Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The company posted losses to the tune of ₹83.81 crore for the FY23.</li><li>It’s a completely fresh issue with no offer for sale component.</li><li>The issue proceeds will be used to fund growth, tech, capex and general corporate purposes. </li></ul>Fintech One <keyword id="20054770" type="General" weightage="20" keywordseo="mobikwik" source="keywords">Mobikwik</keyword> Systems has filed a Draft Red Herring Prospectus (DRHP) with SEBI to raise ₹700 crore for its initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>). For the fiscal 2022–23, the company’s revenue from operations has increased to ₹539.47 crore against ₹526.56 crore for fiscal 2021–22. Loss for the year decreased by 34.6% from ₹128.16 crore in fiscal 2022 to ₹83.81 crore in fiscal 2023. For the six months ended September 30, 2023, revenue from operations stood at ₹381.09 crore and profit after tax stood at ₹9.48 crore. The IPO has a face value of ₹2 is entirely a fresh issue of equity shares with no offer for sale component. The company, in consultation with the book-running lead managers, may consider a further issue of specified securities including private placement, preferential allotment, rights issue, or any other method aggregating to ₹140 crore as ‘Pre-IPO placement’. If such placement is completed, the fresh issue size will be reduced. Fresh issue to fund growth The proceeds from the fresh issue, to the extent of ₹250 crore will be used for funding growth in the financial services business, ₹135 crore for funding growth in the payment services business, ₹135 crore for investment in data, ML and AI and product and technology, ₹70.28 crore for capital expenditure for the payment devices business, and general corporate purposes. The issue is being made through the book-building process, wherein not less than 75% of the issue shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the issue shall be available for allocation to non-institutional investors, and not more than 10% of the issue shall be available for allocation to retail individual bidders. Established by Bipin Preet Singh and Upasana Taku, the fintech caters to businesses and merchants. It has extensive payments and financial services like online checkout, Kwik QR scan and pay, MobiKwik Vibe (Soundbox), MobiKwik <keyword id="20076789" type="General" weightage="20" keywordseo="edc-machine" source="keywords">EDC Machine</keyword>, and Merchant Cash Advance. Its subsidiary <keyword id="20076790" type="General" weightage="20" keywordseo="zaakpay" source="keywords">Zaakpay</keyword> operates a B2B payment gateway for e-commerce businesses and has received RBI approval for its Payment Aggregator (PA) business. MobiKwik provides consumers access to various payment options and financial products in digital credit, investments, and insurance has acquired approximately 18.29 million new users every year, between Fiscal 2021 and September 30, 2023. As of September 30, 2023, the company has amassed 146.94 million registered users and enabled 3.81 million merchants to conduct online and offline payments. Its Payment GMV has grown annually by 32.33%, while MobiKwik ZIP GMV (Disbursements) surged by 354.86% from Fiscal 2021 to Fiscal 2023. As per RedSeer, the company's commitment to growth through cost-effective, technology-driven innovations is evident in its array of scaled products and its ability to maintain one of the lowest employee cost-to-revenue ratios among digital financial service platforms in Fiscal 2023. SBI Capital Markets and DAM Capital Advisors are the book-running lead managers for the IPO, and Link Intime India Private is the registrar of the offer. The equity shares are proposed to be listed on the BSE and NSE.

Mobikwik replans market debut with plans of raising ₹700 crore

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 28 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The State Bank of India's Economic Research Department has released its analysis projecting the GDP growth for the third quarter of the financial year 2023-24. According to their report, the GDP growth is likely to be at 6.8 per cent, based on an unchanged base, but could potentially hit 7 per cent due to expected downward revisions in the estimates for Q3 FY23. As per a report by <keyword id="20407500" type="General" weightage="20" keywordseo="soumya-kanti-ghosh" source="keywords">Soumya Kanti Ghosh</keyword>, Group Chief Economic Adviser, SBI, the global economic landscape, as outlined in the report, presents a mixed picture with several significant developments impacting the trajectory. The International Monetary Fund (IMF) has upgraded its global growth forecast to 3.1 per cent in 2024 and 3.2 per cent in 2025, indicating a brighter outlook. However, challenges persist, with countries like the UK and Japan slipping into recession, alongside concerns over the German economy. Additionally, China's marked slowdown, driven by deflationary concerns and declining industrial profits, adds further complexity to the global scenario. In contrast, India's domestic economic indicators show signs of resilience and optimism. Consumer confidence has strengthened, supported by positive sentiments regarding the economic situation and employment conditions. Various enterprise surveys also reflect strong business optimism. The Composite Leading Indicator (CLI) Index, comprising 41 leading indicators across sectors, suggests a slight moderation in economic activity in Q3 FY24. Based on this data, the SBI Economic Research Department estimates GDP growth in the range of 6.7-6.9 per cent, with a Gross Value Added (GVA) growth of 6.6 per cent. Corporate India continues to exhibit robust performance, driven by accelerating consumption patterns across urban and rural areas. Corporate results for Q3FY24 indicate significant growth in <keyword id="20140796" type="General" weightage="20" keywordseo="ebidta" source="keywords">EBIDTA</keyword> and PAT (Profit After Tax), with a notable improvement in margins. Corporate GVA, measured by EBIDTA plus employee expenses, recorded strong growth compared to the previous year. The agricultural sector, however, faces some challenges, with a decline in the estimated production of major Kharif crops for 2023-24 compared to FY23. While the sowing season for Rabi crops suggests a slight increase in overall acreage, concerns arise over the decline in the sown area under cereals. Despite these challenges, the inland fish production has shown rapid growth, reaching 131.13 lakh tonnes in 2022-23. The fisheries sector's contribution to the national GVA and agricultural GVA indicates potential support for the Agri &amp; Allied sector's growth in FY24. (ANI)

