Kotak Launches ‘Smart Choice’ Gold Loans For Aspirational Consumers

* Fixed Monthly Interest Rate of 0.88%, Same-day Disbursement, Foreclosing Options on Offer

* Launch led by a Multimedia Advertising Campaign

Kotak Mahindra Bank Limited ("KMBL" / "Kotak") today announced the launch of Smart Choice Gold Loan, a smarter solution for Aspirational customers. With 5 key features, Kotak Smart Choice Gold Loans offer a compelling alternative to conventional credit options. The key features include fixed monthly interest rate as low as 0.88%, NIL processing fee*, same-day disbursement**, flexible repayment options, and minimal documentation.

According to a World Gold Council report, Indian households have 27,000 tonnes of gold. Further, CIBIL data from Dec ‘23 shows gold loan industry advances at Rs 7.15 lakh crore, which has grown at CAGR of 19% for the last 3 years. Soaring gold prices and easier availability of gold loan from banks and NBFCs have led to a growing number of consumers unlocking the value of their gold jewellery to meet their credit needs.

Kotak ‘Smart Choice’ Gold Loan was developed basis consumer research gathered by the Bank. It highlighted the need for a product that offers consumers the maximum value and flexibility to meet their credit needs.

Unlike other credit products which have stringent eligibility criteria, gold loan has a simpler application & disbursal process. By utilising gold as a collateral, borrowers can enjoy lower interest rates compared to conventional credit, translating to savings during the course of the loan tenure.

Shripad Jadhav, President – Retail Agriculture and Gold Loans, Kotak Mahindra Bank said, “Gold loans are a versatile financial product and cater to a wide range of consumer needs. Easy accessibility, same day processing, attractive pricing, and the security of gold jewellery contribute to its appeal among aspirational consumers. As a result, an increasing number of individuals are considering gold loans as a cost-effective option comparable to other credit products, indicating a shifting trend in consumer financial behaviour. Kotak ‘Smart Choice’ Gold loans can serve as an easy and reliable financial tool to bridge the gap between aspirations and reality.”

The product launch will be led by a new multimedia advertising campaign starting March 1st, 2024. In the first phase, the campaign will go live across TV, Digital and Social Media platforms in Maharashtra and Karnataka.

Advantages of Kotak ‘Smart Choice’ Gold Loan:

• Same-day disbursement**

• Minimal documentation up to Rs 25 lakh

• Less expensive in comparison to other comparable loan products

• Flexible repayment options – choose from monthly, quarterly or half-yearly interest payments

• Gold jewellery remains safe with the Bank. 

• Available at a branch near you – 1348 branches located in 301 cities across the country

Rohit Bhasin, President, Head - Retail Liabilities Product and Chief Marketing Officer, Kotak Mahindra Bank, said, “Consumers today are aspirational in their outlook and value-conscious in their approach towards credit. As a smart & safe option, gold loans perfectly match the needs of consumers looking to finance their aspirations. Our advertising campaign aims to communicate these very benefits alongside the value and utility of gold loans to the savvy consumer, highlighting the pricing, convenience and safety of Kotak ‘Smart Choice’ Gold loans across various use cases.”

The TVC showcases individuals desperately searching for ways and means to take a loan even when a smarter way to get a loan is right there with him – gold jewellery. Through captivating storytelling that resonates with audiences across demographics, Kotak highlights the simplicity and convenience of obtaining a gold loan, positioning it as a viable option for consumers seeking quick and hassle-free financial assistance.

The Modi Government Is Making Efforts To Transform The Cooperative Movement Into A People's Movement

The spirit of "Cooperation among Cooperatives" will strengthen the cooperative movement.

Union Home and Cooperation Minister Amit Shah inaugurated the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC), the umbrella organization of urban cooperative banks, in New Delhi today. On this occasion, Amit Shah stressed on strengthening the spirit of Cooperation among Cooperatives.

In his address, Amit Shah said that unless the strength to promote cooperation and mutual progress among cooperative institutions is provided, we cannot move forward.

