AU Small Finance Bank Launches “Business Cashback RuPay” Credit Card

AU Small Finance Bank has partnered with RuPay to introduce the “Business Cashback RuPay” credit card, an innovative solution tailored to meet the financial requirements of self-employed customers. This latest offering is aimed at providing a diverse range of benefits to small businesses. The Credit Card was launched in the esteemed presence of Mr. Dilip Asbe, CEO of National Payments Corporation of India and Mr. Sanjay Agarwal, MD & CEO of AU Small Finance Bank. 

AU Small Finance Bank's Business Cashback RuPay Credit Card simplifies financial operations for businesses with benefits like upto 2% cashback, 48 days interest-free credit, and instant loans. It also offers fire insurance, burglary, and housebreaking coverage, making it a one-stop solution for businesses. 

“At AU Small Finance Bank, we understand that the small and medium-sized enterprises (MSMEs) are the backbone of Indian economy and we have been serving this segment since the last 28 years. We are committed to providing innovative financial solutions that cater to the unique needs of this segment and Business Cashback RuPay credit card is a testament to our commitment to the MSMEs. As the self-employed customer segment is at the heart of our bank, we are focused on adding value to these customers and promoting credit inclusion. Going forward, we shall work towards bringing customized benefits to MSMEs through our other Credit Card variants too,” said Mr. Sanjay Agarwal, MD & CEO of AU SFB. 

The credit card also provides lifestyle and travel benefits. Their Silver Spoon Dining Program also offers cardholders up to 30% off at over 300 restaurants, 8 complimentary railway lounge access per annum, and 1%* fuel surcharge waiver. 

"I am delighted to attend the launch event and witness the introduction of AU Small Finance Bank's Business Cashback RuPay Credit Card. National Payments Corporation of India is committed to promoting innovation in the banking sector, and this credit card is a clear example of that. AU Small Finance Bank has consistently demonstrated their dedication to excellence and innovation in the banking industry. This credit card is a fantastic solution that empowers self-employed individuals and promotes financial inclusion. I'm confident that this credit card will be a great success and benefit numerous businesses. Congratulations to AU SFB, keep up the great work,” said Mr. Dilip Asbe, CEO, National Payments Corporation of India.  

AU Small Finance Bank is one of the leading providers of innovative and reliable financial solutions for self-employed individuals and businesses. With an unwavering commitment to excellence and credit inclusion, the bank continuously improves and deepens its services, offering a comprehensive range of benefits. AU SFB is poised to bring unprecedented efficiencies to the banking and business ecosystem, contributing to the growth of the Indian economy and empowering the SME sector.  

About AU Small Finance Bank:  

AU Small Finance Bank Limited (AU Bank) is a scheduled commercial bank, a Fortune India 500 Company and the largest Small Finance Bank in the country. Starting its journey from the hinterlands of Rajasthan, today AU Bank is the largest Small Finance Bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth. With 28 years legacy of being a retail focused and customer-centric institution, AU started its banking operations in April 2017 and as on 31st March 2023, it has established operations across 1,027 banking touchpoints while serving 38.6 Lakh+ customers in 21 States & 3 Union Territories with an employee base of 28,320 employees. The Bank has a net worth of ? 10,977 Cr, deposit base of ? 69,365 Cr, Gross Advance of ? 59,158 Cr and a Balance sheet size of ? 90,216 Cr. AU Bank enjoys the trust of marquee investors and is listed at both the leading stock exchanges viz. NSE and BSE. It has consistently maintained high external credit Rating from all major rating agencies like CRISIL, CARE Ratings and India Ratings. 

Ather Energy installs Its 100th Ather Grid Fast Charger In Bengaluru

-          The 100th Ather Grid fast charger was  installed at Third Wave Coffee, Banashankari

-          Ather Energy is the first OEM to install 100 fast charging stations in Bengaluru

Ather Energy, India's leading electric scooter manufacturer, announced the installation of its 100th Ather Grid in Bengaluru. Ather now has the highest number of Ather Grid’s - EV fast charging stations- in the city. The fast charging station was installed at Third Wave Coffee at Banashankari. With this, Ather Energy has entered into an alliance with Third Wave Coffee Roasters to establish fast charging stations at their outlets pan India.

