MobiKwik Introduces Pocket UPI To Facilitate UPI Payments Without Linking Bank Account

* Users can make UPI payments directly from MobiKwik Wallet

* Strengthens security aspect by limiting repetitive exposure to bank account

ONE MOBIKWIK SYSTEMS LIMITED (MobiKwik), a fintech company, introduced a new feature on its platform, ‘Pocket UPI’, that enables users to have an enhanced control over budgeting and finance management. Pocket UPI allows users to make UPI payments through MobiKwik Wallet without linking their bank account and therefore, giving more power in the hands of the users with an additional choice while they make UPI payments. 

Pocket UPI aids in decluttering bank statements by consolidating all UPI transactions, thereby offering a clearer insight into spending habits. Currently, with UPI directly linked to bank accounts, users often overlook minor and recurring expenses.

Users can load their Wallet with the amount they need to spend and then top up again as required. The platform supports balance loading through credit cards, debit cards or UPI. It accepts card payments from any network, including RuPay, Visa, American Express, and Diners Club. Payments via Pocket UPI can flow across various channels, such as merchant QR codes, e-commerce platforms and peer-to-peer transfers.

Pocket UPI safeguards users from compromised transactions and financial fraud by transferring funds from the MobiKwik Wallet rather than their bank account, thus limiting exposure when making financial transactions.

Speaking on the occasion, Bipin Preet Singh, Co-founder & CEO, MobiKwik, shared, “Fintech is a dynamic sector that needs consistent innovation to meet the demands of users. With Pocket UPI, we believe that we have added new features to the digital wallet.”

“By linking UPI directly to bank accounts, users often neglect minor expenses. Pocket UPI streamlines finances by consolidating multiple small transactions into a single wallet, providing users with a powerful tool to manage their finances effectively,” he added.

Here is how to make UPI payments using Pocket UPI:

To start using Pocket UPI, users must first create their unique wallet UPI ID on the MobiKwik platform. Existing MobiKwik Wallet users can already make use of this feature.

Add funds to the MobiKwik Wallet through a debit card, credit card or a bank account.

Once the wallet is loaded, simply start making UPI payments with your Wallet balance.

Pocket UPI is able to process payments even during bank downtimes to ensure that users can make timely payments round the clock, thus enhancing the reliability and convenience of digital payments.

About MobiKwik

MobiKwik is a fintech company that is a comprehensive provider of financial products and services. MobiKwik is a platform business with two-sided payments network, consisting of consumers and merchants.

Founded in 2008 by Bipin Preet Singh, MobiKwik has grown to serve over 146.94 million registered users with a merchant network of 3.81 million as of September 30, 2023.

A Silent ‘White Revolution’ Led By Tata Motors’ Transforms Lives In Gujarat

* Dairy Development Initiative Helps Empowers More Than 1600 Women In Rural Gujarat

In a remarkable collaboration, Tata Motors, the Ahmedabad District Co-operative Milk Producers Union Limited and the Gujarat Dairy Development Board, have ignited a new ‘White Revolution’ in and around Sanand. The initiative has catalysed a socio-economic transformation for the beneficiaries, enriching their lives with improved access to education and healthcare facilities, and elevating their status within the community. By leveraging technology and cooperatives, more than 1600 women from the distant regions of Sanand have brought about a remarkable change in the social and economic conditions of rural Gujarat.

India, the world’s largest milk producer, has a low per capita yield. Dairy farming, traditionally led by women from the Bharwar and Koli Patel communities in Sanand, serves as a supplementary income source. These women, often gifted a cow or buffalo as a wedding present, handle the entire dairy farming value chain, from fodder to milk sales.

Tata Motors, a few years ago, introduced these women to the benefits of cooperatives and technology to enhance their dairy output and income. This strategic intervention led to the introduction of Automated Milk Collection Systems and Bulk Milk Chilling Units, transforming the lives of over 4496 cooperative members across 32 villages. In addition to establishing infrastructure, Tata Motors has played a pivotal role in imparting essential training, thereby instilling hope and promoting sustainability within these communities.

