Axis Asset Management Company Limited Announces Key Management Appointments

•                    B. Gopkumar appointed as Managing Director and Chief Executive Officer

•                    Ashish Gupta to join as the Chief Investment Officer

Mr. Chandresh Nigam, Managing Director & CEO, after leading Axis Asset Management Company Ltd. (AMC) successfully over the last 10 years has requested not to be considered for reappointment for another term, in order to pursue other personal and professional interests.

Mr. Nigam had joined Axis AMC on July 01, 2009 as Head of Equities and assumed the role of MD & CEO on May 01, 2013 and led Axis AMC for two terms spanning 10 years through its extremely strong journey of growth and scale up.

The Board of Directors (the Board) of Axis AMC at its meeting held today deliberated upon the same, and considering the aspirations of Mr. Nigam accepted his decision to be at the helm till the expiry of his current term which ends on Sunday, April 30, 2023.  The Board unanimously placed on record, their appreciation for his invaluable contributions and his leadership during his tenure with Axis AMC.  The Board wished him the very best as he begins a new phase in his professional journey.

As part of the internal succession plan, Mr. B. Gopkumar who is currently the MD & CEO of Axis Securities has been approved by the Board to be the MD & CEO of Axis AMC from May 1, 2023 till April 30, 2026, subject to receipt of requisite approvals as necessary. Pursuant to this movement, internal succession process at Axis Securities has been initiated.

Mr. Gopkumar had joined Axis Securities as the Managing Director & CEO in October 2019, and has over 28 years of professional experience in financial services industry in areas of sales and distribution, managing large teams, marketing & branding & building of digital eco-system. Mr. Gopkumar is a postgraduate in Business Management and is an avid reader, a fitness enthusiast, and a passionate marathoner.

To further strengthen the leadership, Mr. Ashish Gupta has joined Axis AMC as its Chief Investment Officer of the Mutual Fund. Most recently Mr. Gupta was the Head of India equity research at Credit Suisse. Having tracked the Indian markets for over 25 years across 15 varied industries, actively covering 130 stocks with aggregate market cap of over $2 trillion, Mr. Gupta has a strong understanding of global & regional macroeconomics as Head of APAC Banks research at Credit Suisse covering banking sector in 13 Asian economies. Ashish was one of the earliest to identify the asset quality cycle in Indian Banks in 2011 and authored several marquee reports including the “House of Debt” series.

Commenting on the appointments, Mr. Amitabh Chaudhry, Chairman of Axis Asset Management Company Ltd. said, “With these appointments, Axis Mutual Fund will look forward to capitalizing on Gopkumar’s experience and leadership in building large distribution businesses, and Ashish’s deep understanding of capital markets and its constituents. We thank Chandresh for his leadership and contribution to Axis Asset Management Company Ltd.”

For media queries, write to pr@axismf.com or Corporate.Communication@axisbank.com

About Axis AMC: Axis AMC is one of India`s fastest growing assets managers offering a comprehensive bouquet of asset management products across mutual funds (https://www.axismf.com/), portfolio management services and alternative investments (https://www.axisamc.com/homepage).

Microfinance: The crusaders For Women’s Economic Empowerment

The future of humanity rests on the successful implementation of the 17 Sustainable Development Goals (SDGs) adopted by the United Nations in 2015. It is a universal call to action to end poverty, protect the planet, and ensure that by 2030 everyone enjoys peace and prosperity. However, such diverse goals are unlikely to be realised unless the world can achieve higher gender parity through greater financial empowerment of women.

Even the SDG (Goal 5) speaks about achieving gender equality and economic empowerment of women to create a more equitable and sustainable society. Empowerment of women is possible through financial inclusion, which has long been denied to them for various reasons.

Studies have shown that access to savings and credit facilities increases women participation in decision making. It also enables women to increase expenditure on their own well-being as well as that of their children. It prevents the leakage of household income into unproductive and harmful activities. Other welfare interventions are better nutrition, health and literacy campaigns and enhancement of skills.

Additionally, the status of women within the community is also enhanced. Group formation among women further reinforces these changes, leading to more significant socio-political transformation. Financial inclusion also helps improve the creditworthiness of women by providing them access to bank accounts and access to formal financial services such as credit and insurance.

Microfinance institutions, the Government, other institutions such as NABARD (National Bank for Agriculture and Rural Development), and self-help groups (SHGs) have played a critical role in helping marginalized women achieve financial empowerment. They have addressed and continue to meet the unique challenges and barriers women face in accessing financial services and products, such as lower levels of financial literacy and limited access to collateral.

