Jana Small Finance Bank Hikes Interest Rate On Regular Fixed Deposits; Senior Citizens Can Earn Upto 8.80% Interest Rate On FD

·         The Bank offers up to 8.80% Interest rates to senior citizens on FD

·         The Bank has hiked interest rate on Regular fixed deposit from 7.55 % to 7.85%

·         Jana SFB’s rates are one of the highest across the industry

·         New tenor is effective from 15th December onwards

Jana Small Finance Bank, one of the leading small finance banks in India, announced a hike of interest rates on regular fixed deposits from 15th December, 2022 onwards. With this increase, the bank is offering one of the highest interest rates across the Banking space.

Customers will now get an interest rate as high as 7.85% on deposits for a tenure of 2-3 years. Senior Citizens can reap the benefit of 8.80% on a FD for a tenure of 2-3 years.

Speaking on this development after the launch of 736th Branch of the Bank at Vijaynagar, Bangalore Shrinivas Murty, President and Head of Branch Banking and Marketing said, “We are fast expanding our footprints across the nation to be able to cater to a large & varied segment of customers. We believe that with our superior customer experience, sharp turn-around-time of delivery & extremely competitive interest rates on deposits, we are well placed to meet the ever-growing Banking products & services needs of customers we serve. This increase in interest rates across tenures would directly help our customers to plan their investments better & help further align returns to their financial goals.”

Existing customers of Jana Small Finance Bank can also enjoy the benefits of booking or investing in FD from the comfort of their homes or offices through internet banking. With this online process, customers can book the FDs instantly in a hassle-free manner.

Instor India Appoints Prashant Jain As New “Chief Operating Officer”

Instor India, a leading provider of retail, industrial & specialized fixtures, has appointed Prashant Jain as the new Chief Operating Officer. Prashant has more than 20 years of experience in the retail industry, specifically in the expansion of COCO (Company Owned Company Operated) and FOCO (Franchise Owned Company Operated).  

As the newly appointed Chief Operating Officer, Prashant Jain brings with him an extensive background in the retail industry, manufacturing efficiency management & operations, and business expansion. Before joining Instor, Prashant has experience working with leading retail, manufacturing, and new-age companies as a strategic planner and core team member, helping achieve overall operational efficiency and business growth.  

Speaking at his appointment, Ms. Ritika Mehta, Director, Instor by Kider India Pvt. Ltd., said, “Prashant’s appointment couldn't have come at a more opportune time, as he will help guide the company through this transformative period. In this role, he will lead the growth of Instor’s retail, industrial and warehouse fixtures ecosystem, including operations, manufacturing, customer acquisition & onboarding, business operations & strategy, dealers and channel partnerships, and most importantly, improving customer experience.” 

Prashant has been a retail industry veteran for many years and has headed a global retail and manufacturing company as the Vice-President. He is also credited to have played a pivotal role over the years in setting up manufacturing facilities of an NSE-listed company for their metal & business verticals, while also designing the company’s go-to-market strategy across corporate & institutional business. He was responsible for expanding the company’s footprint in crucial Government sales, enabling the company’s diversification from retailing to manufacturing.  

Mr. Prashant Jain, Chief Operating Officer, Instor by Kider India Pvt. Ltd., said, “I am very excited to join Instor by Kider India’s team and take on this new challenge and responsibility. They have a great team with industry-leading infrastructure and reputation. The company is uniquely positioned given its manufacturing & technological leadership, and I believe that I will be able to further Instor’s vision with the right strategy, collaboration, and approach, as I foresee exciting growth opportunities. The retail industry is expected to witness remarkable growth in the coming years with the advent of hybrid business models. I look forward to increasing our market share, focusing on innovation, research, and development of new product categories and business verticals.” 

Instor by Kider India Pvt Ltd is India’s largest retail store fixtures and specialized solutions company, offering modern retail fixtures, fire and steel doors, healthcare products, smart warehousing solutions, hospitality solutions, custom product design, and other specialized fixtures and solutions for industrial and automotive applications. The company’s design, engineering, manufacturing, logistics, installation, and servicing capabilities are critical for the opening, refreshing, and remodeling of retail stores as well as the constant roll-out of new products.  

About Instor by Kider India Pvt Ltd: 

Instor is a leading manufacturer and exporter of customized fixtures and solutions for retail, industrial, and other special applications. Instor has a global presence with 10,000+ happy customers, 12,000+ uniquely designed stores, 10,000,000 square ft. retail space covered with its products, 80,000+ products across various segments and industries, and the capabilities to design stores across multiple categories.  

Instor provides 360-degree customer-centric innovative solutions to help its customers to deliver the best customer experience at every touchpoint and grow their retail footprint in all urban and rural markets. Instor is trusted by India’s leading retail store brands and has been delivering solutions and products to such as D-Mart, Patanjali, Reliance Retail, Big Bazaar, Decathlon, Aditya Birla Group, etc. 

