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The Unified Payments Interface (UPI) registered a record 6.57 billion (657 crore) transactions worth ₹10.72 lakh crore in August, the National Payments Corporation of India (NPCI) data showed on Thursday.<br /><br />The growth in UPI volumes is up almost 100% (year-on-year) and amounts transacted grew by 75% YoY in the month of August.<br /><br />"With the acceptance of card payments via UPI the transaction volumes are bound to grow strongly and the average value per transaction too will increase. Through this growth, the NPCI systems have been robust and have rendered uptime that stands among the best in the payments industry. NPCI is on track to achieve their vision of 1 billion transactions per day," said Rajesh Mirjankar MD and CEO, Kiya.ai.<br /><br />The country crossed 6 billion transactions for the first time last month, logging 6.28 billion transactions worth Rs 10.62 lakh crore.<br /><br />Prime Minister Narendra Modi last month hailed the achievement of <keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword> crossing 6 billion in July -- the highest ever since its launch six years back.<br /><br />"This is an outstanding accomplishment. It indicates the collective resolve of the people of India to embrace new technologies and make the economy cleaner. Digital payments were particularly helpful during the COVID-19 pandemic," Modi had said in a tweet.<br /><br />In FY22, UPI processed more than 46 billion transactions amounting to over ₹84.17 trillion, thus breaching the $1 trillion mark.<br /><br />UPI's target is to process a billion transactions a day in the next five years.<br /><br />The UPI facility was launched on April 11, 2016, by then Reserve Bank of India Governor Raghuram Rajan.<br /><br />Recently, the NPCI mandated that all UPI-based applications obtain consumers' prior authorisation before recording their location.<br /><br />Any time a client gives permission to record their location, the permission must be properly communicated to the UPI, else the company will take stern action.<br /><br />This rule must be followed by all members by December 1 and applies to domestic UPI transactions between individuals.<br /><br />"UPI continues to penetrate further in the payment ecosystem as reflected by an increase in the number of UPI transactions by approx 5 per cent (on-month) and value of such transactions increasing by approx one per cent (month-on-month). The mass adoption of UPI is driving financial inclusion with respect to payments in India," said Swapnil Bhaskar, Head of Strategy, <keyword id="3673134" type="General" weightage="20" keywordseo="niyo" source="Orion">Niyo</keyword>, a <keyword id="8467319" type="General" weightage="20" keywordseo="neobank" source="Orion">neobank</keyword> for millennials.<br />

