Manipal Law School, MAHE, Bengaluru Calls For Presentation On Data Privacy Day

Manipal Law School (MLS), Manipal Academy of Higher Education, Bengaluru celebrated Data Privacy Day in its Bengaluru campus to aid to the learning of students aspiring for careers in Data Privacy Law/ Information Technology Law/ Cyber Law. The event featured call for presentations followed by the prize and reward announcements and witnessed enthusiastic participation of over 200 students.

The awards were presented to the following students:

(i)                  First prize (INR 5000) – Chanakya Kene

(ii)                 Second prize (INR 3000) – Vishnu Sudhakar

(iii)               Third prize (INR 1500) – Natasha Rama Rocha

(iv)               Consolation prizes (INR 1000 each) – Sneha Nivedya Satheesan, Harshitha JS, Janhvi Tripathi, Stalin Manjaly, Anjana Ashok

Students were invited to submit abstracts on provision of new Indian data protection law (DPDPA 2023). The winners were given the opportunity to present their abstract before the community of privacy pros. The purpose of the event was to raise awareness, encourage specialized education information technology laws and privacy, and discuss possible career opportunities in this field.  All attendees received certificates of participation.

For students and working legal professionals, Manipal Law School provides specialized LLM (master’s in law) courses: LLM in Data Privacy Law and Cyber Law and LLM in Information Technology Laws. To make these courses more inclusive in nature, MLS has designed the courses in both regular and blended modes.

In addition to the above, with the goal to bridge the gap between technical expertise and legal skills, MLS will also be introducing a LLM (Professional) for non-legal working professionals, starting from August 2024.

Excited about the event, Prof. (Dr) Avinash Dadhich, Director, Manipal Law School, MAHE, Bengaluru Off-campus said, “With information becoming a valuable commodity in the digital age, Data Privacy Day is a stinging reminder of the fundamental rights that we have in the online world. We understand that it is our duty as law schools to develop the next generation of legal scholars who will be able to successfully negotiate the intricate world of data protection. We would like to take this opportunity to reiterate our dedication to raising awareness, promoting critical thinking, and equipping our students to fight for privacy in a world that is becoming more linked. Informed consent is based on knowledge, thus on this Data Privacy Day, we're setting out to shed light on the way to a more ethically and securely grounded digital future”.

MLS provides its students with the abilities and information required to successfully negotiate the complex world of data protection. Modern data privacy legislation courses are incorporated into the curriculum at MLS, giving students a thorough understanding of the ethical issues, technological ramifications, and legal frameworks related to information security.

About Manipal Law School (MLS)

Manipal Law School, MAHE Bengaluru Off-campus is approved by the Bar Council of India. MLS fosters a holistic academic environment enabling students to have an inclusive access to progressive, adaptive, and innovative legal education. MLS believes in producing lawyers who would excel in their profession and be humane with a strong sense of social justice.   

It is an institution with a firm resolute which intends to build a vibrant community of critical thinkers and reflects on the fundamental legal issues confronted by our global community. Technology driven campus with interdisciplinary approach and worldwide exposure provides a conducive platform to everyone to germinate and find their Ikigai.

MLS is inthe Silicon Valley of India and provides the plethora of opportunities to the students and stakeholders to build a successful career as 21st century lawyers.

About Manipal Academy of Higher Education (MAHE)

Established in 1953, Manipal Academy of Higher Education (MAHE) is an Institution of Eminence and a Deemed to be University. With a remarkable track record in academics, state-of-the-art infrastructure, and significant contributions to research, MAHE has earned recognition and acclaim both nationally and internationally. In October 2020, the Ministry of Education, Government of India, honoured MAHE with the prestigious designation of Institution of Eminence Deemed to be University. Currently ranked sixth in the National Institutional Ranking Framework (NIRF), MAHE is the preferred choice for students seeking a transformative learning experience.

MAHE Bengaluru, an off campus of MAHE, excels in delivering comprehensive education to students, supported by highly qualified faculty, and dedicated mentors. The MAHE Bengaluru campus has an inspiring, future relevant learning ecosystem, on a new age tech enabled living campus. Here, the students immerse themselves, transform and discover multiple choices and opportunities. At MAHE Bengaluru, the potential for growth and the opportunities available are boundless.

