Tuesday, June 30, 2020

PFRDA Introduces OTP Based Authentication for “Paperless NPS on Boarding”


Pension Fund Regulatory and Development Authority (PFRDA) is mandated to promote old age income security i.e. pension in India and to protect the interests of subscribers of pension systems and schemes. As part of its developmental mandate and to increase the outreach of National Pension System (NPS), PFRDA has taken series of steps to ensure ease of NPS on boarding through various convenient modes. 

In its endeavor to provide digital solutions, PFRDA has already enabled opening of online NPS Account in a paperless manner through e- signature. In order to further facilitate ease of NPS Account opening, the subscribers are now permitted to open their NPS account through One Time Password (OTP) also.

In this process, the customers of banks (registered as POPs- Points of Presence), who wish to open NPS Account through internet banking of the respective banks, can open    NPS Accounts using OTP received on their registered mobile number.  

However, for opening of NPS Accounts through non internet banking digital mode, through POPs (Banks as well as Non - Bank POPs), OTP received on their registered mobile number and email can be used for paperless NPS Account opening.

Post completion of KYC, POPs have to submit the NPS Subscriber's data/information to Central Record Keeping Agencies (CRAs) along with his photo and image of signature with an undertaking that the KYC/AML guidelines/rules have been duly complied with.

POPs and CRAs have been advised by PFRDA to provide the required functionality of OTP based authentication. This process would ensure seamless account opening, end to end digitization and optimizing of investment returns by deposit of contributions in a faster way.

PFRDA administers more than 3.60 crore subscribers under National Pension System with an aggregate Asset under Management (AUM) of more than Rs. 4.55 lac crore. Out of total subscribers, 2.25 crore subscribers are under Atal Pension Yojana (APY). 

Monday, June 29, 2020

AgriBazaar Hosts Global Webinar on Landmark Reforms in Indian Agriculture to Discuss Watershed Changes


AgriBazaar, India’s largest Online Agri-Trading Marketplace, held a global webinar titled ‘Landmark Reforms in Indian Agriculture’. The government of India recently promulgated two ordinances: augmenting ease of trade by giving farmers a new and simpler alternative to sell their produce and building a farm-gate infrastructure to ensure that farmers get the desired price for every unit sold. The combination of these two ordinances is envisaged to bring large-scale benefits to the Indian farmer community by addressing their long-standing issues and therefore significantly boost the country’s agriculture.

The webinar was hosted to highlight these watershed reforms and how they can bring a positive change to Indian agriculture. A wide array of opportunities was identified during the webinar such as crop advisory, crop marketing, smart irrigation, leasing of equipment, and new avenues of financing, among others. New ideas and innovations such as digital agri stack, gene editing, plant-based meat, etc, were also discussed. The webinar highlighted the evolution of Indian farmers who are quickly learning the new agri-tech tools by attending various workshops hosted by agri-tech companies during the lockdown.

Speaking on the webinar Regarding level playing field for private e-marketplaces Mr. Sanjay Agarwal, IAS, Secretary (Agriculture) said, “they will be treated at par with the State-sponsored eNAM (National Agriculture Market). “eNAM is a platform that works in mandis. The trade ordinances that the government came out with do not touch mandis. No special place is kept for eNAM in the ordinance. Both the government and private platforms will have equal footing,” he said.

There is no registration or regulation required, except for the fact that they have to declare their fair trade modalities, payment modalities and logistic modalities. And they have to follow these modalities. The government has kept a provision for framing norms for this ecosystem at a later point, if required to use, he added.

Amith Agarwal, Co-Founder & CEO, AgriBazaar said, “It gives me immense pleasure to host this webinar. I saw some of the most brilliant ideas and innovations discussed by the domain leaders and top government officials during the event. The recent reforms undertaken by the Indian Government in the Agri-sector will spur the much-needed investment in the sector and unleash agritech opportunities.”

