FIGSI Seeks Policy Support From Government; Presents Charter To Govt. Of Karnataka Officials In A Seminar

Federation of Indian Granite and Stone Industry (FIGSI), an association to promote the Natural Stones of India domestically and internationally, has presented a charter and discussed on 'Challenges and opportunities of  Dimensional Stone Industry’ with the Govt. of Karnataka in the presence of government officials from the department of Mines, Revenue and Environment.

The body had organized a seminar for the same on 24th November, 2021 at ITC Windsor. This interactive session was organized to find solutions to issues to bring back the industry on the growth path.

Hon'ble Minister for Mines and Geology,  Achar Halappa Basappa said, " Karnataka is endowed with rich Mineral Resources and blessed with different kind of world famous granite stones. Jet Black Granite, Himalayan Blue, Likal Pink, Green Granite, Gray Granite and Multicolour granite are important rocks which are used for decorative purpose all over the world."

"I am hopeful that this seminar will be helpful in resolving the difficulties faced by the Granite Industry and this Industry will create more employment opportunities and play a vital role in enhancing the State's revenue. If there is a need to resolve any issues in procedural aspects, Government will take necessary steps to simplify the procedures and ease difficulties, if any to avoid unnecessary delay, " added Mr. Achar Halappa Basappa.

“India is the second largest deposit of Natural Stones in the world with 15% of the world Natural Stone reserves which is about 46.23 billion cubic meters. India also stands in 4th position in the Natural Stone trade in the world. The total number of people employed in the Natural Stone trade in India is about 1.5 million. Considering all these benefits from the Natural Stone Industry. FIGSI seeks support from the state government to promote and give fillip to the stone industry,” said Ishwinder Singh, President, Federation of Indian Granite and Stone Industry.

Due to constant effort of FIGSI, there has been huge development in mining and processing sector.  Today stone industry is exporting about 80% in the form of finished goods after value addition.  Now the Indian Industry has acquired the state of the Art of Technology which is at par with other countries and our products are well accepted all over the world and are being used in many big projects.  India is exporting to more than 90 countries across the globe.

Addressing the officials, S. Krishna Prasad, General Secretar, FIGSI  said , “The need of the hour is to allow free import of Granite also under OGL to mitigate the problem of shortage of raw material. Due to the closure of most of the quarries in Tamil Nadu and Karnataka as per the  State Government policy decisions, the processing units are importing marble  under OGL and EOU’S are importing both marble and granite blocks to overcome the shortage of supplies.”

The FIGSI also sought simplification of the environment clearance certificate procedure. “Environmental protection is now mandatory for every quarrying activity since we have to obtain an Environmental clearance certificate and have to follow the conditions laid down in the E/C. We request the government to simplify the procedure to obtain environment clearance,” added Ishwinder Singh.

The following points were discussed with the state government in association with the state federation FKGQSI . The processing sector has developed very well in the last 10 years. The processing units have been setup in almost all the districts where quarrying activities takes place, since it is easy to procure the raw material. Today, India is exporting more than 80% of the stone products in value added form to more than 90 countries all over the world.

POLICY SUPPORT FROM GOVERNMENT WHICH THE INDUSTRY REQUIRES

Long term quarry lease ranging from 30-50 years with guaranteed renewals instead of auctioning the quarries.

Royalties to be reduced to match with global rates of 3 to 4 %

Grant of quarry leases in a time bound manner within 90-120 days.

Import of granite blocks to be brought under OGL. (open general license)

Reduce GST to 5% on blocks & 12% on slabs & Tiles.

Royalty collection to be outsourced to avoid illegal transport of blocks.

Environment clearance condition to be simplified.

Recovery percentage for saleable blocks to be rationalized.

CHALLENGES:-

Competition from other countries like China, Turkey, Brazil, Iran etc.

Competition from other similar products like quartz, ceramic, porcelain, glass etc.

FUTURE OUTLOOK:-

With policy support, the industry can grow 10-15% annually.

Increase exports by 15-20%.

Investment  can go up to Rs.1 lakh crores from Present Rs.50,000 crores

Provide employment to additional 15 lakh skilled and semiskilled people in rural & semi urban areas.

Over a period of time natural stone will prove that they are superior compared to other competitive products.