UPI transactions reach 657 crore in August worth ₹10.72 lakh crore

<ul><li>The UK-based <keyword id="3165837" type="General" weightage="20" keywordseo="Fintech-company" source="Orion">fintech company</keyword> is looking forward to hiring 600 tech professionals by the end of 2026.</li><li>Earlier this year in June, the financial services company also announced its hiring plans of 1,000 people in India.</li><li>Click <a href="https://www.businessinsider.in/newsletter-17-december-2021/binewsletter/88306447.cms?utm_source=bi&amp;utm_medium=email_newsletter&amp;utm_campaign=Business_Insider_Newsletter">here</a> for simple, fun and yet insightful explainers on the hottest news developments every week.</li></ul><keyword id="45792" type="General" weightage="20" keywordseo="Tide" source="Orion">Tide</keyword>, a United Kingdom-based financial and banking services platform, is looking forward to hiring 600 tech professionals by the end of 2026 for its office in Hyderabad, which is the tech centre of the company in India. <br /><br />The neobank ⁠— which operates in partnership with RBL Bank in India ⁠— needs 300 engineers, with a particular focus on backend engineers in Java and Python, across various roles. It is also looking for experts in data science and Flutter.<br /><br />Founded in 2015 and launched in 2017, the fintech ⁠— valued at $650 <a href="https://timesofindia.indiatimes.com/business/india-business/tide-raises-100-million-in-series-c-funding/articleshow/84341739.cms">million</a> ⁠— will include training and hiring fresh graduates from institutes like Indian Institutes of Technology (IIT), National Institute of Technology (NIT) through an ‘Internship to hire’ programme.<br /><br />Interns who successfully complete the programme will be offered a full-time opportunity.<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What is Tide?<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What does it do?<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A digital financial and banking services platform with its India headquarters in Hyderabad and Gurgaon.<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offers business accounts, related banking services and administrative solutions to small and mid-size enterprises (SMEs)<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />Earlier this year in June, the financial services company also announced its hiring plans of 1,000 people in India. “So out of 1,000, 200 have already been hired and overall, we have a team size of over 350 today in India,” <keyword id="12753669" type="General" weightage="20" keywordseo="gurjodhpal-singh" source="Orion">Gurjodhpal Singh</keyword>, chief executive officer (CEO) at Tide (India) told Business Insider in an interaction.<br /><br />Other than tech professionals, the company will also be hiring people across business profiles for their Gurugram office, which is the business hub of the company. He further said, “Along with techies, we are also actively hiring for business teams and business roles. So that is another aspect of the 1,000 employees that we are looking to hire.”<br /><br />When asked about how the company will fund the new hiring plans, he said, “We have raised a decent Series-C earlier this year. So, both these put together put us in a position where now we can invest into further growth and that is what we are intending to do. Our growth journey will also be focused on growing in terms of revenue and market share. All that will go into investing into a larger team and building a more robust product.”<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total funding raised so far<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key investors<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key competitors<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$195.2 million <br /><br /><br /><br />Source: Crunchbase<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Augmentum Fintech, Apax Digital, Passion Capital and SBI Group <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">InstantPay, Open, Revolut etc.<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br />In an interview with Business Insider, Singh, also mentioned the aggressive growth plans in India in the next five years but did not reveal much details. He said, “ We have aggressive growth plans for the next 5-years. Considering that India has 10% of global SMEs, our aspiration is to impact 25% of the global SME base through Tide.”<br /><br />Singh mentioned his plans about launching new products in the Indian market and setting up of new offices in different states of the country. “ In parallel we will also be expanding our product foothold across the country, apart from Delhi and Hyderabad with our banking partner (RBL Bank). We're a very open and agile organization and would be open about moving into some more cities as well in India if need be. But for now, this is the plan,” said Singh.<br /><br /><strong>SEE ALSO:<br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/bank-of-baroda-recruitment-check-all-the-details-including-eligibility-last-date-to-apply/articleshow/88383348.cms"><strong>Bank of Baroda is looking for at least 52 engineers in Mumbai and Hyderabad to improve the app, user experience and quality</strong></a><br />

British neobank Tide wants to hire 600 techies and business execs in Hyderabad and Gurugram

<ul><li><keyword id="4697996" type="General" weightage="100" keywordseo="stashfin" source="Orion">Stashfin</keyword> launches ‘all-in-one card’ brand film.</li><li>It is conceptualised by <keyword id="397090" type="General" weightage="20" keywordseo="havas-worldwide" source="Orion">Havas Worldwide</keyword> <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> (Creative).</li></ul>Neobanking platform Stashfin has released its latest brand video, featuring the all-in-one card, which is positioned to meet the needs of every customer. The film, conceptualised by Havas Worldwide India (Creative), brings alive the distinct proposition of Stashfin’s all-in-one card offering instant funds, free ATM withdrawals, cashback offers and welcome rewards.<br />  <div type="Youtube" id="P35_jIgCP3U" title="Stashfin credit line card is truly ALL-IN-ONE. Get Stashfin card for ALL your needs!" thumbUrl="https://i.ytimg.com/vi/P35_jIgCP3U/mqdefault.jpg"></div><br />With a brand promise of ‘Nobody in India should be credit starved’, Stashfin has been working towards the financial inclusion of various customer segments who find it hard to be accepted by traditional banking systems. The company also helps the underrepresented build their credit footprint to enable them to improve their quality of life.<br /><br />As consumers, everyone seeks perfection from the products they use, and Stashfin’s latest brand video is an attempt to cater to this insight. This led to Stashfin partnering with Havas Worldwide India (Creative) for creating a relevant communication campaign that aims to make the <keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">fintech</keyword> space accessible and relatable in an engaging way.<br /><br />Shruti Aggarwal, Co-founder, Stashfin, said, “At Stashfin, we’ve always put our customers first, and we’re constantly exploring ways to provide unique and relevant services for them, leading to greater financial freedom and inclusion. For our all-in-one brand video, we wanted to integrate our ethos of ‘nobody should be credit-starved’, in an easy, relatable format. I’m glad we could work with Havas Worldwide India (Creative). This has been an extremely fruitful experience.”<br /><br /><keyword id="255387" type="General" weightage="20" keywordseo="bobby-pawar" source="Orion">Bobby Pawar</keyword>, Chairman &amp; Chief Creative Officer, <keyword id="1825444" type="General" weightage="20" keywordseo="havas-group" source="Orion">Havas Group</keyword> India, said, “It’s been really exciting to partner with Stashfin for their brand video. We’ve worked with dozens of clients in India and globally, and I am impressed with Stashfin’s agility in the fintech space. It’s not every day that one gets to participate in a project that will be impactful, or decide the positioning of a product. Fintech is often perceived as a boring space, perhaps even one that is tough to grasp. We wanted to dispel that perception, and comedy was the best way to do that. The all-in-one brand video communicates the brand proposition and product features in the most meaningful and engaging way possible. I am sure customers across segments will enjoy this communication piece, which will drive the preference for brand Stashfin.”

