IndusInd Bank Announces Robust Financial Results For Q1 FY22-23

Q1 FY 2022-23 Key Highlights

o Net Interest Income (NII) grew by 16% YoY to Rs 4,125 crores from Rs 3,564 crores

o NIM improved to 4.21% as compared to 4.06% as at June 30, 2021 and 4.20% as at March 31, 2022.

o Other income grew by 12% YoY to Rs 1,932 crores from Rs 1,723 crores

o Net Profit grew by 61% YoY to ?1,631 crores from ?1,016 crores

o Deposits grew by 13% YoY to Rs 3,02,719 crores from Rs 2,67,233 crores; CASA grew by 16% YoY savings deposits grew by 19% YoY to Rs 95,243 crores from Rs 79,928 crores 

o Gross NPA and Net NPA ratios improved to 2.35% and 0.67% from 2.88% and 0.84% YoY respectively and PCR at 72% as at June 30, 2022

o CRAR as on June 30, 2022 at 18.14% as compared to 17.57% on June 30, 2021

The Board of Directors of IndusInd Bank Limited approved the financial results of the Bank for the Quarter ended June 30, 2022, at their meeting held in Mumbai on Wednesday, July 20, 2022.

NIM at 4.21%, Net NPA at 0.67%, Provision Coverage Ratio at 72%, Capital adequacy (CRAR) ratio at 18.14% CASA at 43.11% and Liquidity Coverage Ratio at 124% underscore the strength of operating performance of the Bank and adequacy of capital and liquidity buffers.

CONSOLIDATED FINANCIAL RESULTS

The Bank’s financial results include the financial results of its wholly owned subsidiary, Bharat Financial Inclusion Limited (BFIL), a business correspondent (BC) of the Bank involved in originating small ticket MFI loans for the Bank and IndusInd Marketing and Financial Services Private Limited (IMFS), an associate of the Bank.

Profit & Loss Account for the Quarter ended June 30, 2022

Net Profit for the quarter ended June 30, 2022 was Rs 1,631 crores as compared to Rs 1,016 crores during corresponding quarter of previous year up by 61% YoY.

Pre Provision Operating Profit (PPOP) at Rs 3,431 crores for the quarter ended June 30, 2022 registered a growth of 10% over the corresponding quarter of previous year at Rs 3,121 crores. PPOP/Advance ratio for the quarter ended June 30, 2022 steady at 5.70%.

Net Interest Income for the quarter ended June 30, 2022 at Rs 4,125 crores, grew by 16% YoY and 4% QoQ. Net Interest Margin for Q1 FY 2023 stood at 4.21% against 4.06% for Q1 of FY 2022 and 4.20% for Q4 of FY 2022.

Other income at Rs 1,932 crores for the quarter ended June 30, 2022 as against Rs 1,723 crores for the corresponding quarter of previous year, grew by 12% YoY. Core Fee grew by 47% to Rs 1,786 crores as against Rs 1,214 crores for the corresponding quarter of previous year.

Operating expenses for the quarter ended June 30, 2022 were Rs 2,626 crores as against Rs 2,166 crores for the corresponding quarter of previous year, grew by 21%.

Balance Sheet as of June 30, 2022

Balance sheet footage as on June 30, 2022 was Rs 4,10,100 crores as against Rs 3,72,996 crores as on June 30, 2021, showing growth of 10%.

Deposits as on June 30, 2022 were Rs 3,02,719 crores as against Rs 2,67,233 crores, an increase of 13% over June 30, 2021. CASA deposits increased to Rs 1,30,508 crores with Current Account deposits at Rs 35,265 crores and Savings Account deposits at Rs 95,243 crores. CASA deposits comprised 43% of total deposits as at June 30, 2022.

Advances as of June 30, 2022 were Rs 2,47,960 crores as against Rs 2,10,727 crores, an increase of 18% over June 30, 2021.

ASSET QUALITY

The loan book quality remains stable. The Gross NPA were at 2.35% of gross advances as on

June 30, 2022 as against  2.27% as on March 31, 2022. Net Non-Performing Assets were 0.67% of net advances as on June 30, 2022 as compared to 0.64% on March 31, 2022.

The Provision Coverage Ratio was consistent at 72% as at June 30, 2022.Provisions and contingencies for the quarter ended June 30, 2022 were ?1,251 crores as compared to Rs 1,780 crores for the corresponding quarter of previous year, reduced by 30% YoY. Total loan related provisions as on June 30, 2022 were at  Rs 8,370 crores (3.38% of loan book).

