Author: Rabindra

BLS E-Services and Kotak Mahindra Bank Join Forces to Revolutionise Indian Banking

New Delhi, 18th October 2023: BLS E-Services, a subsidiary of BLS International, is pleased to announce a significant milestone in its mission to expand financial access across India. The company has entered into a Master Business Correspondent Agreement with Kotak Mahindra Bank, one of India’s premier banking institutions. This transformative partnership is set to redefine the financial landscape and foster inclusive growth.

The Master Business Correspondent Agreement, signed for an initial period of 3 years, with the possibility of extension for an additional year, solidifies the commitment of both BLS E-Services and Kotak Mahindra Bank to bring accessible and affordable banking services to the underserved and unbanked segments of the population.

This holistic approach to financial inclusion will be initially launched at 1000 strategically selected locations across Punjab, Haryana, Gujarat, Maharashtra, and Karnataka, fostering economic empowerment and growth in these regions.

Shikhar Aggarwal, Chairman of BLS E-Services, said, “Our ground-breaking partnership with Kotak Mahindra Bank heralds a revolutionary chapter in the realm of financial inclusion. Together, we embark on a mission to transcend boundaries and bring the essential realm of banking services to even the remotest corners of our great nation. Our unwavering commitment ensures that every Indian, regardless of their location or background, has the opportunity to access the financial tools required to forge a prosperous and secure future. This isn’t just a partnership; it’s a catalyst for transformative change, an instrument of empowerment, and a testament to our shared vision for a more financially inclusive India.”

The Master Business Correspondent Agreement between BLS E-Services and Kotak Mahindra Bank encompasses a comprehensive scope of financial services designed to meet the diverse needs of individuals, businesses, government entities, and institutions. Under this strategic partnership, BLS E-Services will offer a wide array of banking solutions, including Savings Accounts and Current Accounts for individuals, as well as specialized Government and Institutional Accounts.

The agreement also includes Recurring Deposit (RD) and Term Deposit (TD) services for those looking to save and invest wisely. Additionally, customers will gain access to credit facilities and payment solutions through Loans and Cards, ensuring their financial flexibility. For the underserved and vulnerable segments, Micro Insurance and Micro Pension services will be provided, promoting financial security. Furthermore, the partnership aims to enhance convenience with Cash Deposit and Cash Withdrawal services, making banking accessible to all.

As India continues its journey towards a more inclusive and digitally connected economy, BLS E-Services and Kotak Mahindra Bank are committed to being at the forefront of this transformation, bringing banking services closer to the people and fostering economic growth.

BANKIT Signed a Corporate Agent Agreement with LIC And SBI General Insurance

New Delhi, 18th October 2023: BANKIT, a crucial player in India’s financial landscape, recently tied up a corporate Agency partnership with LIC (Life Insurance Corporation of India) and SBI General Insurance, two of India’s most reputable insurance giants. This landmark collaboration is poised to revolutionize the way insurance services are delivered in the remotest corners of the country.

BANKIT’s partnership with LIC and SBI General Insurance comes with two facets. Firstly, it will directly impact the income streams for BANKIT Agents. Agents will now have the opportunity to offer their customers a wide range of insurance services, including life insurance and general insurance policies. This diversification of services will not only increase the income of agents but also empower them to become comprehensive financial service providers in their communities.

Secondly, millions of people in rural and unbanked areas have long been deprived of convenient access to insurance services. This collaboration will bridge that gap by bringing essential insurance coverage to their doorstep. Families will have life insurance security, and individuals will have access to general insurance products that protect against unforeseen events.

“We are confident that our collaboration with LIC and SBI General Insurance will be a game-changer in the FinTech and insurance sectors,” said Mr. Amit Nigam, Executive Director & COOHe further added, “ By combining our extensive agent network with the trusted brand names of LIC and SBI General Insurance, we are not only increasing financial inclusion but also improving the quality of life for countless individuals. This partnership aligns perfectly with our mission to empower the underserved and transform rural India into a financially resilient and prosperous community”.

BANKIT has always been dedicated to creating employment opportunities for local shop owners in rural and unbanked areas. Through a vast network of BANKIT Agents, these entrepreneurs have offered essential digital banking, financial, and payment services to previously underserved populations. Under this partnership, these agents can deliver more now, aligning with BANKIT’s commitment to going above and beyond.

AlpFin Hires Ben Cross as Senior Operations Analyst

18 October 2023 – Alp Financial Ltd (AlpFin) the global service provider for institutional clients has today announced that Ben Cross has joined the firm as their Senior Operations Analyst at AlpFin. Ben will be based out of London and reporting directly to CEO Chris Ling.

