Hinduja Group Welcomes RBI Report on Ownership Guidelines in the Indian Private Sector Banks

The Chairman of the Hinduja Group of Companies (India), Mr. Ashok Hinduja has welcomed the Reserve Bank of India Internal Working Group’s report on the Review of Extant Ownership Guidelines and Corporate Structure of Indian Private sector Banks (Mohanty Report).

He said “The Working Group has taken a timely and bold stand by proposing a uniform regulatory framework for the entire banking system, dispensing with the regulatory arbitrage available between banks, NBFCs, small finance banks and payment banks. Like in many other fields, we should move to a One Nation, One Banking Regulatory Framework if we are to move towards  realising our aspiration to be a 5 trillion $ economy. Solid banking apparatus is a must”.

Shareholder equity has to be the first line of defense in a robust banking system. “The Report rightfully puts a greater onus on the promoter-shareholders to exercise oversight through a higher shareholding limit of 26%, with commensurate voting rights. It helps strengthen the institutional framework by ensuring the promoter responsibility with more skin in the game, Supervisory stance for large conglomerates, including consolidated supervision will ensure the necessary check and balance in the system.”, Shri Ashok Hinduja noted.

Striking a note of caution, “Ring fencing the banking sector from a myriad of emerging risks has to be a constant endeavour, and I am certain the Reserve Bank of India will exercise a continuous vigil as it has done in the past. We hope the RBI will be able to implement these guidelines within a specified time frame. With the past policy interventions and this forward looking guidelines, undoubtedly the year 2020 belongs to RBI” he said.

JK Tyre & Industries Announces OEM Association with Kia Motors India as Tyre Partner for Seltos

JK Tyre & Industries Ltd - Indian tyre industry major and pioneer of radial tyre technology, proudly announced a tie-up with Kia Motors India as a tyre partner for their highest selling model Seltos.

Driven by the technological expertise of producing high performance tyres suited for Indian conditions, JK Tyre, will bring the best-in-class technology, unmatchable performance, comfort and handling to Kia Seltos with its UX Royale 215/60 R17 radial tyre.

With its 5-Rib asymmetric design, variable draft groove technology, stable shoulder tread blocks, waffle groove and aero wing design, JK Tyre’s UX Royal 215/60 R17 tyre is the perfect fit for Kia Seltos. The tyre is capable of giving superior ride comfort with crisp handling and low noise even at all speeds.

Commenting on the partnership, Mr. VK Misra, Technical Director, JK Tyre & Industriessaid, “We are extremely excited about this partnership with Kia Motors India for their much acclaimed car Seltos. Through this collaboration, we endeavor to provide the highest quality tyres with innovative features to complement the drive experience for the customer. We are keenly optimistic that this association will further strengthen our market presence and we look forward to a continued and reinforced partnership with Kia Motors.”

Mr. Misra further added, our path breaking technologies in radial tyres and world class tyre testing mechanism will ensure safety of customers driving Kia Seltos in multiple terrains.

About JK Tyre & Industries Limited

The flagship company of JK Organisation, JK Tyre & Industries Ltd is one of India’s foremost tyre manufacturers and is also amongst the top 25 manufacturers in the world.

Pioneers of radial technology, the Company produced the first radial tyre in 1977 and is currently the market leader in Truck Bus Radial segment. In 2019, the Company achieved a remarkable feat by entering the coveted Limca Book of Records with the country’s largest off-the-road tyre - VEM 045.The Company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, Off-the-Road and two & three-wheelers.

JK Tyre’s unwavering commitment towards innovation is reflected through the concerted efforts at its state-of-the-art global research and technology centre – the Raghupati Singhania Centre of Excellence - in Mysore. The Centre houses some of the world’s finest technologies and techniques, thereby, adding to the larger efforts of the Company to put India on the global innovation map.  The Hari Shankar Singhania Elastomer and Tyre Research Institute (HASETRI) - which fulfils need for globally competitive technologies for tyres and polymers and the JK Tyre Tech Centre, a hub for new product development catering to current and emerging needs of customers.

