Author: Rabindra

Bandhan Bank offers up to 8.50% interest rates on FD

New Delhi, August 13, 2024: Bandhan Bank has announced a new bucket of 1 year 9 months at an attractive interest rate of 8.50%. For a fixed deposit of 1 year 9-month, the bank offers 8.5% interest rates for senior citizens. On the same FD tenure, other customers will earn 8%. Bandhan Bank also offers an interest rate of 7% on a balance above Rs.10 lakh in the savings account.

The Bank is also offering an attractive and competitive interest rate of 7.75% to senior citizens on longer-term fixed deposits for a tenure above 1 Year 9 Months to less than 5 years. Others will earn 7.25% for the same term deposits.

Regarding introducing a new offering, Rajinder Babbar, ED & CBO, Bandhan Bank Said “In response to evolving market conditions and our commitment to our customers, Bandhan Bank is excited to introduce our new fixed deposit bucket. This innovative approach embodies our ‘liability-first’ strategy, designed to offer enhanced returns. By aligning our deposit offerings with a deeper understanding of our financial responsibilities and customer needs, we aim to provide both competitive rates and exceptional service. Our goal is to ensure that our deposit products not only meet but exceed the expectations of our valued clients, reinforcing our position as a leader in financial reliability and customer-centric solutions.”

Customers of Bandhan Bank can also enjoy the benefits of booking or investing in FD from the comfort of their homes or offices through retail internet banking or mBandhan mobile application. With this online process, customers can book the FDs within a few minutes in a swift and hassle-free manner.

Federal Bank Unveils ‘Joy of Freedom’ Campaign with 77 Exclusive Credit Card Offers for India’s 77th Independence Day

13th August 2024, Mumbai: Federal Bank, one of India’s leading private sector banks, is proud to announce the launch of its “Joy of Freedom” campaign in celebration of India’s 77th Year of Independence. This integrated campaign aims to strengthen the Bank’s presence while offering exclusive benefits to credit card holders.

 The “Joy of Freedom” campaign features an extensive array of 77 exclusive offers for Federal Bank Credit Card holders, spanning various categories including fashion, entertainment, electronics, travel, grocery, food and dining.

 “As we commemorate 77 years of Indian Independence, we at Federal Bank are excited to offer our customers a chance to celebrate with unprecedented value and freedom of choice, our ‘Joy of Freedom’ campaign embodies the spirit of independence while providing tangible benefits to our valued customers”, said M V S Murthy, Chief Marketing Officer at Federal Bank.

 The campaign includes partnerships with leading brands such as Ajio, Flipkart, Croma, Air India, Go-Ibibo, EazyDiner, Zomato, Swiggy, JioMart and Vijay Sales , among others. These collaborations ensure that Federal Bank Credit Card holders can enjoy exclusive discounts and offers across a wide range of products and services.

 Key features of the “Joy of Freedom” campaign include:

•  77 incredible offers valid from August 1st to August 15th , 2024
• A multi-channel approach with presence on TV, radio, print, and digital platforms
• Collaboration with 77 influencers on social media

PNB Launches PNB ANTAH DRISHTI Braille Debit Card for Visually Impaired Customers

New Delhi, 12 August 2024: Punjab National Bank (PNB), the nation’s leading public sector bank, has launched the PNB ANTAH DRISHTI  Braille Debit Card, a new debit card specifically designed for visually impaired customers. This contactless NCMC (National Common Mobility Card) Debit Card is available on RuPay network. The introduction of the PNB ANTAH DRISHTI Braille Debit Card reflects the bank’s commitment to inclusivity and financial accessibility. This initiative also aims to enhance financial independence and convenience for visually impaired individuals, empowering them to manage their finances with greater ease and confidence.

Innovatively designed, this new debit card features:

• Raised Braille Dots (PNB in Braille) – The brand name “PNB” is prominently embossed on this debit card, making it easy for visually impaired customers to differentiate between PNB and other Banks’ Cards. Additionally, the welcome letter that accompanies the debit card will also be in Braille dots.
• Rounded Notch – This debit card has a rounded notch on the opposite side of the chip. This facilitates the card holder to know about the direction of the card while dipping the same in ATM / POS.
• Glossy Spot UV lamination effect – This debit card has a glossy spot UV lamination effect with raised texture on the Bank’s logo and silk screen rough spot UV on the contactless symbol. This helps visually impaired customers to locate the bank’s logo easily and read the card’s contactless symbol, making it easy for them to use the debit card.
• Contrasting colours – This debit card is easily distinguishable due to its contrasting colours which makes it easier for the visually impaired customers to read the card details.