About FIGSI:

 Few visionaries of the stone industry, taking note of the potential of the Natural stone industry of India domestically and internationally joined together and formed the association way back in 1983 to promote the Natural Stones of India.  From 1-4-2014 the Association was renamed as Federation of Indian Granite and Stone Industry (FIGSI).The sole object of the Association is to promote stones of India across the globe and also to resolve many domestic problems faced by the mining industry.  FIGSI has more than 1300 members from all the sector of the Natural Stone Industry of India whether it is Granite, Marble, Slate, Sandstone Quartzite etc., Machinery, Abrasives, Tools and all the segment of the Industry directly and indirectly connected with the Natural Industry from all over India are our members. FIGSI works as a bridge between the Industry and the state and Central Governments.   

FIGSI has played a significant role in framing the Granite Conservation and Development Rules (GCDR-1999) by Ministry of Mines Government of India for promotion of Granite industry in the country. Each state was following their own rules and FIGSI felt the necessity to bring uniform rules in the country.  GCDR 1999 was the first step to bring the uniform policy for the granite industry in the country.  It is unfortunate that in spite of FIGSI’s effort to bring uniform policy many states are still not following the GCDR rules, due to which the growth of the granite industry has been slow. Now the government is in the process of amending the GCDR with latest modification.

IIM Sambalpur Organizes The 6th Edition Of The Annual Business Conclave – Marmagya 6.0

The 6th edition of the Annual Business Conclave of the Indian Institute of Management, Sambalpur, Marmagya 6.0, commenced today with the aim of understanding, accommodating the responsibilities and opportunities that will usher change paving its way to new reality. The inaugural ceremony was graced by Chief Guest, Mr Kapil Maheshwari, Leader Renewable Energy and Green Hydrogen Ecosystem Development, President Reliance Industries Limited, Keynote Speaker, Dr. Pradeep Panigrahi, Head - Corporate Sustainability, Larsen & Toubro and Prof Mahadeo Jaiswal, Director, IIM Sambalpur. The ceremony was also attended by the students, faculty members, staff of IIM Sambalpur along with members of the media. The two-day conclave with the theme “Business in New Reality", will witness several industry stalwarts sharing insights on several aspects of management. 

While delivering the welcome address, Prof Mahadeo Jaiswal, Director, IIM Sambalpur, said, “I heartily welcome everyone to Marmagya 6.0, the business conclave organised by students of IIM Sambalpur. COVID has paved the way for new realities. Data analytics, Machine learning, Artificial Intelligence, and Blockchain are changing the landscape of the traditional practices that the industry has been following. At IIM Sambalpur our vision and operating value system is to nurture responsible leaders with entrepreneurial mindsets. Our core values are based on 3I’s Innovation, Integrity, and Inclusiveness reflecting in our pedagogy and processes. Through the pandemic we are witnessing disruptive innovation. Data can highlight upon past and present but cannot predict future. So how we look at the next 10 years of business ecosystem. It is important to establish changes which happened over the past few years, Disruption due to Digitalization, Disruption due to Decarbonatization and Disruption due to Democratisation of business, these 3Ds are going to define the new realities. To support the three pillars the first important aspect are the Government policies how it is pushing ahead digitalization. Blockchain can only foster innovation only when cryptocurrency is allowed and if blockchain faces impediments, India will lose on digital innovation. Second comes the industry which can help foster digital revolution. Are they continuously going to create physical assets or digital assets? All these digital assets will benefit the society at large. Larger companies which only focus on physical assets might not be able to compete with companies that is built upon its digital assets to survive and grow in the industry. B-Schools must enable students to see the future, teachers must imbibe innovation in their pedagogy and students must instil a culture of cosmopolitan inclusivity to survive in a multinational-multilingual company. To become responsible leaders, one must come out with new learning, execution and provide solutions akin to the modern world. No carbon footprint for countries is another disruption where new source of energy should be invented and invested upon. All 17 SDGs must be brought into B-School possibly as a new course for finance, marketing etc. As a B-School IIM Sambalpur will continue demonstrating innovation and be the future ready institute by creating disruption cross country and across world.” 

In his addressal, Chief Guest, Mr Kapil Maheshwari, Leader Renewable Energy and Green Hydrogen Ecosystem Development, President Reliance Industries Limited, said, “Most of the conventional companies have now gone in the path of not only pledging as a net zero but also started working towards energy transition. At Reliance we are coming up with an integrated facility with an investment of 75,000 crores, a New Energy Division, a first globally where we can do a complete value chain of the green hydrogen ecosystem. In changing times, one must reassess where the growth opportunities are, deep dive into date and figure out a new business model. Driving future profits and still caring for the environment is the way forward. For all B-School students or new generation business leaders the next 10 years will see a great transformation, it is a great opportunity to learn and figure out new business models.” 