Since inception, along with the production of EV two-wheelers, Ather Energy has also focused on building a robust charging network. The company has installed over 1300 charging stations across 85+ cities, making it India’s largest fast charging network for two-wheelers. Ather Energy’s very first grid was installed in their home city of Bengaluru and the launch of the 100th charging infrastructure marks a significant milestone in Ather Energy's journey. The charging infrastructure in the city has been installed such that all zones and areas are covered. Ather Grid has also expanded to Nandi Hills, a popular weekend getaway destination from Bengaluru.  Four charging points have been installed through the length of the route leading to Nandi Hills

Commenting on the milestone, Ravneet Phokela, Chief Business Officer, Ather Energy, said, “We are delighted to install our 100th Ather Grid fast-charger in Bengaluru, our home city, and lead the way in strengthening the EV ecosystem. Our fast growing charging network is a testament of our commitment towards providing a seamless charging experience not just for the Ather community but for the EV ecosystem at large. Bengaluru has been at the forefront of EV adoption and has led the way in strengthening the charging infrastructure ecosystem. We are immensely grateful to utility providers, hosts and businesses that have trusted us and supported us in establishing Ather Grid's presence in Bengaluru.”

Over time, the charging grids across the city have facilitated a total charging time of 250,000 hours, with the average time spent on each charging station being 40 minutes. Over 13,000 unique scooters have been charged, and the top five grid locations most frequented by Ather owners are Go Native, Smarttron Automations, Fab Cafe, Infinitea, and The Chocolate Room. 

In addition, Ather Energy has tied up with several brands to promote sustainable mobility, including BESCOM, Sangeetha Mobiles, Decathlon, Metro Cash and Carry, Third Wave Coffee Roasters, HPCL, Chai Point, and Prestige Group - UB City being a landmark. Today, the Ather Grid, designed and built in India, is the most-widespread fast-charging network for two-wheeler EVs in the country, with 60% of current installations in Tier-II and Tier-III cities. The company's charging network is equipped with fast chargers that can charge an Ather 450X scooter up to 80% in just 50 minutes.

Ather Energy has been on an expansion spree to ensure easy access to its flagship scooters and plans to install 2500+ fast charging grids by the end of 2023 to foster range confidence and facilitate a hassle-free transition to EVs. Ather Energy also recently launched a new initiative- Ather Neighbourhood Charging. The charging solution enables access to charging stations in semi-public spaces such as corporate buildings, technology parks, and residential complexes. This will make charging easier and accessible at all possible locations for consumers, giving them the confidence to switch to electric mobility.

Multidisciplinary Approach Essential For Scientific Research – Message To Young Graduates At Manipal School of Life Sciences, Manipal

Scientific and technological improvements continue to grow at a much faster rate in the contemporary world and youngsters must focus on multidisciplinary research work to gain a holistic understanding of life, and to improve the quality of life. This was the message conveyed to the student community of Manipal School of Life Sciences (MSLS), MAHE, Manipal during the seventeenth Annual Day celebrations on May 4, 2023, by Dr L.S. Sashidhara (Director, National Centre for Biological Science, Bengaluru). Addressing the vibrant crowd, he appreciated the institution for demonstrating excellence in scaling up of operations without compromising on quality. He focussed on the need for a global connection of scientific research and also an integrated or systems biology approach for improving the quality of life.

Dr Sudha N Rao (Co-Founder Director, Genotypic Pvt Ltd, Bengaluru), a chief guest of the event, reminisced about her visits to Manipal since 2010 and the improvements she has observed over the years. She spoke on the genesis of her company to cater to an unmet need in genomics technology at the time and mentioned that the field of genomics has seen vast developments while insisting that continual pursuit of excellence is necessary for achieving success. Commending the student community at the School for their good ‘soft skills’ training sought after in the corporate world, she asked them to continue improving their creativity and risk-taking ability on their way to success.

The event was presided by Lt. Gen. (Dr) M.D. Venkatesh (Vice-Chancellor, MAHE). Dr Venkatesh reiterated the views of the guests, saying “Today is about multidisciplinary research and technology integration. We need to be ready, aware, and, equipped to deal with the new realities of life”. He suggested that as the world relies on young scientists and their contributions to society, one must be open to multidisciplinary ideas and adopt technology. He lauded the efforts and the laurels that the students and researchers at MSLS have brought to the institution and wished for further achievements in the future.