With a focus on government’s ‘One India, One Agriculture Market’ reforms, the webinar saw participation from senior leaders from the government, industry thought leaders from the private sector, investors and senior industry professionals from the Food and Agriculture Industry across the globe (mainly from Europe, the US, and Asia). Mr Sanjay Agarwal, IAS, Secretary (Agriculture), Dr Rajeev Ranjan, IAS, Secretary (Fisheries), Mr Atul Chaturvedi, IAS, Secretary (Animal Husbandry), and Ms Pushpa Subrahmanyam, IAS, Secretary (Food Processing Industries), Government of India attended the event. The private sector and global investors were represented by Mr Anuj Maheshwari, Managing Director, Agribusiness, Temasek International, Mr Srini Nagarajan, Managing Director and Head of Asia, CDC Group, Mr S. Sivakumar, Group Head – Agri & IT Businesses, ITC Limited, and Mr Balram Yadav, Managing Director, Godrej Agrovet.

About AgriBazaar

AgriBazaar is an online marketplace that is an intelligent and intuitive system delivering future-ready solutions to the Indian agrarian sector. The Indian agri-business is fragmented, and AgriBazaar with its cutting-edge technology and tools is acting as a tech enabler. With capabilities of warehousing, collateral financing and value-added services, AgriBazaar spans across geographies and enhances the efficiencies of the entire ecosystem.

Esper Announces Free Pricing Tier to Support Android IoT Innovation


Esper announced they will provide free access to their Android DevOps tools for innovators and entrepreneurs worldwide. The startup hopes to create a healthier global ecosystem of Android innovation and lasting impact in healthcare, education, and other industries. The open-source Android platform is at the forefront of IoT innovation, and nearly unlimited potential for socially responsible innovation in the future.

“Smart, connected Android devices can create a brighter future for everyone,” says Esper Co- Founder and CEO, Yadhu Gopalan. “We believe that removing barriers to Android IoT innovation can result in technology for the greater good, like student tablets that equalize education access and remote healthcare monitoring devices that improve quality of life for patients with rare conditions.”

Esper is a Madrona Ventures-backed startup for Android DevOps with rapidly growing global customer adoption among major brands, startups, and nonprofits across industries. The firm’s core product is advanced device and app management tools for single-purpose Android devices of any form factor, including kiosks, mobile point-of-sale (mPoS), and non-traditional IoT hardware. Esper is free for fleets of 100 or fewer devices, and priced very affordably for larger fleets.

“We are excited to announce this Freemium model, especially for our customer base in India. Nearly 97% of consumers in India use Android devices. Given the current circumstances more and more businesses are adopting a mobile first approach and Android is the preferred platform, given its cost effectiveness. This makes India a huge market for us and also presents a requirement for effective device and app management in the Android dedicated device segment. Esper’s product connects a secure connection between the cloud and Android IoT devices. Our ultimate goal is to have one million devices on Esper’s platform that improve quality-of-life for people worldwide.” says Shiv Sundar, Co-Founder and COO of Esper.

Sundar will be available to answer questions about socially responsible Android mobility during an upcoming open “AMA” session- or, Ask Me Anything -  at 11 am IST on 9 July, 2020 via video conference. Details are available on the Esper website.

Social responsibility is woven into Esper’s cultural fabric, and a value that influences every decision from new partnerships to hiring. In recent months, Esper has formed fundraising and technology support partnerships with non-profit groups across India, including HungerBox and iTeach Schools.

“By providing free or affordable infrastructure for Android IoT innovation, Esper is able to help other organizations dedicate resources to solving challenging problems instead of fleet operating costs,” says Sundar. “We believe removing barriers to innovation is a socially responsible business, and ideally, contributes to a more diverse ecosystem of global transformation.” 

About Esper

Esper is a cloud platform that automates application deployment and management for Android devices. Using Esper, enterprises can configure and monitor Android devices for various use cases, keep them secure to help their business function seamlessly. Esper also specializes in streamlining the process for building, deploying, and managing apps on devices for POS, restaurants, kiosks, logistics, and transportation at scale.

Esper operates out of Bengaluru and Seattle and specializes in meeting the requirements of markets in US, Canada, India, and SE Asia.

