Fino Payments Bank Posts Q4 Profit, Ends FY20 with Positive EBITDA

Fino Payments Bank Limited (FPBL) has announced that it turned profitable at the operating level for the financial year 2019-20. This feat is achieved within three years of the bank starting operations in July 2017.

This makes FPB the only standalone profitable payments bank that works solely on RBI’s financial inclusion objective by improving banking access predominantly in rural India.

Transactions have been the driving force behind Fino Payments Bank’s operating profit journey. In FY 19-20, FPB facilitated overRs1 lakh crore worth of transactions, doubling on the previous fiscal’s throughput. In terms of volume, transactions have almost doubled from 195 million in FY 18-19 to over 380 million in FY19-20.

Rishi Gupta, MD & CEO, Fino Payments Banksaid “Not having an asset product makes payments bank model risk free. We worked towards turning this perceivedliability and a payments only modelinto an asset. Our strategic focus on having a lean variable cost model riding on digital platforms, increasing transactions and high margin productsenabled us to grow by over 86% in FY19-20.  With revenue of Rs 689 crores, we closed FY 19-20 with positive EBITDA and posted profit in Q4.”

“It is a path breaking achievement for us as we demonstrated the robustness of the bank’s business model amidst challenges and showcased the success ofservicing low income mass market customers. We believe this will be a watershed moment for Fino and the first of many profitable quarters to come. We aim to take the momentum forward and continue growing at a good pace to create value to all our stakeholders,” added Mr. Gupta.

Business drivers

For FPB domestic remittance (urban to rural) transactions accounted for over 40% of the FY19-20 throughput, making the bank a top five player in the IMPS business.

Further, FPB transformed the rural banking landscape by facilitating micro ATM and AePS led digital transactions (withdrawals), which contributed to over 30% to the business. The interoperable digital platforms allowed customers of all bankstransact at Fino points leading to a 4 times surge in withdrawals over the last fiscal.

As a result FPB figured consistently amongst the top 3 banks in MEITY’s (Ministry of Electronics & IT) digital payments monthly rankings for allbanks.

FPB expects increased adoption of digital platforms by its customers, 50% of whom are tech savvy millennials. As more people experienced the convenience of banking from Fino platform, the bank’s CASA customer baseincreased by over 65% inFY19-20.

Network

FPB’s strategy is to have a strong financial services distribution network. The bank doubled its network from less than a lakh in FY18-19 to close to 2 lakh points by the end of FY19-20, with around 80% presence in rural areas.

The bank also works with more than 50 API partners that have a collective network of 2 lakh points. This makes FPB’s combined (own plus partner) network around 4 lakh points. To further improve banking access, FPB plans to increase the network to 10 lakh outlets over the next 24-30 months.

COVID 19

FPB’s transactions-led business model helped it withstand the current business environment with minimal impact. In May the bank’s business is set to reach about 80% of the pre-lockdown value, aided by rise in DBT transactions and the customer convenience of using FPB’s network. The bank expects to reach pre-COVID 19 business levels in the next couple of months.

Continuing its recovery path by aggressively on boarding merchants, facilitating transactions and reducing operating cost, FPB aims to hit profitability track in H1 20-21.

Snapshot:

Among the top 5 banks in IMPS transactions

Largest deployer of micro ATMs in the country with over 1.1 lakh devices Only payments bank to have a subscription based savings account Processes over Rs 1 lakh crore worth of transactions annually. Largest financial services distribution network in the country with a combined network (own plus partners) of over 4 lakh points.

As of March 2020, savings deposits of Rs 222 crores. Among top 3 performing banks in facilitating digital transactions – MEITY ratings.

Private Hospitals Freezes Charge of ₹15,000 Per Day for Covid-19 Treatment in Tamil Nadu

The Tamil Nadu government on Saturday capped the charges for COVID-19 treatment in private hospitals at ₹15,000 per day in Intensive Care Units across the state and announced that no fee over and above the fixed slab can be claimed from patients. In private sector hospitals, the per day charges for treatment in ICUs shall not exceed ₹15,000 and in general wards, for asymptomatic people and those with mild symptoms, the maximum is ₹7,500, Health Minister C Vijayabaskar said in an official release.