Other key features of this debit card include:

Indian Legislators Strengthen Global Ties at NCSL Legislative Summit 2024 in the USA

13 August 2024, India – In a landmark event for global legislative dialogue and cooperation, a delegation of 50 Indian legislators, including MLAs, MLCs and speakers of state legislatures from across the country, attended the National Conference of State Legislatures'(NCSL) Legislative Summit in Louisville, Kentucky, USA. The visit was a part of the collaboration between the National Legislators’ Conference (NLC) Bharat, an initiative by Shri Rahul V. Karad and NCSL.

The NCSL Legislative Summit 2024 featured prominent Indian legislators who made significant contributions to global legislative discussions. Notable attendees included Shri AN Shamseer (Hon’ble Speaker of Kerala), Shri UT Khader Fareed (Hon’ble Speaker of Karnataka), Shri Thomas A. Sangma (Hon’ble Speaker of Meghalaya), Shri Kultar Singh Sandhwan (Hon’ble Speaker of Punjab), and Shri Rudrappa Manappa Lamani (Hon’ble Deputy Speaker of Karnataka). They were joined by other esteemed figures, including Shri Manjunath Bhandari, Shri Saleem Ahmed and Shri Prakash Khubasingh Rathod from Karnataka, Shri Job Michil from Kerala and Thiru Manoharan Ramaswamy from Tamil Nadu. Their participation highlighted a strong commitment to fostering international legislative dialogue and collaboration.

Shri AN Shamseer, Hon’ble Speaker of Kerala said “This initiative has been a transformative experience, setting a new benchmark for collaborative engagement. The opportunity to interact with legislators from diverse political backgrounds has been enlightening, revealing shared challenges and innovative solutions. Witnessing this unity and commitment across party lines not only enhances our legislative practices but also strengthens our collective vision for India’s progress.”

Shri Manjunath Bhandari, Hon’ble Member of the Legislative Council, Karnataka said “Shri Rahul Karad’s initiative has been an exceptional opportunity for professional growth and cross-party learning. The summit effectively bridged political divides, fostering a spirit of cooperation and knowledge exchange. Engaging with international perspectives and diverse legislative practices has provided invaluable insights that will enrich our own processes. This kind of collaboration is essential for advancing our legislative goals and fostering a more effective governance framework.”

Shri. Rahul V. Karad – Executive President, MIT-WPU said “The NCSL Legislative Summit 2024 represents a pivotal moment in our journey to strengthen global legislative ties. Our participation in this summit has not only enriched our understanding of diverse governance practices but also reaffirmed our commitment to enhancing democratic institutions in India. By engaging in mutual discussions and exchanging best practices with our U.S. counterparts, we have gained valuable insights that will enable our legislators to implement impactful changes in their states, driving progress and development across our nation.”

One of the highlights of the summit was the delegation’s visit to the Kentucky State Capitol Building, where they gained valuable insights into the legislative structures and processes of various U.S. states. This experience enriched their understanding of governance and legislative practices, fostering a deeper appreciation for the diversity of political systems.

The NCSL Legislative Summit 2024 hosted a series of insightful sessions, interactive workshops, and networking opportunities. A session titled “The Future of Education: Creating a Vision for Excellence” involved discussions around policies and practices that support future-ready students and schools. Highlighting the importance of the latest technologies, the session on “AI 101: Understanding the Opportunities and Challenges” helped participants gain a foundational understanding of this technology, its current applications, and the approaches states are taking to balance the opportunities and challenges AI presents.

Another session, themed “Building an AI-Ready Workforce,” featured experts discussing efforts to create career pathways for every student and promote quality non-degree credentials that lead to the jobs of tomorrow. In the session “Communicating for Voter Confidence,” participants shared stories and strategies on effectively communicating accurate information about what happens before, during, and after elections. Additionally, the session on “Cybersecurity: Expensive but Necessary” addressed the high risk of cyberattacks facing governments and schools, and the growing costs of preventing, insuring against, and recovering from them.