Aditya Birla Sun Life Insurance Launches Child’s Future Assured Plan


Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), has launched a one-of-its-kind insurance plan called ABSLI Child’s Future Assured Plan. It aims at assured returns combined with protection, to financially secure a child’s future milestones. 

This child plan offers guaranteed returns and is a non-linked non-participating life insurance plan. ABSLI Child’s Future Assured Plan enables you to plan for child’s two significant milestones - education & marriage by providing the required cash flow to help you meet your goals for your child’s future. It has an in-built Waiver of Premium element that ensures that the policy continues in case anything unfortunate happens to the life insured. This plan offers the flexibility to choose periodic pay-outs of 3, 6 or 9 years to plan for child’s education and a lumpsum at the desired milestone, to plan for marriage. The customer can also avail the option to receive both, guaranteed regular income to plan for their child’s high school, graduation, and post-graduation expenses and guaranteed lump sum as corpus for marriage related expenses.

The plan can be tailor-made and customized basis an individual’s requirement by opting for solutions such as flexible benefit options, premium paying term, death benefit, and additional riders. It offers the choice to enhance risk cover up to 200% of Sum Assured. This plans also enhances the benefits by providing Loyalty Additions of 20% of each pay-out for policies, where all the premiums have been paid through the premium paying term (PPT).

Policyholder can avail assured pay-outs and high sum assured rebate with maximum guaranteed benefits, to plan for his/her child’s education, marriage, or both together by opting from any of the following options:

* Education Milestone: Option to receive guaranteed annual pay-outs for 3/6/9 years as per the need for child’s education preferably on child’s age from 15 to 21 years.

* Marriage Milestone: Option to receive a guaranteed lump sum on maturity for a child’s marriage fund preferably on child’s age from 24 to 32 years.

* Education and Marriage Milestones: Option to receive both guaranteed income and a lump sum for a child’s education & marriage.

Death Benefit: In the event of unfortunate death of Life insured, any premiums due thereafter will be waived off and nominee will continue to receive scheduled Assured pay-outs. The nominee can also avail the option to receive a lump sum of future Assured pay-outs at a discounted rate. 

Commenting on the launch, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “Building and sustaining wealth corpus for child’s important milestones has always been the topmost priority for every parent. During such unprecedented times, protection for your child’s dreams and goals becomes a matter of utmost importance, hence the need for creating a tailored solution, which provides guaranteed returns for addressing your child’s future needs. We believe that ABSLI Child’s Future Assured Plan is a distinctive product with assured pay-outs, which will cater to suit financial goals of parents and a defined corpus will ensure peace of mind."

Key Benefits
• Comprehensive planning for your child’s future: Plan for your child’s education, marriage or both life stage needs together under one product
• Guaranteed Benefits: All benefits are fully guaranteed 
• Enhanced value for loyal customer: Get 20% extra on each benefit as & when due as loyalty addition
• Flexibility to plan according to your desired milestone: Pick a PPT & Assured Benefit Payment Term  as per your desired milestone
• Enhanced risk coverage: Choice of enhancing risk cover up to 200% of Sum Assured to provide financial security to your loved ones in case of any exigency. Additionally, enhance coverage through riders.
• Policy Continuance Benefit: We shall pay the monies at your desired milestones and the policy shall continue as is even in  your absence
• High Sum Assured Rebate available

About Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company 

Aditya Birla Sun Life Insurance Company Limited (ABSLI), is a life insurance subsidiary of Aditya Birla Capital Ltd (ABCL). ABSLI was incorporated on August 4th, 2000 and commenced operations on January 17th, 2001. ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life Financial Inc., a leading international financial services organization in Canada.

Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of India’s leading life insurance companies offering a range of products across the customer’s life cycle, including children future plans, wealth protection plans, retirement and pension solutions, health plans, traditional term plans and Unit Linked Insurance Plans (“ULIPs”).