Keynote Speaker, Dr. Pradeep Panigrahi, Head - Corporate Sustainability, Larsen & Toubro Limited added, “While working in the corporate domain we do not realise the actual realities, we need to understand the perspective. Stakeholders play a very important role in the success of businesses. Post COVID with the new realities the world is facing the focus on ESG – Environment Social Governance has grown exponentially. A thorough check on CO2 emissions must be taken up by all companies to stay in business. Decarbonising the investment landscape is the key for the future of mankind. We must take cognisance of this situation and act on it at the ground level.” 

The inaugural program was followed by a HR panel on the topic “New age workforce with the flexible work structure” which had panellists such as Mr Pradeep Reddy M, Global HR Manager, Tvarana, Mr Rajendra Misra, Ex- CGM (P& A), SAIL. Mr Rajesh Singh Vice President (HR & IR), TRL Krosaki Refarctories Ltd and Shyam Sundar Choudhury, Head HR, TPCODL. This was succeeded by an Analytics Panel on the theme “Rise of algorithm economy Analytics for competitive advantage” where panellists included Mr Subhasish Bera, Director, Hansa Cequity, Ms Ujjyaini Mitra, Founder & CEO, The DeltaCube.ai, Mr Satya Shankar Mahapatra, Vice President Risk and Analytics, Barclays Investment Bank Senior, Mr Sameer Dhanrajani, CEO, AIQRate and Mr Jitendra Kanojia, Head of Analytics, Shoppers Stop. A panel on Operations followed which had eminent speakers like Mr Ajit Kumar Padhi, Director, IT-ITES Sector Skill Council, NASSCOM, Mr Parijat Mondal, VP & Head Projects, Adani Group, Mr Sandeep Chatterjee, Director, Deloitte, Mr Raman Kaul, Head Operations, TVS Supply Chain Solutions and Mr Balpreet Singh, Vice President Digital transformation initiatives, Reliance Industries Limited Asst. The Entrepreneurship Panel on the topic “How do entrepreneurs survive during crisis?” comprised of Mr. Sushil Sharma Marwari, Founder & CEO, Catalysts Ventures, Mr Avelo Roy, Managing Director & CEO, Kolkata Venture, Ms Rita Kakati, Founder & CEO, Uma, Mr Venky Rao, Founder & CEO, VamaHub and Mr Arijit Bhattacharyya, Summit Founder, World Leader. 

Day two of Marmagya 6.0 will witness another HR Panel on the theme “Talent imperatives- A future of work perspective” which will see panellists like Mr Sandeep Magavi, GIC Learning Leader Growth Platforms & Industry, IBM, Mr Manoj K Prasad, Talent Development and Digital Transformation, Reliance Industries LTD VP, Keynote Speaker and Self Leadership Coach Ms Shreshtha Mittal, Mr Yashwant, Senior Manager- Group Corporate HR & Employee Relations, GAIL India, Mr Rituraj Sar LUPIN, VP & Head-Learning & Development. This session will be succeeded by a Finance Panel on the topic “Blockchain Revolutionising the finance industry” with panellists Mr Rajesh Duddhu, VP & Practice Leader - Blockchain & Cybersecurity, Tech Mahindra, Mr Sachin Singhal, Associate Director, KPMG, Colonel (Dr.) Inderjit Singh, Chief Cyber Security Officer (CCO), Vara Mr Gourav Sarkar, Senior Manager Blockchain Platform Product Management, Oracle and Mr Anil Joshi, Managing Partner, Unicorn India Ventures. Next on the agenda will be a Marketing Panel on “Challenges of marketers for managing super networked consumers” with panellists Mr Srihari Palangala, Head of Marketing, Dell Technologies, Mr Harshvardhan Chauhan, VP, Chief Marketing and Omnichannel Officer, Spencer's Retail & Natures's Basket, Ms Rati Acharya, Brand and Marketing Head, Ampersand, Mr Fela Chawngthu, Group Head and Director Customer Service Management, Adobe, Ms Poonam Vijay Thakkar, Head Analytics & Digital Communications, Aditya Birla Group, Mr Advit Sahadev, Vice President Marketing, CoinDCX and Mr P Uday Kumar, Director (Planning & Marketing), NSIC. The concluding session will be a Consulting Panel on “Platformization of business” with panellists Mr Supriyo Sinha, National Head-Strategies & New Business Initiatives, Axis Bank, Mr Arun Chaubey, Manager - FSO Consulting EY, UK, Mr Vartul Mittal, Digital Transformation leader, Barclays and Mr Ritesh Arora, Senior Director & Global Head of Pega Consulting, Cognizant. 

