13, Sep 2023
SME Finance Forum 2023 commence their 9th edition of the Global SME Finance Forum 2023 in Mumbai
Mumbai, 13 September 2023: The SME Finance Forum, a dynamic platform fostering SME financing, kick started its three-day conference today in Mumbai. The theme for this year’s event is, “Digital Ecosystems and the Future of SME Finance”. The conference is co-hosted by Small Industries Development Bank of India (SIDBI) and Indian Bank’s Association (IBA). Over the three-day, 700 participants will attend the event from senior bankers, tech luminaries, to thought leaders from 70 countries and 250 institutions, to discuss digital ecosystems and future of SME finance.
The conference began with the auspicious lighting of the lamp ceremony by the Chief Guest of the event, Dr Bhagwat Kishanrao Karad, Hon’ble Minister of State, Department of Finance, Government of India.
Dr Bhagwat Karad, highlighted that, “MSME plays a very important role in the development of the Indian economy. Currently around 6.3 crore MSME enterprises are working in India and have generated around 11.1 crore employment opportunities. Around 30% of GDP comes from MSME and the growth rate every year is 10 percent.”
He further added that, “The government of India under the leadership of Hon’ble PM Narender Modi has been proactive in removing hurdles for the SME sector, and together with the banking sector, we strive to make financing easily accessible to fuel the growth of these vital enterprises.”
During the fireside chat session themed Digital ecosystems for the future of SME finance & financial inclusion, Mr. Nandan Nilekani, Co-founder and Chairman of the Board, Infosys, said “SMEs are the biggest beneficiaries of Digital Public Infrastructure (DPI). India is building public trails to access credit and market-benefiting SMEs. More than 50 million merchants are opting for digital mode of payment. Digitization helped us generate balance sheet quicker as all the financial details like invoices, transactions, tax credits are easily accessible. Digitization also reduces the turnaround time to get loans. In the next 5 years at least 50 countries are going to implement DPI..”
Mr. Dinesh Khara, Chairman, SBI, who joined virtually in the session titled Unlocking the potential of digital platforms for SME financing said, “In the last ten years, we have witnessed a significant transformation in our bank. There has been a prominent shift from a collateral-based lending model to a data-based lending, which has further assisted us in reducing the bank’s overall operational costs. Digitalization has also helped vendors in making faster and more convenient payments, streamlining the MSME loan process. Additionally, digital platforms have been instrumental in catering to the needs of SME customers and creating value for them.”
Ms. Shalini Warrier, Executive Director, Federal Bank said during that same panel, “In the past, banking operations were primarily conducted manually. However, in recent years, a significant evolution has occurred, with digital technology taking the lead in the sector. One of the notable advancement is the convenience of online is payments through QR codes provided by UPI apps. Nowadays, a substantial portion of transactions occurs digitally on a daily basis, surpassing other traditional payment methods.”
Thampy Koshy, CEO, ONDC, Matthew Saal, Principal Industry Specialist, IFC, and other eminent speakers discussed the role of marketplaces in the SME finance ecosystems. Key issues faced by the MSME sector in terms of flow of credit, ease of doing business and market facilitation were addressed and solutions through use of digital technologies were also mentioned..
Lastly, six SME finance innovators demonstrated their technologies and explained their potential to change SME finance. The fintech invited to pitch were: 360tf, Builder.ai, CredAble, ShopUp, Topicus, Uplinq Financial Technologies
Commenting on the Global SME Finance Forum 2023, Mr. Sivasubramanian Ramann, Chairman & MD, SIDBI, said, “I am grateful for the opportunity extended to SIDBI for hosting such a prestigious event that has witnessed tremendous participation of industry stakeholders across the world and encouraged discussions on very relevant issues and trends on the SME Sector. With India taking the presidency of the G20 for the first time, the country’s views, and outlook on the MSME sector is of significance for the world. The strides made by the Government of India in developing a robust digital infrastructure and the consequent digital innovation by various players in MSME credit domain needs to be discussed, encouraged as also celebrated.
