New Digital Online & Self-Service Banking Solutions From SBI

State Bank of India (SBI), the nation's largest bank, has launched six digital branches across the country, as part of a pioneering program to offer next generation banking solutions to India's growing mobile phone and internet-savvy customer base. The bank engaged Accenture to develop the digital business strategy for its branch program, which features a range of advanced digital banking capabilities, including instant account opening with personalized debit cards, instant loan approvals for car and home loans and remote expert advisors available via video links. Accenture helped SBI in designing the branch layouts, implementing the digital processes and technology at the branches, and providing back-end integration, including employee training.

SBI aims to transform the customer experience by delivering world-class service through all of its customer channels. Its new branches, branded as sbiINTOUCH, are equipped with interactive wall and table displays; remote experts that can be reached instantly via high-definition videoconferencing; and multi-function kiosks that provide services such as instant account opening with personalized debit cards, and instant in-principle approvals for home, auto or education loans. The branches are located in major metropolitan areas across India, including Mumbai, Delhi, Bengaluru, Chennai and Ahmedabad.

“India is in the midst of a major demographic transition and we recognize that our customers increasingly expect digital services to help them manage their financial needs,” said Arundhati Bhattacharya, the chairman of State Bank of India. “Today, more than half of India's population is under the age of 25. By 2020, India's average age will be just 29 years - this is a digital demographic: one that expects businesses to provide solutions immediately. At the same time, the mass-affluent - no matter what their age - have similar expectations. Indian banks need to provide a strong response to these new demands. These branches are a first step in the journey to offering full digital services across the nation.”

“InTouch is the start of SBI’s Digital journey,” said S K Mishra, deputy managing director, State Bank of India. “This is our attempt to put our brand in touch with the dreams of the aspirational customer. It’s a deep rooted transformation that has three aspects: a transformation of the customer experience we deliver; introduction of device centric technology that is at the forefront of our global peers; and transformation of the behavioral model of our staff-base to be even more customer centric.”

“India has an opportunity to become a world leader in digital banking services, and we are pleased to collaborate with the leadership team of the State Bank of India,” said Piyush Singh, managing director and head of Accenture's Financial Services operating group in India. “By putting technology at the heart of their business strategy, India's largest bank will be at the forefront of the global digital revolution that is transforming banking.”

The transformative initiative leverages Accenture's deep banking-industry knowledge and expertise in strategy and systems-integration, and capabilities in digital marketing, mobility and analytics from Accenture Digital.

Residential Building Redevelopment: Guidelines For Housing Societies

Comments from Anuj Puri, Chairman & Country Head, JLL India

In most metros such as Mumbai, redevelopment of old residential buildings is a normal and desirable occurrence. Without redevelopment, there would be no new supply in the fully developed city centres. Also, redevelopment is necessary because every building has an inbuilt shelf-life, after which it becomes unsafe, unattractive to the market and difficult to maintain.

Even now, a number of housing societies in Mumbai are contemplating the redevelopment option. However, the stakeholders of these societies often lack the information they need to make an informed call on which developer to enlist, and what guidelines they should follow before making a commitment. Here is a brief reference guide on what to look and ask for:

Check The Handover Timelines

A developer undertaking the redevelopment of a residential building can legally start the construction process only after he obtains the Commencement Certificate (CC). However, there are a host of other permissions and approvals to be obtained prior to that, together referred to as Intimation of Disapproval (IOD) approvals.

While the society members and developers mutually decide on when to vacate for facilitating the construction, it should ideally be done after the IOD has been obtained. In fact, the developer would also be more comfortable with vacating members only after the IOD has been obtained, since this would minimize his outgoings on the rentals which he would have to pay to members towards meeting their alternative accommodation costs.

Check The Reimbursement Parameters

The housing society members of a project that is to be redeveloped are entitled to monthly rental payments from the developer undertaking the project. The extent and limit for these payments must be clearly outlined in the agreement drawn up between the members and developer. Usually, it will be equivalent to the applicable rental for a similar-sized apartment in or around the same locality. The developer must also reimburse members for the cost of packers and movers and minor interior alterations in the rented accommodation they occupy during the redevelopment process, as these are also counted as expenses incurred while relocating to a new accommodation.

Clearly Define The Rental Escalation Clause

In a city like Mumbai, there have been several cases where members' backs have been put to the wall because of poorly-framed rental clauses. It is important for the rental escalation cost to be included in the agreement between a developer and the housing society members. Typically, rentals tend to rise by 10% every year, though this can vary depending on locations, category/type of buildings and some other aspects. Society members should do their due diligence on this subject and negotiate for rental escalation terms that best fit their location and building type.