"Chief Minister K Palaniswami has ordered the ceiling for COVID-19 treatment charges," the Minister said. For the purpose of fixing upper limit on rates, hospitals have been categorised based on factors like amenities and for the first two levels of Grade A1 and A2 hospitals, the maximum allowable per day fee in general ward and ICU are ₹7,500 and ₹15,000 respectively. In the next two levels of hospitals that fall under Grade A3 and A4, the ceiling for charges per day in general ward and the ICU are ₹5,000 and ₹15,000. Following patients' complaints of exorbitant fee in private hospitals for COVID-19 treatment and media reports over the issue, a panel headed by Health Secretary Beela Rajesh submitted a report to the government on permissible charges for private hospitals, the release said. The government, considering the report has fixed the upper limit.

"The charges that have been announced are the maximum. No fee over and above the permitted charges can be collected from the patients," the government said. During these times of the pandemic, both the government and private hospitals shall work together and people's welfare initiatives like fixation of rates will further augment COVID-19 treatment initiatives, the government said. On Thursday, the government had announced the rate card for COVID-19 treatment under the Chief Minister's Comprehensive Health Insurance Scheme in authorised private hospitals in the State. The maximum payable rate per day by the government to private hospitals on behalf of people availing COVID-19 treatment is ₹5,000 for general ward (for asymptomatic people and those with mild symptoms) and in the Intensive Care Unit, it is between ₹9,000 and ₹15,000.

Signify Aims to be Plastic-Free on All Consumer Packaging in 2021

Phasing Out Plastics

* Company phasing out plastics from all its consumer-related packaging

* Plastics will mostly be replaced with recycled paper-based materials

* Switch to plastic-free packaging avoids the use of 2,500 tons of plastics per year

Eindhoven, the Netherlands – Each year, eight million tons of plastic end up in the oceans, killing one million marine birds and threatening hundreds of marine life species. Plastic pollution has become one of the most pressing environmental issues and consumers are increasingly critical of the packaging of products that they buy.

Signify (Euronext: LIGHT), the world leader in lighting, is actively striving for a reduction of the environmental impact of its products. As part of its packaging policy, Signify already uses 80% recycled paper for its packaging and will now start phasing out all plastics from packaging for consumer-related products with the aim to be plastic-free in 2021.

By phasing out plastic used for consumer product packaging, Signify will avoid the use of over 2,500 tonnes of plastics per year. This is equal to 125 million PET bottles which, placed in a row, would stretch more than 8,000 kilometers (5,000 miles), roughly the distance from Tromsø in the north of Norway, to Gibraltar at the southern tip of the Iberian peninsula, and back[1]. On top of that, our new packaging is smaller, reducing carbon emissions from transport and the materials we use by 6,000 tons per year – equivalent to the amount of CO2 that 270,000 fully grown trees can absorb in a year[2].

“Plastic waste has a very negative impact on our planet and its biodiversity and we decided that we must take a leading role and start using plastic-free alternatives. It is the right thing to do and meets the increasing expectations of our customers,” said Eric Rondolat, CEO of Signify. “I look forward to the moment that we can announce that we no longer use plastics in our packaging.”

On average, Signify’s packaging policy already requires all packaging to contain more than 80% recycled paper and virgin materials must be from certified renewable sources. In cases where paper-based materials aren’t applicable, Signify looks into other non-plastic alternatives. Signify has already started the phase-out of plastic by removing commonly used plastic inserts from Philips Hue bulb packaging. It has also selected paper foam to package the recently launched Philips Hue Play HDMI Sync Box. Replacing blister packs with paper-based box packaging will be sequenced across our product portfolio and different regions, starting with LED bulbs in Europe in the third quarter of 2020, and the rest of the world following from the start of 2021.

Signify already started replacing the plastic blister packaging for its LED lamps with paper-based materials in the Pacific, where the switch was received very positively and resulted in an increase in sales.

“When we replaced our packaging in the Pacific region, customers said that it was more appealing and environmentally friendly,” Rondolat added. “I call upon other companies to join us in making the switch and will gladly share our lessons learned.”

Phasing out plastics is a further way we are driving sustainability in our business and another milestone alongside our Brighter Lives, Better World sustainability program. We are on track to achieve carbon neutrality globally this year and already achieved carbon neutrality in 15 of our 19 markets. We were recognized in 2019 by being named Industry Leader in the Dow Jones Sustainability Index for the third year in a row.

Tata Cha Reopens for Full Service with Zero Contact Dining from June 8

TATA Cha, the out of home beverage initiative by TATA Consumer Products has introduced ZERO CONTACT DINING through a mobile app, as it reopens its outlets effective June 8. Customers will be able to digitally placed orders through the app ensuring zero contact at every step of their ordering journey.

