Microfinance Sector Added 87 Lakh New Women Clients During 22-23

Microfinance Industry Network (MFIN), industry association for Microfinance and RBI-recognized self-regulatory organization, launched the 3rd Edition of Micro Matters: Macro View – India Microfinance Review FY 2022-23. Dr Alok Misra, CEO & Director of MFIN shared key highlights of Financial Inclusion and Microfinance from the report. This was followed by the unveiling of the report by Mr. Amitabh Kant, G20 India Sherpa in the gracious presence of Mr. Sivasubramanian Ramann, CMD-SIDBI.

The report is the third edition of Micro Matters: Macro View, a report conceived in 2021 to provide a holistic view of the sector to the reader. It is based on MFIN’s in-depth understanding of the sector derived from interactions with policy makers, regulator, industry players, funders, and analysts. This year’s report besides microfinance also covers macro-economic context and broader progress under financial inclusion. The report highlights that despite global headwinds, India could hold its ground and grow by 7% in 22-23. The share of micro under MSME credit by Scheduled commercial banks has risen to 17.9% by March 23, insurance penetration is now 4.2% of GDP and bank account ownership is now ubiquitous with no gender gap. Microfinance sector (NBFC-MFIs, Banks, SFBs and NBFC) added 87 lakh new women clients during 22-23 with credit outstanding reaching 3.48 lakh crore across 729 districts to 6.64 crore low-income women clients. The report also demonstrates the immense growth potential of the sector, and the microfinance potential market size is estimated by MFIN at Rs 13 lakh crore during FY 23-24. The report also documents the work done by MFIN during 22-23 to strengthen the sector, future initiatives, and also list key areas of work/concerns for the sector.

Delivering his keynote address, Shri Amitabh Kant, G20 India Sherpa said, “In last few years, India has laid the building blocks of growth in the form of infrastructure -both physical and digital. Now India needs to grow at around 10% for three decades to become a developed country.  The building blocks will have multiplier effect only if the credit demand is met as credit will be the driver of India’s next phase of growth. MFIs are presently the most important institutions in the country as they have the ability to penetrate into rural areas, lend to last mile clients and contribute to Inclusive growth. Honourable Prime Minister’s vision is also centred on universality and women led development. Microfinance caters to both Equitable growth and Universality. I congratulate MFIN and its Members on the excellent work being done and wish them luck.”

Sivasubramanian Ramann, Chairman and Managing Director – SIDBI in his special address said, “SIDBI has been a partner in the great journey of microfinance institutions and the sector has grown together and delivered. It is heartening to note that microfinance institutions have recovered post COVID and are showing strong performance. SIDBI has taken key steps to boost credit to micro entrepreneurs need for formalisation by having Udyam Assist Portal and around 1 crore enterprises are already part of it. MFIs with their client base of nearly 7 crores need to onboard them on to the portal. Further, the co-lending scheme of SIDBI combines the power of origination of microfinance with financial resources of SIDBI and MFIs must make use of it. The need of the hour is to address the persisting high share of informal finance and SIDBI is fully behind microfinance initiatives furthering last mile inclusion. We also need to think beyond technology in last mile outreach, where personal connect of MFIs is critical."

The panel discussion on “Leaving No one behind - Balancing Economic Growth with Equitable Distribution had Ittira Davis, MD & CEO, Ujjivan SFB, Dr. Samiran Chakraborty, MD & Chief Economist, Citigroup, Manish Kothari, President & Head, Commercial Banking, Kotak Bank  and Devesh Sachdev, Founder, MD & CEO, Fusion Microfinance as panellists and Dr. Vinay Singh, SRO Head, MFIN as the moderator. The discussion focussed on policy and operational imperatives for ensuring that we reverse K shaped growth and build an inclusive growth model with higher incomes.  

Vistara Inaugurates Non-Stop, 6x Weekly Flights Between Mumbai And Frankfurt

Vistara, India’s finest full-service carrier and a joint venture of the Tata group and Singapore Airlines, today, inaugurated non-stop, 6x weekly flights between Mumbai and Frankfurt. The inaugural flight, operated on Vistara’s Boeing 787-9 Dreamliner, commenced from Chhatrapati Shivaji Maharaj International Airport, Mumbai at 13:00 Hours (IST) on 15 November 2023 and will arrive at Frankfurt International Airport at 17:30 Hours (GMT). Vistara has already been flying 6x weekly between Frankfurt and Delhi.

