State Bank of India Invests In Leading Digital Payments Firm Cashfree

Cashfree, India’s leading digital payments and banking technology company, today announced that India’s largest lender, State Bank of India (SBI) has made an investment in the organisation. The move reinforces their shared vision of promoting digital modes of payments. 

A leader in payments innovation, Cashfree provides a full-stack payments solutions platform enabling over 100,000 growing businesses in India and across the globe to accept and disburse payment online through a single integration.

Currently ranked among the leading payment service providers in India, Cashfree processes transactions worth USD 20 billion annually. Apart from India, Cashfree’s products are used in eight other countries including the USA, Canada and the UAE. 

“We are excited about our partnership with the country’s trusted and leading lender SBI. The investment from India’s largest bank shows its trust in Cashfree’s innovation and the way we are rapidly scaling up the payments business. This also underscores Cashfree’s role towards building a payments ecosystem that enables the fastest and easiest way to collect payments and make payouts for growing businesses. As we work towards digitising the economy, we remain committed to bringing uniformity, transparency and a reduced turnaround time to digital transactions among Indian businesses. The investment fits perfectly with our growth strategy as we continue to focus on customer experience and product innovation,” says Akash Sinha, Co-Founder & CEO, Cashfree.

Incubated by payments pioneer PayPal, Cashfree is backed by Apis Partners, Smilegate and Y Combinator. Cashfree is used by businesses like Zomato, Cred, Nykaa, Delhivery, Acko, Shell among others for various business payment needs like ecommerce payment collection, vendor payments, marketplace settlements etc. 

WealthDesk Launches Portfolio Optimiser In Partnership With OpenQ

* Enables retail investors to monitor and optimize investments in Stocks, ETFs and MFs

* Signs up Prabhudas Lilladher on its platform for the Optimiser

* Targets 1 million users through broking partners

WealthDesk, India’s pioneering B2B2C Investment Technology platform, that enables portfolio based investing on top of equities and ETFs consolidating research, advisory, broking, asset & wealth management ecosystem, has launched a comprehensive and detailed Portfolio Analytics and Optimization tool in partnership with OpenQ by Quantech Capital. Top brokers like Prabhudas Lilladher have signed up for the tool, while WealthDesk continues to on-board other leading brokers. 

The Portfolio Optimiser tool will help investors optimize the portfolio in a disciplined process oriented manner by analysing demat holdings, including stocks, ETFs and Mutual Funds by using more than 15,000 data points that cover the aspects of portfolio risk, returns to give rich insights in a simple and easy to understand manner.  

After analysing a user’s portfolio, the Optimiser tool will also recommend holding, monitoring and selling of stocks and ETFs while offering detailed Mutual Funds analytics including overlaps with existing direct Equities portfolio. Furthermore, the tool is also deeply integrated with WealthBaskets that are available on WealthDesk. 

Prabhudas Lilladher broking users can now use the Portfolio Optimiser tool from within their respective brokerage accounts.  

Commenting on this, Ujjwal Jain, Founder and CEO of WealthDesk said, “Our vision as a Platform ecosystem has always been to bring the most institutional premium offering to retail Investors in India. Globally, such optimiser tools are provided to Private Wealth Clients and institutional investors and such an offering now would be available to retail investors in India on top of Broking. Technology has completely democratized access to such offering and WealthDesk is focusing on it’s core strength of bringing it to as many retail Investors on top of Broking as a Platform. OpenQ being the institutional driver of Factor/Quant based Investing in India has come together for this unique offering. We are aiming to provide this offering to 1 million users through our broking partners. We are sure this will change the way people look at their Investments. They will get more detailed insights and people can make informed choices.” 

Sujit Modi, Founder and CEO of OpenQ (Quantech Capital) said, “At OpenQ, we combine Technology, Data Science and Quantitative Finance to bring the globally best manufacturing practices in designing wealth solutions as a service. OpenQ’s suite of investment and analytical products are offered as an integrated solution which will make wealth creation a passive and easy to follow process for the clients.”   

