SBI General Insurance Launches "Shagun – Gift an Insurance" Policy

 Highlights

* Covers personal accident insurance 

* Can be gifted to anyone 

* Premiums valued at 501, 1001, 2001 

SBI General Insurance, one of the leading general insurance companies in India announced the launch of first-of-its-kind offering, ‘Shagun – Gift an Insurance”, a unique gift of Personal Accident policy. This product was filed by SBI General under Insurance Regulatory and Development Authority’s (IRDAI) Sandbox regulations. The key differentiating feature of the policy is that it can be gifted to anyone you want, which means it is not necessary for the policy buyer to be related to the insured.   

Shagun covers personal accident insurance which provides complete financial protection to the insured person against uncertainties such as accidental death and partial or total disabilities, and permanent as well as temporary disabilities resulting from an accident. 

On the launch of the product, Mr. P.C. Kandpal, MD and CEO, SBI General Insurance said, “Shagun is a unique offering by SBI General. In our Indian culture, we often celebrate our milestones or auspicious occasions by gifting either something or an envelope of money. This gesture is synonymous with well wishes and good luck. At SBIG, we ideated “Shagun” as a valued gift of security to be positioned for such kind of gestures. The premium of the product has also been designed at Rs. 501, 1001, 2001. Thus, not just the name “Shagun” but also the premium amount has a touch of our Indian tradition.” 

He further added, “Shagun can be gifted to anyone viz your family, friends, extended family and even domestic helpers, drivers, cooks etc., and on any occasion like passing an exam, buying a new car, new home, birthdays, marriage, anniversary, buying a new bike, college admission, etc.” 

Shagun-Gift an Insurance, a unique gift of Personal Accident can be purchased on SBI General’s website www.sbigeneral.in, with a very smooth buying journey in just 3 steps.   

About SBI General Insurance Company Limited:  With the strong parentage of SBI, we, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and to become the first choice for every Indian’s general insurance needs.  

Ever since our establishment in 2009, from 17 branches in 2011, we have expanded our presence to around 123 branches pan-India.  

We follow a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, our distribution family includes over 22,900 IRDAI certified advisors including the State Bank Group employees, and over 12,000 Agents to make insurance easily available even in the remote areas of the country.  

On the distribution network front, we have strong distribution partners adding up our reach to every nook and corner of India, with SBI’s over 22000 branch network, other financial and digital partners. Our current geographical exposure covers 125+ cities pan-India with a presence of another 350+ locations through satellite resources.  

We currently serve three key customer segments viz. - Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment; and are future-ready to serve the growing needs of Indians with new age-processes and services at affordable prices.  

SBI General Insurance closed the financial year 2019-20 with a Gross Written Premium of Rs. 6840 cr at a YoY growth of 45%.  

Brigade Group Announces Q1 FY21 Financial Results Operational Highlights (Q1FY21)

Residential

Achieved 0.4 mn sq ft. of new sales in Q1 FY21 valued at Rs. 250 Crore vs 1 mn sq ft. valued at Rs. 593 Crore in the corresponding quarter of the previous year

Realization per sft has gone up by 14% compared to the same period in the previous year

Jasper Block at Brigade El Dorado of 0.62 mn sft launched during the quarter

Strong pipeline of 16.24 mn sq ft. and upcoming 2.06 mn sq ft. to be launched in FY21

Lease rental:

Leasing segment for offices remains stable with over 95% collections

Construction of the Brigade Twin Towers development has commenced

Hospitality:

All hotels are operational with Ministry of Home Affairs and State Government protocols in place

Average occupancy of 11% due to impact of COVID-19 & lockdown

All non-essential capital expenditure and renovation has been deferred to reduce cash outflows

Various cost saving measures taken including reduction of manpower costs of about 40% and reduction of about 70% in other overheads during the quarter

Financial Highlights:

Consolidated Performance Q1FY21 vs Q1FY20: 

Total Revenues at Rs.214 crores vis-à-vis Rs. 717 crores

EBITDA at Rs. 58 crores vis-à-vis Rs. 191 crores

EBITDA margin at 27%

PAT/(Loss) after Minority Interest at Rs. (53 crores) vis-à-vis profit of Rs. 41 crores

Commenting on the results, Chairman & MD Mr. M.R Jaishankar said, “While this quarter was  impacted by COVID-19, our continued focus on digital marketing,  online booking of apartments  and collections have yielded results even though most of the first quarter was under lockdown.    Despite the pandemic, our total collections for the quarter was Rs. 376 crores. The rental collections from Office in the Leasing Segment is stable. Although the biggest impact has been in the hospitality and retail segment, all efforts are being taken to improve their performance and we are positive that these segments will normalize soon.”

COVID-19 Impact & Outlook

Company outlook:

Construction has resumed at 30% labour strength post unlock 1.0 & has now crossed 50%. We expect to reach 100% by end of Q3 FY21

Green shoots are visible in residential business with a pickup in enquiries and sales

Office business remains stable with 95% collections, retaining a positive outlook

Business in malls and hotels will pick up gradually along with the improvement in economy

Brigade has a strong balance sheet and is in a good position to manage operations while maintaining liquidity to meet business obligations

Industry outlook:

Rate reduction by RBI and consequent low rate of interest for housing loans is a big positive

Adequate liquidity in the economy has helped restrict the damage

Recent announcement by RBI to allow banks to restructure loans in impacted sectors is a step in the right direction

Economy is expected to rebound in the later part of the calendar year; however, GDP contraction is expected for the financial year

Operational Impact:

Construction activity was impacted because of intermittent lockdowns

Lower revenue recognition in real estate segment was due to government office shutdowns

Malls and Hotels underperformed because of the lockdown, travel restrictions and weak consumer sentiment

Collections were impacted because of the reasons mentioned above though partially mitigated by prudent capital expenditure and reduction in overheads

Relief & Efforts:

John’s Health Centre at Brigade Meadows was inaugurated on June 24, 2020

Donation for purchase of an ambulance by St. John’s

Donation for purchase of prefabricated 5 bed ICU module to K C General Hospital

Donation for purchase of ventilator to Sri Vasavi Hospital

Dry ration to more than 3000 families in Bangalore

Sustenance allowance provided to migrant workers and supported them with ‘dry rations

80,000 Meals provided during lock down period

Workers engagement programmes viz. exercises, aerobics, yoga, as well as workers’ counselling

Awards and Recognitions:

Brigade Enterprises Ltd. has been recognised as one of India’s Top 100 Best Companies to Work For 2020, in one of India’s largest workplace study conducted by the Great Place to Work®️ Institute and The Economic Times.

This year, Brigade Enterprises Ltd has been "Ranked 43", in the coveted Top 50 category, across companies. Brigade Enterprises Ltd also has the distinction of being among India’s Top 100 Best Companies to Work For, 10 years in a row.

Brigade Hospitality Services Ltd. has been ranked 3rd amongst India’s Great Mid -Size Workplaces in 2020 by the Great Place to Work Institute and The Economic Times.

Stride Ventures Invests Rs 15 Crores in ZipLoan; Marks First Foray into Fintech Lending

Stride Ventures, one of India’s leading venture debt funds, has led a debt round of INR 15 crores in ZipLoan, a technology-enabled lending platform that provides loans to MSMEs. Through their customized offerings and deep relationships across banks and corporates, Stride aims to be a strategic partner in Ziploan’s journey.

This is Stride’s first foray into Fintech lending and the amount will be disbursed across two tranches. The investment underlines the firm’s commitment to leverage traditional banking capital to cater to the startup ecosystem.

ZipLoan caters to the need of working capital loans for kirana stores and micro industries. Its proprietary ZipScore platform, that tests creditworthiness of a borrower, has so far helped it maintain its non-performing assets (NPA) at under 3%. 

Ishpreet Gandhi, Founder and Managing Partner, Stride Ventures, said “We are excited to partner with ZipLoan in their pursuit to revolutionize lending to small business owners. It is our endeavour at Stride to make credit accessible and efficient as we try to prevent equity dilution and make entrepreneurs truly ‘Atmanirbhar’. The company has exhibited tremendous growth without compromising the quality of the loan book. We are confident that the company will continue to scale even in these challenging times.”

Kshitij Puri, Co-founder & CEO, ZipLoan, added, “We are privileged to partner with Stride Ventures as they help us realise our mission of addressing funding needs of small business owners. The MSME segment is the most important contributor to our economy, but still continues to be credit starved. Even during the current crisis, the MSME segment has shown great resilience demonstrated by strong collections we have had.” 