CAPITAL ADEQUACY

The Bank’s Total Capital Adequacy Ratio as per Basel III guidelines improved to 18.14% as on June 30, 2022, as compared to 17.57% as on June 30, 2021. Tier 1 CRAR was at 16.55% as on June 30, 2022 compared to 16.87% as on June 30, 2021.Risk-Weighted Assets were at ?3,03,118 crores as against ?2,72,367 crores a year ago.

NETWORK

As of June 30, 2022, the Bank’s distribution network included 2,286 branches/banking outlets and 2,783 onsite and offsite ATMs, as against 2,015 branches/banking outlets and 2,870 onsite and offsite ATMs as of June 30, 2021. The client base stood at 32 million as on June 30, 2022.

Commenting on the performance, Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank said:

“The Q1FY23 witnessed turbulent operating environment with interlinkages of inflation, reversal of accommodative monetary policy and Russia-Ukraine conflict playing out. The first quarter of a financial year is also a seasonally weak quarter for some businesses. The Bank has nevertheless focussed on delivering on its strategic ambitions. Our loan growth has accelerated to 18% from 12% last quarter. Our vehicle and microfinance had best Q1 disbursements in their history. Consumer and Corporate segments maintained steady growth. Retailisation of liabilities continues with 16% growth in CASA, 17% growth in Retail deposits as per LCR resulting in overall deposit growth of 13%. All key profitability metrics across NIMs, core PPOP margin, RoA and RoE have maintained positive trajectory. This resulted into profit after tax for the quarter at ?1,631 crores growing by 61% YoY and 16% QoQ.”

ABOUT INDUSIND BANK

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on June 30, 2022, IndusInd Bank has Branches / Banking Outlet and ATMs spread across geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.

RATINGS

Domestic Ratings:

* CRISIL AA + for Infrastructure Bonds program/Tier 2 Bonds

* CRISIL AA for Additional Tier 1 Bonds program

* CRISIL A1+ for certificate of deposit program / short term FD program

* IND AA+ for Senior bonds program/Tier 2 Bonds by India Ratings and Research

* IND AA for Additional Tier 1 Bonds program by India Ratings and Research

* IND A1+ for Short Term Debt Instruments by India Ratings and Research

International Ratings:

* Ba1 for Senior Unsecured MTN programme by Moody’s Investors Service

ManipalCigna Health Insurance Introduces Revolutionary ‘Switch On - Switch Off’ Benefit In A New Plan

ManipalCigna Health Insurance Company Limited, today announced the introduction of a revolutionary ‘Switch On - Switch Off’ benefit in a new plan. The power to ‘Switch Off’ benefit comes with Advantage and Protect variants of ManipalCigna ProHealth Prime plan that allows policyholders to switch off their health insurance from 2nd year onwards, for up to 30 days while travelling abroad and get discount on renewal premium.

Speaking about the Switch Off benefit, Mr. Prasun Sikdar, Managing Director and CEO, ManipalCigna Health Insurance Company Limited said, “With medical costs increasing, customers are demanding more value out of their health insurance plans. Therefore, as a trusted expert in health insurance, we at ManipalCigna, are committed to bring affordable, predictable and simple health insurance plans to market that can transform the way our customers receive healthcare experience. Thus by putting innovation at the core and keeping our principles in mind, we have now introduced the revolutionary Switch Off benefit option under our ManipalCigna ProHealth Prime plan, in order to help people save the premium amount for maximum period of one month at a stretch in a policy year. The Switch Off benefit is great for people who travel abroad very often, as it could save them money on the premium by opting for this revolutionary benefit.”

For instance, let’s say that the policyholder wants to travel abroad, where the insurance is not applicable. In such a scenario, the person shouldn’t be required to pay the premium because they are not being covered. And now they don't have to with ManipalCigna ProHealth Prime. They can simply switch off their cover and save money on the next premium.

* The Switch Off facility shall be available if all the insureds are travelling outside the country in case of Floater policy OR any one or more members travelling outside India in case of Multi-individual policy

* The premium discount shall be calculated on the prorate basis and shall be adjusted in the renewal premium falling on the immediate policy anniversary

* This facility cannot be availed in the last 90 days of the policy year

* Process to avail: The insured will have to intimate the switch off date and switch on date and almost no documentation or can provide document at the time of intimating the same (WhatsApp/email based)

* The discount will be calculated by the system automatically and without any hassle

Today, people are always looking for something better. That's why ManipalCigna ProHealth Prime plan provides many other customised features to meet people’s specific healthcare requirements.

*  It covers Non-Medical Expense and provides 100% of the claim amount without any deductions towards the non-medical items.