Mr. Qamar Saleem, Incoming SME Finance Forum CEO, said, “I am thrilled to see the level of participation and richness of discussions during first day of Global SME Finance Forum here in Mumbai. We have more than 700 executives representing more than 70 countries and 250 institutions gathered here. It is also fitting that the event is hosted by India which is at the cutting edge of digital infrastructure and innovations steering SME finance. I am really excited as the event unfolds which would feature over 90 speakers across 15 panels, 10 study tours to leading institutions in India, our flagship SME finance annual awards, and brainstorming sessions on key thematic game changing topics. It has been a privilege to partner with SIDBI, IBA as cohosts and SBI as Diamond sponsors to the event and we thank them for all their support. SME finance Forum and IFC remain committed to supporting the private sector globally in playing a catalytical role to support SMEs as they drive economic growth and create jobs”
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- By Rabindra
13, Sep 2023
Recordent Launches Credit Registry, Revolutionizing Non-Banking Payment Reporting
Hyderabad, 13th September 2023: Recordent, India’s pioneering credit and payment reporting platform, proudly announces the launch of its revolutionary Credit Registry. This dynamic non-banking payment reporting platform marks a transformative leap in fostering financial transparency and empowering businesses to make well-informed credit decisions.
Traditionally, credit assessment systems like CIBIL focus on analysing credit behaviour within the banking sector, including loans and credit card usage. However, Recordent’s Credit Registry reimagines this approach by scrutinizing a business’s creditworthiness through its non-banking credit activities, with a particular emphasis on B2B payments.
The Credit Registry empowers sellers to report invoice and payment data, enabling the compilation of a comprehensive B2B credit report for buyers. This invaluable information streamlines the decision-making process. Importantly, once buyers are reported to the Credit Registry, notifications are issued directly from Recordent, sensitizing them to the consequences of non-payment or delayed payment and their impact on their B2B credit profile.
Recordent’s Credit Registry is not just about data; it’s about cultivating a culture of financial responsibility. By educating buyers on their credit obligations, it fosters a robust financial ecosystem where trust and reliability among businesses flourish.
On the launch of its newest platform, Mr Winny Patro, CEO and Co-Founder Recordent Pvt Ltd said, “Celebrating the dawn of a transformative era, the launch of the Credit Registry platform marks a pivotal moment at Recordent. Businesses utilizing Recordent’s Credit Registry have witnessed a remarkable 25% enhancement in their collections. Statistical data indicates that, owing to the Recordent Credit Registry Platform, 50% of collections are received punctually, with an impressive 87% seeing substantial improvements in collections post-platform notifications. This revolutionary tool is set to redefine the landscape of credit management in India.”
At its core, Recordent’s Credit Registry aims to enable businesses to meet & improve their financial responsibility. The Registry compiles buyer data from multiple sellers. When a seller seeks to partner with a new buyer, they can review the buyer’s credit profile upfront. This enables informed decisions on collaboration. Recordent’s credit registry also sends payment notifications when a seller reports a buyer, educating them about late payment consequences. This encourages timely payments and speeds up debt recovery. Ultimately, this fosters a robust financial ecosystem where businesses trust and depend on each other confidently.
13, Sep 2023
PLANET app by L&T Finance crosses 5 million downloads
Mumbai, September 13, 2023: The PLANET (Personalised Lending & Assisted NETworks) application by L&T Finance (LTF), a retail-focused digitally enabled non-banking financial company, has reached a remarkable milestone of more than 5 million downloads. The application has facilitated business totalling over Rs. 2,300 crore and collections of over Rs. 440 crore. So far PLANET App has served more than 75 lakh transactions from across the country and has enabled fully digital disbursements in both rural and urban areas.
The PLANET App, launched in March 2022, was designed with a vision to provide seamless, secure, and user-friendly access to a diverse range of financial products and services to our rural and urban customers alike. Through its commitment to being a ‘Fintech@Scale”, LTF has consistently delivered best in class solutions to its wide customer base.
