CASHe, India’s most preferred digital lending company for young salaried millennials, promoted by serial entrepreneur and private equity investor V. Raman Kumar has announced that it has entered into a strategic partnership with BankBazaar.com, India’s leading neutral online marketplace, to offer its short-term personal loans on its online financial platform. Under the partnership, users of Bankbazaar.com will now have easy access to instant short-term credit facility from CASHe through its multiple loan options ranging from Rs 10,000 to Rs 200,000 payable over 15, 30, 90 days and 180 days.
The fintech company currently processes over 27,000 loan applications in a month and has achieved an overall loan disbursal of Rs 400 crores with 1.8 million app downloads and over 1.5 lakh active users since launch of operations in April 2016. The company is aiming to achieve an overall loan disbursal of Rs 900 crores by March 2019.
Speaking about the partnership, Chairman of Aeries Financial Technologies, V. Raman Kumar, said: “We are excited to partner with BankBazaar.com in this strategic tie up as it allows CASHe to be on BankBazar platform where our potential customers are present and comparing various personal loans from other financial institutions. BankBazaar.com’s customers will now benefit from CASHe’s best-in-class differentiated product suite in the retail loan segment. This partnership also will help us expand our customer base exponentially with this leading neutral online marketplace recording over 90 million visitors in the last quarter of 2018. BankBazaar has been at the forefront in redefining the buying experience when it comes to the purchase of financial services for the Indian consumers. We are confident that this partnership will create a win-win situation for those customers who until now were being dropped off by lending institutions due to inadequate credit rating scores. CASHe with its social behaviour filtering algorithm will allow access to such customers to a wide array of instant short-term personal loans on its lending platform.” he added.
Commenting on the collaboration, Navin Chandani, Chief Business Development Officer, BankBazaar, said: At BankBazaar.com, our mission is to help our customers access the widest range of financial products on our platform. Partnering with a fintech company like CASHe is a step in this direction. With CASHe’s integration, we are now able to offer short-term personal loans to our customers who otherwise would not qualify for loans by financial institutions that typically offer medium- to long-term loan products. We are very positive about this tie up with an agile and digitally focussed player like CASHe as we see a huge demand for a loan product offering that is instant, hassle-free and convenient.
CASHe provides hassle-free loans with its app enabled documentation and loan disbursal process. Powered by its industry-first algorithm driven credit scoring platform, The Social Loan Quotient (SLQ), CASHe quickly determines a user’s credit worthiness by using multiple unique data points to arrive at a distinct credit profile of the customer. SLQ is transforming the traditional credit rating measurements thereby providing immediate loans to the under-served young professionals who are kept out by traditional credit rating and banking systems. CASHe is completely automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 8 minutes, subject to proper submission of all documents.
Air India has asked the government to “restore” equity infusion in the carrier, after it failed to find any takers for its disinvestment.
The loss-making carrier has already received more than Rs 26,000 crore under the bailout package announced by the former UPA government in April 2012.
“We have sought restoration of the equity infusion in Air India and have written to the government last week in this regard,” a senior airline official said.
The UPA government had approved a turnaround plan under which Air India is to receive a total equity infusion worth Rs 30,231 crore up to 2021, subject to meeting certain performance thresholds.
Amid fund crunch, during which Air India also had to defer its staff salaries, the airline borrowed Rs 6,250 crore from various banks between September last year and January this year for working capital requirements and other needs.
The carrier, which has a debt burden of about Rs 50,000 crore till March last year, had been receiving about Rs 3,000-4,000 crore equity infusion on an average per fiscal from the government till FY14. However, after that the amount was gradually reduced. For 2018-19, the airline has been allocated Rs 650 crore in view of its now failed disinvestment plan.
The government had proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players, besides complete sale of its low-cost arm Air India Express and its entire stake in 50:50 joint venture AI-SATS.
C-Zentrix, a leading contact center solution provider organized a media meet in Bangalore today. The event was aimed to bring out the nuances of the evolving CX (customer experience) industry in India and how companies will adapt to the changes via digital platforms. According to Forrester's 2017 Customer Experience Index, the quality of customer experience has improved in India. Key findings include that no brand in India delivered poor CX, and the average score of the five industries rose, indicating better quality CX across the board. In addition, the data shows that emotion has a bigger influence on customer loyalty than effectiveness or ease in nearly every industry.
C- Zentrix, developed with a vision of creating next-generation, simplified call center technology help organizations across industries to setup and manage their personalized customer engagement center hassle free at low cost and high efficiency. The focus of the press meet was to highlight the importance of tailored solutions for the different needs of each organization with relation to customer experience.