Mr. Vinod Kannan, Chief Executive Officer, Vistara, said, “Sensing a need for an Indian airline offering world-class experience and connecting to long-haul destinations in Europe from Mumbai; we started 5x direct flights to London Heathrow. We are now delighted to start 6x weekly service to Frankfurt as our second European destination from India’s financial capital. We are confident that our customers will appreciate and prefer flying with India’s finest airline when planning to travel on this route.”

Vistara accepts all eligible customers meeting visa/entry requirements in both countries, as specified by the respective government bodies. Vistara strongly encourages its customers to fully understand these guidelines before making their bookings.

Vistara is India’s highest-rated airline on Skytrax and TripAdvisor, and it has been the winner of several ‘Best Airline’ awards, besides being lauded for world-class cabin cleanliness and upholding high safety standards. The only Indian carrier to feature amongst World’s Top 20 Airlines, Vistara has been named ‘16th Best Airline’ globally while also being recognised as the ‘Best Airline in India and South Asia’ for the third time in a row, ‘Best Airline Staff in India and South Asia’ for the fifth consecutive year, ‘Best Cabin Crew in India and South Asia’ for the third time in a row and ‘Best Business Class Airline in India and South Asia’ for the second time in a row at the coveted World Airline Awards 2023 by Skytrax. Vistara also received the ch-aviation Asia’s Third Youngest Airline Fleet award for the second consecutive year. 

About Vistara (TATA SIA Airlines Limited): TATA SIA Airlines Limited, known by the brand name Vistara, is a 51:49 joint venture between Tata Sons Private Limited and Singapore Airlines Limited (SIA). Vistara brings together Tata’s and SIA’s legendary hospitality and renowned service excellence to offer the finest full-service flying experience in India. Vistara commenced its commercial operations on January 9, 2015, with an aim to set new standards in the aviation industry in India and it today connects destinations across India and abroad. The airline currently, has a fleet of 63 aircraft, including 48 Airbus A320neo, 10 Airbus A321 and 5 Boeing 787-9 Dreamliner and has flown more than 50 million customers since starting operations.

For more information about Vistara, visit www.airvistara.com

Coca-Cola Ignites Diwali Celebrations With Unique Personalized AI – Generated Wish Cards

* Bid adieu to mundane greetings and forwarded messages, and embrace your creativity with the power of AI

This Diwali, Coca-Cola proudly introduces a pioneering fusion of art and technology; bringing an exciting development to help consumers send customised wishes to their near and dear ones. Harnessing the incredible capabilities of Open AI’s DALL-E and GPT-4 models, this festive season wish love and light to friends and family with magical Diwali greetings on https://www.createrealmagic.com/

Coca-Cola has always been a part of consumers’ cherished celebrations and this year they're bringing an innovative way to create personalised Diwali wishes. Imagine a wish card that's as quintessential and vibrant as this festival of light, one that blends tradition with innovation and leaves behind the conventional messages. From wish cards adorned with colourful diyas to quirky auto-rickshaws - a classic symbol of Indian markets, from Coca-Cola's iconic cans and bottles, to colourful rangolis, consumers can create a masterpiece that encapsulates the heart of India's Diwali. The campaign is active across India, Bangladesh, Nepal, Sri Lanka and Bhutan.

Global Head of Generative AI at Coca-Cola, Pratik Thakar, said, “We, at Coca-Cola are connecting the dots between culture, creativity and technology. Create Real Magic platform invites consumers to use AI for crafting original artwork using iconic creative elements from the Coca-Cola archives. In India, #MagicWaaliDiwali wish cards are a perfect way for us to celebrate people and culture using AI. We are humble but iconic, real yet magical and our latest Diwali campaign is a testament of the same.”

Commenting on the campaign, Sumeli Chatterjee, Head - Integrated Marketing & Experiences, Coca-Cola India & South West Asia said “The ‘Create Real Magic’ platform beautifully weaves in technology, intelligence, art, culture, and the Coca-Cola brand philosophy. Contextualized to Diwali, the platform is a creative playground for fans to create and express their emotions during the festivities. With this, one can send a unique & personalized wish to each of their friends. OpenAI’s DALL-E and GPT-4 have made the experience simple, interactive, intuitive, and truly magical for our fans.”

Brad Lightcap, COO, OpenAI, said, “It’s remarkable to see the innovative spirit of Coca-Cola come alive through the use of DALL·E and GPT-4. The Create Real Magic platform not only resonates with the joy of the Diwali season, but also showcases a delightful fusion of technology and creativity. It’s heartwarming to see how our AI models have played a role in adding to the festivities, making the campaign truly memorable.