Mr. Dinanath Dubhashi, Managing Director & CEO of L&T Finance Holdings Ltd. expressed his delight in\ reaching this milestone and said, “The overwhelming response to the PLANET App is a testament to the hard work and dedication of our team. We are thrilled to see how our App is helping our customers to manage their finances within the comfort of their home on the go. More importantly, we now have more than 5 lakh rural women and over 95,000 farmers using the application for fulfilling their servicing needs digitally. Our focus has always been on providing the best user experience and delivering innovative financial solutions. Looking ahead, we will continue to refine and expand the PLANET App’s offerings by introducing new features and ensure that it becomes one stop shop for availing finance digitally in India. With the Company’s unwavering commitment to excellence, the next milestone of 10 million downloads seems well within reach.”
PLANET App is one of the highest-rated finance Apps on Google Play Store and Apple App Store with a score of 4.3. The App’s success can be attributed to its simplicity, comprehensive features, and commitment to customer satisfaction.
The App has been successful in achieving the Company’s broader vision of driving financial inclusion and empowering individuals from diverse backgrounds to achieve their goals while catering to their financial needs. By leveraging the power of technology, the Company has been able to reach millions of users, including over 6 lakh in rural and remote areas, making a positive impact on their lives. The Rural Group Loans & Micro Finance business which went live on the App recently has already generated nearly 6000+ leads of which over 4500 leads are fresh.
As the financial landscape continues to evolve, PLANET App stands as a shining example of how technology can empower individuals and simplify the complexities of finance, catering to the needs of millions
13, Sep 2023
University of Essex unveils new MSc Economics of Business and Management programme
New Delhi, 13 September 2023: University of Essex, UK-based and ranked 18th in the UK for Economics by QS World University Rankings 2023 is proud to announce the launch of its latest academic offering, the MSc Economics of Business and Management programme. This innovative programme, designed to address the needs of both seasoned economists and newbies to the subject, smoothly integrates fundamental economic principles with real-world applications in business and management.
The MSc Economics of Business and Management curriculum is a dynamic educational journey that aims to equip students with theoretical proficiency, technical acumen, and strong communication skills, all developed in the context of economics as applied to business and management. The course ensures that graduates possess a deep understanding of economic theories and cultivates transferable skills such as the ability to construct persuasive arguments and the versatility to excel both independently and in collaborative settings.
During the one-year degree programme, the students will delve into core economic principles and analysis, meticulously crafted to address the unique needs of the business and management landscape, and will cover a range of crucial topics such as mastery of modern microeconomics, encompassing key principles and theories, utilization of statistical methods for comprehensive economic data analysis, in-depth exploration of contract theory, incentive theory, and the theory of the firm, insight into the impact of strategic interactions between firms on sales and profitability and application of economic insights to real-world business and management decision-making.
During the summer term, students have the opportunity to conduct an independent study on a specific topic of interest through the capstone project whereas, during the autumn term students can choose from a variety of optional modules that allow them to explore different areas of specialization such as asset pricing, banking, behavioural economics, and game theory.
The programme opens doors to a world of professional opportunities for the students such as business and financial analysts, management consultants, government officials, and economists in prominent banks and financial institutions.
Professor Carlos Carrillo-Tudela, Head of the Department of Economics, University of Essex, expressed his excitement about the launch of the programme and said, “The MSc in Economics of Business and Management is tailored to develop future leaders in the fields of economics and business management. Our commitment to academic excellence and practical relevance will ensure that our graduates are well-prepared to make a significant impact in their careers. At the University of Essex, we are committed to nurturing the next generation of leaders and problem solvers, and this programme is a testament to that commitment””
The module is open to both domestic and international students and the applications for the programme are now open, with the first cohort of students set to begin their studies in January 2024. For more information about the programme, admission requirements, and how to apply, please visit : https://www.essex.ac.uk/courses/pg01569/1/msc-economics-of-business-and-management
13, Sep 2023
St. George’s University’s Dean of Clinical Studies Receives Distinguished Service Award for 40+ Years of Service
St. George’s University (SGU) School of Medicine, Grenada, in the Caribbean, presented Clinical Dean Rodney Croft with a Distinguished Service Award after 43 years with the University, 20 of which he served as Dean of Clinical Studies in the UK. The award is given to members of the faculty and those in the community in recognition of their outstanding service to the University.
“I want to express my sincerest appreciation to Mr. Croft for the remarkable service to St. George’s University School of Medicine,” said Dr. Marios Loukas, Dean of the School of Medicine. “Mr. Croft made many significant contributions to furthering our MD program in the UK. I am grateful for his leadership there, most notably as Dean of Clinical Studies.”