Researchers argue in their paper that microfinance has given rural women an excellent opportunity to attain reasonable economic, social, and cultural empowerment, leading to better living standards and quality of life for participating households. Other experts have highlighted the various benefits of microfinance by arguing how microcredit has played valuable roles in reducing the vulnerability of the poor through asset creation, income and consumption smoothing, provision of emergency assistance, and empowering and emboldening women by giving them control over assets and increased self-esteem and knowledge.

Moreover, microfinance entities focus more on women borrowers as they have a better track record of making timely repayments, thereby reducing the credit risk of these companies. They also contribute a significant portion of their income to household consumption, thus creating a solid business and public policy case for targeting female borrowers.

Sharing his thoughts, Dr. Alok Misra, CEO & Director, MFIN, said, Microfinance services are primarily extended to women through JLG (joint liability group) lending, where women are at the core of its delivery model.  And in doing so, not only does the industry position her centre stage in her household but empowers her to run it. The industry enables poor women to engage in income-generating activities that help them become financially independent, strengthen their decision-making power within the household and society. Besides equal rights to economic resources, and financial services, the industry also promotes empowerment of women through technology. Credit and digital literacy go hand in glove in today’s technology-driven world.

The phenomenal growth in its business and impact on the country is best exemplified through numbers. As of September 30, 2022, the Microfinance loan portfolio stood at INR 3,00,974 crores serving 6.2 crore unique borrowers, according to a report by MFIN - MFIN Micrometer Q2 FY 22-23.

Today, the microfinance industry has been accepted as a critical part of the national financial architecture, playing a pivotal player in meeting the needs of low-income aspirational below-the-pyramid households by providing doorstep financial services like credit, insurance, and other non-financial services as well.

BMW India Appoints Varsha Autohaus As Its Dealer Partner In Mangaluru

Latest BMW Lifestyle and Accessories.

Fast-Charging service for all Battery Electric Vehicles (BEV).

#BMWIndia #SheerDrivingPleasure

BMW India announced the opening of Varsha Autohaus dealership in Mangaluru, Karnataka. The dealership offers immersive sales, service and brand experience along with access to BMW Premium Selection (BPS) – the used car division of BMW Group India. The fully-fledged facility is located at Survey No.27/-16P4, Near Kannur Old Check Post, Mangaluru, Karnataka 575007. The dealership is headed by Mr. Kapil Kanuri, Dealer Principal, Varsha Autohaus.

Mr. Vikram Pawah, President, BMW Group India, said, “As part of our vision for sustainable growth, BMW India is committed towards the development of a robust BMW dealer network of international standards at all important commercial centers across the country. Mangaluru is one of the fastest growing non-metro cities in South India and will play an important role in BMW’s market offensive in India. With the launch of Varsha Autohaus, we will continue to set new standards in the luxury car market in the region and provide high quality services to our customers and prospects in Mangaluru and the Karnataka region.”

Mr. Kapil Kanuri, Dealer Principal, Varsha Autohaus said, “We are delighted to represent BMW India in Mangaluru. Varsha Autohaus reflects our commitment to offer ultimate luxury experience to our clientele and further tap the growing luxury automobile market in the region. Situated at a prime location and equipped with the latest technologies, this facility will play an instrumental role in creating an unrivalled sales and service experience for our discerning customers.”

Strategically located, the new ‘Fully Fledged’ facility is spread over 33,400 sq ft, the new dealership has an ultra-modern showroom integrated with an after-sales service facility featuring service bays and a spare parts inventory. The showroom can display four cars and the workshop is equipped with eight service bays that can service up to 20 cars per day. The latest range of BMW Lifestyle Collection is showcased for automotive enthusiasts. The facility also has installed a 24 kw DC Charger for charging of BEV Vehicles in its parking area.

An interactive Emotional Virtual Experience (EVE) - A seamless journey integrating online and offline touchpoints along with a car configurator helps customers to evaluate and select their dream car as per their choice. Further, the lounge offers a relaxed ambience to enjoy a cup of the finest brewed coffee and discuss various aspects of owing a BMW vehicle with sales consultants.

A range of individual and attractive financing options are through BMW India Financial Services available for new and used cars. A dedicated team of finance and insurance consultants offer personalised advice and provide suitable financing options as per customers’ needs and future plans. Customers can choose a trade-in offer for a fair exchange value, hassle free documentation and evaluation of vehicle at their doorsteps.