*   It gives Cashless OPD cover for up to ? 50000 per policy year

*   It gives Unlimited Restoration even for related illnesses so there is no shortage of sum insured for any type of claim

*   It gives Guaranteed Cumulative Bonus of 25% each year up to max 200% of the Base Sum Insured

*   It gives Premium Waiver of one year on renewal policy premium due to Accidental Death or if diagnosed with any of the listed Critical Illnesses.

*   It extends the cover to include Infertility Treatment

It gives Air Ambulance additional cover equal to Sum Insured with an upper capping of ?10 and many more.

About ManipalCigna Health Insurance Company Limited

ManipalCigna Health Insurance Company Limited is a joint venture between Manipal Group, an eminent player in the field of healthcare delivery and higher education in India, Cigna Corporation, a global health services company with over 200 years of experience. ManipalCigna is headquartered out of Mumbai and has 76 branch offices covering major metros and towns. The company has built a strong multi-distribution network of over 48,000 agents and 500+ distribution partners across the country. ManipalCigna also has tie-ups with 13 leading Banks for distributing health insurance solutions and has a network of over 7500 hospitals across cities including tier I, tier II and tier III towns in India. To learn more, visit www.manipalcigna.com

64% of Bank Employees Suffers From Musculoskeletal Disorders (MSD) Issues Reveals Godrej Interio’s Study

·         13% of chairs used in banks have no adjustment features at all.

·         49% of chairs used in banks lack armrest adjustment and 41% still lack back recline.

·         41% of bank employees work 9 hours per day, while 28% work 10 hours or more.

·         Seek to acquire 16% market share by 2025 in the workspace furniture segment.

Godrej & Boyce, the flagship company of the Godrej Group, announced that its business Godrej Interio, India’s leading furniture solutions brand, in home and institutional segments, has revealed findings from their exclusive study ‘Wellbeing at Work in the Banking Sector’. The study revealed that employees of banks spend long periods of time on screens, monitoring real-time data, answering online customer questions, and keeping systems updated, which is physically and mentally strenuous. The survey found that not all banks are measuring up to importance of well-being, and do not yet have the necessary resources to foster a healthy work environment. A total of 250 bankers participated in the research, working for both public and private sector banks. The survey attempted to understand the extent of awareness among employees about right work postures, work-desk ergonomics, and overall wellbeing.

According to the research study, most banks lack ergonomic infrastructure, which contributes to unhealthy ergonomic postures among bank employees who sit for long periods of time. 49% of the chairs in banks lack armrest adjustments and 41% still lack back recline. The percentage of people in pain is significantly higher in the segment of workers over 26, and the numbers continue to rise as they age, showing that age may be a key factor in Musculoskeletal Disorders (MSDs).

The study also reveals that 85% desk used by the bank employees lacks height adjustment and 31% states that there is lack of space below the desk. An overarching worry uncovered in the study was 69% employees are facing lower back pain, 62% facing neck pain, 59% facing eye strain and headache due to awkward postures and long screen time without necessary breaks. The research indicated that employees in customer interfacing roles need rejuvenation areas in workplaces to prevent fatigue and mental burnout. In addition to this, the research study revealed that 41% bank lacks staff lounge and 31% lacks comfortable furniture in staff lounge in rejuvenation areas in workplaces.

Sameer Joshi, Vice President, Marketing (B2B), Godrej Interio said: “India’s banking sector is seeing meteoric growth on the back of robust demand. According to India Brand Equity Foundation (IBEF) estimates, by 2025, India’s fintech market is expected to reach INR 6.2 trillion. Yet, the study conducted by Godrej Interio’s Workspace and Ergonomic Research Cell suggests that, both public and private sector banks need to focus on creating environments conducive to employee wellbeing. Bankers now spend long and often stressful hours multitasking between digital screens on one side of their desks and sitting across the table with customers who visit the branch physically for assistance. This research study aims to help banks design relevant workplace with well-planned and ergonomic infrastructure to keep MSDs at bay. Banks, the epicentre of a nation's financial framework, must ensure good health and wellbeing of their employees while at work. Prolonged working hours, extended use of gadgets, inadequate breaks, lack of awareness of right postures while working, inappropriate infrastructure, and inefficient space design can have a severe effect on employee health, thereby affecting their overall wellbeing. At Godrej Interio, we are seeing demand for ergonomic furniture in the banking sector and are looking to grow the segment by 21% in this financial year.”

He further added, “Organisations must help teams brace against the potentially limiting repercussions of bad ergonomics. They must lead by example and foster a healthy working environment while focusing on supporting employee wellbeing, productivity, and growth.