Increased income has empowered these women to send their children to school and aspire for better opportunities. They have also improved maternal and child mortality rates by focusing on antenatal care. Tata Motors’ dairy development initiative has significantly improved the quality of life in these communities.

Mr. Vinod Kulkarni, CSR Head at Tata Motors, underscores, "Our mission at Tata Motors transcends beyond the confines of mere project execution. We see ourselves as catalysts for enduring change and growth within the communities we are privileged to serve. Our dairy initiatives exemplify our unwavering commitment to fostering hope and transformation. We are dedicated to continually nurturing a positive impact, empowering the society at its core. Our strategic partnership with Ahmedabad District Co-operative Milk Producers Union Limited and Gujarat Dairy Development Board is instrumental in propelling these transformative endeavours, empowering us to make a significant difference."

Mr. Hemant B Patel, Ahmedabad District Cooperative Milk Producers Union Limited, highlighted, "Tata Motors has been a cornerstone in our community. Their unwavering commitment and cutting-edge technological advancements have not only boosted the local economy but also cultivated a spirit of collaboration. This partnership transcends the enhancement of the dairy industry; it actively generates sustainable opportunities for our communities, steering positive economic transformation in the region.

Through strategic collaborations, relentless support, and a vision for sustainable growth, this initiative continues to be a beacon of hope for rural communities.

MAHE And Involution Health Care Forge Strategic Partnership To Advance Healthcare Innovation

In a significant move to bolster healthcare innovation, the Manipal Academy of Higher Education (MAHE), Manipal, has joined forces with Involution Healthcare Pvt Ltd. Bengaluru, through a Memorandum of Understanding (MoU) signed on February 27th 2024. This landmark partnership is set to pave the way for collaborative research, specific projects of mutual interest, internship opportunities, placement offers, and joint research programs.

The MoU was ceremonially signed by Dr Giridhar P Kini, Registrar of Manipal Academy of Higher Education, and Mr Gaurav Agarwal, Managing Director of Involution Health Care, Bangalore. The signing was witnessed by an esteemed gathering including Lt. Gen. Dr M D Venkatesh, Vice Chancellor of MAHE; Dr Narayana Sabhahit, Pro-Vice Chancellor Technical & Science, MAHE; Commander (Dr) Anil Rana, Director of Manipal Institute of Technology (MIT); Dr Somashekara Bhat, Joint Director of MIT; Dr Harish Kumar, Director of Corporate Relations, MAHE; Dr Arum Maiya, Dean of MCHP; Dr G Muralidhar Bairy, HOD Biomedical Engineering, MIT; Dr Niranjana S, Professor of BME; along with other dignitaries from both organizations.

The MoU encompasses a commitment to engage in a broad spectrum of research activities, particularly in the cardiac space, aligning with the United Nations Sustainable Development Goals (SDGs). This collaboration marks a transformative partnership that is anticipated to lead to significant advancements in research, innovation, and technological progress in healthcare.

The Manipal Academy of Higher Education is enthusiastic about this partnership with Innvolution Health Care, reflecting a shared commitment to fostering groundbreaking solutions across various industries, with a special focus on healthcare. This collaboration aims to bridge the gap between academia and industry, facilitating both basic and translational research, thereby contributing to the development of innovative healthcare solutions.

NABARD And NRLM Sign A Landmark MoU For The Benefit of Women SHGs

Marking a strategic alliance to benefit rural women SHGs, NABARD and the National Rural Livelihood Mission (DAY-NRLM) under the Ministry of Rural Development, GoI inked a landmark MoU on 27 February 2024 in NABARD’s Head Office, Mumbai. The comprehensive MoU which covers a period of 3 years, seeks to harmonize NABARD’s role of enabler and facilitator in the SHG ecosystem since inception of the movement, with the transformative goal of NRLM to promote women led development in rural areas by leveraging on the unique strengths of both entities. The MoU was signed by Shri Charanjit Singh, Additional Secretary, (Rural Livelihoods), MoRD, Govt. of India on behalf of NRLM while Shri Ajay K. Sood, Deputy Managing Director, signed for NABARD, in the presence of Shri Shaji K.V., Chairman and Shri G.S. Rawat, Deputy Managing Director, NABARD. Others present included Smt. L. Leivang, CGM, NABARD and NRLM officials.