Neobanking platform Stashfin launches a new campaign to promote its all-in-one proposition

Bengaluru-based neo-banking startup <keyword id="8555470" type="UNKNOWN" weightage="20" keywordseo="EpiFi">Epifi</keyword> on Monday said it has raised USD 13.2 million (around Rs 93.4 crore) in a seed funding round led by <keyword id="563136" type="ORGANIZATION" weightage="20" keywordseo="Sequoia-India">Sequoia India</keyword> and <keyword id="2126501" type="PERSON" weightage="20" keywordseo="Ribbit-Capital">Ribbit Capital</keyword>. The company said it will utilise the funds to build its core technology platform, drive sales as well as marketing initiatives and expand its technology team. <br /><br /> The seed funding round that was led by Sequoia India and Ribbit Capital also saw participation from Hillhouse Capital and angel investors, including David Velez, the founder of Nubank, and Kunal Shah, Founder and CEO, CRED, the statement said.
<br /><br /> Seed money, sometimes known as seed funding or seed capital, is a form of securities offering in which an investor invests capital in a startup company in exchange for an equity stake or convertible note stake in the company.
<br /><br /> Founded in May last year by Google Pay top executives Sujith Narayanan and Sumit Gwalani, Epifi is a fintech startup that provides digital banking solutions.
<br /><br /> "Millennials are a digital-first generation who are reshaping the world's economy, pushing companies to re-examine the way they do business.... Through epiFi, our mission is to provide digital natives a new-age platform that uses customer insights and deep tech to simplify their banking journey and help them take a big step towards achieving financial freedom," Epifi Co-foundersaid Sujith Narayanan said.  SID  DRR

