Honda Cars India Reaches 2 Million Production Milestone In India

* Rolls out its 2,000,000th car made in India from its Tapukara plant in Rajasthan 

Honda Cars India Ltd (HCIL), leading manufacturer of premium cars in India announced that the company has reached the 2 Million-unit milestone in cumulative production of Honda cars in India. The company’s premium sedan Honda City formally rolled out of the assembly line at its state of the art manufacturing plant in Tapukara - Rajasthan, making it the 2 Millionth Honda car made in India. The milestone event was attended by senior leadership from Honda’s Regional Office including Mr. Hiroshi Tokutake, Executive Vice President, Asian Honda Motor Co., Ltd. and Mr. Katsuhiro Kaneda, Director, Asian Honda Motor Co., Ltd. along with the HCIL management team.  

HCIL began production operations in Dec 1997 with a focus on offering premium and world class products for its customers in India.  The 2 Million milestone also reiterates Honda’s commitment towards the “Make in India” vision of Govt. of India. 

Speaking on the occasion, Mr Takuya Tsumura, President & CEO, Honda Cars India Ltd, said, “The historic milestone of 2 Million Production roll out in India is a testimony to Honda’s commitment to the ‘Make in India’ initiative for the last 25 years. We express our sincere gratitude to all our customers, dealer partners and supplier partners for their confidence in us and making Honda a very loved and trusted brand in the country. Our state-of-the-art manufacturing operations in India are equipped to manufacture automobiles and components of global quality standards for supply to both domestic and export markets. We remain committed to providing all our customers with the most advanced, cutting-edge technology products for a premium and worry-free ownership experience, which add value to their daily lives.” “At Honda, our corporate goal is to be a company that society wants to exist. In this spirit, we believe that our efforts also benefit the socio economic development of the region and local community,” he added. 

Honda’s models, over the years, have always showcased the company’s global DNA, best tailored to meet the needs and requirements of Indian customers. The company’s product lineup includes premium sedan Honda City e-HEV, Honda City, family sedan Honda Amaze, premium hatchback Honda Jazz and the sporty Honda WR-V. 

HCIL not only build automobiles in India to meet the needs of customers here. India also serves as a key export base for Honda – for both completed vehicles and components. The company currently exports made in India Honda City and Honda Amaze to 16 markets across the globe. 

The company has cumulatively invested over Rs 10,000 crore since setting up its operations in India. 

Honda Cars India’s state-of-the-art manufacturing facility in Tapukara, Distt. Alwar, Rajasthan, is spread across 450 acres and has a production capacity of 180,000 vehicles per year. The facility is an integrated manufacturing unit including all functions of Forging, Press Shop, Powertrain shop, Weld shop, Paint shop, Plastic Molding, Engine assembly, Frame assembly and Engine Testing facility. This plant is the culmination of the best manufacturing know-how and practices gathered from Honda’s global operations. It employs optimum automation, latest equipment and best layout for achieving high quality, best ergonomics, improved operational efficiency and safety. The plant is highly focused on conservation of the environment and efficient use of energy & other natural resources. 

Honda Cars India values customer experience and strives to provide the finest services to every customer from its 330 dealership facilities spread over 242 cities in India. 

Aegon Life Insurance Reimagines Affordable Savings Products With The “iGuarantee Max Savings Plan” – A Savings Cum Insurance Product

* Provides guaranteed tax-free returns along with life insurance cover 

* Life cover is at least 11X of annualised premiums – an additional advantage unlike traditional financial products 

* Allows steady growth in savings - while safeguarding families against financial shocks if a policyholder dies 

Aegon Life Insurance, Digital India's life insurance company, has launched iGuarantee Max Savings. The new product offers the dual benefit of High Returns + Life Cover, and enables families to meet their medium to long-term savings goals affordably. 

Be it your children’s education or marriage or securing your retirement, you can plan for these goals with a contribution as low as Rs.500/month (Rs.17/day). 

The product can be purchased at the click of a button - no documents* are required, and no visits to the branch. Higher contributions will gain higher returns, and the returns are exempted from tax*. 

On the product launch, Satishwar B, MD, and CEO of Aegon Life, said, "This is a highly competitive and affordable product with premiums starting at just INR 500/month.” 