DAY-NRLM will engage with respective State/UT Rural Livelihood Missions to facilitate their participation as Project Implementing Agencies with the Regional offices of NABARD in each state/UT under NABARD’s niche development schemes for capacity building, skilling & entrepreneurship training of matured women SHGs in the spirit of the Lakhpati Didi Scheme objectives, physical and online marketing support schemes, graduation of SHG clusters to Producer Organizations both in farm and non-farm sectors for sustainable economic activities and promotion of climate resilient agriculture for women SHGs, livelihood interventions to women SHGs in NABARD’s Wadi and Watershed development project areas along with deepening of financial inclusion.  The MoU further aims to develop pilots in digital transactions of SHG federations to usher in transparency and efficiency with quick TAT for members, besides exploring options to facilitate deployment of women SHG members as business correspondents of banks.

About NABARD:

The National Bank for Agriculture and Rural Development (NABARD) is an apex development financial institution in India. Established on 12 July 1982, with headquarters in Mumbai, NABARD operates with a mission to promote sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institutional development, and other innovative initiatives. NABARD plays a crucial role in fostering rural development, empowering farmers, and catalyzing the growth of the rural economy..

Union Bank of India Partners With Maruti Suzuki India Ltd For Inventory Funding

Union Bank of India announced signing of Memorandum of Understanding (MoU) with Maruti Suzuki India Limited for Inventory Funding.

The MoU was executed today at the Bank’s Head Quarters in the presence of dignitaries from Union Bank of India & Maruti Suzuki India Ltd. Union Bank of India will be offering comprehensive range of products through a digital journey in a fully automated platform supporting dealers through its wide network. Bank will be providing Inventory Funding options for working capital requirements to Maruti Suzuki Dealers covering their sales outlets across the country.

Speaking on the occasion, Ms A Manimekhalai, MD&CEO, Union Bank of India, said, “As one of the largest Public Sector Banks, we are delighted to partner with Maruti Suzuki India Limited (MSIL) – the leading car manufacturer in the country. The MoU is surely a big step towards providing vital inventory funding support to Maruti Suzuki's extensive dealer network seamlessly across the country, reinforcing our dedication to empower businesses through innovative financial products. Dealer finance stands as a cornerstone of our commitment to dealerships, offering a suite of tailored financial solutions. We empower dealers to optimize their operations, enhance their competitiveness, and unlock new growth opportunities by providing timely access & flexible financing options.”

Speaking on the partnership, Mr. Shashank Srivastava, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, “As a company, we take pride in the robust dealer network which truly forms the bedrock of our business. We are committed to support our dealers in ensuring their readiness as per evolving customer and market needs. Our collaboration with Union Bank of India will focus on innovative financing solutions for inventory funding for our dealer partners. This strategic alliance reinforces our long-term association with Union Bank of India leveraging the strength of both the MSIL and Union Bank of India to offer tailored retail finance products and end-to-end working capital solutions, thus marking a significant milestone for both the organisations.”

About Union Bank of India

Union Bank of India is one of the leading public sector banks of the country. The Bank is a listed entity and the Government of India holds 74.76 percent in Bank's total share capital. The Bank, having its headquarters at Mumbai (India), was registered on November 11, 1919 as a limited company. Today, it has a network of 8450+ domestic branches, 9800+ ATMs, 76300+ employee and 18900+ BC Points. The Bank's total business as of 31st December 2023 stood at Rs.20,68,429 crore, comprising Rs.11,72,455 crore of deposits and Rs.8,95,974 crore of advances as of 31st December 2023. The Bank also has two branches overseas at Dubai International Financial Centre (UAE) & Sydney (Australia); one banking subsidiary at London (UK); one banking joint venture in Malaysia; four para-banking subsidiaries (domestic); three joint ventures(including two in life insurance business) and one associate - Chaitanya Godavari Gramin Bank. Union Bank of India is the first large public sector bank in the country to have implemented 100% core banking solution. The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources.

