that today, employees of NPCI have been able to efficiently manage work across remote locations where employees can securely work and collaborate with colleagues, clients and stakeholders. "Kochi-based conglomerate Muthoot Group, one of the largest financial services providers in the country has been using G Suite's collaboration tools to stay connected and carry business as usual during the lockdown period," he informed. Popxo, India's largest community of women online was able to accomplish a smooth transition to Google Cloud and optimise performance with the help of highly efficient tools and the support and collaboration from teams. According to Bajwa, real estate company Rustomjee can access every business application via Google Cloud Platform. "Fluid AI has leveraged our collaboration to spin up custom virtual machines on demand in the cloud for employees and stream it to them in a secure, cost effective way that is monitored and restricts data transfer," he added. Google Cloud has a rich list of customers in India, including Dr Reddy's Laboratories, Indiamart, Hero Motocorp, ICICI Prudential, L&amp;T Finance, LIC HFL, Manipal Hospitals, OYO Hotels and Homes, Truecaller, Wipro and others. In March, the company announced plans to expand its presence in India by launching a cloud region in Delhi, adding to its Mumbai region that was opened in 2017. Google Cloud this month appointed former Microsoft executive Anil Bhansali as Vice President of Engineering. In his new role, Bhansali will coordinate all software development support efforts for Google Cloud in India. Bhansali joins Google Cloud from Microsoft where he was Corporate Vice President of their Azure cloud division and site leader for their R&amp;D team in India. --IANS na/

From NPCI to Fluid AI, Google Cloud preparing Indian firms for new normal

Mizoram's <keyword id="852801" type="PERSON" weightage="20" keywordseo="Aizawl-district">Aizawl district</keyword> has reported the highest age-adjusted cancer incidence rate among males in the country for five years from 2012, a study has found. According to the National Cancer Registry Programme (NCRP) 2012-2016 report, <keyword id="6417784" type="LOCATION" weightage="20" keywordseo="aizawl">Aizawl</keyword> district has recorded the highest age-adjusted incidence rates among males with 269.4 cancer cases per one lakh population. Aizawl is followed by <keyword id="1986245" type="PERSON" weightage="20" keywordseo="East-Khasi-Hills-District">East Khasi Hills district</keyword> of Meghalaya and Kamrup (Metro) in Assam which reported 227.9 and 213 cancer cases per one lakh population, respectively. With 219.8 cancer cases per one lakh population, Papumpare district in Arunachal Pradesh has recorded the highest incidence rate among women, followed by Aizawl district with 214.1 cancer cases per one lakh population among females, the report which was released on Tuesday said. Mizoram as a whole recorded 207 and 172.3 cancer cases of all sites per one lakh population among men and women, respectively. In Asia, Aizawl district has the highest incidence rate of lung cancer in females and also the highest incident rate of stomach cancer in males when compared with Non-Asian countries, the study also showed. Aizawl district also topped in colon cancer in the country among males and females. The report said that the total number of people diagnosed with cancer cases in Mizoram during 2012-2016 was 8,059, including 3,736 females while 4,080 cancer cases were registered in Aizawl district alone during the same period. In Mizoram, 1 out of every 5 persons (both males and females) has the risk of developing cancer in the age group of 0-74 years. In Aizawl district, 1 of every 4 males and 1 of every 5 females are likely to develop any cancer site in the age group of 0-74 years. The NCRP also said that the NE region has the highest incidence rate in cancers of oropharynx, oesophagus, nasopharynx, hypopharynx, stomach, colorectal, liver, gallbladder, larynx, lung, cervix uteri and ovary. The highest incidences of tobacco-related cancers in the country was also reported from the northeast. East Khasi Hills district of Meghalaya had the highest proportion of tobacco cancer with 70.4 per cent in men and 46.5 per cent in women. As for Mizoram, the proportion of tobacco related cancer for men was 43.3 per cent and 22.1 for women. Meanwhile, mission director of <keyword id="123154" type="COMPANY" weightage="20" keywordseo="National-Health-Mission">National Health Mission</keyword> (NHM), Dr Eric Zomawia attributed the high incidence rate of cancer in Mizoram to use of tobacco, consumption of smoked meats and fermented foods, and unhealthy lifestyle. He said that the government is making massive efforts to check the high incidence rate of cancer in the state He told that the state government has implemented National Programme for prevention and control of cancer, diabetes, <keyword id="76316" type="PERSON" weightage="20" keywordseo="cardiovascular-diseases">Cardiovascular Diseases</keyword> and Stroke (NPCDCS) under NHM as per which screening of patients of three cancers sites from 30 years has been launched all over the state since the past two years. Mizoram has one cancer hospital in Aizawl's Zemabawk locality and a day care cancer clinic at Lunglei civil hospital in the southern part of the state. According to Zomawia, the government is making an effort to upgrade Zemabawk cancer hospital to Tertiary care cancer centre (TCCC). He also said that the state government will also set up a Rs 500 crore cancer speciality hospital in Aizawl. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/ruchi-soya-shares-muthoot-finance-shares-irctc-shares-hal-shares-tata-power-shares-yes-bank-shares-top-stock-movers-on-dalal-street/articleshow/77647940.cms" data-type="tilCustomLink">Top stock movers on Dalal Street today —Ruchi Soya, Muthoot Finance, IRCTC, HAL, Tata Power, Yes Bank and more</a> <a href="https://www.businessinsider.in/business/startups/news/swiggy-ran-a-massive-thank-you-campaign-for-its-delivery-heroes-two-months-later-those-heroes-are-protesting-against-reduced-cuts-and-slashed-incentives/articleshow/77647502.cms" data-type="tilCustomLink">Swiggy ran a massive ‘thank you’ campaign for its delivery heroes – two months later, those heroes are protesting against reduced pay and slashed incentives</a>