Chris Ling, CEO at Alp Financial (AlpFin) commented on the new hire saying:

“At the core of AlpFin’s DNA and client-focused approach lies a carefully curated team of industry experts who bring together a wealth of knowledge in both B2B and B2C financial solutions. We are delighted to have Ben Cross join our team as our Senior Operation’s Analyst to support the growth we have witnessed since the beginning of the year. With a great team, deep expertise, and commitment to excellence, we strive to deliver tailored solutions that empower our clients to thrive in the ever-evolving financial landscape.”

Ben Cross, Senior Operations Analyst at Alp Financial Ltd (AlpFin) gave the following quote about recently joining AlpFin:

“I am thrilled to join AlpFin as their Senior Operations Analyst. With a focus on operational excellence and a commitment to delivering comprehensive solutions, Alp Financial is poised to make a significant impact in the institutional financial services industry. I look forward to collaborating with the talented team here and leveraging my experience to drive success for our B2B clients. Together, we will navigate the complexities of the financial landscape, optimise processes, and deliver exceptional value to our partners. It’s an exciting opportunity, and I am eager to be part of this journey.”

Ben brings a wealth of experience from his previous roles in Operations. He has been part of FX Prime Operations, worked as an Operations Consultant, and has worked in Middle Office Trade Support. At AlpFin he will be handling the day-to-day processes across both data centres, supporting the Liquidity Management team and being the first point of contact for clients and third-party vendors. His deep understanding of liquidity management, coupled with his ability to identify and seize market opportunities will undoubtedly contribute to the continued success of Alp Financial.

Happiest Minds announces their new business unit focused on Generative AI & also announces the formation of PDES Business Unit

India, Oct 18, 2023: Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company, has taken a significant stride in artificial intelligence (AI) by establishing its latest business unit, Generative AI Business Services (GBS). The new unit will offer full-scale Generative AI offerings across multiple domains. Sridhar Mantha, currently serving as the company’s EVP & CTO, has been appointed as the President &CEO of GBS with immediate effect, and will be reporting to Executive Board Member, Rajiv Shah.

Since its inception, Happiest Minds Technologies has been at the forefront of AI innovation, actively providing invaluable support to its clients. Recently, this support encompasses everything from consulting on Generative AI domain problems to model development and full-fledged solutions.

Ashok Soota, Chairman of Happiest Minds, said, “We intend to leverage the tremendous opportunity and growth potential in the Generative AI space, in line with the digital focus and dedication to AI that have been cornerstones of Happiest Minds Technologies since inception. With the establishment of a focused business unit for Generative AI, we are taking a step that none of our peers in the IT Services sector have taken. Given the rapid pace of evolution in the Generative AI space, we decided it would be beneficial for our Group CTO, Sridhar Mantha, to take charge of the new unit and leverage the synergies of other digital technologies. The dedication of the proven senior leadership to the unit, including Sridhar and our Executive Board Member Rajiv Shah, demonstrates our commitment as an organization to this endeavor. Further, Rajiv will leverage the combined power of our Analytics CoE led by Sundar Ramaswamy and Generative AI BUled by Sridhar, to serve our customers with holistic solutions.”

Rajiv Shah, Executive Board Member, Happiest Minds said, “This new dedicated unit is the next step in our ongoing Generative AI journey. We endeavor to train all 5000+ of our Happiest Minds on the relevant aspects of Generative AI,like code assistance, and leverage the technology for all our internal functions. Moreover, in addition to working with Microsoft and OpenAI, we are also focused on strengthening our technology prowess on Google, AWS, and other key platforms in the ecosystem. We understand the importance of data& content and hybrid AI & Generative AI solutions. We foresee that Generative AI can be a significant revenue source for us in the years ahead and help us reach our vision of becoming a billion-dollar enterprise by 2031.”

Sridhar Mantha, President & CEO, of Generative AI Business Services, Happiest Minds said, “So far, we have developed over 120 use cases spanning various domains and creating tailored Generative AI solutions for more than 20 customers. As an industry, we are just seeing the tip of the iceberg regarding Generative AI technology, with the current focus on text based LLM’s (Large Language Models). Over the next 2-3 years, Generative AI will become pervasive across most digital solutions. At Happiest Minds, we collaborate closely with industry leaders and are actively involved with open-source solutions. The future of the Generative AI space will witness the co-existence of a large ecosystem of major players and open-source solutions, and we are committed to leveraging these technologies for our customers.”

