NPCI International Enters Into Strategic Partnership With Al Etihad Payments To Develop UAE’s Domestic Card Scheme

In the presence of His Highness Sheikh Hamed bin Zayed Al Nahyan, Al Etihad Payments (AEP), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), and NPCI International Payments Limited (NIPL), have announced a strategic partnership to advance the development of the UAE’s first national Domestic Card Scheme (DCS).

The agreement was exchanged between Saif Humaid Al Dhaheri, Assistant Governor – Strategy, Financial Infrastructure and Digital Transformation at CBUAE and Chairman of AEP, and Dilip Asbe, Managing Director and Chief Executive Officer of NPCI, representing NPCI International Payments Limited.

As part of its Financial Infrastructure Transformation (FIT) programme introduced in 2023, CBUAE’s launch of Al Etihad Payments aims to implement an innovative, interoperable, and enabling payments infrastructure allowing licensed financial institutions and payment service providers to further enhance customer experience through advanced payment solutions.

Scheduled to launch in early 2024, the DCS will aim to facilitate the growth of e-commerce and digital transactions in the UAE, bolster financial inclusion, support the nation’s digitisation agenda, increase alternative payment options, reduce the cost of payments, and enhance the UAE’s competitiveness and position as a global digital payments leader.

NIPL was commissioned for this initiative following a comprehensive selection process that gauged the capacity of its solution in meeting the needs of consumers and merchants, in addition to its ability to build an integrated financial infrastructure. NIPL will operate the DCS and provide fraud monitoring and data analysis support.

Commenting on the agreement, His Excellency Khaled Mohamed Balama, Governor of CBUAE, said: “The FIT programme, as well as the signing of this agreement, underscores CBUAE’s commitment to accelerating the digital transformation of the financial sector and bolstering digital payments, in line with the ambitions of the UAE’s leadership. The development of the DCS is an integral FIT initiative and an achievement in the payments space which seeks to support the growth of digital transactions and e-commerce whilst ensuring business continuity.” 

Saif Al Dhaheri, Assistant Governor – Strategy, Financial Infrastructure and Digital Transformation at CBUAE and Chairman of AEP, said: “The establishment of a Domestic Card Scheme for the UAE is a momentous step towards achieving the nation’s ambitious digital payments strategy, facilitating the transformation of the UAE’s financial sector, fostering greater financial inclusion and strengthening the country's economic resilience. We are pleased to collaborate further with our counterparts in India and are confident that we have chosen the ideal partners to accomplish this venture with. We also look forward to establishing an innovation fund that will look to support the payment systems of India and the UAE, drive R&D, and foster the capabilities of UAE citizens to ensure their effective management of the DCS.”

Ritesh Shukla, CEO of NPCI International Payments Limited (NIPL), said, “We are pleased to announce our collaboration with the Central Bank of the UAE and Al Etihad Payments. Together, we will work on building, implementing, and operationalising the UAE's National Domestic Card Scheme. This partnership aligns perfectly with NIPL's global mission to offer our knowledge and expertise to assist other countries in establishing their own cost effective and secure payment services. Our DCS solution is based on the principles of sovereignty, speed to market, innovation, digitisation, and strategic independence. We firmly believe that our track record of success, particularly in a dynamic market like India, positions us as the ideal partners for this promising endeavour.”

Jan Pilbauer, CEO of AEP, said: “It is with great pride that we at AEP support the launch of the UAE DCS initiative under the guidance of the CBUAE and its strategic objectives, and in collaboration with the NIPL. Through the implementation of best-in-class technologies, we are enabling the UAE’s licensed financial institutions to offer consumers, merchants and all other stakeholders of the financial system a more robust payment infrastructure, underpinned by a commitment to facilitate the UAE’s digital ambitions.”

