BOI Launches UPI Enabled Digital Portal For Opening Account Under NPS In Association With PFRDA And K-fintech

Bank of India, one of the premier Public Sector Bank in country lauched a new digital portal for opening account under National Pension Scheme (NPS) in association with Pension Funds & Regularity Authority of India PFRDA and K-fintech.

The platform was lauched at the hands of Sh. Supratim Bandhyopadhyay, Chairman, (PFRDA) at New Delhi. MD&CEO Shri A K Das (BOI), Executive Directors  Sh. Swarup Dasgupta, Sh. M Karthikeyan & Ms Monika Kalia also joined from Corporate office, Mumbai via vedio conferencing. Executive Director, Sh. A.G Das and CGM Sh. Mono Phunkar from PFRDA along with General Manager (GBD, BOI) Sh. D S Shekhawat, Zonal Manager (New Delhi Zone) Sh. Mukesh Sharma and K-fintech team were also present during the occassion.

Speaking on the occasion Sh. Supratim Bandyopadhyay, Chairman, PFRDA said, “We are happy to announce that Bank of India has lauched its digital mode in association with K-fintech for new NPS registration. I believe that this digital initiative by the Bank will compliment our efforts in a dynamic way in realizing our vision of pensioned Indian society.

MD & CEO Sh. A K Das said that Customers can now open the NPS account hassle free on their mobile by simply scanning the QR code. He further added that BOI is committed to provide hasslefree digital services to its customers and  firmly believes that this technological advancement will act as a impetus to help further in the growth of NPS accounts signifantly.

He further added that he NPS scheme offers number of various benefits to subscribers to enhance and secure their future. Through our techological integration with K-fintech, We have made the NPS subscription process easy, fast and hassle free for the customers.

ICICI Prudential Life Insurance Posts Strong Performance For Q1-FY2023

* VNB grew by 32% in Q1-FY2023

* VNB Margin expands to 31% (up 300 bps over FY2022)

* APE grew by 25% y-o-y in Q1-FY2023

* New Business Sum Assured grew by 25% y-o-y in Q1-FY2023

* Market leadership on New Business Sum Assured with market share of 15.8%

ICICI Prudential Life Insurance has posted a strong financial performance for Q1-FY2023 registering a 31.6% growth in its Value of New Business (VNB), a measure of profitability of the Company. The VNB of the Company stood at ` 4.71 billion with a VNB margin of 31.0%.

Annualised Premium Equivalent (APE) registered a strong growth of 24.7% year-on-year.

The Company’s New Business Sum Assured grew by 24.9% year-on-year to ` 2.21 trillion in Q1-FY2023. Significantly, the Company has achieved overall market leadership with the market share increasing from 14.7% in Q1-FY2022 to 15.8% in Q1-FY2023.

Persistency ratios have improved across all cohorts. The 13th month ratio, which is representative of the quality of business, stood at 85.5% for Q1-FY2023.

Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “The VNB for the quarter was ` 4.71 billion, a strong year-on-year growth of 31.6%. This was driven by a robust 24.7% growth in APE. Guided by the elements of our 4P strategy of Premium growth, Protection focus, Persistency improvement and Productivity enhancement, we believe we are on track to achieve our aspiration of doubling the FY2019 VNB in this fiscal.

Significantly, our efforts to reach out to the underserved customer segments and expansion in the distribution footprint have enabled us to maintain our position as market leader on New Business Sum Assured, which grew by 25% year-on-year in Q1-FY2023, taking the Company’s market share to 15.8% in Q1-FY2023. With a solvency ratio of 203.6%, which is well above the regulatory requirement, we are well positioned to capitalise on this opportunity.

With a moderating trend in COVID-19 related claims, we expect the country to be in the tail end of the pandemic. The pandemic was a trying time for all and it also nudged us closer to our very purpose of existence - providing financial security to our customers and their families. I can proudly say that we rose to the occasion and stood by our customers in their hour of need.

