Bank of Baroda Initiates Bottoms-up Consultative Process to Reinforce Alignment Across India

Bank of Baroda, India’s second largest public sector lender, had initiated a unique consultation where all branches in Bengaluru Zone (North Region, South Region, Rural Region and Mysore Region) reviewed their performances, deliberated on issues before the banking sector and ideated on future strategy.

The consultations were held over a period of two days from August 17-18 2019 covering all the Branches in Bengaluru Zone.

The initiative was driven to seek ways and means available to increase credit to various sectors of the economy, enhance use of technology to bring about innovation and enable big data analytics and make banking citizen-centric as well as more responsive to the needs and aspirations of senior citizens, farmers, small industrialists, entrepreneurs, youth, students and women.

Thematic papers by domain experts on various challenges facing the banking sector were discussed during the meet with a view to suggest reforms in public sector banks (PSBs). The meet also reviewed the Bank’s performance and its alignment with national priorities in the areas such as credit support for economic growth, infrastructure / industry, farm sector and blue economy, Jal Shakti, MSME sector and Mudra loans, education loans, export credit, green economy, Swachh Bharat, financial inclusion and women empowerment, direct benefit transfers, less cash / digital economy, ease of living, alignment with local priorities and corporate social responsibility.

As a result of the initiative, a number of implementable and innovative suggestions have been arrived on how PSBs in general and our bank in particular, may improve their performance. The consultations for generation of ideas was conducted in a bottoms-up process, which will be further discussed at the SLBC / state level and final consultations will be held at the national level, to compare both, intra and inter-bank performances, for way ahead implementation across PSBs.

The consultative process has resulted in a renewed sense of involvement and purpose down to the branch level and the Bank is geared towards implementing the roadmap for the future, improve its performance and align itself to national priorities so that it may fulfil its mandate of partnering the Indian growth story.

Illgotten Money from Manipal Group Invested in Start-Up Norte Technologies

A prime accused in the Manipal swindling case -- Sandeep Gururaj and a co-founder of Norte Technologies -- Praveen Surendiran is now embroiled in yet another case. Praveen Surendiran is currently in the custody of the Cubbon Park Police and is being interrogated along with Sandeep. He has been accused of usurping the firm by forging the signature of the original founder Saurav Kumar Singh. Norte Technologies was founded in Bangalore in 2015 and Saurav Kumar Singh is based out of Delhi. Saurav Kumar Singh moved the Bangalore court praying for getting his complaint registered by the Police or investigation. It is learnt that Praveen Surendiran is very influential in the corridors of power.

An interior designer firm OPC Assets Solutions where Praveen worked, was a vendor to Manipal when Sandeep came in touch with Praveen.

Praveen joined hands with Saurav to launch a people logistics firm for the automobile industry that leveraged technology. As they did not have technical expertise, Sree Kumar Sundaramoorthy who is a tech coder was roped in. Saurav Singh and Sree Kumar started a people logistics firm Norte technologies as an equal partnership firm. Madhu Jindal, wife of Praveen, was later appointed as Director in 2015.

Praveen and his acquaintance Nitin Mehra joined the company in January, 2016 while Sandeep was appointed as an Additional Director in February 2016. Incidentally, Cardekho (Girnar Software Pvt. Ltd., Jaipur) had valued the firm at USD 3 million. Sandeep was initially allotted 2% shares against his initial investment of Rs 50 lakh. Sandeep committed INR 2 crore for a 10% stake, out of which he invested INR 1.37 crore in cheque and the rest in cash. But he was given only 1,000 of the 50,000 shares that were issued.

Sandeep, Praveen along with Sree Kumar conspired to ease Saurav Kumar out and did so by forging his signature on a fake resignation letter. On realizing something was amiss, Saurav applied to the Registrar of Companies (ROC) for details and then came to know that his signature had been forged and the company had changed hands. It was learnt that Saurabh’s shares were illegally distributed between Praveen, Madhu and Sandeep.

Sandeep continued to invest in multiple tranches. Later, on realising he cannot be a director when on Manipal's rolls, Sandeep resigned. Sandeep then asked for his money with interest, which was not returned.