Godrej Interio is poised to further expand its footprint in the workspace furniture segment with an aim to achieve 16% market share by 2025. The Ergonomics and Research Cell at Godrej Interio is constantly directing its efforts towards ensuring the creation and curation of customized products & solutions that meet the needs of discerning customers and enhance their experience. The brand’s efforts in this direction are the reason it enjoys high brand-loyalty from its customers.

About Godrej Interio:

Godrej Interio is India’s leading premium furniture brand in both home and institutional segments with a strong commitment to sustainability and centers of excellence in design, manufacturing and retail.

Led by the largest in-house design team in the country in the furniture category and awarded with 34 India Design Mark Awards till date, GODREJ INTERIO aims to transform spaces with its thoughtfully designed furniture to create brighter homes and offices with products that have the highest design quotient in aesthetics, functionality and technology. With consistent pursuit of excellence and a special focus on health and ergonomics, GODREJ INTERIO’s product portfolio comprises of a wide range of solutions

Today, we design and manufacture furniture for office spaces, homes, educational institutes, healthcare facilities, laboratories and more. Along with furniture we offer Audio Visual and 360 Degree Turnkey solutions. Each of our product range revolves around comfort and aesthetics while delivering well-designed, long lasting and functional furniture solutions. In short, Godrej Interio helps the consumers to make every space the perfect setting for their myriad moods and moments.

Currently present in over 650 cities with 250 exclusive showrooms and 800 dealers, is one of the largest divisions of Godrej & Boyce Mfg. Co. Ltd., part of the Godrej Group, one of India's largest engineering and customer product groups.

Godrej Interio has 7 manufacturing facilities situated at Mumbai, Khalapur, Haridwar, Shirwal, and Bhagwanpur. GODREJ INTERIO’s Shirwal Plant is Green Co Platinum Certified, and Mumbai Plants are Green Co Gold Certified. GODREJ INTERIO is widely known for its comprehensive sustainability certifications for its products in furniture category.

GODREJ INTERIO commitment to the environment has resulted in manufacturing products with lesser environment footprint. Our pioneering efforts include designing less environment burdening products, usage of eco-friendly materials and setting up less polluting and consuming processes, ensuring eco-friendly packaging and transportation and finally the extended responsibility of recycling/reuse of used furniture and scrap, thus ensuring a lifecycle approach to green. GODREJ INTERIO has the widest range of green choices for our customers which not only includes products but also services such as green interiors and recycling.

The brand boasts of noteworthy awards received so far- CII Exim Bank Award for Business Excellence 2016, Superbrands 2017-18, Reader’s Digest Most Trusted Brand 2018 Gold (Home Furniture and Modular Kitchen), TRA’s India’s Most Consumer focused brand 2019, GreenCo Star Performer Award 2019, National Energy Leader Award at CII National Award for Excellence in Energy Management 2018.

For further information,  visit https://www.godrejinterio.com/ 

Underdog Teams GOG Esports And Dragon Esports Set For A Big Leap As They Seal A Berth For ESPL 2 LAN Finals

In its bid to give promising gamers a chance to showcase their skills on a national platform, the second edition of the Esports Premier League organized the Underdog Phase, where Team GOG Esports and Dragon Esports put up a stellar display of talent to conquer the open qualifiers. Both teams finished in the top two positions with their dominant performances in the open qualifiers.

ESports Premier League envisioned this “Underdog Phase” to ensure that non-established BGMI Esports players and teams from across the country get an opportunity to show their talent and ability. This will be for the first time such an initiative was taken to give opportunity for the Underdogs only via open qualifiers.

Led by Manish Jangid, team GOG Esports topped the chart with a total tally of 142 points (Finish Points – 52 + Position Points – 90) while Team Dragon Esports led by Ritik Rawat finished second with 130 points (Finish Points – 70 + Position Points – 60). Both teams registered one WWCD (Winner Winner Chicken Dinner) each to their name too.

GOG Esports played their first major tournament during BMPS (Battleground Mobile Pro Series) and finished that mega event with the 21st rank. Buoyed by other talented members in Nick, Bullet, and Trex, the team is currently prepping for the mega final in a Boot Camp in Bhopal. The whole team is practicing for about 13 to 14 hours daily to give a tough competition to the best teams during the grand finals of the ESPL Season 2.