The Indian delegation’s involvement in these sessions undoubtedly enriched their legislative insight and contributed to their ongoing efforts to drive positive changes in their respective states in India. Under the leadership of its founder, Rahul Karad, NLC Bharat has furthered international legislative ties through this initiative. These efforts aim to provide a platform for knowledge exchange, policy development, and the strengthening of democratic institutions. The collaboration with NCSL USA highlights the significance of international cooperation in addressing contemporary legislative challenges and opportunities.

The NCSL Legislative Summit 2024 also featured a distinguished delegates, including Dr. Aditi R. Karad, Dr. Ashok Joshi, Shri Ashim Patil, Shri Vinod Subramanian, Shri Laxman Badime, Prof. Gautam Bapat, Shri Dinkar Kharat, and Shri Subhash Jayswal. Their participation added depth to the summit’s discussions and contributed to the overall success of the event.

Pace 360 launches an Innovative ETF-Based PMS Strategy to Capture India’s Ascent

New Delhi, 13th Aug 2024 : Pace 360, a leading macro top-down focused asset management firm based in New Delhi, has announced the launch of its new PMS strategy—Tresor Smart Alpha. The fund is being launched against the backdrop of Indian markets at all-time highs, with exuberance visible in the PE ratios and valuations of select sectors and stocks. An innovative strategy is essential in these polarizing markets, characterized by extreme overvaluations on one side and undervalued pockets on the other. Tresor Smart Alpha aims to capitalize on India’s economic ascent by identifying a basket of opportunistic investments through a dynamic asset allocation approach leveraging Exchange Traded Funds (ETFs). A precisely allocated portfolio of quality centric ETFs can capture the outperformance of multiple sectors, themes, and diversified asset classes across geographies within a single PMS strategy.

Tresor Smart Alpha leverages Pace 360’s robust screening methodology, backed by its three decades of investment expertise, to identify overlooked growth opportunities in the Indian markets. As pioneers in the Macro Top-Down investment framework in India, Pace 360 has consistently generated significant risk-adjusted alpha and uncorrelated returns in sideways and volatile markets, as well as positive returns during both bull and bear markets. Their models identify undervalued sectors that are often missed by incorporating macro technicals, cross-asset correlations, geopolitical factors, and behavioral finance. The strategy aims to generate smart alpha through a selective basket of Sector and Thematic Equity ETFs, providing investors with exposure to long-term, mega-transformative themes in the Indian economy.

The fund rotates between opportunities based on macro economic indicators, market cycles and analysis of both the fundamentals and technicals of a theme or sector aiming for a beta below one when markets are overvalued and higher than one when they are undervalued. This strategy seeks to offer an enhanced risk-adjusted alpha by controlling the beta at levels appropriate to different phases of the equity markets. By investing in a diverse range of ETFs across geographies and sectors like Auto, FMCG, Pharma, IT, financial services and themes such as Electric Vehicles, Defence and Infrastructure, Tresor Smart Alpha provides a well-diversified portfolio for long-term growth.

Amit Goel, Co-founder & Chief Global Strategist at Pace 360, emphasized the value of investing in ETFs, “With Tresor Smart Alpha, we’re offering investors a unique opportunity to participate in India’s economic growth story while controlling risk and minimizing drawdowns by fully capitalizing on our macro top-down expertise.”

He further explained, “The Tresor Smart Alpha strategy, which focuses on Equity ETFs, presents significant advantages over strategies with concentrated stock exposure. For instance, during the 2020 Yes Bank meltdown, the NIFTY Bank Index showed stability, highlighting the benefits of sector-wide exposure. Similarly, we saw that indices and sub-indices eventually recovered and reached all-time highs after the 2008 financial crisis and the COVID-19 pandemic, while many individual stocks went into oblivion as regime changes inevitably followed each economic crisis. ETFs provide greater diversification, helping to reduce risk and volatility, allowing investors to benefit from overall market growth while mitigating company-specific risks. This makes it a more stable investment choice, particularly in uncertain times. With our unique macro top-down skill sets, we aim to outperform a standard ETF-focused portfolio by controlling beta and reducing standard deviation.”