This year, don’t forward the same messages and season’s greetings and create a one-of-a-kind Diwali wish card, powered by AI. Embrace tradition and celebrate #MagicWaaliDiwali by being unapologetically YOU. The best creations will be proudly displayed on prominent digital billboards in Mumbai and Delhi NCR, with due credits.

About The Coca-Cola Company

Coca-Cola in India is one of the country’s leading beverage companies, offering a range of high-quality and refreshing beverage options to consumers. The company in line with its vision of ‘Beverages For Life’ offers a wide portfolio of products which includes hydration, sports, sparkling, coffee, tea, nutrition, juice and dairy based products. In India its beverage range includes Coca-Cola, Coca-Cola Zero Sugar, Diet Coke, Thums Up, Charged by Thums Up, Fanta, Limca, Sprite, Maaza, Minute Maid range of juices. The Company also offers hydration beverages including Limca Sportz, Smartwater, Kinley, Dasani and Bonaqua packaged drinking water and Kinley Club Soda. Premium products constitute Schweppes and Smartwater. In addition, it offers Costa Coffee range of tea and coffee. The Company is constantly transforming its portfolio, from reducing sugar in its drinks to bringing innovative new products to market.

The Company along with its owned bottling operations and franchise bottling partners has a strong network of close to 4 million retail outlets through which it refreshes millions of consumers across the country. It seeks to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable agriculture initiatives and carbon emission reductions across its value chain.

Globally together with its bottling partners, The Coca-Cola Company employs more than 700,000 people, helping to bring economic opportunity to local communities worldwide. Learn more at www.cocacolacompany.com and follow us on Twitter, Instagram, Facebook and LinkedIn.

Manipal Academy of Higher Education (MAHE) Awarded Centre of Excellence In Life Sciences Sector

In a landmark achievement, the Manipal Academy of Higher Education (MAHE) has been recognized as the first Centre of Excellence in the Academic sector for Life Sciences. This prestigious certification was awarded by the Life Sciences Sector Skill Development Council (LSSSDC), New Delhi, marking a significant milestone in MAHE's journey towards academic and professional excellence.

During a formal ceremony held at Manipal, Dr. Nivedita M, Senior Director of Assessment, Accreditation & Certification at LSSSDC, presented the Certificate of Excellence to Lt. Gen Dr. M D Venkatesh, Vice Chancellor of MAHE. This momentous occasion also saw the signing of a Memorandum of Understanding (MoU) between MAHE and LSSSDC, laying the foundation for future skilling activities for students and faculty in the Life Sciences sector.

The Centre for Pharmaceutical Skill Development (CPSD) at MAHE played a pivotal role in earning this distinction. Under the guidance of key personnel including Dr. Sharath K Rao, Pro Vice Chancellor (Health Sciences), Dr. Giridhar P Kini, Registrar of MAHE, Dr. C Mallikarjuna Rao, Principal of MCOPS, and Dr. Anup Naha, Coordinator of CPSD, along with Dr. Srinivas Hebbar, Co-coordinator of CPSD, the institution has demonstrated exceptional prowess in pharmaceutical education and skill development.

In celebration of this collaboration, a three-day skill-based training and certification program under LS-Pro was conducted by the CPSD, MAHE, with support from LSSSDC. The program, held from November 3rd to 6th, 2023, witnessed the participation of approximately 100 pharmacy students from the Manipal College of Pharmaceutical Sciences. These students were trained and certified by LSSSDC for roles in pharmaceutical marketing and sales, further emphasizing MAHE's commitment to enhancing employability and industry readiness among its students. The LSSSDC, functioning under the National Council for Vocational Education and Training (NCVET) and the Ministry of Skill Development & Entrepreneurship (MSDE), plays a crucial role as an advisory and monitoring body for industry engagement in apprenticeships. This recognition from such a reputed council solidifies MAHE's standing as a leader in the field of Life Sciences education and skill development.

MAHE's new status as a Centre of Excellence is not just an accolade but a responsibility to continue fostering a skilled workforce that can contribute significantly to the Life Sciences sector. This achievement is a testament to MAHE's enduring commitment to excellence in education, research, and skill development.

Kotak’s Cardless EMI On Amazon To Offer Instant Consumer Finance In 3 Steps

* With just Mobile No and PAN, millions of pre-approved customers can shop Consumer Durables on EMI, instantly

* EMI brings affordability; Kotak’s Cardless EMI makes payment experience seamless

Kotak Mahindra Bank (“KMBL”/ “Kotak”) today announced the launch of Cardless EMI (Equated Monthly Instalments) Payments on Amazon Pay, to provide its pre-approved customers easy access to instant consumer finance*, with just their Mobile Number and PAN (Permanent Account Number).