Company Performance:

Value of New Business (VNB) growth

The VNB for Q1-FY2023 grew by 31.6% year-on-year to ` 4.71 billion. The VNB margin for Q1-FY2023 stood at 31.0%, up from 28.0% for FY2022.

Progress on our 4P strategy

Premium Growth

APE grew by 24.7% year-on-year to ` 15.20 billion in Q1-FY2023. Within this, annuity APE registered a strong growth of 69.0% year-on-year to ` 0.98 billion in Q1-FY2023.

Protection

Protection APE grew by 22.2% year-on-year to ` 3.30 billion in Q1-FY2023. The protection mix stood at 21.7% of APE in Q1-FY2023, up from 17.0% in FY2022.

As a result of the focus on premium growth and protection business, New Business Sum Assured grew by 24.9% year-on-year to ` 2.21 trillion in Q1-FY2023. The Company’s market share, based on Total New Business Sum Assured, increased from 13.4% in FY2022 to 15.8% in Q1-FY2023, resulting in overall market leadership.

Persistency

Persistency ratios have improved across all cohorts. The 13th month ratio, which is representative of the quality of business stood at 85.5% for Q1-FY2023. Assets under Management stood at ` 2,300.72 billion at June 30, 2022.

Productivity

The overall cost ratio i.e. Cost/Total Weighted Received Premium (TWRP) stood at 23.8% in Q1-FY2023. The cost ratio for the savings line of business stood at 16.9% in Q1-FY2023.

Solvency Ratio

The solvency ratio was 203.6% against the regulatory requirement of 150%.

Definitions, abbreviations and explanatory notes

·       Annual Premium Equivalent (APE): APE is a measure of new business written by a life insurance company. It is computed as the sum of annualised first year premiums on regular premium policies, and ten percent of single premiums, written by the Company during any period from new retail and group customers.

·       Value of New Business (VNB) and VNB margin: VNB is used to measure profitability of the new business written in a period. It is present value of all future profits to shareholders measured at the time of writing of the new business contract. Future profits are computed on the basis of long term assumptions which are reviewed annually. VNB is also referred to as NBP (new business profit). VNB margin is computed as VNB for the period/APE for the period. It is similar to profit margin for any other business.

·       Persistency: It is the most common parameter for quality of business representing the percentage of retail policies (where premiums are expected) that continue paying premiums. Regular and Limited pay persistency in accordance with IRDAI circular on ‘Public Disclosures by Insurers’ dated September 30, 2021.

·       Total Weighted Received Premium (TWRP): TWRP is a measure of total premiums from new and existing retail and group customers received in a period. It is sum of first year and renewal premiums on regular premium policies and ten percent of single premiums received from both retail and group customers by Company during the period.

·       Cost Ratio: Cost ratio is a measure of the cost efficiency of a Company. Expenses are incurred by the Company on new business as well as renewal premiums. Cost ratio is computed as a ratio of all expenses incurred in a period comprising commission, operating expenses, provision for doubtful debts and bad debts written off to total weighted received premium (TWRP).

1 billion = 100 crore

1 trillion = 1 lakh crore

Indian EdTech Consortium Issues Clarification Around Mis-selling And Misleading Advertisements

Indian Edtech Consortium (IEC) formed under the aegis of IAMAI issues clarification around mis-selling and misleading advertisements by Edtech companies. To ensure the protection of consumers' interests, IEC has created a Two-tier Grievance Redressal Mechanism which has been actively resolving consumers' complaints at an unprecedented pace. So far, 100% of the complaints received by the IEC until June 2022 have been resolved completely while the complaints received in July are going through active screening for faster resolutions.

Furthermore, IEC highlights that each member company has appointed a dedicated Grievance Officer (GO) internally to address and assess the problem and offer remedial action accordingly. As a result, the member companies have been able to resolve about 99%+ complaints raised in the last 6 months at a company level. The self-reported data was presented to the Consumer Affairs Department recently where the government took note of the efforts taken by the IEC and its member companies and suggested forming a joint working group with relevant stakeholders for strengthening the ecosystem that fosters credibility, trust, and growth. To further streamline the resolution process, the IEC-member companies are also actively registering at the National Consumer Helpline (NCH).