In addition to zero contact dining, the outlets will ensure stringent implementation of social distancing norms adhering to WHO advisory and measures such as 50% reduced seating, temperature screening for customers & Cha buddies, hand sanitization, mandatory masks, and sanitization of furniture after every use.

Speaking about this move by TATA Cha, Sushant Dash, President, Beverages– India & Middle East, TATA Consumer Products, said, “In the post covid era, consumer behaviour has thoroughly changed. There lies scepticism in adopting the pre-covid lifestyle and making it a part of our everyday routine once again. Through zero contact dining and best in class hygiene practices we are ensuring a safe dining experience at Tata Cha.”

All Tata Cha cafes will be open from June 8th and are already operational for takeaways and delivery.

About TATA Consumer Products Limited

TATA Consumer Products Limited is a focused consumer products company uniting the principal food and beverage interests of the TATA Group under one umbrella. It was formed after a de-merger of the consumer products business of TATA Chemicals Limited into TATA Global Beverages Limited, under a Scheme of Arrangement which was sanctioned by the Tribunal in January 2020, the Scheme is operational from February 7, 2020. The Company’s portfolio of products includes tea, coffee, water, salt, pulses, spices, and ready-to-eat offerings. TATA Consumer Products is the 2nd largest branded tea company in the world and over 300 million servings of its beverage brands are consumed everyday across the globe. Its key beverage brands include TATA Tea, Tetley, Eight O’Clock Coffee, TATA Coffee Grand and Himalayan Natural Mineral Water. Its foods portfolio includes brands such as TATA Salt and TATA Sampann. In India, TATA Consumer Products has a reach of over 200 million households, giving it an unparalleled ability to leverage the TATA brand in consumer products. The Company has an annual turnover of ~Rs. 10,000 cr and employs 2,200+ people in its branded business workforce.

About TATA Cha

TATA Cha is a warm tea café which marks TATA Consumer Products’ pilot entry in the out of home of beverage category. The first TATA Cha tea cafe is located at 12th Main Indiranagar, the heart of Bangalore.  At TATA Cha, the essence of the offering is rooted in being authentically Indian. It is about bringing to the consumer the warmth of tapri chai in a modern environment. The balance lies in creating an experience which is premium and aspirational yet, real and authentic. At the core of this venture is the motivation to enhance the appeal of tea and make it more vibrant for the newer consumer groups like the millennials. TATA Cha has an extensive menu crafted to revive lost Indian recipes that blend warmth with a dash of youthfulness. This includes signature tea-based hot and cold beverages, traditional snacks, dunkers, exclusive all day breakfast and meals with a twist. For decades, TATA Consumer Products has built its expertise in understanding the nuances of tea drinking in India and we are aware that Indians love boiled tea. Backed with this insight, TATA Cha specialises in serving freshly boiled tea, just like the corner tea shop, served one perfect cup at a time. An aim to optimize the ‘out of home’ tea drinking experience coupled with snacks, TATA Cha will bring back fond, nostalgic moments.

TATA Cha is designed to reflect the heritage of TATA Consumer Products while embracing local culture. The core objective is to create a space that is warm and nurture a renewed love for tea. The interior décor, hence, brings together a mix of warm soft wood, bright colours, colorful and patterned fabrics to create a charming, youthful ambience. 

Message from Anil Chaudhry, Managing Director and Zone President of Schneider Electric India

I am delighted to welcome you to this very first issue of our monthly newsletter. Through this platform, I would like to share some inspiring stories and developments at Schneider Electric, with you.

The world is moving towards a change which is likely to be permanent. A digitised future, paving the way for transformation of economies and industries, is one of them. The recent crisis has acted as a catalyst to accelerate our process of digitisation. This has led us to see how successfully we could redefine the way we work, interact and conduct our business. From digitising the workforce to adopting strategies that will help accelerate business processes and productivity—we are going through a complete paradigm shift today, and seeing its benefits at the same time.

While the going has been tough a rapid scaling up in our digitisation has allowed us to identify and activate the opportunities which this crisis has thrown up. Our workforce too has been able to readily scale up digitally to address these business opportunities. Going forward we are looking at putting a robust digital roadmap in place, to ensure business continuity and provide our continued support to you through this time and beyond.

This period also taught us some critical lessons. One of the most important was a mindset, to acknowledge, and take the situation head on. While we keep our focus on health and safety, it is important for us to acknowledge that we need to also simultaneously focus on business stability and growth. We represent access to energy and digitisation for our customers and we need to refocus on building an energy efficient world for them. Here’s a safety handbook we have created, you could refer to it for protection during this time.

