National Financial Awareness Day: How Home Credit India Is Promoting Financial Literacy

By: Ashish Tiwari, Chief Marketing Officer, Home Credit India

Financial literacy is the cornerstone of sound personal finance management, empowering individuals to make informed decisions about money matters. In a country like India, where economic empowerment is intertwined with social progress, the importance of financial literacy cannot be overstated. It not only enables individuals to manage their finances effectively but also plays a crucial role in fostering economic stability and growth at both individual and societal levels.

According to several reports, 27% of India's population is financially literate, which is lower than other developed economies like the US, Germany, Canada, and the United Kingdom.   Recognising this, Home Credit India integrated financial literacy as one of the primary pillars of its Environmental, Social, and Governance (ESG) initiatives. As a responsible participant in the financial ecosystem, Home Credit India is committed to promoting a culture of responsible borrowing and financial awareness in the wider society.

Their annual financial literacy initiative, ‘Saksham’ epitomises this commitment. Under this initiative, Home Credit India has been imparting financial education to thousands of women across the country through physical workshops. The curriculum covers financial topics like budgeting, savings, creditworthiness, investment planning, among others. Last year, the initiative reached 30,000 young girls and women across the country, and this year, the initiative is underway with a goal of reaching a minimum of 20,000 women.

One of the participants of the initiative is Anita, a self-employed woman running a small cosmetic shop in New Ashok Nagar, Delhi. Through Saksham, she learned about digital literacy, enabling her to utilise digital modes of payment securely and protect herself from phone fraud. Now, she efficiently manages her payments using online digital platforms, enhancing her financial inclusion and security. Anita's story mirrors countless others who have found newfound confidence and security through Home Credit India's initiatives.

Additionally, Home Credit India has leveraged digital platforms to reach a wider audience. Through its 'Paise Ki Paathshala' microsite and social media campaigns, Home Credit India has engaged with over 3 million people. Interestingly, individuals aged 25-34 from Tier 1 cities constitute a significant portion of the audience, indicating a growing interest in financial literacy among urban youth.

Understanding financial products and services empowers individuals to make educated choices, plan their finances efficiently, manage debt prudently, build financial stability, and alleviate financial stress. Ultimately, financial literacy is foundational to achieving lasting financial stability and prosperity, enabling individuals to establish a secure and prosperous future. 

CriticalRiver Announces 100% Of Its Employees Will Now Have Ownership In The Company Through Stock Options

* Harvard Business Review Outlines Enhanced Productivity and Growth Owed to Employee Ownership

CriticalRiver Inc., a leading technology solutions provider announces that 100% of its employees will now have ownership in the company through its lucrative ESOP initiative, marking a significant milestone in its commitment to empowering its workforce. This move underscores CriticalRiver's commitment to fostering a culture of customer-centricity, employee empowerment, and shared success. CriticalRiver embarks on a new chapter where every team member has a stake in the company's future. With over 1,000 employees across 9 global locations, this strategic move reinforces the company’s commitment to retaining its top talent. As part of the transition, CriticalRiver will grant 100 ESOPs to each employee annually based on their years of service. Furthermore, each employee's account will receive an additional 100 ESOPs each year. This move not only reflects the company's dedication to building long-term relationships with clients and maintaining a positive company reputation.

According to the Harvard Business Review, businesses with at least 30% employee ownership tend to be more productive, experience faster growth, and have a lower likelihood of going out of business compared to their counterparts. In addition to ensuring the continuity of quality talent, this model reinforces a customer-centric approach, where employees deeply invest in satisfying clients and meeting their expectations, thereby securing the longevity of the organization.

Commenting on the milestone, Mr. Anji Maram, Founder & CEO of CriticalRiver Inc., said, "This strategic move is more than a milestone; it's a testament to our confidence in our team and our collective future. Aligning with our visionary goal, we are setting the stage for propelling CriticalRiver towards revenues of $500 million by 2030 and achieving our Initial Public Offering (IPO) vision thereafter. The ESOP further reinforces our commitment to innovation and excellence, ensuring unwavering customer confidence. This strategic shift underscores our unwavering commitment to bolstering client confidence, and we're further reinforcing the founders' and management's steadfast dedication to nurturing the organization's growth."