Nibav Unveils Advanced Series 4 Home Lifts in Gurugram for Enhanced Luxury and Convenience

Gurugram, August 13th, 2024: Staying committed to delivering quality in-house mobility solutions, Nibav Lifts, India’s largest home elevator brand, has introduced its revolutionary Nibav Series 4 Home Lifts. This new launch seamlessly integrates advanced technology with exceptional design, offering Gurugram homeowners an elevated experience of luxury, and convenience equipped with state-of-the-art features such as an AI-enabled cabin display, intuitive LOP display, and LIDAR 2.0 technology for precise navigation and gentle landings, the Nibav Series 4 lifts are a breakthrough in the home elevator industry. Available in an exclusive Midnight Black edition, they offer the most spacious cabin among air-driven lifts. These lifts are crafted with stylish elements including ambient lighting, New Zealand wool carpets, starlight ceilings, and leather finish interiors. The unveiling ceremony was attended by Commodore R S Duggal (Retd) VSM and senior management from Nibav Home Lifts, took place at the brand’s flagship Gurugram Experience Centre.

Elated over the new product launch in Gurugram, Mr. Vimal Babu, CEO & Founder of Nibav Lifts, said, “We are proud to introduce our latest innovation to the homeowners in Gurugram. Our Series 4 home lifts are crafted to enhance your living experience with unmatched luxury and convenience. Especially with our new Series 4 home lifts, we have focused on marrying two key elements – technology and design, which makes it a statement addition to the interiors of a home. Our brand is renowned in the market for safety and durability, with Nibav Series 4 we have set new standards and offer unparalleled quality. We are confident that homeowners will certainly benefit from our Series 4 lifts.”

Setting a new benchmark in the safety features, Nibav Series 4, lifts are integrated with Rapid Rescue Latch (RRL) for quick and safe evacuation by rescue teams during emergencies. The RRL enables the easy removal of polycarbonate glass, ensuring fast passenger extraction in case of any emergency. With Carbon Seal 2.0 installed, the Nibav has increased the durability of Series 4 lifts, ensuring long-term performance and reliability. The new home lifts are also enabled with GSM connectivity, allowing users maximum safety and flexibility.

The series 4 lifts also are landing cable-free and have notable features like ambient and accent for cabin pillars with leather finish, concealed fans with controls, touch screen display with digital and analog clock and are hand gesture enabled.

Marine robotics Deep tech startup EyeROV raises INR 10 Crore in Pre-Series A led by Unicorn India Ventures

Kerala/Mumbai, 13th August 2024: EyeROV, a marine robotics deep-tech startup providing products and solutions in the field of underwater domain has raised INR 10 Crore ($1.2M) in a Pre-Series A round led by Unicorn India Ventures. The funds deployed will further strengthen EyeROV’s geographical expansion into international markets and develop advanced marine robotics products and solutions to augment EyeROV’s current offerings.

Founded in 2016 by IIT Alumnus Johns T Mathai and Kannappa Palaniappan P, EyeROV is a pioneering deep-tech company specialising in marine robotics and AI. The Company aims to revolutionise industries such as energy, maritime, defence, and infrastructure through its cutting-edge unmanned technologies.

The company has successfully introduced India’s first commercial underwater drones/ROVs and launched an unmanned surface vehicle (USV) that is providing solutions in both India and the MENA region. EyeROV also possesses unique capabilities for inspecting very long tunnels and pipelines and has advanced integration capabilities for specialised payloads.

Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures, says “Marine robotics is a highly complex subject and developing a drone to inspect underwater infrastructure requires unmanned tech built with precision. Unicorn India has a strong DNA of a deep tech investor as we understand the tech both hardware and software aspect. As we have a strong track record of bringing out highly innovative companies from sectors that are still emerging or relatively new, we believe EyeROV’s products and solutions have a global application.”

EyeROV has seen consistent revenue growth over the past 24 months Year on Year and launched multiple new products and expanded to new industry verticals and geographies and is a leader in underwater ROV-based inspections in India’s hydro sector.

With strong customer interest in India, the MENA region, and Europe, particularly in the infrastructure, power, and oil & gas sectors, EyeROV is strengthening its market presence and developing new R&D capabilities to bring unique solutions to the market.

EyeROV is also creating specialised solutions for infrastructure inspections and collaborating with defence R&D labs and forces through the Innovations for Defence Excellence (IDEX) initiative to develop maritime intelligence, surveillance, and reconnaissance (ISR) solutions.

Johns T Mathai, CEO, EyeROV says, “With this funding, EyeROV will be able to scale up its sales, R&D, and operations much faster. We have developed unique, differentiated solutions for underwater infrastructure inspections that have been successfully validated in the Indian market and are now ready for global expansion. Unicorn India has supported similar hardware/robotics companies in the past, and we believe this partnership will be highly beneficial.”