According to Arijit Chatterji, Chief Business Officer, C-Zentrix, “We, at C- Zentrix aim to provide the best-in-class contact centre software and enterprise level software for superior customer experience. Our products such as Omnichannel, Speech based IVR and AI driven chatbot are used extensively across industries in domestic as well as international market.
Our company wishes to help organizations across industries to setup and manage their personalized customer engagement center in a hassle free manner, at a low cost and with high efficiency. To keep this effort going, we will be participating in Customer Connect Week in Las Vegas next month, June 18 to 22, which is one of the most sorted events in the CX industry. We plan to make use of this opportunity to meet and interact with industry stalwarts and introduce to them our game changing products. ”
Customer experience is key to customer retention and to give businesses a full coverage we have evolved further with voice commerce solutions and mobile-based applications. Our Ticketing CRM and lead management solution (LMS) enable our customers across industries to provide a better customer experience for their end customers and higher productivity for the business. Our Omnichannel is transforming Customer Experience to new heights.
Reaffirming commitment to the environment, this year Mahindra Group, will achieve double its annual commitment by completing 2 million saplings plantation. By June 5, the ‘World Environment Day’ the company aims to plant 15 million trees under the aegis of Mahindra Hariyali program.
In the rapidly developing world today, lack of green cover is impacting the oxygen level in the air at a basic level. Hariyali is aimed at increasing the green cover, in addition to providing livelihood and nutritional security. Now nearing the completion of 11 years, the project also helps enhance the wildlife habitat value and biodiversity in certain regions. Thus, Mahindra Group has pledged to plant trees across the country with an annual goal of 1 million.
“It is heartening to have consistent support from our employees, customers and partners who have helped us not just achieve but exceed our annual goal by 100% for Hariyali. It is a clear reflection of our collective commitment towards the environment.” said, Rajeev Dubey, Group President (HR & Corporate Services) and CEO (After-Market Sector), Mahindra & Mahindra. “That said, climate change requires attention, and our environment needs to be nurtured to prevent the devastating and irreversible impact. While this project aims to tackle climate change and sustainability, we do realize this is not enough. With our campaign #ButThisIsNotEnough our aim is to sensitize and onboard Indian citizens to support a cause and pledge for a greener future, this environment day,” he added.
The project forms a part of Mahindra’s Rise for Good philosophy and it is being amplified to invite participations from every Indian citizen to contribute to environment or other causes with the #ButThisIsNotEnough[Eng] #ButThisIsNotEnough [Hindi] campaign.
Mahindra partnered with the Naandi Foundation as the implementation partner for this project in 2010. The Naandi Foundation helps with plantation, engagement with local communities, monitors survival rates and undertakes replacement of saplings as and when required.
Davig Hogg, Chief Agriculture Advisor- Naandi Foundation said, “India as well as the planet’s well-being depends on a healthy environment and Mahindra Haryali has oriented its focus to ensure it delivers an objective impact wherever it is implemented. Mahindra Haryali project in Araku has evolved a unique template that is built on three pillars that are now the focus through all Mahindra Haryali outreach. Our consistent focus has been on engaging local Adivasi community, ensuring sound organic methodology and reliance on indigenous tree species so that forest ecosystems are restored. The result has been year on year improvement in access to nutritional fruits and improved soil carbon stocks – objectively verified by external audits of the VCS/UNFCCC programme. This contributes to climate change resilience globally and ensures greater soil fertility and water retention locally, providing for more stable agricultural activity.”
Tata Boeing Aerospace Limited, today announced the delivery of the first AH-64 Apache combat helicopter fuselage ahead of schedule from its state-of-the-art facility in Hyderabad. The fuselage will now be transported to Boeing’s AH-64 Apache manufacturing facility in Mesa, AZ, for integration into the final assembly line. This delivery comes within a year of the aerospace joint venture facility becoming operational.
The facility, which is spread over 14,000-square meters and will be employing 350 highly skilled workers at full production, was inaugurated by Nirmala Sitharaman, Minister of Defence, Government of India, in March this year. The facility will be the sole global producer of fuselages for AH-64 Apache helicopter delivered by Boeing to its global customers including the U.S. Army. The facility will also produce secondary structures and vertical spar boxes for the multi-role combat helicopter.
“This is a major step forward in Boeing and Tata Advanced Systems’ continued commitment to make advanced, high quality aerostructures in India,” said Pratyush Kumar, president, Boeing India. “Our investments in technology, capability and skilling are clearly paying off as evident from the quality and speed at which this delivery milestone has been achieved. As we accelerate our efforts, we see this as a major step towards future opportunities to pursue the co-development of integrated systems in aerospace and defence.”