With the establishment of the new dedicated business unit for Generative AI, Happiest Minds Technologies is well-positioned to further enhance its effectiveness as a Digital IT Services provider – delivering superior customer experiences, increasing operational efficiency, and providing cost and time-efficient services. Even though the financial parameters of GBS will be tracked henceforth, these will be announced from the next financial year.

Continental Appoints Christopher Marsh as the New Head of Surface Solutions Business in India

Pune, India, October 18, 2023: Christopher Marsh took charge as the head of the Surface Solutions business and the Pune Plant in India on October 01, 2023. He succeeds Landry Tchapda who now at the end of his assignment has been assigned another responsibility within the organization and is moving onward to Australia.

Prashanth Doreswamy, President and CEO, of Continental India said, “Continental welcomes Chris and wishes him the very best for his new role. His extensive experience in both global and local markets renders him a highly valuable asset to our company. As we continue to pursue excellence in our manufacturing endeavors, we are confident that Chris will play a pivotal role in guiding the business area toward greater success. We look forward to his leadership and contributions as we build on our commitment to delivering high-quality solutions to our valued customers.” He further added, “Continental extends its sincere gratitude to Landry Tchapda for his invaluable contributions since the inception of the Greenfield Plant. We wishhimthe bestfor his future endeavors.”

Speaking on the appointment, Christopher Marsh, Head of Surface Solutions business area, ContinTech India, said, “I am truly delighted to join the Continental family and embark on this exciting new role. It is both a privilege and an honor to be associated with such a distinguished organization, and I eagerly anticipate collaborating closely with the exceptional team here in India. As India is an important market, my aim is to contribute significantly to our business growth, and further advance the company’s localization efforts. Leveraging my extensive experience, my goal is to strengthen the company’s sustainability initiatives and chart a strategic path for growth, both for India as well as global markets.”

With extensive experience of over 15 years in the automotive manufacturing industry, Chris has worked for organizations such as Dana Axle and Jaguar Land Rover, which moved from the UK in 2018 to Pune, supporting Jaguar Land Rovers’ strategic India Operations. With various leadership roles and his understanding of the Indian market, he will be instrumental in expanding the business areas existing connections, and operations in the country. His degree in Supply Chain Management and prior experience will aid him in further building on the company’s localization efforts, exploring the scope of the export market while establishing a sustainable, strategic, and sensible roadmap for the country.
Landry Tchapda assumed his role as the Head of the Surface Solutions business and the Pune Plant in 2018 with the announcement of the groundbreaking ceremony. In his five-year assignment, he was responsible for the greenfield establishment, the inauguration of the plant, and building the customer portfolio. He was also instrumental in establishing production and sales objectives and setting a remarkable exposure for the business.

ContiTech’s Greenfield Project
Continental’s group sector, ContiTech set up the Pune Plant in 2018 to manufacture surface materials for passenger vehicles as well as 2-wheelers. The groundbreaking ceremony of the plant took place in the year 2018 and it was inaugurated in April 2022 under the leadership of Landry Tchapda. With an initial investment of about 2 billion Indian Rupee (more than 20 million Euro) which covered facilities and machinery, Continental produces premium surface materials for car interiors, including electric vehicles, as well as 2-wheeler seats, mainly catering to the domestic market and exports.

The 149,000 square feet (approx. 14,000 square meters) manufacturing facility, has an annual capacity of five million square meters of surface material which can be scaled up to 10 million square meters. The products produced offer both, luxury and comfort to the customers, improving the overall driving experience. Continental’s surface solutions come with the guarantee of state-of-the-art quality and a heritage of more than 300 years in the industry.

With a tactical approach to the Indian market, the Greenfield Plant is strategically located in Pune targeting automotive hubs in the south. The Plant serves as a suitable location for export markets through OEMs and adds to Continental’s overall plan for investment in India. Leveraging a highly skilled workforce and state-of-the-art technology, the plant offers world-class production capabilities that are designed to seamlessly meet the diverse needs of the customers. The infrastructure encompasses storage, logistics, purchasing, and sales, all expertly coordinated with allocated resources and capacities for cutting-edge laboratories, design, and product development. Continental is committed to the Indian market and aims to further expand its business in the country.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. In 2022, Continental generated sales of €39.4 billion and currently employs around 200,000 people in 57 countries and markets.

Continental has been present in India for close to 50 years through technology partnerships (Continental Tires since 1974) and joint ventures for its various businesses. Today, the tier 1 automotive supplier, tire manufacturer, and industrial partner operate across India – with about 9000 employees across 12 locations, including seven plants that cater to the Indian market and a Technical Centre that supports Continental’s global R&D activities.