About NPCI International:

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly-owned subsidiary of National Payments Corporation of India (NPCI). As the international arm of NPCI, NIPL is devoted for deployment of NPCI’s indigenous, successful Real-Time Payment System – Unified Payments Interface (UPI) and Card Scheme – RuPay, outside of India. NPCI has successfully developed and proved its product and technological capabilities in the domestic market by transforming payment segment in India. Conversely, there are several countries that want to establish a ‘real-time payment system’ or ‘domestic card scheme’ in their own country. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing, consulting for building real-time payment system to meet the rapidly evolving need of fast-growing global businesses. NIPL is focused on transforming payments across the globe with the use of technology and innovation. It will not only enable payment for Indians but also uplift other countries by enhancing their payment capabilities through technological assistance, consulting, and infrastructure.

Creative Newtech Brings Ruark - One Of UK’s Most Esteemed Audio Brands To India

Creative Newtech (NSE: Creative), India’s foremost brand licensee and market entry specialist, today announced its partnership with Ruark, UK’s premium Audio brand, which will see them available in India. Ms. Ajita Hathlia – Deputy Director, Trade & UK Exports, South Asia , UK High Commission & Farhad Unavala - Senior Trade Adviser, Lead for Western India – Technology, Education, Innovation & Smart Cities, were present alongside Ketan Patel, CMD, Creative Newtech, Alan O’Rourke, Managing Director, Ruark, UK at a press conference held to announce its India entry.

In her remarks, Ms. Ajita Hathila, Deputy Director, Trade & UK Exports, South Asia , UK High Commission, said,” 

Commenting on the India entry, Alan O’Rourke, Managing Director, Ruark UK, said, ”We are delighted and happy to be here in one of the world’s fastest growing economies with a growing audience whose appetite for great music is apparent. The credit for us being here entirely goes to the team at Creative Newtech who helped plan the entire India entry meticuluously. Their shared passion for quality and consumer delight combined with their in-depth understanding of the Indian market, the nuances of distribution and their large network both offline & online, am sure will help Ruark fins its audience of audio lovers across India.”.

In his comments, Ketan Patel, CMD, Creative Newtech, said ,”Ruark is a great addition to the ever growing portfolio at Creative Newtech. Being a premium brand targeted at true music lovers and those with a design bent, it’s part of our strategy to bring more high-end brands into our portfolio. Indian market for high quality audio is still growing and the appetite has only grown post covid aided by the growing affluence particularly among millennials and GenZ. We  thank the team at Ruark for believing in us and am sure it will be a mutually win-win partnership.”

(Details of the range that will be immediately available in India and indicative price range and where it will be available.

About RUARK: Founded in 1985, Ruark Audio is a family-owned British company based in the south east coast of UK, founded on a shared love for fine audio products and varied inspiration drawn from their experiences, love for music and walks along the beach in Southend. It’s range includes (state the entire offering of Ruark here).

It’s currently available in xx countries worldwide and retails primarily through xxxx.

About Creative Newtech: Founded in 1992 by the husband-wife duo of Ketan and Purvi Patel, the Mumbai-based Creative Newtech has grown organically in 3 decades to become India's leading Brand Licensee and Market Entry Specialist offering 25+ brands, 3200+ products, 8000+ happy channel partners. With a network that spans online, offline, large retail format & retail, Creative Newtech is among the handful that provides an end-to-end solution from contract manufacturing to retail distribution & brand licensing. Listed on NSE since August 2017, it employs 300+ professionals. Creative Newtech currently partners with Honeywell, Samsung, Cooler Master, Fujifilm-Instax, ViewSonic, Razer, Cricut, MSi, Olympus, PNY, iBall, etc. in India and beyond. Its Ckart platform is India's first B2B e-commerce platform for electronics & IT peripherals. Do visit https://www.creativenewtech.com for more details.

On IFS Day, MAHE Announces Creation Of A Special Corner For Writings By Indian Diplomats At Its Library

On the occasion of the 77th IFS Day, Manipal Academy of Higher Education (MAHE), an Institution of Eminence, deemed to be University, Manipal, Karnataka has announced creation of a special corner for writings by Indian Diplomats at its library. A list of books written by Indian diplomats since the creation of the Indian Foreign Service has been prepared over the years by poet-diplomat Abhay K. which is available in public domain at http://goo.gl/V1Vaa5.

Manipal Academy of Higher Education located in Manipal, Karnataka is a place of higher learning that hosts a rich multi-storeyed library where international students from many countries come to study.