Consider Increased Maintenance Costs Post Redevelopment

The maintenance costs for a project are bound to rise after it has been redeveloped, proportionate to the additional amenities that the developer has provided. These amenities would include but are not limited to recreational facilities, garden, swimming pool, gymnasium, covered parking, air-conditioned lobby, open areas, etc. The housing society members need to calculate and assess the financial implications, keeping in mind the interests of all members. Depending upon the average financial capacity and everyone's common interests, members should ask the developer to only provide amenities that everyone has agreed on.

Often, developers offer maintenance-free periods to members, wherein the developer is willing to bear the maintenance charges which would otherwise have been borne by the society members. In the case of such an arrangement, the society should ask the developer to deposit this amount in a separate account prior to giving him permission to sell the surplus flats in the newly redeveloped building.

Ensure A Strong Delay Clause In The Agreement

The terms and conditions in the agreement between a developer and the housing society must clearly capture all the details regarding the construction time-frame. The developer should be asked to specifically mention the date by which he would be handing over the completed structure to the society members. The applicable penalties that the developer incurs if a delay occurs should also be mentioned. The penalties could be in the form of termination of contract, wherein the society members pay a pre-decided amount on a pro-rata basis according to the status of construction progress. Else, the developer may be liable to compensate the society members in cash or otherwise as a fine for delay.

To summarize, the redevelopment agreement between a housing society and a developer must incorporate maximum clarity over the roles and responsibilities of each involved party.

50,000 Tech Startups To Add 3 Million Jobs By 2020: Nasscom

National Association of Software and Services Companies (Nasscom) has announced that 50,000 technology startups would emerge from India by 2020. These startups are estimated to add 2% to the country’s GDP besides employ another 3 million additional professionals during this period, said R. Chandrashekhar, President, Nasscom at a media gathering to announce the commencement of the third phase of Nasscom 10,000 Startups initiative across the country.

Speaking on the occasion, R. Chandrashekhar, President, Nasscom, said “India is emerging as the hotbed for technology startups and this has been possible due to the large number of incubators being setup at academic institutions not just in the metro cities but also in the smaller towns. The present Nasscom 10,000 startup program continues to partner with all stakeholders like Google. Kotak, Microsoft and others to help India emerge as an innovation hub.”

He said the first two phases of the 10,000 startup program had attracted 7000 applications of which 529 were shortlisted and 125+ benefitted by way of receiving funding, acceleration, mentoring, co-working space, enterprise connects and showcase opportunities through the program. We hope that the third phase brings up more such innovative tech start-ups with some brilliant products/solutions that impact not just the business but citizens across the globe. He further added, “Nasscom will be working with the government to strengthen this ecosystem and have proposed setting up of ‘India Technology Entrepreneurship Mission’ as our recommendation to the government”.

Nasscom also announced the launch of the Nasscom Technology Startup Registry which will act as a repository of India’s technology startups in the web, mobile, e-commerce, SAAS, marketplace space and will act as a discovery platform for investors, enterprises, media and government authorities. In addition to this, Nasscom also announced the roll-out of a skill initiative to create a talent pool of people with hands on skills required to excel in the tech startup market.

  

Third phase of 10,000 Start-ups 

With the launch of the third phase, Nasscom will take forward the learning from its experience in the last one year and will focus on evangelizing and creating a robust ecosystem around specific domain and technology segments. The program will invite domain centric applications and plans to launch app-based contests.

The third phase will also see global leader in computing innovation – Intel to come on board as an industry sponsor and would collaborate with the initiative to make India a hotspot in the Internet of Things.

After the success of InnoTrek 2014, Nasscom now plans to undertake more overseas start-up delegations to Israel, Singapore, Hong Kong and parts of Europe and showcase India’s most innovative Tech Startups building world class products. A special focus will also put on the NASSCOM-Google ‘Girls in Tech’ program to increase the representation of women founders in tech start-ups in the country.

Expressing his views, Ravi Gururaj, Chairman, Nasscom Product Conclave, said, “Since the launch of the 10,000 start-ups program last year Nasscom has been working with various stakeholders to create an inclusive ecosystem for companies in the domain. Recently, Nasscom nominated 25 innovative technology start-ups from India for 'InnoTrek 2014’ – a visit to US for entrepreneur focused events. With this initiative Nasscom provided a global platform for young businesses to showcase their work at a global stage and get a first-hand experience of the Silicon Valley product ecosystem.