Neo-banking startup Epifi raises $13.2 mn from Sequoia India, Ribbit Capital

<ul><li><keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s new tax rules that collect 1% <keyword id="17506" type="General" weightage="50" keywordseo="tds" source="Orion">TDS</keyword> on transfer of crypto and other virtual assets came into effect on July 1.</li><li>Taiwanese crypto exchange <keyword id="14394303" type="General" weightage="80" keywordseo="xrex" source="Orion">XREX</keyword> suspended <keyword id="164031" type="General" weightage="80" keywordseo="inr" source="Orion">INR</keyword> trading on their platform on June 30.</li><li>This neobank allows fiat-crypto trading and also supports trading crypto in US dollar and the Indian <keyword id="6355302" type="General" weightage="50" keywordseo="rupee" source="Orion">rupee</keyword>.</li><li>The platform advised the users to withdraw any INR balance, and offered them assistance.</li></ul>Taiwanese crypto exchange XREX suspended INR trading on their platform on June 30, a day before the new crypto tax rules came in. This neobank, which also allows fiat-crypto trading, is the only one in the world that supports US dollar and the Indian rupee.<br /><br />Now, it only offers <keyword id="54123" type="General" weightage="50" keywordseo="usd" source="Orion">USD</keyword> and crypto-to-crypto trades. In a mail sent to its users, XREX also stated that all INR services will be temporarily suspended from July 31, following the new crypto regulations in India that came into effect on July 1 and intends to collect 1% tax deducted at source (TDS) on crypto trades. <br /><br />“All INR open orders and pending INR Bitchecks will be automatically canceled on June 30, 2022 at 7:30 pm India and 10 pm Taipei time. All INR trading pairs would be unavailable on the new version. Please note that on July 31, 2022 all INR services would be temporarily removed and unavailable on the XREX platform. We are going to be converting the remaining INR funds in your wallet to USDT,” the company said in a communication to the users. <br /><br />USDT, also known as Tether, is a cryptocurrency stablecoin meant to mirror the value of a stable asset like a US dollar. It is built on blockchain technology and follows global government laws and regulations. <br /><br />The company also advised users to withdraw any INR balance they have on the platform. “You can still trade crypto to crypto freely. If you have less than 1000 INR, it will be auto converted to USDT on August 1,” said Naimish Sanghvi, a c<a href="https://twitter.com/ThatNaimish/status/1544935477941178369">onsultant with the exchange</a>. <br /><br /><keyword id="14394304" type="General" weightage="50" keywordseo="taiwanese-xrex-exchange" source="Orion">Taiwanese XREX exchange</keyword> is known for its low transaction cost fees of 0.1%. It is also offering assistance to those who are keen on withdrawing their rupees. <br /><br />“Hi everyone. If anyone has an INR balance on XREX @xrexinc - please ping me and I will help you withdraw to your account if you face any issues,” said Krishnendu Chatterjee, head of partne<a href="https://twitter.com/xrexinc/status/1544951191834017792">rship at XREX, on Twitter</a>. <br /><br />Business Insider tried contacting the team at XREX for a response, but none was received until the article went into print.<br /><cmsannotation type="cmsannotation" annotationid="A steep drop in crypto volumes" comment="subhead" text="A steep drop in crypto volumes"><span data-til="noop">A steep drop in crypto volumes</span></cmsannotation><br />There has been a steep drop in Indian crypto exchange trading volume since the new tax rules kicked in April after the Indian finance minister slapped a 30% tax on cryptocurrencies, in January this year. Added to that, the 1% TDS on transfer of crypto and any virtual digital asset, came into effect this month. <br /><br />Indian crypto trading volumes have plunged by 90-95% within three months after the new crypto laws were announced, according to <keyword id="11294792" type="General" weightage="50" keywordseo="crypto-india" source="Orion">Crypto India</keyword>. It also said that exchanges are barely able to generate trading fee revenues in the range of $1000-3000. Crypto India is a popular Youtube channel run by <a href="https://twitter.com/CryptooIndia/status/1543884371395891206">Indian crypto influencer Aditya Singh</a>. <br /><br />This development also comes on the back of a depreciating Rupee which fell 12 paise on Thursday to 79.06 against the US dollar, as the chances of the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> going for another rate hike has increased. <br /><br />SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-metal-shares-surge-as-demand-hopes-build-after-chinas-220-billion-stimulus-plan/articleshow/92726640.cms">Indian metal shares surge as demand hopes build after China’s $220 billion stimulus plan</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">Vivo reportedly transferred nearly $8 billion to its parent company in China</a><br />