Mr. Chandra Chandragiri, CFO of CriticalRiver Inc., expressed enthusiasm about the new journey, emphasizing the strategic decision as a testament to their faith in their employees, who are now more than ever the pillars of the company's success. “For clients, this transition promises not only improved service quality but also a partnership model where employees are deeply invested in satisfying clients and meeting their expectations. This alignment fosters better customer service, innovative solutions to client needs, and a shared sense of purpose in achieving mutual success.”

The initiative is expected to attract and retain top talent, improve job satisfaction, and foster a collaborative, and innovative work environment. It reflects the company’s forward-thinking approach and dedication to creating a sustainable and prosperous future for its employees and stakeholders, enhancing its capability to serve clients as true partners in their journey.

About CriticalRiver, Inc.

CriticalRiver Inc. is a globally recognized consulting and technology services provider that redefines the boundaries of digital transformation. Specializing in delivering innovative solutions, CriticalRiver Inc. provides unparalleled technology consulting services to address the complex business challenges of its clients, including the world's leading enterprises and Fortune 100 and 500 companies.

With a steadfast focus on excellence and innovation, the company leverages its deep industry expertise and technology prowess to empower businesses across various sectors. This approach enables CriticalRiver's clients to achieve sustainable growth and a competitive advantage, underscoring its commitment to driving forward the digital frontier.

Tata Passenger Electric Mobility Signs An MOU With Vertelo To Accelerate e-Mobility In India

Tata Passenger Electric Mobility Ltd. (TPEM), a subsidiary of Tata Motors Ltd., known for pioneering India's electric vehicle (EV) revolution, has signed a non-binding Memorandum of Understanding with Vertelo, a Macquarie managed integrated fleet electrification platform, for the delivery of 2,000 XPRES-T EVs. This partnership aims to bolster the plans to accelerate India’s transition to sustainable e-mobility. The company will begin deliveries of the cars to Vertelo in a phased manner.

Speaking on the partnership, Mr. Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd. said, “As market leaders of passenger EVs in India, we are committed to the uptake of sustainable mobility in the country. We are delighted to partner with Vertelo in their effort to increase EV adoption in India. With over 89% market share in FY 24, the fleet segment has seen a rapid adoption by Corporates and Institutions. The XPRES-T EV has proven to be an attractive option for both customers and operators in the commercial fleet segment. Such collaborations in the industry will further help strengthen our market position amidst India’s EV revolution.”

Commenting on the partnership, Sandeep Gambhir, Chief Executive Officer, Vertelo stated that "We are really excited to partner with Tata Motors on this long-term strategic partnership to buy up to 2,000 electric cars. This partnership aims to bring together two business that are at the forefront of fleet electrification and decarbonisation in India. We hope that this partnership will help with accelerating the shift towards a more sustainable India by making bespoke leasing options available to fleet operators that help them onboard EVs in larger numbers."

In July 2021, Tata Motors launched the ‘XPRES’ brand exclusively for fleet customers, and the XPRES-T EV is the first vehicle under this brand. The new XPRES-T electric sedan comes with 2 range options – 315km and 277km (ARAI certified range under test conditions). It packs a high energy density battery of 26 kWh and 25.5 kWh and be charged from 0- 80% in 59 mins and 110 mins respectively, using fast charging or can also be normally charged from any 15 A plug point, which is easily available and convenient. It comes with zero tail-pipe emission, single speed automatic transmission, dual airbags, and ABS with EBD as standard across variants. The premium interiors with standard automatic climate control and Electric Blue accents across its interior and exterior will give it a differentiated presence from other Tata cars.

Vertelo is a new platform providing end-to-end solutions in fleet electrification in India. The company aims to accelerate the transition of fleets to electric vehicles and build a robust EV ecosystem by offering bespoke solutions to customers including leasing and financing, charging infrastructure and energy solutions, fleet management services, and end of vehicle life management. The new platform has been established by Macquarie Asset Management and has received anchor investment from the Green Climate Fund which has committed to invest up to $US200 million. Overall, Vertelo plans to invest $US1.5 billion over 10 years with the aim to achieve a potential greenhouse gas emissions reduction.