As of March 2020, total AUM of ABSLI Stood at Rs. 411,261 million. ABSLI recorded a gross premium income of Rs. 80,100 million in FY 2019-20 and registering a y-o-y growth of 7% in Gross Premium with Individual Business FYP at Rs 18,036 Mn. ABSLI is currently ranked 7th in Individual Business (Individual FYP adjusted for 10% single premium) (Source: IRDAI reported Financials). ABSLI has a nation-wide distribution presence through 397 branches, 8 bancassurance partners, 6 distribution channels, over 82,000 direct selling agents, other Corporate Agents and Brokers and through its website. The company has over 13,000 employees and more than 17 lac active customers.

The Role and Importance of Doctors in Our Lives was Never Valued More Than Now


By Dr. Kasu Prasad Reddy – Chief Surgeon and Founder – MaxiVision Super Specialty Eye Hospitals, Hyderabad.

First and foremost ley us remember the heroes of our country, the soldiers who lost their lives while doctoring to protect all of us from the enemy. 

Then some heroes don’t wear capes, we call them doctors. This anonymous one-liner has never been more true that it is today. We have all witnessed it at some point or the other during these past few months across television screens, in the news and elsewhere. I am 71 with high risk but working from day one for emergencies and from 1st May for selective because the primary duty of a doctor is to serve and this is the time when we are most needed. 

The role and importance of Doctors in our lives have never been valued more than during the current Pandemic. Though Doctors have always played a significant role in the lives of individuals and society as a whole the current scenario has bought the significance of their role

to the forefront. Like a soldier during wartime, doctors have gone beyond the call of duty working non-stop to save lives risking their own, especially our government doctors. 

In these difficult times, doctors have not given up in spite of many incidents being reported of

doctors being attacked by patients. Adding to their difficulties are also reports that some state governments are not being able to pay salaries. Some doctors have not gone home for several days. So far over 32 doctors have died of COVID 19.

Their contribution to human health is beyond comparison as Doctors not only save lives they also make a difference by helping patients alleviate pain, recover from a disease quicker and help improve the quality of life of a patient. A patient's ability to lead a good life, even if they can't be cured, makes a huge difference to them and to their families.

A doctor uses his extensive knowledge and applies the same to identify a medical problem faced by a patient and then uses his or her skills to cure it. During times like today where a contagious disease is threatening to claim almost an entire population across the globe not just a few hundred people. Timely measures and awareness by doctors is helping curb and contain this catastrophic situation from of going beyond control.

Like never before as a nation, we need to rise for this special occasion of Doctor’s Day, to show that we are proud of the talented medical professionals we have in our country. Recognizing the fact that doctor and their nurses and other medical personnel today are dealing with medical emergencies that neither India nor the world has ever witnessed.

About Doctors day: To pay our tributes to doctors in India, Doctor’s day is celebrated on 1st July every year. This date coincides with both the birth and death anniversary of Dr. B. C. Roy. It reminds us of the special contribution made by this legendary physician, who treated thousands and inspired millions of lives, including the life of Mahatma Gandhi.

Muthoot Finance Launches ‘Sunheri Soch’ Radio Campaign By Amitabh Bachchan


Muthoot Finance, India’s No.1 Most Trusted Financial Services Brand and India’s largest gold loan NBFC has entered into a unique partnership with RED FM, one of India’s largest and much awarded private radio networks to launch a series of real-life inspirational stories that break stigmas around gold loans in India. With ‘Muthoot Finance Sunheri Soch’ campaign, the financial services conglomerate brings highly successful stories of various common men & women who dreamt big and made their dreams come true by availing gold loans from Muthoot Finance.

Sunheri Soch aims at encouraging and educating masses about actively adopting gold loans and realising their dreams. The campaign is a series of inspiring, real-life stories of common people who took a gold loan from Muthoot Finance and moved ahead in life. Muthoot Finance’s brand ambassador Shri Amitabh Bachchan beautifully narrates these stories in an all-new avatar. As part of this campaign, a melodious Sunheri Soch anthem was launched with Red FM’s top RJs saluting the courage of these successful people who have achieved their dreams in highly challenging circumstances. Sunheri Soch is a celebration of their achievement, and Muthoot Finance is proud to be a catalyst in this journey of millions of Indians.