Taiwanese crypto exchange suspends trading in Rupees after TDS laws kick in

Indian fintech market has received $29 billion in funding across 2,084 deals to date (January 2017-July 2022), gaining 14 per cent share of the global funding and No 2 spot on the deal volume, a new report has said.<br /><br /><keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s <keyword id="107168" type="General" weightage="20" keywordseo="CAGR" source="Orion">CAGR</keyword> in the fintech sector grew by 20 per cent, which was higher than that of the US, the UK, and China which witnessed a growth of 16 per cent, 15 per cent, and 10 per cent, respectively, according to 'State of the <keyword id="14784626" type="General" weightage="50" keywordseo="fintech-union" source="Orion">Fintech Union</keyword> 2022' report by the <keyword id="136162" type="General" weightage="50" keywordseo="boston-consulting-group" source="Orion">Boston Consulting Group</keyword> (BCG) and Matrix Partners India.<br /><br />With 7,460 fintech companies, India is now third behind the US (22,290 fintech companies) and China (8,870).<br /><br />The India fintech ecosystem has 23 unicorns (out of 106 in total) and has reached a scale to establish a strong position in the global financial services market and be benchmarked for its speed of innovation, customer inclusion, and growth, the report noted.<br /><br />"Clocking over $800 billion annual payments transaction value, <keyword id="3680498" type="General" weightage="100" keywordseo="fintechs" source="Orion">fintechs</keyword> have made a strong contribution to the Indian economy, and play a powerful role in the provision of full-fledged financial services to all Indians. We see this collective segment to be mission critical for the $5 trillion Indian economy," it mentioned.<br /><br />Many large fintechs had started operations from 2008, with Neobanks being the recent entrants.<br /><br />While the number of fintechs scaled up between 2014 and 2021, funding was low till 2015 after which the sector received a rapid funding boost.<br /><br />Covid further boosted payments space, leading to a 210 per cent spike in funding between CY 2020 and 2021.<br /><br />"With rising funding and valuations, we have seen an acceleration in the rate at which Fintechs have become unicorns vs the past," the report said.<br /><br />The report said that "we have a game changing 5 years ahead of us as the financial services landscape is expected to have many strong actors on the stage, like large Incumbents, niche as well as diversified non-banks, new-age and mature fintechs, aggregators and Financial Service Providers".<br /><br />It, however, mentioned that "more than 70 per cent of respondents believe most Fintechs may not be profitable in the next 2-3 years. While scale is an important driver of profitability, early stage focus on 'unit economics' is a critical orientation needed".<br /><br />The volume of digital investment in the country grew from 4.5 million in 2021 to 9 million in 2022, reporting a growth of 100 per cent.<br /><br />The neo banking volume, at the same time, went up from 2.5 million to 4 million, reporting a 60 per cent growth in just one year, the report noted.<br /><br /><strong>SEE ALSO :<br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-financial-inclusion-index-heres-what-it-means-and-why-it-is-important/articleshow/93606694.cms">RBI Financial Inclusion Index – here’s what it means and why it is important</a><br /><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/big-actors-take-a-major-chunk-of-bollywood-profits-but-will-recent-flops-prompt-content-and-revenue-correction/articleshow/93712066.cms"><strong>Big actors take a major chunk of Bollywood profits, but will recent flops prompt content and revenue correction?</strong></a><br />

Indian fintechs raised $29 bn this year, that's 14% of the total global funding share: report