About Indian Institute of Management Sambalpur: 

Indian Institute of Management Sambalpur is one of the most promising and dynamic management institutions among the new generation IIMs of the country located in Sambalpur, Odisha, India. MHRD, GOI established IIM Sambalpur in 2015. IIM Sambalpur is Institute of National Importance as per the IIM 2017 Act. Specked in the picturesque settings and nestled in Barapahad (Twelve Hills), the campus lies near Hirakud Dam – the world’s longest earthen dam. The foundation stone of the permanent campus of IIM Sambalpur was laid by Hon’ble Prime Minister of India, Shri Narendra Modi, on 2nd January 2021. The permanent campus is likely to be operational in 2022. 

Since its inception, the institute has already taken positive steps for Entrepreneurial Innovation and Experiential Learning. IIM Sambalpur currently offers full-time Master’s in Business Administration (MBA), full-time Ph.D., Executive Ph.D., and Executive MBA program. Since 2019, the institute has one of the best gender diversities in MBA programs among all the IIMs. The institute is also the pioneer in its unique experiential learning pedagogy called “Flipped Classroom.”

Photo Caption: Prof. Mahadeo Jaiswal, Director, IIM Sambalpur greets Keynote Speaker, Dr. Pradeep Panigrahi, Head - Corporate Sustainability, Larsen & Toubro Limited for the 6th edition of the Annual Business Conclave of the Indian Institute of Management, Sambalpur, Marmagya 6.0.

Capri Global Capital Limited Partners With Union Bank Of India For Co-Lending To MSMEs

* Maiden Partnership for both Capri Global Capital Ltd. and Union Bank of India for Co-Lending to MSMEs

* Co-lending partnership to disburse MSME loans across 100+ touch points pan-India

Capri Global Capital Limited (CGCL), a leading NBFC focused on MSMEs, and affordable housing finance segment has entered into a Co-Lending agreement with the Union Bank of India (UBI), one of the country’s largest public-sector banks, to offer MSMEs loans. Through this collaboration, CGCL and UBI aim to disburse MSME loans across 100+ touch points pan-India. The loan disbursement under this arrangement would commence from December 2021. 

This agreement is signed under the Co-Lending guidelines issued by RBI in November 2020 for Co-Lending to the Priority Sector. The collaboration will be helping MSMEs to avail customized lending solutions at a competitive rate of interest with a significant reduction in turn-around time. The Co-Lending agreement aims to enhance last-mile credit and drive financial inclusion to MSMEs by offering secured loans between ?10 lakhs to ?100 lakhs. The Co-Lending arrangement will entail joint contribution of credit to the prospective MSME customers in Tier II and Tier III markets. 

Speaking on the development, Mr. Rajesh Sharma, Managing Director, Capri Global Capital Limited, said, “We are glad to partner with Union Bank of India. Our association with the centenarian bank has always proved to be a positive reinforcement of our aspirations and values. Their accommodative business solutions and customized services have proved to be a boon for our business model. Through this partnership, the aim is to reach out to a large section of society by offering easy, convenient, and efficient credit solutions and empowering them to be key contributors to fiscal growth. Our focus is to support the grassroots entrepreneurship that creates economic value.” 

Shri Rajkiran Rai G, MD and CEO, Union Bank of India said, “The partnership with CGCL is part of UBI’s strategy to support the MSMEs by providing tailor-made financial solutions and accelerating the growth of MSMEs to contribute to the country’s economic development. Over the years, CGCL has built the required experience, knowledge and technology to handle small ticket collateral-based loans to businesses. There is a lot of synergy and philosophical match between both the companies that will help us serve the most deserving and underserviced businesses in smaller towns across the country.” 

The partnership was signed in the presence of Shri. Rajkiran Rai G. - Managing Director & CEO, UBI and Mr. Rajesh Sharma – Managing Director, Capri Global Capital Limited. Under this joint effort, the benefit of low-cost funds from UBI and efficient operations of CGCL would be passed on to the borrowers. 