As with every other BMW dealership, Varsha Autohaus has provided its staff intense training to ensure customers receive best-in-class pre and post sales ownership experience. A team of sales and service engineers have also been trained at the state-of-the-art BMW Group India Training Center in Gurugram, Haryana. The facility diligently follows comprehensive sanitisation process of its premises, display vehicles and workstations.

Kinara Capital Allocates INR 400 Crores In FY24 For HerVikas; Program Of Discounted Business Loans For Women Entrepreneurs

* HerVikas Program Marks 4th Year Anniversary with Continued Advancement of

* Financial Inclusion of MSME Women Entrepreneurs across 100+ Cities

·           With the latest allocation, HerVikas total commitment tops INR 700 crores to date

·           INR 414 crores disbursed across 4,305+ collateral-free business loans for women-owned MSMEs since FY20

·           HerVikas Women Entrepreneurs generated INR 125+ crores in incremental income and supported 32,680+ jobs in local economies across 6 States

Kinara Capital, a fast-growing fintech driving financial inclusion of small business entrepreneurs, marks 4th year anniversary of its HerVikas program by allocating an additional INR 400 crores disbursement in FY24 in discounted business loans for women entrepreneurs. The latest allocation brings the total commitment to date to INR 700 crores solely dedicated to driving financial inclusion of women entrepreneurs from the micro-small-medium enterprise (MSME) sector. Kinara Capital exceeded its previous disbursement goal of INR 300 crores from FY20-23, with 38% higher disbursement of INR 414 crores across 4,305+ HerVikas business loans for women-owned MSMEs.

Hardika Shah, Founder & CEO of Kinara Capital, said, “HerVikas has firmly established the importance and the viability of women-centric financial services in India. With approximately 100 crores disbursed each year, we are now doubling down and pledging INR 400 crores disbursement in FY24 solely for MSME women entrepreneurs. This will lead to reaching 10,000 HerVikas discounted business loans by next year. Entrepreneurship is a powerful way to aim for gender parity. Financial independence of women immediately gives them agency and leads to betterment of families and communities. Women Entrepreneurs can rapidly drive economic and social change and are critical to India’s ambition of becoming a $5 trillion economy. ”

Since the program was initiated in FY20, the impact of the HerVikas business loans has led to over INR 125+ crores in Incremental Income Generation for the women entrepreneurs and over 32,680+ jobs supported in local economies. Of these, 2,535+ are New Jobs created with 20% of these new jobs going to women workers and 61% of the new jobs to first-time wage earners. About 70% of the jobs created are from MSME sub-sectors of Food Products, Textiles and Fashion/Clothing. The highest number of HerVikas business owners are from Tamil Nadu and the top sub-sector is Fashion/Clothing businesses in the Trading sector.

Impact of HerVikas - https://www.youtube.com/watch?v=dmJhUCWg18g

Update of HerVikas by Hardika Shah - https://youtu.be/L6_uTAKSkjQ

Kinara Capital is furthering its mission of financial inclusion with a Gender Lens Investing (GLI) approach. The HerVikas program was initiated to empower women entrepreneurs and the automatic discount is just one part of the solution. Kinara has addressed the topmost hurdle for women entrepreneurs by providing collateral-free business credit available from INR 1 lakh to INR 30 lakhs within 24-hours. With its multilingual myKinara App, the effective deployment of AI/ML removes human bias from credit-decisioning largely benefiting women entrepreneurs. This is important because while only 20% of MSMEs in India are women-owned, they make up nearly 40% of the USD $400 billion MSME credit gap, clearly indicating there are systemic challenges for women entrepreneurs.

Among others, these challenges include fewer women owning land or property to offer as collateral, inherent bias on part of the lenders against women as business owners, difficulty physically visiting a branch multiple times for loan applications, and a persistent digital and knowledge gap that limits access to information for women. Kinara Capital also offers omnichannel support with doorstep customer service, Whatsapp chat, email, missed call and toll-free phone number access to customer care. And lastly, the free Grow with Kinara workshop series offered in vernacular languages aims to bridge the knowledge gap by bringing forth trusted information to business owners.

The HerVikas program from Kinara Capital is available for MSME women entrepreneurs in 100+ cities across Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Tamil Nadu, Telangana, and UT Puducherry.

MathMagic Show By Prof Dr. Arthur T. Benjamin Organised At MIT Draws Large Crowd

MIT Ab1 Quadrangle hosted the much-awaited MathMagic Show that drew in about 1000 students from 30 schools in and around Manipal, along with 500 students from various MAHE units. The one-hour show was a spectacular success, leaving the audience awestruck with its intriguing magic tricks and mathematical feat which was hosted by Dr. Arthur T. Benjamin.