<ul><li>A positive outlook in the hiring trend was seen only after April when India was struggling with the fatal second wave of virus infections.</li><li>Most of the sectors in India, which were badly affected by the COVID-19 pandemic, also showed a strong positive recovery post the pandemic phase.</li><li>Production/Manufacturing and Banking, Financial Services and Insurance (BFSI) emerged as the most actively hiring sectors in 2021, registering a 31% increase in e-recruitment activity.</li></ul>The year 2021 can be marked as the phase of improvement and recovery after the setback of the COVID-19 pandemic. The impact spanned across industries and markets, also weakening the online job demand. A positive outlook in the hiring trend was seen only after April when India was struggling with the fatal second wave of virus infections.<br /><br />However, as per Pawan Goyal, the chief business officer of the employment website Naukri.com, hiring between January and November 2021 saw year-over-year growth of 60% in India.<br /><br />Most of the sectors in India, which were badly affected by the COVID-19 pandemic, also showed a strong positive recovery post the pandemic phase. A positive growth trend has been observed on a national level since May 2021.<br /><br /><strong><cmsannotation type="cmsannotation" annotationid="IT, manufacturing, BFSI sectors saw the maximum growth in terms of workforce expansion" comment="subhead" text="IT, manufacturing, BFSI sectors saw the maximum growth in terms of workforce expansion"><span data-til="noop">IT, manufacturing, BFSI sectors saw the maximum growth in terms of workforce expansion</span></cmsannotation></strong><br /><br />“Production/Manufacturing and Banking, Financial Services and Insurance (BFSI) emerged as the most actively hiring sectors in 2021, registering a 31% increase in e-recruitment activity.<br /><br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year-on-year growth<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Telecom/ISP <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Automotive/Ancillaries/Tyres <br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT - Hardware, Software<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23%<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPO/ITES<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18%<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody><tr id="last-child" class="last-child"><td contenteditable="false" colspan="3">Edit</td></tr></tbody><tbody><tr id="last-child" class="last-child"><td contenteditable="false" colspan="3">Edit</td></tr></tbody></table><br />Telecom/ISP sector followed closely charting 27% growth, while Automotive/Ancillaries/Tyres industry, IT - Hardware, Software and BPO/ITES industry recorded 25%, 23% and 18% growth respectively”, said Sekhar Garisa, chief executive officer (CEO) of Monster.com, another job and employment platform.<br /><br />The automotive sector saw a rise in job postings even when the sector was in slowdown.“ Vehicle launches in hybrid, EV and SUV segments are all gaining traction thereby increasing customer interest and demand. Companies are sitting on advance orders running anywhere from a 2-9 month waiting period for some models, some of which are also accentuated by the global chip crisis. Hence, organisations are hiring due to this enhanced demand, which once the chip crisis is behind us, will show up in automobile sales numbers. ” said Lohit Bhatia, president - workforce management at Quess Corp.<br /><br />Other than IT, manufacturing and BFSI sectors, e-commerce, retail also picked up pace in hiring this year, as there was a rapid improvement in consumer sentiment.<br /><br /><strong><cmsannotation type="cmsannotation" annotationid="Hospitality, Travel and Tourism remained as one of the least growing sectors" comment="subhead" text="Hospitality, Travel and Tourism remained as one of the least growing sectors"><span data-til="noop">Hospitality, Travel and Tourism remained as one of the least growing sectors</span></cmsannotation></strong><br /><br />The imposition of lockdown during the second wave led to a halt in outings, tours, vacations and all types of travel in general. “Hospitality sector, travel and tourism and aviation sector remained one of the most severely affected sectors,” Ajay Thomas, business head at TeamLease Services, told Business Insider.<br /><br />He said, “The travel and tourism sector that employs millions of Indians started bouncing back after the first wave, but little did they know that COVID-19 would be back for the second round of devastation. Aviation and other travel sector establishments faced a massive struggle during the pandemic.”<br /><br />Overall annual growth of the medical/healthcare sector was also slow as compared to other sectors. “ Annual growth was comparatively slower for sectors like Medical/Healthcare and Pharma/Biotech. These two sectors were at the forefront during the pandemic, and demand was not as impacted in 2020 when compared to other industries, thus their growth trajectory, while positive, was not as steep,” said Goyal of Naukri.com.<br /><br /><strong><cmsannotation type="cmsannotation" annotationid="Hiring of freshers" comment="subhead" text="Hiring of freshers"><span data-til="noop">Hiring of freshers</span></cmsannotation></strong><br /><br />The year 2021 saw opening the door of opportunities for recent graduates or freshers once again. Overall there was a growth of 12% in freshers hiring this year as compared to the last year, according to Garisa of Monster.com.<br /><br />Sectors like IT, software-hardware hired the maximum number of freshers this year, while, BPO, call centre, customer service demonstrated subdued demand for freshers.<br /><br /><strong><cmsannotation type="cmsannotation" annotationid="Overall hiring trend for experienced professionals" comment="subhead" text="Overall hiring trend for experienced professionals"><span data-til="noop">Overall hiring trend for experienced professionals</span></cmsannotation></strong><br /><br />According to Goyal, hiring for senior professionals with 8-12 years experience saw the highest uptick across all levels followed by mid-management professionals with 4-7 years experience.<br /><br /><br /><br /><strong><cmsannotation type="cmsannotation" annotationid="Bangalore saw the maximum growth and Delhi saw the least among metro cities" comment="subhead" text="Bangalore saw the maximum growth and Delhi saw the least among metro cities"><span data-til="noop">Bangalore saw the maximum growth and Delhi saw the least among metro cities</span></cmsannotation></strong><br /><br />According to Monster.com, all the metros except Kolkata charted double-digit growth. <br /><br /><br /><br /><br />Bangalore led with a 42% point rise, tailed by Chennai (30%), Pune (29%), Hyderabad (24%), Mumbai (20%) and Delhi-NCR (18%) this year as compared to last year.<br /><br /><strong><cmsannotation type="cmsannotation" annotationid="Ahmedabad saw the maximum growth among non-metros" comment="subhead" text="Ahmedabad saw the maximum growth among non-metros"><span data-til="noop">Ahmedabad saw the maximum growth among non-metros</span></cmsannotation></strong><br /><br />Ahmedabad recovered the fastest among Tier 2 cities, growing by 90% annually, followed by Chandigarh (40%), Kochi (39%).<br /><br />While Jaipur saw the least growth with 29% followed by Coimbatore (35%) and Vadodara (37%).<br /><br /><strong><cmsannotation type="cmsannotation" annotationid="Attrition rate among different sectors" comment="subhead" text="Attrition rate among different sectors"><span data-til="noop">Attrition rate among different sectors</span></cmsannotation></strong><br /><br />Various studies show that the attrition rate in India rose from 10% in 2020 to 20% in 2021. Attrition rate means the number of employees leaving the organisation or company.<br /><br />The IT sector in India witnessed the highest attrition rate in the year 2021 as compared to other sectors. Whereas, the media and entertainment industry enjoyed the least attrition rate this year, according to Monster.com.<br /><br />SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/british-neobank-tide-wants-to-hire-600-techies-and-business-execs-in-hyderabad-and-gurugram/articleshow/88392005.cms">British neobank Tide wants to hire 600 techies and business execs in Hyderabad and Gurugram</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/covishield-vaccine-not-as-effective-after-three-months-so-consider-booster-shot-says-lancet-report/articleshow/88404738.cms">Lancet article makes a case that those who took Covishield vaccine need booster shots</a><br />