Mizoram's Aizawl district recorded highest cancer cases in India

<ul><li>The BSE Sensex was trading 0.57% higher at 38,746.09.</li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex jumped over 200 points in early trade on Wednesday tracking positive cues from global markets and foreign fund inflows. The BSE Sensex was trading 0.57% higher at 38,746.09; while Nifty50 was up 0.56% at 11,448.95. SBI was the top gainer in the Sensex pack, rising around 2%, followed by L&amp;T, M&amp;M, ICICI Bank, Sun Pharma, Axis Bank, ITC and Bajaj Auto. On the other hand, HCL Tech, Nestle India, Tata Steel, Kotak Bank, and Infosys were among the top losers. These are the top stocks that are buzzing the D-street today. SBI shares up over 2% during the initial trade hours <div type="image" title="SBI August 19" msid="77627266" hostid="261"></div> State Bank of India shares gained over 2% after news surfaced that SBI is raising up to ₹10,000 crore in a bond sale. According to <a href="https://economictimes.indiatimes.com/markets/bonds/sbi-to-raise-up-to-rs-10000-crore-through-issue-of-tier-ii-bonds/articleshow/77625108.cms">reports</a>, it is this year’s first bond sale by the country’s biggest mass-lender and is expected to draw large domestic institutional investors, such as state-owned LIC and EPFO. Zee Entertainment shares gained over 4% <div type="image" title="Zee Enter" msid="77627333" hostid="261"></div> Despite posting 94.3 % fall in its net profit to ₹30.4 crore, Zee Entertainment shares were up 4%. The company has appointed Subhash Chandra as Chairman Emeritus and R Gopalan as Chairman of the board. Brokerage house Emkay believes that consistency and delivery will win back trust, they maintain ‘Hold’ rating with target at ₹190. Kotak also believes that this is a step in the right direction, but few more needed for further re-rating. Yes Bank shares advance 5% <div type="image" title="Yes bank August 19" msid="77627813" hostid="261"></div> Yes Bank shares soared 5% after the private sector lender repaid the central bank’s ₹35,000 crore out of the ₹50,000 crore of Special Liquidity Facility. It also divested more than 8% stake worth over ₹75 crore in CG Power and Industrial Solutions through open market transactions. Indiabulls shares opened 2% higher <div type="image" title="Indiabulls" msid="77627848" hostid="261"></div> Indiabulls was up 2% during the early trade hours after the Bengaluru-based realty firm Embassy Group signed an agreement to merge its various housing and commercial projects with Indiabulls Real Estate Ltd (IBREL) and take control of the merged entity. Embassy Group already has around 14% stake in Mumbai-based IBREL, and the same will increase to 45% after the merger of assets of these two companies. RIL shares up 1% after Netmeds acquisition <div type="image" title="RIL August 19" msid="77627935" hostid="261"></div> Reliance Industries shares gained nearly 1% after its subsidiary Reliance Retail Ventures Limited (RRVL) had acquired a majority equity stake in Vitalic Health Pvt Ltd and its subsidiaries (collectively known as Netmeds) for a cash consideration of approximately ₹620 crore. ICICI gained 2% in initial trading <div type="image" title="ICICI Bank August 19" msid="77627981" hostid="261"></div> ICICI Bank shares soared 2% after the Chinese central bank, People’s Bank of China acquired a very small stake in ICICI Bank through the recently closed ₹ 15,000 crore share sale by the country’s second-largest private sector lender. Uflex shares gained 6% <div type="image" title="uflex August 19" msid="77628006" hostid="261"></div> The packaging materials and solution company Uflex shares touched 52-week high after it reported over two-fold jump in its consolidated net profit to ₹196.54 crore for the first quarter ended June 30 Dilip Buildcon shares gained 4% <div type="image" title="Dilip August 19" msid="77628035" hostid="261"></div> Dilip Buildcon shares gained 4% after the company said it has received a letter of acceptance (LoA) for a new project worth ₹1,334.95 crore. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/ril-icici-bank-zee-ent-ruchi-soya-dixon-tech-cg-power-muthoot-finance-top-stocks-to-watch-today/slidelist/77625323.cms" data-type="tilCustomLink">Top stocks to watch today— RIL, ICICI Bank, Zee Ent, Ruchi Soya, Dixon Tech, CG Power, Muthoot Finance and more</a> <a href="https://www.businessinsider.in/business/startups/news/with-reliance-buying-netmeds-and-pharmeasy-merging-with-medlife-amazon-and-flipkart-are-in-for-a-tougher-competition-than-they-would-like/articleshow/77625512.cms" data-type="tilCustomLink">With Reliance buying Netmeds and PharmEasy merging with MedLife, Amazon and Flipkart are in for a tougher competition than they would like</a>