The team is excited to play in their first ever major LAN event as Manish Jangid, the team leader for GOG Esports added, “This moment gives me a sense of accomplishment and honor that our team’s diligence and commitment finally paid off. We are grinding really hard together at our bootcamp and are really excited as this will be our first LAN event. The open qualifier was an eye-opener as multiple underdog teams were playing like pros and I am sure all other teams learned a lot and will continue their grid in the upcoming events.”

Team Dragon Esports leader Ritik, son of a retired army officer opted out of education after 12th to pursue a career in gaming. His journey began in 2018 with PUBG. With Sanket Salam, Krishna Sharma, and Ashish Singh, Rawat formed the team Dragon Esports which is his third esports team. The 22-year-old also participated in the PMCO Open qualifiers 2019. He also joined NADE gaming in 2020 and now the Dehradun-based gamer is focused on the upcoming LAN event in Delhi.

Speaking on the success and response of the Open Qualifiers, ESPL director Vishwalok Nath noted, “We have seen multiple tournaments only catering to top teams on an invitational basis, and opportunities for underdog teams are very less in regards to bigger platforms. So, to give equal opportunity to all the teams, we conducted open qualifiers for underdog teams across the country to give them a bigger platform to perform. The Underdog phase was one of its kind, as it provided budding gamers with a promise to get a chance to showcase their skills on a national platform. Both the teams that won thoroughly deserve their success. Now, these teams will get a chance to put their skills and strategies to test against the top names in BGMI Esports. Who knows, we may get our new BGMI heroes out of these two underdog teams.”

This year’s league which carries a massive prize pool of Rs. 1 crore is set to engage esports athletes across the country in a high-voltage action of the most popular battle royale game, BATTLEGROUNDS MOBILE INDIA.

The league is being played in two separate stages in the initial phase -- online qualifiers and invitational qualifiers -- to shortlist the top 16 teams. ESPL has already got their 2 top Underdog teams from online qualifiers. The invitational qualifiers are being played in two phases; the first phase will select top 5 teams whereas in the second phase, 8 top teams will be chosen from the leaderboard. The finals will also witness one direct invited team competing and vying for the title.

Recently, ESports Premier League (ESPL) extended its association with youth icon and renowned Bollywood actor Tiger Shroff as the face of India’s first-ever franchise-based Esports league for the second consecutive year. India Today Gaming has also roped the Global smartphone brand, TECNO Mobile as Presenting Sponsor for the tournament. The smartphone maker is committed to supporting and helping aspiring underdog esports players with its gaming-focused smartphones like the latest, Tecno Pova 3. Esports fans can also watch the BGMI action live on India’s leading streaming platform, LOCO, the exclusive digital broadcast partner for ESPL Season 2. The tournament organizer has also signed Ishq FM as the exclusive radio partner for the ongoing tournament.

Government of Telangana Collaborates With BITS Pilani WILP To Develop Technology Enabled Labs For Engineering Institutions

The State Board of Technical Education and Training (SBTET), a board created under the authority of Government of Telangana, has signed the Memorandum of Understanding (MoU) with Birla Institute of Technology & Science (BITS) Pilani Work Integrated Learning Programmes (WILP) division, in an effort to design, develop, and deploy Technology Enabled Laboratories (TEL) for polytechnics and engineering institutions in Telangana.

The TEL project shall be funded by SBTET and would be executed in multiple phases for a period of two years i.e. from designing the remote and virtual labs in select domains and programmes to developing the software interface and selecting the lab equipment, to developing lab exercises and associated digital content, and finally training several faculty members who shall deploy the labs in few select institutions.

Virtual and remote labs support experiential learning and innovative solutions

With an aim to provide comprehensive experiential learning for the students, over the years, BITS Pilani WILP has deployed about 10 remote labs (physical labs, which are accessible from anywhere and at any time) and 26 virtual labs (that allow for software simulation studies of various phenomena, which may be extremely challenging to study in the real environment or physical laboratories).

The experiential learning that is acquired by leveraging these labs (via simulations, hands-on, and other practical assignments that involve the use of hardware and software) helps students to connect practice with theory — thereby enabling them to foster innovative ideas and solutions to address various challenges and opportunities in the real world.

Affordable, sustainable, flexible, and scalable access to state-of-the-art labs

Besides multiple other endeavors, SBTET also aims to ensure that the students pursuing technical education across the state should have access to quality labs that enable experiential learning. However, the setup of labs is not just about software, cloud hosting, and access control, as it requires significant investments and an entire ecosystem, including vital instructions, license management, and support.

Through this collaboration with BITS Pilani WILP, SBTET intends to develop a system that primarily leverages the scale of operations efficiently (considering that these labs could cater to the learning requirements of thousands of students across the state of Telangana) — so that various challenges, including those related to manpower, logistics, and costs could be mitigated successfully.