About Capri Global Capital Limited 

Capri Global Capital Limited (CGCL) is a Non-Banking Financial Company (NBFC) listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company operates in two major verticals – MSME Loans and Affordable Housing Finance – through its strong network of 100+ branches spread across 10 states & Union territories, backed by a strong and committed workforce of 2450+ employees in the country. CGCL addresses the capital needs of MSMEs and empowers them by offering tailor-made business loans for various business needs. Capri Global Housing Finance Limited is a subsidiary of CGCL that operates in the affordable housing finance space by offering home loans to Lower and Middle-Income families. The company is a key contributor to the PM’s vision of “Housing for All” by 2022.  

About Union Bank of India 

Union Bank of India is the fifth largest public sector bank in the country. The Bank is a listed entity and the Government of India holds 83.50 percent in Bank’s total share capital. The Bank, having its headquarters at Mumbai (India), was registered on November 11, 1919 as a limited company. Recently, Andhra Bank and Corporation Bank were amalgamated into Union Bank of India with effect from 01.04.2020. Today, it has a network of 9300+ domestic branches, 11800+ ATMs, 8216 BC Points serving over 120 million customers with 77000+ employees .The Bank’s total business as of 31st March 2021 stood at Rs.15,77,489 crore, comprising Rs. 9,23,805 crore of deposits and Rs. 6,53,684 crore of advances. The Bank also has 3 branches overseas at Hong Kong, Dubai International Financial Centre (UAE) & Sydney (Australia); 1 representative office in Abu Dhabi (UAE); 1 banking subsidiary at London (UK); 1 banking joint venture in Malaysia; 4 para-banking subsidiaries (domestic); 3 joint ventures(including 2 in life insurance business) and 1 associate - Chaitanya Godavari Gramin Bank. Union Bank of India is the first large public sector bank in the country to have implemented 100% core banking solution. The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources. 

Talisma, Abu Dhabi Commercial Bank Partner To Implement AI Powered WhatsApp Chatbot For Superior Customer Experience

Talisma Corporation Pvt. Ltd., a leading provider of customer experience solutions, today announced its partnership with Abu Dhabi Commercial Bank (ADCB), UAE to help implement a robust AI powered WhatsApp chatbot for superior customer experience and achieve optimal utilization of digital for growth and efficiency.

ADCB provides a host of services via WhatsApp channel to both its customers and even potential customers, helping them understand their offerings and products. This partnership with Talisma has helped the bank provide an exceptional user experience by providing a Virtual Assistant (Chatbot) solution which is available on WhatsApp channel to their customers.

The 24/7 virtual assistant services on WhatsApp aims to provide real-time solutions to the customers in both English and Arabic languages, where all messages are secured with end-to-end encryption. With a seamless user experience, Talisma’s WhatsApp chatbots help the bank understand specific requirements of every single customer based on analytics over past conversations, enabling customized recommendations thus converting prospective leads to loyal customers. With WhatsApp being the most preferred channel today, customers now are used to conversation-based chats which let them open up and tell their preferences, opinions, feelings and inclinations.

“The demand for AI powered solutions is all set to grow exponentially within the next few years.  With the customers today pushing the brands to resolve their issues in real time, it is significant that enterprises integrate AI solutions into their business functions. This offering is a significant initiative in our relentless efforts to deliver a unique platform to automate customer experience, enabling brands to meet the needs of rapidly changing customer expectations and staying one step ahead of their peers,” said Raj Mruthyunjayappa, MD – Talisma Corporation.

Talisma will also help implement Conversational AI chatbots in other channels including Website, Facebook Messenger and Mobile for ADCB customers in the near future.

About Talisma

Talisma is a leading provider of digital customer engagement platform and solutions for a wide range of industries. Talisma solutions enable organizations to deliver an exceptional customer experience on a global scale across engagement channels and interactions. We serve a variety of industries through our wide range of vertical specific solutions and deliver a combination of advisory as well as consulting services and support services. Talisma is present in over 30 countries with a direct presence in India, UK, Brazil, and the United States. 4 out of every 5 BFSI companies in India benefit from Talisma’s solutions. 

BharatPe’s Merchant Indian Loyalty Program Achieves Big Success

* Clocks 2 lac members in just 6 months of launch of BharatPe Club, its premium membership program

* Company targets 1 million members by June 2022

BharatPe, India's fastest growing fintech company, today announced that it has received an overwhelming response to BharatPe Club, India’s first ‘merchant only’ loyalty program. Launched earlier this year, BharatPe Club already has a member base of 2 lac offline merchants and kirana store owners across tier-1, 2 and 3 cities and towns. The company is bullish about BharatPe Club and is targeting building a member base of 1 million merchants by June 2022.