He mentioned that after nearly 20 years of struggle, today the establishment of the NUCFDC is taking place, and this is a very auspicious day for all of us. The Union Cooperative Minister said earlier the Cooperative Ministry and the cooperative sector were scattered among many ministries. He mentioned that Prime Minister Narendra Modi, after 75 years of independence, has established a separate Ministry of Cooperation, breathing new life into the cooperative sector. He stated that the cooperative movement has been given an umbrella, in the form of the Ministry of Cooperation.

Amit Shah added that for 125 years, the cooperative sector struggled and preserved its existence, but now, with the support of the government system, it will progress rapidly and achieve respect in the country's economy. He mentioned that efforts are being made to transform the cooperative movement into a people's movement. Minister of Cooperation emphasized that in a vast country like India, the parameter of development cannot be just numbers, it should be judged through a significant parameter of how many people participate in the country's development.

Amit Shah said that this umbrella organization was a necessity of the time and marks a new beginning for self-regulation. He said that after the formation of this organization, the development of Urban Cooperative Banks in the country will increase manifold. He emphasized the crucial need for our credibility it is very necessary that we upgrade ourselves and adhere to all the regulations of the Reserve Bank of India. He stated that if we fail to do so, we will not be able to sustain the competition in the times to come. Amit Shah highlighted a major role for the umbrella organization, which is to prepare small banks for compliance with the BR Act. He said that our goal should be to open urban cooperative banks in every city as we move forward.

The Union Home and Cooperation Minister said that the umbrella organization should establish a system for converting credit societies that perform well in cooperative finance into banks. He mentioned that one of the objectives of NUCFDC should be to expand the services and numbers of credit societies and urban cooperative banks. There is a need to create a time-bound program on how to establish an Urban Cooperative Banks in every city. He said that to keep the cooperative movement alive, it must be made relevant and expanded. The umbrella organization will provide various facilities to small banks, facilitate dialogue between banks and regulators, and work on improving communication. He emphasized that the organization needs to work on making our boundaries broad and inclusive. He stated that if we want to expand the cooperative movement, it is the responsibility of the umbrella organization to strengthen urban cooperative banks.

Amit Shah said that it is essential to establish a clearing system for Urban Cooperative Banks to conduct business across the country. He mentioned that we currently have a collective strength of 11,000 branches of 1,500 banks, with deposits of 5 lakh crore rupees and loans totaling 3.50 lakh crore rupees. Amit Shah said that this is a significant strength, and the goal should not only be to enhance it but also to collectively utilize it to strengthen the entire Urban Cooperative Banks system. He added that the Urban Cooperative Banks in the country have reduced their Net NPA rate to 2.10% and there is a need for further improvement. He emphasized that the umbrella organization should work hard over the next three years to lay its foundation.

The union Home minister and Minister of Cooperation stated that the organization inaugurated today is not just an umbrella organization but also a gateway to solve all our problems. He mentioned that the only way to progress in the lives of the common people is through Urban Cooperative Banks. He said that when the Prime Minister talks about becoming the world's third-largest economy, it reflects his belief that economic development should be inclusive and comprehensive. He emphasized that if we want to move forward with this concept, we need to promote youth and startups in every village and city, and there is no way other than UCBs for this. Amit Shah said that this umbrella organization for Urban Cooperative Banks is a security shield for small banks, which will increase the confidence of our depositors, and in the coming days, there will be further progress in our work.

IIIT-B And Software Development Institute, Indian Air Force Partners For Cutting-Edge R&D And Innovation

The International Institute of Information Technology Bangalore (IIIT-B) and the Software Development Institute (SDI) of the Indian Air Force (IAF) have announced a strategic partnership aimed at driving ground-breaking research and development activities while fostering the creation of innovative products and processes.

Speaking about the partnership, Prof.  Debabrata Das, Director, IIIT-B, said, "The Memorandum of Understanding (MoU) between IIIT-B and SDI marks a pivotal collaboration aimed at driving innovation in waveform design. With a shared commitment to advancing telecommunications technology, both entities will pool their expertise to meticulously craft and optimize cutting-edge waveforms that will redefine the performance and efficiency of airborne systems. "

Air Vice Marshal KN Santhosh, VSM, Commandant SDI, said, “Teaming up with IIIT-B represents a significant milestone for us. By leveraging a combination of IIIT-B’s proficiency in cutting edge R&D activities and SDI’s excellence in software development, the collaboration is poised to introduce ground-breaking advancements in waveform design.”