“The plan ensures that your savings goal is met, no matter what. Say you are 30 years old and have a 3-year-old child. If you put aside even 3,000/- every month for ten years, you will receive approx. 6.5 lakh, tax-free, when your child is 18 and starting higher studies. In case of your untimely death, you can be assured that a tax-free lump sum of at least Rs. 5 lakh is paid to your family. No other savings instrument tops this kind of guaranteed assurance.” 

But that’s not all. This product is flexible enough to cater to different goals and stages of your life. If you are 40 years old and have started thinking about a retirement corpus, all you have to save is Rs. 10,000/- every month for ten years. When you are 60, you will receive a tax-free lump sum of approx. Rs. 29.47 lakh to start your retired life. In case of an untimely demise, your loved ones will be assured of a tax-free lump sum of at least Rs. 22.8 lakh. Thus, the retirement corpus is created, irrespective of unfortunate incidents.” 

“Our intuitive and paperless journey makes it very simple and easy to buy. iGuarantee Max Savings represents a significant step towards achieving Aegon Life's vision of making every household financially secure by making life insurance affordable, easy and accessible to all." 

The product has several customer-friendly features: 

You can choose a policy term between 5 - 20 years, depending on your savings goal.  

Guaranteed returns, flexibility to choose an affordable premium, payable at a frequency of your choice, and the option to receive your benefits timed as per your life goal make this product unique. 

The minimum entry age for this plan is three months, and the maximum is 50 years (for regular pay, 45 years).  

Besides providing life cover and guaranteed savings, Aegon Life iGuarantee Max Savings offers add-on optional coverages through the choice of Accidental Death and Critical Illness riders which secure you against life’s uncertainties, and provide an additional corpus to ease financial burdens.  

In addition to the base sum assured, this plan also offers guaranteed addition and loyalty additions, culminating in a guaranteed maturity benefit at the end of the policy term. 

Throughout its duration, the plan provides a life insurance cover, which pays a death benefit in case of the policyholder’s unfortunate demise.  

The plan offers multiple premium payment options like  

Regular Pay - pay throughout the policy term 

Limited Pay - pay for a fixed duration, lower than the policy term, and  

Single Pay - pay a lumpsum up front 

For Regular and Limited pay, there are three options available for paying the premium in instalment - monthly (starting at INR 500), half-yearly (starting at INR 3,000), and annual (starting at INR 6,000).  

About Aegon Life: 

Aegon Life is Digital India’s life insurance company and pioneered the online Term Insurance plan in India. As India’s only 100% digital life insurance company, it’s building innovative solutions to financially secure every Indian household and provide greater clarity, transparency, and superior customer experience.  

https://www.aegonlife.com/     

Rajnish Khare Joins As The New Chief Digital Officer (CDO) Of Union Bank of India

Mr. Rajnish Khare has joined as Chief Digital Officer (CDO) of Union Bank of India. A digital banking leader with over 23 years of experience in Banking, building progressive & future shaping transformational experiences and capabilities for domestic & international Banks, he has been responsible for Digital Strategy, Technology, Transformation, Payments, Digital Channels, Innovation, Platforms, Ecosystem & Future ready initiatives. 

He has successfully led executive leadership roles in his previous organizations as Head Digital Transformation in HDFC Bank, Chief Innovation Officer in Citibank, Head of Direct Banking & innovation in Standard Chartered Bank, Head Alternate Channels & Cross Sell in ICICI Bank and more such key roles where his focus was to build global digital assets to improve organizational business and accelerate growth. 

He has won numerous awards internationally and in India – A few notable ones being: Asia Pacific Digital Transformation Leader of the Year by IDC Singapore, ICON of the year award by HDFC Bank MD, Golden Peacock Award for Innovation. 

He mentors Fintechs and Start-ups across the Globe and is an International Speaker. 

FADA Releases October’22 & 42 Days Festive Period Vehicle Retail Data In India

On YoY basis, total vehicle retail for the month of October’22 saw a growth of 48%. All the categories closed in green. 2W, 3W, PV, Trac and CV were up by 51%, 66%, 41%, 17% and 25% respectively. 

When compared with October’19, a pre-covid month, total vehicle retails for the first time closed in green with an increase of 8%. Except 3W which saw a marginal dip of -0.6%, all the other categories were in green with 2W, PV, Trac and CV growing by 6%, 18%, 47% and 13%.  

During the 42 days festive period, total vehicle retails were up 28% YoY. All categories were in green with 2W, 3W, PC, Trac and CV growing by 26%, 66%, 28%, 33% & 28% respectively. 

