National Winners of #HondaNAViCustomania Announced in Finale

Amongst huge fanfare, Honda Motorcycle and Scooter India Pvt. Ltd today announced the national winner of #HondaNAVicustomania. The Grand Finale was concluded at high voltage Bollywood Music Project 2018 where thousands of youth congregated to witness Bollywood music performances and saw the FUNtastic NAVi in it’s full glory.

At the grand Finale the winner were felicitated by Minoru Kato, President and CEO, Honda Motorcycle and Scooter India Pvt. Ltd.

Launched in 2016, NAVi’s design statement in its standard form, is FUN TO SEE and pure FUN TO RIDE. Providing endless possibilities in expression & Customization for the young customers - NAVi is designed in such a way, that it opens up a significant opportunity to modify & customize it to suit one’s taste. And therefore pure FUN to Create.

Speaking on #HondaNAViCustomania Grand Finale event,  Yadvinder Singh Guleria, Senior Vice President, Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd. said, “NAVI’s unique design provides endless possibilities in customization for young customers. Celebrating the spirit of customisation, NAVi Customania is a platform for youngsters to project their self-expression on two wheels. What is most interesting is to see is the trend of customisation being developed, not just in metros but smaller cities as well. We congratulate the well deserving winners and look forward to showcase their custom NAVi’s at Honda 2Wheelers India pavilion @ Auto Expo 2018!!’’

Battling it out amongst the Top 24 (2 winners from each city), Grand Finale winner Dhananjay Parihar received a prize money of Rs. 2 lacs along with a once in a lifetime opportunity to showcase his/her custom NAVi’ inside the Honda 2Wheelers India pavilion at Auto Expo 2018. Ashiq Joseph Thomas from Kottayam finished runner-up and won Rs 1 lac.

Ecstatic on his win, Dhananjay Parihar said, “The feeling that my custom NAVi will be showcased at the Auto Expo has still not fully sunk in. #HondaNAViCustomania gave me an incredible chance to exhibit my creativity to the world. The guidance during construction phase via the mentor sessions was very helpful and provided my design a new dimension. I appreciate and thank Honda 2Wheelers India for providing me with this platform.”

Not just for NAVi owners, Honda also organised a separate web and application edition of the contest, especially for the tech savvy young generation. Jyugaandh Veer Singh and Lalith Ankala were announced the winners of the web and application-based editions respectively which alone saw more than 5500 participations.

Mastercard’s Global Startup Incubator Kicks-Off a New Season with Zeta and 10 Additional New Startups

         

As part of its commitment to building the future of commerce, Mastercard recently announced the group of companies selected to matriculate into the Mastercard Start Path Global 2017 wave. Out of the 11 startups selected, Zeta - the fintech startup to revolutionise employee tax benefits in India is the only entrant from the Asia Pacific region.

Co-founded by Bhavin Turakhia (CEO) and Ramki Gaddipati (CTO), Zeta has revolutionised the space of employee claims and reimbursements by launching an innovative cloud-based enterprise solution suite called Zeta OptimaTM. The product offering includes employee benefits such as reimbursements for medical, fuel, LTA, mobile, books and several other such company benefits - all accessible digitally for both corporations and employees. Zeta Optima™ is used by 1.5 million users across 12,000+ organizations in India. Zeta is a single platform which manages multiple benefits and the solution is compliant and customisable at the same time, making it a first-of-its-kind offering in the employee benefits space in India.

Start Path Global will provide Zeta and its fellow matriculants with operational support, commercial access and strategic investment. Launched in 2014, the program has seen much success around the world. The program has mentored approximately 1,600 startups per year and engages with more than 150 of them around the globe.

Commenting on the announcement, Porush Singh, Country Corporate Officer, India & Division President, South Asia, Mastercard said, “Over the past few years, India has witnessed a tremendous growth in its start-up ecosystem. To continue driving momentum, providing the right mentorship and operational support to these upcoming companies is mission critical. Start Path is one such initiative by Mastercard that exposes young professionals to international markets and provides an enriching global experience. I congratulate Zeta on being chosen for the Global Start Path Program.”