Tech Start-up Registry

With the aim to provide a one-stop platform for start-ups, investors, government, media and other related stakeholders, Nasscom will create a national database of tech startups and identify the areas in which they are operating. This platform would also provide the start-ups an opportunity to be discoverable for investors, large enterprises, media and government.

Skills initiative for start-ups

While India is buzzing with entrepreneurial excitement, it still lacks the skills required to excel in a fast paced technology startup environment. With this initiative, the Nasscom 10,000 Startups aims to create courses and modules aimed at imparting skills like Inbound Marketing, App Development, Big Data and Analytics, UI/UX and Product Management to create a pool of talent that could be Interned/Employed with the startups under the 10k banner. Nasscom will also undertake a pilot project within the next quarter on these lines. All courses would be curated by an advisory board comprising of subject matter experts and would be delivered by practitioners online. 

Rajat Tandon, Senior Director, Nasscom 10,000 Startups, added “With an overwhelming response from entrepreneurs, the past one year has been very exciting for Nasscom 10,000 Startup Initiative. Now with the roll out of the third phase this of the program, we aim to be expand our focus on structured networking, partnerships, and global exposure opportunities. Beyond this, we also encourage women entrepreneur in technology sector to step up and leverage the business opportunities being created.”

There are about 15,000 technology start-ups and SMES operating in India and these are the set of companies that need the right thrust from the government. The Entrepreneurship Mission proposed by Nasscom aims to address current issues in ease of doing business in India; enable a supportive policy environment; catalyze funding and incentives for IP development

Swan Foundation & NIMHANS To Disseminate Knowledge On Mental Health

White Swan Foundation for Mental Health today announced its launch as a not-for-profit organization that will deliver information services on mental health to the people.

Mental Healthcare sector in India today faces numerous challenges. More than 20% of Indians suffer from one or other form of mental health conditions. For a population of 1.2 billion people, India has only 4,500 psychiatrists. Even as mental health patients and their caregivers face issues related to lack of infrastructure, they also have to struggle with other problems such as widespread ignorance and deep-rooted social stigma, which lead them to a state of self-denial.

White Swan Foundation‘s mission is to ‘deliver information services for mental health and wellbeing’. The not-for-profit organization is founded by several Mindtree founders with initial support from two of its investors.

Information Repository

In its first phase, White Swan Foundation will deliver high-quality content through a portal in multiple languages to the youth in the Tier 1 and Tier 2 cities of India. Eventually, it will serve the information needs of every Indian citizen. The information repository will help patients, their caregivers and the general public in early detection and diagnose, seek remedies, learn about peer success stories, search for professional help and participate in the fight against social stigma surrounding mental health.

“Mental health issues are closer to us than ever before. It is only through access to right knowledge that people will be empowered to take informed decisions on mental health. It is the people who, when they come out of ignorance, will demand better services and proactively participate to create a conducive social environment. White Swan Foundation has been created with the vision of placing in the hands of each citizen of the country access to information on mental health. We hope that with rich content and actionable information, we will be able to catalyze the transformation of the mental healthcare sector in India,” said White Swan Foundation Chairman Subroto Bagchi.

Board of Advisors

White Swan Foundation has constituted a Board of Advisors that will advise the organization on vision, strategy, implementation, governance and providing a global network. The Board of Advisors includes NIMHANS Director/Vice Chancellor Dr. P. Satishchandra, Former Joint Secretary, Ministry of Health and Family Welfare, Government of India, Ms. Sujaya Krishnan, NIMHANS registrar and Head of the Department of Neurovirology Dr. V. Ravi and Professor, Department of Psychiatry, NIMHANS Dr. Prabha Chandra.

“Even as mental healthcare professionals, social entrepreneurs and government agencies have been carrying out impressive work to reduce the treatment gap in mental health, social and infrastructural issues have prevented the tipping of the awareness scale. We must ensure that people are empowered with knowledge to seek and demand better services,” said Former Joint Secretary, Ministry of Health and Family Welfare, Government of India, Ms. Sujaya Krishnan, adding, “The vision of White Swan Foundation to deliver information to people will go a long way in complimenting the contributions made by other institutions, agencies and individuals in the mental healthcare sector.”

Partnership with NIMHANS

In order to create and publish high quality content that keeps in mind the diverse needs of people, White Swan Foundation has entered into a partnership with National Institute of Mental Health and Neuro Sciences (NIMHANS). As part of the partnership, White Swan Foundation will get access to the rich repository of knowledge on mental health that the coveted institution and its distinguished doctors have.