IIIT-B, a premier institution renowned for its excellence in research, education, and training, is extending its expertise to collaborate with SDI, a critical unit within the Indian Air Force responsible for software development tasks related to avionics software systems and integration. SDI also plays a pivotal role in providing specialized training to selected officers of the IAF.

The Memorandum of Understanding (MoU) signed between IIIT-B and SDI delineates a comprehensive collaboration framework, emphasizing key areas such as state-of-the-art research and development and tailor-made training programs directed by SDI. The primary objective is to equip the Indian Air Force with the knowledge and capabilities needed to accelerate the pace of innovations in the field.

As a tangible manifestation of this collaborative spirit, IIIT-B has committed to initiating a specialized training program titled "Communication Theory and DSP for Waveform Design." This program, designed for IAF personnel nominated by SDI, will be spearheaded by the esteemed Prof. Prem Singh from IIIT-B Bangalore. Prof. Prem Singh, an expert in 5G and Beyond Waveform Design, brings a wealth of knowledge and experience to guide the participants through cutting-edge advancements in the telecommunications domain.

The collaboration between IIIT-B and SDI is anticipated to yield unprecedented advancements, addressing the dynamic demands of the ever-evolving telecommunications landscape. Both institutions are confident that this partnership will not only enhance the capabilities of the Indian Air Force but also contribute to the broader technological landscape of the nation.

About IIIT-Bangalore

IIIT-Bangalore is a premier institute dedicated to undergraduate and postgraduate programs specializing in Computer Science and Engineering (CSE), Electronics and Communication Engineering (ECE), IT for Society, and broader fields of IT and research. Situated in the heart of Electronic City, Bangalore, it holds a prominent position in the academic landscape. IIIT-Bangalore is graded A+ by National Assessment and Accreditation Council (NAAC). In the National Institutional Ranking Framework (NIRF) for 2022, IIIT-B has secured 74th ranking. The institute was ranked number 1 among India's Best Technical Universities (Private) by India Today. IIIT-Bangalore contains state-of-the-art infrastructure, eminently qualified faculty, a vibrant alumni community, cutting-edge research facilities, and close industry collaborations.

The institute’s specially designed courses make the students’ cognizant of the current technologies. Experiential learning and practices followed in the institute equip them with the tools and knowledge to solve contemporary real problems. IIIT-Bangalore has consistently achieved excellent placement records every year since its establishment in 1998, thanks to the unwavering support of the industry and the expanding pool of highly skilled alumni.

For more details, log onto https://www.iiitb.ac.in

Shri Dharmendra Pradhan Launches Project ODISERV In Sambalpur

* 1100 students in Odisha have already been trained under Project ODISERV - Shri Dharmendra Pradhan

Union Minister of Education and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan, launched Project ODISERV today in Sambalpur to prepare young graduates of Odisha for employment opportunities in the financial services sector.

While speaking at the event, Shri Pradhan said that the Project ODISERV will empower the youth of the country, make them more employable and fulfil their aspirations. He also mentioned how NEP 2020 is bridging the gap between education and skilling, creating more synergies and allowing students to acquire job-ready skills along with academic knowledge.

He informed that 1100 students in Odisha have already been trained under Project ODISERV and a few of them have also received job offers today. He congratulated all the candidates who have been placed today. Shri Pradhan expressed his gratitude to Prime Minister, Shri Narendra Modi, for envisioning of making India’s youth future and industry ready. Project ODISERV is a perfect example of industry-academia collaboration, he added.

Shri Pradhan also mentioned that the 100-hour training program will equip Odisha’s youth with crucial skills required in the banking, finance and insurance industries. The training program will boost competencies, increase the employability of Yuva Shakti of Odisha and prepare a future-ready workforce, he said.

