Category Archives: Business

SSFB ties up with Tarrakki to offer digital fixed deposits…

Mumbai, September 4, 2024: New-age fintech platform Tarrakki has partnered with Suryoday Small Finance Bank (SSFB) to develop and offer digital fixed deposits. Through this partnership, Tarrakki will help develop tech products that outperforms legacy systems enabling SSFB to efficiently onboard new customers and offer digital fixed deposit products This collaboration will be in the form of Software Development Kits (SDKs) and white-labelled offerings. Suryoday Small Finance Bank is one of the leading new-age digital banks in India and is committed to digital offerings for enhancing customer centricity.

This next-gen platform, powered by Tarrakki, will minimise the cost and time required for product launches by the bank and its partners. It comes with no-code mobile and web apps, secure SDKs.

“Our tie-up with Suryoday Small Finance Bank is an important milestone in our journey in digital finance. We are confident that Suryoday Small Finance bank will pave the path for India’s banking revolution. We are working on many plans to introduce industry-first products,” Saumya Shah, Co- Founder Tarrakki, said. Tarrakki’s partners have been able to save over 80% costs and go to market 8-10x quicker by using the Tarrakki stack

For Suryoday Small Finance Bank, this partnership is a significant step in becoming a digital-first bank. “We believe that the launch of our neo-banking stack, in association with Tarrakki, will help build operational efficiencies and achieve the next level scale. The aim is to tap the market faster with a solid digital portfolio,”Vishal Singh, Chief Information Officer& Head Digital Banking of Suryoday Small Finance Bank said.

Tarrakki aggregates and offers various products, such as mutual funds, fixed deposits from leading banks & NBFCs, and more, under one roof. The partnership is a win-win for both companies as Suryoday is looking to go digital for its next phase of deposit growth, and Tarrakki’s tech expertise can help it in the journey. The tie-up would also help Suryoday Small Finance Bank to expand its reach through digital partnerships. Earlier, the bank also reported a strong financial performance with a 47.3% year-on-year (YoY) jump in net profit at ₹70.1 crore for the first quarter that ended June 30, 2024. This partnership is a testament to the bank’s commitment to digital innovation and growth.

Marriott Bonvoy HDFC Bank Credit Card commemorates One Year of Unforgettable Travel Moments with Exciting New Offers

Bengaluru, 04 September 2024: Celebrating a year of transforming travel for Indian travellers, Marriott Bonvoy, Marriott International’s award-winning travel program, and HDFC Bank mark the first anniversary of India’s first-ever co-branded hotel credit card – the Marriott Bonvoy HDFC Bank Credit Card – with exciting, limited-time offers.

In just one year, the Marriott Bonvoy HDFC Bank Credit Card has become synonymous with elevated travel, offering exceptional perks such as accelerated elite status and access to once-in-a-lifetime Marriott Bonvoy Moments and a host of other benefits to cardholders. To celebrate this milestone, Marriott Bonvoy and HDFC Bank are launching an array of value – added benefits designed to elevate the travel experience for Indian cardholders.

From 2nd to 17th September 2024, cardholders can indulge in a 50% discount on lavish buffet spreads at participating Marriott Bonvoy hotels across India, making dining a truly indulgent experience. Additionally, the card also offers an exclusive 25% discount on spa treatments at select Marriott Bonvoy hotel spas, available from Mondays to Thursdays during the same period. These offers not only elevate the experience but also allow cardholders to earn valuable Marriott Bonvoy points with every purchase, offering additional rewards for their continued loyalty to the program.

Furthermore, new members joining between 1st September to 31st October 2024 will receive an exciting INR 1,500 gift voucher on their first spend, kick-starting their journey with the HDFC Marriott Bonvoy Credit Card journey in style.

The Marriott Bonvoy HDFC Bank Credit Card continues to be a testament to the power of strategic partnership. As the card enters its second year, Marriott Bonvoy and HDFC Bank remain committed to providing exceptional value and creating unforgettable memories for their valued customers.