SBI Eco Research forecasts Q3 FY24 GDP growth at 6.8% amid global complexities

New Delhi, <keyword id="6379123" type="General" weightage="100" keywordseo="jana-small-finance-bank" source="Orion">Jana Small Finance Bank</keyword> Ltd has re-filed draft papers with capital markets regulator Sebi to mobilise funds through an initial public offering (IPO). The IPO comprises fresh issue of shares aggregating up to Rs 575 crore and an Offer for Sale (OFS) of up to 4,051,516 equity shares by the company's existing investors, according to the fresh draft red herring prospectus (DRHP) filed on Sunday. Those offering shares in the OFS are: Client Rosehill Ltd, CVCIGP II Employee Rosehill Ltd, Global Impact Funds, S.C.A., SICAR, Sub-Fund Global Financial Inclusion Fund, Growth Partnership II Ajay Tandon Co-Investment Trust, Growth Partnership II Siva Shankar Co-Investment Trust, and Hero Enterprise Partner Ventures. The small finance bank has proposed to utilise the net proceeds from the fresh issue towards augmenting its Tier - 1 capital base to meet future capital requirements such as organic growth and expansion. The lender serves underbanked customers through various products, including zero balance savings accounts, fixed deposits with attractive interest rates, collateral-free loans and affordable housing loan schemes. It offers loans to MSMEs, agriculture sector, individuals, affordable housing sector and two-wheeler buyers and also provides gold loans to customers. The bank had earlier filed preliminary IPO papers with Sebi in April 2021 and had received the regulator's nod to launch the public issue. However, Jana Small Finance Bank did not launch its public issue that time. According to Fitch Report, Jana Small Finance Bank is the fourth largest small finance Bank in terms of assets under management (AUM) deposit size as on March 2023. The bank had 754 banking outlets, including 272 outlets in unbanked rural centres, in 22 states and two Union Territories as of March 2023. Axis Capital, ICICI Securities and <keyword id="6375759" type="General" weightage="50" keywordseo="sbi-capital-markets" source="Orion">SBI Capital Markets</keyword> are the book running lead managers to the issue.