Top stock movers on Dalal Street today —SBI, Yes Bank, Indiabulls, RIL, Uflex and more

A bill which proposed protection to frontline workers, including healthcare professionals, was passed on late Monday night proceedings of the <keyword id="6355187" type="UNKNOWN" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword> with a voice vote and support from all political parties. The Bill was passed a few minutes before 12 O'clock. Epidemic Diseases (Amendment) Bill, 2020, which was passed by the Rajya Sabha on Saturday, seeks to bring a law that punishes those who attack health workers or doctors who are fighting the coronavirus outbreak or during any situation similar to the <keyword id="9701952" type="UNKNOWN" weightage="20" keywordseo="current-covid-19-pandemic">current Covid-19 pandemic</keyword>. The Bill seeks amendment to the <keyword id="552772" type="PERSON" weightage="20" keywordseo="Epidemic-Diseases-Act">Epidemic Diseases Act</keyword>, 1897. It will replace the Epidemic Diseases (Amendment) ordinance, 2020 which was promulgated by the President on April 22 this year in order to provide protection to health care service personnel, their living premises as well as their workplaces against any violence during the course of a pandemic. The draft legislation provides for up to five years in jail for those who attack doctors and health care personnel. The legislation intends to make sure that there is an attitude of zero tolerance towards violence against people working in the healthcare sector. The service personnel who will be protected under the new legislation include "public and clinical healthcare service providers such as doctors, nurses, paramedical workers and community health workers; any other persons empowered under the act to take measures to prevent the outbreak of the disease or spread thereof; and any persons declared as such by the state government, by notification in the official gazette." Biju Janata Dal MP Bhartruhari Mahtab questioned the Centre's decision to bring an amendment to the Epidemics Diseases Act, and said: "Why not bring a new Bill in 2020?" "There is a need to give protection not just to health workers but also to the police," Mahtab added. Shiv Sena's Shrikant Eknath Shinde and JD-U MP Kaushalendra Kumar participated in the debate on the Centre's Epidemic Diseases Amendment Bill, 2020 and supported the proposed legislation. Apna Dal leader Anupriya Patel criticised those who attacked the healthcare workers at a time when they were protecting the lives of people during the Covid-19 crisis at a cost of risking their lives. RLP leader and MP from Nagaur in Rajasthan, Hanuman Beniwal, and Congress leader of the House Adhir Ranjan Chowdhury said this bill should be sent to the Standing Committee and bring comprehensive legislation after proper consideration. In his concluding remark, Union Health Minister Harsh Vardhan assured the House that the Central government is not just waiting for "act of God" in fight against Covid-19 but also working round-the-clock in the direction to get solution, and confident that a vaccine will be available to the countrymen in the beginning of the next year anytime. The Minister's response came in a reply to an MP who alleged the government of waiting for act of God in fight against the disease which on Monday inched closer to 55 lakh-mark in India with a total of 54,87,580 cases in 235 days since the first case was reported on January 30. "We are not believing in the act of God. I had told in my speech (in the House) yesterday about the government's step for (Covid-19) vaccine. We are very confident that the vaccine will be available to the people of our country at the beginning of the new year," the Minister said. In his over-half-an hour address, Harsh Vardhan lauded the effort of various corona warriors, saying: "We are fighting this war with the help of lakhs of corona warriors." He also praised each mother who sent her son in war against the coronavirus pandemic. "There is not a single incident in which any mother stopped her son in participating in the war against the disease." If any damage is done to clinical establishments, quarantine and isolation facilities of patients, mobile medical units or any other property associated with healthcare personnel during a pandemic, penal provisions can be provoked. Penalties ranging from Rs 50,000 to Rs 2,00,000 can be slapped on any individual who is involved in commission or abetment of such acts of violence. It can also be punishable in the form of an imprisonment for a term of three months to five years. <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-state-bank-of-india-gmm-pfaudler-hsil-route-mobile-muthoot-finance-manappuram-finance-cams-chemcon-and-others/articleshow/78246831.cms">Top stocks to watch— State Bank of India, GMM Pfaudler, HSIL, Route Mobile, Muthoot Finance, Manappuram Finance, CAMS, Chemcon and others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/jack-mas-ant-group-raises-its-funding-target-to-35-billion-likely-making-it-the-largest-ipo-ever/articleshow/78235856.cms">Jack Ma's Ant Group raises its funding target to $35 billion, likely making it the largest IPO ever</a>