Stride Ventures launched its maiden fund in 2019 with a target corpus of INR 500 crores and plans to invest in 35-40 startups over the next 3 years.

About Stride Ventures 

Stride Ventures is focused on providing debt solutions to growth stage start-ups. Stride provides tailor-made debt solutions to start-ups, enabling them to strategically allocate capital. Bringing more than six decades of collective underwriting experience, the fund helps its portfolio companies leverage the banking ecosystem through their domain expertise and extensive network.

About ZipLoan

Ziploan is a tech-driven digital lender focused on small ticket business loans. Till date, Ziploan has disbursed approx. INR 400 Cr across 10,000 borrowers. Ziploan is present in Delhi NCR, Mumbai, Indore, Jaipur, Lucknow and Dehradun. Ziploan is addressing the key pain point of small businesses i.e. access to formal credit by customizing the loan sourcing and underwriting process for its target customer base.

5paisa.com Launches India’s Only Multi-Lingual Markets App for 5 Million Users

India’s fastest growing discount broker 5paisa.com has launched the country’s only multi-lingual stock markets app for over 5 million users, as part of its efforts towards providing opportunities to regional investors across the country.

5paisa.com offers the investing app in Hindi, Marathi and Guajarati besides English as of now and will launch Tamil, Telugu, Kannada, Malayalam and Bengali versions soon to allow most Indians have access to stock markets, mutual funds and other investment options irrespective of their language.

Prakarsh Gagdani, CEO, 5paisa.com said, “So far stock market and most other forms of investing could be accessed only by users who know English, this has resulted in regional users staying completely away from many forms of investing and wealth creation.”

“We have significant participation from tier 2 and 3 cities and there are an increasing number of investors who are new to capital markets who find it more comfortable to interact in their own language. Almost 30% of our daily active users are already using language options other than English. We wish to add more four languages covering entire south India soon.”

5paisa.com expects with availability of smartphones and of high-speed internet across India, the multi-lingual app will allow investors choose wisely instead of relying on spurious investing solutions provided many unscrupulous elements.

5paisa.com recently turned profitable after seventeen quarters since inception making it the only listed profitable discount broker in India. The firm has over 7 lac active users and offers equity investing at zero brokerage, mutual funds, insurance, and loans among others on its platform.

 

About 5paisa Capital

5paisa Capital Limited (NSE: 5PAISA, BSE: 540776) is engaged in providing financial products through its online technology platform and mobile applications. It is registered with SEBI as a stockbroker, depository participant and research analyst, and with AMFI as a mutual fund distributor. Its services are targeted at retail investors and high-volume traders who actively invest and trade in securities markets and seek DIY (Do-it-Yourself) services at a low cost.

The Company provides an online technology platform to clients through internet terminals and mobile applications for trading in securities in NSE and BSE; advisory services through the research undertaken by a team of fundamental and technical research analysts; and depository related services as part of its integrated services offering.

5paisa Capital is a technology driven company having mainly an online presence. The Company remains focussed on innovation, based on understanding customer behaviour, and constantly strives to achieve tech superiority as is visible through the developments of its robust trading platform, advanced mobile app, an Artificial-Intelligence powered Robo-Advisory platform, and the paperless account opening process.

PNB MetLife Broadens its Product Portfolio with Three Unique Offerings for Retail Customers

Portfolio

* A guaranteed savings plan, which allows customers the flexibility of pay-out as a lumpsum or supplementary income

* A combined plan, assuring life and health insurance protection, with coverage against Covid-19

* A new Unit Linked Insurance Plan (ULIP), which offers whole life cover along with tailor-made solutions for wealth creation

PNB MetLife Insurance is expanding its product portfolio with three new unique offerings: PNB MetLife Guaranteed Future Plan; Mera Mediclaim Plan and PNB MetLife Smart Platinum Plus. At PNB MetLife customer centricity is the cornerstone that binds all functions. These offerings complement the Company’s concept of “Circle of Life”, which assesses the needs of the customers and offers them with solutions on varied financial needs including - Child Education, Family Protection, Long Term Savings and Retirement.are testament to this approach and was designed keeping in mind the evolving needs of customers across different segments. 

PNB MetLife Guaranteed Future Plan, a guaranteed savings life insurance plan that offers dual advantages of long term guaranteed benefits and financial protection to the family in case of adversities. The plan offers complete control to customer and helps customize the savings schedule based on customer’s needs and affordability. It allows customers the flexibility to choose their future guaranteed pay-out as a lumpsum, income or a combination thereof which will help meeting financial requirements for various goals.

The company, in partnership with Religare Health Insurance, has launched - Mera Mediclaim Plan – that combines benefits of health and life insurance under a single policy. The new solution gives customers access to quality healthcare, cashless hospitalization, along with life insurance coverage.

Additionally, the company has also received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to launch PNB MetLife Smart Platinum Plus, a whole life savings-oriented unit-linked insurance plan (ULIP). The plan also offers life insurance cover to protect ones family in case of an unfortunate demise as well as provides with tailor-made solutions to achieve ones goals, including an option where wealth creation doesn’t take a back seat even during critical illness.

Ashish Kumar Srivastava, MD & CEO, PNB MetLife, said “At PNB MetLife, we believe in “Customer Centricity’ and continuously work towards providing solutions in line with our mantra. As a part of our ‘Circle of Life’ approach, which has been conceptualized to deliver need-based solutions that provide financial wellbeing to the customers during their lifetime, the new products will address the need for life and health protection as well as wealth creation.  PNB MetLife also declared bonus for its participating polices which remains consistent even in these uncertain times. We will continue to invest our efforts in product innovations and introduce more products that will serve the life-stage needs of our valued customers.”  

PNB MetLife Guaranteed Future Plan offers four different options to create a corpus to meet one’s financial goals. The plan comes with a guaranteed income ranging from 103% to 245% of the annualized premium.  Annual premiums higher than Rs.30,000 also receive High Premium Reward ranging from 4% - 12% of annualized premiums.  Besides one can opt for Income plus booster options that will give them an additional income pay-out at specified intervals ranging from 30%-406%. The plan allows customers to time the receipt of maturity amounts on special occasions like birthdays or anniversaries. The policyholder will also be eligible to avail income tax benefit on premiums paid and benefits received under 80 (c) and 10(10d).

Mera Mediclaim Plan offers coverage for comprehensive health and hospitalisation insurance along with life insurance.  The plan features cashless hospitalization cover across Religare Health Insurance’s network of more than 7,500 hospitals. The plan also covers more than 540 Day Care Treatments, alternative treatments such as Ayurveda, Unani, Siddha and Homeopathy and offers a no claim bonus which helps cover to increase upto 220% over two years and 250% over five years. This unique plan provides a cost-effective solution for customers by offering a discount of 7.5% on both life and health insurance premiums, plus dual tax benefits under both section 80 (c) and 80 (d)

PNB MetLife Smart Platinum Plus is a whole life protection and savings oreinted Unit Linked Insurance Plan.  The plan features an unique Care Benefit which helps customers secure their goals against health exigencies and the insurer pays all future premiums in case of diagnosis of any of the listed five critical illnesses. The plan provides additional allocations through features like Return of Fund Management charges of 1st 5 years and Fund booster which is paid at the end of 10th year which enhance the fund value and also incentivise the customers to stay invested for longer. This holistic plan offers the policyholder with the freedom to choose from the benefits, duration of premium payment, the sum assured multiple and also maximise their wealth creation potential through a choice of portfolio strategies and variety of funds. It also offers flexibility of switching between different fund depending on the risk appetite and partially withdrawing money from the fund value after the lock-in period.  The company so far has 22 unit-linked funds in its portfolio of which PNB MetLife Virtue Fund II and PNB MetLife Virtue Fund has been ranked amongst the top 10 in the Insurance Large Cap Category (as of June 30, 2020) by Morningstar, a leading independent investment research organization. This ranking is testimony to the company’s strong fund management prosess and reaffirm the commitment to deliver value accretive growth to its customers investing through market-linked products. 