Speaking about the importance of creating a corner of books written by Indian diplomats, Lt. Gen. MD Venkatesh, Vice Chancellor, Manipal Academy of Higher Education said - “We are delighted to announce the creation of a special corner for writings by Indian diplomats on the 77th Indian Foreign Service Day. Through this library, our students will greatly benefit from reading these books which cover a variety of subjects from statecraft, foreign policy to poetry, novels, and memoirs.”

Speaking about this welcome initiative of MAHE, Manipal poet-diplomat Abhay K. said - “Indian diplomats have contributed significantly to creating a better understanding about India in the world and a better understanding of the world in India through their writings. As we celebrate the 77th IFS Day today, it’s a matter of great pride and satisfaction to learn that Manipal Academy of Higher Education has decided to create a special corner at its library in Manipal to honour the rich legacy of writings by Indian diplomats.”

The Indian Diplomats’ writing corner will be updated from time to time in consultation with the IFS Association and Association of Indian Diplomats.

MAHE’s Faculty Among World's Top 2% Most-Cited Scientists By John P.A. Loannidis

Stanford University released a science-wide author databases of standardized citation. The publicly available database of top-cited scientists provides standardized information on citations h-index, co-authorship adjusted hm-index, citations to papers in different authorship positions and a composite indicator (c-score). The report showcases a list of world’s top 2% scientists featuring 20 distinguished scientists from constituent institutions of Manipal Academy of Higher Education (MAHE), An institution of Eminence Deemed to be University.

Seven faculty members from KMC, Mangalore; two from KMC, Manipal, six faculty members from MIT, Manipal and five  from other instituions  of MAHE have been listed among the world's top 2% scientists for 2023 for their work in the field of education and research in “Updated science-wide author databases of standardized citation indicators” by John P.A. Ioannidis.

Dr. B Unnikrishnan, Dean, Kasturba Medical College, Mangalore has been featured on the list for the second consecutive time. Ramesh Holla, Associate Professor; Nithin Kumar, Associate Professor; Prasanna Mithra, Additional Professor and Nithin Joseph, Associate Professor from community medicine, and Prateek Rastogi, Professor & Head in Department and Jagadish Rao PP, Associate Professor from the department of forensic medicine have made it to this list for the first time.

Dr. Vinod Chandrakanth Nayak, Professor, Department of Forensic Medicine and Dr. Chythra R. Rao, Additional Professor from KMC Manipal have been recognised in listed in this year’s list.

Six faculty Researchers from Manipal institute of Technology (MIT) who have made MAHE and MIT proud are Dr. Raja Selvaraj, Additional Professor, Department of Chemical Engineering; Dr. Raghavendra U, Associate Professor, Department of Instrumentation & Control Engineering; Dr. Shiva Kumar, Professor, Department of Mechanical & Industrial Engineering, Dr Nithesh Naik, Assistant Professor (Senior Scale), Department of Mechanical & Industrial Engineering and  Dr Tanweer Ali, Associate Professor, Department of Electronics & Communication Engineering.

Faculty/Researchers  from other MAHE institutions who have been listed are Dr Srinivas Mutalik, Professor and Head, and Dr Usha Y Nayak, Professor from Department of Pharmaceutics, Manipal College of Pharmaceutical Sciences, Dr. Shashidhar Acharya, Professor, Department of Public Health Dentistry from Manipal College of Dental Sciences, Dr. Satheesha B Nayak, Professor, Basic Medical Sciences and Dr Nirmal Mazumder, Assistant Professor, Department of Biophysics from Manipal School of Life Sciences.

Commenting on this spectacular achievement, Dr M D Venkatesh, Vice Chancellor, MAHE said, “Heartiest congratulations to our faculty researchers for this remarkable achievement of featuring in the global list of top 2% distinguished researchers .MAHE is proud of their   dedication, expertise, and passion for research that have not only elevated quality of research of our University but  will  also inspire other faculty members and  students. Our success is a testament to the exceptional calibre of educators and researchers we have at our university, and we take immense pride in their achievements. May our journey of creating new knowledge continue to make things better for the world and shape the future of academic research”.