Thank these sectors for the biggest rise in formal jobs this year so far

Mumbai, Mar 4 () India is plagued with a slowing economy and lack of finance currently, Blackstone's chairman Stephen Schwarzman said, hinting that the global private equity major may be interested in distressed asset play in the country.<p> Speaking to reporters at the IIT-Bombay, he also said the country is lacking the robustness in financial institutions.</p><p> Blackstone has been present in India since 2006 and has invested USD 15 billion in the country, including private equity play in enterprises and also bets on realty.</p><p> Schwarzman, who is also the chief executive and co-founder of Blackstone, said his company is "bullish" on India, but from a long term perspective.</p><p> To a question on distressed asset investing, which a lot of its global peers have entered into, he said, "issues with india are more about slowing economic growth and limited credit extension by the banking system and neobanks and that should create more need for owners of companies to look for other sources of liquidity."</p><p> "For us, if there is something very attractive here, we've a lot of long term confidence in india. So, we will be very active buyers or lenders in this market," he added.</p><p> The company has a dry powder of USD 150 billion of committed money yet to find takers globally which makes it the best placed to take care of such requirements, he said.</p><p> The financial system in a country is akin to the heart in the human body and if financial institutions in a country aren't in a great shape, it can impact countries in a broader sense, he said during a chat with Infosys chairman Nandan Nilekani earlier.</p><p> Schwarzman said the coronavirus epidemic is a black swan event globally and flagged risks to companies' profits globally because of that.</p><p> A self-professed Republican follower, Schwarzman said it is unclear if the US Fed's decision to cut rates will have the desired impact and pointed to the markets' negative reactions on Tuesday to illustrate his point.</p><p> It is not markets or the availability of the money which will decide the way forward, but the way consumer confidence evolves from here on, he told reporters.</p><p> Blackstone India will be focusing on the real estate sector to create spaces that can be hired by IT companies and also warehousing space going forward, he said.</p><p> At present, India has slow growth, high inflation and a banking system which has high amount of NPAs, he said.  After the 2008 crisis, the US' banking system is one of the most conservative in the world and differs with the Europeans because the former chose to take all the hits upfront, he said, asking India to emulate the same.</p> "We are interested in india because it has grown enormously, it's got the youngest working age cohort in the world, it's strides in technology and education levels are going up. These are things that work well. Slight downturn in economies don't affect us. We look at a 5-10 year range. Sometimes it's better to be an outsider," he said.  AA  MRMR

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