Commenting on their selection, Ramki Gaddipati, CTO and Co-founder, Zeta said, “We are proud to be shortlisted for the Mastercard Start Path program. As pioneers in digital employee benefits, we are handling complex payment scenarios and bridging transaction data with enterprise policies and systems. Mastercard will be a great partner helping us participate in the global digital payment ecosystem. Start Path specifically gives us an opportunity to take our solutions to a range of Mastercard partners across the world.”

The other Start Path companies selected this year are:

●          AID:Tech delivers digital entitlements transparently through blockchain technology and digital identity.

●          b.well makes managing healthcare and insurance simple by unlocking insights on patients.

●          Flutterwave is fostering digital payment acceptance and infrastructure for banks and businesses across Africa.

●          Goodworld powers the world’s only technology for frictionless hashtag payments on social media.

●          HYPR reduces the risk of data breaches by eliminating the need for a centralized credential store.

●          Mobeewave enables smartphones to accept contactless payments without external hardware.

●          Railsbank gives companies access to a global banking network through simple APIs.

●          Sensibill’s platform turns everyday purchase receipts into a core part of the digital banking experience.

●          ShieldPay‘s instant digital escrow facility enables everyone, everywhere to transact with each other in total confidence.

●          Trunomi unlocks the power of customer data using data rights management.

These companies will work with Start Path against a tailored plan to help them scale. Applications for the six-month virtual program are accepted on a rolling basis. The program is open to startups who are rethinking banking, payments and commerce and have raised a significant seed or Series A round of investment.

MNC Banks, Insurance Firms to Move into GIFT City; Targets 1 Million Employment by 2025

Gujarat International Finance Tech-City (GIFT), a joint venture of IL&FS and Government of Gujarat, conceptualised by Prime Minister Narendra Modi has come of age as it finds place not only among the top 15 emerging Global Financial Centres but lately also experiencing growth in terms of large numbers of MNC companies coming in and also increase in its employment to 1 million by 2025.

GIFT City is operational and various financial institutions and IT/ITeS companies are operating from the city. Around 11 banks have been allotted space for their IBUs in the current phase in GIFT IFSC. These include: Federal Bank, Yes Bank, ICICI Bank, IDBI Bank, and Kotak Mahindra Bank have been operational. Going forward the management expect leading MNCs in the banking and insurance sector to take up space.

Talking to the media, Ajay Pandey, Managing Director and CEO of GIFT Ltd says, “Since operation began in 2017. GIFT has attracted over 160 major Indian banking and insurance companies and now 40 odd large MNCs have also expressed interest in the project. Coming months will see these banks starting their operations in GIFT.”

Even though, Pandey did not reveal the name of the new companies, Industry sources indicate that it not only pure banking and financial institution but also IT/ITeS companies focusing on the BFSI vertical who are likely to move in. In addition, many well-known IT/ITeS companies, both domestic and global, have set up their own units at GIFT City, these include MNC giants like Oracle, SIAC, befree, Pioneer Insurance Brokers, Maxim Integrated and many more.

Special Tax Rebates Offered at GIFT City

Tax rebates is another factor why MNCs are heading to GIFT city. The city is a designated SEZ area within its premises that houses India’s first International Financial Services Center (IFSC). The banks and insurance institutions operating in GIFT receive several tax benefits as announced by the Government of India in the previous budget. These include exemption from dividend distribution tax, securities transaction tax, long-term capital gain tax and commodity transaction tax. In addition, for the companies located in IFSC, Minimum Alternate Tax (MAT) is reduced to 9%. This reduction in MAT, which currently is at 18.5%, provides a competitive tax regime to IFSC at GIFT-City. Besides the local Gujarat government of IT/ITeS policy waivers off stamp duty on share broking transactions in GIFT City. “We are the only second city after Jamshedpur to offer these tax reduces, says Pandey and adds that the tax incentives will further boost the development of India’s first IFSC at GIFT City.”