Early years
Mr. Croft’s journey started with a bachelor’s degree from Cambridge University back in 1965. He earned his qualification (MB BCHIR) in 1968 and his Master of Arts the following year (MA Cantab). Mr. Croft then became a fellow of The Royal College of Surgeons of England in 1972, received his Master of Surgery (MChir Cantab) in 1982, and went on to proudly become a fellow of The American College of Surgeons in 1984.
During his tenure as a consultant general and vascular surgeon at North Middlesex University Hospital, Mr. Croft’s dedication and expertise shone as he became the foremost authority in cardiovascular implants within the UK. His influential role included crafting standards for prestigious international bodies such as CEN, the European Committee for Standardization, and the International Organization for Standardization. His commitment to excellence was acknowledged with a commendable long-service award from the British Standard Institute.
Mr. Croft is well-versed in London Medical School education, having previously served as the Clinical Sub-dean at The Royal Free and University College Hospital Medical School in London. Furthermore, he played an active role on The Royal Free Medical School Council for a commendable nine-year period.
A long tenure at SGU
Mr. Croft has dedicated an impressive 43 years to undergraduate medical education at SGU’s School of Medicine. Notably, he served as the Dean of Clinical Studies of the UK program for 20 years, overseeing clinical faculty at SGU’s 17 UK-affiliated hospitals and clinics. His past SGU roles have included Clerkship Director, Director of Medical Education, and UK chair of the School of Medicine Department of Surgery.
“From the entire SGU community, my heartfelt congratulations to Rodney for this esteemed accolade and on his retirement,” Dr. Loukas said.
13, Sep 2023
Bharti Foundation in collaboration with Directorate of School Education
13 September 2023, Jammu: Bharti Foundation in collaboration with The Directorate of School Education (DSEJ), Jammuis extending its ‘Life Skill Development among Students through House System’ project under its Satya Bharti Quality Support Program – At Scale to more than 3,500+ Government Middle Schools of Jammu.
The program lays emphasis on building the capacities of head of schools and teachers to enable students with 21st century skills. The project is being led by the Counselling Cell with support of Aadharshila and Cultural Innovation Cells at DSEJ. Dedicated team from Bharti Foundation will impart training to resource persons to help implement the project. These resource persons will further support schools in developing a comprehensive understanding of life skills education and buildingthe skills through school activities.
In August 2022, the first round of training was organised for more than 390 resource persons who cascaded the life skill development training to 8,500+ teachers from 1,100+ Government High and Higher Secondary Schools in Jammu, benefitting more than 2 lakh students. This year, along with offline training, online training and webinars have also been designed to equip resource persons to support heads of schools and teachers effectively.
Speaking on the occasion, Sh. Ashok Sharma, Director of School Education Jammu, acknowledged the Bharti Foundation and applauded the program which intends to build critical life skills such as problem-solving, collaboration, managing emotions, creative thinking, etc. in line with National Education Policy 2020. He said, “strengthening of healthy competition among students in the house system will create positive impact and prepare students for the real-world challenges.”
Dr Romesh Kumar, Head Counselling Cell DSEJ, who happens to be the Nodal officer for the program, opined that this program will offer a paradigm shift in how schools function. It will be very meaningful to conduct co-scholastic activities with “life skills development” as an end in mind.
Speaking on the successful extension of the project, Mamta Saikia, CEO-Bharti Foundation said, “Bharti Foundation has been working in the field of education in rural India for the past 20 years. It is our belief that life skills among students is an important area to work on and can be best delivered to the students when integrated with various school activities. Thanking the Directorate of School Education, Jammu, and all those who are involved in this ambitious project to support Bharti Foundation in creating a meaningful impact.”
Suraj Singh Rathore, CEO of Jammu, addressed while the program was anchored by Dr Sharma from Counselling Cell DSEJ. Other prominent people, present on the occasion, included HR Pakhroo, Joint Director (SE), Devender Singh Manhas, DEPO Jammu,Team members of Bharti foundation, Surjeet Singh, Incharge Cultural Cell DSEJ and other team members of Counselling Cell DSEJ.