The MathMagic Show, which was designed to showcase the beauty of mathematics in a fun and interactive way, was a unique experience for students of all ages. The show featured several performances by renowned mathemagicians, who blended mathematics and magic to create a fascinating show that kept the audience engaged from start to finish.

Speaking about the show Lt Gen (Dr) MD Venkatesh, Vice-Chancellor of MAHE said, "We are thrilled to host Dr. Arthur T. Benjamin's Mathemagics show at MAHE. As an institution of higher learning, we recognise the importance of promoting STEM education and inspiring students to pursue careers in these fields. Dr. Benjamin's show is an innovative way to engage young minds and spark their interest in mathematics."

Dr. Arthur T. Benjamin, Professor of Mathematics at Harvey Mudd College said, "Mathematics is not just about numbers, equations, and formulas; it is also about creativity, logic, and problem-solving. That's what I hope to convey through my Mathemagics show. I want to show people that math can be fun and magical, and that everyone has the potential to be a mathmagician. My message to young people is that don't be afraid of math. Embrace it, engage with it, and use it to explore the world around you. Whether you want to be an engineer, a scientist, an entrepreneur, or anything else, math will be a powerful ally in your journey. So don't let math intimidate you – let it inspire you to greatness."

The show was not only entertaining but also educational, as it helped students appreciate the beauty of mathematics and understand its practical applications. The MathMagic Show aimed to inspire students to pursue mathematics and other STEM fields and to promote an interest in these fields among the youth.

The event was a collaborative effort between MIT Ab1 and several local schools and MAHE units. The success of the MathMagic Show is a testament to the power of collaboration and the importance of promoting mathematics and STEM education in the community.

Godrej Agrovet Signs MoU With State Government Of Andhra Pradesh

~ To set up a manufacturing facility for Edible Oil Refinery & Solvent Extraction Plant with an estimated investment of INR 100 Crores

Godrej Agrovet Limited. (GAVL), one of India’s largest diversified agribusiness company, today announced that it has signed a Memorandum of Understanding (MoU) with the State Government of Andhra Pradesh (AP) on the side lines of Andhra Pradesh Global Investors Summit (APGIS) 2023. As a part of MoU, GAVL’s Oil Palm business will be making an estimated investment of INR 100 Crores to set up a manufacturing facility for Edible Oil Refinery & Solvent Extraction Plant.

GAVL is the largest oil palm processor in India and works directly with the farmers for the entire lifecycle of their crop. With company already having 45,000 h.a of oil palm plantation area in AP, the proposed new plant will have a projected refining capacity of 400 tonnes per day and will be set up in Seethanagaram, Eluru District in AP. This is GAVL’s first downstream project for value-added products in oil and fats.

Balram Singh Yadav, Managing Director, GAVL said, “The MoU is in line with Godrej Agrovet’s long-term strategy to be the catalyst in India’s oil mission through sustainable growth of oil palm production. This new investment is built up on the INR 1000 Crores investment in the state by the Oil Palm, Aqua Feed and Dairy businesses.”

Present on the occasion of signing of MoU were Hon’ble Minister for Agriculture, Government of Andhra Pradesh, Sri. Kakani Goverdhan Reddy, Secretary – Food Processing, AP, Sri Chiranjiv Choudhary, I.F.S., Sri L. Sridhar Reddy – CEO, AP Food Processing Society, Sougata Niyogi, CEO – Oil Palm, GAVL and Rakesh Swami, Group President Corporate Affairs, Godrej Industries Ltd.

Commenting on signing off MoU, Sougata Niyogi, CEO – Oil Palm, GAVL said,“ Having pioneered innovation in developing oil palm sector under irrigated conditions, the state of AP continues to lead country’s fresh fruit bunch volume and oil production. With bulk of GAVL’s oil palm plantation in the state, the facility near to our Crude Palm Oil Mills will help cater captive need originating from oil palm work in the southern states along with demand from other crude palm oil players in the region. This in sync with National Mission on Edible Oil - Oil Palm (NMEO-OP) will aid reduce nation’s dependence on imports.”

“AP has a unique geographic and climatic advantage which will propel businesses to partake in the growth story of the state. As a Group, we are keen to explore the business-friendly policies, emerging cities, and aspiring demographic dividend for the growth of our consumer products, real estate, and finance businesses. With impeccable support from the state government and our strong legacy of people and planet first business ethics, we are committed to expanding the business footprint in the state,” added Rakesh Swami, Group President Corporate Affairs, Godrej Industries Ltd.