Scientists are classified into 22 scientific fields and 174 sub-fields according to the standard Science-Metrix classification. Field- and subfield-specific percentiles are also provided for all scientists with at least 5 papers. Career-long data are updated to end-of-2022 and single recent year data pertain to citations received during calendar year 2022. The selection is based on the top 100,000 scientists by c-score (with and without self-citations) or a percentile rank of 2% or above in the sub-field. This version (6) is based on the October 1, 2023, snapshot from Scopus, updated to end of citation year 2022.

This work uses Scopus data provided by Elsevier through ICSR Lab. Calculations were performed using all Scopus author profiles as of October 1, 2023.

A Guide To Safeguarding Your Heart While Managing Diabetes

 Did you know that diabetes and cardiovascular disease are closely linked? In the realm of health, the relationship between heart and diabetes is pivotal. These two conditions, each impactful in their own, are intricately linked in ways that affect millions.

For effective diabetes management, regular monitoring of glucose levels is vital. This can be done using tools like continuous glucose monitoring (CGM) devices, which doesn’t involve finger pricks to give you glucose level insights. Such devices have useful metrics like Time in Range (TIR), which indicates the amount of time in a day that one’s glucose levels stay within a specified range. When a person spends more time in range, their risk of developing cardiovascular disease markers is reduced. In fact, a 10% increase in TIR can reduce the risk of abnormal thickness of one’s carotid arteries by 6.4%.[i] Therefore, achieving a greater TIR is important to keep cardiovascular disease at bay.

Dr.  Sunil Bohra, MBBS, DNB (Gen Med). F. Cardio., F. Diab., FIAE., MRCPE        , Fortis Hospital Bangalore, said, “In India, many people living with diabetes are reporting heart-related complications. It is also extremely concerning that the rise of these complications is being observed across younger demographics. Poorly managed diabetes can lead to rise in cardiovascular disease risk factors like high blood pressure, bad cholesterol, and high triglycerides. Therefore, it is extremely important for people to take extra care and follow preventative steps to avoid glucose fluctuations. Embracing a heart healthy diet, consistent exercise and regular glucose monitoring devices like CGM, are few of the vital measures one can adopt.”

Here are 5 simple steps people living with diabetes can take to keep an eye on their health: 

Regularly monitor blood sugar levels: Real-time tracking, such as through CGM tools like FreeStyle Libre, can help you keep an eye on any blood sugar highs or lows. It's important to strive to stay within the optimal glucose range (70 – 180 mg/dl) for at least 17 hours out of the day. By doing this, you can effectively control your diabetes and heart disease risk.

Have a heart-healthy diet: Try to avoid saturated and trans fats that can increase cholesterol levels. For instance, saturated fats are commonly found in foods like butter, red meat, and full-fat dairy products, while trans fats are often present in partially hydrogenated oils used in fried and processed foods. Finding a healthy meal plan that works for you can help improve your health. You can do that by opting for a meal plan rich in lean proteins, whole grains, colorful vegetables, and healthy fats like nuts and seeds.

Regular exercise: To lower the risk of heart disease, it's advisable to address factors such as obesity, hypertension, and high cholesterol levels through exercise. Regular physical activity also helps you manage your diabetes better. For a healthy lifestyle, it's recommended to minimize sitting time and engage in at least 150 minutes of moderate-intensity physical activity every week, such as brisk walking or cycling.

Say no to smoking and drinking: Smoking can damage the lining of your blood vessels which in turn accelerates the narrowing of your arteries caused by diabetes. This increases your risk of heart disease. If you have diabetes and also smoke, this risk of heart health effects increases further – making it important to quit smoking.

You should also lower your alcohol intake as it can disrupt the effect of your diabetes medication and affect your blood sugar levels. Excessive drinking can also increase one’s blood pressure, weaken heart muscles, and amplify the risk of certain heart diseases. You can work out an alcohol limit with your doctor.