The company ran for one and a half years when according to media reports, in Q1 of 2018, Praveen and other directors closed a deal with Europ Assistance, a French firm, for INR 50 crores, and sold the IP separately to ONB Technology. ONB Technologies Singapore is funded and controlled by Europ Assistance. Interestingly, all four former directors -- Praveen, Madhu, Sree Kumar and Nitin Kumar -- are currently the directors in ONB Technologies India & Singapore.

AWSO Perform at the Centenary Celebration of the Marshal of the IAF Arjan Singh, DFC at Orion Mall, Bengaluru

To commemorate the centenary celebration of the Marshal of the Indian Air Force (MIAF), Air Chief Marshal Arjan Singh, DFC and Independence Day Celebration, scintillating performances by the Air Warrior Symphony Orchestra (AWSO) of the IAF were conducted on August 15, 2019 at the Orion Mall, Brigade Gateway, Malleswaram. A flower exhibition was also organised inside the Orion mall on this occasion. The event was graced by Air Marshal TD Joseph, Senior Air Staff Officer, Headquarters Training Command Indian Air Force, Bengaluru.

The list of music tunes performed by Air Warrior Symphony Orchestra (AWSO) include Rejoice in Raisina, Star War, Inspirato, Micheal Jackson Mix, Har Kisi Ko, Mamma Mia, Sariyaage, Channa Mereya, Moh Moh Ke Dhaage, Leja Re, Mombe Helutaithe, Belegeddu, Hotel California, Summer of 69, In the Mood, Abba’s Medley, Imagination, Hindi Medley and Vande Mataram.

Arjan Singh was born on April 15, 1919 in Lyallpur (now Faisalabad in Pakistan). He was 19 years of age when he was selected for training at RAF College Cranwell in 1938 and was commissioned into RAF as a Pilot Officer in December 1939. He was awarded Distinguished Flying Cross (DFC) for outstanding leadership, great skill and courage in Burma Campaign during World War II. He also led India as Chief of the Air Staff in the 1965 war against Pakistan, wherein IAF gained air superiority over PAF and helped Indian Army score strategic victories. He passed away on 16 September 2017 at the age of 98. His dynamic personality, professional competence, honesty of purpose in his service to the country and the IAF truly sets him apart as a leader and an icon of the Indian Air Force.

Yes Bank Raises Rs. 1,930 Crores Through Qualified Institutions Placement (QIP) Route

Yes Bank, pursuant to the allotment of its equity shares on August 15, 2019, has raised Rs. 1930 crores through the Qualified Institution Placement (QIP) route. The QIP opened on August 08, 2019 and closed on August 14, 2019.

The Bank allotted 23.1 crores equity shares of face value of Rs. 2 each to eligible qualified institutional buyers (QIBs) at Rs 83.55 per Equity Share, in accordance with the pricing formula provided under Regulation 176(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

The QIP increases the Bank’s Total Capital Adequacy Ratio to 16.2%*, Tier I Ratio to 11.3%* and Core Equity Tier I Ratio to 8.6%*, ensuring that the Bank remains capitalized well above the regulatory limits.

*Post QIP Issuance considering position as at June 30, 2019(including profits for the Q1FY20)

The issue saw strong response from foreign as well as from domestic QIBs. The overall allocation to foreign institutional investors is approximately 34% from USA/Europe, 40% from Asia, and balance from domestic insurance companies and mutual funds highlighting a well-diversified representation and demand from across the world. The QIP also enables a further diversification of the shareholder base of YES BANK.

CLSA India Private Limited, JM Financial Limited, Motilal Oswal Investment Advisors Private Limited, Prime Securities Limited and YES Securities (India) Limited were the Global coordinators and Book Running Lead Managers to the QIP issue. The Legal Advisors to the transaction were AZB & Partners, Linklaters Singapore Pte. Ltd. and L&L Partners (formerly known as Luthra & Luthra Law Offices). The Statutory Auditors were BSR & Co LLP.

On the successful completion of the equity allotment, Ravneet Gill, Managing Director and CEO of YES BANK, said, “We are delighted with how our fund raise has been supported by marquee global and domestic investors. We maximised the size to the extent of the (up to) 10% dilution limit currently approved by our shareholders. The success of the QIP is extremely satisfying given the strong global and domestic headwinds and a credit environment beset with challenges. We see this as a strong endorsement by the investor community of the inherent strengths of the YES BANK franchise and its future growth prospects.”