This trio of products launched by PNB MetLife holistically fulfils the advanced needs and demands of the consumer. Amongst the three products, Mera Mediclaim Plan and PNB MetLife Guaranteed Future Plan are available across PNB MetLife’s bancasurance, agency as well as online channels. As the masses settle to the new normal where protection of health and life and wealth creation have assumed a level of importance like never before, PNB MetLife strives to serve its customers at every new juncture of their lives through its dynamic and ever-evolving approach to customer satisfaction.

About PNB MetLife India Insurance Company Limited

PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders.

Panasonic Jaguar Racing Head To Berlin for a Lockdown Showdown

Berlin Tempelhof

* After more than 150 days, Panasonic Jaguar Racing head to Berlin Tempelhof, Germany for the final six races of season six of ABB FIA Formula E

* The pacesetting Jaguar I-TYPE 4 will line up for six races in an incredible nine days on three different track layouts for the most intense finale in motorsport history

* Mitch Evans sits second in the ABB FIA Formula E drivers’ championship

* Panasonic Jaguar Racing are third in the ABB FIA Formula E teams’ championship

* Tom Blomqvist announced as the reserve driver for Panasonic Jaguar Racing

* Lights go green for the Berlin E-Prix at 19:00 local time (CET) on 5 August

After 158 days, Panasonic Jaguar Racing will head to Germany to complete season six of Formula E in a unique lockdown showdown. Berlin’s Tempelhof circuit will witness six races in nine days with three different track layouts.

Sitting second in the drivers’ championship, Mitch Evans, and teammate James Calado will look to push for more points, podiums and wins during the ABB FIA Formula E Berlin E-Prix with the pacesetting Jaguar I -TYPE 4.

Tom Blomqvist is confirmed as the reserve driver for the remaining six races of the season, replacing Alex Lynn who will drive for Mahindra. The British-Swedish driver previously drove for the Andretti Formula E team in 2018.

James Barclay, Panasonic Jaguar Racing Team Director:

“We’re going into the final six races in Berlin in a great position. Whilst it’s going to be an  intense challenge for all of the team to complete six races in nine days we are looking forward to it and feeling positive that we are ready to give it our all to fight for the drivers title with Mitch and achieve our best result to date in the team standings. At Panasonic Jaguar Racing our season six objective was to compete for more points, podiums and wins and so far, we’ve done just that. It’s been a long break in the season, but we are hungry to pick up where we left off and finish the season successfully. The whole team has been working incredibly hard during lockdown to ensure that we maintain our positive momentum. We never underestimate the quality of our competition in Formula E though and the challenge that the team and the drivers will face in Berlin but we are fully prepared and ready to give it our all. It’s ultimately within reach so we will be doing our all to achieve our goals together.”

Mitch Evans, Panasonic Jaguar Racing Driver #20:

“This season we’ve tasted success and I am really proud of my performance, particularly in the last three races. We achieved Super Pole and a Podium in Santiago, we won in Mexico City and we made history in Marrakesh by gaining 18 places and finishing P6 after starting from the back of the grid. Being second in the drivers’ championship puts me in a good position heading into Berlin but I know I can’t underestimate the challenge that we have ahead. Our Jaguar I-TYPE 4 is incredibly quick so I’m hoping to show the everyone that we can be in the fight by 13 August.”

James Calado, Panasonic Jaguar Racing Driver #51:

“I’m looking forward to getting back into the Jaguar I-TYPE 4 at the Tempelhof circuit. I started in P10 in Marrakesh and felt like I had made some solid progress. I want to give my best performance in Berlin. My role is to support Mitch and the team and secure as many points as possible. I’m sure it will come with its challenges and this break has definitely added the pressure but I’m ready for the lights to go green and finish the season on a high.”

In less than one week, the ABB FIA Formula E Berlin E-Prix will commence, with the first race of six taking place on Wednesday 5 August at 19:00 (CET) ahead of the most intense finale in motorsport history.

All New CRETA Establishes Supremacy Records Over 55 000 Bookings

* All New CRETA dominates India’s SUV landscape - Becomes India’s Best-selling SUV for two consecutive months in May and June 2020

* Most enquired and searched car on Hyundai ‘Click to Buy’ with 30 % enquiries and 76% bookings 

* Diesel models constitute 60% of bookings, indicating strong customer sentiment for Hyundai’s advanced Diesel BS6 technology

Hyundai Motor India Ltd. (HMIL), country’s First Smart Mobility Solutions provider and the largest exporter since inception continues to receive overwhelming response for its recently launched All New CRETA – The Ultimate SUV that has now recorded more than 55 000 Bookings. 

Commenting on the achievement, Mr Tarun Garg, Director(Sales, Marketing & Service), Hyundai Motor India Ltd. said, “Ever since its launch in 2015, CRETA has been a benchmark in the industry, a household name that has represented distinction and success for over 4.85 lakh valued customers. With the launch of All New CRETA in March 2020, Hyundai has once again redefined SUV leadership in the segment and established its supremacy, recording over 55 000 Bookings and more than 20 000 Happy Customers in just 4 months. This achievement stands testament to All New CRETA’s superior looks, feature rich package and dominant performance that has won hearts across India, even during these trying times.”

All New CRETA established its leadership in the SUV segment by attaining highest sales in the month of May and June 2020. The contribution of Diesel in the All New CRETA bookings continues to increase and is now 60% of the total bookings received, indicating a strong demand for Hyundai’s advanced and globally proven Diesel BS6 Technology. The All New CRETA is also the most researched model on India’s First and Most Comprehensive end-to-end Car Buying Platform ‘Click to Buy’ with over 30% customers enquiring about All New CRETA.

A bestseller in its segment, All New CRETA has consistently been the most admired and preferred SUV in India, with customers opting for its ultimate features such as

-          Voice Enabled Smart Panoramic Sunroof

-          Drive Mode Select

-          Traction Control Modes

-          Bose Premium Sound System (8 Speakers),

-          Auto Healthy Air Purifier with Digital Display

-          Paddle Shifters

-           Ventilated Seats

Further, All New CRETA offers a thrilling drive, powered by Hyundai’s new 1.4 l Kappa Turbo GDi Petrol (BS6) engine with 7DCT (Dual Clutch Transmission) gaining immense popularity among buyers. All New CRETA also offers customers complete peace of mind with WONDER Warranty Options - 3 Years/unlimited kms or 4 years/60 000 kms or 5 years/50 000 kms. 

IBM Report: Compromised Employee Accounts Led to Most Expensive Data Breaches Over Past Year

IBM Security announced the results of a global study examining the financial impact of data breaches, revealing that these incidents cost companies $3.86 million per breach on average, and that compromised employee accounts were the most expensive root cause. Based on in-depth analysis of data breaches experienced by over 500 organizations worldwide, 80% of these incidents resulted in the exposure of customers’ personally identifiable information (PII). Out of all types of data exposed in these breaches, customer PII was also the costliest to businesses.  

As companies are increasingly accessing sensitive data via new remote work and cloud-based business operations, the report sheds light on the financial losses that organizations can suffer if this data is compromised. A separate IBM study found that over half of employees new to working from home due to the pandemic have not been provided with new guidelines on how to handle customer PII, despite the changing risk models associated with this shift.  

Sponsored by IBM Security and conducted by the Ponemon Institute, the 2020 Cost of a Data Breach Reportis based on in-depth interviews with more than 3,200 security professional in organizations that suffered a data breach over the past year.1Some of the top findings from this year’s report include: 

Smart Tech Slashes Breach Costs in Half: Companies who had fully deployed security automation technologies (which leverage AI, analytics and automated orchestration to identify and respond to security events) experienced less than half the data breach costs compared to those who didn’t have these tools deployed – $2.45 million vs. $6.03 million on average.  

Paying a Premium for Compromised Credentials: In incidents where attackers accessed corporate networks through the use of stolen or compromised credentials, businesses saw nearly $1 million higher data breach costs compared to the global average – reaching $4.77 million per data breach. Exploiting third-party vulnerabilities was the second costliest root cause of malicious breaches ($4.5 million) for this group.    

Mega Breach2Costs Soar by the Millions: Breaches wherein over 50 million records were compromised saw costs jump to $392 million from $388 million the previous year. Breaches where 40 to 50 million records were exposed cost companies $364 million on average, a cost increase of $19 million compared to the 2019 report.  

Nation State Attacks – The Most Damaging Breaches:  Data breaches believed to originate from nation state attacks were the costliest, compared to other threat actors examined in the report. State-sponsored attacks averaged $4.43 million in data breach costs, surpassing both financially motivated cybercriminals and hacktivists. 

