IDBI Bank Launches “IDBI Swarna Kalash” - Specialized Gold Loan Branches

IDBI Bank announced the launch of four specialized gold loan branches branded as “IDBI Swarna Kalash”, by remodeling its existing branches. These branches are located at Neelamangalam, Sivaganga, Vijaya Nagar, Bengaluru and L .B. Nagar, Hyderabad.

IDBI Bank in their Q1 FY21 Financial Results reported an increase in the growth trajectory with Gold Loans as one of the premium product with minimum delinquencies.

These specialized Gold Loan Branches will facilitate quick, transparent and hassle free Gold Loan financing. The Gold Loans are offered at a competitive interest rate, starting from 8% p.a., to cater to the increasing credit demand in the Agri, PSL, and rural markets. Overdraft facility is also available under these loans and can be applied via a digital platform.

Shri. Rakesh Sharma, MD & CEO, through a virtual mode, inaugurated these four branches in the presence of Deputy Managing Directors Shri Samuel Joseph and Shri Suresh Khatanhar, and Executive Director Shri Rajeev Kumar.

Speaking at the launch program, Shri Rakesh Sharma MD & CEO said that “We have witnessed a surge in the demand gold loan and have conceptualized “Swarna Kalash” as a premium offering of IDBI Bank. Our focus is on creation of such specialized branches to cater to the demand in the market and facilitate an easy access to our gold loan customers.”

Aakash Student Prerana M.N. Tops the State in the 2nd Karnataka PUC Board Exams; Scores 99.34%

Prerana M.N., a student of Aakash Institute’s Rajajinagar branch here has topped the State in the second year Karnataka Pre-University Course (PUC) Board Exams by securing 99.34%, results for which were announced today. She scored 596 marks out of a total of 600.   

Congratulating Prerana on her achievement, Mr Aakash Chaudhry, Director and CEO, Aakash Educational Services Limited (AESL), said, “We are proud that our student Prerana has topped the state and secured 99.3% in the second year Pre-University Course Board Exams. It is the result of her hard work, the support of her parents and the quality test preparation and guidance imparted at Aakash. Many congratulations to her and all our students for performing well in the examination. We wish them all the best for their future endeavours.”

Aakash Institute aims to help students in their quest to achieve academic success. It has a centralized in-house process for curriculum and content development and faculty training and monitoring, led by its National Academic Team. Over the years, students from Aakash Institute have maintained a record success in various medical and engineering entrance exams and competitive exams such as NTSE, KVPY, and Olympiads.

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 Centres (including franchisee), and a student count of more than 250,000. 

Muthoot Finance Launches ‘Sunheri Soch’ Radio Campaign By Amitabh Bachchan

Muthoot Finance, India’s No.1 Most Trusted Financial Services Brand and India’s largest gold loan NBFC has entered into a unique partnership with RED FM, one of India’s largest and much awarded private radio networks to launch a series of real-life inspirational stories that break stigmas around gold loans in India. With ‘Muthoot Finance Sunheri Soch’ campaign, the financial services conglomerate brings highly successful stories of various common men & women who dreamt big and made their dreams come true by availing gold loans from Muthoot Finance.

Sunheri Soch aims at encouraging and educating masses about actively adopting gold loans and realising their dreams. The campaign is a series of inspiring, real-life stories of common people who took a gold loan from Muthoot Finance and moved ahead in life. Muthoot Finance’s brand ambassador Shri Amitabh Bachchan beautifully narrates these stories in an all-new avatar. As part of this campaign, a melodious Sunheri Soch anthem was launched with Red FM’s top RJs saluting the courage of these successful people who have achieved their dreams in highly challenging circumstances. Sunheri Soch is a celebration of their achievement, and Muthoot Finance is proud to be a catalyst in this journey of millions of Indians.