Jammu Smart City Drives Towards A Greener Tomorrow With Tata Motors Electric Buses

* The advanced electric buses offer safe, noiseless and sustainable travel, for a comfortable and convenient experience

Tata Motors, India’s largest commercial vehicle manufacturer, announced that it has delivered state-of-the-art Ultra EV air-conditioned electric buses to Jammu Smart City Limited through TML Smart City Mobility Solutions (J&K) Pvt Ltd, a Tata Motors Group company. The initiative led by the Housing and Urban Development Department of the Government of Jammu & Kashmir, is aimed at establishing an environmentally sustainable public transportation system in Jammu. These emission-free Tata Motors electric buses are manufactured in India using cutting-edge technology, feature advanced amenities and are powered by state-of-the-art electric power systems. Its design focusses on safety, comfort and convenience, offering Jammu residents reliable and zero-emission intra-city commuting solutions. The delivery of the electric buses is a part of its larger order to supply, maintain and operate 100 electric buses in Srinagar and 100 electric buses in Jammu, for a period 12-years for Jammu and Srinagar Smart City projects.

The fleet was flagged-off by Hon’ble Home Minister and Minister of Cooperation, Govt of India, Shri Amit Shah, in presence of Hon’ble Minister of Heavy Industries, Govt of India, Dr. Mahendra Nath Pandey and Hon'ble Lieutenant Governor of Jammu and Kashmir, Shri Manoj Sinha. The event was attended by esteemed dignitaries, including Hon’ble Member of Parliament, Shri Jugal Kishore Sharma and Gulam Ali Khatana, Shri Ajay Bhalla (IAS), Home Secretary Govt of India, Shri Atal Dulloo (IAS), Chief Secretary Jammu and Kashmir, Ms. Mandeep Kaur (IAS), Commissioner Secretary H&UDD, J&K along with other Administrative Secretaries and delegates from the Government of J&K, Municipal Corporation Jammu, Jammu Smart City Ltd and representatives from Tata Motors.

Commenting on the occasion, Shri Rahul Yadav (IAS), CEO, Jammu Smart City Ltd, said, “Jammu Smart City Ltd is committed to improving transportation in Jammu with the introduction of electric buses. The goal is to enhance mass mobility, providing increased safety and sustainability, along with greater access and convenience for commuters. These advanced buses not only meet rigorous quality standards but also contribute to collective initiatives aimed at improving the city's air quality. Flagging off the Tata Motors' electric bus is in line with Jammu Smart City's commitment to reducing the carbon footprint and improving citizens' quality of life.”

Speaking at the momentous occasion, Mr. Asim Kumar Mukhopadhyay, Chairman, TML Smart City Mobility Solutions (J&K) Pvt Ltd, said, “I’m delighted to witness the flag off of the electric buses in Jammu, following the recent commencement of electric bus operations in Srinagar. Tata Motors has been at the forefront of the electric mobility sector, pioneering advanced innovations in public transportation specifically tailored to address India's unique requirements. Our unparalleled knowledge of sustainable mobility solutions sets us apart, aligning with the government's push for electric vehicles. Electric buses will be a vital addition to Jammu's transportation system, providing numerous benefits that align with the city's health, environmental and economic goals. We eagerly anticipate playing a pivotal role in shaping the future of public transport in Jammu."

Tata Motors has established a strong presence in the Indian electric bus market, having delivered over 1,500 vehicles to various cities across the country. These buses have collectively clocked more than 10 crore kilometers, with an uptime of over 95%, showcasing their reliability and efficiency. The Tata Ultra EV stands out as a revolutionary e-bus that redefines urban commuting. Its fully electric powertrain optimises energy consumption, leading to significant savings in fuel costs and environmental impact. The bus provides a seamless commuting experience with features such as easy boarding, comfortable seating, and driver-friendly controls, all while maintaining zero emissions. For added safety, the Tata Ultra EV is equipped with advanced technologies like electronic stability control, electronic brake distribution, air suspension, Intelligent Transport System (ITS), and a panic button. This commitment to clean and sustainable public transportation makes the Tata Ultra EV an ideal solution for urban passenger needs.

About Tata Motors

Part of the USD 128 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 42 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups,  trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market.