“When it comes to businesses’ ability to mitigate the impact of a data breach, we’re beginning to see a clear advantage held by companies that have invested in automated technologies,” said Wendi Whitmore, Vice President, IBM X-Force Threat Intelligence. “At a time when businesses are expanding their digital footprint at an accelerated pace and security industry’s talent shortage persists, teams can be overwhelmed securing more devices, systems and data. Security automation can help resolve this burden, not only enabling a faster breach response but a significantly more cost-efficient one as well.” 

Employee Credentials and Misconfigured Clouds – Attackers’ Entry Point of Choice  

Stolen or compromised credentials and cloud misconfigurations were the most common causes of a malicious breach for companies in the report, representing nearly 40% of malicious incidents. With over 8.5 billion recordsexposed in 2019, and attackers using previously exposed emails and passwords in one out of five breaches studied, businesses should rethink their security strategy via the adoption of a zero-trust approach – reexamining how they authenticate users and the extent of access users are granted. 

Similarly, companies’ struggle with security complexity – a top breach cost factor – is likely contributing to cloud misconfigurations becoming a growing security challenge. The 2020 report revealed that attackers used cloud misconfigurations to breach networks nearly 20% of the time, increasing breach costs by more than half a million dollars to $4.41 million on average – making it the third most expensive initial infection vector examined in the report. 

State Sponsored Attacks Strike Heaviest

Despite representing just 13% of malicious breaches studied, state-sponsored threat actors were the most damaging type of adversary according to the 2020 report, suggesting that financially motivated attacks (53%) don’t translate into higher financial losses for businesses. The highly tactical nature, longevity and stealth maneuvers of state-backed attacks, as well as the high value data targeted, often result in a more extensive compromise of victim environments, increasing breach costs to an average $4.43 million. 

In fact, respondents in the Middle East, a region that historically experiences a higher proportion of state-sponsored attacks compared to other parts of the world3, saw an over 9% yearly rise in their average breach cost, incurring the second highest average breach cost ($6.52 million) amongst the 17 regions studied. Similarly, the energy sector, one of the most frequently targeted industries by nation states, experienced a 14% increase in breach costs year over year, averaging $6.39 million.  

Advanced Security Technologies Prove Smart for Business  

The report highlights the growing divide in breach costs between businesses implementing advanced security technologies and those lagging behind, revealing a cost-saving difference of $3.58 million for companies with fully deployed security automation versus those that have yet to deploy this type of technology. The cost gap has grown by $2 million, from a difference of $1.55 million in 2018. 

Companies in the study with fully deployed security automation also reported significantly shorter response time to breaches, another key factor shown to reduce breach costs in the analysis. The report found that AI, machine learning, analytics and other forms of security automation enabled companies to respond to breaches over 27% faster than companies that have yet to deploy security automation – the latter of which require on average 74 additional days to identify and contain a breach. 

Incident response (IR) preparedness also continues to heavily influence the financial aftermath of a breach. According to the report, companies with neither an IR team nor testing of IR plans experience $5.29 million in average breach costs, whereas companies that have both an IR team and use tabletop exercises or simulations to test IR plans experience $2 million less in breach costs – reaffirming that preparedness and readiness yield a significant ROI in cybersecurity. 

Some additional findings from this year’s report include: 

 

Remote Work Risk Will Have a Cost – With hybrid work models creating less controlled environments, the report found that 70% of companies studied that adopted telework amid the pandemic expect it will exacerbate data breach costs.  

CISOs Faulted for Breaches, Despite Limited Decision-Making Power: Forty-six percent of respondents said the CISO/CSO is ultimately held responsible for the breach, despite only 27% stating the CISO/CSO is the security policy and technology decision-maker. The report found that appointing a CISO was associated with $145,000 cost savings versus the average cost of a breach.  

Majority of Cyber Insured Businesses Use Claims for Third Party Fees: The report found that breaches at studied organizations with cyber insurance cost on average nearly $200,000 less than the global average of $3.86 million. In fact, of these organizations that used their cyber insurance, 51% applied it to cover third-party consulting fees and legal services, while 36% of organizations used it for victim restitution costs. Only 10% used claims to cover the cost of ransomware or extortion. 

Regional & Industry Insights: While the U.S. continued to experience the highest data breach costs in the world, at $8.64 million on average, the report found that Scandinavia experienced the biggest year over year increase in breach costs, observing a nearly 13% rise. Healthcare continued to incur the highest average breach costs at $7.13 million — an over 10% increase compared to the 2019 study.  

 

About the Study 

The annual Cost of a Data Breach Report is based on in-depth analysis of real-world data breaches taking place between August 2019 and April 2020, taking into account hundreds of cost factors including legal, regulatory and technical activities to loss of brand equity, customers, and employee productivity.  

BharatPe Launches ‘ESOP Cheque Cash Karo’ Scheme in India

BharatPe, India’s largest merchant payment and lending network company, has launched India’s first ‘ESOP Cheque Cash Karo’ scheme. All ESOP holders have been given option to sell back shares from their 1st vesting back to BharatPe.  

BharatPe has one of the most progressive ESOP schemes amongst the startups. BharatPe has 6% (US$ 25M+) of its overall equity allotted to the ESOP pool. All employees are given ESOP Grant along with appointment letter. ESOPs carry ZERO strike price. The vesting is front ended in favour of employees with 25% vesting on year 1 and thereafter 2% every month. The employees are not required to exercise the ESOPs on leaving and can time it with a liquidity event anytime up to 5 years. Now with the ‘ESOP Cheque Cash Karo’ scheme, employees will be able to enjoy liquidity upfront which will establish ESOP as valuable and liquid currency.    

Mr. Ashneer Grover, Co-Founder & CEO, BharatPe, said: “In Indian ecosystem, ESOPs have been one of the most abused and misunderstood instruments. Verbal grants, back ended vesting and last-minute changes to even documented ESOP grants have eroded employee faith in ESOPs.” 

”BharatPe is pioneering welcome change in ESOPs. BharatPe ESOP grant is like a cheque in the hands of employees. We are encouraging our employees to bank their first ESOP cheque and enjoy the value they’ve created as cash in bank. BharatPe ESOP is not a mere promise – it is an appreciating currency. 1US$ = Rs.70; 1 BharatPe ESOP = Rs.7,00,000” Ashneer added. 

Mr. Geetanshu Singla, Head of Engineering, BharatPe, said: “Really happy that the company has announced buyback of the ESOPs during the pandemic to support current and even ex-employees. It’s like a post-dated cheque. This is the first and last time I’m exercising my stock options and will hold on to them, they will be the most valuable asset that I hold"  

About BharatPe 

BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the vision to make financial inclusion a reality for Indian merchants. BharatPe launched India’s first UPI interoperable QR code, first ZERO MDR payment acceptance service, first UPI payment backed merchant cash advance product, and the only P2P NBFC investment product. In 2020, post Covid, BharatPe also launched India’s only ZERO MDR card acceptance terminals – BharatSwipe. Currently serving over 40 lakh merchants across 35 cities, the company has grown business 30x in 2019 and is the leader in UPI offline, processing 5 crore+ UPI transactions a month (annualized TPV of US$ 3 Bn). The company has already disbursed more than 35,000 loans (Rs. 175 crores). 

QuEST Global Rolls Out a New Equity Compensation Plan Globally

* The plan will be rolled out to eligible employees

* Aims at developing and retaining future leaders of the company

QuEST Global, a global product engineering and lifecycle services company, today announced a broad-based equity compensation plan for its employees globally. The plan, aimed at increasing employee ownership in the organization, comprises of Employee Stock Options (ESOPs) which have the potential to provide significant benefits to the participants. ESOPs will be rolled out to eligible employees - selected based on roles, performance, and growth potential - in the coming weeks.

The ESOP grants vest over a future period - typically 3-5 years and will provide employees with a financial interest in the future success of the business. Along with this, the ESOP will also enable the company to develop and retain its future leaders as equity plans help align the interests of the shareholders and the employees.

Calling it a significant business decision, Ajit Prabhu, Chairman & CEO, QuEST Global said, “The well-being of the company is in the hands of our loyal, long-term employees and clients who rely on them. Over the last two decades, our belief in the power of people has led us to build an organization that employs over 11,000 talented engineers across the globe. It is not just the founding families and private equity firms who are the owners of the company but also our employees, who double up during crises to rebuild the business. It is befitting to reward them with ownership by rolling out ESOP for their loyalty and commitment, providing them with a great opportunity to participate in generating and sharing the wealth.”