Jana Small Finance Bank re-files IPO papers with Sebi

<ul><li>India’s equity markets edged lower in morning trade on Wednesday amid mixed cues in global markets.</li><li>While several sectoral indices were in the red on Wednesday morning, the IT and FMCG indices declined the most.</li><li><keyword id="90570" type="General" weightage="20" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the markets may perform, was down 0.08% or 15 points early in the morning today.</li></ul>India’s equity markets edged lower in morning trade on Wednesday amid mixed cues in global markets. While several sectoral indices were in the red on Wednesday morning, the IT and FMCG indices declined the most. SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>, an early indicator of how the markets may perform, was down 0.08% or 15 points early in the morning today. While the 30-stock <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> was down 0.2% or 117 points to 59,610, the 50-stock <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> was down 0.17% or 31 points to 17,629. The IT index was down 0.93%, followed by the FMCG index which fell 0.55%. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.49% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi's Laboratories </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.42% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.32% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.41% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.30% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.82% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Consumer </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.90% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.76% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.86% </td></tr></tbody><tbody></tbody></table> Source: NSE, as on April 19, 2023 Earlier on Tuesday, Sensex and Nifty50 continued to snap amid selling pressure in energy, FMCG and financial services stocks. Both Sensex and Nifty50 ended 0.3% lower – while Sensex fell 184 points to close at 59,727, Nifty50 fell 47 points to 17,660. Layoffs could once again gather steam with reports suggesting that US-based consulting giant Ernst &amp; Young, and media behemoth Disney are expected to lay off thousands of employees. <cmsannotation type="cmsannotation" annotationid="Global markets mixed" comment="subhead" text="Global markets mixed">Global markets mixed</cmsannotation> Uncertainty persisted in markets around the world. Benchmark indices in the US ended on a mixed note on Tuesday, with Dow Jones falling 0.03% while S&amp;P 500 gained 0.09%. The tech-heavy Nasdaq ended 0.04% lower. Markets in Asia were also mixed on Wednesday morning, with KOSPI rising 0.12%, while Shanghai Composite and Taiwan Weighted were both down 0.3%. Nikkei 225 edged 0.24% lower, while Hang Seng was down 0.5%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> <keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword>, <keyword id="6354737" type="General" weightage="80" keywordseo="ongc" source="Orion">ONGC</keyword>, Oil India: The government has reportedly increased the windfall tax on domestic crude oil production to ₹6,400 per tonne. Besides, the government has decided to remove the export duty on diesel. State Bank of India: The largest public sector bank has approved long term fundraising of up to $2 billion in debt during FY24. The fundraising will happen in one or multiple tranches through a public offer or private placement of unsecured notes in US dollar or any other convertible currency. ICICI Lombard General Insurance: The insurer has reported nearly 40% jump in net profit in March quarter at ₹436 crore compared to ₹312 crore last year. Bank of India: The lender’s board has approved to raise ₹6,500 crore from various means including share sale to fund business growth in FY24. CRISIL: The rating agency has reported a 20% rise in net profit at ₹145 crore in March quarter as against ₹121 crore during the same quarter last year. Earnings today: Tata Communications, ICICI Securities, Alok Industries, Citadel Realty and Developers, G G Engineering, Gujarat Hotels among stocks to release their March quarter earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/infosys-has-beaten-tcs-in-constant-currency-revenue-growth-in-four-of-the-last-five-years/articleshow/99579312.cms">Infosys has beaten TCS in constant currency revenue growth in four of the last five years</a> <a href="https://www.businessinsider.in/tech/apps/news/irctc-warns-users-about-fake-android-app-and-website/articleshow/99583387.cms">IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe</a>

Sensex, Nifty50 edge lower in morning trade amidst a decline in IT, FMCG stocks

Government owned two banks and a <keyword id="157994" type="COMPANY" weightage="20" keywordseo="General-Insurance-Company">general insurance company</keyword> has decided to bear the Covid-19 vaccination cost incurred by <keyword id="6357081" type="UNKNOWN" weightage="20" keywordseo="employees">employees</keyword> and their dependents who are 45 years of age with co-morbidities. While the two banks - <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (<keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword>) and Canara Bank - will reimburse the cost of vaccination - ₹250 per dose per head - incurred by their employees who are above 45 with co-morbidities and their dependents. On the other hand, city-based United India General Insurance Company Ltd. will reimburse the vaccination cost incurred by its employees who are above 45 years of age and suffering from co-morbidities. In its circular, United India has also pointed out that at government hospitals, the vaccination is done free of cost and urged the employees to get their jab done there. The insurer also said only in the case where eligible employees were not able to go to a government hospital they can get the vaccination done at private hospitals. However, SBI and Canara Bank did not urge its employees to look at the government hospitals for vaccination. Appreciating the decision of the two banks C.H. Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA) told IANS: "What is important is that the bankers should be vaccinated on priority basis and they should also be considered as corona warriors." "Despite being exposed to the coronavirus infection, the bankers attended to duty during the lockdown period and were handling currency notes, coins and others offered by their clients," Venkatachalam said. According to him, many bank employees had contracted Covid-19 and had succumbed to it. Venkatachalam also said the attendance in the bank branches is back to normal levels and the two banks' decision to reimburse the cost is mainly to show their concern towards their employees who are above 45 and exposed to higher risk of getting affected by coronavirus. Venkatachalam added that the <keyword id="47209" type="COMPANY" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> has taken up with the <keyword id="46535" type="COMPANY" weightage="20" keywordseo="Health-ministry">Health Ministry</keyword> for vaccinating the bankers on priority basis. Meanwhile, the unions in the general insurance sector are urging the other three government companies - National Insurance Company Ltd, Oriental Insurance Company Ltd and <keyword id="588545" type="COMPANY" weightage="20" keywordseo="New-India-Assurance-Company-Ltd">New India Assurance Company Ltd</keyword> - to follow United India's example. "We are talking with the remaining three companies in this regard," K. Govindan, General Secretary, General Insurance Employees All India Association (GIEAIA) told. "No circular has been taken on the matter by <keyword id="6368369" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation-of-india">Life Insurance Corporation of India</keyword>," All India Insurance Employees Association (AIIEA) General Secretary Shrikant Mishra told. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/check-out-all-the-hiring-opportunities-in-2021-in-india/slidelist/81343839.cms">A whole host of jobs, from government to private to foreign companies in India, are opening up ⁠— here’s a look at some of those</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-the-worlds-top-food-delivery-companies-indias-zomato-and-swiggy-have-a-long-way-to-go-as-compared-to-their-global-counterparts-like-doordash-or-meituan/slidelist/81344728.cms">These are the world’s top food delivery companies – India’s Zomato and Swiggy have a long way to go as compared to their global counterparts like DoorDash or Meituan</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-has-outperformed-its-peers-in-the-last-one-year-but-analysts-are-still-cautious-about-giving-it-a-buy-rating/articleshow/81345564.cms">Wipro's share price has outperformed its peers in the last year — but analysts are still cautious about giving it a 'buy' rating</a>