“EdTech is well recognised in New Education Policy for not just lifelong learning but also for better and repeat learning. IEC as an SRO has also commissioned an Independent Grievance Redressal Board (IGRB) that constitutes Retd. Supreme Court Judge, industry veterans and leaders to adhere to the internal Code of Conduct. This vigilance will enable the dynamic Edtech sector to address the rising challenges, and propel a stronger ecosystem in the coming times. These steps will ensure confidence among users by having a strong grievance redressal ecosystem,” said Dr Aruna Sharma, Ex-Secretary, Government of India & Expert Member, IGRB while adding to the development.

The recent Advertising Standards Council of India (ASCI) data which shows that 33% of complaints are filed against the Education sector, at large. However, it also confirms that only 6% of the total complaints received are against the Edtech companies while the remaining 94% are filed against the traditional education system. This, in turn, makes the total count sub 2% for the Edtech sector.

“As industry leaders, we take the responsibility very seriously as we understand both the long-term impact and implications, our actions could create on the lives of millions. Edtech as a strong community has been far more prompt than our traditional counterpart in managing consumer complaints and grievances," said Mayank Kumar, Chair at IEC and also the Co-founder & MD at upGrad.

About Internet and Mobile Association of India

Established in 2004, the Internet and Mobile Association of India (IAMAI) is a not-for-profit industry body and the country's only organization representing the digital services industry with over 400 Indian and multinational corporations as its members, which include established companies in diverse sectors of the digital ecosystem as well as start-ups. Its mandate is to expand and enhance the online and mobile value-added services sectors. It is dedicated to presenting a unified voice of the businesses it represents to the government, investors, consumers and other stakeholders. IAMAI represents varied sectors such as digital advertising, digital entertainment, TravelTech, online gaming, digital payments, Fintech, digital commerce, Edtech, Healthtech, Agritech, blockchain, Big data, ML, AI & IoT, AR/ VR, LogisticsTech and so on.

First Advantage Releases 2022 India Employment Screening Trends Report

* BFSI Sector Shows Major Discrepancy Trends in Q1-22

First Advantage Corporation (NASDAQ: FA), a leading global provider of technology solutions for screening, verifications, safety and compliance related to human capital, announced the publication of its India Employment Screening Trends Report, which is a compilation of anonymized data and analytics from the Company’s background screenings performed for its customers in the India market in Q1-22.

In Q1-22, such as banking, financial services, and insurance (BFSI), Retail, and Telecom showed substantially greater discrepancy percentages than the overall average of 9.6 percent.

Other notable findings include:

·         BFSI and retail industries experienced greater differences in discrepancy percentage.

·         Out of every 100 employment checks verified in the BFSI sector, 19 were discrepant in Q1-22.

·         For Employment Verifications, IT, BFSI, and Consulting sectors have shown higher inclination towards alternate modes of verification.

"With the popularity of remote work, businesses are looking beyond macro trends like the need to manage company risk and assure compliance in the recruiting process and are focusing on micro-trends like continuing criminal records check and social media screening.” Amit Singh, Head of Commercial at First Advantage said.

Further, he continued, “As we continue to plan and execute our FA strategy, our vision is to enable our customers to hire smarter and onboard faster with advanced product and technology roadmaps.”

About First Advantage:

First Advantage (NASDAQ: FA) is a leading global provider of technology solutions for screening, verifications, safety, and compliance related to human capital. The Company delivers innovative solutions and insights that help customers manage risk and hire the best talent. Enabled by its proprietary technology, First Advantage’s products and solutions help companies protect their brands and provide safer environments for their customers and their most important resources: employees, contractors, contingent workers, tenants, and drivers. Headquartered in Atlanta, Georgia, First Advantage performs screens in over 200 countries and territories on behalf of its more than 33,000 customers. For more information about First Advantage, visit the Company’s website at https://fadv.com/. 