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The Securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.

Voltas.Beko Launches India’s First 5 Star Rated Washing Machines

Voltbek Home Appliances Private Limited (Voltbek) - a JV between India’s No. 1 AC Brand, Voltas and Europe’s leading free standing consumer durables player, Arçelik, launched India’s first 5 Star rated washing machines today. These products provide superior wash quality with minimal water usage and are energy efficient. The brand Voltas.Beko has an extensive range of 5 star rated products including 21 models of Twin Tub, Semi-automatic Washing Machines with Dual Power Rain feature and 2 models of Front Load Washing Machines.

This range of washing machines incorporate Voltas.Beko’s state-of-the-art energy efficient technologies including:

* ProSmart Inverter Motor technology which helps the washing machine provide superior energy efficiency, low mechanical friction, lowers noise levels and improves durability.
* 5 Star rating – Consumes less energy and water, provides better washing
* Home Whiz – Internet enabled machine, connect and operate the washing machine from your smart phone

Speaking on this occasion, Mr. Pradeep Bakshi, Managing Director & CEO, Voltas Limited, said, “As a Tata group Company, we have always endeavored to be a frontrunner in introducing technologically advanced products in the market. Right since the introduction of the first energy efficient ACs in 2007, we have ensured that our products are customer centric, made for India, environment friendly and technologically superior. Our 5 star rated washing machines provide customers with superior wash quality with minimal water consumption, and are also available at very attractive prices. With this launch, Voltas.Beko has reinforced its commitment to the environment by bringing the latest IoT enabled green technology to the Indian market.”

Sydney Local Health District Improves Treatment of Back Pain Using Qlik-Powered App

Qlik has announced Sydney Local Health District (SLHD) has utilized the Qlik platform to power its award-winning STARS (Sydney Local Health District Targeted Activity and Reporting System) Back Pain App. The app enables healthcare professionals to treat lower back pain by delivering meaningful data to the frontline.

It is estimated that 540 million people worldwide are affected by back pain at any one time, while in Australia more than 3.7 million people experienced this type of pain. A study by Monash University, indicated that back pain reduces Australia’s GDP by $3.2 billion a year. Within NSW alone, emergency departments (ED) see 50,000 patients for back pain annually. Of these patients, 70 per cent are given opioids despite known harms, 30 per cent receive unnecessary imaging, and 17 per cent are admitted to hospital. These practices are discordant with guideline recommendations.

The STARS Back Pain App provides ED clinicians with key information relevant to the management of lower back pain, whilst also efficiently providing a mechanism to identify and explore any clinical variation. The app is driving positive changes in clinical practice through audit and continuous feedback, helping to avoid the inappropriate use of tests and treatment for lower back pain, which in the past has included the prescription of dangerous opioids.

Benchmarking the Treatment of Lower Back Pain

To create a benchmark, the team set out to collate a strong dataset of existing options for lower back pain management. Standard information such as patients’ demographics, diagnoses, allied health service review, pain medicines used, pathology tests, diagnostic imaging, costs of care and patients’ admission status are all routinely collected in a variety of electronic medical record systems.  Where the STARS Back Pain App differentiates itself is its ability to link these previously siloed data sets in a governed, near real-time manner and present the information back to clinicians through an intuitive interface.

“Building this application in Qlik has brought people in our organization together and started some really valuable conversations. Through the collaboration of our research team with the clinicians and performance unit, we can now see what part of the intervention worked, what didn't, and what we can change moving forward. One of the best things about this app is that each individual can ask their own questions, interrogate the data, and arrive at conclusions without doing extensive and time-consuming audits,” said Dr Bethan Richards, Director of Rheumatology at RPA Hospital who led a multidisciplinary team of clinicians, researchers and IT specialists, to design the STARS Back Pain App.

Information Sharing to Improve Patient Outcomes

In use across three participating emergency departments across NSW including RPA Hospital, Concord Repatriation General Hospital and Canterbury Hospital, the STARS Back Pain App provides clinicians with a summary of patients with lower back pain while highlighting clinical variations. Through access to the app, healthcare professionals can now compare data across hospitals, which ignites conversations about trends, prescription rates and overall patient care.