Commenting on the association, Mr. Alexander George Muthoot, Deputy Managing Director, The Muthoot Group said, “We have always launched path-breaking campaigns that have brought attitudinal transformation in the lives of people. Gold loans have huge potential as Indian households have 26000 tons of gold & just 2-3% of this is monetised by way of gold loans. We at Muthoot Finance are the guardians of trust who empower society to realise the power of their dreams by unlocking the true value of their emotional currency. Our Sunheri Soch campaign brings inspirational real-life stories to life to help common people realise their dreams”

Mr.Abhinav Iyer, General Manager, Marketing & Strategy, Muthoot Finance added, “Sunheri Soch is a series of life-transforming stories that can inspire a million others. As humans-beings, we feel inspired by great success stories. With a little help from Muthoot Finance, these are people who realised their dreams. With +2.5 Lac customers being served every day, it wasn’t easy to hand-pick a few success stories. Mr Bachchan’s incomparable voice and amazing delivery has just brought in the magical touch to this campaign”

Commenting on this association, Ms. Nisha Narayanan, COO & Director, Red FM and Magic FM said, “We are excited to announce our collaboration with Muthoot Finance, one of the most trusted financial services brand in India to feature inspirational success stories and break all the prevailing apprehensions associated with gold loans. With deeper engagement being the primary need of clients, we have taken a different approach in sharing some of the extraordinary real stories of Muthoot Finance Gold Loan customers”

Ms.Ruchi Mathur, Senior VP, Mindshare said:

“Magic happens when real life and storytelling come together. Especially in times like these when consumers and listeners are looking for something positive to latch on to. With this idea, we are not selling a brand or a product, but we are bringing hope to the many who have a dream, but just need the inspiration and a little help. We at Mindshare Content+ are proud to partner Muthoot Finance Sunheri Soch and hope this platform will bring the change we feel it can”,

About Muthoot Finance:

Muthoot Finance is the flagship company of The Muthoot Group which has 20 diversified business divisions. With 5000+ branches, the Group serves over 2.5 Lac customers every day. Muthoot Finance is also India's largest gold loan NBFC and India’s No.1 Most Trusted Financial Services Brand, according to the Brand Trusted Report. It is a reputed ‘Systemically Important Non-deposit taking NBFC’. As part of the core business, Muthoot Finance provides loans secured against household gold jewellery at highly affordable rates and amazing product features. Globally, the Group has presence across, USA, UK, UAE, Costa Rica and Sri Lanka. In the recently announced financial results for FY20, Muthoot Finance posted a record Net Profit of Rs. 3,168 Crores (a 50% growth over FY19). The Consolidated Assets Under Management (AUM) grew by 22% for the same period and stood at Rs. 46,800 Crores.

Beauty of the Omnipresent Cloud During the Pandemic Globally


By Nilesh Jain, Vice President, Southeast Asia and India, Trend Micro

The fog has lifted to reveal photos of cities around the world with clearer skies – an unexpected silver lining in this pandemic. The next time you look skyward, may I suggest that you take a closer look at the clouds dotting the sky too?

We often miss not only the beauty of the atmosphere’s omnipresent cloud but also cloud interfaces integrated all around our homes, offices and public spaces.

Amid the COVID-19 pandemic, many countries across the world opted to go under a ‘lockdown’ to ‘flatten the curve’ of infection. These lockdowns meant confining the citizens to their homes and shutting down businesses. While it has definitely slowed down economic activity, certain kinds of businesses have experienced tremendous growth. Take Netflix, for example. Owing to social distancing and stay-at-home orders, it is but obvious that people are keeping themselves entertained through multimedia streaming apps. For the first quarter of 2020, new Netflix subscriptions reached 15.8 million surpassing the earlier prediction of 8.8 million.

This brings us to the question of how Netflix could cope with such a massive surge in usage. The answer is the public cloud. Apart from the almost instant scalability it brings, the cloud-based business model used by companies such as Netflix allows them to not just scale when required, but also handle shifts in traffic patterns—all the while remaining reliable to their customers.