BharatPe Club offers a host of benefits to its members, including 0% Loan Processing Fees on business loans, flat ?1,000 off on BharatSwipe, 20% discount on bill payments, cashback on BharatPe Card, and priority customer service. Additionally, they can take home exclusive merchandise signed by BharatPe brand ambassadors. BharatPe’s merchant partners can become a member of BharatPe Club by paying ?1,000 as an annual enrolment fee, and can enjoy benefits of upto ?20,000.

BharatPe Club has witnessed huge success among offline merchants across categories including Grocery, Food and Beverage, Retail, Electronics, Dairy/Fresh Products, Services, Medical/Healthcare, Automobiles, Wholesale/Distribution, Beauty and Wellness. The top cities for BharatPe Club include Hyderabad, Pune, Bengaluru, Delhi, Warangal, Visakhapatnam, Karimnagar, Vijaywada, Chennai, Mumbai, Indore, Guntur and Chittoor. Interestingly, BharatPe Club has seen a huge organic uptake with most of the merchants opting for BharatPe Club, without any marketing push. The top products preferred by the BharatPe Club members include BharatPe account (used by 88% of Club members), business loans (availed by 26% of members) and BharatSwipe machines (opted by 26% of members).

Speaking on the development, Mr. Suhail Sameer, Chief Executive Officer, BharatPe, said, “As we grow, it becomes important for us to build an engaged merchant base and also ensure that we offer a host of additional benefits to our loyal merchant partners. We recently announced that we will be launching world’s first ‘Merchant Shareholding Program (MSP)’ with the objective of providing an opportunity to our merchant partners to become part equity owners of BharatPe. As a part of the program, we will be creating an equity pool structure worth upto US$100 mn to be allotted to eligible merchants over the course of the next 4 years. BharatPe Club was launched with the objective of empowering our merchant partners and rewarding our loyal merchants with additional benefits and cashbacks. Over the last 6 months, we have seen great acceptability for this product amongst merchants across businesses and locations. BharatPe Club has also contributed immensely to our business growth as it has helped us build trust and in turn, enabled merchants to explore additional products from our portfolio of offerings. We have been able to build a 2 lac member strong BharatPe Club and are aiming to cross the 1 million mark by June 2022. With BharatPe Club, we intend to offer a wide range of services to all our merchants, strengthening their bond with the brand.” 

BharatPe is a merchant first company and has been launching Fintech products that can help offline merchants grow their business. The company has grown exponentially over the last 18 months, clocking multi-fold growth in digital payments, lending as well as POS business. The company has been aggressively expanding across cities and is currently present in 140+ cities. Its business loans are available in 11,000 pin codes across 24 states in India. BharatPe had crossed US$13 bn in annualized payment number last month and plans to ramp it up to US$ 30 bn by March 23. Also, it has set a target of building a loan book of US$ 5 bn in the next 5 years to address the unmet credit gap amongst millions of SMEs in India.

About BharatPe

BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the vision of making financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched India’s only zero MDR card acceptance terminals – BharatSwipe. Currently serving over 75 lakh merchants across 140+ cities, the company is a leader in UPI offline transactions, processing 11 crores+ UPI transactions per month (annualized Transaction Processed Value of US$ 11+ Bn). The company has already facilitated disbursement of loans totaling to over ?2,800 crores to over 300,000 merchants, since launch. BharatPe’s POS business processes payments of over ?1,400 crores/ month. BharatPe has raised over US$ 650 million in equity and debt, till date. The company’s list of marquee investors includes Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.  In June 2021, the company announced the acquisition of PAYBACK India, the country’s largest multi-brand loyalty program company with 100 million+ members. In June 2021, it was also given an in-principle approval by Reserve Bank of India to establish a Small Finance Bank, in partnership with Centrum Financial Services Limited (Centrum), the established and profitable NBFC arm of the Centrum Group. In August 2021, BharatPe forayed into the consumer space with the launch of its first-of-its-kind consumer investment+ lending product- 12% Club. In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also made its grand entry in the Buy Now Pay Later segment with the launch of postpe in October.

Soroco Is Leader In NelsonHall’s Process Discovery & Mining NEAT

* NelsonHall quotes Soroco’s toil reduction recommendation approach delivers easy-to-understand rationales that help client organizations understand why the suggestions make sense at a deeper level.