13, Sep 2023
NTPC Ltd. pays Final Dividend of Rs. 2,908.99 Crore for FY 2022-23
Mumbai, 13th Sep 2023 : NTPC Ltd., India’s leading power generation company, has announced the payment of its Final Dividend for the financial year 2022-23. This Final Dividend payment of Rs 2908.99 crore constitutes 30.00% of the paid-up equity share capital of NTPC Ltd.
The total dividend disbursed for FY 2022-23 stands at an impressive Rs. 7,030.08 crore, being 41% of the Profit After Tax (PAT) for the financial year.
This marks the 30th consecutive year in which the company has distributed dividends, underscoring its dedication to providing consistent returns to its investors.
As a key player in the Indian energy sector, NTPC Ltd. continues to drive excellence, sustainable growth, and shareholder satisfaction through its strategic initiatives and robust financial performance.
13, Sep 2023
Parle Krackjack launches TV campaign with new sweet and salty avatars
Mumbai, 13th September, 2023: Parle Products, the largest selling biscuit brand has released its latest campaign for KrackJack. This latest iteration of the Parle Krackjack campaign adds to the legacy of a brand that has been loved by the nation for over half a century. It carries forward the same set of delightfully whacky ideas to a new generation of Krackjack connoisseurs.
The three-film campaign created by Thought Blurb Communications tells stories of conundrums that are solved in hilarious ways by the two protagonists, Krack (played by Dharmesh Yelande) and Jack (played by Raghav Juyal). They have different sweet and salty perspectives, that brings alive the idea- “Sweet and Salty saath jab aaye, baat ban jaaye”.
The over-the-top style of humour follows a legacy that was started in the 90s with Boman Irani and Vijay Patkar playing the titular roles. The torch then passed on to Swapnil Joshi and Gaurav Gera in the noughties, and after a decade, Krackjack has now found renewed vigour with Raghav Juyal and Dharmesh Yelande.
Mayank Shah, Senior Category Head, Parle Products, speaks about Krackjack and the direction it has taken over the years. “Krackjack is the first biscuit in India to find that magical spot in the consumer’s palate with a flavour that tickles sweet and salty taste buds. When the flavour is so out-of-the ordinary, how can its communication not be unusual? Over the years, the characters Krack & Jack, have endeared themselves to audiences across the country. Every new generation resonates with these sweet and salty characters. Dharmesh and Raghav are new age celebrities with a wide fan following among the youth. More importantly, we chose them because we felt they have a spontaneity in their repartee, which is key to the brand’s communication.”
Vinod Kunj, Founder and Chief Creative Officer, Thought Blurb Communications echoes the sentiment and explains the challenges, “It’s a big challenge to work on a legacy brand like Krackjack with a high decibel legacy communication. When we got the brief we were clear that we have to carry forward the torch to the next generation of audiences across India. Not only do we have to appeal to a wide section of audiences across socio economic segments, we also had to touch their funny bone. Evidenced by the viewer responses we have received, the execution seems to have hit the bull’s eye. The dash of rollicking humour coating the films make them entirely enjoyable.”
Joining in with her perspective on the creative execution, Renu Somani, National Creative Director, Thought Blurb adds, “We started off with a product that is sweet but also has salty overtones. That kind of dictated the tone and tenor of the campaign. In one of the brain storming sessions when the strategy team came up with the idea of ‘contrarian views working towards a common goal’ we knew we had our campaign. This in turn finds resonance in the claim – ‘sweet aur salty saath jab aaye, baat ban jaaye’. The fun part was working with the film crew to get Dharmesh and Raghav to work in tandem to translate this strange combination of diametrically opposite views. We wanted the viewers to have fun, and I think that has come out quite well.”
13, Sep 2023
Madverse Music onboards artists from Tier 2 and 3 cities and from across India
Mumbai, 13th September 2023:– Madverse Music, a leading platform for independent artists, proudly announces a significant milestone, onboarding over 8000+ talented artists to its global community. With a mission to unite nations through music, Madverse Music offers a one-stop solution for artists to showcase their talent and reach a diverse audience worldwide.
