Fincare SFB Posts 99% AUM Growth; Rs.42.3 Cr Profit in H1, 2019

Fincare Small Finance Bank, poised for a sustained growth with improved fundamentals, has registered a Rs. 42.3 crore profit after tax (PAT) in H1 FY19. The Bank’s gross loans portfolio grew at 99 per cent during the year, to close at Rs. 2,899 Crore, as on September 30, 2018. The Bank has also garnered deposits worth Rs. 1,455 Crore as on September 30, 2018, a growth of 383 per cent y-o-y, with retail deposits comprising 34 per cent of the total deposits.

The Bank has successfully diversified into new asset segments, with secured loans such as loans against property, loans against gold and institutional finance growing at 252 per cent on a y-o-y basis. Secured loans now account for 15 per cent of the gross loans portfolio, significantly above the 8 per cent a year ago. The micro loans portfolio also demonstrated an 85 percent growth during the same period. Asset quality indicators have also shown improvement, with net NPA down to 0.35 per cent from 1.4 percent and gross NPA down to 1.4 percent from 1.9 percent on a y-o-y basis.

Keyur Doshi, CFO of Fincare Small Finance Bank, said, “The H1 results are a reflection of our continued efforts on growth and diversification. We have made considerable progress during this year in growing our secured business, and in building a strong liabilities franchise, as is evident from the growth in both the businesses. We are confident of sustaining this performance in the second half of this financial year as well”.

The Bank has a network of over 500 banking outlets catering to over 12.5 lakh customers across 10 states and 1 Union Territory.

Bosch Phantom Platform to Drive Indian SMEs in Digital Transformation

Robert Bosch Engineering and Business Solutions (RBEI) has launched an intelligent ecosystem platform, with an aim to assist Indian SMEs transition on Industry 4.0 journey. The platform named as Phantom was launched at the Bengaluru Tech Summit.

RBEI President and Managing Director Vijay Ratnaparkhe said Phantom platform will support SMEs to prepare a digital transformation roadmap for their manufacturing plants, machine intelligence and energy analytics.

"Bosch Phantom stands behind the Indian SME sector by significantly improving their machine efficiency which is the cornerstone to secure India's digital future," Ratnaparkhe said.

According to a company statement, it is a retrofit solution that can set up in a few minutes. Phantom gathers machine usage and production patterns for extensive analytics and provides valuable insights on benchmarks, trends, losses and best practices.

RBEI Sales and Marketing Vice-President K Swaminathan said Phantom platform is a powerful ecosystem on the cloud and on-premise that delivers manufacturing efficiency, real time alert and timely actionable insights.

Ratnaparkhe also added that Phantom will help SMEs to kick-start their digital journey, across multiple industries. The German technology giant also plans customised advisory sessions, consulting workshop and a portal for the speedy adoption Phantom platform among Indian SMEs.

Karnataka will Shortly Set Up Innovation Authority: CM Kumaraswamy

Karnataka Chief Minister H D Kumaraswamy on Thursday said the government will soon set up Karnataka Innovation Authority to further fuel the growth of innovation in the state.

Delivering the inaugural speech at the 21st edition of Bengaluru Tech Summit 2018, the annual technology summit of the state government, he said the government is going ahead with the legislative framework for setting up of the authority.

The government will also set up a Centre of Excellence for the design of tech products in Bengaluru, he added.

He said the Tech Summit is a unique platform for deliberating on innovation and its impact on industry and society at large. 

"The 21st edition of Bengaluru Tech Summit is a celebration of unique eco-system of the state. Government, industry, academia and research and development institutions have partnered and created a unique eco-system here, which has given birth to several startups and innovative ideas," he said. 

Kumaraswamy also pointed out that 65% of the MNCs who have their global in-house centres are from the USA and 37% of the global innovation centres of MNCs are in Bengaluru. "This goes to prove that technology engagement in the State is the bedrock of the strong foundation for investments. Karnataka is indeed the first choice for technology investments, worldwide,” he said. 

Speaking at the event, IT & BT and Industries Minister K J George said Karnataka is the first choice for innovators and global industry leaders to converge and showcase viability of current and emerging technologies. 

Over 200 speakers, 200 startups and global leaders from 11 countries are participating at the three-day tech summit. The inaugural event also witnessed the announcement of 20 winners of the Human Code, a global hackathon held as part of the tech summit. The contest had the participation of 42,000 teams from 68 countries.