India is a net importer of palm oil. The lack of domestic production not only puts a pressure on the industry and the allied sectors but also on India’s economy. Hence since the launch of National Mission on Edible Oil - Oil Palm (NMEO-OP), in August 2021, GAVL had established a goal to add 60,000 hectares of additional oil palm plantations over the course of the next five years to support the long-term sustainable development of oil palm in India. To achieve this goal, the company recently announced the launch of Samadhan, a one stop solution centre that would provide a comprehensive package of knowledge, tools, services and solutions to oil palm farmers. With company’s oil palm business currently operating in Andhra Pradesh, Telangana, Tamil Nadu, Goa, Odisha and North - East, the plans to establish 50 Samadhan centres by 2027.

About Godrej Agrovet:

Godrej Agrovet Limited (GAVL) is a diversified, Research & Development focused food and agri-business conglomerate, dedicated to improving the productivity of Indian farmers by innovating products and services that sustainably increase crop and livestock yields. GAVL holds leading market positions in the different businesses it operates - Animal Feed, Crop Protection, Oil Palm, Dairy, Poultry and Processed Foods. GAVL has a pan India presence with sales of over a million tons annually of high-quality animal feed. Our teams have worked closely with Indian farmers to develop large Oil Palm Plantations which is helping in bridging the demand and supply gap of edible oil in India. In the crop protection segment, the Company has strong presence in the B2B segment through its subsidiary Astec Lifesciences and through its extensive distribution network pan-India delivers innovative agrochemical offerings catering to the entire crop life cycles. In Dairy and Poultry and Processed Foods, the company operates through its subsidiaries Creamline Dairy Products Limited and Godrej Tyson Foods Limited. Apart from this, GAVL also has a joint venture with the ACI group of Bangladesh for animal feed business in Bangladesh.

For more information on the Company, log on to www.godrejagrovet.com.

YES BANK And Aadhar Housing Finance Enter Into Co-Lending Partnership

YES BANK announced that it has partnered with Aadhar Housing Finance Ltd to offer home loans at competitive interest rates.

Aadhar Housing Finance is one of India’s largest affordable housing finance companies. With this partnership, both entities aim to provide, convenient home finance solutions such as Home Loan for Salaried Employees, Loan for Plot Purchase and Construction, Home Improvement Loan, Loan Against Residential Commercial Property, Balance Transfer and Top Up, among others, to customers from lower and middle-income groups.

This partnership is in accordance with the co-lending framework of the Reserve Bank of India (RBI) that enables banks and non-banking companies to jointly bring forth financial solutions that cater to the requirements of the unserved and underserved sections of the society.

Speaking on the partnership, Mr. Lavesh Sardana, Country Head - Retail Assets, YES BANK said, “Home loan penetration in India is relatively lower as compared to the most developed economies of the world. This offers an opportunity for lenders to bridge this gap with their product offerings. We are happy to partner with Aadhar Housing Finance, to bring forth a slew of affordable home finance solutions that will largely benefit individuals from lower-and middle-income groups by helping them fulfill their dream of building their own home. Given our vast network of banking relationships, we aim to cater to the financial requirements of customers across a wide socio-economic spectrum, in line with the Government’s vision of encouraging inclusive growth within the country.”

Speaking on the occasion, Mr. Rishi Anand, CEO and MD, Aadhar Housing Finance said, “YES BANK’s wide reach and trust in the market, coupled by our own network and digital, state-of-the-art IT infrastructure, improved control, underwriting functions, and increasing customer reach and distribution capability, will help provide efficient and economical home loan solutions to a wide gamut of customers across geographies, socio-economic groups and yield spectrum, to enable optimum growth.”

About YES BANK

YES BANK is a full service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients. YES BANK operates its Investment banking, Merchant banking and Brokerage businesses through YES SECURITIES, a wholly owned subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

For more information, please visit the Bank's website at http://www.yesbank.in/

Follow YES BANK on Twitter @YESBANK

About Aadhar Housing Finance Limited

Aadhar Housing Finance Limited (AHFL), established in 1990 is a low-income housing focused Housing Finance company, which was merged with erstwhile AHFL in the year 2017 as per NCLT order, has created a niche in the housing finance needs of the economically weaker sections (EWS) and the lower income segment population of the country. AHFL is one of the largest low-income segment focused Housing Finance Company with AUM of Rs. 16,566 crores as on 31st December 2022, with a geographical reach across 20 states and union territories and a network of 424 branches and offices.