GIFT has also allotted space to institutions like SBI, LIC, BSE Broker’s Forum and Reliance Capital. Bangalore-based developers like Prestige Group, Brigade Group and also Hiranandani, World Trade Centre etc. are developing various facilities in GIFT City.

GIFT to Employ 1 Million Direct and Indirect Employment by 2025

GIFT over the years has not only attracted major companies but also got in a lot of employment in the region. These include large IT companies like TCS employing over 1,000 skilled and semi-skilled IT staff while Oracle employs 150 and so around 7500 people are working within GIFT City and it is expected that over the next few years the employment will reach around 30,000 people.

When GIFT City will be fully operational it will create 10 lakh i.e. 1 million direct and equal numbers of indirect jobs.

“India enjoys significantly lower operational and wage costs as compared to leading business centers like Dubai, Singapore, London and New York. It has a large pool of individuals with professional and technical skills owing to its demographic dividend. Moreover, we produce the finest brains in the finance sector. IFSCs at London, Dubai, New York, and Singapore incidentally have a large number of Indians managing complex transactions and leading financial innovations,” concludes Pandey.

SBI Green Marathon to be Held on Feb.18 in the KTPO Ground, Whitefiled

Highlights of the event:

·  The theme of the event is sustainability

·  Saplings to be given to each runner in each city

·  Bio degradable & recyclable material to be used for this event

·  Runner’s bib would consist of seeds which can be planted post the marathon

·  First 750 registrations to be given T-Shirt made from 100% recycled plastics 

SBI, the country’s largest bank’s commitment towards environmental health and energy conservation takes another leap with the announcement of SBI Green Marathon. The bank is organizing a 2K, 5K, 10K, 21K run on the 18^th of February in the KTPO Ground, Whitefiled.

SBI Green Marathon is going to be a 6 city marathon event starting 4^th of February in Mumbai followed by Delhi, Bangalore, Chennai, Ahmedabad and concluding in Chandigarh on March 4. The bank has embarked on this sustainability initiative of conducting a marathon run with an underlying concept of a greener Planet. The bank is looking forward to take SBI Green Marathon to all its 16 Local head Offices (LHOs) from the next financial year 2018-19.

SBI is expecting close to 25000 participants combining all 6 cities.  The “Run for green” theme recognizes every participating individual as agents of change for a greener globe. Each runner will be given saplings to promote clean and green city. Even the runner’s bib would consist of seeds which can be planted post the Marathon. Also bio degradable and recyclable material is to be used by the bank in most part of event execution.

Prashant Kumar, DMD (HR) & CDO, SBI said, “As a responsible Corporate Citizen, we at SBI have pursued the business philosophy of integrated sustainability which seeks to leverage the synergy between Social, Environment and economic aspects of Business. With SBI Green Marathon, the bank has reaffirmed and endorsed its continued commitment towards Sustainable Development. We hope with large number of participants, people would appreciate our efforts towards saving environment for a better future of the country”.

Environmental protection has come out to be a concern area which touches every life inhabiting this Planet. Efforts are made worldwide to work for a greener planet. Ensuring Sustainable development will always be a serious challenge. But today environmental sustainability is a need of the hour. Initiatives like these create awareness among people about the importance of safe environment for a healthy living.

SBI is currently observing a fair amount of participation for the Marathon in all the 6 cities.

Data Privacy Day 2018: Top 7 Services on Cloud that Help Ensure Data Privacy

As cloud computing transforms the way organizations use, store, and share data, applications and workloads, on Data Privacy Day 2018, Microsoft reiterates its commitment to ensure that your data remains only yours, without exception. Microsoft’s industry leadership in data privacy protection has been recognized for over a decade, beginning with the establishment of its trustworthy computing principles: security, privacy, compliance and transparency, and continuing into its ongoing endeavour to create secure services that are built-in rather than bolt-on.