Ajit also said that he is grateful to all the employees, shareholders, and investors who supported the organization during this unprecedented situation as the COVID-19 pandemic hit businesses worldwide. “The year 2020 has been tough. With the strong support of our shareholders and investors, who continue to believe in us, along with the positive spirit demonstrated by our employees, we have been successfully sailing through the trying times. With their support, we will continue to build an organization where we have put purpose over profit, empowerment over control, networking, and engagement of employees over control and command. The culture and employees are truly the greatest assets of QuEST, and it will lead us to a bright and successful future,” he added.

Niketh Sundar, Global Head – People Function and Culture, QuEST Global, said, “The founders of the company always believed in greater employee ownership and participation. This has translated into us going deeper and enrolling a lot more employees across multiple levels than what is typically expected of such plans in the industry. This strategic move will also help us groom experienced and dedicated engineers who can solve problems for our customers, while they directly benefit from the continued success of the company. At QuEST, we are very excited about the future.”

Over the last two decades, QuEST has seen multiple equity-linked incentive plans, and this is the company’s fourth ESOP grant cycle following grants in 2004, 2011, and 2017. The new plan will enroll almost twice as many participants as compared to previous years; providing greater flexibility and adopts several good practices in terms of design – be it around plan vehicles, vesting, and performance conditions.

BCT Digital Launches ‘IND AS 109 Product Suite’ to Tackle Expected Credit Loss

BCT Digital, a global Fintech company specializing in BFSI, Predictive Analytics, and Risk Management, has announced the launch of rt360-ECL solution from ‘IND AS 109 Product Suite’ for Expected Credit Loss (ECL) reporting. The rt360-ECL is an integral part of the IND AS 109 Product Suite and has been designed exclusively keeping in mind the unique and specific nuances of Indian Financial Institutions and the Indian Regulatory Environment.

With the introduction of the global International Financial Reporting Standards-9 (IFRS 9) and its equivalent Indian Accounting Standards (IND AS) 109, financial institutions are moving towards adopting scientific methods for computing credit losses. The first set of guidelines in this regard were issued by the RBI in February 2016, which  was followed by a series of amendments, and the latest one was issued in March 2020. This amendment announced the implementation of the Indian Accounting Standards, including IND AS 109 for NBFCs and Asset Reconstruction Companies.

IND AS 109 requires financial institutions to take the Expected Credit Loss (ECL) approach as opposed to the Incurred Loss approach. Under the ECL approach, credit losses must be granularly and systematically estimated and provided for throughout the life span of a loan. The rt360-ECL is a business-driven technology solution that enables banks to compute Expected Credit Loss as per regulatory guidelines, while addressing requirements such as Point-In-Time Probability of Default (PD), Validation and forward-looking estimates.

“During these unprecedented times, banks are facing huge credit losses as their customers suffer through the COVID-19 pandemic. Managing credit risk in a volatile financial market is very critical. If not carefully monitored, the systemic risks can easily snowball, and this can impact not only the banking network, but also the financial health of the country at a macroeconomic level. The rt360-ECL is an integral part of BCT Digital’s IND AS 109 product suite and has been exclusively designed keeping in mind the unique nature of the Indian regulatory environment and specific nuances of Indian financial institutions.” said  Jaya Vaidhyanathan, CEO at BCT Digital.

The rt360-ECL aggregates banks’ historical data and estimates parameters such as Probability of Default (PD), Loss Given Default (LGD) and Exposure at Default (EAD) and Effective Interest Rate (EIR). It’s inbuilt standard functions support validation and calibration of models to ensure that the process is efficient and robust. It’s essential value additions include automation of credit risk monitoring processes, faster turnaround time to achieve regulatory compliance and internal reporting and proactive credit risk assessment and monitoring. The core features of the rt360-ECL include computing 12 months’ and lifetime ECL for both fund-based and non-fund-based facilities; automated computation of Probability of Default, (Loss Given Default and Exposure at Default); Effective Interest Rate computation; automated validation of parameters as per RBI/Basel requirements through a pre-built library of model validation tests; integration with other solutions, such as core banking/Asset Liability Management systems& and prebuilt dashboards for management reporting. Click here for more information.

BCT Digital being a FinTech specialist and pioneer in risk management solutions aims to empower banks and financial institutions to recognize expected change in credit risk and provide a framework to manage forward-looking credit loss through the rt360 Risk Management Suite. rt360 risk products are a 100% “Made in India”, by BCT Digital, keeping in mind the complexity of internal and external risk factors faced by banks.

FAITH Revises Indian Tourism Value at Risk Guidance to ₹ 15 Lakh Cr

‘Now or Never’ Point 

* Worst period ever for tourism in 100 years. 

* Till a vaccine is found, concept of tourism will be in dire threat

* Tourism COVID Support Fund needed

* RBI must give a multi-year moratorium on principal & interest to tourism.  

* Stop the clock on all central & state Government for statutory payments

* 75% value or minimum 9 months of the almost 10% of India’s GDP from Tourism at risk from collapse 

* Generations of tourism businesses and crores of jobs getting impacted

Federation of Associations in Indian Tourism & Hospitality,the policy federation of all the national associations representing the complete tourism, travel and hospitality industry of India (ADTOI, ATOAI, FHRAI, HAI, IATO, ICPB, IHHA, ITTA, TAAI, TAFI) & cause partner AIRDA has further revised upwards it’s value at risk to Indian tourism to ₹ 15 lakh crores. 

FAITH’s first guidance which was calculated and was shared with the Government in March 2020 had put tourism’s economic value at risk at ₹ 5 lakh crores from this pandemic.  FAITH revised this further during the quarter as the situation deteriorated and the value at risk was put at ₹ 10 lakh crores. This has been revised again to touch a value at risk of upto ₹ 15 lakh crores in terms of the economic output of tourism in India 

Given the way the virus is progressing, tourism supply chains have  broken down in India across all its key inbound, domestic & outbound markets and is not expected to recover for the next  5 months too making the total impact to a minimum of 9 months starting from March this year. 

The direct and indirect economic impact of Tourism industry in India is approximately estimated at ~ 10% of India’s GDP.  This roughly puts the full year economic multiplier value of tourism in India at ~ ₹ 20 lakh crores. Minimum three quarters of tourism will be fully impacted 

This value covers the whole tourism value chain from airlines, travel agents, hotels, tour operators, tourism destinations restaurants, tourist transportation, tourist guides. Each of these segments of tourism is non - performing or under performing and will stay that way for many months of this year.

This is evident across all segments of tourism. Pending refunds for travel agents,  shut down or vacant  hotels & restaurants,  empty or locked down conventions and meeting or wedding halls, no order pipelines for tour operators, tourist transport lying locked in parking lots, laid off or leave without pay staff , managers, the summer domestic and outbound holiday season gone,  no visible bookings for the peak October - March season, meetings shifted to virtual apps , non - essential travel closed and so on. 

Be it leisure ( inbound, outbound, domestic) corporate travel, heritage, adventure, meetings incentives, exhibitions & events religious, spiritual and in upcoming high value niche tourism products such as sea & river cruises, camping, rafting, golf  film tourism, jungle tourism, agri tourism and many more across all states, this will the worst performing year for tourism in a century. 

Tourism has one of the largest economic multipliers and FAITH based upon its industry estimates believes that each rupee spent on tourism could have an economic multiplier of upwards of  3- 4 times more for India given its most globally unique natural and cultural heritage spread across the Indian hinterlands. The cumulative job losses for the full year both in organised & unorganised category of tourism could go as high as 4 crores. 

FAITH has been requesting over the past 5 months that for revival of any demand in tourism, it is first important that the survival of tourism businesses in India has to first remain intact. 

Tourism sector requires a very customised sector specific relief package and it cannot be delayed any further,  FAITH spokesperson said.

The following are immediately critical to maintaining the survival of tourism businesses 

* A Tourism fund which can be used by tourism enterprises in India for taking care of their employees. 

* A multi-year moratorium by RBI on principal and interest payments by tourism, travel & hospitalty businesses. 