Speaking on the occasion of signing the MoU, Prof. G. Sundar, Director, Off-Campus Programmes & Industry Engagement, BITS Pilani, remarked, “Over the last several years, we at BITS Pilani have designed, developed, and deployed several remote and virtual labs especially for the Work Integrated Learning Programmes for working professionals from across India and the globe. Such labs carry immense potential to be developed as shared resources, which can be used by students from many institutions. As an Institution of Eminence, I am delighted that we will be sharing some of our best practices and expertise in this domain with the world beyond BITS Pilani for the larger good of students, other institutions, and society. And this collaboration with SBTET is our first major step in this regard, which makes this collaboration even more special.”

Post the official commencement of the TEL project, Shri Navin Mittal, IAS, Commissioner, Collegiate Education & Technical Education, Government of Telangana, said, “From technical education’s perspective, optimal skills development in our students certainly requires them to have access to the relevant experiential learning opportunities; with this in mind, we had visited the virtual and remote labs at the Hyderabad campus of BITS Pilani. We realized that their labs not only facilitated hands-on experiences, but also provided an environment for extensive research even in some of the most sophisticated domains. The awe-inspiring idea of having such labs, which could be shared by thousands of students across our state, will be a reality soon. And through this collaboration with BITS Pilani WILP, we also extend our acknowledgement of their overall contributions towards the technology vision for the state of Telangana.”

About BITS Pilani:

BITS Pilani is an Institution of national repute, known for providing technical education of the highest standards and is well recognized for its innovations, and strong links with industry. It is consistently ranked as the best private engineering & technology institution by leading ranking agencies and publications. MHRD, Govt. of India, in August 2018 announced BITS Pilani as one of the first six Institutions of Eminence in the country. It is one of the few universities that has created an institutionalized framework for achieving a vibrant environment that successfully inculcates an ambience for experiential and cooperative learning and education. BITS Pilani views education as a continual engagement and experience, and ensures that the learning experience is integrated seamlessly not only across its classrooms and laboratories, but also in the industry, as exemplified by its Practice School, and Work Integrated Learning Programmes.

About BITS Pilani Work Integrated Learning Programmes (WILP):

India has a large and qualified professional workforce, which must and will continue to grow in size, complexity, and quality. Given the nature of modern professions, and the acquired reputation of Indian professionals in these roles, continual learning and higher educational qualifications are necessary tools for the nation to succeed within, and compete globally. Work Integrated Learning Programmes of BITS Pilani (WILP) are degree/diploma/certificate programmes, which are developed and conducted by BITS Pilani in association and jointly with organizations representing various industry sectors.

Millions of Small Shopkeepers And Their Families Are Agitated Over State Govt’s Plan To Introduce “License Raj” In Karnataka

* New policy will impact 2 lakh plus small retailers in Karnataka impacting the livelihood of over 10 lakh people including their families

* Covid Lockdowns have already caused huge losses in income of poor shopkeepers. They cannot take any further.

The Karnataka State Retail Beedi-Cigarette Merchants Association has strongly objected to the implementation of the Karnataka Municipalities (Regulations and inspection of places used for sale of Cigarettes and other tobacco products) Model Bye-Laws, 2020.

Impact on Small Retailers

·         Harassment of poor and uneducated micro-retailers by enforcement officials at a time when small shop-keepers have already lost 60%-70% their income due to frequent lockdowns.

·         Sharp increase in the cost of doing business of micro-retailers

·         Hurt livelihoods of small retailers who will not be able to afford extra spending for getting a license or renew a license to sell tobacco products

·         Shift in tobacco retailing business to foreign companies /supermarkets / malls hurting livelihoods of small shopkeepers

The association strongly believe that the proposed regulation will be devastating for lakhs of small traders, who have already suffered humungous financial setbacks in the last couple of years due to Covid lockdowns and other restrictions. It further emphasized that too many tobacco laws will only increase the scope of harassments and corruption by enforcement officials.

The Association represents the Karnataka Chapter of the Federation of Retailer Association of India (FRAI) and is a body of over 2.0 lakh micro, small and medium retailers from across the state of Karnataka. It also represents the livelihood of over 10 lakh poorest of the poor retailers and their families and are known for raising issues concerning their lives and livelihoods.