“OpenQ Optimiser will enable our clients to benefit in two ways - Apart from applying PL views on stocks they hold in their portfolio, they will now get a quantitative view of their portfolios based on Style Factors – For example, how much of the portfolio is in Dividend Yield style stocks versus how much in Momentum style stocks, apart from things like Market Capitalisation based exposures. Clients can use such advice to align portfolios to their risk profile as well as market outlook at the click of a button and therefore be much more confident about their investing” added Sandip Raichura, CEO (Retail and Distribution), Prabhudas Lilladher 

About WealthDesk 

WealthDesk is India’s pioneering B2B2C SaaS based Neo AMC platform on top of broking that powers research, advisory, broking, wealth management and portfolio management to retail investors at scale. The platform captures the entire Investment/Asset management/Advisory value chain from portfolio creation on top of Equities and ETFs, productizing these into investment products and enabling large scale distribution through broking with strong network effects. WealthDesk is building a new investment product ecosystem in India on top of Direct Stocks and ETFs  which will drive the future of investing in India in capital markets. 

About OpenQ 

OpenQ is a Factor led Quantitative Platform that uses principles of data science, quantitative finance, mathematical constructs and computer algos to design Investment and Analytical solutions. All the OpenQ offerings are created after rigorous evaluation over the last 20 years making wealth creation a passive process that one needs to follow with certain discipline.  

Union Bank of India Announces Bank's Profit Improved By 40.38 Percentage During Q4 FY21

 

The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter and Year ended March 31, 2021. 

Key Highlights 

1.    Strong Financial Performance:  

Operating Profit of the Bank improved by 40.38 % during Q4 FY21 as compared to Q4 FY 20 and 6.54% on YoY basis during FY 21. Net Profit for FY21 stood at Rs 2906 Crores against net loss of Rs 6613 Crores for FY20. Net interest income of Bank grew by 4.37% YoY during FY21. 

2.    Bank continues to demonstrate a strong liability franchise  

The CASA deposits have increased by 13.15% YoY. Total deposits base stood at Rs.923805 Crores as at the end of Q4FY21. CASA ratio improved to 36.33% from 34.15% a year ago. 

3.    Credit in Retail, Agri and MSME (RAM) segments grown by 8.40% YoY 

Bank registered 10.49% growth in Retail, 11.89% growth in Agriculture, 3.24% growth in MSME advances. Average advances has grown by 3.11% YoY. Domestic Advance including CP & Corporate Bonds has grown by 1.13% YoY. 

4.    Reduction in Slippages:- 

Slippages during FY21 have reduced by 30.63% as compare to FY20 (from Rs 25147 Crore during FY20 to Rs 17443 Crore during FY 21). Net NPA of Q4FY21 stood at 4.62%.  

5.    Provision coverage ratio of the Bank improved to 81.27% as on March 31, 2021 

Provision coverage ratio of the Bank improved to 81.27% as on March 31, 2021 as against 78.21% as on March 31, 2020. 

6.    Robust performance on EASE 3.0 parameters during Q3 FY21 

Under EASE (Enhanced Access and Service Excellence) Bank has secured 3rd position in overall ranking and Top 3 position in 4 themes out of 5, amongst PSBs during Q3 FY21. 

7.    Amalgamation:-Integration of CBS systems of all e-AB and e-CB branches completed in record time. 

Photo Caption: Shri Rajkiran Rai G, Managing Director & CEO, Union Bank Of India, flanked by  Shri Gopal Singh Gusain, Shri Manas Ranjan Biswal & Shri Nitesh Ranjan , Executive Directors, Union Bank Of India, at the press conference on the occasion of announcement of Audited Financial Results for the Quarter/ Year ended March 31, 2021.

Rentokil Initial Extends Support To India’s Frontline Workers, Gifts PPE Kits Worth £2.5m

Rentokil Initial, the world’s leading pest control and hygiene services provider, as part of its commitment to support India’s efforts to combat Covid-19, has shipped PPE worth £2.5m to India to aid relief effort.  