The strategic association with Amazon Pay focuses on providing easy credit access and a seamless payment experience to customers, further enhancing their shopping experience this festive season. Shoppers on Amazon.in can now convert their high-value purchase of Electronics, Furniture, Lifestyle, and Apparel into convenient monthly EMIs, without using debit card, credit card, or even UPI.

Key Features:

Instant Approval and Credit: Enjoy instant approval and immediate access to credit, simplifying your online shopping experience.

End-to-End Digital and Secure: Experience a seamless, paperless, secure and hassle-free process with Kotak Bank's digital approach.

Credit Limits up to Rs 5,00,000: Bigger credit limit to fund large-ticket purchases.*

Flexible Repayment Options: Tailor your payments with flexible monthly instalment choices of 3, 6, 9, or 12 months.

Exclusive for Kotak's Pre-Approved Customers: Kotak Cardless EMI is for the bank's pre-approved customers, enhancing their shopping experience.

EMI makes it possible:

New to credit customers showing greater preference for consumer finance as it is a short-term loan which fulfils aspirations, as well as helps build credit history

Consumer finance is one of the most popular product among retail loan offerings

Mr Amit Pathak, Business Head – Consumer Finance, Kotak Mahindra Bank said, “We are seeing Emi-sation of big ticket transactions, with strong interest from new to credit customers. EMI transactions have risen in popularity as they make consumer finance affordable than ever before. Customers prefer to pay in EMI as long as the process or experience is hassle-free. We are making EMI transactions convenient than ever before for our customers with the Cardless EMI payment option on Amazon during the festive season.”

Mayank Jain, Director - Credit and Lending for Amazon Pay India, said, “The introduction of Cardless EMI in partnership with Kotak Bank aims to provide better credit access for customers. This initiative will further enhance the affordability and convenience of online shopping for customers across India, especially during the festive period. At Amazon Pay, we remain committed to innovate and offer convenient, inclusive, affordable and rewarding digital payment for our customers.”

How to pay using Cardless EMI:

Step 1 – On checkout page, in the payment options, under EMI, choose Kotak Cardless EMI and select a tenure

Step 2 – Add your PAN details

Step 3 – Authorise the transaction by entering the OTP

About Kotak Mahindra Bank Limited

Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking licence from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Limited

The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking, and Treasury, which cater to retail and corporate customers across urban and rural India. The premise of Kotak Mahindra Group’s business model is concentrated India, diversified financial services. The bold vision that underscores the Group’s growth is an inclusive one, with a host of products and services designed to address the needs of the unbanked and insufficiently banked. As on 30 September 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,850 branches and 3,170 ATMs, and branches in GIFT City and DIFC (Dubai).

For more information, visit the company’s website at https://www.kotak.com/

About Amazon Pay

Amazon Pay is a trusted, convenient, and rewarding way to pay for anything, anywhere on and off Amazon.in. Amazon continues to extend the convenience of Amazon Pay by making it possible for millions of cash consumers to start making digital transactions and support the Government’s vision of encouraging electronic payment, leading to a less-cash society in India. Amazon Pay smoothens the customer experience of online payments at the time of placing orders with the benefit of ‘one-click’ payments leading to a faster and smoother check out process. With its cash-load category, Amazon Pay also solves the pain point of tendering exact amount of cash at the time of delivery.

For more information on Amazon India, visit: https://www.amazon.in/amazonpay/home

Manipal Marathon 2024: Running For A Cause - Aiming To Break Records with Over 15,000 Participants

The Manipal Academy of Higher Education is thrilled to announce the opening of registrations for the 6th edition of the prestigious Manipal Marathon. Known as one of India's largest student-organized athletic events, the marathon is set to take place in the scenic town of Manipal in Udupi District. This year's event is not just about setting personal bests or enjoying the camaraderie of fellow runners; it's a stride towards raising awareness for the vital field of "Hospice" palliative care, embracing the deeply resonant motto: "We are with you all the way."

The Manipal Marathon has become a beacon of excellence and inclusion, welcoming around 10,000 participants in previous years. For the 2024 event, the organizers are setting an ambitious goal to gather over 15,000 participants from across the country, making it a historic occasion for the marathon and for charitable causes in India.

Event Details:

Date: 11th Feb 2024

Time: 5.00 am onwards

Venue: Manipal, Udupi District

Registration: Open Now at Manipal Marathon Registration [https://manipalmarathon.in/]

Race Day Highlights:

Certified race routes showcasing the captivating landscapes of Manipal and the Udupi coastline.