Commenting on the association, Mr. Alexander George Muthoot, Deputy Managing Director, The Muthoot Group said, “We have always launched path-breaking campaigns that have brought attitudinal transformation in the lives of people. Gold loans have huge potential as Indian households have 26000 tons of gold & just 2-3% of this is monetised by way of gold loans. We at Muthoot Finance are the guardians of trust who empower society to realise the power of their dreams by unlocking the true value of their emotional currency. Our Sunheri Soch campaign brings inspirational real-life stories to life to help common people realise their dreams”

Mr.Abhinav Iyer, General Manager, Marketing & Strategy, Muthoot Finance added, “Sunheri Soch is a series of life-transforming stories that can inspire a million others. As humans-beings, we feel inspired by great success stories. With a little help from Muthoot Finance, these are people who realised their dreams. With +2.5 Lac customers being served every day, it wasn’t easy to hand-pick a few success stories. Mr Bachchan’s incomparable voice and amazing delivery has just brought in the magical touch to this campaign”

Commenting on this association, Ms. Nisha Narayanan, COO & Director, Red FM and Magic FM said, “We are excited to announce our collaboration with Muthoot Finance, one of the most trusted financial services brand in India to feature inspirational success stories and break all the prevailing apprehensions associated with gold loans. With deeper engagement being the primary need of clients, we have taken a different approach in sharing some of the extraordinary real stories of Muthoot Finance Gold Loan customers”

Ms.Ruchi Mathur, Senior VP, Mindshare said:

“Magic happens when real life and storytelling come together. Especially in times like these when consumers and listeners are looking for something positive to latch on to. With this idea, we are not selling a brand or a product, but we are bringing hope to the many who have a dream, but just need the inspiration and a little help. We at Mindshare Content+ are proud to partner Muthoot Finance Sunheri Soch and hope this platform will bring the change we feel it can”,

About Muthoot Finance:

Muthoot Finance is the flagship company of The Muthoot Group which has 20 diversified business divisions. With 5000+ branches, the Group serves over 2.5 Lac customers every day. Muthoot Finance is also India's largest gold loan NBFC and India’s No.1 Most Trusted Financial Services Brand, according to the Brand Trusted Report. It is a reputed ‘Systemically Important Non-deposit taking NBFC’. As part of the core business, Muthoot Finance provides loans secured against household gold jewellery at highly affordable rates and amazing product features. Globally, the Group has presence across, USA, UK, UAE, Costa Rica and Sri Lanka. In the recently announced financial results for FY20, Muthoot Finance posted a record Net Profit of Rs. 3,168 Crores (a 50% growth over FY19). The Consolidated Assets Under Management (AUM) grew by 22% for the same period and stood at Rs. 46,800 Crores.

World's most expensive phone is out

An Austrian jeweller has given 'bling bling' a new definition by designing the world's most expensive phone.

The new Apple iPhone 3G 'Kings Button' is made of solid 18-carat yellow gold, white gold and rose gold!

Designed by Peter Aloisson the stunning diamond-encrusted iPhone comes for a whopping 1.8 million pounds.

The one-of-a-kind phone features a rare 6.6-carat diamond on its home button, reports The Sun.

Aloisson is credited as being the ultimate pioneer when it comes to blurring the lines between gadget, art and jewellery.

Over 65,000 jems and jewellery workers may be laid-off

The cgems and jewellery industry has already laid-off 65,000 workers and might be forced to lay-off a like number in the next two months, an industry official said on Tuesday.

"The Indian gems and jewellery sector was forced to lay-off 65,000 workers between August-October. Due to the ongoing economic slowdown and slump in demand, there could be a further lay-off of 65,000 workers in the next two months," Gems and Jewellery Export Promotion Council's (GJEPC) Chairman, Vasant Mehta, told reporters here.

The sector has also been afflicted by a significant dip of 34.25 per cent in exports in November, Mehta said.

There was a danger of many units shutting down, he warned, adding that by January, the exact number of units closing down would be known.

India's gems and jewellery sector contributes 55 per cent of the world's export in terms of value and over 75 per cent by carats and number of pieces.

In November, the sector witnessed a decline in exports by 34.25 per cent at USD 987.10 million from $1,501.27 million during the year-ago period, he said.

"At the manufacturing level, exports of cut and polished diamonds are down by 20.18 per cent as compared to the same period last year," he said.

The gems and jewellery industry witnessed a drop of over 20 per cent in its order books during April-October as compared to the same period last year.

The situation could be much worse in November and December, he said.

Source: Agencies