Earlier, Dr B.S. Satish Rao, Director of MSLS presented the achievements of the School during the previous academic year. Dr K.P. Guruprasad, Associate Director-Research at MSLS, welcomed the gathering and Dr Padmalatha S Rai, Associate Director-Academics at MSLS thanked all the invitees, MAHE officials and the various support team. Dr Sharath K Rao, Pro-Vice Chancellor-Health Sciences, MAHE along with dignitaries presented several awards to the distinguished achievers among students, staff, researchers, and faculty. The seventeenth Annual Day of MSLS concluded with a lively and varied entertainment performance by students and staff.

AIIMS & Medtronic Partner To Launch New Surgical Robotics Training Center At AIIMS, New Delhi

* Training partnership aims to expand access to robotic-assisted surgery in India

 AIIMS New Delhi and India Medtronic Private Limited, a wholly owned subsidiary of Medtronic plc, announced the opening of a state-of-the-art surgical robotics training center at AIIMS, New Delhi. The center will provide surgeons with best-in-class training in robotic-assisted surgery. It is the first such center at AIIMS utilizing Medtronic’s HugoTM robotic-assisted surgery (RAS) system, which was first introduced in India in September 2021. The new training partnership was announced in the presence of Dr. Minu Bajpai, HOD Paediatric Surgery and Dean Academics, AIIMS and Michael Blackwell, Vice President & Managing Director, Medtronic India. The partnership brings together novel technology and decades of surgical expertise to train surgeons nationwide and expand access to the benefits of RAS.

RAS is an emerging medical technology that can help standardize surgical procedures and enable surgeons in performing complex surgeries.  The training center will offer a broad spectrum of training to enhance the knowledge and skill set in RAS, ranging from basic skills training to procedural training to more advanced and specialized areas in soft-tissue surgery. The training will help impart procedural knowledge skills using surgical robotics among surgeons, fellows, and residents from across the country.

“Medtronic’s partnership with AIIMS is a cornerstone of our commitment to make the benefits of RAS available to more patients in India. Together, we will make training and education on the latest technology more accessible and enhance the skill sets of both current and the next generation of surgeons,” said Michael Blackwell, Vice President & Managing Director, Medtronic India.

“Robotic-assisted surgery allows surgeons to perform complex procedures with more precision, flexibility and control than is possible with conventional techniques. Though surgical robots have been around for many years, the adoption has been limited due to multiple factors, training being one among them. Surgical robotics and artificial intelligence are already changing the way surgical care is delivered.  This initiative will pave the way for surgeons to progress from open and laparoscopic surgery to advanced RAS and will shorten their learning curve to master robotic techniques,“ said Dr. Minu Bajpai, HOD Paediatric Surgery and Dean Academics, AIIMS.

The HugoTM RAS system is a modular, multi-quadrant platform designed for a broad range of soft-tissue procedures. It combines wristed instruments, 3D visualization, and Touch Surgery™ Enterprise, a cloud-based surgical video capture and management solution, with dedicated support teams specializing in robotics program optimization, service, and training. It is designed to bring the benefits of minimally invasive surgery — fewer complications, smaller scars, shorter hospital stays, and a faster return to normal activities1–3,† — to more patient around the world. And, in doing so, help address global inequities in access to care. 

About AIIMS:

All-India Institute of Medical Sciences was established as an institution of national importance by an Act of Parliament with the objects to develop patterns of teaching in Undergraduate and Post-graduate Medical Education in all its branches so as to demonstrate a high standard of Medical Education in India; to bring together in one place educational facilities of the highest order for the training of personnel in all important branches of health activity; and to attain self-sufficiency in Post-graduate Medical Education. The Institute has comprehensive facilities for teaching, research and patient-care.

About Medtronic:

Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 90,000+ passionate people across 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for all. In everything we do, we are engineering the extraordinary.

For more information on Medtronic (NYSE:MDT), visit www.Medtronic.com and follow @Medtronic on Twitter and LinkedIn. For more information, visit medtronic.com/hugo.

Union Bank of India Announces Financial Results For The Quarter And Year Ended March 31, 2023

The Board of Directors of Union Bank of India approved the accounts of the Bank for the Quarter and Year ended March 31, 2023. 

Key Highlights in Q4FY23 

1.     Board of Directors have recommended a dividend of Rs. 3.00 per equity share (30%) for the year ended March 31, 2023 subject to requisite approvals. 

2.    Strong Financial Performance:  

Net Profit of the Bank increased by 61.18% on YoY basis during FY23. Net interest income of Bank grew by 17.92% on YoY basis during FY23. 