Sukaran Singh, Managing Director and Chief Executive Officer, Tata Advanced Systems, said, “The timely delivery of the AH–64 Apache helicopter fuselage marks a milestone in our collaborative journey with Boeing. Our partnership reflects a continued commitment to develop aerospace and defence manufacturing ecosystem in India. The delivery of the fuselage within a year of the facility being operational is a huge boost to indigenous manufacturing and also demonstrates our commitment to deliver high quality products within a short span of time.”
Tata Boeing Aerospace, Boeing’s first equity joint venture in India, is the result of a 2015 partnership agreement with TASL. Construction of the manufacturing facility began in 2016 and was completed on schedule a year later. In addition, Boeing and TASL have worked closely to develop a pool of highly skilled aerospace talent through skill development initiatives.
Today, customers around the world operate more than 2,300 Boeing-made Apache helicopters since the aircraft entered production. The helicopter has been fielded or selected for acquisition by the armed forces of 16 countries, including India. The United States Army Apache fleet alone has accumulated more than 4.3 million flight hours, including more than 1.2 million in combat, as of January 2018.
In May 2018, Tata Motors registered a strong growth of 58% at 54,295 units as against 34,461 units over last year due to the continued strong sales performance of its Commercial and Passenger Vehicles Businesses in the domestic market. The cumulative sales for the domestic market (April-May 2018) was at 107,806 units compared to 63,305 units over last year, a growth of 70%. In FY19, the Company has embarked on ‘Turnaround 2.0’, with 3 clear objectives viz. ‘Win Decisively in CV’, ‘Win Sustainably in PV’ and embed the turnaround culture in the organisation. Key growth drivers: M&HCV (90%), I&LCV (73%), SCV Cargo & Pickups (47%) and Passenger Vehicles (61%)
Domestic - Commercial Vehicles
Tata Motors’ Commercial Vehicles (CV) domestic sales in May 2018 were at 36,806 units, an increase of 56% compared to 23,606 units in May 2017. Cumulative sales growth of CV in the domestic market for the fiscal (April-May 2018) were at 73,082 units, a growth of 84%, compared to 39,623 units, in the same period last year. Post the Supreme Court ruling on BSIII to BSIV transition, sales were affected in Q1 last year as there was a huge pre-buy and also a limited supply of BSIV vehicles. The growth in May 2018 was on the back of various macro-economic factors like investment in improved industrial activities, infrastructure development and robust demand in the private consumption-led sectors.
The M&HCV truck segment continued its strong growth momentum with 12,424 units, a growth of 90% over last year. This growth has been led by the government’s focus on infrastructure development, road construction, building of irrigation facilities and housing projects across the country. Additionally, sectors like auto carriers, 3PL players, cement, steel and oil tankers are also driving growth. The SCR technology that was introduced in M&HCV trucks last year has gained customer confidence and continues to establish its TCO superiority.
The I&LCV truck segment reported a significant performance at 4,106 units, growth of 73%, over May 2017. This growth has been due to new product launches, E-Commerce and increased rural consumption. The recently launched Tata Ultra range of ILCV trucks is gaining significant acceptance and contributing to the volume growth.
The SCV Cargo and Pickup segment continued its growth momentum with sales of 15,567 units, up by 47%, over May 2017. With the growth in E-Commerce sector and the hub-spoke model continuously evolving, the small commercial vehicles are in demand for the last mile connectivity needs across the rural and urban markets. The newly launched Tata Ace Gold has been well received by the customers and is seeing a strong demand.
The commercial passenger carrier segment posted a growth of 14% with sales of 4,709 units in May 2018. The onset of the annual school season led the robust demand for school buses.
Domestic - Passenger Vehicles
With retails slowing down, May 2018, was a challenging month but Tata Motors' Passenger Vehicles (PV) domestic sales registered an impressive performance with 17,489 units, a growth of 61%, compared to 10,855 units in May 2017. The Tata cars recorded a growth of 18% at 11,516 units driven by continuous strong demand for Tiago and Tigor, while the UVs continued to record an exceptional performance of 463% growth at 5,973 units, due to the strong demand for the Nexon and Hexa.
The recently launched Nexon AMT has received an overwhelming response and is witnessing good traction in the market. Cumulative sales growth of PV in the domestic market for the fiscal (April-May 2018) were at 34,724 units, a growth of 47%, compared to 23,682 units, in the same period, last fiscal.
Exports
The company’s sales from exports (from CV and PV) in May 2018 was at 3,699 units as against 3,900 units in May 2017.
The first ever scientific study in India of Small Hydropower Projects (SHPs), has revealed that despite being promoted as clean energy, these plants have significant ecological impacts, and cause alterations in stream geometry, water quality and freshwater fish communities.
The work recently published in the journal Aquatic Conservation was conducted by scientists from Wildlife Conservation Society – India Program (WCS-India Program), National Centre for Biological Sciences, Bangalore, India, the University of Florida, Ashoka Trust for Research in Ecology and the Environment, and Foundation for Ecological Research Advocacy and Learning (FERAL).