Happiest Minds Purchases 2.4 Lakh Sq.ft Office Space At Electronic City, Bengaluru

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’ company, today announced that it has purchased a Grade A, fully built up ready to use commercial property with a super built area of 240,000 Sq.Ft in Bengaluru for a consideration of ?101 Crores. The facility with a seating capacity of 1,600 seats is in the technology hub of Electronics City.

Speaking on the purchase, Mr Venkatraman Narayanan, MD & CFO said “Financially, the purchase is funded substantially through borrowings from banks at very favorable terms. The transaction is positive from a P&L perspective while adding a significant asset to our balance sheet. We have structured repayments in a manner such that cash flows are neutral in the medium and positive in the long term”

The facility enhances the Company’s seating capacity in Bangalore by about 30% and is in-line with expansion plans and objective of strengthening delivery capabilities across existing and newer locations like Bhubaneshwar.

About Happiest Minds Technologies:

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, etc. Positioned as ‘Born Digital. Born Agile’, our capabilities span digital solutions, infrastructure, product engineering and security. We deliver these services across industry sectors such as automotive, BFSI, consumer packaged goods, e-commerce, edutech, engineering R&D, hi-tech, manufacturing, retail, and travel/transportation/hospitality.

A Great Place to Work-Certified™ company, Happiest Minds is headquartered in Bangalore, India with operations in the U.S., the UK, Canada, Australia, and the Middle East.

Preventive Tips To How To Beat Dehydration Throughout The Year

Many great poets have lauded the splendor of the changing seasons — the gleaming sunshine in the summer, chilly and peaceful evenings in the winter, and the pitter-patter of raindrops during monsoon. Fortunately, they were spared the kind of climate change and global warming crisis that we are currently experiencing.

While we cocoon ourselves in air-conditioned bubbles, make sorbets with overpriced limes, search for a sunscreen with the right SPF, and wait for the government to solve the coal shortage that is disrupting the electricity supply in many parts of the country, the most important thing we can do right now is taking care of our health and keeping ourselves hydrated.

According to experts, ignoring the symptoms of dehydration can lead to serious medical problems. Water makes up one-third of a person's body. The equilibrium of water and salt is disrupted in dry and humid weather due to heavy sweating. As a result, the body requires extra water to maintain a normal body temperature. When the body is dehydrated, the symptoms include: feeling thirsty, dark yellow and strong-smelling pee, feeling dizzy or lightheaded, feeling tired, having a dry mouth, lips and eyes, decreased urination - fewer than 4 times a day, according to NHS.

Tips to beat dehydration caused by the changing weather:

1.      Load your dish with hydrating fruits and vegetables:

Hydrating fruits and vegetables are ideal for combating dehydration on your plate. Water is abundant in the fruits and vegetables accessible to us throughout the year. Peaches, watermelons, strawberries, pineapples, and cantaloupe are examples of water-rich fruits. Celery, tomatoes, radishes, and cucumbers are all water-rich veggies that you should eat. Replacing oily and spicy food with water-rich fruits and vegetables throughout the day is the greatest method to avoid dehydration.

2.      Recharge with Electrolytes:

Most people go for a fruit juice or an energy drink when their bodies are dehydrated believing that it would suffice. However, they don't realize that they're losing essential body salts and fluids that no fruit drink can replace. A drink that rehydrates, recharges, and allows us to continue with ease is the need of the hour. Dehydration is treated with oral rehydration solution beverages. Fruitnik Electro+ by OTC major Amrutanjan Health Care is effective at this since it aids in the recovery of salts and fluids lost as a result of exertion or dehydration. It includes the appropriate mix of sugar, glucose, Sodium, and potassium, as well as the ability to help the body replace lost fluids. Fruitnik Electro+ is a natural apple fruit drink that enhances energy, replaces electrolytes, and delivers Vitamin C. This makes it suitable for recovering from dehydration due to exertion, heat stress and sporting activities. In rural areas, the free ORS solution or medical therapy at any government health center can be obtained to combat dehydration.