JK Tyre launched India’s first ever ‘Smart Tyre’ technology-and introduced Tyre Pressure Monitoring Systems (TPMS) by offering TREEL Sensors, which monitors the tyre’s vital statistics, including pressure and temperature. Keeping its commitment to grow the radial market, through technological innovation and new product introduction, it has rolled out its 20 millionth Truck/Bus Radial tyre in May becoming the First and the only Indian company to achieve this milestone.

A global force, JK Tyre is present in 105 countries with over 180 Global distributors.  The Company has 12 globally-benchmarked ‘sustainable’ manufacturing facilities - 9 in India and 3 in Mexico – that collectively produce around 35 million tyres annually. The Company also has a strong network of over 4000 dealers and 500+ dedicated Brand shops called as Steel Wheels and Xpress Wheels. JK Tyre is also synonymous with motorsport in the country. For over three decades, the Company has relentlessly worked towards shaping India’s positioning as the motorsport hub of Asia, developing the right infrastructure for the sport and promoting young talent in the arena.

It is the only Indian tyre manufacturer to be included in the list of Superbrands India in 2019 for the seventh consecutive year. Additionally, JK Tyre was featured among India’s Best Companies to Work For in 2019 by Great Place to Work®. JK Tyre recently was awarded the most coveted Safety award in the world -the Sword of Honour for Safety across its plants by the British Safety Council, UK.

NSDL Payments Bank Join With HDFC ERGO To Offer Customised Insurance Solutions To Custmers

HDFC ERGO General Insurance Company, India’s leading private sector general insurance company, and NSDL Payments Bank Limited, Subsidiary of National Securities Depository Ltd. (NSDL), announced their partnership to offer a whole range of general insurance products to the bank’s customers. This partnership aims to bring together the deep distribution network of NSDL Payments Bank and the strong innovation pipeline of HDFC ERGO to contribute towards financial inclusion in the country.

Insurance penetration continues to be low in India, but the current pandemic has accelerated its need; especially of health insurance. This association will enable the customers of NSDL Payments Bank to access comprehensive protection solutions under one roof and ensure complete financial security, thereby making it a boon for their customers. Also, customers will reap the benefits of sophisticated digital capabilities offered by NSDL Payments Bank and HDFC ERGO through self-service and assisted channels, thereby creating a one-stop-shop for all banking and financial services.

Mr. Ankur Bahorey, President – Banccasurance, HDFC ERGO General Insurance said, “We are excited to tie-up with NSDL Payments Bank and support their customers in availing our wide range of health insurance covers. We are confident that a seamless digital sales platform will provide a smooth buying experience to the bank customers. Through this partnership, HDFC ERGO is yet again enforcing our commitment of reaching out to customers and making our products available to all possible sections of the society.”

Speaking on the partnership Mr. Ashutosh Singh, CEO, NSDL Payments Bank said, “Investing in one’s health has always been important but this realization has been amplified in the last 6 months. Our association with HDFC ERGO will help us move in the direction of offering a comprehensive product portfolio for our customers highlighting the importance of holistic health and wealth plans. Also, as more than 75% of our base is below the age of 30, we are excited to introduce them to right asset allocation strategies from an early age. Towards that end our partnership with HFDC ERGO assumes a lot of significance and is an important milestone in our continued journey to offer wholesome solutions to our customers.’

The association will further help HDFC ERGO build insurance awareness amongst the masses through NSDL Payments Bank’s wide customer base. A digital-first payments bank, NSDL Payments Bank, will offer affordable and customized insurance solutions to its customers through NSDL Jiffy – mobile banking application.

About HDFC ERGO:

HDFC ERGO General Insurance Company Ltd. is a 51:49 joint venture between the Housing Development Finance Corporation Ltd (HDFC); India’s premier Housing Finance Institution and ERGO Group AG; the primary insurance entity of the Munich Re Group of Germany. HDFC ERGO, the third largest General Insurance provider in the private sector, offers the complete range of general insurance products including Motor, Health, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space and Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space.