French Ambassador to India Alexandre Ziegler announced the launch of French Tech Community in the city for fueling the growth of startups.

"40 companies are represented at the cluster. These companies will help in the digital innovation of the digital transformation of our societies. We want Bengaluru to be the centre of French startup activities which will further flourish in other cities," he said.

Ministry of Skill Development & Entrepreneurship Appoints A.M. Naik as Chairman of NSDC

Ministry of Skill Development & Entrepreneurship announces the appointment of A.M. Naik as Chairman of National Skill Development Corporation (NSDC). One of the most influential business leaders in the country, aik brings over 50 years of meritorious experience in the infrastructure, engineering and construction sectors. 

The appointment of Naik as Chairman of NSDC underscores the importance attached by the Prime Minister of India Narendra Modi to skill development. As the Prime Minister has repeatedly stressed ‘skilling brings a sense of self confidence to the poor.  Matching job creation with industry demand is the key to end unemployment. It is envisaged that in the future, India will be the biggest supplier of workforce to the world.’ 

Currently the Group Chairman of India's biggest engineering and construction conglomerate – Larsen & Toubro Limited (L&T), A.M. Naik is one of the most respected management professionals in the country. His years of successful stewardship have resulted in building L&T as one of the strongest global businesses.

Making the announcement, Dharmendra Pradhan, Hon’ble Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship expressed, “Mr. Naik epitomizes core values of a successful leader - strength, innovation, ingenuity, knowledge and foresight – values that are imperative to the success of any development initiative in today's economy. His standing in the community of industrial leaders will strongly enhance the industry connect. His vast experience will take NSDC to greater heights. I am confident that this organization under his leadership, apart from its engagement in executing skilling modules, should also be a think tank providing direction and necessary guidance for creating a demand based skilling ecosystem in the country.”

Commenting on his appointment, A.M. Naik said, “NSDC has developed a unique model combining skill development with strong industry partnerships. I am pleased at this opportunity to contribute towards our common vision of a high skill, high value added economy that offers opportunity to all.”

Manish Kumar, MD & CEO, NSDC added, “NSDC is privileged that Naik, a person with such vast knowledge and experience, is onboard as the Chairman of the organization.  We believe that his business leadership and experience will powerfully steer NSDC in its next phase of growth.”

In his remarkable career spanning over five decades, Naik has won many accolades.  He was awarded the Padma Bhushan, India's 3rd highest civilian award in 2009 for his outstanding contribution to the economic growth of the country.  Naik is also the Honorary Consul General for Denmark. He was conferred the Danish Knighthood by Her Majesty Queen Margarethe - 2008 and a further honour, the Order of the Dannebrog - Knight First Class in 2015.

Sasken Appoints Calvin Nichols as VP and Head, Automotive Business

Sasken Technologies Ltd., (formerly Sasken Communication Technologies Ltd.), a leading product engineering and digital transformation solutions provider, today announced that it has appointed Calvin Nichols as VP and Head of its Automotive Business to lead the company’s efforts in the Automotive segment.

Calvin has over 25 years of diverse automotive experience having served in roles at Denso, Ford Motor Company, Visteon, Panasonic, BASF, Clarion, and Cohda Wireless in functions such as engineering, sales, marketing, and strategy. Most recently, Calvin was Head of Sales and Business Development at Veniam – an automotive networking start-up.

Welcoming Calvin into the organization, Hari Haran, President - Global Sales, Marketing and Business Lines, said, “For over two decades, Sasken has demonstrated great leadership and expertise as an Automotive service provider and is a preferred partner to several global leaders. In our efforts to expand our reach in this segment, we are pleased to welcome Calvin who will help us accelerate our growth trajectory. He brings the right blend of commercial, strategy, and technical skills to lead the Automotive Business at Sasken.”

In his role, Calvin will focus on creating growth through services and software in the areas of Telematics, IVI, ADAS, and Connected and Autonomous Vehicles. Commenting on his appointment at Sasken, Calvin Nichols, VP and Head, Automotive Business, said, “Software is becoming a key differentiator in automobiles, especially in the Autonomous Car and Infotainment areas. Sasken has established itself as a global expert in this space and I am excited to join the team at a time when this segment has tremendous opportunities on offer. I look forward to delivering strategic value and compelling proposition to our customers in the Automotive space.”