The shipment includes coveralls, face masks, gloves, hand soap and sanitiser with dispensers. The PPE will be sent to more than 500 hospitals and frontline workers across the country.  The distribution will be done by Rentokil Initial’s Indian subsidiary Rentokil PCI.  

David Lewis, Managing Director of Rentokil PCI, said: “Frontline health workers, like our very own technicians, have been at the forefront of this pandemic and we have seen some exemplary work and sacrifice being made.  At Rentokil PCI we aim to protect and enhance lives and we feel proud to be able to help the people of India in this hour of crisis. As a company that has operated in India for more than 65 years, it is our responsibility to support the frontline health workers with ready supply of PPE kits. 

“At Rentokil PCI, we believe that being a responsible organization is the right thing to do. We wish to recognize the efforts the front line workers put in and hope this will help them,” he added. 

While priority will be given to Covid Hospitals, many non covid hospitals will also receive the PPE kits. 

Lord Bilimoria, President of the UK’s CBI, said: “The UK and India have always shared a very close bond and benefitted from enduring economic cooperation.  The global challenge of the pandemic must be tackled on a united front if we are ultimately going to control the spread of this virus. It’s been so inspiring to see Rentokil immediately come forward to supply critical PPE and sanitisers and help the people of India through this unprecedented crisis.” 

About Rentokil PCI 

Rentokil PCI is the leading pest control service provider in India. A Rentokil Initial brand, Rentokil PCI was formed in 2017 through a joint venture (JV) between Pest Control India, the number one pest control company in India, and Rentokil, the world’s leading pest control brand. Rentokil PCI aims to set new standards for customer service having operations across 300 locations in India. Rentokil PCI also focuses on developing industry-leading service operations through the sharing of best practices, new innovations and the use of digital technologies. 

About Rentokil Initial Group 

Rentokil Initial provides services that protect people and enhance lives. 

We protect people from the dangers of pest-borne disease and the risks of poor hygiene. We enhance lives with services that protect the health and wellbeing of people, and the reputation of our customers’ brands. 

Rentokil is the world’s leading commercial pest control services provider. 

Initial is the world’s leading commercial hygiene services provider. 

Ambius is the world’s leading commercial provider of plants and scenting. 

We have over 44,5000 colleagues across 83 countries covering 91% of global GDP.  

Aviva India Launches Aviva Life Shield Premium Across Indian Market

* The comprehensive, hyper-personalized term insurance plan helps a customer choose from a gamut of options around sum assured, premium payment term and frequency, claim payout among others 

Aviva Life Insurance, India’s most trusted private insurance company, today announced the launch of Aviva Life Shield Premium, a Non-Linked Non-Participating Individual Pure Risk Life Insurance Plan. It is a comprehensive term life insurance plan that can be personalized as per the needs of every individual and his family to ensure that one enjoys the protection of a term life cover on their own terms. Towards this goal, Aviva has launched the campaign #OnYourTerms and the product has been designed to enable customers to choose and customize options around the sum assured, premium payment term and frequency, claim payout methods, among others.

Mr. Vinit Kapahi, Head, Marketing Function, Aviva Life Insurance said “Our single-minded focus on delivering a comprehensive and differentiated proposition suite is rooted in our vision to work towards our long-term strategy. We understand customer demands and our teams have been working to launch new and more relevant products to ensure that our customers’ future is secured. Aviva Life Shield Premium plan can be personalized as per the financial needs and provides protection to the loved ones We are confident that this product will cater to the increasing demand for Term Life Insurance but will also ensure that more customers choose to enjoy the benefits of insurance by insuring themselves.”

Vinit further added “At Aviva, we have always kept the customer at the centre of every endeavour and are continually driven by our purpose of With You Today, For a Better Tomorrow. This is a promise that each one of us lives through every day at work to ensure good customer outcomes at every step of the way.”