Over the last few years, HDFC ERGO has constantly endeavored to not just align itself to the evolving market needs, but instead be a pioneer in terms of its offerings. Having its ears to the ground has helped the Company create a stream of highly targeted new products and AI-based tools and technology. Be it unique insurance products, integrated customer service models, top-in-class claim process or a host of technologically innovative solutions, the Company has been able to delight its customers at every touch-point and every milestone.

With a wide distribution network and a 24x7 support team, the Company has been offering seamless customer service and innovative products to its customers. Please log on to www.hdfcergo.com for more information on HDFC ERGO and the products and services offered by the Company.

VIF and India Health Fund Collaborate to Launch Platform to Tackle Future Pandemics

India Health Fund (IHF), a Tata Trusts initiative, and Villgro Innovations Foundation (VIF), one of the world’s largest social enterprise incubators, today announced the launch of a first-of-its-kind collaborative platform -- I4ID - Innovate for the fight against Infectious Diseases. The collaboration will support the development of affordable, point-of-care health technologies and digital innovations to prevent, control, and eliminate infectious diseases and supplement India’s efforts to prevent future pandemics.

With the I4ID platform the aim is to co-create an innovation programme to identify technology-driven solutions that tackle infectious diseases. Both IHF and Villgro will collaborate with a consortium of partners with the right expertise to nurture innovations from proof of concept to last mile delivery; through mentorship, incubation, market access and enabling in catalysing funds and resources to develop and deploy selected innovative solutions.

While COVID-19 has led to 9 million cases in India, TB cases touched 2.6 million in 2019, accounting for 27 percent of the world’s TB burden, and malaria cases in India accounted for four percent of the world’s malaria burden[1]. A WHO report[2] stated 700,000 people die, every year, globally, from drug-resistant infections or AMR (Anti-Microbial Resistance), including 230,000 deaths from multidrug-resistant tuberculosis (MDR-TB). According to another WHO report[3], there is a dearth of innovations to combat AMR due to reasons such as market failure and long timeline for research on drugs and vaccines development. One of the strategic priorities of the National AMR action plan is to promote investments for AMR activities, research, and innovations. 

In line with this, IHF and Villgro are joining forces to launch the I4ID platform, around the World Antimicrobial awareness week to put the spotlight on the global antimicrobial resistance and highlight the need for better preparedness for large-scale outbreaks and pandemics in the future. The platform will support startups in developing innovations, such as high-quality rapid diagnostics, to prevent and contain the spread of infectious diseases, including TB, malaria, vector-borne diseases, and COVID-19 among others in congruence with Union Health Minister Dr Harsh Vardhan recently reiterating the need for social entrepreneurship in India’s fight against infectious diseases[4].

Commenting on the collaboration and the platform, Mr. Madhav Joshi, CEO, India Health Fund, said, “We’re bringing together complementary focus areas of both the ogranisations to co-develop the innovations across stages. While Villgro supports innovations from proof-of-concept ready stage till the development of a prototype ready for initial pilot, IHF supports innovations which have a ready prototype and initial pilot data to enable their validation, regulatory approvals, market entry and scale up. With Villgro as a partner, we’ve found this combined synergy to bring forth a platform like I4ID.”

Mr. Srinivas Ramanujam, CEO, Villgro Innovations Foundation, said, “Over the past two decades, we have supported innovative social enterprise models that can sustainably create impact at scale; working with them to help convert their prototypes into market ready products. In our efforts to tackle the ever- growing challenges of infectious diseases and AMR, we found the perfect collaborator in IHF to help democratize innovations and make primary healthcare more accessible.”

The collaborative effort will involve Villgro supporting innovations from proof-of-concept ready stage till the development of a prototype ready for initial pilot, and subsequently, IHF will support innovations which have a ready prototype and initial pilot data to enable their validation, regulatory approvals, market entry and scale up.

The partnership will co-create solutions with a special focus on three core areas:

●      Screening and Diagnostics of Infectious Diseases

●      Infection Control

●      Antimicrobial Resistance

Both IHF and Villgro will work towards creating a programme offering for innovators and start-ups, as well as reach out to potential funders and investors.