3.      Replace sodas with fruit juices:

If you think a can of soft drink or soda will quench your thirst, then you couldn’t be more wrong. When it comes to hydration, soda, coffee, booze, and tea are useless. In fact, they can deplete your body's water supply.  As a result, it is advised to avoid these beverages throughout the year. Try flavored water or fruit juices like Fruitnik from the house of Amrutanjan Health Care to make your drink exciting and refreshing. Fruitnik juice that comes in the flavours of Mango and Apple is packed with natural fruit goodness containing anti-oxidants, minerals and vitamins that are essential to staying hydrated in the scorching heat.

4.      Avoid Alcohol: Alcohol acts as a diuretic. It causes your body to remove fluids from your blood much faster than other liquids through your renal system, which includes the kidneys, ureters, and bladder. If you don't drink enough water while consuming alcohol, you can quickly become dehydrated. It is advised to avoid or reduce alcohol intake to keep yourself hydrated throughout all seasons.

5.      Stay hydrated: Water is irreplaceable. If you exercise, it is critical that you increase your water intake twofold. At least four hours before your workout, drink plenty of water. While exercising, hydrate yourself every 10-15 minutes. Drink 1.5 liters of water by 2 p.m., even if you're not thirsty. Dehydration is frequently indicated by a thirsty feeling. Carry a water bottle with you at all times so that you have easy access to water. You can also use an app to remind you to drink more water.

L&T Technology Services Reports Strong 23% Growth In Q1FY23

* Q1 Revenue of  Rs 1,874 crore, up 23% YoY

* Q1 Net profit of Rs 274 crore, up 27% YoY

L&T Technology Services Limited (BSE: 540115, NSE: LTTS), India’s leading pure-play engineering services company, announced its results for the first quarter ended June 30, 2022.

Highlights for Q1FY23 include:

·         Revenue at Rs 18,737 million; growth of 23% YoY

·         USD Revenue at $239.5 million; growth of 20% YoY in constant currency

·         EBIT margin at 18.3%; up 100 bps YoY

·         Net profit at Rs 2,742 million; growth of 27% YoY

During the quarter, LTTS won a USD 50 million plus deal, four USD 15 million deals and two deals with TCV of USD 10 million.

“We started the new fiscal on a strong note with revenue growing sequentially by 4.7% in constant currency. Growth was led by Plant Engineering and Industrial Products, benefitting from spends towards digital manufacturing, energy transition and smart & connected products. Our big bets focus has helped us to align ourselves with these strategic and multi-year customer programs.

Deal wins were very strong during the quarter and spread across segments. Our Aerospace and Rail segment is seeing a revival of large deal bookings with a USD 50 million deal in Q1 on the back of a stellar long-term deal that we won in the prior quarter. We recently opened an engineering design center in Toulouse, France to cater to new age digital requirements of Aerospace.

We see a broad-based pipeline of opportunities which gives us confidence of the growth momentum sustaining,” said Amit Chadha, CEO & Managing Director, L&T Technology Services Limited.

Awards & Recognitions:

·         Recognized as a Great Place to Work® for its best practices across India

·         LTTS has been positioned as a ‘Leader’ in all 5 quadrants for the North America market in the 2022 ISG Provider Lens™ Digital Engineering Services report.

·         LTTS wins Golden Peacock Corporate Social Responsibility Award

·         LTTS’ Chest-rAITM solution recognized as an “Innovator” by NASSCOM in their AI GameChangers Awards 2022

·         HfS Research recognized LTTS among the Top 10 Industry 4.0 Service Providers

·         LTTS recognized as a ‘Leader’ in Everest Group’s Digital Product Engineering Services PEAK Matrix® Assessment 2022

Patents

At the end of Q1FY23, the patents portfolio of L&T Technology Services stood at 913, out of which 625 are co-authored with its customers and the rest are filed by LTTS.

Human Resources

At the end of Q1FY23, LTTS’ employee strength stood at 21,433.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 21,400 employees spread across 19 global design centers, 28 global sales offices and 89 innovation labs as of June 30, 2022. For more information, visit https://www.ltts.com/