Calvin holds a Postgraduate degree in Business from the University of Notre Dame, an MBA from Eastern Michigan University, and a Bachelor in Mechanical Engineering from the University of Toledo.

Accenture and AWS Extend Transformation with Expanded Services and Dedicated Resources Designed to Accelerate Innovation

Accenture and Amazon Web Services, Inc. (AWS) has announced newly expanded services and resources led by the Accenture AWS Business Group (AABG) to help clients accelerate their pace of innovation. Built around the continued collaboration between both organizations, the new capabilities deliver industry-proven expertise to help clients achieve business outcomes previously unimaginable.  

Launched in 2015, the AABG combines the resources, technical capability and industry knowledge of Accenture and AWS to help enterprises unlock innovation, drive business value and support growth through cloud adoption and transformation.

The continued investment and expansion of services comes at a time of market disruption for clients demanding deeper capability, established models and methodologies to help scale innovation, and measurable business value. With hundreds of enterprise transformation projects completed, the AABG is now spearheading countless innovation projects powered by new technologies, such as artificial intelligence (AI), machine learning (ML), analytics and cloud native strategies. This disruption calls for more capability to help enterprises combine digital innovation with legacy transformation while adopting established industry platforms.

The new innovation accelerator services and dedicated resources consist of: 

A new Applied Intelligence Studio for AWS in Seattle, where clients can access AI specialists from AWS and Accenture to apply AWS ML services, such as Amazon SageMaker, and integrate leading practices more rapidly for burgeoning innovation projects. The AABG team will identify industry- and domain-specific use cases where leading technologies can be applied to help solve key business challenges. For example, the team has already started to enhance Accenture’s existing client solutions on AWS. Among these are a predictive maintenance solution for Japanese telecommunications company KDDI to enable near real-time ML against IoT data, allowing KDDI to better scale its operations for manufacturing clients and offer new pricing models. The solution was developed in collaboration with Accenture’s Applied Intelligence practice.

The development of LaunchPad, an agile network of Accenture and AWS specialists skilled in strategic AWS services, core to quickly enabling digital transformation beyond traditional cost reductions. Steeped with industry knowledge, these specialists are embedded in Accenture Liquid Studios and innovation centers around the world. For example, at the new Liquid Studio in San Francisco, specialists from Accenture and AWS take clients through design-thinking workshops, helping them create project prototypes and incubate industry-specific solutions that can be scaled rapidly on AWS.

Additional tools, templates and leading industry solutions, backed by the collective knowledge of the AABG, to help clients be nimbler and scale services more easily. Among these will be new Industry Solution Incubators to help clients leverage modular, modern platforms that integrate the best of their existing assets with analytics and ML via platform-enabled delivery. For instance, last month Accenture, AWS, and Merck announced a cloud-based informatics research platform to help organizations in the life sciences industry improve productivity, efficiency and innovation in the early stages of drug development. Clients can expect similar solutions targeted at industry-specific challenges. 

The creation of Blockchain Express, which is aimed to be a faster, more cost-effective way for AWS clients who are interested in blockchain services to explore the benefits of distributed ledger technologies (DLT). This cross-industry offering will be a condensed five- to six-week engagement that includes access to Accenture’s specialists and range of services to map out how to drive value from DLT within the enterprise. Additionally, it will include the rapid development of an operational DLT network that will enable companies to accelerate their blockchain adoption journey.

“Our strong business momentum means we can invest more resources to focus on a comprehensive transformation for our clients who are asking for legacy transformation, quick-hitting digital innovation, and industry-focused solutions,” said Chris Wegmann, global managing director of AABG and Accenture’s AWS practice. “Our experience has shown that bringing our best talent forward with cross-team collaboration helps enable a path to success. It’s about combining the power of Accenture and AWS to help clients acceleration innovation at a time of epic disruption across all industries.”   

“The Accenture AWS Business Group provides extensive experience, resources, methodologies, and learnings to help clients rapidly deliver business value and innovation,” said Terry Wise, global vice president of Channels & Alliances at Amazon Web Services, Inc. “Our customers are asking us to help them innovate faster by leveraging new AWS services such as machine learning, artificial intelligence, and analytics.”