SBI, Canara Bank and United India to reimburse COVID-19 vaccine cost

Lending major <keyword id="6653" type="DOMAIN" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> on Wednesday announced that it will provide <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> vaccination for its <keyword id="6357081" type="UNKNOWN" weightage="20" keywordseo="employees">employees</keyword> and their immediate family members <keyword id="797260" type="PERSON" weightage="20" keywordseo="free-of-cost">free of cost</keyword>. According to the bank, this initiative is aimed at safeguarding the lives of its employees and their dependent family members from the Covid-19 pandemic. "It is also a humble gesture to appreciate the dedication, perseverance and passion portrayed by the employees of the bank to ensure seamless services to millions of customers during the pandemic," the bank said in a statement. Accordingly, the bank will reimburse the cost of the two mandated vaccine shots for its employees and their dependent family members. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/checkout-review-of-oppo-fitness-band-related-to-design-performance-price-and-battery-life/articleshow/81423414.cms">Oppo Band Style review – getting the basics right with a twist of flair</a> <a href="https://www.businessinsider.in/international/news/narendra-modi-joe-biden-yoshihide-suga-and-scott-morrison-are-set-to-meet-for-the-first-ever-quad-leaders-summit-on-march-12/articleshow/81424117.cms">The first-ever leaders summit of the QUAD may be another signal that it's ready for something more formal</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-share-allotment-status-of-mtar-technologies-ipo/articleshow/81424102.cms">MTAR Technologies IPO: Here is how to check share allotment status</a> <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-cfo-explains-how-the-role-of-a-finance-head-has-been-changed-by-the-pandemic/articleshow/81423884.cms">EXCLUSIVE: TCS CFO explains how the role of a finance head has been changed by the pandemic</a>

After SBI, ICICI Bank announces to bear cost of COVID-19 vaccine for its employees and immediate family members

The government has sought data on vacancies from all public sector undertakings (PSUs) and asked them to prepare a roadmap to fill those with an aim to reducing unemployment in the country. Information has been sought by the government regarding vacancies at the entry-level as well as at the senior level, a senior official of a PSU told PTI. The move comes against the backdrop of opposition parties raising concerns over rising unemployment in the country. As per the direction, identified entry-level vacancies till December this year are required to be filled by August-September next year, the official said. Filling vacancies in government institutions takes time as appointments are made in a transparent manner by following specified guidelines, the official said, adding tests and interviews are conducted based on the advertisement that specifies eligibility criteria. Each stage consumes time as aspirants across the country participate in the process, the official said.As per the official data, there were 255 Central Public Sector Enterprises (CPSEs) operating in the country at the end of FY21. Out of the 255 CPSEs, 177 are profit-making and have generated a profit of Rs 1.89 lakh crore during FY21. Last month, the finance ministry convened a meeting with heads of public sector banks and financial institutions to take stock of the employment situation in these entities and their monthly recruitment plan. The total employee strength of public sector banks peaked at 8.86 lakh during 2012-13. It declined to 7.80 lakh during 2020-21.Banks have started issuing advertisements for recruitment. For example, the country's biggest lender <keyword id="6354731" type="General" weightage="80" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="80" keywordseo="sbi" source="Orion">SBI</keyword>) recently issued advertisements for the recruitment of 1,673 probationary officers. Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> in June had asked various government departments and ministries to undertake the recruitment of 10 lakh people on a "mission mode" in the next one-and-a-half-year amid the opposition's frequent criticism on the issue of unemployment. The direction from the Prime Minister came following a review of the status of human resources in all government departments and ministries. The vacancies are likely to be filled before the next general elections to be held in 2024.Earlier this year, the government had said in Parliament that there were about 8.72 lakh posts vacant in various Central government departments as of March 1, 2020. The <keyword id="6355455" type="General" weightage="80" keywordseo="indian-railways" source="Orion">Indian Railways</keyword>, being the biggest recruiter in the country, has nearly 2.3 lakh posts vacant. A month after the Prime Minister's announcement, the Department of Personnel and Training (DOPT) constituted a task force to implement the plan and execute it in mission mode. India's unemployment rate dropped to 6.43 per cent in September due to an increase in labour participation in the rural and urban areas, according to data from the Centre for Monitoring Indian Economy (CMIE).During August, India's unemployment rate surged to a one-year high of 8.3 per cent as employment sequentially fell by 2 million to 394.6 million. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indians-above-40-are-feeling-younger-healthier-than-gen-z-millennials-report/articleshow/94918231.cms">Indians above 40 are feeling younger &amp; healthier than Gen Z, millennials - report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/20-allocation-in-gold-etf-a-better-investment-strategy-quantum-amc/articleshow/94916480.cms">20% allocation in gold ETF a better investment strategy: Quantum AMC</a>