International certification by the IAAF AIMS, ensuring a world-class running experience.

A grand carnival atmosphere post-race, celebrating the spirit of the community.

Attractive prize money for top finishers across various categories.

This landmark 6th edition partners once again with the Udupi District Amateur Athletic Association, and it's poised to be more than just a competition; it's a movement. Every stride taken by the runners is a step forward in supporting "Hospice" palliative care, an essential yet often overlooked component of healthcare that offers comfort and dignity to those at the most critical phases of their lives.

The Manipal Marathon is more than a race. It's a message – of solidarity, awareness, and the relentless human spirit. As participants lace up their running shoes, they will also be amplifying the message of hospice care, ensuring that it echoes with every heartbeat along the route.

Runners of all levels are invited to become a part of this monumental event – from elite athletes to enthusiastic beginners – all united by a common thread of humanity and a shared finish line.

Join us in making the Manipal Marathon 2024 a landmark event for both sports and social awareness. Be part of the change. Be part of the challenge. Be part of the community.

Register now and ensure you're with us all the way! 

Srinivasan Services Trust (SST) Marks National Education Day By Investing in Education Infrastructure And Improving Learning Outcomes

-          Over the last 27 years SST has renovated about 1000 anganwadis and over 800 schools at a cost of Rs.40 crores

-          SST plans to invest Rs. 20 crores in the next three years towards renovation of rural education infrastructure through the Namma School Foundation

-          SST has collaborated with education NGOs to ensure quality education for children

In the pursuit of holistic education, Srinivasan Services Trust (SST), the social arm of TVS Motor Company and Sundaram Clayton Ltd., has been a beacon of change, touching the lives of thousands in 2,500 villages. With a focus on early education, primary education, and hygiene in middle and higher secondary schools, SST's initiatives have left an indelible mark.

SST has repaired about 1000 anganwadis and over 800 schools with an objective of providing a safe and congenial environment for children and teachers. SST works very closely with the government and community and renovates anganwadis and schools holistically. SST focusses on the community’s ownership of renovated infrastructure and involvement in successfully delivering the outcomes. Additionally, SST facilitates in conducting medical camps for children in anganwadis and schools.

Sharing his views, Mr. Swaran Singh IAS (R), Chairman, Srinivasan Services Trust, “As we celebrate National Education Day, I am proud to reflect on the transformative journey of Srinivasan Services Trust (SST) in Tamil Nadu. Over the past 27 years, SST has dedicated Rs.13 crores to renovate more than 400 primary schools, ensuring a conducive environment for learning. In the last two years, our focus has shifted towards holistic development, with 100 schools receiving comprehensive renovations. The hygiene facilities in high schools specifically for the girl child is of special focus for SST. Last few years we have provided these facilities in more than 260 schools investing Rs. 12 crores. Through the Namma School Foundation, SST will be investing Rs.20 crores on education for the next 3 years. The engagement of teachers, children, parents, and the community is pivotal in maintaining these upgraded facilities. In remote areas of Javadhu Hills, SST is complimenting the efforts of the government by deploying additional teachers wherever required. SST is committed to creating model schools in each of the districts it works in. SST extends its commitment beyond infrastructure, conducting over 200 medical camps, benefitting over 6,000 children, emphasizing health and hygiene.”

In the past two years, SST has partnered with several organizations like Agastya International Foundation, Villmart, Navsahyog Foundation and Gramalaya possessing extensive expertise and innovative approaches to enhance children's learning outcomes, help develop life-skills and promote health and hygiene. Looking ahead, SST has allocated Rs. 1 crore per year for the next three years to further advance educational partnerships.

About Srinivasan Services Trust (SST): Srinivasan Services Trust (SST), the social arm of TVS Motor Company and Sundaram-Clayton Limited started working in villages from mid 1990s. Starting with a model of philanthropy, it matured into a model centered on community participation in all its projects.Today, SST works in ,2500 villages in the country. It follows a holistic and participatory approach of village development, working very closely with the community and the government.SST’s focus is to bring about sustainable development in villages through Total Community Involvement. Society building through development of women and children, conservation of water, providing holistic health and education infrastructure by renovating the government infrastructure and preserving the environment are its main focus areas. SST works towards economic development of the community by helping them to set up microenterprises and supporting them to improve agriculture and livestock income. SST nudge communities to embrace practices towards better quality of life by ensuring a participatory approach right from planning to execution of activities.

SST’s long-term goal is to create robust communities, through a strong bonding and a sense of ownership among community propelling sustained growth of the villages.