* An immediate full year waiver of all central and state statutory liabilities be it PF , ESi, income taxes, GST , fixed power and utilities tariffs, property , excise , inter-state tourist transportation taxes and license fees, all without any accumulated or penal interest has to be done immediately. 

* Robust booking payments refund mechanism for travel agents & tour operators from airlines, railways, state tourism parks and other suppliers. 

Only this will keep the Indian tourism track and hospitality industry alive for a revival, it will keep the jobs intact and it will protect the exposure of the banking sector to tourism preventing their loans from becoming NPAs. 

Post the Unlock tourism is seeing some spur, but that too very limited, very  short -  haul  domestic travel and not enough to make any tourism business viable. 

FAITH has already raised requests over the past five months to the Prime Minister, the Finance Minister, to each of the 28 chief ministers , to the RBI, Niti Aayog, to tourism parliamentary panel, ministries of aviation, commerce, Finance and to more than 600 parliamentarians and is closely in coordination with ministry of tourism.  

It has also requested the Parliamentarians to raise the question as to ‘why not tourism’ for sector specific support when tourism industry contributes to pan India jobs across urban & rural, forex , robust IT & GST collections, capex driven GDP & so on. 

Tourism is a very unique business and is a discretionary activity.  Tourism is a means of unwinding, letting oneself immerse in local experiences. With each aspect of the travel journey now under the threat of virus from contact, this puts tourism at risk. Till the time there is a vaccine found, the very concept of tourism will be in question.  

This will be reflected in all data points of the Government whether in GST collections, banking data, PF, ESI or state level fixed charges. 

Tourism cannot be treated economically like any other business and needs NOW a Fiscal & Monetary structured package coordinated among all arms of Governments. 

The whole value chain of Indian tourism will be under threat - which catered to almost 10.8 million incoming foreign travellers , almost 1.8 billion Indian domestic tourism visits, almost 5 mn- + expats Indians visiting back,  almost 28 mn + outbound travelling Indians & almost $ 29 bn + forex earnings.

Aakash Educational Services Offers Digitized Futuristic Platform for Education Community with SAP S/4HANA

With the aim to digitize education and transform student experiences, by steering innovative mindsets in the current COVID era, Aakash Educational Services Ltd. (AESL), a national leader in test preparation services, embarked on a digital transformation journey with SAP S/4HANA. This SAP adoption is an important step towards enabling AESL to offer a digital futuristic platform for the education community at large.

With the education industry shifting from a classroom to an online setup in the current pandemic environment, AESL made a swift decision to standardize their business processes and bring in operational efficiencies that can offer quality digital education services to internal as well as external stakeholders. They chose SAP’s next-generation Digital Core, SAP S/4HANA an intelligent, integrated ERP system that helps revolutionize business processes with intelligent automation. This digital upgradation will further lay the foundation of AESL towards financial transformation on which the company can scale, grow and be future-ready.

Commenting on the announcement, Mr Aakash Chaudhry, Director and CEO of Aakash Educational Services Limited (AESL), said: “We are investing heavily in technology to digitize our entire business model and systems, so that we stay with times and improve our offerings to our next-gene customers.  We trusted SAP S/4 HANA to become our technology architecture that seamlessly integrates our processes and services to align with the future plans of the company.” 

“India has the world’s largest population of about 500 million students in the age bracket of 5-24 years and this provides a great opportunity for the education sector. There is a huge need to adopt transformative and innovative approaches for further development in the education system,” said Parvesh Ghai, Vice President Sales, North & East India, Bangladesh, SAP. “We support institutes like AESL that believe in ‘digital transformations’ by bringing vast opportunities for taking the education and learning experience to the next level.”

AESL also plans to adopt industry best practices and gain a competitive advantage to stay ahead in the industry. This step towards digital transformation further lays the foundation of business growth and expansion planned for the coming years.

About Aakash Educational Services Limited (AESL)

Aakash Educational Services Limited (AESL) provides comprehensive test preparatory services for students preparing for Medical and Engineering Entrance Examinations, School/Board Exams and Competitive Exams such as NTSE, KVPY, and Olympiads. AESL believes that the “Aakash” brand is associated with quality coaching and a proven student selection track record in various Medical and Engineering Entrance Examinations, Scholarship exams & Olympiads. 

With over 32 years of operational experience in the test preparatory industry, the company has a large number of selections in Medical & Engineering Entrance Exams and several Foundation level Scholarship exams/Olympiads, a pan India network of 200+ Aakash Centers (including franchisee), and a student count of more than 250,000.

The Aakash group also owns famous K-12 EdTech brand, Meritnation.com as well.

BOCI and Karnataka State Bus Owners Federation Seek Help from Government Due to Financial Crisis

 

Bus & Car Operators Confederation of India - (BOCI) & Karnataka State Bus Owners Federation Bangalore representing district association of bus owners operating buses from various district of Karnataka and neighboring states urged the Karnataka government to provide immediate relief to the public transport sector which is on a  stand still due to COVID 19 lockdown. The public transport sector has requested waiver of taxes, deferment of tax payments, extension of vehicle insurance validity, increase in price/fare on tickets, extending the loan moratorium and subsidies on diesel and tax reduction on spare parts for a stipulated period which would help reduce the vehicle running cost to save the sector from collapsing.

The Current fleet of vehicles under the Private Passenger Services is approximately 4lakh in Karnataka. The extended lockdown has hit the sector hard with many operators in dire straits and on brink of closure.  When compared to other countries, in India public transport sector does not receive financial support, instead it has severe burden of taxation including GST on tickets and purchase of vehicle tires and spares, GST and CESS on fuel and lubricants and toll tax.

Considering social distancing norms and only half the seats being used, paying tax for all seats per quarter in advance has affected the transport operators badly.  Due to non-operation of vehicles for more than four months, it has impacted the public transport sector severely. The layoff has also caused tremendous inconvenience to commuters, the salaried middle-class and unprecedented hardship for migrant daily wage laborers in India who depend entirely on public transport for their commute. The sector has made several representations to the authorities in the transport department, Ministries of state and to the Hon’ble Chief Minister of Karnataka to draw their attention to multitudes of issues faced by the sector and have urged urgent action to alleviate their pain.

The key asks of the sector to various authorities in the Government of Karnataka are:

Waiver on Motor Vehicle Tax for six months

Extension of Vehicle Insurance

Increase in price in tickets

Waiver on Toll tax for public transport vehicles

Reduction in State tax & CESS on Diesel for public transport sector vehicles for next six months

Portal access to interact with RTO for payment of fees, documentation etc. avoid person to person contact and reduce virus spread

Insurance coverage to drivers and transport workers plying during pandemic to ferry passengers, essential goods

Allow utilization of ESI / EPF funds to pay staff salaries

Viability Gap Funding for Public Transport

Deferment of EMI payments for next 6 to 12 months

Addressing this concern, Mr. Rajavarma Ballal, All India Sectorial Vice President of Stage Carriage Service Sector, Bus & Car Operators Confederation of India (BOCI) said, “Transport sector is one of the major sectors contributing to the economy of the state and the nation. Government must provide necessary support to revive the sector in these critical times by providing tax exemption and extension of loan repayment tenure amongst other provisions. Though Banks have extended the moratorium for few months, but they should extend the mortarium by waiving interest to existing loans because more than 80% of the vehicles are usually financed and many are availing the moratorium. The Central Government has also provided COVID loan facilities for MSMEs. But as per the provision the loan facilities can be availed only by the owners of the travel companies. This loan facility must be extended to the individual owners who are using their personal vehicles for transport.  Also, the economic relief announced by the government to the public sector transportation must be extended.”

Mr. Prasanna Patwardhan, President, Bus & Car Operators Confederation of India (BOCI) said, India moves on public transport, as more than 90% of our people use it for their daily mobility needs. We have over 17 lakh operational buses on Indian roads, out of which, about 1.50 lakh buses are operated by various STU’s. The remaining 15.5lakh buses, accounting for almost 30 Crore passenger trips, are run by private operators which are the member of various Associations & Federations affiliated to Bus & Car Operators Confederation of India (BOCI). Being a labor-intensive sector, we request the government to support and save the sector from a total collapse. The fiscal relief sought will help the sector see through these tumultuous times.”

BOCI has also addressed these issues in a letter to the Honorable Prime Minister requesting for a job security of 1 crore people who have not been paid during the lockdown and requested government to take responsibility to pay salaries for 3 months. Rescheduling of all EMIs and Banks should be instructed to reschedule loans by giving at least six months moratorium period to all customers and to waived off the interest for the moratorium period. Banks and NBFCs should be advised to provide top-up working capital at low interest rates to resume business.