Lok Sabha passes bill that punishes those who attack health workers or doctors

Mumbai, Jun 19 () NCR Corporation, the largest teller machine manufacturer with close to half the market share, has installed about 4,000 ATMs for SBI last fiscal, making it one of the largest deals in recent years, a top company official said. The deal, primarily for replacement and by a managed service provider, came at a time when many banks are shutting down ATMs citing low interchange fees due to frequent changes in payment policy following demonetisation in November 2016. Since then, the number of installed teller machines has come down from nearly 2.7 lakh to the present 2.35 lakh. This has also led to some of the very few white label ATM players (unbranded standalone teller machines) like the Muthoot Group quitting the business. Of the little over 2.35 lakh installed teller machines, as much as 1.1 lakh are NCR made, giving it a market share of over 47 per cent, according to the domestic arm of the 136-year-old Atlanta, US-based company. It has a manufacturing plant in Chennai and an R&amp;D centre in Hyderabad. Its immediate rival Diebold has about 70,000 units installed. "Between last October and this March, a managed service provider has sourced close to 4,000 ATMs from us for SBI. This order makes it the single largest order for us in FY20 and also for the industry in recent years," NCR Corp's India head and regional vice-president for banking sales - Asia Pacific, Navroze Dastur, told . The single-largest ATM order was placed by SBI in 2016 when it ordered 7,000 units from multiple vendors. On the impact of the coronavirus pandemic and the resultant lockdowns, Dastur said the March quarter was normal, or in fact better than the previous year, thanks to the SBI order, but the next quarter is set to be a washout. While cash in circulation is at a record high of over Rs 25 lakh crore, ATM usage is only inching back to normal. Daily withdrawals have moved up to Rs 8,200 crore now, which is still lower by 30 per cent from the pre-lockdown days. "But the lockdown has energised us to think out-of-the-box to innovate. Accordingly, we've already started piloting contactless and touchless tellers now as part of our efforts to bringing in safer environment at banks and commercial establishments that use payment machines like large retailers and hotels, among others," he said. To make the transition more cost-effective, the company is upgrading the existing tellers now. "We can convert an existing teller to be contactless and touchless by changing the software to match the QR code between ATM and the mobile phone," he said. Another more advanced development the company is working on is interactive ATMs, or video tellers. "While video tellers are gaining ground in the West, this is not so here. One is high cost, which is five-six times a normal machine and secondly customer behavior which is not very open to such ideas," Dastur said. The company is piloting video tellers with three Standard Chartered branches in Pune, Bengaluru and Chennai, and one branch of IndusInd Bank in Gurugram, he said. The work on these types of ATMs was done in the Hyderabad R&amp;D centre along with the Atlanta headquarters, he said. The machines are manufactured in the Chennai plant. Interactive real-time ATMs can carry out as much as 90 per cent of the banking job. It can perform withdrawals, deposits, printing detailed statements, scan documents and much more, he said, adding the banker can reach out to the customer from his/her home. On the Chennai plant that rolls out around 8,000 units a month, he said as much as 70 per cent of production is exported to the US, Australia, the Middle East and many Asian markets. He further said unless the interchange charges are revised, the banks may not expand their ATM footprint. Last year, there were hardly any orders for fresh installations but there were around 14,000 replacement orders, he added. BEN ABM ABM