Marriott International Celebrates Milestone On Journey Towards Net-Zero

Marriott International, Inc. (Nasdaq: MAR) has verified its near and long-term science-based emissions reduction targets with the Science Based Targets initiative (SBTi). SBTi is a global climate action organization that develops tools that allow businesses to set greenhouse gas (GHG) emissions reduction targets in line with data-driven methodology. Marriott is the largest global hospitality company to receive approval for both near-term and long-term science-based targets.

The company has committed to reduce absolute scope 1 and 2 GHG emissions 46.2% by 2030 from a 2019 base year. Marriott also commits to reduce absolute scope 3 GHG emissions from fuel and energy-related activities, waste generated in operations, employee commuting, and franchises 27.5% by 2030 from a 2019 base year, and that 22% of its suppliers by emissions covering purchased goods and services, capital goods, and upstream transportation and distribution will have science-based targets by 2028.

Marriott commits to reach net-zero greenhouse gas emissions across the value chain by 2050, reducing absolute scope 1 and 2 GHG emissions 90% by 2050 from a 2019 base year and reduce absolute scope 3 GHG emissions 90% by 2050 from a 2019 base year. The target boundary includes land-related emissions and removals from bioenergy feedstocks.

“For nearly a century, Marriott has been committed to our core value of serving our world as we strive to be a force for good wherever we do business,” said Anthony Capuano, President and CEO, Marriott International. “The impact of climate change is being seen and felt across the globe. As we continue to connect people through the power of travel, we are committed to driving meaningful improvements to the environment and are energized by reaching this significant milestone. The approval of our near-term and long-term targets is the result of the hard work and dedication of Marriott’s teams around the world who are committed to our climate action journey and creating the future of sustainable hospitality.”

“Marriott has been on a journey to reduce greenhouse gas emissions in our operations and supply chain. We believe it’s good business and good for the planet,” said Erika Alexander, Chief Global Operations Officer, Marriott International. “The decarbonization of the global electrical grid is a vital component of reducing GHG emissions. We are united with other leading companies in elevating efforts to help address the effects of climate change and hold ourselves accountable as we embed sustainability throughout our operations.”

To reach its net-zero target, Marriott is focusing its efforts in three distinct areas: energy reduction, sourcing more energy from renewables, and purchasing goods with lower carbon footprints across its portfolio of over 8,800 properties in 139 countries and territories.

The company’s recent sustainability highlights include:

Launching the Climate Action Program (CAP), the company’s approach to charting a growth-focused future through building climate fluency, addressing climate risk, and reducing greenhouse gas emissions across the organization.

Delivering property-specific carbon and energy reduction targets to every managed and franchised hotel globally.

Enhancing the Marriott Environment Sustainability Hub (MESH), a global platform for properties to log monthly power, water and waste metrics. With these enhancements, properties can now easily access customized, property-specific information for reducing energy and carbon.

Introducing the Energy Optimization Program to help properties manage rising energy costs. The program assists properties in conducting an energy audit to identify ways to become more energy efficient.

Engaging with suppliers as they work to understand and reduce their emissions.

Sharing sustainability information, including individual hotel carbon footprint data, on Marriott.com.

Marriott’s sustainability strategy is focused on a wide range of tactics including designing resource-efficient hotels, implementing technologies to track and reduce energy and water consumption, as well as waste and food waste, increasing the use of renewable energy, managing water-related risks, focusing on third-party sustainability certifications at the hotel-level, supporting innovative ecosystem restoration initiatives, implementing and responsible and local sourcing. In support of the United Nations Sustainable Development Goals (SDGs), Marriott created its sustainability and social impact platform, Serve 360: Doing Good in Every Direction, which guides the company’s efforts to make a positive and sustainable impact on the world’s most pressing social, environmental, and economic issues wherever it does business. More details about Serve 360 can be found at Marriott.com/Serve360.

Rapido Partners With BBMP And Election Commission of India To rOffers Free Rides In Bengaluru During General Elections 2024

*     In a proactive stride towards civic engagement, Rapido deploys all its resources by joining hands with the Election Commission of India (ECI) to offer free bike taxi, auto, and cab rides to voters in Bengaluru

*       Rapido’s free auto and cab services are extended exclusively to the differently abled and senior citizen voters of Bengaluru in association with Bruhat Bengaluru Mahanagara Palike (BBMP)

*      Use code "VOTENOW" to avail free rides by Rapido during General Elections 2024

In a resolute commitment to fortify the nation's democratic fabric, Rapido, India's foremost commute app, assumes a pivotal role in national duty with the launch of the "SawaariZimmedariKi" initiative. In collaboration with the Election Commission of India (ECI) and Bruhat Bengaluru Mahanagara Palike (BBMP), Rapido sets forth to champion civic engagement during the Indian General Elections 2024 by extending free auto and cab rides to differently abled and senior citizen voters in Bengaluru. As part of this historic endeavor, Rapido pledges to provide free rides to voters in Bengaluru on 26th April, 2024.