3.    Bank continues to demonstrate a strong Liability franchise  

The CASA deposits have increased by 4.47% YoY. Bank now have a total deposits base of Rs.11,17,716 Crores as on March 31, 2023. 

4.    Business Growth gaining momentum 

Total Business of the Bank increased by 10.23% YoY, wherein Gross Advances increased by 13.05 % YoY & Total Deposit grew by 8.26% YoY. Bank have a total Business of Rs.19,27,621 Crores as on March 31, 2023. 

5.    Credit in Retail, Agri and MSME (RAM) segments  

RAM Segment of the bank increased by 14.94 % YoY, where 17.19 % growth in Retail, 14.20% growth in Agriculture and 13.06 % growth in MSME advances is achieved on YoY basis. RAM advances as a per cent of Domestic Advances stood at 55.61%. 

6.    Reduction in NPA: - 

Gross NPA (%) reduced by 358 bps on YoY basis to 7.53% and Net NPA(%) reduced by 198 bps on YoY basis to 1.70% as on 31.03.2023. 

7.    Improved capital ratios 

CRAR improved from 14.52 % as on 31.03.2022 to 16.04% as on 31.03.2023. CET1 ratio improved to 12.36% as on 31.03.2023 from 10.63% as on 31.03.2022. 

Greenply Industries Flags Off The 1st Dispatch Of Its Newly Launched Product “Greenply MDF”

~ Greenply flagged off 1st dispatch of its newly launched product, ‘Greenply MDF’ its recently commissioned plant in Vadodara district, Gujarat, amidst a gala ceremony Marking a significant development in the wood panel industry, Greenply Industries, one of India’s largest interior infrastructure brands with over 30 years of experience in manufacturing a comprehensive range of plywood, block boards, decorative veneers, flush doors, and other allied products, has flagged off the 1st dispatch of its newly launched product “Greenply MDF” from its recently commissioned plant.  

Commenting on the launch, Mr. Sanidhya Mittal, Joint Managing Director, Greenply Industries Limited said, “Greenply is already a leading brand in the plywood sector and venturing into the MDF business is a natural progression. This is one the most ambitious project for us at Greenply that we have completed it in just 15 months. We are extremely elated to have made our first dispatch and looking forward to a positive customer feedback” 

A grand ceremony has been organized to celebrate the first dispatch of the product which was also attended by the players of the Indian Premier League franchise Lucknow Super Giants (LSG), as a part of Greenply’s association with the LSG, wherein, the cricketers were seen reveling the momentous feat being achieved by Greenply, amidst the company’s most trusted channel partners. With the newly launched MDF product, the company’s dealer community nationally will now have an extended product portfolio to offer to the customers.   

The company has employed PRODIQ-NEO technology, the first of its kind in India that is equipped with measuring equipment and artificial intelligence software to guarantee product quality, precision, durability, 

Greenply is the first in the wood & panel industry to have successfully acquired the FSC® – FM (Forest Management) Certification from Forest Stewardship Council (FSC®) for its plantations and real-time data accessibility.  

TCNS To Merge With Aditya Birla Fashion And Retail Limited (ABFRL)

* TCNS to scale even greater heights under stewardship of ABFRL : Chairman, TCNS Clothing

TCNS Clothing (TCNS), India’s leading women’s ethnic focused fashion player, today announced that it has entered into definitive agreements for combining with ABFRL, India’s leading fashion & apparel company, and a part of the Aditya Birla group. The transaction entails combination of TCNS into ABFRL and will be carried out through - (1) Acquisition of the founding promoter’s stake through a SPA and a conditional public open offer followed by (2) Merger between the two entities.

The value of the promoter stake and open offer consideration for TCNS is ~ Rs. 1650 Crores for 51% stake, making this one of the largest deals in the Indian fashion space.

Mr. Onkar Singh Pasricha, Chairman and Executive Director of TCNS, commented “This deal marks a true milestone for our company and its stakeholders. Under the support and guidance of ABFRL, TCNS will surely achieve even greater heights of success and excellence. We are happy that we have been able to pass on our legacy to one of the most prestigious and respected groups – one that is known for its values, ethics, corporate governance and employee empowerment. We believe that all stakeholders of TCNS will benefit immensely from this landmark transaction.”