It is clear that the pandemic will accelerate cloud adoption. The opting for a cloud environment, once viewed as an option, will now witness greater urgency, due to the many benefits it brings. According to the annual State of the Cloud Survey, 30% of large enterprises expect their cloud usage to significantly increase as a result of the present crisis. Furthermore, among SMBs and enterprises, a net 47% of organizations plan for increased cloud usage because of the changes that the pandemic has brought on. However, this increasing reliance on the public cloud comes with several underlying challenges, the biggest of which is misconfigurations.

Misconfigurations—the biggest challenge in cloud environments

It is vital to remember that moving to the cloud does not mean all risks are eliminated. While some risk factors are reduced, others are introduced. Cloud environments face security vulnerabilities on several counts, from the failure to maintain proper security hygiene to system vulnerabilities at the end-user level. In fact, according to research conducted by Crowd Research Partners, nine out of ten cybersecurity experts are highly concerned when it comes to cloud security.

Biggest among these threats are misconfigurations, which to put it in the simplest of terms are the mistakes of the IT teams as they set up the organization’s cloud infrastructure. According to a study conducted by Trend Micro, it was found that on an average 165 million misconfigurations take place on the cloud every day. The same study also pointed that four out of ten—40%—of cloud related incidents can be traced back to misconfiguration in the cloud environment.

It is necessary to understand why misconfiguration is such a big threat. Let’s take an example we are all familiar with—an iPhone. Before starting to use a new phone, the security settings on the phone needs to be configured, to be changed from the default setting. Setting up privacy measures such as passcodes, fingerprint analysis, whether one wants to upload a picture of oneself to their Apple account, etc., has to be set up. Similarly, when an organization migrate their workloads to a cloud platform, security needs to be configured. Nevertheless, inadvertent misconfigurations are common. For instance, an application team configuring a workload whose prime concern would be application connectivity, may unintentionally misconfigure the connectivity, thereby overlooking network security.

Another reason for the rise in cloud misconfigurations can be attributed to the lack of visibility and rapid public cloud adoption. Without adequate visibility, security teams are unable to secure cloud environments. Furthermore, as the percentage of adoption grows, the volume of activity proportionally increases, leading to additional misconfigurations such as a lack of awareness of cloud security and policies, lapse in supervision, lack or insufficient control and negligent internal activities. Add to this the number of services being provided by public cloud providers and it is easy to understand why misconfigurations occur. AWS, for example, between the years 2007 and 2017, have added 100 services to their portfolio, which roughly works out to around 10 services each year. This number spiked in the last two years alone, with their portfolio of services adding over 75 offerings.

On top of configuration visibility issues, container which has emerged as a solution for complicated micro service based cloud native applications (through the flexibility it provides) causes security teams to have very less visibility. This can be primarily attributed to the shared responsibility shift in DevOps, which then results in forgotten systems and undeleted logs which can turn out to be a hidden vulnerability.

Underlying all these challenges is the fact that the pace of technology adoption is much faster than the adoption of security technology. For instance, by the time an enterprise adopts the use of containers, serverless technology emerges as another level of abstraction on top of containers—making it all the more difficult for security teams to keep up.

Steps to avoid misconfiguration

The number of security breaches steadily increasing due to misconfiguration makes it all the more important for enterprises to take the right steps to prevent these. The need of the hour is for security teams to deploy a single security tool that offers the equal amount of visibility and security for both on-premise applications and new generation container and serverless based micro services applications. The next best practice would be for organizations to deploy custom design tools which can perform an auto-audit of any misconfiguration, thereby matching the best practices guidelines offered by vendors and provide solutions on the go. Finally, it’s always best to partner with professional security consultants, who can help design security cloud architectures that will match future needs. Additionally, simple measures such as integrating security in DevOps from the very beginning and employing least privilege controls which restricts access to only those who need it will also go a long way in protecting cloud infrastructures.

Enterprises are equally responsible for their assets on the cloud

Most public cloud providers operate with a shared responsibility model. While the onus is on them to protect the infrastructure, it is up to enterprises to be responsible for securing their applications, data, operating systems, access management, and firewalls. Preventing misconfigurations then becomes the vital first step in ensuring security for assets on the cloud.

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