“With the type of benchmarking now available, clinicians can see how they're performing against other hospitals,” said Charlie Farah, Director, Healthcare & Public Sector APAC at Qlik. “This leads to changes in behavior without intervention. Healthcare professionals have been empowered to start asking questions on their own and debunk myths they have about their performance: Why are we different? Is it that we're getting sicker patients at this hospital versus another hospital? The data initiates a conversation and starts to create its own momentum.”

Initiating Actionable Change

In addition to having access to the data, the SLHD team knew clinicians needed the tools necessary to act on the information and trends they were identifying. A new model of care for back pain was implemented and educational resources for both doctors and patients were created to help encourage the use of other effective, safe, pain management strategies rather than simply using strong opioid medicines. Having access to data also empowered clinicians to provide counsel to their patients on possible treatments and recovery timelines, thus enabling them to make more informed decisions.

“Data can be used for evidence-based management of back pain, which means we can ensure our patients are receiving the best care possible. In addition, clinicians are more likely to use the platform because it gives them a view on their own real-world data. The data is in front of them and ready to be leveraged. The app has already changed the way clinicians in our trial are treating patients,” said Dr Gustavo Machado, Research Fellow at the Institute for Musculoskeletal Health’s NHMRC who led the emergency department trial of the app.

Building on the success of the STARS Back Pain app, SLHD is currently working with the NSW Agency for Clinical Innovation on rolling it out across all NSW emergency departments and has commenced work with Monash University to begin a similar project in Victoria. Moving forward, the District is also looking at other ways to extend the use of technology and analytics outside of back pain to other areas of clinical practice which could benefit from such analytics and insights.

Trend Micro Nurtures Global Cyber Security Talent Development

Trend Micro Incorporated, a global leader in cybersecurity solutions, today announced its fifth annual Capture The Flag (CTF) competition. The Trend Micro CTF 2019 – Raimund Genes Cup invites teams from around the world to test their skills in today’s most critical areas of security risk. This cornerstone event is one of many ways Trend Micro is working to equip cybersecurity talent in the workforce.

The annual global CTF helps participants develop and hone their skills in today’s most critical areas of need, including forensics and exploitation, IoT, reverse engineering, open source intelligence, mobile, and machine learning. Teams face challenges that involve these key areas, providing real-world practice with critical scenarios.

“Without enough equipped professionals across the globe to actually implement security solutions for all businesses, then the attackers will win,” said Hernan Armbruster, senior vice president, Americas & Strategic Products for Trend Micro. “Growing talent across the board is a necessity to help the world be safer for exchanging digital information. As an industry leader, we strive to do our part to add strong practitioners through this event along with many other global initiatives.”

This year’s Global CTF consists of two rounds, an online qualifier and the finals. Taking place on September 7-8 (Japan time), the online qualifier will include Jeopardy style questions that challenge teams to solve various security problems quickly. The top 10 teams will qualify for the finals, which will take place in Tokyo, Japan on November 23-24. This year’s finals will utilize a new “Dynamic Value” Jeopardy format to further test the teams’ skills.

The winning team from the finals receives JPY1,000,000, which is about USD $9,000. Additionally, each player from the winning team receives 15,000 Zero Day Initiative Rewards Program points, which helps program submitters earn exclusive awards and benefits. The second and third place teams receive JPY300,000 and JPY200,000, which is nearly USD $3,000 and $2,000 respectively.

“A lack of qualified professionals is the most consistent security concern we hear from businesses,” said Mark Liggett, senior security analyst from Tulane University. “Trend Micro is one of very few global companies that is actively working to help change this. Equipping new professionals from all walks of life is key to helping more businesses effectively manage their security stack and mitigate the risk of attack.”

Trend Micro hosts and supports more than 50 similar competitions each year around the world, including the main global event, and hosts 15 contests in collaboration with the Organization of American States, which are specific to women across the Americas.

Additionally, the company recruits and trains new cybersecurity professionals in five global centers around the world. In total, these centers will support the development of more than 2,500 new cybersecurity professionals by 2022.

To further grow diversity and skills in the industry, Trend Micro is also a global partner with Girls in Tech to encourage security education among their network of female professionals.

To register a team for the online qualifier, please visit: https://www.trendmicro.com/en_us/campaigns/capture-the-flag.html.