Govt seeks data on vacancies from PSUs; roadmap to fill them

<ul><li>Indian companies will likely have to contend with the fact that <keyword id="1384155" type="General" weightage="100" keywordseo="wfh" source="Orion">WFH</keyword> is here to stay. </li><li>A new report by <keyword id="13222" type="General" weightage="80" keywordseo="sbi" source="Orion">SBI</keyword> has revealed that thanks to WFH’s popularity, Indians are increasingly obtaining home loans in Tier 3 and Tier 4 districts. </li><li>As a result, housing demand and prices have also increased at a faster pace when compared to Tier 1 and Tier 2 districts. </li><li>Women home loan borrowers also account for half of fresh disbursals in the top 20 districts in T3 and T4 districts. </li></ul>The boom in Work from Home in the post-pandemic era is now reflecting in home loan growth, according to a report by State Bank of India. While companies in India and around the world are increasingly demanding their employees to return to offices, it looks like at least some of them have decided to set up offices in their homes. “Working from Home is redefining the priorities as households are shifting into digital offices within their own homes in Tier 3 and Tier 4 districts,” the report by SBI said. The report further adds that this has not only led to the growth in loans being faster in T3 and T4 districts, even the average loan sizes have increased much more when compared to Tier 1 and 2 districts between FY19 and FY22. Overall, home loans have grown at a compounded annual growth rate (CAGR) of 11% since FY19, but T3 and T4 districts have grown at a faster pace of 12-13%. “As the pandemic forced buyers to reassess the work-life balance, cities having better infrastructure connect have found renewed interests from new-gen buyers whose digital lifestyle enables them to connect to work from anywhere,” the report adds. <div type="Article" hostid="261" msid="94220904" title="For every ₹100 pulled out by foreign investors from the Indian equity markets, domestic investors have ploughed back ₹89 this year" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Housing demand and prices are increasing at a much faster rate, too" comment="subhead" text="Housing demand and prices are increasing at a much faster rate, too">Housing demand and prices are increasing at a much faster rate, too</cmsannotation> T3 and T4 districts are shining in other areas, too – according to the report, both housing demand and prices are growing at a much faster rate. “Many tier-2 cities including Visakhapatnam, Guwahati, Raipur, Surat, Vadodara, Jaipur, Lucknow, Dehradun and tier-3 city Coimbatore have witnessed higher growth in housing prices,” the report said. It attributes this growth to an increasing trend of WFH and freelance jobs. Women account for nearly half of the loans in the top 20 districts. In fact, two districts – Dang in Gujarat, and Arwal in Bihar stand out where 86% and 75% of fresh loans were sanctioned to women, respectively. A couple of reasons for this could be the additional subsidies of up to 0.1% on interest and the simpler eligibility criteria, making home loans an attractive proposition for women. <cmsannotation type="cmsannotation" annotationid="Fresh disbursals to T3 and T4 districts also register growth" comment="subhead" text="Fresh disbursals to T3 and T4 districts also register growth">Fresh disbursals to T3 and T4 districts also register growth</cmsannotation> The share of T3 and T4 districts in fresh disbursals has also registered growth between FY19 and FY22, the report says – together, T3 and T4 districts account for 36% of fresh disbursals in FY22, up from 32% in FY19. More specifically, Uttar Pradesh, Karnataka and Punjab top the list when it comes to growth in fresh disbursals – 6 districts of UP, and 5 districts of Karnataka and Punjab each figure amongst the top 20 in T3 and T4 categories. One of the reasons for the growth in UP, specifically, is the launch of the SVAMITVA scheme by the Indian government wherein rural people are given the right to document their residential properties so that they can use their property for economic purposes. Essentially, this scheme enables rural people to document their properties and then use them for obtaining loans and other financial benefits. So far, 20.8% of villages in UP have been covered, and that seems to have had an impact on fresh loan disbursals already. <div type="Article" hostid="261" msid="94388449" title="Reliance New Energy picks up 20% stake in Caelux to shore up its position in advanced solar tech" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="94366341" title="The Adani effect: Ambuja Cements rallies 40% in one month – analysts suggest good days ahead for the cement industry" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="94304653" title="Story in charts: How Indian equity, gold and debt investments have performed over the past two decades" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

Home loans growing at a faster rate in Tier 3 and 4 districts, thanks to WFH: SBI report