NCR Corp installs 4,000 teller machines for SBI in FY20

<ul><li>In India, the pawning of a woman’s ornaments is often viewed as a last recourse for families that have run out of financial options.</li><li>To change this mindset, fintech brand Rupeek recently launched its maiden TVC with <keyword id="7637" type="General" weightage="20" keywordseo="manoj-bajpayee" source="Orion">Manoj Bajpayee</keyword> and Priyamani. It aims to inspire average citizens to take pride in using their gold to access credit in a safe, personal and tension-free manner.</li><li>With the ongoing festive season, when the demand for gold is at its all-time peak, we speak to Shalabh Atray, Senior Vice President, Marketing and Digital, Rupeek about its journey so far, larger marketing strategy and goals ahead.</li></ul>In India, the pawning of a woman’s ornaments is often viewed as a last recourse for families that have run out of options. However, the organised gold loan market got a significant push after the pandemic, especially among lower and middle-class income groups. The economic downturn and unending medical expenses prompted people to opt for gold loans. According to a report by the World Gold Council, the organised gold loan sector is expected to grow to ₹4.05-lakh crore this fiscal at an annual rate of 15.7%. With the festive season, this demand for gold is expected to skyrocket. So, to ride on this uptick in demand for the yellow shiny metal and help address the stigmas associated with pawning of gold, fintech platform Rupeek has launched a new campaign. Featuring miniature Manoj Bajpayee and Priyamani, it aims to inspire people to take pride in using their gold to access credit in a safe, personal, and tension-free manner. Gold is the most celebrated asset in our country, yet people continue to undermine its potential, especially in tiding through financial exigencies. Rupeek’s campaign compares its digital process with standard bank and portrays how people don’t have to worry about waiting in lines, feeling ‘small’ for applying for gold loans. Unlike banks, Rupeek offers gold loans at the customer's doorstep and completes the loan underwriting-to-disbursal process within 30 minutes. By cutting down on expenses with an online-only strategy, Rupeek offers gold loans at an interest starting at 0.69% per month. <div type="Youtube" id="MgsBwGrtHVU" title="Sone Pe Loan, Right From Home" thumbUrl="https://i.ytimg.com/vi/MgsBwGrtHVU/mqdefault.jpg"></div> Valued at $515 Million, as per media reports, Rupeek is backed by investors such as Sequoia Capital, Bertelsmann, Accel Partners, GGV Capital, Tanglin Venture Partners, Korea's KB Investments and Flipkart cofounder and former employee Binny Bansal. We spoke to Shalabh Atray, Senior Vice President, Marketing and Digital, Rupeek to further discuss the campaign, brand’s larger marketing strategy, addressing stigmas surrounding gold loan and goals ahead. Excerpts: Q. This is your maiden high-decibel advertisement. What is the thought behind launching the campaign? Our focus with the launch of this campaign is to address the customer pain points in seeking gold loans in the country. We want to narrate stories about the problems of an age-old category and highlight Rupeek’s new-age services that will bring in the much-needed tech disruption in this market. Rupeek’s customer research highlights that borrowers are made to feel small when applying for a gold loan. Through our marketing efforts, we want our customers to become aware of Rupeek’s doorstep gold loan product that is safe, personal and tension free. Q. Who is going to be your target audience for this campaign? We are aiming to tap customers who are at the cusp of entering this category, as well as light users of the category looking for safe and convenient assistance. Fifty-five percent of Rupeek’s customers are first-time borrowers and that’s the core target audience for the campaign too. Q. Why did you choose Manoj and Priyamani for your first TVC? At the onset, Manoj and Priyamani are top notch artists. It was a natural decision for us to bring them on board as Indian families could relate to their on-screen chemistry instantaneously. Both the artists have gained audience trust with their recent collaborations. More importantly, as a purpose-led, authentic brand we also felt that Manoj and Priya’s life stories and what they epitomise as humans, and not just as actors, is aligned to Rupeek’s brand values. Q. Can you tell me what is your marketing budget for this campaign? We are launching our first-ever brand campaign and the marketing spends are sizable and thoughtfully distributed amongst all the mediums. Q. How has Rupeek's journey been so far? Can you share a few key milestones? What are some of the factors that helped you drive your growth? The world came to a standstill owing to the COVID-19 pandemic and we are hoping that life will come back to normalcy at the soonest. In India, individuals and businesses' daily routine was derailed, while many people lost their jobs. Many amongst these unfortunate ones found a way to pivot and thought of starting something of their own during the lockdown, but credit was not available to everyone. Given India’s tryst with gold as an asset at a household level, Rupeek saw a surge in people opting for gold loans as a secured way of availing credit at the right interest rates from the comfort of their home. Q. Given the recent surge in demand for gold loans in India, have you witnessed an increase in demand too? And with the festive season upon us, the demand for gold is expected to skyrocket. How are you planning on leveraging this demand? The festive season is around, however this category is not seasonal. Gold is respected and celebrated in our culture. Rupeek is giving its customers easy and secured credit against their gold assets. With our unique technology-led doorstep services, we have managed to build a community of 5+ lac customers spread across 30+ cities. Almost 55%* of our customers are first time gold loan borrowers, which is highest amongst our peers. Through this campaign, we plan to tap into markets that are yet unexplored in this category. Q. What are some of the trends that you are expecting to see in the gold and loan category? The biggest trend we are seeing is the openness of consumers, specially first time borrowers in the Gold Loan category, being open to a technology led disruptor like Rupeek. To the credit of Indian consumers, they are extremely open-minded to trying tech products which are genuinely committed to understanding their pain points. Q. The market today is largely dominated by traditional NBFCs such as Muthoot Finance and Manappuram Finance. How are you carving your niche? What percentage of the market are you aiming for? In India, only 5% of the population has access to credit. Gold loans have been in the market for a very long time, but now it is being offered to customers through a digital medium. Rupeek as a brand is on a mission to solve every Indian’s credit needs using disruptive technology. The aim is to be financially inclusive by creating access to credit. With the services offered by Rupeek, we aim to tap into the remaining 95% of the population. Rupeek wishes to reach all the customers that are at the cusp of taking a loan. Q. In India, the pawning of a woman’s ornaments is often viewed as a last recourse for families who have run out of options. Is that a challenge? How are you trying to change this mindset? Gold is a celebrated asset in our country. In addition, in our conversations with existing and potential customers, we found that the collateral documents and long process to get a gold loan approved is an emotionally draining experience for consumers. In order to change this experience, Rupeek offers hassle-free doorstep gold loans. Our services are simple, safe and transparent that are backed with disruptive technology ensuring trust amongst our customers. We have found that with the right product and experience being offered, consumers are open to the idea of using their gold in a judicious way to serve their credit needs. Q. What will your focus areas for H2 2021 be? What is your larger vision for the brand? Our focus is to establish a foundation for Rupeek and position it as a brand that is new age and innovative in solving the credit pain points of Indians. While we are yet in the initial stages of the brand campaign, our aim is to achieve longevity in our messaging with the support of earned media activities. Over the next six months, we plan to tap into the potential customers who are still analysing their options and introduce them to Rupeek’s hassle-free doorstep online gold loans.