Security and personal privacy threats are increasing in volume and sophistication every day; and more and more data and applications are moving to the cloud. This creates unique info-security challenges that need to be constantly addressed through the best security stack that protects data. Microsoft recommends that organizations ensure their cloud providers have the following seven services across all workloads:

1.     Centralized policy management

2.     Continuous security assessment and actionable recommendations

3.     Advanced cloud defences

4.     Prioritized alerts and incident reporting

5.     Unified security and privacy management

6.     Advanced threat protection

7.     Mechanisms for encryption, secrets administration, and access control that can be leveraged for managing sensitive data

These capabilities can combine to provide an unparalleled compliant foundation to help ensure control over the integrity, privacy, and security of your critical data.

Regardless of an organization’s size or the industry, Microsoft’s Azure Security Center threat detection capabilities, alerts, and recommended fixes helps protect your cloud resources from unwanted threats. With Azure Security Center, companies can apply security policies across entire workloads, limit exposure to threats, as well as detect and respond to attacks, thus protecting organisational and individual privacy.

Microsoft software development teams apply a variety of security technologies and procedures to help protect information from unauthorized access, use, or disclosure, throughout the company’s development and operational practices which revolve around:

·  Privacy by Design - to enable informed decision-making

·  Privacy by Default - to protect by means such as access control lists in combination with identity authentication mechanisms

·  Privacy in Deployment - to establish appropriate privacy and security policies for users

·  Communications - by publishing privacy policies, white papers, and other documentation pertaining to privacy

Maintaining information security and privacy is a continuous process that spans both, on-premises datacenters and your cloud environment. In 2018, cyber-security enabled privacy will be of core importance to Microsoft as they enable digital transformation of Indian business.

Mphasis Net Profit and EPS Grew 8.7% QoQ in Q3 FY 2017-18

Mphasis Limited, an Information Technology (IT) solutions provider has announced its financial results for the third quarter ended December 31^, 2017.

Highlights of quarter ended December 31^, 2017

·  Net revenue grew to Rs 16,607 million in Q3 FY18 by 3.5% QoQ and 8.1% YoY; 3.7% QoQ and 12.2% YoY in constant currency terms

·  Direct International revenue grew 3.6% QoQ and 5.5% YoY. On constant currency basis, growth was 3.7% QoQ and 9.6% YoY

·  Direct Core revenue grew 3.4% QoQ and 9.5% YoY. On constant currency basis, growth was 3.5% QoQ and 13.8% YoY

·  DXC/HP Revenue grew 3.1% QoQ and 15.8% YoY. In constant currency terms, growth was 3.6% QoQ and 20.5% YoY

·  Robust new deal wins of USD 130 million TCV in Direct International business of which 83% in focus areas of Digital, NextGen and Governance, Risk and Compliance (GRC) services

·  Deal wins in the Direct International business stands at (YTD) USD 435 million as compared to USD 276 million in YTD FY17, higher by 58% YoY

·  Net profit grew 8.7% QoQ and 7.3% YoY. Net Margin improved 60 bps QoQ

·  Digital Risk signs up CitiMortgage as a marquee client for its digital mortgage platform, LoanFx

·  Guru Grewal joins as Head of Europe to drive Mphasis' growth strategy in the region

“With the knowledge that 'every business is a digital business', we are proactively providing a roadmap to enable our enterprise clients to reimagine their digital future. The Mphasis X2C²_TM and Front to Back _TM (F2B) transformation are solid foundations aimed at delivering high-impact business outcomes of speed, innovation and cost-effectiveness. Our deal wins and strong pipeline this year is a proof of this strategy in action”, said Nitin Rakesh, Chief Executive Officer and Executive Director, Mphasis.

FIABCI Members Puts Forth Pre-Budget Wish List for the FM

The implementation of RERA, bringing in GST against the backdrop of demonetisation and tightening of purse strings in the economy has extensively squeezed margins of the real estate industry in an already slowed down market scenario. While unsold stock piles up on one side, the tax squeeze continues with new areas marked for compliance. To effectively address this, the FIABCI International hosted a panel discussion on Pre-Budget expectations 2018-19, voicing the views of Bengaluru’s developer community along with other stake holders in the real estate sector for the forthcoming financial year.