As anticipated earlier, this turns out to be the best festive period for PV segment which showed an increase of 2% when compared to 2020 festivals, the earlier best. 

When compared to pre-covid festive of 2019, overall retails were up by 6%. All the categories were in green with 2W, 3W, CV, PV and Trac growing by 2%, 2%, 14%, 18% and 55% respectively. 

2022 Festive season turned out to be the best in last 4 years. 

The Federation of Automobile Dealers Associations (FADA) released Vehicle Retail Data for October’22 and 42 days festive period.  

October’22 and Festive Period Retails 

Commenting on how October’22 and Festive Period performed, FADA President, Mr. Manish Raj Singhania said, “Auto Retail for the month of October’22 saw an overall growth of 48%. With most of the month under festive period, the sentiments were extremely positive across all categories of Dealership outlets.  

Even when compared to pre-covid month of 2019, overall retails for the first time closed in green by growing 8%. Except 3W, which saw a marginal dip of -0.6% all the other categories like 2W, PV, Trac and CV grew by 6%, 18%, 47% and 13% respectively.  

Festive’22 brings cheers to the Auto Industry as for the first time customers of every category came out in good numbers and took part in festive purchases thus making it the best in last 4 years. As anticipated earlier, PV segment saw the best year in a decade by outgrowing 2020 numbers by 2%. When compared to pre-covid festive of 2019, overall retails were up by 6%. All the categories were in green with 2W, 3W, CV, PV and Trac growing by 2%, 2%, 14%, 18% and 55% respectively. 

The 2W segment showed a huge growth of 51% YoY and for the first time, 6% compared to Oct’19, a pre-covid year. With both Navratri and Deepawali majorly falling in a single month, the month of October saw double foot fall at Dealerships. Dealers say that sentiments have also started improving at the rural level but the same needs to sustain for at least next 3-4 months. Apart from this, new launches and good customer schemes also played a pivotal role in helping revival in demand.  

The 3W segment showed a massive growth of 66% YoY but was marginally below the red line in 2019 by de-growing -0.6%. The sub-category figures clearly show that shift is happening towards EV adoption while ICE vehicles are no more favourites. In few pockets due to permit issues, new vehicle sales have taken a hit during the month.  

The PV segment showed a growth of 41% YoY and 18% when compared to 2019. PV segment continues to see extremely high demand especially in SUV and Compact SUV segments including higher variants in most of the product categories. With better vehicle availability coupled with new launches, the segment also witnessed the best Festive Period in a decade by surpassing 2020 festival sale by 2%. 

The CV segment continues to come back on track by growing 25% YoY and 13% compared to 2019. Festivities ignited better fleet sales. With Mining and Infrastructure projects increasing in various regions, demand has been keeping well and is also coming back on track.”  

Near Term Outlook 

With festivities ending, the immediate next month generally witnesses a certain amount of softness in sales. While farmers will start receiving their crop realisations, the overall sentiment continues to show some headwinds especially in the 2W rural segment. For auto retails to show strength, the 2W segment will have to grow for at least 3-4 months over pre-covid months to come out of the woods.  

The CV segment is anticipated to see continued demand due to rising infra projects and government spending. While the PV segment continues to outperform, demand in entry level segment continues to show some softness.  

Most of the OEMs will now start migrating towards manufacturing OBD-2 norms vehicles. This will definitely see a steep price increase across all categories of vehicles as and when they hit the market. Also with year-end coming close, many customers wait for vehicles manufactured in the new year.  

FADA hence remains cautious as the Auto Industry approaches the year end period.   

Key Findings from our Online Members Survey 

Inventory at the end of October’22 

Average inventory for Passenger Vehicles ranges from 35 – 40 days 

Average inventory for Two – Wheelers ranges from 40 – 45 days 

Liquidity 

Good                    45.9% 

Neutral                35.9% 

Bad                        18.2% 

Sentiment 

Good                    44.1% 

Neutral                 37.1% 

Bad                        18.8% 

Expectation from November 

Growth                42.4% 

Flat                         32.9% 

De-growth          24.7% 

Happiest Minds Technologies Collaborates With ServiceNow To Accelerate Digital Transformation

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company, today announced that it has joined the ServiceNow® Partner Program to become a Managed Service Partner (MSP) for ServiceNow, with coverage across all its focus geographies for strengthening its IT service offerings. Happiest Minds is accelerating digital transformation with the ServiceNow solution to enable ITSM, ITOM, ITAM, TPSM, HRSM, ITBM, and investments in emerging spaces like GRC, SecOps, Automation and LCAP.