KFin Technologies Unveils mPower Wealth to Transform Wealth Management

New Delhi, September 3rd,2024: KFin Technologies has launched the mPower Wealth platform, an advanced, omnichannel wealth management solution designed to address the needs of wealth managers, family offices, banks, and external asset managers. The platform offers integration across front, mid, and back-office operations, multi-asset, multi-currency capabilities, and technology to help wealth managers improve client experiences.

According to the 2024 Knight Frank Report, the global wealth management industry has grown substantially, with the ultra-high-net-worth individual (UHNWI) population increasing by 4.2% to 626,619 in 2023. Projections indicate a 28.1% rise over the next five years, with regions like India and mainland China expected to grow 50% and 47% respectively. The shift towards multi-asset and multi-currency investments, along with a generational wealth transfer that emphasizes purpose-driven investments, presents an opportunity for platforms that can provide a holistic view of client assets, ensure regulatory compliance, and scale with the business. mPower Wealth aims to address the evolving needs of this growing market by providing a comprehensive, scalable, and technologically advanced platform.

Sreekanth Nadella, MD and CEO of KFin Technologies Limited said, “India’s technology sector is making significant contributions to global finance, and with mPower Wealth, we’re contributing to this transformation. Our platform reflects our vision of agile, intelligent, and client-centric wealth management. By combining technological innovation with financial expertise, we are supporting wealth managers as they navigate an increasingly complex landscape. Through mPower Wealth, we are participating in the fintech evolution, with India playing a key role.”

Key features of mPower Wealth include:

● Comprehensive Integration: Integration across front, mid, and back-office operations, enabling efficient workflow management.

● Multi-Asset, Multi-Currency Capabilities: Ability to handle diverse investment portfolios across various asset classes and currencies.

● Advanced Analytics: Using AI and machine learning models to provide descriptive, diagnostic, and predictive analytics for deeper insights.

● Personalization: Tailored client experiences through visualization and AI-driven insights.

● Regulatory Compliance: Built-in features to support adherence to evolving regulatory requirements.

● Scalability: Designed to grow with businesses, offering performance for wealth management firms of all sizes.

● 360-Degree Client View: Comprehensive understanding of client finances, including held-away assets.

● Configurability: Customizable to meet the specific needs of various wealth management business models.

mPower Wealth’s user-friendly interface caters to both seasoned wealth managers and those new to the industry, while its sophisticated security protocols ensure data integrity and user privacy.

Bank of India Launched 333 Days – Star Dhan Vriddhi Fixed Deposit at 7.90% p.a. in Retail Term Deposit

Mumbai, September 03, 2024: Bank of India, one of the leading public sector banks in India, has launched its very attractive 333 Days “Star Dhan Vriddhi Fixed Deposit” offering Rate of Interest as high as 7.90% p.a. for Super Senior Citizen. The 333 Days Trinity Fixed Deposit is offered at a Rate of 7.75% p.a. for Senior Citizen and 7.25% p.a. for others. Loan against Fixed Deposit and Premature Withdrawal facility is also available. Customers can visit any Bank of India branch or use the BOI Omni Neo App / internet banking to open 333 Days Star Dhan Vriddhi Fixed Deposit with Bank of India. The revised rates are effective from 1st September 2024, and this offer is for Limited Period.

Tata Motors registered total sales of 71,693 units in August 2024

Bengaluru, September 3 , 2024: Tata Motors Limited sales in the domestic & international market for August 2024 stood at 71,693 vehicles, compared to 78,010 units during August 2023.

• Domestic Sales Performance:

• Commercial Vehicles:

Domestic sale of MH&ICV in August 2024, including trucks and buses, stood at 12,008 units, compared to 13,506 units in August 2023.

Total sales for MH&ICV Domestic & International Business in August 2024, including trucks and buses, stood at 12,708 units compared to 14,016 units in August 2023.

• Passenger Vehicles:

Includes sales of Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, both subsidiaries of Tata Motors Limited.