Shri Sanjiv Bajaj, Chairman & Managing Director, Bajaj Finserv, said that skilling and employment of youth will power the demographic dividend and is key to achieving India’s goal of becoming the world’s third largest economy. Skilling is thus integral to Bajaj Finserv’s social impact initiatives, he said. He mentioned how the CPBFI programme was started to fill the talent gap in the financial services sector and how the family incomes of beneficiaries increase significantly when participants secure employment after their certification. He also said that their partnership with NSDC will help scale up CPBFI in colleges across India. The launch of Project Odiserv is significant as Odisha gears to emerge as a hub for entrepreneurship and start-ups through the recently announced 100 cube initiative, Shri Bajaj said.

National Skill Development Corporation (NSDC) under the aegis of the Ministry of Skill Development & Entrepreneurship (MSDE) and Bajaj Finserv Ltd. today unveiled their first skill development initiative - Project Odiserv at Gangadhar Meher University (GMU) in Sambalpur, Odisha. Project Odiserv is the inaugural skill development initiative, following the partnership announced by NSDC and Bajaj Finserv in December 2023 in the presence of Shri Dharmendra Pradhan.

The project will impart knowledge and skills to graduates, especially first-generation graduates, through Bajaj Finserv’s Certificate Programme for Banking Finance & Insurance (CPBFI) programme, a 100-hour comprehensive training programme that prepares youth from tier-II and tier-III cities for employment in the financial services sector. The launch of Project Odiserv is expected to transform the landscape of skill development in Odisha.

Project Odiserv envisages launching the CPBFI programme in 60 colleges of Odisha across 11 cities and 10 districts including Sambalpur, Dhenkanal, Angul, Cuttack, Khordha, Balasore and Puri. Some of the colleges covered include Bhuban Women’s Degree College, Mathakaragola Degree College, Sambalpur University and SCS College. Of this, CPBFI has already been launched in 30 colleges, enrolling 1100 students and delivering 25,000 hours of training in a short span of two months.

Under the partnership with NSDC & Bajaj Finserv will introduce the CPBFI programme in 22 states across India, covering over 400 colleges. The partnership aims to initially build the capabilities of 20,000 candidates through the CPBFI programme. The 100-hour programme is developed in collaboration with industry experts, training partners, educational institutions, and psychological health institutes. The programme’s curriculum adapts to the ever-evolving landscape of finance, banking, and insurance and incorporates the latest industry trends, technological advancements, and best practices. The partnership with NSDC will be elevated on Skill India Digital Hub (SIDH)— a comprehensive information gateway for all government-led skilling and entrepreneurship initiatives to ensure students are not just academically equipped but also excel in the financial sector.

Additionally, the programme will collaborate with banks and other financial stakeholders, financial institutions, and insurance companies to foster new growth opportunities for students and provide access to internships, on-the-job training, and a first-hand glimpse into best industry practices.

About National Skill Development Corporation

National Skill Development Corporation (NSDC) is the principal architect of the skill ecosystem in the country. It is a unique Public Private Partnership (PPP) enterprise working under the Ministry of Skill Development & Entrepreneurship (MSDE), Government of India. NSDC was established to catalyse the skilling ecosystem for private sector participation and be the strategic implementation and knowledge partner to Skill India Mission to build efficient vocational training initiatives, empowering India’s youth. NSDC provides support to enterprises, start-ups, companies, and organizations that are creating an impact by offering a world of opportunities in futuristic skills to the potential workforce. The organization develops appropriate models to enhance, support, and coordinate private sector initiatives in skilling by offering funding support to eligible entities, concessional loans to the candidates along with other innovative financial products and building strategic partnerships.

Tata Motors Registered Total Sales Of 86,406 Units In February 2024

Total PV Sales of 51,321 units, 19% YoY

Total CV Sales of 35,085 units, -4% YoY

Tata Motors Limited sales in the domestic & international market for February 2024 stood at 86,406 vehicles, compared to 79,705 units during February 2023. 

Domestic sale of MH&ICV in February 2024, including trucks and buses, stood at 16,227 units, compared to 17,282 units in February 2023.

Total sales for MH&ICV Domestic & International Business in February 2024, including trucks and buses, stood at 16,663 units compared to 17,928 units in February 2023.