Explaining the concerns around the proposed byelaws, B. N. Murali Krishna, President, Karnataka State Retail Beedi-Cigarette Merchants Association, said, “On account of the provisions of the Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution Act, 2003, COTPA, our members are already being subjected to daily harassment by enforcement officials, who take advantage of their illiteracy and lack of awareness to extract gratifications. As per the draft Model Bye-Laws, tobacco product sellers will have to get a license which will be renewed every year. In addition to that, multiple obligations on the part of the retailers, such as the display of license and maintenance of a suggestion book, along with heavy penalties in case of non-compliance have been proposed in the regulation.”

The Karnataka State Retail Beedi Cigarette Merchants Association believes that such measures will cause massive harassment to lakhs of poor and mostly uneducated micro-retailers at the hands of enforcement officials. It will lead to a sharp increase in their cost of doing business at a time when they are reeling under the aftermaths of the COVID pandemic and this fresh attack will completely devastate their families.

Mr. Murali Krishna added that based on the past experience with other laws, the very act of getting a license will be challenging for small sellers as neither they have money to pay nor they are educated enough to do the paperwork required for licensing.More laws will also mean more opportunities for local officials to harass our members.

Our beloved and Hon’ble Prime Minister and Hon’ble Chief Minister of Karnataka have taken several important measures to simplify processes for trading in Karnataka in the true spirit of ‘ease of doing business’ and ‘promotion of entrepreneurship’. However, the Urban Development Ministry’s proposal to make licences mandatory for trading in tobacco products through the Model Bye-Laws and its draconian clauses are in complete contradiction to the Hon’ble Prime Minister and Chief Minister’s vision for the state.”

The Draft Model Bye-Laws states that if any ‘bad incident’ occurs at a licensed shop, the same has to be reported to the authority and no one will be allowed to enter the shop premises until the issue is addressed. Since a ‘bad incident’ is not defined, it is clear that the only objective behind this exercise is to cause hardships to small shopkeepers. The Karnataka State Retail Beedi Cigarette Merchants Association members belong to the lowest economic strata of society. It will be impossible for them to afford extra spends for licenses and renewals.

The Association has demanded that the state government must provide alternate means of livelihood to its members before implementing such rules, which will surely result in a loss of income for lakhs of traders. It has further claimed that its members sustain their livelihood by selling goods of daily needs like biscuits, soft drinks, mineral water, bidi, cigarettes, etc. “Their pre-lockdown earnings were about Rs 6,000-12000 per month which is barely adequate to feed two square meals a day to an entire family. Many of them have borrowed money to run their shops instead of depending on the government for employment.

After suffering immense financial setbacks due to Covid lockdowns, The Karnataka State Retail Beedi, Cigarette Merchants Association is shocked to see that the Urban Development Ministry of Karnataka instead of supporting the small poor retailers has instead come up with an order that will deal a death blow to marginal retailers by increasing their harassment multi-fold and increasing the cost of doing business.

The Association is also of the view that the proposed licensing law for selling tobacco products are brought under pressure from anti-tobacco NGOs with vested interests will only aid shifting of tobacco retailing business to foreign companies/supermarkets/malls hurting livelihoods of lakhs of small shopkeepers.

India already has the toughest anti-tobacco laws in the world, which includes 85% graphic health warnings on packets, no sale to minors, no sale within 100 yards around educational institutions, etc. The Karnataka State Retail Beedi Cigarette Merchants Association strongly believes that these laws under the current COTPA 2003 regulation for tobacco control/trade are more than sufficient for regulating tobacco products. Therefore, there is absolutely no need to introduce any new licensing rule on the trade of tobacco products in Karnataka.

The Karnataka State Retail Beedi Cigarette Merchants Association humbly request the Hon’ble Chief Minister of Karnataka not to implement the Karnataka Municipalities (Regulations and inspection of places used for sale of Cigarettes and other tobacco products) Model Bye-Laws, 2020 mandating licensing requirement for selling tobacco products issued by the Urban Development Department and instead help our members recover from the loss of the income due to the Coronavirus pandemic.

Tata Motors Launches The All-New Winger BS6 Range In Nepal

* The multi-utility vehicle will be available for cargo, school, staff and tours & travel applications

Key highlights:

* Built on ‘Premium Tough’ design philosophy, the all-new Tata Winger BS6 offers attractive styling

* Powered by the 2.2-litre DiCOR engine; with a flat torque ensuring unmatched performance and fuel efficiency; with 25.8% gradeability

* Based on a monocoque chassis for car-like driving dynamics and comfort

Tata Motors, one of the world’s leading commercial vehicle manufacturers, launched the all-new range of the Tata Winger BS6, in association with its sole authorised distributor, Sipradi Trading Pvt. Ltd, in Nepal. Built on ‘Premium Tough’ design philosophy, the Tata Winger BS6 has a comprehensive range of applications that include cargo, school, staff and tours & travel. The multi-utility van meets the evolving needs of the new-age and informed customers who seek performance, profit and comfort with style. Sipradi Trading Pvt Ltd will support the sales and service through their countrywide network.