Soroco, a work graph company, announced today that their platform Scout has been recognized as a Leader by global analyst firm NelsonHall in their report Process Discovery & Mining Technology Evaluation published by Analyst Bailey Kong.

Bailey Kong, Research Analyst at NelsonHall quotes “Soroco’s capabilities to understand end-to-end processes from desktop interrogation, coupled with its ‘glass box’ approach to work insights and toil reduction, was already commendable. Now, the company has introduced functionality to bring in event logs from IT systems as done in traditional process mining solutions. The company not only thinks about technological features that deliver value to clients but how to deliver it to maximize adoption and therefore ROI.”

Commenting on Soroco’s leadership position in the report, Samson David, CEO at Soroco said, “We are humbled and proud at this recognition. We have built Scout, our work graph platform, with the goal of giving full visibility into processes, down to end user’s interactions. Scout’s ability to discover insights from end-user activity and complement it with macro-level process insights has been delivering tremendous value to our customers. This recognition is a validation of its capabilities and reinforces our belief that integrating process discovery and mining approaches is the way ahead.”

In the report, the analysts call out Scout’s strength in delivering a 360-degree process view through Hybrid Process Mining, providing toil reduction recommendations supported with rationale, and the scalability of its deployments.

Soroco’s Scout is a work graph platform that powers digital transformation. It gives organizations a structured view of how work happens on the ground and identifies benefits from applying a portfolio of change levers, delivering targeted change programs at scale.

About Soroco

Soroco is on a mission to discover how the world works to help teams be their best. To do this, we are evangelizing and commercializing the work graph, which is a structured view of how teams get work done across people, process, technology and documents. The work graph unifies disjoint categories like Process Mining, Task Mining, user training, BPM and RPA. Soroco’s work graph platform, Scout, enables a culture of continuous improvement and identifies benefits from applying a portfolio of change levers, delivering targeted change programs at scale. Soroco has a roster of Fortune 500 customers across 30 countries. Our team has published 150+ papers and patents. www.soroco.com 

About NelsonHall

NelsonHall is the leading global analyst firm dedicated to helping organizations understand the ‘art of the possible’ in digital operations transformation. With analysts in the U.S., U.K., and Continental Europe, NelsonHall provides buy-side organizations with detailed, critical information on markets and vendors (including NEAT assessments) that helps them make fast and highly informed sourcing decisions. And for vendors, NelsonHall provides deep knowledge of market dynamics and user requirements to help them hone their go-to-market strategies. NelsonHall’s research is based on rigorous, primary research and is widely respected for the quality, depth and insight of its analysis.

Godrej Security Announces Launch Of Godrej INTELI-ACCESS In Accordance With New RBI Guidelines For Safe Deposit Lockers

* The product was launched at the ‘Secure Spaces’ annual conclave where Industry stalwarts, participating in the conclave commended the launch as a step towards building an enhanced security ecosystem

Godrej & Boyce, the flagship company of the Godrej Group, today announced that one of its business divisions, Godrej Security Solutions has launched Godrej INTELI-ACCESS - a new age lockers’ system that is set to transform the banking institutions.

Touted as one of India’s most trusted and leading security brand, Godrej Security Solutions launched this high-end technology led banking security solution at the backdrop of the revised RBI guidelines for safe deposit lockers at banks, announced in August 2021. 

In accordance with the revised infrastructure and security standards, the newly launched Godrej INTELI-ACCESS is designed to eliminate system bottlenecks and enhance customer experience through intelligent integrated automation. The high-end technology led safe deposit lockers provides customers the convenience of a key less access, eliminates forgery and fraud, by reducing dependence on manual interventions. Some of the key features of the product include thumbprint verification which confirms bio-signature, interactive networking authenticates the Actual customer, secure instant keyless access eliminates risks of unauthorized access, unlocking is easy with a smartcard or a biometric access.

Commenting on the launch, Mr. Pushkar Gokhale, Vice President & Global Head - Marketing & Sales, Godrej Security Solutions said, “The updated RBI guidelines are set to transform the future of banking in India by creating a comprehensive security ecosystem and we believe that this will go a long way in ensuring a win-win situation for all stakeholders. We at Godrej Security Solutions are the largest suppliers of security solutions such as safety lockers to several prestigious banks across the country. With the revised RBI guidelines, there is a huge growth potential for Godrej Security Solutions to establish a stronger hold in the industry and increase our market share. We are happy to also take this platform to announce the launch of technology led smart safety lockers such a Godrej INTELI-ACCESS - an innovative locker that will further augment the security of valuables across institutions.”