Tata Motors strives to bring new products that captivate the imagination of GenNext customers, fueled by state-of-the-art design and R&D centres located in India, the UK, the US, Italy, and South Korea. By focusing on engineering and tech- enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused on developing pioneering technologies that are both sustainable and suited to the evolving market and customer aspirations. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by developing a tailored product strategy, leveraging the synergy between Group companies and playing an active role in liaising with the Government of India in developing the policy framework.

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors markets its vehicles in Africa, the Middle East, Latin America, Southeast Asia, and the SAARC countries. As of March 31, 2023, Tata Motors’ operations include 88 consolidated subsidiaries, two joint operations, three joint ventures, and numerous equity-accounted associates, including their subsidiaries, over which the company exercises significant influence.

First Time Ever, Entrepreneurs From Skill Ecosystem Honoured As Guests At Republic Day Celebration

Aligned with the vision of the Hon’ble Prime Minister, Shri. Narendra Modi to make Bharat a nation of job creators, Shri Dharmendra Pradhan, Hon’ble Minister of Education, Skill Development and Entrepreneurship, Government of India interacted with over 100 entrepreneurs who have been trained under various skill development institutions like National Institute of Entrepreneurship and Small Business Development (NIESBUD), Indian Institute of Entrepreneurship (IIE) and Skill India’s flagship scheme— Pradhan Mantri Kaushal Vikas Yojana (PMKVY). “This is the first time ever that entrepreneurs from the skill ecosystem are accorded the honor of being guests at the Republic Day celebrations, a testament to the visionary leadership of Hon'ble PM”, said Shri Dharmendra Pradhan.

Shri. Nirmaljit Singh Kalsi, President, National Council for Vocational Education and Training (NCVET), Shri. Atul Kumar Tiwari, Secretary, Ministry of Skill Development and Entrepreneurship (MSDE) and Smt. Trishaljit Sethi, Director General, Directorate General of Training (DGT) also graced the occasion with their presence.

During the event, the entrepreneurs shared insights into how skill training under the Skill India Mission has been instrumental in enhancing their capacities, problem-solving abilities, and establishing unique differentiators for marketing their products. They all extended gratitude towards Hon’ble Prime Minister and the Ministry of Skill Development & Entrepreneurship for providing them with on-the-job training and invaluable industry exposure, empowering them to transform their lives and convert their aspirations into tangible realities.

Shri Dharmendra Pradhan, Hon’ble Minister of Education, Skill Development and Entrepreneurship, Government of India said “Today, I had the privilege of engaging in insightful conversations with the beneficiaries from our skill ecosystem. Witnessing their journey from entrepreneurship to self-reliance is truly inspiring. These small and micro entrepreneurs are set to contribute a new dimension to the country's development journey. Under Modi ji's government, a government dedicated to the poor and deprived, the #ModiGuarantee spans from essentials like food and housing to comprehensive skill development and socio-economic security. Empowering the deprived and weaker sections of society is the cornerstone of this administration, with the common citizen being Modi ji's unwavering priority.”

A few entrepreneurs were also invited on stage to share their experiences, talk about the challenges and elaborate on how with proper skill training under the Skill India Mission, they were able to convert their trials into opportunities. Champions like Shital Tamang, a visionary female entrepreneur from Upper Gom, South Sikkim, is reshaping the country's growth trajectory through her venture- Sikkim Handloom and Handicrafts. With 20 employees under her leadership, Tamang's commitment echoes in changing lives—a true testament to her entrepreneurial spirit.

Likewise, the bold steps taken by entrepreneurs such as Indrajit Sadhukhan were applauded, who established a flourishing business by doing a course in Refrigeration and Air Conditioning in 2020, serving as an inspiration to aspiring entrepreneurs. Amidst the challenges of the COVID-19 pandemic, Mr. Sanjeet showcased exceptional resilience and determination, founding Shree Electrical in 2021, attaining success through skill development. An inspiring story is also of Jyotirmayee Sahu, a female entrepreneur hailing from Odisha. A graduate with a proactive approach towards self-empowerment, pursued a transformative course in Mushroom Grower Entrepreneurship and embarked on a remarkable journey into mushroom cultivation. Jyotirmayee's startup flourished within a span of six months and achieved remarkable success.