Vitesco Technologies and Infineon intensify partnership for more efficiency in e-mobility

New Delhi, October 18, 2023: Vitesco Technologies, a leading international manufacturer of modern drive technologies and electrification solutions, and Infineon Technologies AG, worldwide leading vendor of automotive semiconductors, are strengthening their long-time partnership. Vitesco Technologies will use the AURIX™ TC4x microcontroller family from Infineon in its next generation of master and zone controllers for electric-electronic vehicle architectures (E/E architectures) as well as in its new electrification system solutions. The multi-year agreement takes effect starting in 2027. The order volume is planned to reach more than one billion euros. The companies intend to work together to further improve the efficiency and system costs of future electrified vehicles while taking functional safety and cybersecurity in compliance with ISO 26262 and ISO/SAE 21434 into account. The intensified partnership guarantees Vitesco Technologies a long-term supply of important components for the transformation of the automotive industry to electromobility. At the same time the company will benefit from the broad high-performance product portfolio of the microcontroller family AURIX, from Infineon’s system expertise and from the company’s investments in manufacturing capacities for increased supply reliability.

“Microcontrollers are core components in our electronic systems. Our partnership with Infineon gives us the tremendous advantage of being able to define at an early stage the properties and capabilities that the future automotive microcontrollers will have. This allows us to help proactively shape the path leading to the software-defined vehicle of tomorrow,” says Thomas Stierle, member of the Executive Board and head of the Electrification Solutions division at Vitesco Technologies.

“The system know-how and expertise of leading innovation drivers like Vitesco Technologies are helping establish our microcontroller family AURIX TC4x as an important component in the development of the next generation of E/E architectures,” says Peter Schiefer, President of Infineon’s Automotive Division. “We are proud to further intensify our collaboration with Vitesco Technologies and to work together on the future of mobility.”

Microcontrollers are key components in the automotive industry, controlling and monitoring a wide variety of systems in the automobile such as electric powertrain, E/E architecture, ADAS, radar and chassis. The AURIX TC4x microcontrollers from Infineon combine power and performance enhancements with the latest trends in the fields of virtualization, AI-based modeling, functional safety, cybersecurity and network functions and pave the way for new E/E architectures as well as the next generation of software defined vehicles.

The former Chief Ethics Officer of Tata Sons was part of ACCA’s ‘Ethics for a Better World’ Talk Series, to Mark Global Ethics Day

Mumbai, October 18, 2023: On the occasion of Global Ethics Day, ACCA is celebrating with a series of video podcasts titled ‘Ethics for a Better World’. One of the videos in the series features Dr Mukund Rajan, Chairman of ECube Investment Advisers and former Chief Ethics Officer at Tata Sons, who emphasises the importance for accountants to elevate their focus on the social agenda and engage in collaborative efforts with stakeholders.

Dr Rajan, renowned for his wealth of experience in the ESG (Environmental, Social, and Governance) space, delved into the changing nature of the workplaces, especially in the context of the ongoing global shift towards hybrid work structures. He highlighted the critical role of accountants in addressing issues related to work-life balance and navigating the complexities of the modern professional landscape.

“CFOs are in a unique position to influence the social agenda. They have a deep understanding of the business and its stakeholders, and they are responsible for managing the company’s resources. They can use this power to promote social mobility and inclusion, to support sustainable development, and to create a more just and equitable world.” said Dr Rajan.

Rajan emphasised that the accounting profession needs to develop better measures for social parameters and be willing to engage with ‘awkward issues’ such as diversity, equity, and inclusion. He also called on CFOs to lead the way in promoting the social agenda, arguing that it is not just a social responsibility issue, but also a business imperative.

Commenting on the launch of the talk series, Sundeep Jakhar, Head of Public Affairs – India, ACCA, said, “Sustainable business practices and ethical considerations are crucial pillars for any modern organisation. We are honoured to have Dr Mukund Rajan share his insights inour series of interviews. We at ACCA hope that this platform can foster discussions on pressing ethical matters.”

“We strongly believe that through collaboration and open discussions, we can pave the way for a more responsible and sustainable future in the business world,” he added.

Rajan’s comments come at a time when businesses are under increasing pressure to address social issues such as climate change, poverty, and inequality. Investors, consumers, and employees are all demanding that businesses take a more responsible approach to social issues. “The social agenda is no longer a peripheral issue for businesses. It is now at the heart of what businesses do and how they operate. Accountants need to be at the forefront of this movement,” added Dr Rajan.