Women’s World Banking Brings Industry Players To Discuss “Fairness” In Lending To Women MSMEs

Gender-inclusive finance solutions organization Women’s World Banking (WWB) hosted their event “Unmasking Bias, Unlocking Credit for Women” on Thursday to deliberate lending to women in India’s MSME sector. Representatives from WWB, MasterCard, Small Industries Development Bank of India (SIDBI), Lendingkart, Bill & Melinda Gates Foundation, and Sa-Dhan talked about the challenges in the credit ecosystem when it comes to lending to women and the opportunities for change.  Shri. Arup Kumar, Chief General Manager, Small Industries Development Bank of India (SIDBI) delivered the keynote address at the event.

In India, women-owned businesses as a share of all MSMEs have grown by 50% in the past decade. Non-performing assets are 40% lower for women-owned MSMEs, indicating women are better at repaying their loans. And yet the financing need of an estimated 70% of women-owned businesses goes unmet. The Indian missed opportunity for financing for women is 20 Billion Dollars while the global gender credit gap is $1.7 trillion dollars. Women find it challenging to receive adequate financial support to run and scale their businesses because of pre-existing biases in the credit ecosystem and being “thin file”.  

Fairness is an intricate and multidimensional concept, and its definition should be dependent on both context and culture. Considering gender-based bias in lending, it becomes critical for a Financial Institution (FI) to discuss and adopt a definition (or definitions) of fairness and to examine how they balance fairness with efficiency in their credit operations. Institutions pursue fairness through credit offers (loan approval), credit scores, loan terms (loan amount, interest rate, and collateral), loan maturity, and reasons for rejection. Todays was platform to give voice

Ms. Kalpana Ajayan, Regional Head, South Asia, Women's World Banking said,

"Today's platform facilitated players from diverse backgrounds to examine the biases that exist in lending and share their perspectives to ensure women have equitable access to credit. We believe that financial service providers can unearth new business opportunities by committing to fairness, being gender-intentional and using data & technology to assess biases across value chains."

The Check Your Bias Scorecard developed by Women’s World Banking was also revealed at the event, which has questions related to six dimensions of fairness 1) credit score, 2) approval rate, 3) loan amount, 4) interest rate, 5) collateral size, and 6) characteristics of rejected candidates. The complete descriptions of these dimensions and how to measure them are reflected in the scorecard. To use this scorecard FSPs need individual-level data on past loan applicants including credit score, decision, loan terms, and any relevant control variables.

About Women’s World Banking

Women’s World Banking designs and invests in financial solutions, institutions, and policy environments in emerging markets to create greater economic stability and prosperity for women, their families, and their communities. With a Global Network reach of 61 financial services providers in 34 countries serving more than 136 million women clients, Women’s World Banking drives impact through its scalable, market-driven solutions; gender lens private equity fund; and leadership and diversity programs. womensworldbanking.org.

Reliance Health Infinity Policy Offers “High Sum Insured Upto Rs 5 Crores, Medical Equipment, Planned Global Treatments etc.

* Rewards customers for maintaining healthy finances by offering India’s first Credit Score based discount 

Best features of Reliance Health Infinity:  

Global emergency and planned hospitalization under MoreGlobal benefit 

High Sum insured up to ?5 Crores with added MoreCover of up to ?1.5 crore 

OPD consultations expenses covered  

Medical equipment expenses covered 

Unlimited Restoration of Sum Insured on both related and unrelated illnesses 

Maternity Cover – Up to ?1 Lakh / ?2 Lakhs with 1 year / 2 years waiting period and separate New-born Coverage up to ?1 Lakh 

Consumables Cover  

Double cover from Day 1 - Additional 100% of Sum Insured for the same claim 

Change in PED Waiting Period from 3 years to 4 years or 2 years or 1 year 

Reduction in Specific Illness Waiting period - from 2 years to 1 year 

No Sublimit on Hospital Room Rent 

Air Ambulance 

Reliance General Insurance Company Ltd. (RGICL), one of India’s leading Private General Insurance Companies, launches first of its kind premium health insurance product – “Reliance Health Infinity Policy” that offers limitless benefits. This unique product comes loaded with high sum insured up to ?5 Crores, superior features like MoreGlobal Cover, Maternity Cover, OPD Cover, unlimited restoration of sum insured, and 15 plus useful add-on benefits. It also rewards customers for being fit both financially and physically by offering India’s first Credit Score based discount and BMI-based discount on the premium. With the launch of this top-of-the-line product, Reliance General Insurance aims to address the evolving and distinctive medical requirements and preferences of today’s aspiring, affluent or elite customers who are risk-averse and conscious and want infinite benefits in their health policy for maximum protection.  