Driven by the vision to make entrepreneurial ecosystem more outcome-driven, accessible, and holistic in its approach along with a focus on new-age, industry 4.0 and advanced technologies, several schemes are being introduced to equip entrepreneurs, students and other beneficiaries with relevant knowledge and skills that align with the rapidly evolving needs of the industries. To achieve this, schemes like PM Vishwakarma and a comprehensive digital platform – Skill India Digital (SID) have been launched to bridge the academia and industry gap and develop a range of entrepreneurial skills such as leadership, creative thinking, teamwork and business growth to transition India from 3rd largest to number one start-up ecosystem over the next few years.

The minister also appreciated and encouraged the entrepreneurs for undertaking vocational training, heralding a new dawn in skill development and entrepreneurship ecosystem in India. Entrepreneurs hailing from diverse corners of the nation including states like Odisha, Kerala, Sikkim, Manipur, Delhi, West Bengal, Telangana, and beyond converged the event and are attending the Republic Day Parade today. They all represent several industries like beauty & wellness, handmade, beauty therapist, tailor, sewing machine operator, and computer operator.

In recognizing that skilling India's youth is instrumental for the startup ecosystem, MSDE’s initiatives are poised to create a conducive environment for growth, fuelling job creation, productivity, and efficiency for the betterment of society.

10th IIHM Young Chef Olympiad (YCO) To Witness 60 Participating Countries

* Bengaluru, Hyderabad to host students from 10 countries each

“Over the years people will forget Suborno Bose and Sanjeev Kapoor, but people will remember India and the YCO. When it comes to culinary Excellence through competition the world will look at us and remember the Young Chef Olympiad. IIHM had taken the lead, but it will pass on to India as a country.” – Sanjeev Kapoor, Padma Shri Chef and Global Culinary icon on the importance of YCO in the World’s Culinary History

There could be no better expression of the magnitude and grandeur that the IIHM International Young Chef Olympiad has achieved through a decade of its existence. Such an acknowledgement comes at a time when the world’s biggest culinary Olympiad for student chefs from all over the world, is all set to celebrate a glorious 10th edition this year. The culinary megaevent   that is also a celebration of the multicultural diversity of food from across the borders will be held across six cities of India – Delhi, Pune, Goa, Hyderabad, Bengaluru and Kolkata – from 29th January 2024 to 4th February 2024. YCO 2024 will witness participation of student chefs from over 60 countries, including France, England, Singapore, USA, Spain, Australia, Saudi Arabia, Malaysia, Iran, Turkey and China among others. The IIHM International Young Chef Olympiad 2024 continues to embrace the theme of Sustainability, supporting the UN Sustainable Development Goals (SDGs) while promoting culinary youth diplomacy in its own way to promote unity and inclusivity across the globe. 

Bengaluru will host students from Philippines, UAE, Kenya, Nepal, Fiji, Turkey, Mexico, Sweden, Mauritius and Bulgaria. Hyderabad will host students from Malaysia, Jordan, Iran, Luxembourg, Sri Lanka, Nigeria, Maldives, Armenia, Ireland and Ethiopia. 

The week-long extravaganza, which features an action-packed timetable for the contestants as well as the mentors, is being organized by the International Institute of Hotel Management (IIHM) in partnership with the International Hospitality Council (IHC) London. The contestants will undertake two rounds of culinary challenges in their quest to win the coveted YCO 2024 Champion Trophy and a validation of their skills by globally renowned experts from the food and hospitality industry. YCO 2024 continues to be a significant platform for Sustainability as it continues to embrace the UN Sustainability Development Goals (SDGs) and spreads the message across the world through this mega platform. The YCO 2024 Sustainability Award is another acknowledgement of any work or contribution towards the SDGs by any country or institution from anywhere in the world.  

Talking about YCO 2024, Dr Suborno Bose, the  CEO of International Hospitality Council (IHC) and Founder YCO, said, “Through the course of 10 years, the Young Chef Olympiad has grown from strength to strength and has taken on many worthy causes starting from unity in diversity to the UN Sustainability Development Goals and to the promotion of Millets. Through the immersive experience of the Olympiad, we aim to dismantle barriers and cultivate an environment where dialogue flourishes and friendship blossoms.” 

Culinary Youth Diplomacy is another important aspect of the YCO that has been highlighted through the 10 years of this grand culinary event. Each participant is a representative of his or her country and brings to the platform  a fresh new idea or experience. New friendships and bonds are created through this week-long exchange programme and every one returns with something new. This exchange of culture, brotherhood and ideas is what YCO has always stood for and will continue to showcase in future as well. 