On election day, voters can avail free rides on the Rapido app using the code ‘VOTENOW’ and exercise their democratic right. The initiative aims to facilitate residents' voting rights and ensure a more inclusive electoral process. This concerted effort aligns with Rapido's nationwide campaign, deploying over 10 lakh captains across more than 100 cities to provide free rides on election-day. With the support of the ECI, Rapido will be offering free bike taxi rides to voters in Karnataka across the cities of Bengaluru, Mysuru, and Mangaluru on election day.

Rapido's partnership with the ECI reflects its commitment to being a brand that drives positive change for a better society. Rapido’s Co-founder Pavan Guntupalli said, "We are undertaking this initiative to ensure that every voter in Bengaluru, Mysuru, and Mangaluru can successfully fulfill their civic duty by casting their votes in the Indian General Election 2024. We have deployed all available resources to us in order to ensure that voters in Bengaluru can participate in the electoral process. We want to specifically ensure that differently abled, and senior citizen voters have equitable access to exercise their democratic right. By extending free auto and cab rides to them, we are redoubling our commitment to inclusivity and social responsibility.”

He further added, “By offering these free rides, we are facilitating democracy in action. Our Rapido captains in Bengaluru are more than just drivers; they are ambassadors of civic engagement, enabling greater voter turnout and promoting a more representative electoral system in the world's largest democracy."

Rapido's partnership with the Election Commission of India underscores its commitment to being a brand that drives change for a better society. Through initiatives like this, Rapido continues to demonstrate its dedication to making a meaningful difference in the lives of people across the country. This initiative emphasizes Rapido's dedication to empower and encourage the voter population of Karnataka to exercise their democratic right by casting their vote.

Cybersecurity Centre of Excellence, Telangana Hosts Cybersecurity And Privacy Conference

- The DSCI’s Cybersecurity Centre of Excellence (CCoE), Telangana hosts a Cybersecurity and Privacy Conference at Hyderabad. This pioneering effort by Dr Sriram Birudavolu, CEO of the Cybersecurity Centre of Excellence Telangana was aimed at sensitising the government departments to the vulnerabilities of cyber-attacks and developing a strategy to counter the same.

The conference was attended by distinguished guests from various departments of the Government of Telangana, including Dr Jayesh Ranjan, Special Chief Secretary, ITE&C Department and Department of Industries & Commerce, who was the Chief Guest of the event. Ms Rama Devi Lanka, Director, Emerging Technologies was the Guest of Honour, and Mr Venu Prasad, Jt. Director (Infra & Communications) was a special guest at the conference.  Industry stalwarts such as Mr Vinayak Godse, CEO – DSCI, and Mr Srikanth Srinivasan, Vice President of NASSCOM were also present at the conference and enriched the gathering with their valuable insights. Over 200 government representatives from 30+ departments attended the event.

The event featured specialized sessions covering a wide range of topics, including Cybersecurity Best Practices, Data Privacy and DSCI Privacy Seal, Risk Management, Incident Response, and more. Led by industry experts, these sessions provided invaluable insights into tackling modern cybersecurity challenges. The DSCI Cybersecurity Centre of Excellence team also conducted a VPAT evaluation of the government website and presented the outcomes. They also shared insights on what the various departments should consider and the role CCoE can play in helping them implement those solutions. The conference witnessed a dynamic exchange of ideas, fostering collaborations between government entities and industry stakeholders to strengthen the cybersecurity ecosystem.

Mr. Jayesh Ranjan appreciated the team at CCoE for conducting the VPAT exercise for the government website. He encouraged the departments to identify common areas for collaboration to utilize the transformative potential of Cybersecurity Centre of Excellence, Telangana and devise strategies to safeguard the critical infrastructure and sensitive data assets in this digital era.