Stress management: When you are stressed, your body produces stress hormones that boost your blood sugar levels and can cause insulin resistance. Over time, this can raise your blood pressure and increase your chances of developing heart disease. To ease your stress, try engaging in fun activities like listening to music, yoga or dance. Additionally, spending time with loved ones or discussing what you are going through with a professional could ease stress levels.

In addition to these tips, people with diabetes should remain alert to any concerning trends of hyperglycemia or hypoglycemia and take care to address these immediately. You should also consult your doctor about other steps you should take to improve your diabetes management and protect your heart health. By making healthy lifestyle choices, you can benefit from better health outcomes and enjoy a higher quality of life

Bank of Baroda Revises Interest Rates On Retail Term Deposits

Bank of Baroda (Bank), one of India’s leading public sector banks announced increase in interest rates on Domestic Retail Term Deposits, including NRO and NRE Term Deposits, by up to 50 basis points across various tenors up to 3 years. These rates are applicable on deposits below Rs 2 crore, with effect from October 9, 2023.  

The Bank is offering interest rates of up to 7.40% p.a. for general citizens and up to 7.90% p.a. for senior citizens, which includes 0.50% p.a. of additional interest for senior citizens and 0.15% for non-callable deposits. The Bank has also realigned interest rates on its Tiranga Plus Deposit Scheme for 399 days. Senior Citizens will earn 7.80% p.a. on non-callable deposits under the scheme.  

Shri Ravindra Singh Negi, Chief General Manager - Retail Liabilities & NRI Business, Bank of Baroda said, “We are pleased to offer attractive interest rates to customers, enabling them to earn higher assured returns. In the 2 to 3 years investment tenor, Senior Citizen depositors can now earn up to 7.90% p.a., which is one of the best in the industry. This is an opportune time for existing and new customers to place new deposits at one of India’s leading banks and lock in a higher interest rate on their deposits.” 

Bank of Baroda has also commenced its festive campaign “BOB Ke Sang Tyohaar Ki Umang” and has launched innovative schemes such as the bob LITE Savings Account, the BOB BRO Savings Account, the My Family My Bank/BOB Parivar Account, the Baroda NRI PowerPack Account and the BOB SDP (Systematic Deposit Plan), providing a range of benefits to different customer segments. The festive campaign will run up to 31st December, 2023 and the Bank is seeing an encouraging response from customers. Along with the above schemes, customers can now earn higher interest on their deposits. 

Bank of Baroda had earlier increased retail term deposit interest rates in May 2023 and March 2023. 

Existing and new customers of Bank of Baroda can open a new FD through any of the Bank’s branches across India to avail this offering. An online FD can also be opened by existing customers via the Bank’s Mobile app (bob World)/ Net Banking (bob World Internet).  

Resident Indian Senior Citizens get additional ROI of 0.50+0.15 (65 basis points) for term deposits above 3 Years and up to 5 Years and additional ROI of 0.50%+0.50% (100 basis points) for term deposits above 5 Years and up to 10 Years. 

The Bank has also increased bulk deposit interest rates (for deposits from Rs 2 crore to Rs 10 crore by up to 1% (100 basis points) across various tenors.  

Strategic Response Management Report 2023: 45% Of Indian Executives Believe Efficient SRM Practices Help In Revenue, Growth

* Report further unveils that accuracy is the most important aspect of responding to information requests, followed closely by speed and consistency in brand voice.

Responsive, provider of the Responsive Platform for strategic response management, has today revealed results from its 2023 Strategic Response Management Maturity Report: Habits of Leaders vs Laggards. The survey shares insights into the views of executives and response managers in U.S., Europe and Asia to provide advice and concrete recommendations for companies looking to improve their strategic response management function.

Responsive commissioned Callan Consulting to survey 718 executives responsible for strategic responses at their organizations to examine response management practices, establish a maturity matrix for the SRM category and understand how the habits of leaders differed from laggards.

The study found that companies with the most mature response management practices had four consistent habits that set them apart from laggards: higher skill levels of the response management team, greater efficiency and effectiveness of response management process, deeper level of C-level executive engagement, and greater investment in an SRM platform, tools and technologies.