YCO 2024 will begin with the grand Opening Ceremony on 29th January at the Siri Fort in New Delhi. The occasion will be marked by the presence of distinguished culinary and hospitality experts from across the world. The 60 participants dressed in their respective traditional attire will assemble on stage. The Opening ceremony’s highlight is the IIHM Young Chef Olympiad Global Hospitality Congress, a panel discussion where distinguished speakers from across the world will participate. 

The competition rounds will start from 30th January at the IIHM campus kitchens in Delhi, Pune, Goa, Hyderabad and Bengaluru. The top 10 contestants as per the scores of the two rounds will compete in the Grand Finale of YCO 2024 in Kolkata on 3rd  February. The Plate Trophy will also be held on the same day wherein the contestants holding positions 11 to 20 in the first round will compete. An additional round has been introduced this  epic year and it has been named as the Dr Bose Challenge Trophy.  

The Dr Bose Culinary International Challenge 2024 will be a competition for those teams that did not reach the Grand Finale or the Plate Trophy rounds. These countries will be invited to participate in an interesting team event where two participants and their mentors will work and cook together to create a new street food dish for eight people served in sustainable containers and presented to the judges. The YCO panel of senior judges will decide which countries will compete together. Language and communication skills will be fully judged in this round. 

The Olympiad will conclude on 4th February with a closing ceremony, where the YCO 2024 Champion, runners-up, Plate Trophy winner and Dr Bose Challenge winner along with other awardees will be announced. As in other years, YCO  participants will also be competing for other crowns including Best Vegetarian Dish, Best Souffle Pancakes, five Lord Bilimoria of Chelsea Rising Star Awards, three Best Hygienic and Kitchen Practice awards, six Best Ambassador Awards and six Mentor Awards, Kitchen Cut Chef Management Award for the Best Recipe nutritional analysis and recipe costing and many more. 

In keeping with its vision to promote Sustainability and camaraderie the 10th IIHM Young Chef Olympiad 2024 will recognize contestants for the YCO 2024 Sustainability Award. Student teams representing colleges and institutions in their respective countries will have to give a media presentation on any kind of sustainability project that they have been involved in that meets any one of the UN Sustainable Development Goals (SDGs). The Spirit of Young Chef Olympiad International Award is another special award presented to the competitor who displays outstanding personal attributes and skills during the competition period. 

In each of the competition’s rounds, the contestants will be judged on their basic skills, innovation and creativity. Besides, judges will also mark on the cooking technique, along with portioning, presentation, colour and finish of the dishes.

The Grand Finale and Plate Trophy and Dr Bose Challenge Trophy of YCO 2024 will test the contestant’s creativity, innovation, cooking skills and professional good practice in a time bound environment. As in previous years Padma Shri Chef Sanjeev Kapoor will be the Principal Judge and Mentor for YCO 2024 while Prof David Foskett OBE, the legendary hospitality educator and author is Chairman of the Jury. The judging panel includes internationally acclaimed celebrity chef judges including Chief Judge Chef John Wood, a Michelin Star Chef and Founder of KitchenCUT . The panel of senior judges will include Chef Gary MacLean, National Chef of Scotland, Chef Brian Turner CBE famous British Celebrity, Chef Steve Munkley, Chef Chris Galvin Michelin star Chef, Chef Enzo Oliveri the Sicilian Chef, Chef Rahul Akerkar, Chef Mario Perera, Executive Chef of The Dorchester London, Celebrity Chef Ranveer Brar, Chef Dr Parvinder Bali of OCLD, Chef Manjunath Mural, Indian Michelin star from Singapore, Chef Dato’ Abdul Wahab Zamzani, Celebrity Chef from Malaysia and others

Showcasing the multicultural culinary diversity of different countries, YCO 2024 will also bring together the student chefs and chef mentors for the “United World of Young Chefs”. This event will provide a great opportunity for the 60 participating countries to present their national cuisine to a global culinary audience in Kolkata on 1st February, 2024. 

About Young Chef Olympiad (YCO):

Launched in the year 2015, Young Chef Olympiad (YCO) aims to give young student chefs from around the world a platform to showcase their skills and compete at the global level. Through the last five editions of the Olympiad, the world has seen culinary stars been born and dreams been celebrated on the global culinary stage.