Rupeek aims to tap into unexplored markets after its campaign with Manoj Bajpayee and Priyamani

<img class="gwt-Image" src="/photo/49270628.cms" /><a href="http://www.businessinsider.in/searchresult.cms?query=Former+India+cricket+captain+Sachin+Tendulkar">Former India cricket captain Sachin Tendulkar</a>, who already holds around 40% stake in Kerala Blasters, is going to buy around 20% more stake in the Kochi-based Indian Super League (ISL) franchise. 
 Therefore, Tendulkar will take control of the franchise by raising his stake. He will also get South-based <keyword id="6354241" type="COMPANY" weightage="80" keywordseo="Financial-Services">financial services</keyword> firm <a href="http://www.businessinsider.in/searchresult.cms?query=Muthoot+Group+">Muthoot Group</a> as a new co-owner in a realignment of the shareholding pattern. 
 
The cricket legend is going to buy more stake from his current co-owner Hyderabad-based PVP Ventures, emerging as a controlling stakeholder in the two year-old ISL team. 
 
Kerala's financial services major Muthoot Pappachan Group, which is currently the title sponsor of the team, will also acquire close to 20% from PVP Ventures, owned by Hyderabad-based serial entrepreneur Prasad V Potluri. 
 
Though we cannot comment about the <a href="http://www.businessinsider.in/searchresult.cms?query=Sourav+Ganguly+">financial terms of the transaction</a>, people who are aware of the development said the deal value is close to Rs 75-Rs 85 crore, valuing the franchise at Rs 180 to Rs 200 crore. 
 
PVP Ventures has been in talks to sell its stake in the team as the group intends to deploy the cash in other ventures and pay off some debt, according to multiple sources. 
 
However, the company will retain a 20% stake in the firm and continue as a minority shareholder. "The deal is almost done. A formal announcement is expected soon," said one of the persons familiar with the matter. 
 <keyword id="2580575" type="UNKNOWN" weightage="40" keywordseo="the-Blasters">The Blasters</keyword> finished runners up in the inaugural edition of the ISL, losing to Atletico de <keyword id="6354925" type="COMPANY" weightage="40" keywordseo="Kolkata">Kolkata</keyword> in the final. Tendulkar and former Indian cricket captain <a href="http://www.businessinsider.in/searchresult.cms?query=Sourav+Ganguly+">Sourav Ganguly</a> own Kochi and Kolkata teams, respectively. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Sourav+Ganguly+">Muthoot Pappachan Group</a>, better known for its gold loan business through its flagship Muthoot Fincorp, has interests in diversified areas from hospitality to automotive, from infrastructure to IT services, to healthcare and renewal energy. 
 
Recently, it has launched several endeavours to promote sports through MPG Cricket Academy and also groomed football talents. 
 India's leading industrialists and sports celebrities as well as <keyword id="143" type="CITY" weightage="60" keywordseo="Bollywood">Bollywood</keyword> stars have invested in the Indian Super League's eight franchises, expecting an IPL-model kind of gain in brand ownership, which may eventually translate into handsome returns on invested capital. "The first season was a great success and Blasters was one of the best teams in the inaugural league. Entry of Tendulkar as a controlling shareholder in the franchise may also boost the brand value significantly," said a consultant with a leading multinational firm. 
 
(Image: Reuters)

Sachin Tendulkar continues to play masterstrokes-this time in business! Going to buy 20% more stake in Kerala Blasters