The panellists included  Farook Mahmood, FIABCI World President and Chairman & Managing Director Silverline Group, Shankar Sastri, President CREDAI Karnataka and Joint Managing Director Sterling Developers, Raj Menda, Corporate Chairman, RMZ Corp along with Rajiv Khaitan, Partner, Khaitan & Co, K T Chandy, Partner Tax & Regulatory Services, Ernst & Young (India), Abhishek Goenka, Partner, PwC and Naresh Narasimhan, Principal Architect Venkataramanan Associates.

Moderated by Abhishek Goenka, the discussions veered around various issues that impacted the functioning of the real estate sector ranging from segments that invited double taxation to requirement of adequate incentives for first time home buyers. The panel deliberated on a range of specific tax elements that impacted the industry’s functioning in the current market scenario, requesting clarity on select legislations and taxes levied, single window clearance for receiving project approvals, availability of cheaper land for affordable housing, abolition of stamp duty on sale of flats, digitising land records besides a host of other issues.

Commenting on the discussions, Farook Mahmood, FIABCI World President and Chairman & Managing Director Silverline Group said, “There is vital need for changes in current levies and laws applied to the real estate sector. Many lead to double taxation besides pushing up cost. The current set of regulations also increase the holding cost of the industry especially in a scenario where developers are finding it difficult to offload stock. We recommend a more realistic approach in the forthcoming budget, making both cost and pricing market friendly, especially in the affordable segment and for first time home buyers.”

Stating that real estate sector serves as a key contributor to the GDP and is also the fourth largest employment generator in the country, Abhishek Goenka, Partner, PwC called for extending industry status to the real estate sector. “This will enable developers to raise funds at lower rates which will in turn reduce cost, push up demand and indirectly trigger labour absorption.”

Pointing that first time home buyers need to be given greater incentives as well as leverage, K T Chandy, Partner Tax & Regulatory Services, Ernst & Young (India), suggested increasing the limit of interest deduction for them. “Developers cannot be penalised for timely completion of projects.  Given various economic exigencies, sales velocity has been low and any deemed tax on completed projects would disincentivise attempts by developer to complete projects on time”

Currently, tax is levied on notional rental income on unsold stock that lies with developers after a year of receiving completion certificate. Given market conditions, it is not easy to offload inventories within one year and the tax puts pressure on builders to dispose flats at a loss. The time frame for levying this tax should be increased to two years.

Drawing attention to the time duration for projects such as industrial parks to become operational, which is anywhere between three to five years or more, Shankar Sastri, President CREDAI Karnataka and Joint Managing Director, Sterling Developers, said, “Surplus cash prevails when funds are not deployed during this duration and this is normally invested in liquid assets to earn returns. The returns are ploughed back into construction, eventually aiding in reducing cost of capital employed. Income earned from such investments should be exempt from tax.”

Calling for digitising land records, Naresh Narasimhan, Principal Architect Venkataramanan Associates stated, “Real estate sector is known for its high risk given the time taken for receiving the required approvals. It is time government promoted single window clearance and a smoother approval process within specific timelines. This will go a long way in reducing the high cost of capital as well as project delays, directly impacting project returns.”

Said Raj Menda, Corporate Chairman, RMZ Corp “Land acquisition is one of the single highest cost contributors in real estate; In affordable housing where margins are thin, government should make available land at a cheaper cost to promote affordable housing.”

Added Rajiv Khaitan, Partner, Khaitan & Co “The existing rate of GST is already high and has pushed up cost of buying. In a tight market scenario, government would do well to abolish stamp duty on sale of flats. This will reduce the cost and burden for buyers.”

The panel discussion ended on a positive note, the participants hoping that the key issues put forth would be addressed in the forthcoming budget, easing the tight marketing conditions currently faced by the developers.