To date, the AABG has helped hundreds of clients leverage the full power of AWS. Accenture today announced that ETS, the world’s largest private, non-profit educational testing and assessment organization, has invested in a cloud migration to AWS to meet its digital transformation goals of enabling innovation and driving operational improvements. 

Accenture and AWS had been working together for nearly a decade before forming the AABG in 2015. The AABG extends that collaboration, helping hundreds of clients with their move to AWS — from strategy ideation, to migration, to operation and run — securely and at scale, all powered by AABG’s joint investments in world-class accelerators, centers of excellence and digital skills. To date, the AABG has trained more than 5,000 Accenture technologists and earned more than 2,100 AWS certifications.

Nutanix Xi IoT Brings Cloud Computing Intelligence to the Edge

Nutanix, Inc., a leader in enterprise cloud computing, has announced the general availability of Xi IoT, a new edge computing service offered as part of the company’s Xi Cloud Services. Combining the simplified elegance of core Nutanix solutions with a streamlined approach, Xi IoT eliminates complexity, accelerates the speed of deployment and elevates developers to focus on the business logic powering IoT applications and services.

In 2017, 3 billion enterprise IoT edge devices generated up to 30 times more data (256 ZB) than the 30+ million nodes across public and private cloud data centers. But the current IoT model in which the massive amounts of data on edge devices is sent back to a centralized cloud for processing has severely limited the ability of customers to make real-time, actionable decisions from intelligence gained at the edge. For customers, deriving value from this massive amount of data is rife with latency issues, lack of scalability, lack of autonomy, and compliance and privacy issues.

Unlike traditional IoT models, the Xi IoT platform delivers local compute, machine inference, and data services to perform real-time processing at the edge. Xi IoT Data Pipelines can securely move intelligently analyzed data to a customer’s public (Azure, AWS or GCP) or private cloud platform of choice for long-term analysis. Edge and core cloud deployments all operate on the same data and management plane, so Xi IoT customers have seamless, simplified insight into their deployment. Because Xi IoT provides zero-touch setup and management of edge devices, organizations can eliminate the risk of IoT security breaches due to human error, increase overall efficiency and reduce the cost of operating edge devices across the globe.

“It is critical for enterprise organizations to have an edge strategy to unify, edge to cloud connectivity, to rapidly build IoT applications, and to provide real-time analytics closer to where the data is generated,” said, Ashish Nadkarni, Group Vice President, Infrastructure Systems, Platforms and Technologies, IDC. “For companies looking for a competitive advantage, solutions like Nutanix Xi IoT can help them stay ahead of the market and identify new opportunities to grow their businesses.”

Through Xi IoT, customers can manage all their edge locations through a sophisticated infrastructure and application lifecycle management tool, regardless of platform. Developers can leverage a rich set of popular open APIs to deploy next-generation data science applications as containerized applications or as functions, which are small snippets of code. This can be integrated into existing CI/CD pipelines, allowing them to make changes quickly from a single location. By leveraging this well-known framework, Xi IoT helps IT organizations reduce training, development and testing costs while eliminating the possibility an organization is locked in to one public cloud provider. And because data is processed in real-time at the edge, companies are no longer inhibited by the transmission of data back to a core datacenter for processing, so decisions can be made based on data autonomously and in real-time.

Xi IoT is part of Nutanix’s Xi Cloud Services which is comprised of five distinct services, including Leap, which address the growing challenges of the multicloud era. These services bring together not only the ability to standardize workflows and harmonize operations across environments, but also the ability to blur the lines between clouds, seamlessly utilizing applications and data across multiple clouds for a variety of data protection, application delivery and edge locations requirements.

Offered as part of Nutanix Enterprise, customers can take advantage of:

Xi Leap - Cloud-based disaster recovery (DR) services to protect your critical business applications and data. Leap services are enabled directly in Nutanix Prism for a completely integrated public + private cloud experience.

Xi Frame - unique desktop-as-a-service platform built from scratch specifically for cloud deployment, now integrating role-based access control.

Xi Beam - a multi-cloud cost optimization and governance tool that allows customers to reduce cost and enhance cloud security across platforms, public and private.

Xi Epoch- an observability and monitoring solution for multicloud applications that provides a Google Maps-like view of applications to determine performance bottlenecks and availability issues in any cloud environment.