“Our vision at Responsive is to transform the way organizations exchange information,” said Ganesh Shankar, CEO at Responsive. “This report validates what we know from experience – executives that embrace strategic response management make a marked difference in their company’s business outcomes. The Responsive Strategic Response Management Platform has helped customers work more than $400 billion in business opportunities, and with the range of information requests and immense opportunity for revenue growth, it is more critical than ever to enable organizations to respond quickly and effectively.”

The survey categorized respondents into four groups based on maturity: leaders, achievers, strivers, and laggards. Results showed that mature response management practices help companies grow faster, improve risk management, boost accuracy of responses, maintain brand consistency and strengthen employee sentiment.

Leaders in India Recognize the Value of Strategic Responses

Of respondents in India, 89% say that RFPs are extremely or very much viewed as a direct contributor to revenue. Specifically, 45% say half or more of their revenue is generated by responding to RFPs and other complex information requests, demonstrating the need for efficient SRM practices to grow the business.

Organizations invest time and headcount in creating strategic responses, with 57% responding to complex information requests multiple times a week, and an additional 20% responding every single day. Additionally, 64% say they have more than 10 employees working on each complex information request. Response leaders showed a strong willingness to invest in people, processes, and technology to maximize the effectiveness and efficiency of their responses and as a result saw higher revenues at lower risk with better employee experiences.

Global SRM leaders see significant wins and revenue gains compared to peers

Failure to implement mature SRM practices is a business risk. Laggards lose out on 34% of revenue generated from strategic responses as shown by the percent change of laggards (41%) vs leaders (55%). A full 100% of leaders view SRM to be a direct contributor to their company’s revenue, compared to 56% of laggards. Additionally, leaders have a win rate of 58% for RFPs and other types of strategic responses compared to 50% among laggards, demonstrating a 16 percent change in win rate. 

Responses go far beyond RFPs

Global data shows that RFPs are the most common strategic response handled by organizations, making up 68% of inquiries, but information exchange encompasses more than a single category. Respondents who work on RFPs also reported handling RFIs (54%), RFQs (41%), DEI Questionnaires (37%) and more. The sheer scope of information inquiries is a forcing function for organizations to realize the value of a single platform for the entire response process.

This global survey clearly shows that executives who are strategic response management leaders win more RFPs and generate more revenue through RFPs than laggards,” said Ed Callan, CEO at Callan Consulting. “Enterprises are leaving revenue on the table if they are not engaging in strategic response management best practices.”

SRM laggards face challenges defining roles and responsibilities, creating a standardized process for responses, and engaging leadership. However, if they can adopt best practices for investing in team skills, demonstrating value to c-level executives, and collaborating cross-functionally, they will be rewarded with a sustainable response process that drives increased win rates, revenue, and efficiency. Furthermore, regardless of the level of maturity of an organization, whether achievers, strivers, or laggards, this study showed that positive business outcomes can be achieved by taking the next step.

Learn more at Responsive.io and read the full report, 2023 Strategic Response Management Maturity Report: Habits of Leaders vs Laggards. For a deep dive into the Strategic Response Management category, see Aragon’s report, Getting to Faster Business Results with Strategic Response Management.

Methodology

This study is based on a global survey of 718 executives responsible for strategic responses for their organization. It was commissioned by Responsive and conducted by Callan Consulting, a third party marketing consulting and research firm with significant experience building maturity indices in Spring of 2023. The surveyed executives came from organizations of greater than $50 million in annual revenue across a range of industries, including technology, manufacturing, financial services, healthcare and business services. The survey was supplemented with focus groups and in-depth interviews with executives and response managers in the U.S., Europe and Asia.

About Responsive

Responsive (formerly RFPIO) is the global leader in strategic response management software, transforming how organizations share and exchange critical information. Our innovative, best-in-class platform and customer value programs empower companies to accelerate growth, mitigate risk and improve the employee experience. With Responsive, frontline teams deliver superior responses using intelligent technologies to quickly, accurately and automatically manage RFPs, RFIs, vendor security questionnaires (VSQs), due diligence questionnaires (DDQs), risk assessments, business presentations and all other complex information requests (RFXs).