Reliance Health Infinity Policy’s ‘more’ benefit options – MoreGlobal, MoreCover and MoreTime - enable customers to meet their health insurance requirements without any compromise and hassle. For instance, MoreGlobal Cover, which is apt for globetrotters, offers emergency as well as planned medical treatment abroad along with air ambulance and OPD facilities. MoreCover benefit gives customers up to 30% additional coverage* to the sum insured amount thereby enhancing the overall coverage. MoreTime benefit provides longer policy duration with 13 months policy period instead of just 12 months*.         

Thrilled about the launch, Mr. Rakesh Jain, the Chief Executive Officer, Reliance General Insurance, said, “Today, a basic health plan is just not sufficient any more to ensure the protection one needs. People who are risk-averse and are cognizant of soaring medical inflation and availability of modern treatments would rather want to opt for a policy that offers infinite protection with world-class benefits like High Sum Insured with Unlimited Restoration, Medical Equipment Cover, Planned Global Treatment. With the Reliance Health Infinity Policy, we want to empower our customers with the best-in-class features and ‘limitless benefits’ to maximise their protection and the peace of mind they deserve.” 

The myriad add-on benefits* of power packed Reliance Health Infinity Policy include Maternity Cover of up to ?2 Lakhs with an incredibly low waiting period of only 12 months; Unlimited restoration of the base sum insured amount during a policy year on both related and unrelated illnesses; OPD Cover that takes care of not only doctors’ consultation and diagnostic tests but also dental & surgical treatments along with prescribed drugs; Double Cover that is applicable from Day 1 and gives additional 100% of sum-insured to be used during the same claim; Consumables Cover that pays for miscellaneous expenses such as syringe, gloves which are usually non-payable and impact 8-10% of the total hospitalisation expenses; Change in Pre Existing Diseases (PED) waiting period from 3 years to 4 years or 2years or 1 year and Specific Illness waiting period from 2 years to 1 year. With many more such benefits, this stellar product of Reliance General Insurance has been developed to provide limitless benefits and maximum protection.  

The policy is available in individual and family floater (up to 8 members) category and offers a broad range of sum-insured options starting from ?5 Lakhs to ?5 Crores thereby catering to all groups of customers. Children above 90 days of age and adults between the age of 18 to 65 years are covered in this policy. Additionally, new-born babies are covered under Mother & Child Care benefit. The basic plan of Reliance Health Infinity Policy is well-rounded and provides coverage against critical expenses like for Organ Donor, Pre-&-Post hospitalization, Day-care procedures, emergency ambulance and special treatments.    

The policy has also introduced smart discounts like Credit Score-based (first in the country), BMI- (Body Mass Index)-based and Stay Healthy discount to reward customers for staying fit both financially and physically. In the Company’s endeavor to promote women, the policy offers a 5% discount for insuring a girl child in the family floater policy and another 5% discount if the proposer is a female. Moreover, customers can get a 10% discount just by purchasing the policy online. The policy offers several other discounts** to the customer’s advantage. 

The Reliance Health Infinity policy can be bought for 1-, 2- or 3-years policy tenure from the company’s website (www.reliancegeneral.co.in), 75000 intermediaries and 131 branch office across the country. 

About Reliance General Insurance 

Reliance General Insurance, a part of Reliance Capital, is one of India’s leading general insurance companies. The Company offers a well-rounded and comprehensive bouquet of products including Motor Insurance, Health Insurance, Travel Insurance, and Home Insurance. It provides customised solutions to meet the protection needs of each customer. Reliance General Insurance has a growing network of 8500+ hospitals. It also has a robust network of more than 75,000 intermediaries and 131 branch offices across India for offering its products and services to retail, corporates, and SME clients.  

Anjali Pandey- Appointed As The Chief Operating Officer For Cummins Group In India

Anjali Pandey has been appointed as the Chief Operating Officer (COO) for Cummins Group in India. As the COO, Anjali’s priorities would include partnering with Cummins customers in their energy transition journey toward decarbonization, positioning Cummins India as the global manufacturing hub, and strengthening the group’s reputation as a leading technology solutions provider.  

Anjali’s association with Cummins dates to 2001. In her career spanning 21 years with Cummins, she has successfully led and navigated business and functional leadership roles in Business, Purchasing, Internal Audit, Strategy, and General Management. Her most recent role before being appointed as the COO was - Business Leader for the Engine and Components Business. 

Anjali’s appointment comes at a time when Cummins Group in India is embarking on a unique path toward decarbonization – by lowering emissions today and investing in innovative solutions for the future to achieve Zero emissions by 2050. 