About 1000 Premature Babies Treated Successfully During Pandemic

Team of Neonatologists at Motherhood Hospital, one of India’s leading names in the women and childcare specialty, worked relentlessly to extend continuity of clinical care for premature babies saved during the pandemic. While premature deliveries may not be a new phenomenon but this year owing to the challenges amidst the pandemic, the NICU team of Motherhood Hospitals turned adversity into an opportunity and provided seamless neonatal care for premature babies who were transferred from remote places of Karnataka and neighboring states as well. 

There were various heartwarming cases of premature babies who were rescued and given new lease life. To give an example of twin babies born at 28th week, were retrieved from Anantpur region in the month of May. The baby girl was 760 grams and the baby boy weigh 850 grams. The team of doctors went beyond their call of duty in providing continual neonatal care for such preemie babies. The babies had premature related conditions like breathing issues, respiratory issues. They stayed for a month & a half and went back home healthy. There were no transfer fatality or morbidity in taking care of babies in the NICU.

The team has transferred prematurely born babies who were miles away in a special incubation arrangement called “NICU on Wheels” and provided neonatal care amidst the pandemic and traveled to places like Anantapur, Hoskote, Ramnagara, Madanpalle, Bellary, Hinduour, Chitradurga, Thadapatri, etc to resuscitate extremely premature and sick babies, who needed to be transferred to tertiary care NICU.

Sharing his thoughts Dr. Prathap Chandra, Consultant, Neonatologist & Pediatrician, Motherhood Hospitals, Indiranagar, Bangalore, “At Motherhood, we had over 1000 preemie babies in the NICU during the pandemic (April to Oct), out of which around 400 were transferred in the Neonatal Ambulance from outside of Bangalore (rural Karnataka). The incidence of pre-term babies is increasing by 10% - 15%in the last couple of years. India is observing a rising trend in premature births, owing to factors like increase in IVF pregnancies, late marriages which results in late pregnancies, lifestyle conditions like high blood pressure, diabetes, pregnancy-induced hypertension, consumption of alcohol, and smoking contribute to the cause.”

Dr. Vikas Satwik, Consultant, Neonatologist & Pediatrician, Motherhood Hospitals, Hebbal, Bangalore said, “We understand the importance of optimal care to prematurely born babies & support that the parents need, especially during the Pandemic time when the parents cannot be close to the babies. Premature babies need finest care under constant supervision of the Neonatal Team. This year with the challenges posed by COVID-19, delivering care to premature babies has been extremely challenging. However, the Team at Motherhood has come together to offer seamless care & ensure all the babies who were admitted in our NICU received best care.”

Approximately 1 million children die each year due to complications of preterm birth. As per the World Health Organization India among the top 10 countries contributing to 60% of the World’s premature deliveries.

About Motherhood Hospitals:

Motherhood Women & Children’s Hospital network is India’s leading single-specialty chain with 12 hospitals across 8 cities. The network has more than 1000 specialist doctors associated with it who provide clinical services in Gynecology, Obstetrics, IVF, Neonatology, and Pediatrics. More than 25000 healthy babies have been born in the Motherhood network and 5000 babies have graduated hail & hearty from the 150 specialized Neonatal Intensive Care beds (NICU) of the network. Each hospital has a state of art Operating rooms to provide Minimally Invasive Laparoscopic Gynecology surgeries. All the hospitals of the network follow NABH quality and safety accreditation standards. In addition, every hospital is supported by a full spectrum of Radiology services for women & children. More than 10000 women and children visit our OPD services each month. Our Neonatal Intensive Care Unit stands as India’s best and known as a referral centre for handling most complex preterm births. 24x7 Emergency services are provided at each hospital. Motherhood is the proud recipient of “FICCI Healthcare Excellence Award for Best Patient Care 2019”.