Aviva Life Shield Premium comes with policy term up to 62 years and provides customers optional payment term of Regular, Limited and Single Premium payment term and Annual, semi-annual or monthly Premium payment frequency. This product allows customers to balance their financial portfolio with multiple payout methods ranging from lump sum, income and 50:50. Another advantage is that customers get an additional protection against Accidental Death and Permanent Total Disability due to an accident.

Some key differentiators of Aviva Life Shield Premium are:

·         The plan offers opportunity to choose increasing or decreasing sum assured as per customers’ financial needs.

·         Customers can pay a limited premium for as less as 5 years and enjoy coverage till the age of 80.

·         Aviva Life Shield Premium lets customers enjoy freedom to tailor-make the plan to suit their family.

Vi Business Strengthens Its Security Portfolio, Unveils Vi Next Generation Cloud Firewall Solutions For Enterprises

With accelerated growth in digital, work from home, workloads migrating to cloud, has led to a strong need of reliable security solutions for day-to-day functioning of enterprises. Sensing the criticality to secure the business risks of its customers, Vi Business, the enterprise arm of Vodafone Idea Ltd. (VIL), has strengthened its security portfolio with the launch of Vi Cloud Firewall, a cloud-deployed security solution for enterprises.

Continuing its collaborative strategy, Vi Business has partnered with leading security technology provider Firstwave Cloud Technology to introduce Vi Cloud Firewall for the modern business needs. FirstWave Cloud Technology has helped design innovative multi-tenant and dedicated Vi Cloud Firewalls engineered for Vi’s OpenStack RedHat cloud environment and managed using FirstWave’s Cloud Content Security Platform (CCSP). The Firewall solution is powered by Palo Alto Networks VM-Series Virtual Next-Generation Firewall (NGFW) technology, one of the market leaders.

Vi Cloud Firewall comes with next generation firewall features like gateway ant-virus, DDoS protection, secure VPN, data loss prevention, content filtering, real-time intelligence, amongst others. This cost-effective, flexible and network-based solution involves zero capex, zero touch and eliminates the need of   any on premise infrastructure for enterprises to set up and run. It is a one-stop single solution that provides faster turnaround with scalability options, without infrastructure upgrade, completely managed services with no dependence on internal IT teams.

Introducing the security solution, Abhijit Kishore, Chief Enterprise Business Officer, Vodafone Idea Limited, said, “As enterprises accelerate digital adoption and respond to the dynamic environment, they are also looking to build scalable IT and Security capabilities. Migrating to cloud applications and protection against possible security threats is amongst the top priorities for large and small businesses alike. Vi Cloud Firewall is a flexible subscription based solution offering ease of business operations, connectivity and security for businesses across domains. With the launch of Vi Cloud Firewall, Vi Business has taken another significant step towards providing comprehensive and integrated connectivity and security solutions to our enterprise customers.”

Commenting on the partnership, Neil Pollock, CEO, FirstWave Cloud Technology, said “Firstwave is delighted to partner with Vi Business to launch the innovative Vi Next Generation Cloud Firewall that is integral to Vi Business secure internet portfolio. Teams from both Vi Business and FirstWave Cloud have worked tirelessely over the last several months to bring this innovation to Vi Business customers. Businesses in India can now take advantage of Vi’s SaaS based cybersecurity services, starting with cloud firewalls and in the future Email and Web security, delivered via Vi’s incredible network and using FirstWave’s CCSP platform. The FirstWave team is excited and committed to support Vi Business in this journey.”

With Vi Cloud Firewall, enterprises and businesses across BFSI, Healthcare, Manufacturing, Retail,  Travel, Logistics, Real Estate, NBFC, Education etc. can benefit from the best security practices maintained by accredited security professionals and 24x7 monitoring and measurement.