On Anjali’s appointment, Ashwath Ram, Managing Director, Cummins India, said, “I have a great deal of trust and confidence in Anjali and have collaborated closely with her since 2008. I am excited for her as she takes over as the COO for Cummins Group in India. Anjali is passionate about growth and is a great ambassador of Cummins’ values and leadership behaviors. She is committed to building diverse and inclusive teams and making an impact by creating more prosperity for all our stakeholders. I am grateful to have the support of an experienced leader like her to help me advance our company’s growth and decarbonization agenda, and make it real for our business, people, and communities.” 

Speaking on her appointment, Anjali Pandey, Chief Operating Officer, Cummins Group in India said, “I am grateful and excited on being appointed as the Chief Operating Officer for the Cummins Group in India. We have embarked on a Decarbonization journey, and the COO role gives me a unique opportunity to drive business growth by partnering with our customers in their energy transition journey. The road ahead looks exhilarating with new possibilities, and I am personally committed to building a sustainable and prosperous future for our people, customers, business, communities, and the planet.”  

About Cummins India Limited  

Cummins India Limited, part of the Cummins Group in India, is headquartered in Pune since 1962 and is the country's leading manufacturer of diesel and natural gas engines for power generation, industrial and automotive markets. Cummins India Limited has a country-wide network of twenty dealerships with over 450 service points that provides products, services, and after-market solutions for uptime of Cummins equipment and engines to customers in India, Nepal, and Bhutan.  

Delhivery, The Largest Logistics Provider In India Goes Live On ONDC

Delhivery, the largest fully-integrated logistics services provider in India is now live on ONDC (Open Network For Digital Commerce), the company announced today. After successfully integrating with sellers, the company is ready to begin intercity express parcel movement through ONDC. With this move, the sellers can leverage the company's extensive network of 18000+ pin codes in India. 

Commenting on the move, Kapil Bharati, Chief Technology Officer, Delhivery, said, "We're excited to collaborate with ONDC and help businesses cater to their evolving digitized customers across the country. ONDC is a game-changer, and we applaud the government's vision to create an inclusive platform that levels the playing field for small entrepreneurs from any part of the country to engage with customers present in the remotest corners of India."

Anil Agrawal, Additional Secretary (DPIIT), Ministry of Commerce & Industry, Government of India, said, "It is encouraging to see Delhivery, one of India's largest logistics services providers, become a network participant in ONDC. Small businesses will now get a fillip to serve consumers across India via Delhivery's extensive pan-India network. Participation of significant players such as Delhivery adds great momentum to the government of India's mission to democratize e-commerce."

T Koshy, Managing Director, Chief Executive Officer, ONDC, said," With ONDC, we aim to empower small businesses and rural entrepreneurs by giving them access to customers across the country. Delhivery, one of India's largest logistics companies backed by cutting-edge technology, data, and infrastructural capabilities, will enable us to build a more inclusive e-commerce community."

About Delhivery 

Delhivery is India's largest fully-integrated logistics services provider. With its nationwide network covering over 18,400 pin codes, the company provides a full suite of logistics services

Celebi India Bags Ground-handling Contract At The Chennai International Airport

·         9th airport for Celebi India after Mumbai, Delhi, Bengaluru, Cochin, Kannur, Hyderabad, Goa and Ahmedabad.

·         Operations to commence in early 2023. Celebi making all efforts to start in 1st quarter.

·         To deploy industry standard and best in class equipment and recruit required number of manpower in phases at different levels.

·         Will be investing close to 8 million dollars.

Celebi India today announced its appointment has submitted its acceptance to the Airport Director at the Airport Authority of India, Chennai, and has started fulfilling the requirements to start the services. Celebi will provide complete ground handling support to scheduled and non-scheduled airlines at domestic and international terminals.

Mr. Murali Ramachandran, CEO of Celebi India, said, "We understand the needs of the airlines and the growing aviation industry in India and are well equipped to meet current and future airline and passenger traffic. We will provide the much awaited quality ground handling services at Chennai airport and develop a sustainable ecosystem to meet the larger goal of the aviation industry to become carbon neutral in the very near future.”

Chennai is the 9th airport in India for Celebi after Mumbai, Delhi, Bengaluru, Hyderabad, Cochin, Ahmedabad, Goa (Manohar International airport, Mopa), and Kannur. Recently, Celebi won the bridge-mounted equipment services contract for Bengaluru airport and introduced 100% electric, air-conditioned tarmac coaches for passenger transportation at the Delhi International Airport.

About Celebi:

Çelebi is one of the world’s leading ground handling companies with over 60 years of experience in the industry. It has played a key role in the transformation of aviation landscapes in the countries where it has operations, viz.  Tanzania, Germany, Hungary, India, & Turkey. This global footprint gives Çelebi a distinguished place among the biggest European companies in the business. Çelebi is one of the largest independent ground handling companies in Europe & India as a full-service ground handling provider as per IATA standards. With over 11000 dedicated employees, Çelebi supports 300+ customers between 43 airports across the globe.