Ameyo Reaches Turnover of Rs. 90 Cr in FY 2020 with 27% EBITDA

Ameyo, a leading provider of Omnichannel Customer Engagement Technology today revealed business results from FY 19-20, a year during which the company grew at 30% with 27% EBITDA to reach a turnover of Rs. 90 crores.

Over the last few years, Ameyo has been pivoting its revenue model from licenses to a subscription business with 50% recurring revenue of Rs. 45 crores in FY 19-20.

The firm has a presence in 60+ countries with international business contributing to almost 43% of the turnover at Rs. 38.4 crore

Commenting on this growth, Bishal Lachhiramka, Co-founder & CEO, Ameyo, mentions, “Ameyo has continued to grow at a steady pace with profitability, thanks to our focus on creating products & solutions that provide value to our customers. With COVID-19 and the focus on digital transformation, our growth has been accelerated. We will continue to focus on creating solutions for the unique problems of emerging geographies.”

During Q1, 2020, Ameyo grew its customer base by over 100 percent, adding HDFC ERGO General Insurance, Sridhar Insurance, Apollo Health and Lifestyle, Zolo, BYJU’S, D.Light, STC Channels, LR Data, SP Madrid, Toppr, Jubilant FoodWorks, Spice Money, Rebel Foods (Faasos), The Muthoot Group, Vistaprint, and many more.

Ameyo recently launched the RBI compliant Video KYC engagement platform with omnichannel capabilities that allow the Regulated Entities (REs) to reduce onboarding drop-offs by 20% and reduce the cost of KYC by 90%. The solution is built for scale and operates even at low internet bandwidth and a variety of devices to target the masses.

Sachin Bhatia, Co-founder and Global Sales & Marketing Head at Ameyo, adds, “Contact centers are going to play a pivotal role in the post-COVID-19 times, as they provide the last line of human to human interaction between brands and consumers. We are very bullish about the next wave of growth with our new product launches that enable brands with remote solutions for Sales, Onboarding, Customer Service, and Collection use cases.

In the near future, Ameyo plans to launch a series of solutions in the AI space using their own IP as well as by partnering with market leaders in the space. The firm has invested in AI to use sentiment analysis in the routing of interactions and is planning to use it for three main purposes i.e. Intelligent Routing, Assisted Service, and Quality Monitoring.

Geographically they will continue to expand into newer markets in Southeast Asia, ME, and Africa and have recently also entered the markets of South Africa, Ethiopia, Egypt, Bahrain, and Vietnam.

The 400+ employees strength company initially started off with solutions for contact center channels like voice and email but today they are catering to all social media and chat platforms like Facebook, WhatsApp, Google Play Store, Instagram, Twitter, and Viber.

About Ameyo

Ameyo is an Omnichannel customer engagement platform that helps businesses go remote with its 3 Unique Remote Contact Center Solutions and help them streamline their customer service, customer support, and collection processes.

Ameyo's robust platform is available for on-cloud and on-premise implementation with private, public, as well as hybrid instances. It has pre-built integrations with all significant industry-grade CRMs. Ameyo provides strong omnichannel capabilities of Voice, IVR, ACD, Dialers, Email, Chat, and Social Media such as Instagram, Google Play, Twitter, Facebook & WhatsApp. 

Sharekhan Just Went Bollywood! Launches MoneyFLIX, World’s First Financial Movies Platform

Sharekhan Education, a separate entity under Sharekhan, one of the largest brokerage houses in India, has unveiled its maiden edutainment platform - MoneyFLIX - to lead a digital revolution in financial education in the country.

Catering to both, the digitally native millennials and the not so millennial, the platform will offer financial modules with a generous sprinkle of entertainment that aims to keep viewers engaged and hooked. Learning through entertainment and stories is not an entirely novel concept. In fact, it has been part of our tradition for ages, in the form of epics, fables and parables, driving home key values. Teaching consumers about money through ‘edutainment’ seems like an effective way to demystify a complicated subject by using compelling and familiar concepts.

MoneyFLIX’s purpose is to educate and help both, new to market and experienced investors & traders to better understand finance and consequently enable them to better take advantage of financial market opportunities. 

To start with, the platform already has nearly 100 videos ranging from being as small as 5 minutes in duration to almost up to 30 minutes in duration and this number is set to double within the first year itself. These movies cover topics from the simplest Investing principles all the way upto complex trading strategies in a bollywood styled manner.

Embedded with key features such as subtitling in local languages, the ability to capture voice notes on the go & easy references to important points by the click of a button, this state of the art edutainment platform has many technology offerings and thus expects to improve learning and retention.

On the occasion, Rahul Ghose who heads MoneyFLIX said: “The integration of technology in the financial services industry has been radical in uplifting customer experience. However efforts towards literacy have often been complex and hence, the idea was to create content that even millennials resonate with.

This is a significant step that emboldens the ideology and commitment to empower retail investors in the market. This new digital-first endeavour would help us take investing and trading education to even the remotest parts of the country.”

MoneyFLIX ’s yearly subscription for the platform will be at a special price of Rs 1,990+G.S.T. and the monthly subscription will be at Rs 990+G.S.T. Subscribers will have access to the entire premium content of the platform as well as access to 10min video snippets on fundamentals of trending companies, called MoneyFLIX Bytes. MoneyFLIX has ensured something for everybody - anyone who walks through the site will get to enjoy and learn from a vast pool of free movies and tutorials on Trading and investing.

MoneyFLIX APP is available on Google PlayStore.

iOS – App to be released in the end of the year

About Sharekhan Education:

Started over a decade back in the year 2010, our unique approach towards professional financial education helps create a distinctive learning platform for traders as well as investors and help them learn the skills necessary to trade and invest confidently like the professionals. Over the course of the last decade we had over 100,000 people from various walks of life who have attended our workshops and have trained more than 17000 people across the country.

We set up our first education center in Mumbai and since then we have expanded to 6 locations across the country namely, Bangalore, Ahmedabad, Hyderabad, Chennai and New Delhi with traders & investors having experienced our unique hands-on education across the country. Our courses cover a spectrum of trading styles and asset classes. One can learn Short Term Trading, Swing Trading, Position Trading & Pro active Investing, using an array of asset classes namely stocks, options, futures and currencies.

About Sharekhan  

Sharekhan has been founded in 2000 and is a full subsidiary of BNP Paribas, a leading European banking institution. Sharekhan services more than 20 lakh clients aggregating more than 45,848 Cr of assets*, operates via 142 branches all over India and more than 3050 franchisees. It provides equity & derivatives execution, DP services, Portfolio Management, Mutual Funds & Corporate Deposits. Sharekhan executes on average more than 8 lakh trades/day** and performed more than 170 CR trades since inception.

*AUM as of 30th June 2020

**Trades as average in Q1 of 2020

MYPINPAD Expands Global Presence Through Partnersip with Mswipe and Visa in Indian Market

Global secure personal authentication expert joins forces with Mswipe - India’s leading independent financial services platform for SMEs and merchants, and Visa – the world’s leader in digital payments

MYPINPAD, the global leader in secure personal authentication solutions today announces new strategic partnerships with Mswipe, India's largest independent mobile POS merchant acquirer and network provider, and the world’s leader in digital payments, Visa, to propel contactless payments in India.

The announcement follows MYPINPAD becoming the first, and currently only company in the world to achieve Payment Card Industry (PCI) Security Standards Council (SSC) certification for its software only Contactless Payments on Commercial off-the-shelf (CPoC) solution. 

This is an especially important market for MYPINPAD, given that tap-to-pay or contactless card payments in the Indian market are in hypergrowth, led by Visa with over 30mn contactless cards issued.

Mswipe is at the forefront of driving tech innovations that enable micro, small and medium Enterprises (MSMEs), and merchants to accept payments through cards, wallets, mobile payment apps and bank apps, contactless and QR payments.  With over 675,000 POS and 1.1 million QR merchants, it is the largest independent mobile POS acquirer and network provider in India.