Manipal Hospitals Bangalore Felicitates 20 Year Old Braveheart Battling Cancer on “Cancer Survivorship Day”

Manipal Hospitals Bangalore one of India’s leading Healthcare provider felicitated 20 year old young brave heart battling lung cancer on account of “Cancer Survivorship Day today. On this day, Manipal Hospitals applauds the heroism and the motivation of such young fighters. Inspiring millions of people who are battling cancer this young boy who aspires to be a journalist has displayed immense grit and courage and has proved that the power of human resilience and undying spirit can help people win over cancer battles.

20-year-old Anirudh has been fighting extremely rare kind of lung cancer and is under treatment at Manipal Hospital, Old Airport Road Bangalore. He was diagnosed with Lung cancer in December 2019 and has been undergoing treatment ever since. Anirudh came to hospital with a dry cough and on further investigation; doctors discovered the presence of a mass in his lung. He had also lost about 9kgs of weight in the recent past and was under extreme fatigue. The symptoms hinted at a possibility of cancer in the lung and he was diagnosed with Pleuro-pulmonary blastoma.  This is an extremely rare kind of cancer that occurs in the chest, specifically in the lungs or lung coverings. Doctors at Manipal Hospitals left no stone unturned to give the best line of treatments to Anirudh.

“No cancer is strong enough to break mental strength of a human being and the survivorship strength and positive attitude has helped Anirudh to defeat cancer. In this case of young Anirudh his will power and positive energy and strength coupled with cancer survivor’s group support and treatment provided by the team of oncologists will help him defeat cancer and he will certainly emerge victorious and will be a Cancer graduate soon” said Dr Somashekhar, Chairman of Manipal Comprehensive Cancer Care, Manipal Hospitals

Dr Amit Rautan, Medical Oncologist at the Manipal Hospitals, Old Airport Road said, “His type of cancer is very rare. It needs treatment with aggressive chemotherapy for multiple cycles. He has been taking these cycles very positively and has shown improvement in his interim scans. We are hoping he responds well and can move forward in life with the same positive and cheerful manner”

It has not been an easy task for Anirudh to say the least, sharing his experience he said “I couldn’t comprehend what had happened when I first heard I had cancer. It took some time for the news to sink in my family and friends were supportive during this period. Also, the doctors and counsellors at the Manipal Hospital constantly ensured I was informed and provided support during this period”

“I was going through chemo which affected my days and my moods” he said “I wasn’t going to college and hence had to keep myself busy and motivated to keep going forward and fight cancer. I have finished 4 cycles of chemotherapy. I have a few more cycles left. I do believe that my family and friends have played a huge role to keep me positive during this time.”

Planning to Invest in Mutual Funds? Here’s How You Can Install Paytm Money App and Grow Your Wealth

Earlier, investing in mutual funds used to be a complicated process with all the hassles of paper-based account opening. With its fully digital platform, Paytm Money app has made it simple and convenient for everyone to start investing in mutual funds and grow their wealth. Now, you can open an investment account free of cost and earn up to 1% higher returns with direct plans, avoiding any commissions charged by banks or distributors. In addition to this, with just a few taps, you get to view updated mutual fund information, top-rated schemes, hand-picked investment ideas and exclusive mutual fund recommendations for everyone to start investing. 

Over time, Paytm Money has evolved into a comprehensive wealth management tool. Here, you can also save taxes with the help of ELSS Funds and build a retirement corpus through the National Pension System (NPS). Together, these two options offer you a combined tax-saving of up to Rs 62,400.  Also, you can start a SIP in your preferred mutual fund for as low as Rs. 100.

Here’s how you can create an account on Paytm Money and start investing in a mutual fund: 

Step 1: Install Paytm Money app from Google Play store or App Store

Step 2: Login with your Paytm account credentials or instantly create a new account with your mobile number

Step 3: Complete your KYC & become investment-ready within minutes

Step 4:  Tap on ‘Invest’ button at the bottom of the home screen

Step 5: Select, ‘Discover Mutual Funds for Investments’ & you can now compare various schemes based on its ratings, ideas, fund manager, and AMC information

Step 6: Select a fund of your choice and tap on ‘Invest Now’

Step 7: The app lets you invest via SIP or the Lump-sum mode. Select your desired option and enter the amount of investment. Next, tap on ‘Proceed to Payment’

Step 8: Make the payment using UPI, Net banking or by setting an Auto-Pay with your bank for automatic deduction of your payments. Complete the transaction and you are done!