Happiest Minds has proven experience to provide end-to-end ServiceNow services that includes advisory, consulting, design, implementation and manage by leveraging in-house capabilities, accelerators and frameworks. With its wide domain knowledge on digital transformation for enterprise customers coupled with ServiceNow deep expertise, differentiated offerings and solutions using new-age modules will help connect the customer ecosystem, enable proactive service delivery, and improve the customer experience.

Ram Mohan C, President & CEO, Infrastructure Management & Security Services (IMSS), Happiest Minds Technologies said, “We are delighted to announce our enrollment into the partner program at ServiceNow. This collaboration helps us rapidly scale up our capabilities on a technology that’s core within large enterprise clients globally & offers them a differentiated managed services delivery (MSP) model. Apart from their best-in-class ITSM/ITOM offerings, the newer solutions around GRC and automation are perfectly aligned with Happiest Minds’ focus on emerging technologies. We believe this alliance offers our customers the win-win combination of market-leading technology and Happiest Minds’ proven global delivery capability.”

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, digital process automation, internet of things, robotics/drones, security, virtual/augmented reality, and more. 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., UK, Canada, Australia, and the Middle East.

ServiceNow, the ServiceNow logo, Now, Now Platform, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries.

Bengaluru Midnight Marathon 2022 To Be Held On December 10/11, 2022, At KTPO, Whitefield, Bengaluru

* Bengaluru Midnight Marathon- An event for All Ages and All Running Enthusiasts

* Key Events include Wissen Fast 5K - Timed Run, Wissen 5K IT City Fun Run, Akamai Open 10K Run, Agriplast Half Marathon, Full Marathon, Airbus Corporate Relay, Prime VP FittestStartupChallenge Relay and Community relay

Register @  www.midnightmarathon.in or

https://registrations.indiarunning.com/bmm-2022

India’s 3,000m Steeplechase National record holder and the silver medalist at the recently concluded Commonwealth Games, Avinash Sable has been named as the Brand Ambassador of the 15th Edition of Bengaluru Midnight Marathon (BMM) 2022. Recognised as the country’s only midnight marathon, BMM, a member of AIMS (Association of International Marathons and Distance Races), has grown into a marathon of international repute over the last 14 years and today is one of the leading Marathons run in the world, with participation of 11,000+ runners. BMM 2022 is being held on December 10/11, 2022, under the patronage of its organisers, the Rotary Bangalore IT Corridor (RBITC) at KPTO, Whitefield, Bengaluru.

A running event for all- BMM 2022 has all the right ingredients for those looking for some serious running experience and also for those who want to better their timing- whether it is 5K or 10K or the Half/Full Marathon. BMM is also the perfect platform for those who want to experience the fun of participating in a Midnight Running event. The theme for this year’s BMM is aptly chosen as “Run Freely Again.” After two years of the Pandemic controlling most of our lives, it’s time to celebrate the spirit of freedom, the freedom to ‘BE.’

Shared Mr. Viraf Sutaria, Chairman of BMM 2022, “We are honoured to have Avinash Sable as the Brand Ambassador for this year’s edition of BMM. He is an inspiration for today’s generation and shows us that nothing is impossible if you have the courage to believe in yourself.”

I am extremely pleased to be part of an event like Bengaluru Midnight Marathon that not only provides a platform for athletes and running enthusiasts but is also deeply involved in socially relevant causes. I am looking forward to this new experience and seeing all the participants on the event day,” said Avinash Sable in a statement issued by RBITC.

The highlight of the 15th edition of Bengaluru Midnight Marathon (BMM) is the introduction of the Fast 5K Run and introduction of the Virtual Marathon in association with India Running to reach out to the larger audience who can’t be physically present at the event.

The online registrations for all the events have been announced and participants can register online by logging onto www.midnightmarathon.in. The key events on December 10, 2022 will include the Full Marathon, Half Marathon, Akamai Open 10K Run, Wissen 5K IT City Fun Run, Airbus Corporate Relay, Community Relay, Prime VP FittestStartupChallenge Relay and the new addition – Fast 5K Run (timed).

Thousands of professional runners, international athletes, supporters, corporates and NGOs are expected to run in this year’s BMM. The event day ensures live entertainment, cultural events and multi cuisine Food Court to keep the runners and their supporters pumped up all through the night.