Edelweiss Tokio Life Launches Legacy Plus, An innovative Family Proposition

* Life cover for 2, and income lasting 3 generations packed into 1 product

Guided by the customer need for a comprehensive family proposition, Edelweiss Tokio Life Insurance has launched Legacy Plus, an innovative participating product that offers life cover for 2 and income lasting 3 generations through a single product.

The product offers an effective way of providing for multiple customer needs including child financial planning, legacy planning, and any emergent needs during its tenure. With a view to providing flexibility and liquidity, the product includes an Accrual of Survival Benefit (optional) feature and early income.

Commenting on the new product, Subhrajit Mukhopadhyay, Executive Director, Edelweiss Tokio Life Insurance said, “An average person typically has 3-4 basic concerns – child’s future, retirement, legacy, any potential contingencies, etc. They want a simple and flexible financial solution to provide for all these needs. Through Legacy Plus, our objective was to provide such a solution to the customer, wherein they can find the means to fulfil multiple aspirations effectively and offer the peace of mind to the entire family that their financial needs are taken care of through a single product.”    

Legacy Plus extends personalization to the entire family unit through its optional feature Accrual of Survival Benefit, wherein a policyholder can either withdraw or accumulate income as per their requirements. The product also allows a partial withdrawal of the accumulated corpus as per the financial needs of the policyholder or family.

The product boasts liquidity through its option of Early Income, which offers income to the policyholder from the end of first year of the policy.

The product boasts legacy in its true sense through its benefit of Income till 100 years of age. The plan offers income until the end of policy tenure, even in case of the demise of either the Primary or Secondary life insured. This guarantees that at least 3 generations of a family can benefit from the income payout of this plan.

“We have a demonstrated history of bringing innovative and relevant products to the market which have resonated with the customers. These products are backed by robust investment expertise, as reflected in our consistent record of bonus payouts for the last 10 consecutive years,” Mukhopadhyay added.

Legacy Plus offers 2 base plan options:

·         Lifelong Income Option: Income till 100 years of age, annual cash bonus (if declared), and a survival/death benefit.

·         Family Secure Option: A joint life cover with the primary life insured being an adult, and the secondary a child, 2 death benefits payable, income till 100 years of age, annual cash bonus (if declared). In case of the death of the Primary Insured, the premium is waived off, policy remains in-force and the income continues till 100 years age of primary insured.

The plan can be enhanced by adding optional features like Accrual of Survival Benefit and additional riders like Waiver of Premium, Payor Waiver Benefit and more. 

About Edelweiss Tokio Life Insurance

Edelweiss Tokio Life Insurance established nationwide operations in July 2011 with an immovable focus on protecting people’s dreams and aspirations. Guided by customer insights, Edelweiss Tokio Life has been offering need-based and innovative life insurance solutions to help customers live their #ZindagiUnlimited. With a customer-centric approach, the company endeavours to build a multi-channel distribution network to effectively serve its customers across the country. As of March 2023, the life insurer has established 109 branches in 88 major cities.

Awards:

Edelweiss Tokio Life Insurance has been recognized at multiple and reputed industry forums over the years. Here are some noteworthy awards:

·         Ranked #38 in India's Best Companies to Work For 2023 and has received 6 other recognitions in a single year by the Great Place to Work Institute

·         Most Trusted BFSI Brands in 2023-2024 by the Marksmen Network

·         Employee Excellence Award 2023 by The Economic Times

·         Golden Peacock Award 2023 for Risk Management

·         Excellence in Customer Experience at The Economic Times CX Summit 2022

·         GUINNESS WORLD RECORDS title for collecting the highest number of pledges for organ donation in a single day.

To learn more about Edelweiss Tokio Life Insurance, visit www.edelweisstokio.in   

BPCL & GAIL Hosts Compressed Biogas Workshop In Bengaluru

Bharat Petroleum Corporation Limited (BPCL), a leading Fortune 500 Maharatna Energy Conglomerate, in collaboration with the Ministry of Petroleum & Natural Gas and GAIL, hosted a comprehensive workshop aimed at advancing the adoption of Compressed Biogas (CBG) as a sustainable energy solution. The event took place on 26th February, 2024 at the Renaissance Bengaluru Race Course Hotel in Bengaluru, Karnataka.