“NIMHANS is globally respected in the field of mental healthcare. In the nearly 90 years of its existence, NIMHANS has contributed to providing mental healthcare to the country; at NIMHANS, we have built rich knowledge in the mental health space. We are happy to incubate White Swan Foundation at NIMHANS; we believe it will go a long way in our efforts to fight mental illness and promote mental wellbeing,” said NIMHANS Director/Vice Chancellor Dr. P. Satishchandra.

Indian Cities Need Growth Drivers To Raise Global Competitiveness

By Suvishesh Valsan, Sr Manager - Research, JLL India

Asian economies compete for greater global influence in terms of business, politics and sociocultural activity. Within economies, cities are the real growth engines. According to The Economic Intelligence Unit’s Hot Spots 2025 (2013) and AT Kearney’s 2014 Global Cities Index and Emerging Cities Outlook (2014), leading Indian cities have done well in terms of growing business activity and enhancing human capital. This is largely a consequence of efforts by Indian authorities toward embracing free trade and installing an effective tertiary education system. A 25% annualised growth in stock of office space in the top seven cities during the past ten years is testimony to rising business activity.

The greatest challenge facing Indian cities is to increase their competitiveness in Asia. The above-mentioned reports highlight some focus areas. With the newly elected BJP government in India, it is time we look at these factors and their property market implications.

Physical Capital: Infrastructure is deficient in India, and analysts suggest this negatively affects economic activity (GDP) by 2 percentage points annually. Planned infrastructure development could help Indian cities quickly attract international investors, and entice foreign workers. For instance, during 2006-08, quarterly growth in demand for office space in Gurgaon and Noida (part of NCR-Delhi) was more than double its long-term average figure, as metro rail connectivity was being established with Delhi.

Political Activity: Political engagement with foreign nations facilitates the growth of trade and commerce, directly favouring commercial real estate. India’s strong relationship with Japan resulted in cumulative developmental loans from the latter, growing at a CAGR of 16% per annum in FY2001-FY2013. The 12th five-year plan indicates that India needs overall investments worth USD 1 trillion for infrastructure development, and such foreign participation is important to accomplish this goal.

Financial Maturity: While financial governance, bank penetration and equity participation is satisfactory, Indian cities can significantly improve financial product awareness (insurance, mutual funds, etc.) and introduce new investment tools (inflation-hedging bonds, REITs, etc.). This would boost growth in Banking, Financial Services and Insurance (BFSI) sector, the third-largest occupier of commercial space in India. With a low mortgage-to-GDP ratio in India (India <10 and="" hong="" kong="" singapore="">40%), increased financial maturity could also strengthen the housing market.

Institutional Character: In the past few years, Indian cities have faced global criticism for being less competitive in terms of tax structure, corporate governance and internal security. Institutional character directly influences business confidence, critical for real estate sector development. Additionally, instruments such as REITs thrive on robust tax and legal structures.

Environmental Issues: Profit seeking and environmental concerns have conflicting motives, and a balance between the two is needed for long-term sustainability of competitiveness. Recently, Indian authorities have been struggling to maintain balance, particularly affecting civil aviation, mining, manufacturing and real estate sectors. Diligent action on these policies could unlock large-scale real estate developments around upcoming projects without compromising the environment.

Narendra Modi, who heads the newly elected government in India, demonstrated an ability as Chief Minister of Gujarat state to deliver action with speed (less bureaucratic hurdles), clarity (unambiguous policies) and innovation (practical solutions to complex problems). This gives us hope that his government will pull up the competitiveness ranking of Indian cities, eventually benefiting real estate.

SAP Labs Among Top 5 India’s Best Companies to Work

SAP Labs India has ranked fifth in the Great Place To Work Institute’s annual Best Workplaces List – India’s Best Companies to Work for survey carried out in conjunction with The Economic Times. Additionally, the company was ranked as ‘2nd Best in Diversity & Inclusion’ and ‘3rd Best IT Company’ among 575 participating companies across 20 industries this year.

Great Place To Work Institute’s annual Best Workplaces List – India’s Best Companies to Work for, is part of the world’s largest and most respected study of workplace excellence and people management practices. This list, based on credible information collected from over 200,000 employees spread across 20 different sectors and using well researched methods, is considered the most definitive employer-of-choice and workplace quality recognition that an organization can receive.