In FY 2024, EyeROV secured multiple contracts domestically and internationally, expanding its reach through partnerships in India and the GCC region. The company serves esteemed clients such as Tata, Adani, BPCL, DRDO, and the Indian Coast Guard, having completed over 100 underwater inspections.

EyeROV plans to triple its revenue by the end of the financial year by boosting sales in both domestic and international markets. The company is set to undertake more projects in oil & gas, maritime, and infrastructure sectors, and is advancing its efforts to supply products to the Indian defence sector.

Kannappa Palaniappan P, CTO, EyeROV, adds, “This funding will accelerate the development of new products, which have been validated by market studies and numerous industry inquiries.”

Honeywell and Repsol to Collaborate on renewable fuel Development

INDIA, August 13, 2024 – Honeywell and Repsol today announced a collaboration to create new production pathways for biofuels and circular materials. The two will also explore the possible integration of these methods into Repsol’s existing facilities.

The companies plan to scale and commercialize Honeywell’s technologies, which use various wastes like fats, oils, greases, biomass and solids for chemical production and renewable fuels at Repsol’s refineries. Their goal is to produce different biofuels, including sustainable aviation fuel (SAF) and renewable diesel, while making use of existing refinery assets. This collaboration supports the alignment of Honeywell’s portfolio with the energy transition megatrend.

“As a global leader in sustainable fuel technologies, we seek collaborations to provide innovative solutions that help our customers and stakeholders to reduce carbon and greenhouse gas emissions through biofuel production.” said Bryan Glover, Chief Growth Officer and CTO of Honeywell Energy and Sustainability Solutions. “Our collaboration with Repsol illustrates how Honeywell can apply new technologies to reduce carbon emissions while producing biofuels and advanced materials leveraging current refinery infrastructure.”

The multi-energy company is also analyzing the deployment of Honeywell’s UpCycle Process Technology, which turns waste plastic into Honeywell Recycled Polymer Feedstock for new plastics. It can recycle diverse plastics like colored, flexible, multilayered packaging and polystyrene. When used in conjunction with other chemical and mechanical recycling processes – along with improvements to collection and sorting – Honeywell’s UpCycle Process Technology has the potential to help create the capability to recycle nearly 90% of waste plastics. This would represent a considerable increase in the amount of waste plastics that can be turned into polymer feedstock.[1]

“Renewable fuels and plastics recycling are crucial to Repsol’s commitment to achieve net zero emissions by 2050,” said Berta Cabello, Repsol’s Director of Renewable Fuels. “Our collaboration with Honeywell to advance and adopt cutting-edge technologies will help us reduce our carbon footprint and become a benchmark in renewable fuels and hydrogen production by 2030.”

The two companies have a history of successful cooperation in various areas, such as licensing and developing petrochemical units, catalysts, technical support and troubleshooting, digitalization and technology. In 2023, Repsol selected Honeywell’s Ecofining™ technology to make renewable fuels from sources like used cooking oil and waste animal fat at its plant in Puertollano, Spain. This technology was developed and commercialized jointly by Honeywell in collaboration with ENI S.p.A. Repsol is building this plant to produce about 240,000 metric tons per annum of renewable diesel and other products.

NMDC declares results for Q1 FY’25: PAT rises by Rs 334 crore

Mumbai, August 13, 2024: India’s largest iron ore producer NMDC has announced its Q1 FY’25 Financial Results. The company reported a net profit of 1,984 crore for the quarter, marking a significant achievement in its ongoing growth trajectory.

The company recorded a turnover of Rs. 5,378 crore, with Profit After Tax (PAT) at Rs 1,984 crore, and EBITDA of Rs. 2,725 crore in the first quarter of this financial year. This remarkable performance reflects an upswing of EBITDA of 2,725 crore, up by 20% over CPLY.

Commenting on the company’s results, Shri Amitava Mukherjee, CMD (Addl. Charge) said, “NMDC’s unwavering commitment to nation-building is reflected in our strong performance this quarter. This is a good start to the fiscal year as reflected in our Q1 earnings. Our strategic focus on technological innovation and operational excellence has driven remarkable results, positioning us as a cornerstone in the industry. Buoyed by this momentum, we are on track to achieve a production target of 50 MnT by the end of FY25, further contributing to the country’s economic growth.”

NMDC’s strong financial Q1 performance underscores its commitment to scaling new heights in the mining sector, further strengthening its position as the largest iron ore producer of India.