Bank of Baroda Raises Rs. 5,000 Crores At A Coupon Of 7.57% P.A. Through The Issuance Of Long-Term Infrastructure Bonds

* The issue received a strong response from investors with a total of 128 bids amounting to Rs. 14,950 Crores

Bank of Baroda (Bank), one of India’s leading public sector banks announced that it has raised Rs. 5,000 Crores through the issuance of Long-Term Infrastructure Bonds. The Bank received a total of 128 bids amounting to Rs. 14,950 Crores against the total issue size of Rs. 5,000 Crores (Base issue of Rs. 1,000 Crores and Greenshoe option to retain oversubscription up to Rs. 4,000 Crores). This translates to ~15 times the base issue size and ~3 times the total issue size. The Bank accepted bids for Rs. 5,000 Crores at a coupon of 7.57% p.a.

The Bank said that the private placement of long-term infrastructure bonds received an overwhelming response, resulting into over subscription which allowed it to price the issue at a competitive 7.57% p.a. This is despite tight liquidity conditions prevalent in the market.

These bonds are senior, unsecured, listed, rated, taxable Bonds, having a fixed maturity of 10 years from the date of allotment.

The allotment of these bonds took place on 25th January, 2024.

The bonds are rated AAA with a Stable outlook by CRISIL and India Ratings.

Kansai Nerolac Transforms The City Of Ayodhya With Shades Of Spirituality And Grandeur

The theme of ‘transformation’ creates a positive atmosphere complimenting the spiritual aura of Ayodhya

Part of the ‘Paint My City’ project in Ayodhya

Kansai Nerolac Paints Limited (KNPL), one of India's leading paint companies, announces the successful completion of a monumental project – the painting of the 16-kilometre Ayodhya Dham stretch, as part of the Paint My City project. This significant endeavour includes painting of the revered Ram Path, Bhakti Path and Janmbhumi Path, symbolically leading to the sacred site of the Ram Mandir. Kansai Nerolac took on the responsibility, with due approval from Ayodhya Development Authority, to enhance the visual appeal of the surroundings and creating a fitting atmosphere for the historic occasion of the Ram Mandir inauguration.

The 16-kilometer stretch has undergone a meticulous painting process, depicting the essence of spirituality, culture, and reverence that surrounds Ayodhya Dham. It has crafted a visual narrative on the roads, with each stroke and colour capturing the rich tapestry of Ayodhya's cultural heritage. With more than 300 individuals involved including contractors, architects and painters, this was one of the momentous projects carried out by Kansai Nerolac.

The colour palette used, which consists of exclusive Nerolac shades of Fantan (Code: 2079P), Caramel (Code: 2753T) and Linen Cream (Code: 2742P), compliments the spiritual aura of Ayodhya, enhancing the aesthetic appeal of the entire stretch. The project aims to create an immersive experience for pilgrims and visitors alike, setting the tone for the spiritual journey towards the Ram Mandir.

With the theme of ‘Transformation’, the intent was to use paint products that create a positive atmosphere with colour and art. Utilising cutting-edge paint technology, Kansai Nerolac will ensure durability and longevity of the paintwork, offering protection against weathering and environmental factors.

With a legacy of 100 years, Kansai Nerolac has been a part of cultural growth and development of India. With the completion of the Ayodhya Dham Project, they have added another feather to the cap. In the coming months, the company will work closely with the government body for the next phases of development and beautification of Ayodhya.

SBI Card Registers 30% YoY Revenue Growth In Q3 FY24; Revenue At Rs 4,742 Cr; PAT At Rs 549 Cr

The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Q3 FY24 and 9 months ended December 31, 2023, at their meeting.