“SAP Labs India is proud to be recognized for its people-centric culture by The Economic Times and The Great Place to Work Institute,” said Clas Neumann, Senior Vice President and Global Head of the SAP Labs Network. “We aim at building a sustainable and diversified workforce that is essential for driving growth and innovation in an organization.”

SAP Labs India’s people-centric initiatives are aimed at building talent from within the organization, fostering innovation, and inspiring leadership at all levels. These include diversity and inclusion initiatives such as enabling women to integrate themselves back into the workforce after maternity leave which resulted in the reduction of attrition amongst women from 31 percent in 2010 to 0 percent in 2013. Additionally, SAPlings is a day-care center to make the lives of working parents easier as well. Another initiative includes the launch of an Employee Benevolent Fund, a purely voluntary, employee-driven and managed initiative that is used to provide financial support to employees and their families in times of unexpected and unforeseen emergencies.

“The Great Place to Work survey strives to recognize and make organizations aware of workplace practices and philosophies that are set by great employers,” said Prasenjit Bhattacharya, CEO, Great Place to Work Institute. “We acknowledge the sustained effort made by SAP Labs India to build a contributory work environment for its workforce to innovate and achieve professional success.”

Bangalore School Wins Adobe Youth Voices Award

Adobe Foundation recently announced the winners of the third annual Adobe Youth Voices (AYV) Awards, a global online competition inviting students aged 13 to 19 to use digital media to express their vision for driving positive change in their communities. A record 2,400 students from 50 countries submitted projects this year on social issues like bullying, body image and climate change. First and second place winners were chosen by a luminary panel of judges, while Audience Award winners were determined by 200,000 votes cast online.

There were 6 finalists from India. Sri Kumaran Children’s Home in Bangalore won the Audience Award in the Animation category. The winners, Sesh Sadasivam, Abhishek Krishna and Inavamsi B. Enaganti created an animated video titled ‘TechJunk’ which talks about the issues of e-waste and pollution caused due to it.

Speaking on the occasion, Tridib Roy Chowdhury, Senior Director, Products, Adobe India said, “We are overwhelmed by the thought provoking work put together by the students. Adobe is delighted to provide a platform to these creative minds to voice their opinion and we are elated with the response and participation Adobe Youth Voices awards have received this year. With the AYV program we are looking at making young people think creatively, communicate effectively and work collaboratively with digital media.”

AYV Award winners are chosen in seven categories: animation, documentary, photo essay, music video, narrative, poetry and campaign poster. Youth can submit projects individually or as teams working with an AYV educator. First and second place winners are named in each of the seven categories by a diverse panel of judges, including luminaries working in art, film and other creative fields, alongside AYV educators, student alumni and Adobe representatives.

Speaking about their win, Sesh Sadasivam said, “We made this animated video for the Adobe Youth Voices Awards 2014 to make our audience aware about the rising problem of e-waste and its disposal. We are very happy to have won the Audience Award in the Adobe Youth Voices Awards 2014 and we hope that this will help to spread the word to a larger global audience. Through Adobe Youth Voices, we had an opportunity to understand how our peers across countries perceive the world and the positive changes they wish to bring in society and we are thankful to Adobe for providing us this opportunity.”

Speaking about the program, Jayanthi Sridhar, Teacher, Sri Kumaran Children’s Home said, “This win is a result of the hard work and dedication of the team. It was a pleasure to see them work in a coordinated manner and balance academics along with this project. I am thankful to our Principal who provided us the right guidance and support whenever required. The team’s systematic approach and wise time management helped them demonstrate their thoughts in a creative way and I am grateful to Adobe Youth Voices Program for giving an opportunity to these students who could showcase their talent and create something that was close to their heart. I would like to encourage every student to participate as AYV is a wonderful platform to create an impact at a global level on issues that they feel strongly about.”

“Since its inception, AYV has impacted the lives of more than 190,000 students around the world. It has empowered them to make a difference in their communities and build their skills in digital media that will help them get ahead,” said Michelle Crozier Yates, Director, Corporate Responsibility, Adobe. “With what they’ve learned, 88% of AYV youth tell us they feel confident about their ability to ideate, collaborate, adapt and express their points of view. 95% believe creativity is important to their future success.  We look forward to making the AYV program even more globally accessible.”

AYV Award winners and their affiliated schools and organizations will each receive a range of prizes, including donations of Samsung Galaxy Tablets, copies of Adobe CS Production Premium Suite, a 1-year Adobe Creative Cloud membership and a monetary donation to a charity of their choice.