India Has Potential to Become the Esports Powerhouse: IESF General Secretary Totovski

Impressed by dominating performances at the recently-concluded Regional Qualifiers of 12th Esports World Championships as well as the growing number of gamers (esports) in India, International Esports Federation's (IESF) General Secretary Boban Totovski heaped praises about how India is fast shaping up as an Esports hub.  

Esports has seen an exponential rise in the recent past and the sheer potential of a number of players in this country is surely something that excites the IESF, the custodian for Esports globally. IESF, currently an 90-member nation strong world body, aims to create a robust Esports ecosystem globally and develop big-ticket as well as events at grassroot level to improve the economic dynamics and the popularity of Esports in member countries in a more aggressive manner.

“Esports Federation of India (ESFI) is a member of the world body and under the leadership of its Director Lokesh Suji, they have been working closely in collaboration with IESF for the growth of the sport in India," Totovski said. 

"Esports since the last couple of years has seen a phenomenal growth in India and a win at the World Championship Finals can provide the necessary impetus to encourage many other Indian gamers (esports) to pursue Esports as a serious career option. Lokesh [Suji] and his team have been working to create a strong Esports environment and I must congratulate the Indian body and hope India emerges as an Esports powerhouse pretty soon," he added.

Totovski also lauded the efforts of the Indian contingent and their performance at the Regional Qualifiers of the World Championships. He termed them as dark horses and a threat for other participating teams at the Finals. "It was amazing to see the way India dominated the Regional stage. We know the potential of Indian players, somehow they couldn't capitalise at the past championships, but this time other nations need to be cautious when playing against these two Indian players," he further concluded.

India will be represented in two categories--PES and Tekken7--at the World Championship Finals with Moinuddin Amdani and Abhinav Tejan earning themselves a place in the Finals in respective categories after a dominant show in the South Asian Region during Regional Qualifiers. The Final is scheduled to take place in Eilat, Israel in February 2021.

Vahan’s Novel AI Based Technology Helping Blue-Collar Workers Find Jobs Amidst Coronavirus Pandemic

• Blue-collar worker demand back to 100% of pre-covid levels in food and grocery delivery segment in the post lockdown phase

• Delivery sector is now creating 2.5 - 3 lakh delivery jobs every single month buoyed by IPL and the festive season

• Vahan to become India’s largest placement firm by placing 25000 people a month by the end of next year

In the unlock phase of Covid pandemic, business activity is fast recovering to near normal levels. This is creating a huge surge in demand for blue-collared workers many of whom had to go without income due to the nationwide lockdown imposed in the wake of the Covid-19 pandemic.

Vahan, a digital start-up that uses novel WhatsApp-based virtual assistant to automate hiring of blue-collar workforce, saw a rapid surge in uptake of its technology solution by both job seekers and job providers looking to get connected, given its simplicity and speed in closing the entire transaction from prospecting to closure. 

Data captured by Vahan’s app shows massive resurgence in demand for blue-collar workers from food and grocery delivery segments where the demand is back at 100% of pre-covid levels. According to this data, delivery sector which saw decline in jobs during the lockdown is now creating 2.5 - 3 lakh delivery jobs every single month buoyed by IPL and the festive season. This is followed by hiring from manufacturing, ancillary and BPO sector.

According to Madhav Krishna, Co-founder and CEO, Vahan, “Demand for blue-collar jobs which saw an overall dip during the covid lockdown has witnessed sharp recovery led by the delivery segment which include food as well as grocery delivery. This trend points to growing consumer optimism in India about Covid-19 economic recovery. Blue-collar industry is an underserved market in India. At Vahan, we are leveraging the power of technology to create India’s employment exchange 2.0 that seamlessly connects employers and job seekers effectively, with speed and at an unprecedented scale.”

Interest in Vahan’s placement solution is high as it is pivoted around WhatsApp which is ubiquitously popular among the SEC D&E workers and the simplicity with which the entire process is executed.

India has over 320 million blue-collared workers, and this number is growing with decline in agricultural employment and addition of around 7-8 million new college graduates to the work force every year, 60% of which lack employability skills, and end up joining blue/grey-collar work force. This presents a massive opportunity for placement in the blue-collar industry.