<ul><li>With 2,10,000 <keyword id="32919" type="General" weightage="20" keywordseo="women-employees" source="Orion">women employees</keyword>,Tata Consultancy Services (<keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword>) has been named as the highest women employees in the Hurun list released on December 2. </li><li>Other IT majors <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>, Wipro, HCL Technologies have also been ranked at second, third and fourth respectively in the list in terms of number of women employees. </li><li>The 500 companies together employ 7.3 million people, out of which 137 firms have more than 10,000 employees.</li></ul>With 2,10,000 women employees, Tata Consultancy Services (TCS) has been named as the highest women employer among 500 most valuable companies, by a Hurun report. In spite of the distinction, women make up only 35% of the workforce of India’s largest IT company, as per 2022 <keyword id="15683511" type="General" weightage="50" keywordseo="burgundy-private-hurun" source="Orion">Burgundy Private Hurun</keyword> India 500 report. TCS added 27,055 new female employees between FY21 and FY22, the report says. TCS also ranks at the second most valuable company on the list with a valuation of ₹11,68,390 crore, in spite of shedding 10% of its value in the one year period. TCS also employs the most people in general with a total workforce of 5,92,195. Other IT majors Infosys, Wipro, HCL Technologies have also been ranked at second, third and fourth respectively in the list in terms of number of women employees. Overall, all 500 companies in the list employ over 11.6 lakh women in total, as per the report. The report, which came on December 1, listed out the most valuable companies in India – from a 234-year-old sugar and nutraceutical f<a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-emerges-as-top-company-in-terms-of-value-revenue-and-profits-in-hurun-2022-list/articleshow/95910143.cms">irm to a year-old startup.</a> Top women employers in India <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;">Company </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;">No. of women employees </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;">Women employees percentage in the workforce </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;">Tata Consultancy Services </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;">2,10,000 </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;">35% </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;">Infosys </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;">1,24,498 </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;">40% </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;">Wipro </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;">88,946 </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;">36% </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;">HCL Technologies </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;">62,780 </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;">28% </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;">Reliance Industries </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;">62,560 </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% </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;">Motherson Sumi Systems </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;">52,501 </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;">41% </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;">Tech Mahindra </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;">42,774 </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;">34% </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;">ICICI Bank </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;">32,697 </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;">31% </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;">HDFC Bank </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;">22,750 </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;">16% </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;">Page Industries </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;">22,631 </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;">74% </td></tr></tbody><tbody></tbody></table>Source: 2022 Burgundy Private Hurun India 500 report <cmsannotation type="cmsannotation" annotationid="Innerwear and socks manufacturer has the highest % of women employees" comment="subhead" text="Innerwear and socks manufacturer has the highest % of women employees">Innerwear and socks manufacturer has the highest % of women employees</cmsannotation> Interestingly, innerwear and socks manufacturer company Page Industries has the highest percentage of women at 74% among the companies in the list. After Page Industries, Motherson Sumi Systems and IT major Infosys have the highest women percentage at 41% and 40% respectively. <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, which has been named as India’s most valuable company by the report, has only 18% of women employees in its workforce and hired 22,620 new female employees in the last one year. The 500 companies together employ 7.3 million people, out of which 137 companies have more than 10,000 employees and 103 companies have less than 1,000 employees, according to the report. Around 3.9 lakh new jobs were created by the companies in the list in the last one year. All the 500 companies in the list have appointed 664 women directors on their respective boards. Apollo Hospitals has the highest number of women directors out of all the companies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/bahamas-taiwan-malta-among-10-countries-offering-digital-nomad-visa/articleshow/95941533.cms">Bahamas, Taiwan, Malta &amp; more: Here are 10 countries offering digital nomad visa</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/india-stands-like-oasis-in-era-of-uncertainty-amid-global-inflation-says-sbi-research/articleshow/95941662.cms">India stands like oasis in era of uncertainty amid global inflation, says SBI Research</a>