MakeMyTrip’s ‘How India Travels Abroad’ Report Reveals Fresh Insights about Indian Travellers’ Preferences

Gurugram, 03 September 2024: MakeMyTrip, India’s leading online travel company, released its ‘How India Travels Abroad’ Report for the period of June 2023 to May 2024. The in-depth report highlights

Highlighting the importance of the report, Rajesh Magow, Co-founder and Group CEO, MakeMyTrip, said, “With rising disposable incomes, greater exposure to global cultures, and the increasing ease of travel, more Indians are exploring both domestic and international destinations for leisure as well as business. Our data attests to the growing confidence in exploring new destinations and indulging in different/ luxury experiences, which is also transforming the travel industry.

While domestic tourism remains buoyant, as noted in our previous report, our latest findings highlight the notable changes in international travel behaviour driven by macroeconomic factors that are fuelling the surge in travel among Indians. These trends present an exciting opportunity for the travel and tourism industry to innovate and cater to the evolving needs of Indian travellers.”

A key finding from the report suggests that international travel search volumes remain relatively steady across all seasons, with December being the most active month for international travel searches. The October-December quarter attracts the most searches for short-haul destinations, while the six-month period between April and September sees higher searches for mid & long-haul destinations.

The report also reveals that popular destinations such as the UAE, Thailand, and the USA top the chart of the destinations that Indians love to travel to, with Kazakhstan, Azerbaijan, and Bhutan leading the emerging destinations chart.

Some other key highlights from the report are:

• Wanderlust Boom: More Indians are taking trips to international destinations, with a 32% growth in people taking 2 or more trips in a year. The top ten most searched countries remain the same as 2023, contributing to 64% of all international searches on the platform. Maharashtra, Karnataka and Delhi lead the charts for international travel searches. UK, Australia and Germany are the most popular student destinations.
• Emerging Hotspots – There has been a 70% increase in the combined search volume for the top 10 emerging destinations. Almaty and Baku have seen phenomenal growth rates of 527% and 395%, respectively. The overall contribution of searches for emerging destinations on our platform has increased from 10% to 14%, indicating that Indians are exploring newer global destinations.
• Business Class not just for Business – Interest in luxury travel is rising among Indians, with a 10% growth in searches for business class flights in the international segment. Hong Kong shows the highest growth with a 131% increase in searches followed by Sri Lanka, Japan, Saudi Arabia, and Malaysia.
• Luxury vs. Budget: Indian Travelers’ Hotel Choices – While Indians are on the lookout for pocket friendly experiences, close to 50% of international hotel bookings fall in the above INR 7,000 per night tariff bracket. With New York being the most expensive place to book a hotel, South Asian destinations such as Pokhara, Pattaya, and Kuala Lumpur emerge as the top destinations for budget-friendly stay options.
  Travellers from Karnataka, Telangana, Maharashtra, Delhi and Haryana spend the most on premium hotel bookings
  In contrast, travellers from Punjab, West Bengal, Gujarat, and Tamil Nadu show a higher preference for budget hotels
• Homestays and Villas on the Rise – Searches for homestays and villas have surged by 42%. Bali, Dubai and Singapore make for the highest share of searches for homestays and villas, while cities like Interlaken, Kuala Lumpur, Paris, Amsterdam, and Rome are also leading this trend, showing maximum growth in search volumes.
• Jet-set for Leisure – Fifty-five percent of all trips to international destinations are for leisure, followed by 33% for VFR (visiting friends and relatives). Thailand is the most favourite leisure destination for Indians. An impressive 44% of international travellers from West Bengal chose Thailand as the overseas destination. The UAE, Europe, Indonesia, Singapore and Vietnam are the other top leisure destinations for Indian travellers.
• Urban Nightlife Dominates – More than one-third of Indians prefer urban destinations with a vibrant nightlife. Travellers from West Bengal and Punjab make up the largest share of those seeking urban nightlife. Bangkok, Pattaya, Kuala Lumpur, Abu Dhabi, and Ho Chi Minh City are the top five destinations for travellers seeking vibrant urban nightlife. Additionally, 23% of Indians also have a proclivity towards shopping and luxury, with Dubai and Singapore being the top favourites.
• Love for flexibility, assurance, and extra baggage – Japan, Europe, the USA, and South Korea are the top destinations where Indians opted for Zero Cancellation for flight bookings. The UAE, Thailand, Europe, and the USA, on the other hand, had the highest share of travellers purchasing travel insurance. Indians also have a preference for additional baggage – travellers from Rajasthan booked the most extra baggage, followed by those from Tamil Nadu and West Bengal. Additionally, Europe, the UAE, Singapore, and the USA, saw the highest share of travellers opting for Visa Rejection Full Refund.
• Impulsive Travel Trend – Close to 50% of international flights and 56% of international hotel rooms are booked less than 14 days before the travel date. Oman, Nepal and UAE have the highest last minute flight bookings, while Qatar, Oman and Azerbaijan lead in last minute hotel bookings. European cities, on the other hand, have longest Advance Purchase (AP) windows.