Performance Highlights Q3 FY24

Total Revenue increased by 30% YoY at Rs 4,742 Cr in Q3 FY24 v/s Rs 3,656 Cr in Q3 FY23

PAT increased by 8% YoY at Rs 549 Cr in Q3 FY24 v/s Rs 509 Cr in Q3 FY23

ROAA at 4.1% in Q3 FY24 v/s 4.8% in Q3 FY23

ROAE at 19.2% in Q3 FY24 v/s 22.0% in Q3 FY23

Capital Adequacy Ratio at 18.4%; Tier 1 at 16.3%

Business Highlights

New accounts volume down by 33% at 1,096K in Q3 FY24 v/s 1,634K in Q3 FY23

Cards-in-force grew by 16% at 1.85 Cr as of Q3 FY24 v/s 1.59 Cr as of Q3 FY23

Spends grew by 41% at Rs 96,860 Cr in Q3 FY24 v/s Rs 68,835 Cr in Q3 FY23

Receivables grew by 26% at Rs 48,850 Cr in Q3 FY24 v/s Rs 38,626 Cr in Q3 FY23

Market share for FY24 Card-in-force 18.9% (FY23: 19.7%), Spends 18.3% (FY23: 18.2%) #2 for both, Cards-in-force and spends, in industry

Profit & Loss Account for the Quarter ended December 31, 2023

Total income increased by 30% at Rs 4,742 Cr in Q3 FY24 v/s Rs 3,656 Cr in Q3 FY23. This movement was a result of the following key factors:

Interest income increased by 29% at Rs 2,082 Cr in Q3 FY24 v/s Rs 1,609 Cr in Q3 FY23

Non-Interest Income (Fees, Commission & others) increased by 34% at Rs 2,539 Cr in Q3 FY24 v/s Rs 1,898 Cr in Q3 FY23

Finance costs increased by 50% at Rs 695 Cr in Q3 FY24 v/s Rs 464 Cr in Q3 FY23

Total Operating cost increased by 23% at Rs 2,426 Cr in Q3 FY24 from Rs 1,974 Cr in Q3 FY23

Earnings before credit costs increased by 33% at Rs 1,620 Cr in Q3 FY24 v/s Rs 1,217 Cr in Q3 FY23

Impairment on financial instruments increased by 66% at Rs 883 Cr in Q3 FY24 v/s Rs 533 Cr in Q3 FY23

Profit after tax increased by 8% at Rs 549 Cr in Q3 FY24 v/s Rs 509 Cr in Q3 FY23

Profit & Loss Account for the 9 months ended December 31, 2023

Total income increased by 25% at Rs 13,009 Cr in 9M FY24 v/s Rs 10,372 Cr in 9M FY23. This movement was a result of the following key factors:

Interest income increased by 29% at Rs 5,788 Cr in 9M FY24 v/s Rs 4,481 Cr in 9M FY23

Non-Interest Income (Fees, Commission & others) increased by 26% at Rs 6,832 Cr in 9M FY24 v/s Rs 5,424 Cr in 9M FY23

Finance costs increased by 64% to Rs 1,871 Cr in 9M FY24 v/s Rs 1,140 Cr in 9M FY23

Total Operating cost increased by 18% at Rs 6,451 Cr in 9M FY24 v/s Rs 5,472 Cr in 9M FY23

Earnings before credit cost increased by 25% at Rs 4,687 Cr in 9M FY24 v/s Rs 3,760 Cr in 9M FY23  

Impairment on financial instruments increased by 53% at Rs 2,343 Cr in 9M FY24 v/s Rs 1,529 Cr in 9M FY23

Profit after tax increased by 5% to Rs 1,745 Cr in 9M FY24 vs Rs 1,662 Cr in 9M FY23

Balance Sheet as of December 31, 2023

Total Balance Sheet size as of December 31, 2023, at Rs 55,576 Cr as against Rs 45,546 Cr as of March 31, 2023

Total Gross Advances (Credit card receivables) as of December 31, 2023, at Rs 48,850 Cr, as against Rs 40,722 Cr as of March 31, 2023

Net worth as of December 31, 2023, at Rs 11,724 Cr as against Rs 9,902 Cr as of March 31, 2023

Asset Quality

The Gross non-performing assets were at 2.64% of gross advances as of December 31, 2023, as against 2.35% as of March 31, 2023. Net non-performing assets were at 0.96% as of December 31, 2023, as against 0.87% as of March 31, 2023.

Capital Adequacy

As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of Tier I and Tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of December 31, 2023, Company’s CRAR was 18.4% compared to 23.1% as of March 31, 2023.

The Tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 16.3% as of December 31, 2023, compared to 20.4% as of March 31, 2023.

Rating

CRISIL Long Term         -             AAA/Stable

CRISIL Short Term        -             A1+

ICRA Long Term           -             AAA/Stable

ICRA Short Term          -             A1+