With increasing sophistication of cybercriminals, banks and financial institutions, Godrej Security Solutions has always been at the helm of pioneering solutions for institutions for over 120 years. Currently, the brand offers over 100 products to the entire banking fraternity in the country. Godrej Security Solutions offers a wide range of smart safety deposit lockers such as Secunex & Autovault that are developed using an User Insights based Innovation process.

The launch was celebrated at their annual conclave called ‘Secure Spaces’. This year the theme was ‘Future of Banking - Building a secure ecosystem’.

Industry stalwarts like Brig. Pravin Shinde – Chief Security Officer – State Bank of India, Col .Tejinder Singh Shahi – CSO – Punjab National Bank, Capt. Akhilesh  CSO – Bank of India, Col. Sujit Mondal – CSO – UCO Bank, and Capt. Rakesh Patney – Ex-CSO - Bank of India, were present at the conclave to discuss the various benefits the new set of RBI guidelines will have on the entire Banking industry and its customers at large.

Some of the insights gathered from the discussion were-

The virtual panel discussion focused on discussing various aspects that will transform the future of banking in India and how this can create a more secure ecosystem for customers. There is a significant trend among customers who are increasingly looking for simple, holistic and secure banking experiences. Through the panel discussion, the industry experts shared their insights on how banks need to become more agile and resilient with the rising customer expectations and regulatory requirements.

Session Moderator Capt. Patney – Ex CSO, Bank of India said, “We are witnessing a change in customer expectations when it comes to digitized banking experiences. As digital technologies play a key role in every aspect of life in the current times, providing digitized and high- tech security solutions to customers is crucial for banks. It is an opportune time for the industry to come together to build a secure ecosystem for customers. As a result of the recent mergers, the expectations of Banks as well as their customers are very different, especially for the merged entities. The suppliers / OEMs to the Banks have to realize this aspect and come upto these higher expectations”.

Godrej Security Solutions aims to continue investing 12-15% towards building digital technology based products to meet the requirements of its customers. The company has been at the vanguard of bridging the security gap in the country by developing comprehensive high-tech security solutions for residential, industrial, and business premises.

Smart Lockers and Strengthening Solutions for Pre-1990 Doors and the retrofitting solution for existing Lockers shall help Banks to upgrade their Security Infrastructure to align themselves to the recent guidelines and thus be future ready.

Panelist Col. Sujit Mondal – CSO – UCO Bank said - The revised set of guidelines announced by the Reserve Bank of India will definitely have an impact on the banks as the bandwidth has been an ongoing issue and addressing the same is going to be crucial. Banks need upgradation of security systems as well as proactive e-surveillance to monitor systems with the objective of keeping a track of customers’ entry, exit, login, etc. The internal security systems that are presently available in the industry need an urgent upgradation and there is a crucial need to develop hardware that is resilient and provides an interactive security system. From the perspective of customer demands, they are expecting an integration of physical security system that will offer a seamless and hassle-free service experience. As we are in the service industry, we will work towards implementing the guidelines announced by the RBI but in a phased manner considering the critical parameters of each branch of our bank.

Panelist Capt. Akhilesh, CSO, Bank of India said - While banks will definitely upgrade their security systems in the time to come, a lot is needed to be done and addressed in the existing security systems. It is important for banks to get the strong-room doors verified for its strength and reinforcement arrangements can be thought of. However, the biggest challenge that banks face is what happens if it ‘fails’, hence it’s of utmost importance for everyone in the industry to understand that it is the safest option. This is why a structural audit of strong rooms is of the utmost importance and there are tools available for the same.

About Godrej Security Solutions:

Godrej Security Solutions is a division of Godrej & Boyce Mfg. Co. Ltd and part of the USD 4.1 billion Godrej Group. A pioneer and leader in the business, Godrej Security Solutions Division is the largest manufacturer and marketer of Security Solutions in India. It is the largest supplier of security solutions to several prestigious banking, corporate and public institutions. For the first time in the category and the industry, Godrej Security Solutions Division has been awarded the Superbrand status. It has also won the “Most Preferred brand” award in the Home Segment. The Division currently exports its products to over 45 countries including USA, Europe, Middle East Asia, Asia Pacific, Africa and the SAARC countries.