The “How Indians Travel Abroad” report spotlights India’s emergence as a global travel force. As travellers seek authenticity and personal connections, the travel ecosystem must adapt. Whether it’s exploring ancient ruins in Greece or sipping tea in Sri Lanka, Indian travellers are leaving their footprints across continents.

Tata Passenger Electric Mobility Unveils Two New EV Exclusive Retail Stores in Kochi

Bengaluru, 3 September 2024: Tata Passenger Electric Mobility (TPEM), the pioneer of India’s EV revolution and a subsidiary of Tata Motors, today unveiled two EV-exclusive retail stores under the TATA.ev brand identity in Kochi, Kerala. These premium retail stores are centrally located in Edappally and Kalamassery, and will bring about a unique and upmarket purchase and ownership experience beyond traditional car sales to the discerning EV community.

As electric vehicle adoption grows in the country, consumer buying behavior is also undergoing maturity and evolution. An EV customer now expects the brand to offer a unique experience through the purchase journey, from the product to its ownership cycle. This ask from the consumer is addressed by a new consumer-facing brand identity that strengthens the commitment to a future of mobility powered by the values of community, technology, and sustainability. As the physical representation of these values, the TATA.ev stores recognize the very different expectations of EV buyers. The in-store experience has been designed to offer information, advice, and guidance in a friendly environment. From new retail roles to passionate individuals immersed in the essence of the brand, TATA.ev’s home of electric has been designed to be warm, welcoming, friendly, and fun.

According to Mr. Shailesh Chandra, Managing Director, Tata Passenger Electric Mobility and Tata Motors Passenger Vehicles, said, “As the leading market for electric mobility in the country with 5.6% EV penetration, the people of Kerala have led the way in adopting future facing technologies, making it a clear choice for us to inaugurate our next set of premium Tata.ev stores in the state. We have seen how the discerning EV consumer has matured and demands a premium ownership experience. To cater to this archetype, Tata Motors is committed to continue democratizing EVs for the mass market coupled with offering a sophisticated and digitized ownership experience. Furthermore, we will soon open a set of 5 exclusive EV service centres across key cities in Kerala. For us, creating an upscale purchase and ownership experience through Tata.ev stores and service centres is an important cog in India’s electric revolution. These are critical milestones as we move firmly towards the inflection point for EV adoption in the country.”

Finolex Cables Unveils Advanced E-Beam Irradiated LT XLPE Solar Cable

New Delhi, September 2, 2024 – Finolex Cables, a leading player in the wire and cables industry, is proud to announce the launch of its new range of E-Beam irradiated LT XLPE Solar Cables, providing exceptional UV and ozone protection. Manufactured in-house at Finolex’s new state-of-the-art E-Beam facility in Pune, these solar cables leverage advanced electron beam technology. This investment in the E-Beam facility is part of a broader Rs 500 crore capex plan announced earlier that included expanding manufacturing capabilities, adopting advanced technologies, and enhancing supply chain infrastructure.

Designed to withstand extreme operating conditions, these innovative solar cables are capable of handling temperatures up to 120°C, with higher current ratings and superior durability making them ideal for demanding industrial applications and large-scale solar installations. Additionally, these cables are environmentally friendly and halogen-free, reducing the release of toxic gases in the event of a fire.

Compared to traditional chemical curing methods, E-Beam technology significantly improves the insulating properties of the cables, allowing them to sustain higher voltages with lower radial thickness and extending their life expectancy to over 25 years. This technology is now operational in-house which will be used for various upcoming products.