<ul><li>Smartphone maker Samsung is the title sponsor for the 2019 IPL finalist Mumbai Indians.</li><li>The franchise from India's financial capital has reached the final for the fifth time in 12 years.</li><li>The South Korean company renewed its contract with the team owned by Mukesh Ambani's RIL in February this year.</li></ul> Mumbai Indians and Chennai Super Kings will fight each other for the fourth time in 12 years for the coveted Indian Premier League (IPL) trophy and the winner's prize money of ₹20 crore ($3 million). No matter what the result of this fixture, smartphone maker Samsung is laughing away to the bank. The longer a team lasts in a tournament, more the visibility for the sponsors. Therefore, those associated with the top two teams get to extract maximum value. The Mumbai Indians' jersey sports the Samsung logo in the front and that of a television network Colors on the back. And there is <a href="https://www.business-standard.com/article/sports/ipl-2019-buzziest-on-social-media-tv-viewership-past-345-mn-in-14-days-119042400074_1.html" data-type="tilCustomLink" target="_blank">huge viewership at stake in the IPL</a>. In the first two weeks of this year's edition, 345 million people watched the matches on television and 267 million people watched matches on digital platforms in the first three weeks. In the battle for eyeballs, Samsung has already won a jackpot. The South Korean giant started backing Mumbai Indians in 2016 and since then, the team has won the tournament once and has a second shot at it today (May 12). In the twelve years of IPL's ever-increasing glitz, Mumbai Indians have ended up in the finals five times. Aside from winning the league final in 2013, 2015, and 2017, the team also won the 2011 and 2013 editions of the Champions League Twenty20. In 2018, a New York-based consulting firm, Duff and Phelps, report pegged the franchise as the <a href="https://www.duffandphelps.com/-/media/assets/pdfs/publications/valuation/ipl-brand-valuation-report-2018.ashx" data-type="tilCustomLink" target="_blank">most valued one, at $113 million</a>, in the $6.3 billion IPL ecosystem. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The company renewed its ‘lead sponsorship’ contract with the team, which is owned by Mukesh Ambani's Reliance Industries, for a period of three years in February 2019. This will involve a payment of ₹25 crore every year, a 10% increase from the 2016 contract, <a href="https://brandequity.economictimes.indiatimes.com/news/media/be-exclusive-samsung-clinches-sponsor-deal-for-mumbai-indians/68114969" data-type="tilCustomLink" target="_blank">according to The Economic Times</a>. "Samsung and Mumbai Indians have a lot of similarities as a brand. Both brands are consistent and are very visible," <a href="https://news.samsung.com/in/samsung-signs-up-as-the-principal-sponsor-for-mumbai-indians" data-type="tilCustomLink" target="_blank">said</a> Mr. Ranjivjit Singh, Chief Marketing Officer, Samsung India. Facing Mumbai Indians is another much-cherished franchise, Chennai Super Kings (CSK), led by Mahendra Singh Dhoni, one of the country's biggest sports icons of all time. The team has been in the finals eight out of the 10 times that it has played the tournament and won it thrice. CSK was banned from the IPL for 2016 and 2017 after a illegal betting and match fixing probe. However, head to head with Mumbai Indians, Chennai Super Kings has lost twice in the IPL finals. That gives Samsung an edge over The Muthoot Group, which is the title sponsor for CSK. Despite the controversies that have dogged CSK, the brand was in the top three after Mumbai Indians and Kolkata Knight Riders after the 2018 edition. 
 
 
 
 
 
 
 
 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/mi-vs-csk-ipl-final-2019-ms-dhoni-vs-rohit-sharma/articleshow/69288673.cms" data-type="tilCustomLink" target="_blank">MS Dhoni may be having one of his best IPL seasons but he has problem right on top</a>

Samsung bet on this team in the $6.3 billion Indian Premier League-- and it has paid off again