Commenting at the launch, Mr. Anurag Mehrotra, Vice President, International Business & Strategy, Commercial Vehicles Business Unit, Tata Motors said, “We are delighted that Tata Motors’ diverse and robust range of commercial vehicles have been well received by the people of Nepal. Tata Winger BS6 is an ideal vehicle for customers who seek profitability and lower Total Cost of Ownership (TCO). We remain certain of the dedication and zeal with which Sipradi Trading Pvt. Ltd. will commence the sales and services for the all-new Winger BS6, in continuation of the support they have extended for many decades. We believe that the Tata Winger will provide its customers a best-in-class experience, building on Tata Motors’ legacy of providing highly efficient and reliable products that ensure utmost customer satisfaction and profit.”

Expressing confidence, Mr. Siddhartha SJB Rana, Executive Chairman, Sipradi Trading Pvt. Ltd. said, “As a reputed brand in Nepal, our priority has always been to bring world-class products and provide best-in-class customer service. Our partnership with Tata Motors has resulted in successfully delivering a range of excellent vehicles in the market in the past few decades. With the launch of the all-new Tata Winger, we continue our commitment to provide our customers the vehicles that offer the best performance, affordability and high efficiency. The Tata Winger is an apt multi-utility vehicle with a lot of potential within the market in Nepal, and we are confident that it will be highly appreciated by the Nepalese citizens.”

The all-new Tata Winger BS6 is powered by the 2.2-litre DiCOR engine with improved torque and better fuel economy. It also offers an ECO switch and Gear Shift Advisor that helps in increasing the fuel efficiency. The Winger’s best-in-class gradeability of 25.8% helps in easy manoeuvring on steep inclines and flyovers. Additionally, the Winger's independent front suspension with anti-roll bars and hydraulic shock absorbers assure a smooth ride, as does its monocoque body design, which guarantees car-like driving dynamics and low levels of noise, vibration, and harshness (NVH).

The Winger School is equipped with an efficient braking system with ABS to ensure a secure ride. The vehicle is also comes with FDSS (Fire Detection and Suppression System) and powerful fog lamps, which offer excellent visibility. The Winger School’s modern features ensure a safe and comfortable ride for the children. The Winger Cargo is geared for contemporary, urban consumers who want high performance with best-in-segment aesthetics. It is the perfect solution for important captive-based applications that demand speed, safety, comfort and convenience in addition to the safe delivery of cargo. It offers a high payload capacity of 1680 kg and large cargo loading area of 3240x1640x1900 mm.

About Tata Motors

Part of the USD 109 billion Tata group, Tata Motors Limited (NYSE: TTM; BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 34 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and amongst the top three in the passenger vehicles market.

Tata Motors strives to bring new products that fire the imagination of GenNext customers, fueled by state of the art design and R&D centers located in India, UK, US, Italy and South Korea. With a focus on engineering and tech enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused to develop pioneering technologies that are sustainable as well as suited to evolving aspirations of the market and the customers. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by preparing a tailor-made product strategy, leveraging the synergy between the Group companies and playing an active role liasoning with the Government in developing the policy framework.

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors’ vehicles are marketed in Africa, Middle East, South & South East Asia, Australia, South America, Russia and other CIS countries. As of March 31, 2022, Tata Motors’ operations include 86 consolidated subsidiaries, two joint operations, four joint ventures and 10 equity-accounted associates, including their subsidiaries, in respect of which we exercise significant influence.

About Sipradi Trading Pvt. Ltd.

Sipradi Trading Private Limited is a major player in automotive and allied business and is one of the largest and most driving brands in Nepal. 38 years down the line, Sipradi has exceeded USD 350 million annual revenue and continue to grow rapidly in automotive, lubricant, financial service and equipment business sectors. The entire workforce has been working together to accomplish a shared objective – To deliver quality products and services while adding synergy to the growth of overall brand value.

Sipradi Trading Private Limited (STPL) has been the sole distributor of Tata Motors Ltd. India vehicles, for Nepal since 1982 and is certified with ISO 9001:2015. The company provides sales, services and spare parts, facility for the full range of Tata Motors’ commercial as well as passenger vehicles. The company has immense networks throughout Nepal with 29 sales network offices and 53 service centres dedicated to commercial vehicles.