SHPs are hydroelectric plants with relatively smaller power generating capacity compared to large hydropower plants. They are often promoted as a cleaner and greener alternative to large hydropower projects as they are assumed to have little or no environmental impacts. In India, they are defined as those that generate power up to 25MW. There has been a proliferation of SHPs in India, especially in biodiversity-rich areas such as the Western Ghats and Himalayas. As of 2012 there were 1266 projects commissioned while another 6474 have been identified.
The study was conducted in the upper reaches of river Nethravathi, which is part of the Western Ghats biodiversity hotspot, from February 2014 to May 2014. In the study, two dammed tributaries and one undammed tributary of the west flowing Netravathi river were selected.
It was found that the SHPs affected the river flow by reducing flow immediately below the dam and caused flow fluctuation when the water is released back into the river after power generation – both of which have consequences on fish assemblages. The dammed streams had altered fish composition and reduced number of species.
The SHPs are made of four main components – a diversion weir (this blocks the river’s flow and creates a reservoir), a powerhouse with turbines, a penstock pipe and a tailrace canal. The water diverted at the weir passes through the pipes to the powerhouse to produce electricity. Water is then released back into the river further downstream through its tailrace canal.
Explaining the results, Suman Jumani, the lead author expresses, “Our study was one of the first to holistically assess the impacts of SHPs in the forested regions of the Western Ghats. Ecologically, SHPs severely altered river geometry, water quality, and freshwater fish species assemblages. Since they divert water for long distances, it leaves vast stretches of the river almost completely devoid of water flow in the dry season. Waters in these stretches had lower oxygen levels and higher water temperature. Not surprisingly, these habitat alterations strongly affected freshwater fish assemblages.”
It was also found that the dammed streams had more generalist species of fish (those that are widespread and can survive in harsh environments) compared to specialist species (those that are unique to certain rivers). They also had reduced numbers of migratory fish such as the Mahseer. It was also found that the native species were strongly affected, which is a matter of grave concern since these local species are found only in the Western Ghats and hence are under threat of being driven to extinction.
Spike in Human-Elephant conflict
A couple of years ago, as part of the related study, the research team had conducted a survey to understand the perceptions of local communities towards the SHPs.
It was noticed that there was general discontent amongst the communities who were dependent on the river since they were neither involved in the public hearing nor promises of electrification and local employment were fulfilled. The SHPs have also brought along a new problem: a surge in human-elephant conflicts.
Shishir Rao, from WCS-India, who co-authored both the papers, says, “Our research has shown that the sudden onset of human-elephant conflict in the study area correlated with the beginning of SHP construction. In the year 2005, the number of claims filed for elephant conflict compensation increased by 173% compared to the year before. Coincidentally, this is the same year in which the first SHP was commissioned in this area. Thereafter, the number of claims has peaked every time a new SHP was commissioned. This is a concern since the reserve forests of Sakleshpur are a critical elephant corridor connecting Pushpagiri wildlife sanctuary in the south and Kudremukh national park in the north.”
Apart from the dam, the construction of associated structures such as large pipes, canals and transmission lines hinders the movement of elephants, forcing them to find new routes, thus increasing the incidences of conflicts with humans.
Rampant Growth of SHPs
As noted by Suman, “SHPs are a classic case of good intentions leading to terrible consequences. This is mainly because SHPs are defined not based on their ecological footprint, but rather on their installed capacity. In our country, SHPs are hydroelectric dams that produce up to 25MW of power - an arbitrary threshold. Hence, we have numerous SHPs with weir heights extending beyond 15m, a threshold used by the World Commission of dams to define large dams!”
Multiple SHPs set up in close proximity on the same river have affected both the water quality and habitat. For example, 10 SHPs s currently exist on the 108 km long west-flowing Netravathi River and an additional 44 SHPs have been proposed on the same stretch and this could have a deleterious impact on the ecosystem.
Currently, a new SHP is being constructed on Hongadhahalla, the only free-flowing tributary in this area. Most of the others are also being dammed and diverted as part of the Yettinahole drinking water project. “Given that this region is an important watershed and a part of Western Ghats biodiversity hotspot, there is an urgent need to monitor, regulate and carefully evaluate the impacts of large-scale infrastructure development”, notes Shishir.
Suman adds, “Despite mounting evidence, the Ministry of New and Renewable Energy has plans to build about 6500 additional SHPs without any environmental and social regulations. Given that most of these planned dams are located within biodiversity hotspots of the Western Ghats and the Himalayas, it is imperative that the policy concerning these projects be revised to include mandatory minimum flow requirements and individual and cumulative environmental impact assessments"