Union Bank of India Successfully Raised Rs 3,000 Crore Equity Capital via Qualified Institutions Placement (QIP)

Highlights of the Issue

* The QIP received an encouraging response from the market & saw participation by a diversified investor base, which includes Banks, Asset Management Companies, Insurance Companies and Foreign Portfolio Investors.

* Allotment of 22.11 crore shares at ? 135.65 per share (including premium of ? 125.65 per share) aggregating to ? 3,000 crore (Three Thousand Crore).

* The amount of capital raised through the QIP issue will augment the Bank’s Common Equity Tier I ratio & overall Capital Adequacy ratio.

Union Bank of India, one of the largest Public Sector Banks in India, has successfully raised equity capital of ? 3,000 crore via Qualified Institutions Placement (QIP) on February 26, 2024.  The Issue was opened on February 20, 2024 and received strong interest from high quality Domestic and Foreign Portfolio Investors. Bank has allotted 22.11 crore Shares at price of ? 135.65 per share (including premium of ? 125.65 per share) aggregating to ? 3,000 crore representing a discount of approximately 5% to the floor price determined as per Regulatory guidelines.

Bank has received significant & encouraging response from the market & seen participation by a diversified investor base which includes Banks, Asset Management Companies, Insurance Companies and Foreign Portfolio Investors, thereby ensuring diversification of the shareholder base of Union Bank of India.

On the Successful capital raising, Ms. A Manimekhalai, MD & CEO, says “We are delighted to conclude one of the largest equity capital raising issue in public sector banking space in the recent past. Bank has successfully raised ? 3,000 crore by way of QIPs during the year, which is the highest in the history of Union Bank of India and one of the highest in the history of Public Sector Banks in a financial year, in recent years. This demonstrates the continued faith of investors on the Bank’s growth trajectory and prospects. The QIP Proceeds will augment the Capital base and help us pursue growth opportunities as we endeavour to create value for our Customers & Shareholders”.

As on December 31, 2023, the public shareholding in Union Bank of India stood at 23.01%. Consequent to the equity capital raising, the public shareholding in the Bank increased to 25.24% and consequently, the shareholding of Government of India becomes 74.76%. Bank has complied as per SEBI and Securities Contract (Regulations) Rules, 1957 (“SCRR”) & its further amendments i.e. to maintain a minimum public shareholding of at least 25.00%.

The Book Running Lead Managers (BRLMs) to the QIP issue were IIFL Securities Ltd., J M Financial Ltd., IDBI Capital Markets & Securities Ltd., HDFC Bank Ltd. and BNP Paribas. The Legal advisors of the transaction were Luthra & Luthra Law Offices, Saraf & Partners and Duane Morris & Selvam LLP. The Statutory Auditors were N B S & Co., Chhajed & Doshi, G S Mathur & Co., P Chandrasekar LLP and M/s. V K Ladha & Associates. 

Completion Of The Term Of Dr. Hasmukh Adhia As Chairman Bank of Baroda

Bank of Baroda, a prominent public sector bank, officially announces the completion of the term of Dr. Hasmukh Adhia, after completing 5 years in the Bank as Non-Executive Chairman.

Dr. Adhia contributed significantly to the growth and success of Bank of Baroda.  His visionary leadership, strategic acumen, and unwavering commitment have played a pivotal role in establishing Bank of Baroda as India’s second largest public sector bank.

Bank of Baroda extends its deepest appreciation to Dr. Hasmukh Adhia for his outstanding service, leadership, and dedication throughout the years. 

Bank of Baroda remains committed to upholding the highest standards of banking excellence set by Dr. Hasmukh Adhia and will continue its mission of contributing to the nation's economic growth.

About Bank of Baroda

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of ~165 million through over 70,000 touch points spread across 17 countries in five continents and through its various digital banking platforms, which provide all banking products and services in a seamless and hassle-free manner. The Bank’s vision matches the aspirations of its diverse clientele base and seeks to instil a sense of trust and security in all their dealings with the Bank.

Visit us at www.bankofbaroda.in

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