In India, Madverse Music enjoys a robust presence in all major cities as artists descend in huge numbers from places such as Delhi, Mumbai, Bangalore, Jaipur, Pune, Lucknow, Ahmedabad, Hyderabad, Indore, Nagpur to name the top 10 cities from where numerous talented artists are showcasing their artistry and connecting with fans.
From gully boys to secret superstars, MADverse is giving a platform to every artist out there to be at the forefront of the industry without any barriers and to live dreams.
Rohan Nesho Jain, Founder and CEO, Madverse Music said, “We are thrilled to have achieved this remarkable feat of onboarding 8000+ artists to our platform. It is great to see that the talent from smaller cities of the country is also coming forward. Madverse Music has always been committed to providing a supportive and inclusive space for independent artists to showcase their creativity. By bringing together talented artists from various corners of the world, we aim to create a melting pot of cultures, musical genres, and artistic expressions that resonate with audiences universally.”
Madverse Music has rapidly expanded its reach and presence, currently covering more than 200+ cities across India, Vietnam, Indonesia, Korea, the UK, the US, Nigeria, and other countries. The platform’s dedication to empowering artists has attracted a diverse pool of talent from across the globe, fostering a vibrant community of musicians.
The platform has also expanded its reach globally, with artists from diverse countries like the African, Netherlands, Mexico, Russia, Malaysia, Nigeria, Sweden, UAE, and LA.
Madverse Music continues to serve as a bridge between artists and music lovers worldwide, fostering a vibrant community that celebrates creativity, diversity, and the universal language of music.
13, Sep 2023
UNDP India partners with NABARD to boost data-driven innovations in agriculture
September 13, New Delhi: The United Nations Development Programme (UNDP) and the National Bank for Agriculture and Rural Development (NABARD) signed a Memorandum of Understanding (MoU) to co-create data-driven innovations in agriculture and food systems to support smallholder farmers. Under this MoU, both organizations will work to improve the lives and livelihoods of smallholder farmers by sharing open-source data for product development, transfer of technology and supporting the framing of agrarian policies.
The MoU was signed by Chief General Manager of NABARD, Mr. Sanjeev Rohilla, and UNDP Deputy Resident Representative, Ms. Isabelle Tschan. Under the MoU, UNDP will leverage its expertise in open innovations, data collaboratives, data science approaches and global know-how for supporting NABARD’s agenda of embedding data-driven decision-making in agriculture investments.
The partnership includes enhancing and disseminating collaborative digital public goods like DiCRA (Data in Climate Resilient Agriculture). DiCRA is a collaborative digital public good which provides open access to key geospatial datasets pertinent to climate resilient agriculture. DiCRA, which is curated by UNDP and partner organizations to inform public investments in agriculture, already provides intelligence on climate resilience for 50 million hectares of farmland across India. By partnering for enhancing and scaling its use, NABARD will host and maintain the DiCRA platform and use its key geospatial datasets for policy making, research and development activities, with UNDP’s technical support.
This five-year technical cooperation is envisaged to foster collective climate action, create innovative platforms and new product offerings to enhance economic empowerment in rural India. Speaking on the occasion, Mr Shaji KV, Chairman of NABARD, said, “NABARD is extremely excited about this collaboration with UNDP. This opens a sea of opportunities for the two organizations to leverage data and present it as a digital public infrastructure for the vast rural Indian community of farmers. We are looking forward to deeper ties with UNDP as we progress, and this MoU is a step towards this direction.”
Reaffirming UNDP’s commitment, Ms. Isabelle Tschan, Deputy Resident Representative said, “Agriculture is the largest source of livelihoods in India employing 80% of rural women who are more vulnerable to climate change. DiCRA uses cutting edge data science and machine learning to identify farms that are resilient to climate change and those that are highly vulnerable. Such open data innovations can highlight best practices, optimize agriculture investments and shelter populations from risk. The collaboration with NABARD will strengthen our support to build sustainable agricultural practices and secure livelihoods reducing the vulnerability of small farm holders, especially women.”
The partnership will also help analyze agricultural trends over time to inform decisions about investments in various areas like watershed management, micro-irrigation, warehouse optimization, and climate-related initiatives, enhancing UNDP and NABARD’s data resources.