Note: To know more about Vi™ Cloud Firewall, visit https://www.myvi.in/business/enterprise-solutions/security/cloud-firewall

About Vi:

Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is India’s leading telecom service provider. The Company provides pan India Voice and Data services across 2G, 3G and 4G platform. With the large spectrum portfolio to support the growing demand for data and voice, the company is committed to deliver delightful customer experiences and contribute towards creating a truly ‘Digital India’ by enabling millions of citizens to connect and build a better tomorrow. The Company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings, conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence. The Company is listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The company offers products and services to its customers in India under the TM Brand name “Vi”.

WealthDesk Signs Up Prabhudas Lilladhar For Recently Launched Portfolio Optimiser Tool

WealthDesk, India’s pioneering B2B2C Investment Technology platform, that enables portfolio based investing on top of equities and ETFs consolidating research, advisory, broking, asset & wealth management ecosystem, has launched a comprehensive and detailed Portfolio Analytics and Optimization tool in partnership with OpenQ by Quantech Capital. Top brokers like Prabhudas Lilladher have signed up for the tool, while WealthDesk continues to on-board other leading brokers. 

The Portfolio Optimiser tool will help investors optimize the portfolio in a disciplined process oriented manner by analysing demat holdings, including stocks, ETFs and Mutual Funds by using more than 15,000 data points that cover the aspects of portfolio risk, returns to give rich insights in a simple and easy to understand manner.  

After analysing a user’s portfolio, the Optimiser tool will also recommend holding, monitoring and selling of stocks and ETFs while offering detailed Mutual Funds analytics including overlaps with existing direct Equities portfolio. Furthermore, the tool is also deeply integrated with WealthBaskets that are available on WealthDesk. 

Prabhudas Lilladher broking users can now use the Portfolio Optimiser tool from within their respective brokerage accounts.  

Commenting on this, Ujjwal Jain, Founder and CEO of WealthDesk said, “Our vision as a Platform ecosystem has always been to bring the most institutional premium offering to retail Investors in India. Globally, such optimiser tools are provided to Private Wealth Clients and institutional investors and such an offering now would be available to retail investors in India on top of Broking. Technology has completely democratized access to such offering and WealthDesk is focusing on it’s core strength of bringing it to as many retail Investors on top of Broking as a Platform. OpenQ being the institutional driver of Factor/Quant based Investing in India has come together for this unique offering. We are sure this will change the way people look at their Investments. They will get more detailed insights and people can make informed choices.” 

Sujit Modi, Founder and CEO of OpenQ (Quantech Capital) said, “At OpenQ, we combine Technology, Data Science and Quantitative Finance to bring the globally best manufacturing practices in designing wealth solutions as a service. OpenQ’s suite of investment and analytical products are offered as an integrated solution which will make wealth creation a passive and easy to follow process for the clients.”   

“OpenQ Optimiser will enable our clients to benefit in two ways - Apart from applying PL views on stocks they hold in their portfolio, they will now get a quantitative view of their portfolios based on Style Factors – For example, how much of the portfolio is in Dividend Yield style stocks versus how much in Momentum style stocks, apart from things like Market Capitalisation based exposures. Clients can use such advice to align portfolios to their risk profile as well as market outlook at the click of a button and therefore be much more confident about their investing” added Sandip Raichura, CEO (Retail and Distribution), Prabhudas Lilladher 

About WealthDesk 

WealthDesk is India’s pioneering B2B2C SaaS based Neo AMC platform on top of broking that powers research, advisory, broking, wealth management and portfolio management to retail investors at scale. The platform captures the entire Investment/Asset management/Advisory value chain from portfolio creation on top of Equities and ETFs, productizing these into investment products and enabling large scale distribution through broking with strong network effects. WealthDesk is building a new investment product ecosystem in India on top of Direct Stocks and ETFs  which will drive the future of investing in India in capital markets. 

About OpenQ 

OpenQ is a Factor led Quantitative Platform that uses principles of data science, quantitative finance, mathematical constructs and computer algos to design Investment and Analytical solutions. All the OpenQ offerings are created after rigorous evaluation over the last 20 years making wealth creation a passive process that one needs to follow with certain discipline.