According to Dr Sriram Birudavolu, CEO of the Cybersecurity Centre of Excellence Telangana, “The CCoE has been set up with an aim to provide secure and resilient cyberspace to fulfil the needs of the digital economy and society by creating a cluster of cybersecurity organisations in the state. This conference was organized to highlight the vulnerabilities and give a holistic view of cybersecurity best practices and affordable indigenous solutions to the government departments. the conference emerged as a cornerstone event, highlighting proactive efforts to fortify the cybersecurity landscape across government entities. The CCoE conducted a vulnerability assessment and penetration testing exercise on a government website.

Seven startups and partners of CCoE were recognized for their exemplary performance in conducting penetration testing exercises on government department websites, underscoring their commitment to advancing cybersecurity standards. Leading industry players actively participated in the event, showcasing their latest product and service offerings tailored to meet the cybersecurity needs of government departments. Stalls set up by companies such as TCP Wave, Qualys, Seqrite, Cotelligent, and others provided attendees with insights into cutting-edge cybersecurity solutions.

MIT Manipal Hosts FINENT-2024: A Confluence of Fintech And Entrepreneurship Shaping Tomorrow's Innovators

MIT Manipal proudly hosted FINENT-2024, a conclave that brought together thought leaders from the fintech and entrepreneurship sectors on April 18, 2024. This event highlighted the transformative impact of financial technologies and fostered discussions on the future of innovative business practices.

The event opened with a rousing message from Dr. Milind Agarwal, CEO & Founder of Quickwork, who set an empowering tone for the conclave. "Fintech is more than technology; it's a visionary approach to democratizing financial services and empowering a new generation to tackle global challenges innovatively," he stated, emphasizing the critical role of financial technologies in shaping future societal contributions.

Dr. Yogesh Pai, Head of the Department of Humanities and Management extended a warm welcome to the distinguished guests and highlighted MIT Manipal’s dedication to nurturing a bridge between academic insight and industry innovation. The inauguration saw notable contributions from MIT alumnus Dr. Milind Agrawal, along with insightful addresses by Cdr. (Dr.) Anil Rana, Director of MIT Manipal, and Dr. Giridhar Kini, Registrar of MAHE. Their discussions revolved around the pivotal role of academia-industry collaborations in spurring technological and entrepreneurial innovation.

Speakers such as Mr. Venu Madhav, Senior Vice President of Fidelity Information Services, and Ms. Sabrina Khatri of MSCI, Mumbai, shared their perspectives on the dynamic fintech environment and the essential competencies required to thrive within it. Mr. Madhav spoke on the necessity of adaptability in the rapidly evolving fintech sector, while Ms. Khatri focused on the importance of interdisciplinary skills and a customer-centric approach.

The event's morning sessions concluded with a compelling keynote from Mr. Prakash Ganeshan, Co-founder of LCode Technologies, who discussed the catalytic role of fintech entrepreneurship in driving social change.

The afternoon featured Mr. Nithin Seth, CEO and Co-founder of Incedo Inc., USA, who presented on 'Mastering the Data Paradox,' underscoring the strategic importance of data, digital transformation, and AI. This was followed by a vibrant panel discussion about Manipal’s evolution as an entrepreneurial hub, led by Dr. M H Bala Subrahmanya and featuring industry stalwarts.

The conclave wrapped up with a valedictory session where Lt. Gen. (Dr) M D Venkatesh, Vice Chancellor of MAHE, and Mr. Nithin Seth delivered stirring addresses. Lt. Gen. Venkatesh emphasized the importance of the conclave, stating, "This gathering is a testament to our dedication to cultivating an environment where innovative ideas are not only conceived but effectively implemented. Our goal is to prepare our students not just to participate in the future but to actively shape it." Mr. Seth, focusing on the broader implications for India, encouraged the participants with these words: "India's current entrepreneurial landscape is burgeoning with possibilities that beckon to be seized. It is essential that we harness these opportunities, not only to drive individual success but also to significantly advance our nation's economic and technological frontiers."

The event was expertly organized by Dr. Raveendra Rao and Dr. Sumukh S Hungund, with valuable support from co-convenors Dr. Rajesh R Pai and Prof. Lidwin Kenneth Micheal.