“As India accelerates its shift to renewable energy, Finolex Cables is strategically positioned to support the nation’s ambitious goals with our durable and high-capacity solar cables. The government’s target to expand renewable energy capacity to 500GW, including 270GW from solar power, has greatly increased the demand for top-quality and efficient solar cables. With solar power now contributing 18% to India’s total power generation in 2024 and expected to grow further, our solar cables are designed to adapt to the market’s evolving needs. As utilities face growing requirements under the Renewable Purchase Obligation (RPO) to integrate renewable energy, the demand for specialized solar cables is set to rise, making Finolex a crucial partner in India’s renewable energy transition,” stated Mr. Amit Mathur, President – Sales and Marketing at Finolex Cables. He further noted, “At Finolex, we aim to capture approximately 15% of the market over the next two years. We anticipate securing over 70% of this from the retail market by leveraging our extensive network of 200,000 retailers, 5,000 channel partners, and more than 750 distributors.”

Further, with the launch of solar cables to its portfolio, Finolex Cables is also committed to supporting government initiatives such as the Rooftop Solar Yojana (PM SURYAGHAR), which aims to solarize one crore households with an allocation of over INR 75,000 crore. This initiative provides up to 300 units of free electricity per month for solar rooftop systems up to 3 kW capacity, along with easy and affordable loans.

Itc Hotels to Manage Madhya Pradesh’s Heritage Destination – lunera Ki Sarai in Mandu

New Delhi, 31st August 2024: ITC Hotels recently signed a management agreement with Bhopal based Lunera Castle Resort & Spa, for a landmark property under brand Welcomhotel in Mandu, Madhya Pradesh. Welcomhotel Mandu – the refreshed avatar of the heritage destination ‘Lunera ki Sarai’ pays tribute to the ancient fort city of Mandu celebrated for its architecture.

 With this signing, ITC’s Hotel Group will have nearly 540 keys in Madhya Pradesh. This includes two operating WelcomHeritage properties in Pench, Pachmarhi and three Welcomhotels in pipeline at Jabalpur, Gwalior and Bhopal.
Welcomhotel Mandu will feature 94 rooms, an all-day dining restaurant, a specialty restaurant, meeting spaces, spa and swimming pool.

 Mandu, also known as Mandav, is an ancient fort city in the central Indian state of Madhya Pradesh. Surrounded by stone walls dotted with darwazas (gateways), Mandu is known for its rich history, architectural marvels, and romantic legends, making it a popular destination for tourists, history buffs, art and design enthusiasts.

 A short 2-hour drive from Indore, the erstwhile Lunera ki Sarai is set to emerge as a popular tourist destination.

 Speaking on the occasion, Anil Chadha, Chief Executive, ITC Hotels said, “We are honoured to have been entrusted with the legacy of Lunera ki Sarai. Historical context dates this ‘sarai’ located along the trade routes in 16-17th century back to 400 years. It is indeed a very special project. Brand Welcomhotel looks forward to reviving the glory of Lunera ki Sarai by enabling memorable experiences at this heritage resort.

 Pankaj Phulwani, Director, Lunera Castle Resort and Spa said, ITC Hotels expertise in hospitality is well established. We have no doubt that through their acclaimed service standards upheld by their competitive talent this resort will shine brighter and will elevate Mandu to one of Madhya Pradesh’s favourite tourist destination. Given the enriching experiences that Brand Welcomhotel is known for, we are sure that this fort-style resort against the Sarai’s heritage backdrop will be a big draw for travellers.”

 Welcomhotel by ITC Hotels is a collection of upper upscale hotels. With an endeavour to provide immersive and enriching experiences from curated journeys that enhance leisure trips, to those that help maximize the efficiency of business stays, at Welcomhotel every effort is made to add value to the new-age traveller. Present in locations ranging from hills to beaches, and deserts to cities, the properties skilfully blend together local aesthetics and modern-day comforts along with ITC Hotels’ renowned culinary expertise. At the heart of everything at Welcomhotel, lies the thought of ‘enrichment’. It is this vision that helps enrich the lives of the guests, the community, and our hotel associates through integrated efforts and holistic initiatives.