Tech majors are also the companies that employ the highest number of women

Fintech services platform Razorpay on Thursday announced it has acquired offline payments services provider <keyword id="6519244" type="General" weightage="100" keywordseo="ezetap" source="Orion">Ezetap</keyword>, becoming one of the few companies globally with a significant online and offline presence in payments. According to sources, the deal size is around $150-200 million. This marks Razorpay's sixth and biggest acquisition to date. The <keyword id="14747570" type="General" weightage="50" keywordseo="ezetap-team" source="Orion">Ezetap Team</keyword> of around 300 employees will join Razorpay and work as an independent business unit. "We believe that the businesses of tomorrow will not distinguish between physical and digital channels and will expect a unified payment experience through a single integrated platform," said Harshil Mathur, CEO and Co-founder, Razorpay. Ezetap provides software for financial technologies, including point of sales (POS) solutions, billing, loyalty solutions among others, enablingAbusinesses to accept payments in-store and on-delivery. It currently serves over 500,000 touchpoints, including <keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword> and BigBasket, and works closely with banks like <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, <keyword id="45123" type="General" weightage="50" keywordseo="hdfc" source="Orion">HDFC</keyword>, ICICI and Axis, among others, processing over $10 billion in annual transactions on its platform. "We join Razorpay's suite of products to collectively offer businesses the best-in-class omni-channel payments experience and are excited at the limitless possibilities that together both the companies are looking to explore in the omnichannel payment world," said Byas Nambisan, CEO of Ezetap. Prior to this, Razorpay acquired fintech startup IZealiant Technologies, Malaysia-based Curlec, TERA Finlabs, Opfin and Thirdwatch. With a $80 billion total payment value (TPV) as of April, Razorpay is eyeing a 10-12 million merchant base by next year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rbi-tightens-norms-for-chinese-lending-apps/articleshow/93629917.cms">RBI tightens norms for Chinese lending apps</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/genzs-millennials-are-turning-to-thrift-stores-to-upgrade-their-wardrobe-while-saving-the-environment/articleshow/93619737.cms">GenZs, millennials are turning to thrift stores to upgrade their wardrobe while saving the environment</a>

Fintech services platform Razorpay acquires offline payments firm Ezetap

<ul><li>The Central Board of Employees' <keyword id="45028" type="General" weightage="20" keywordseo="provident-fund" source="Orion">Provident Fund</keyword> Organisation (<keyword id="6372438" type="General" weightage="80" keywordseo="epfo" source="Orion">EPFO</keyword>) has recommended an 8.15% interest rate to be credited on provident funds for the financial year 2022-23.</li><li>In March 2022, the government declared an 8.1% interest rate for more than its six crore members, which was the lowest since 1977-78.</li><li>The recommendation involves the distribution of more than ₹90,000 crore in the members' account on the total principal amount of about ₹11 lakh crore.</li></ul>The Central Board of Employees' Provident Fund Organisation (EPFO) has recommended an 8.15 per cent interest rate to be credited on provident funds for the financial year 2022-23. In March 2022, the government declared an 8.1 per cent interest rate for more than its six crore members, which was the lowest since 1977-78. The recommended interest rate for 2022-23 would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers' accounts. The recommendation involves the distribution of more than Rs 90,000 crore in the members' account on the total principal amount of about Rs 11 lakh crore. In 2021-22, the payment outgo and principal amounts were Rs 77,425 crore and Rs 9.56 lakh crore, respectively. "The total income recommended for being distributed is the highest to date. The growth in income and the principal amount is respectively more than 16 per cent and 15 per cent as compared to the last financial year 2021-22," the Ministry of Labour and Employment said in a release on Tuesday. EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country. Separately, the provisional payroll data showed a total of 14.86 lakh net members were added in the month of January 2023. Out of the total members added during the month, around 7.77 lakh new members have come under the ambit of EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age group of 18-21 years with 2.26 lakh members, followed by the age group of 22-25 years with 2.06 lakh members. The age groups of 18-25 years constitute 55.52 per cent of the total of new members during the month of January. For the month of January 2023, it said 3.54 lakh members have exited the fold of EPFO. This is the lowest exit in the last four months. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-chatgpt-4-plugins-from-math-physics-and-language-tutor-to-vacation-planner/articleshow/99036667.cms">Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner</a> <a href="https://www.businessinsider.in/finance/banks/news/rbis-mpc-could-pause-rate-hikes-in-april-to-gauge-the-impact-of-hikes-so-far-sbi-research/articleshow/99030220.cms">RBI’s MPC could pause rate hikes in April to gauge the impact of hikes so far: SBI Research</a> <a href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