Marathons have come to be known and well established as one of the largest community sports events in the nation, for some years now. Every year, hundreds of thousands of runners have been actively participating in Marathons across the country for creating awareness on various social and charitable causes. Bengaluru Midnight Marathon has the distinction of being one of them and is the key fundraising event for RBITC’s various charitable activities. Rotary Bangalore IT Corridor has been successfully conducting the Bengaluru Midnight Marathon since 2007 and has over the years attracted 80,000 plus runners from across the world in celebration of the city, its people and to create awareness about living healthy. The first edition of the BMM was held on May 19th, 2007.

More on the race at www.midnightmarathon.in

MFIN Releases 2nd Edition Of India Microfinance Review FY 2021-22

~ Report launched by Deputy Governor, RBI and CMD, SIDBI ~

Microfinance Institutions Network (MFIN), industry association for Microfinance and RBI-recognized self-regulatory organization launched the 2nd edition of Micro Matters: Macro View – India Microfinance Review FY 2021-22 on 4th of November in Mumbai. Dr Alok Misra, CEO and Director of MFIN welcomed the audience in a packed hall, set the context of the report, and shared some key highlights. This was followed by the unveiling of the report by Deputy Governor of RBI, Shri M. Rajeshwar Rao in the presence of Mr Sivasubramanian Ramann, CMD-SIDBI and members of MFIN’s Board.

Speaking on the release, Shri M. Rajeshwar Rao, Deputy Governor of RBI said, “At the Reserve Bank, we strive to ensure that the measures introduced to increase economic well-being and financial inclusion reach to those at the bottom of the pyramid. In this context, microfinance serves as an important tool to assist the underprivileged in improving their economic and societal situation. The focus of revised microfinance regulations is customer protection while according operational flexibility to institutions. We expect the new regulatory changes would enable lenders to form transformational relationships with their customers and grow responsibly.”

Addressing the various Microfinance institutions, investors and lenders at the gathering, Mr. Sivasubramanian Ramann, Chairman and Managing Director – SIDBI said, “The microfinance sector has navigated various adverse events and progressed over the last ten years and I am pleased that SIDBI has contributed in this journey. We are now geared to assist the sector in its next phase of progression through mainstreaming of informal micro-enterprises who would be the real the engines of the growth. Starting with PM Svanidhi and now with the help of MFIs, several informal micro-enterprises will soon have their Udyam numbers which will enable them to not only access formal financial services but also get benefitted under various government schemes for MSMEs. The proposed new initiative of Vyapar Credit Card to provide easy access and regular flow of finance to MSMEs will further help the sector. As it is important to support the small and medium sized MFIs, SIDBI introduced the ‘India Microfinance Equity Fund’. MFIN also took various initiatives like the Impetus Platform to assist small MFIs raise funds. SIDBI will be happy to partner with MFIN and its members to take forward these various measures.”

Dr. Alok Misra – CEO & Director, MFIN said, “The second edition of this report is designed to provide 360-degree insight based on data and our experience as an industry SRO. It shows a picture of resilience of microfinance clients and draws attention to the vast credit demand, likely to reach 17 lakh crore in a moderate scenario. Findings of NCAER study show that microfinance contributes 2.3% to India's GVA and sustains 1.2 crore jobs. In the new regulatory paradigm, it is imperative for lenders to adhere to code of conduct in letter and spirit and thereby further strengthen building of responsible finance industry.”

Mr. Devesh Sachdev, Chairperson MFIN said, “For India and Bharat to progress together towards becoming a global powerhouse, Financial Inclusion or empowerment of every Indian with access to formal financial services is very critical. Therefore, the future growth of the sector is an imperative for inclusive growth of India and our pursuit of $5 trillion economy. “

The launch event was held in partnership with HSBC Bank, M-SWASTH by M-insure, a technology-driven company focusing on digital health inclusion and Craft Silicon, a leading financial and technology solutions provider.

Microfinance Institutions Network (MFIN)

MFIN is a premier industry association comprising 56 NBFC-MFIs and 43 Associates including Banks, Small Finance Banks (SFBs) and NBFCs. By virtue of bringing all microfinance entities under one common umbrella, MFIN acts as a bridge between them and the regulators to build a dialogue for greater transparency, better policy frameworks and stronger client protection standards for responsible lending, thus enabling the microfinance industry to partake in meeting the larger financial inclusion goals.