The workshop, held under the initiative of the Ministry of Petroleum & Natural Gas, facilitated open dialogue among stakeholders, including bank officials, CBG producers, entrepreneurs, technology providers, and representatives from various organizations such as the World Bank, Indian Biogas Association, and Oil and Gas marketing companies. The discussions centered around the pivotal role of CBG in India's energy transition, emphasizing its significance as a green fuel and its contribution to the SATAT (Sustainable Alternative Towards Affordable Transportation) initiative.

The workshop will be followed by a visit to a CBG plant scheduled for today, February 27, 2024, providing participants with firsthand experience and insights into CBG production processes. This hands-on approach aimed to further enhance understanding and collaboration in the CBG sector.

Shri Anurag Saraogi, CGM Biofuels, BPCL, mentioned in his speech "In our pursuit of a cleaner, greener future, today's workshop in Bangalore, hosted by BPCL under the Ministry of Petroleum & Natural Gas, is pivotal. We're sensitizing bank officials about financing Compressed Biogas (CBG) projects, vital for advancing sustainable energy solutions. Through insightful discussions, we aim to deepen their understanding of CBG's potential. CBG, with properties similar to CNG, holds promise in replacing it across sectors. With abundant organic waste, scaling up CBG production is crucial for a cleaner future. This workshop serves as a crucial platform to explore these opportunities. Together, we're committed to driving positive change and embracing sustainable energy solutions."

Shri Arun Kumar, Director of the Ministry of Petroleum & Natural Gas, highlighted the critical importance of CBG in achieving net-zero emissions by 2070, underscoring the government's commitment to sustainable energy solutions. The workshop delved into key aspects of CBG projects, including financing, technical evaluation, financial modeling, and best practices in project implementation.

In his keynote address, Shri Ramesh Krishna, Under Secretary of the Ministry of Petroleum & Natural Gas, emphasized India's strategic vision for sustainable energy solutions and the pivotal role of Compressed Biogas (CBG) in achieving these objectives. Highlighting the government's commitment to environmental stewardship, Shri Krishna reiterated Prime Minister Shri Narendra Modi's five-fold commitment towards climate action, including ambitious targets for non-fossil energy capacity and carbon emissions reduction. The workshop served as a crucial platform to align stakeholders with these national priorities, fostering collaboration and innovation to propel the CBG sector forward. Shri Krishna urged participants to actively engage in discussions and contribute their expertise to address challenges and seize opportunities in advancing CBG projects across the country.

Distinguished speakers at the event included Shri Ramesh Krishna, Under Secretary of the Ministry of Petroleum & Natural Gas; Mr. Vibhor Srivastava, MoPNG; Mr. Bikas, Scientist from MNRE; and Mr. Subhashish Parida, DDWS. Additionally, Shri Anurag Saraogi, CGM Biofuels, BPCL, and Shri Anoop Taneja, State Head, Karnataka Retail, BPCL, were present along with their team members, showcasing BPCL's commitment to advancing sustainable energy solutions.

The event served as a platform for fruitful discussions, exchange of insights, and collaboration opportunities to accelerate the adoption and utilization of CBG as a sustainable energy source in India. BPCL remains dedicated to supporting initiatives that promote environmental sustainability and energy security.

About Bharat Petroleum Corporation Ltd. (BPCL):

Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the club of companies having greater operational & financial autonomy.

Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, energy stations, aviation service stations and LPG distributors. Its distribution network comprises over 21,000 Energy Stations, over 6,200 LPG distributorships, 525 Lubes distributorships, and 123 POL storage locations, 53 LPG Bottling Plants, 70 Aviation Service Stations, 4 Lube blending plants and 4 cross-country pipelines as on 30.09.2023.

Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 energy stations over next 5 years.

With a focus on sustainable solutions, the company is developing an ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions. Bharat Petroleum has been partnering communities by supporting several initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be an admired global energy company leveraging talent, innovation & technology.