Employees' provident fund interest rate fixed at 8.15% for 2022-23

The Micro, Small &amp; Medium Enterprises (MSMEs) have been contributing significantly to the country’s economy and serve as a robust platform for business innovation. According to the MSME ministry data, there are about 6.3 crore MSMEs in India, which provide employment to approximately 11.10 crore Indians and contribute to about 27% to the country's GDP. It is important to note that the micro segment is more than 99% of the MSME population, while the Small &amp; Medium segment is less than 1% of the MSME universe. Compared to large or multinational firms backed by relatively deeper pockets, MSMEs require a bare minimum protection plan for managing the risks. The Union Budget FY22-23 also re-emphasised the need to make the MSME sector more robust and provide ways and means to mitigate the risks such as fire, theft, or worker safety. Most of these MSMEs often are business ventures where the promoter has invested their lifetime savings or borrowed money to start a new business. Given their small size and scale of operations, most of these MSME units are prone to risks that threaten their overall business objective – something that they put in years to scale up. Insurance offers protection from sudden shocks and uncertainties and helps mitigate adverse effects on the long-term business plan of the MSME, thus ensuring longevity and sustenance of the business. Why do MSMEs need to insure their business? MSMEs should understand and evaluate their risks and identify the optimal size of insurance covers based on their business activity and asset size. The probability of certain threats and perils might seem low and to save premiums these firms might remain underinsured or even uninsured. However, in the face of adversities, the damage caused and the stakes lost end up being much higher. MSMEs must pick the right insurance plan to avoid being underinsured. As the business grows, so does the allocated budget for insurance and risk mitigation measures. The decision on which kind of insurance protection plan an MSME unit needs must be made bearing certain factors in mind – nature of business, employee strength, and financial capability of the company, among others. Some of the key products that MSMEs could opt for are: 1. Bharat <keyword id="11967149" type="General" weightage="80" keywordseo="sookshma-udyam-suraksha" source="Orion">Sookshma Udyam Suraksha</keyword> &amp; Bharat Laghu Udyam Suraksha <ul><li>This is the newly devised asset insurance products for MSME sector from insurance regulator (IRDAI) and effective from April 1, 2021. These products protect MSME from fire, flood, and earthquakes among other perils. There are two schemes under this</li><li>Bharat Sookshma Udyam Suraksha, which is for MSME units having value at risk up to ₹5 crores</li><li>Bharat Laghu Udyam Suraksha for units having value at risk above ₹5 crore.</li></ul>2.Trade Credit InsuranceThis protects the enterprise from payment risks resulting from an issue regarding delivery of goods and services. 3. <keyword id="1672191" type="General" weightage="80" keywordseo="cyber-insurance" source="Orion">Cyber Insurance</keyword> coverage Adequate cyber insurance coverage is a must in today’s environment and can be the perfect risk mitigating tool against cyber threats of all kinds. 4. Marine Cargo Insurance Provides wide coverage for loss or damage caused to the cargo whilst in transit between any two points by sea/air/rail/road/courier. 5. <keyword id="5139309" type="General" weightage="80" keywordseo="group-medical" source="Orion">Group Medical</keyword> coverage policy For the employees of the MSME thereby building employee loyalty and faith by promoting a cohesive, healthy working environment. Besides these, there are numerous other insurance covers like Liability Insurance, Motor Insurance, etc. that cover multiple aspects depending on the nature of business of an MSME business While there is a rise in awareness about insurance, MSMEs are gradually understanding the importance of insurance as a risk mitigation tool because that is often the only saviour that helps them get back on their feet as quickly as possible, when adversity strikes, and the pandemic has made this more evident than ever before. This article is authored by Anand Pejawar, Deputy Managing Director at <keyword id="6400643" type="General" weightage="80" keywordseo="sbi-general-insurance" source="Orion">SBI General Insurance</keyword>. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India.

MSMEs run on promoter’s savings and need insurance as much as other businesses

Shillong, Jun 23 () A branch of the State Bank of India (SBI) in Meghalayas Ri-Bhoi district was on Tuesday ordered to shutdown its operation after an employee tested positive for COVID-19, state Health minister A L Hek said. The SBI employee, a resident of Assam, has been taken to isolation and his immediate contacts at the branch are being traced, the minister said. "We were informed today by the Assam government that the bank employee tested positive for COVID-19 in Assam. For the time being, the SBI branch at Khanapara will be shut for proper sanitization as per protocols," Hek said. He said the district authorities have issued necessary orders as precautionary measures in view of the COVID-19 pandemic. Meghalaya currently has 46 cases of COVID-19, of which 37 patients have already recovered. Health authorities in the state have also tested 16,931 returnees in the past two months, Hek said. JOP RG RG

You Searched For "sbi employees" and got 13 results

Mobikwik replans market debut with plans of raising ₹700 crore

BI India Bureau

SBI Eco Research forecasts Q3 FY24 GDP growth at 6.8% amid global complexities

ANI

Jana Small Finance Bank re-files IPO papers with Sebi

PTI

Sensex, Nifty50 edge lower in morning trade amidst a decline in IT, FMCG stocks

Rounak

Bhakti

SBI, Canara Bank and United India to reimburse COVID-19 vaccine cost

IANS

After SBI, ICICI Bank announces to bear cost of COVID-19 vaccine for its employees and immediate family members

IANS

Govt seeks data on vacancies from PSUs; roadmap to fill them

PTI

Home loans growing at a faster rate in Tier 3 and 4 districts, thanks to WFH: SBI report

Rounak Jain

Tech majors are also the companies that employ the highest number of women

Vaamanaa Sethi

Fintech services platform Razorpay acquires offline payments firm Ezetap

IANS

Employees' provident fund interest rate fixed at 8.15% for 2022-23

ANI

MSMEs run on promoter’s savings and need insurance as much as other businesses

Anand Pejawar

SBI branch in Meghalaya closed after employee tests COVID-19 positive

PTI

Popular Keywords

Buying Guides