Speaking on the transaction, Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “This deal is yet another marker of the Aditya Birla Group’s faith in the dynamism and buoyancy of the Indian consumer economy. As India stands on the cusp of a multi-decadal consumption boom, ABFRL is a forerunner in shaping the fashion landscape of our vibrant nation. For ABFRL, the TCNS deal is indeed a significant milestone as it complements our existing portfolio of exceptional brands across the entire spectrum of Indian fashion. By embracing TCNS's portfolio of loved women’s ethnic brands, we are reinforcing our commitment to ethnic wear, the largest category in the apparel industry. With this acquisition, the fast-growing ABFRL platform is poised for the next phase of transformational growth.”

Over the years, TCNS has evolved into a leading women’s branded apparel company with proven playbook of multiple brand creations and seamless execution across multiple channels.

Commenting on the acquisition, Mr. Ashish Dikshit, Managing Director, ABFRL said, “As young Indians identify a new-found confidence in their identities woven around Indian culture and heritage, the next set of leading consumer brands will be built in the Indian ethnic wear space. TCNS, through its brands W, Aurelia, Wishful & Elleven, is catering to the Indian women’s fashion needs across markets and price points. Each of these brands have been built over a long period of time and enjoy tremendous consumer love. This transaction is the pivotal piece of our ethnic strategy and marks the culmination of our stated intent of building India’s most comprehensive ethnic wear portfolio.”

Mr Anant Daga, Managing Director of TCNS said, “TCNS has been a pioneer in branded women’s ethnic wear market in the country. Over the last 20 years, we have built India’s most successful women’s franchise on the back of our leading brands. The market continues to offer long-term growth opportunities and our partnership with ABFRL will help us fully realize this potential. ABFRL’s proven brand- building capability, distribution strength and strong ecosystem of partners will help our brands into its next phase of growth and profitability.”

Credit Suisse acted as the exclusive financial advisor and Shardul Amarchand Mangaldas & Co acted as the legal advisors for the transaction. Grant Thornton acted as independent valuer for TCNS while ICICI Securities provided the Fairness Opinion to the Board of TCNS.

Transaction Structure

As part of the transaction, ABFRL will make a conditional open offer to acquire up to 29% stake at Rs. 503 per share from public shareholders and acquire the remaining stake from the founder promoters to reach an overall shareholding of 51% in TCNS. Pursuant to the above, TCNS will be amalgamated with ABFRL under the merger scheme wherein public shareholders of TCNS (as on effective date) will receive 11 shares of ABFRL for every 6 shares that they hold in TCNS.

The transaction is subject to customary regulatory approvals including approvals from the Competition Commission of India, SEBI, Stock Exchanges, and National Company Law Tribunal. 

About TCNS

TCNS is India’s leading women’s branded apparel company. The company designs, manufactures, markets and retails a wide portfolio of women’s branded apparel and accessories across multiple brands (W, Aurelia, Wishful and Elleven). Its product portfolio includes top-wear, bottom-wear, drapes, combination sets and accessories that cater to a wide variety of the wardrobe requirements of the Indian woman, including everyday wear, casual wear, work wear and occasion wear. It sells its products across India and through multiple distribution channels. As of Mar 31st, 2023, it sold its products through 650+ exclusive brand outlets, 2300+ large format store outlets and 1100+ multi-brand outlets, located in 29 states and two union territories in India. It also sells its products through exclusive brand outlets in Nepal, Mauritius and Sri Lanka and products are available in select countries through the brand websites www.shopforaurelia.com;  www.wforwoman.com and online retailers.

About ABFRL

ABFRL is part of a leading Indian conglomerate, the Aditya Birla Group. With revenue of Rs. 8,136 Crores spanning retail space of 9.2 million sq. ft. (as on March 31, 2022), it is India’s first billion-dollar pure-play fashion powerhouse with an elegant bouquet of leading fashion brands and retail formats. The Company has a network of 3,468 stores across approximately 28,585 multi-brand outlets with 6,515 point of sales in department stores across India (as on 31st March 2022). It has a repertoire of India’s largest brands in Louis Philippe, Van Heusen, Allen Solly and Peter England, established over 25 years. Pantaloons is one of India’s leading fashion retailers.The company’s international Brands portfolio includes - The Collective, India's largest multi-brand retailer of international brands and has long term exclusive partnerships with select brands such as Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle and Reebok. The Company’s foray into branded ethnic wear business includes brands such as Jaypore, Tasva & Marigold Lane. The company has strategic partnerships with Designers ‘Shantanu & Nikhil’, ‘Tarun Tahiliani’, ‘Sabyasachi’ and ‘House of Masaba’.