<ul><li>The COVID-19 lockdown led to a spurt of small, intimate Zoom weddings; but the $50 billion Indian <keyword id="562840" type="PERSON" weightage="20" keywordseo="wedding-industry">wedding industry</keyword> is sure that a recovery is on the cards.</li><li>With the government extending social gatherings to upto 100 people, matchmakers and businesses believe that the worst is over.</li><li>The stage is set for a busy winter with weddings lined up over auspicious dates during November and December.</li><li>With the smaller size of weddings, people are also opting for destination weddings at offbeat locations. </li></ul>One can say that ‘marriages are made in heaven’, but the grandeur and extravaganza of weddings are definitely made in India. The coronavirus pandemic has weighed heavily on the wedding industry across the world, and India was not immune to it either. While COVID-19 achieved the unimaginable in India, with intimate and small weddings on Zoom becoming the go-to option. While many deferred the ‘big fat Indian wedding’ plan, as we approach the end of the year, the weddings have shrunk in size but they are back in business — for the $50 billion Indian wedding industry — a recovery is on the cards. The stars are aligning for the year-end wedding season Netflix’s reality series, Indian Matchmaking stars the quintessential matchmaker - Sima Aunty - who believes that ultimately her efforts would be meaningless if the “stars are not aligned”. And in India, that largely holds true. The first step for planning a traditional Hindu <keyword id="3989394" type="PERSON" weightage="20" keywordseo="wedding-in-india">wedding in India</keyword> is meeting the astrologer. So if you want to know whether the ‘band, baaja, baarat’ should be set in motion, ask your astrologer. “After a forced lull due to the pandemic, now there is a sudden spurt to get married by year end looking by the number of queries in recent weeks which is about 3 to four times more than normal. The relaxation in norms has also given optimism to people looking to get married,” said RK Sharma, a Delhi-based astrologer. As things get busy for Sharma, he also pens down the upcoming ‘auspicious’ days for us. “There are quite a few dates in November – 2nd, 3rd, 9th and 12th – common for all based on moon signs of bride and groom except for Cancer and Scorpio. In December though there are only 5 auspicious days – 1, 7, 8, 9 and 11. So we can expect a lot of marriages on these days,” he said. <div type="image" title="A pandit at a wedding" msid="78163684" hostid="261" caption="&amp;lt;p&amp;gt;A pandit at a wedding&amp;lt;/p&amp;gt;"></div> With the auspicious dates and the government extending social gatherings to upto 100 people, matchmakers are confident that the worst is over. Popular online wedding platform <keyword id="260777" type="COMPANY" weightage="20" keywordseo="shaadi-com">Shaadi.com</keyword> said that the online matchmaking industry saw a 20-30% surge during the lockdown, which is going to result in a reasonable uptick in the number of weddings. <div type="image" title="A groom on a horse" msid="78163644" hostid="261" caption="&amp;lt;p&amp;gt;A groom on a horse&amp;lt;/p&amp;gt;"></div> Adhish Zaveri, Director of Marketing, Shaadi.com however believes that despite the relaxations, intimate weddings will still be seen across the country. “The scale and size of the weddings remain in question and would be a larger contributor to the contraction of the industry, than the number of weddings itself. We have couples who have met on Shaadi.com during the lockdown and are certain to marry this year. They are equally certain to have an intimate wedding and we expect people to avoid the excesses we usually see at <keyword id="68773" type="PERSON" weightage="20" keywordseo="Indian-weddings">Indian weddings</keyword>,” said Zaveri. Intimate weddings take over For many next-gen brides and grooms across the country, there’s also a sense of urgency to get married now so they can avoid inviting the entire brigade of extended relatives for the wedding. This could be their only shot at getting a simple wedding done, sans the crowd. And of course, it cuts through the budget too. In the budget wedding space, OYO’s Weddingz.in said in August that it had seen 40% demand of pre-COVID levels coming back. The company said it had rescheduled over 3,000 events and locked approximately 1,500 unique bookings for October, November, and December 2020. For the luxury hotel group Taj, there’s been an uptick in wedding enquiries and not just for their already popular hotels but also their drive-to hotels at serene locations. “From weddings at our grand palaces in Jaipur, Jodhpur, Udaipur and Hyderabad, and beach weddings in Goa to intimate gatherings at our landmark city hotels in Mumbai, Delhi and Gurugram, Agra, Lucknow, Kolkata, Bengaluru and Hyderabad are popular choices off late,” said Renu Basu, Senior Vice President, Global sales and marketing at Indian Hotels Company Limited. <div type="image" title="indian wedding" msid="78163562" hostid="261" caption="&amp;lt;p&amp;gt;A destination wedding - Representative image&amp;lt;/p&amp;gt;"></div> But with the smaller size of weddings, people are also opting for offbeat ideas, and that’s opening up opportunities for hotels with a smaller inventory of rooms. “For instance, Taj Usha Kiran Palace, Gwalior; can now host weddings due to the reduced size of the events. It is time to showcase these unique and amazing destinations in India as they will now be preferred over international destinations for small weddings,” she shared. All that glitters With the fall in gold prices over the past few weeks, jewellery shops have seen a buying rush. And even with the fall in prices, the market is flooded with <a href="https://www.livemint.com/market/commodities/gold-continues-to-sold-at-a-discount-in-india-despite-sharp-price-fall-11599977832448.html">discounts</a> to lure in more customers. With weddings and the festive season around the corner, gold jewellery brands like Tanishq are hoping for a quick and swift revival. <div type="image" title="gold" msid="78163551" hostid="261" caption="&amp;lt;p&amp;gt;People buying gold jewellery in India&amp;lt;/p&amp;gt;"></div> “We are very optimistic about the upcoming wedding season as many weddings have been deferred to the second half of the year. Now with larger gatherings of up to 100 being permitted, it is likely that we will see many more weddings taking place,” said Arun Narayan, AVP, Retail &amp; Marketing, Tanishq, <keyword id="6359357" type="COMPANY" weightage="20" keywordseo="titan">Titan</keyword> Company. On a shopping spree While one can cut corners on the guest list and budget, brides still want that perfect dream lehenga. But the safety concerns have left them skeptical of actually visiting crowded bazaars and shopping areas. And so, even ‘lehengas’ have gone online. Bridal Asia is now hosting a virtual exhibition where brides and grooms can meet designers, jewellers, online, and book video consultations as well. “Inquiries have increased for makeup artists, photographers, and other service providers, however, given government regulations and safety concerns, they are for smaller weddings. However, wedding shopping and festival shopping is on the rise. Even our July sales were equivalent to our pre-COVID sales in February, but this is perhaps because we focus on more affordable ethnic wear and jewelry though. Designer brands will take longer to see a resurgence,” said Sanna Vohra, founder of The Wedding Brigade. The big fat Indian wedding may have shrunk in size but definitely, not lost its sheen. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/muthoot-finance-says-this-years-growth-is-likely-to-exceed-guidance/articleshow/78159469.cms">EXCLUSIVE: Muthoot Finance says this year's growth is likely to exceed guidance</a> <a href="https://www.businessinsider.in/india/news/india-may-have-a-covid-19-vaccine-by-the-start-of-next-year-says-union-health-minister-harsh-vardhan/articleshow/78162908.cms">India may have a COVID-19 vaccine by the "start of next year", says Union Health Minister Harsh Vardhan</a>

You Searched For "muthoot group" and got 11 results

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