The global impact of the COVID-19 pandemic has fuelled the need for contactless transactions, with Visa recently announcing a commitment to support 10 million small businesses across Asia Pacific. The pledge is part of a global program that sees Visa supporting 50 million small businesses worldwide. As part of the commitment, the company is introducing a range of programs and solutions to help small and medium enterprises (SMEs) drive efficiency and sales by accepting and making digital payments to meet increased demand for cashless payments – both online and in-store.  

CEO of MYPINPAD, Colin Greene, commented: “MYPINPAD makes it easy and affordable for merchants to become a part of digital acceptance and the payments ecosystem. Mswipe has spearheaded technology innovation in digital acceptance and payments for small and medium businesses in India. This important milestone, following our recent world-first PCI SSC CPoC certification, is another huge step for the industry in simplifying digital acceptance for the smallest of businesses to the larger retailers.”

CEO of Mswipe, Manish Patel adds: “What we plan to achieve alongside MYPINPAD will be incredibly significant for consumers, merchants and India in its entirety. The company’s technology will enable true democratisation of payments and accelerate the contactless revolution in India, which will result in huge socioeconomic benefits. We look forward to deploying the solution, and where the partnership will take us in the future.”

Shailesh Paul, Head, Merchant Sales & Acquiring and Cybersource, India & South Asia, Visa said:

“Consumer preference for tap to pay or contactless payments offers a transformational opportunity for our collaboration with MYPINPAD and Mswipe. By empowering small merchants to use their mobile phones to accept tap to pay digital payments and without the need to invest in a standalone terminal, this solution should truly help propel digital payments far and wide across India.”  

MYPINPAD’s solution is easily integrated into third party applications and delivered ‘As-a-Service’. It significantly reduces cost across the entire face-to-face payment ecosystem by meeting PCI security standards through software updates alone. This relieves pain-points such as the cost of traditional payment and POS hardware for the smallest retailers, while also serving larger retailers by significantly reducing maintenance, replacement costs of aging hardware-centric POS systems and ultimately providing stronger customer service with trusted and familiar devices.

About MYPINPAD:

MYPINPAD is the global leader in secure personal authentication solutions residing on commercially available smartphones and tablets. Our proprietary and globally patented technology secures and protects the input of sensitive information on touchscreens creating a trusted environment. MYPINPAD’s innovative solution set removes the reliance on specialised hardware for personal authentication; reduces cost and complexity, promotes rapid adoption and leverages the connected capabilities of smart devices. 

About Visa Inc.

Visa Inc. is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

Five Sanitization Products for Hospitality and Aviation Industry

In a bid to revive traveler reliance in the tourism and hospitality industry which is badly struck by coronavirus outbreak, cleaning standards have been greatly enhanced for every facet of the hotels, resorts, and flights.

The quality, hygiene, and safety are one of the most critical success factors in tourism. Following weeks of ceased operations that permitted time for extensive planning the hotel, tourism, and hospitality industry along with the aviation sector have elevated safety and sanitization protocols.

As we have already passed the first phase of Unlock-1, contactless procedures and safe removing measures are turning into the new typical basics because of the COVID-19 pandemic. Safety and sanitation protocols are being applied in maintenance and operational areas, with the use of upgraded disinfecting products and increased frequency.

Here are 5 sanitization products essential for safe tourism:

The UVD Robot

The UVD Robots stands for UV Disinfection Robots The UVD Robot is used as part of the regular cleaning cycle, and aims at preventing and reducing the spread of infectious diseases, viral, bacteria, and other types of harmful organic microorganisms in the environment by breaking down their DNA-structure. The robot is safe, reliable, and eliminates human error. Furthermore, it is user friendly and is designed to be operated by every-day cleaning staff. UVD Robots' inventive arrangement, which joins profound microbiological know-how, self-ruling robot innovation, and bright light to make the world's best UV-C based sanitization arrangement, has been demonstrated to kill pathogens like coronavirus and microscopic organisms.

Milagrow imap9

Milagrow Humantech has deployed imap9, a floor disinfecting robot that can navigate and sanitize the floors without any human intervention at various places, including hotels, airports, museums, hospitals, offices, etc. The robot moves around autonomously without falling, avoiding obstruction while planning its own path, guided by LIDAR and advanced SLAM technology. Milagrow’s patented Real Time Terrain Recognition Technology (RT2RT) scans at 3600, 6 times per second to make a floor map in real-time with an accuracy of upto 8mm over a 16m distance. This enables the iMap 9 to perform successfully in the first attempt, whereas other robots can take twice or thrice the time. Additionally, the robot can do zoning, virtual blocking of avoidable areas, and sequential cleaning of zones based on specific needs.

Zesta

Launched for the first time in India by Zestaindia.com, Wall Mounted Automatic Thermometer is exactly the product you need for safe tourism in hotels and airports. Gone are the times when you see a person standing with a handheld thermometer to check the temperatures. With Zesta’s Wall Mounted Automatic Thermometer, you can just install it at the entrances of hospitals, hotels, airports and other public areas and let everyone scan themselves with zero physical contact. This thermometer is easy to install anywhere and comes with color code alarm, fast and accurate detection. Priced at 10,999, it is available at all leading online platforms like Flipkart and Amazon.

Plasma Air Purifiers

Plasma air purifiers are equipped with very small filters that have the capability to catch small particles that other types of filters easily miss. This means that Plasma Air Purifier is able to reduce/eliminate the amount of not only bacteria and viruses but other harmful particles, such as dust, smoke, and pollen.

While respiratory droplets are considered the primary transmission route, experts strongly suspect some form of aerosol transmission may be occurring. Plasma Air’s HVAC-mounted ionizers use proactive air purification technologies to deactivate airborne viruses safely. The air purifiers are available on their official website Plasma Air.

PCE Instrument Thermal Scanner

PCE-TC 34 is a thermal imaging camera used for visual inspection and non-contact infrared (IR) temperature measurement. It is ideal for industrial use in electrical, mechanical, and building installations (such as in the auditing of machines, engines, or heating, ventilation, and air conditioning (HVAC) systems).

This can be used to monitor the temperatures of people entering a particular public place and record all the data.

This is a high-definition, high-resolution thermal imager that captures and saves 640 x 480 pixel IR resolution images to the included SD card memory at a refresh rate of 50.

Aegon Life Updates its Life Insurance with Covid 19 Cover in India

Owing to the COVID – 19 spread across the country, self-protection is now of prime importance. In light of this situation, Aegon Life, the pioneer of digital insurance in India now provides an upgraded ‘Life Insurance with COVID-19 Cover’ policy that provides a life cover up to Rs. 50 Lakh and hospitalization cover up to Rs. 5 Lakh on a positive diagnosis of the condition. The launch of this product is in collaboration with Flipkart, India’s homegrown e-commerce marketplace, aimed to provide maximum benefit to the insured in case of a positive diagnosis.

The cost of hospitalization for COVID-19 has increased significantly in recent months which adds to the financial stress in addition to the emotional stress already faced by the family. Aegon Life’s ‘Life Insurance with COVID-19 Cover’ policy requires no medical test for purchase. The policy can be bought hassle-free on the Flipkart App from the comfort and safety of one’s home. For a confirmed COVID-19 diagnosis, the insured gets a guaranteed lump-sum payout on hospitalization for more than 24 hours. 

Shedding more light on the ‘Life Insurance with COVID-19 Cover’ policy, Mr. Satishwar Balakrishnan, CFO, and Principal Officer, Aegon Life said, “At Aegon Life, we are focused on the “direct to customer” model and therefore we can keep pace with our customer requirements, which, is our topmost priority. We introduced an innovation in the industry by launching the industry’s first life + hospitalization cover for COVID-19 earlier this May with Flipkart. However, we acknowledged the market scenario and the customer demands and felt the need to increase the cover to serve our customers better. The new updated ‘Life Insurance with COVID-19 Cover’ policy will further help to ease the financial burden on the policyholder if he/she tested positive for COVID-19 by now offering cover up to Rs.5 Lakh on hospitalization”.

A detailed structure of this policy is available on the Flipkart App. Customers can choose from a range of premium price points to best suit their needs.

About Aegon Life Insurance Company:

AEGON Life, one of the leading digital insurance companies in India, is a new-age digital service company and is amongst the first companies to launch Online Term Plan in India. Being the online protection specialists, AEGON Life has a company-employed service team that is fully geared to provide customers the highest levels of service.

With a vision to be the most recommended new age Life Insurance Company, the company’s Direct to Customer focus establishes a direct dialogue with the customers to make for greater clarity and transparency.