AU Small Finance Bank And Fincare SFB Merger Effective April 1, 2024, Marking Completion Of First M&A Among Small Finance Banks

* AU SFB Balance Sheet to cross ~ ?1.2 Lac Crores and set to become a true pan-India banking franchise with 1 Crore+ customers and 2,350+ physical touchpoints; 9 states to have more than 100 physical touchpoints 

* Focus is to ensure smooth and seamless integration within the next 9-12 months and deliver best-in-class banking services and value to customers

* In accordance with the Reserve Bank India (RBI) approval dated March 4, 2024,

AU Small Finance Bank (AU SFB), India’s largest SFB, announced the amalgamation of Fincare Small Finance Bank (Fincare SFB) with and into AU SFB, effective today. This merger helps AU SFB to establish a robust pan-India retail banking franchise by leveraging complementary geographic footprints, diverse customer segments with a wider product offering and digital capabilities.

In an all-stock merger deal first announced on October 29, 2023, where the shareholders of Fincare SFB received 579 equity shares in AU SFB for every 2,000 equity shares held in Fincare SFB, the merger received final approval from RBI on March 4, 2024, with effective date of April 1, 2024. Earlier on January 23, 2024, Competition Commission of India ("CCI") granted its approval for the merger under the provisions of Section 31(1) of the Competition Act, 2002.

This is among the fastest merger approvals in Indian Merger and Acquisition (M&A) space, with all approvals received within a span of 4.5 months. With this, AU SFB becomes a formidable banking franchise with a combined base of 1 crore+ customers, 43,500+ employees, and a network of 2,350+ physical touchpoints across 25 states and union territories, having a deposit base of ?89,854 crore and balance sheet size of ?1,16,695 crore (all numbers are as on December 31, 2023, on proforma basis).

The focus now shifts to ensuring a smooth and seamless integration within the next 9-12 months and deliver exceptional banking services and value to the customers.

As part of this merger, Mr. Rajeev Yadav, former MD & CEO of Fincare SFB, has been designated as the Deputy CEO of AU SFB and shall continue to lead all key asset businesses of Fincare SFB, now housed within the Fincare Unit at AU SFB. AU SFB recently consolidated its operations into five business groups and ‘Fincare Unit’ shall become its 6th business group. Additionally, Mr. Uttam Tibrewal, Executive Director at AU SFB, has been elevated as Deputy CEO and Executive Director, AU SFB.

Post-merger, all 59 lakh plus customers of Fincare SFB will be able to experience and enjoy the best-in-class digital services and flagship products (both assets & liabilities) of AU SFB including its offerings like credit cards, QR code, video banking and AU0101.

To ensure seamless transition and minimal customer disruption due to the merger, both tech-led banks with strong customer orientation have established a dedicated task force and equipped its call centers to answer all customer queries.

The merger is also expected to provide AU SFB with enhanced access to South India, significantly expanding its distribution network. This increased presence will facilitate the distribution of the bank's diverse range of products and services to a wider customer base, strengthening its market position in the region.

Commenting on this transformative merger, Mr. Sanjay Agarwal, Founder, MD & CEO of AU Small Finance Bank, remarked, "Today marks a significant milestone in our journey of building a ‘Forever Bank’ and I take this opportunity to welcome the customers, shareholders, and employees of Fincare to AU family. This merger represents not just the amalgamation of two entities, but the convergence of our shared vision to redefine banking excellence in India. I would like to thank the Government of India and the Reserve Bank of India and all other regulatory authorities for their blessings and expeditious approval process. With this integration, I assure them of building a well-governed, always compliant and a stronger retail banking franchise that will, over the coming decades, contribute to the growing India story. This merger underscores our commitment to financial inclusion and with our combined strength, we can serve all segments of customers, including low-income households, HNIs as well as MSMEs, through physical and digital channels both, offering a holistic bouquet of products, including cross-border business that will get launched soon under the Authorized Dealer – Category I license (AD Cat-I)".

About AU Small Finance Bank

AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established itself as the largest SFB in India since starting its banking journey in April 2017. Established in 1996 by Mr. Sanjay Agarwal, a first-generation entrepreneur, AU SFB boasts of a 28 years-legacy with deep understanding of the rural and semi-urban markets and customer segments. The Bank operates a sustainable business model that facilitates credit to the unserved and underserved retail and MSME customer segments while providing complete banking solutions to its deposit and branch banking customers. As a tech-led Bank, AU has a strong digital presence with innovative products and services like 24x7 video banking, credit card, personal loan, UPI QRs, payments, merchant lending, WhatsApp Banking, Chatbot etc. and its digital bank application AU0101 remains among the highest rated banking apps in India.

The Bank operates from 1,049 banking touchpoints across 21 States & 3 Union Territories serving 46.8 Lac customers with an employee base of 28,904 employees. As on 31st Dec’23, the Bank has a net worth of ?12,167 Crore, deposit base of ?80,120 Crore, Gross Advance of ?67,624 Crore and a Balance sheet size of ?1,01,176 Crore. AU SFB enjoys the trust of marquee investors and is listed at both NSE and BSE. It has consistently maintained high external credit Rating and is presently rated ‘AA/Stable’ by CRISIL, CARE Ratings and India Ratings, while the Bank’s FD is rated ‘AA+/Stable’ from CRISIL Ratings.

For more information, please visit the company’s website: www.aubank.in 

BMW Group And Tata Technologies Aim To Collaborate For The Development Of Automotive Software And Business IT Solutions

* The new Joint Venture (JV) will deliver automotive software, including software-defined vehicle (SDV) solutions for BMW Group’s premium vehicles and digital transformation solutions for its business IT +++ The JV will commence operations with 100 employees and intends to grow to a four-digit number in the following years * JV is to become part of BMW Group’s global network of software and IT hubs +++

The BMW Group and Tata Technologies, a global product engineering and digital services company, have announced that they have signed an agreement to form a JV with the aim to establish a software and IT development hub with locations in Pune, Bangalore and Chennai, India. The main development and operations activities shall be established at Bangalore and Pune. In Chennai, the focus shall be on business IT solutions. The execution of the JV agreement is subject to review and approval by the relevant authorities.

Embodying the ethos of ‘Engineer in India for the World’, the JV will leverage Tata Technologies’ digital engineering expertise and talent pool in India to contribute to the BMW Group’s strategic expansion of software coding capabilities across global IT hubs and 24/7 operations. The JV will focus on strategic software development, including solutions for software defined vehicles (SDV). In automotive software, the focus will be on automated driving, infotainment and digital services. In business IT, the emphasis will be on digitalization and automation of product development, production and sales. From the inception of this JV, 100 trained and experienced TATA Technologies professionals will ensure robust and immediate contribution to software projects. The JV is likely to grow quickly to a four-digit number in the following years.

Christoph Grote, Senior Vice President of Software and E/E Architecture at BMW Group said: “Our collaboration with Tata Technologies will accelerate our progress in the field of the software defined vehicle. In international comparison, India boasts a large number of talents with outstanding software skills, who can contribute to our software competence. Developing vehicle software for the BMW Group means working with top-class processes and tools, which in turn gives Indian software engineers the chance to shape state-of-the-art, premium automotive experiences in future fields such as highly automated driving and artificial intelligence.”

“The expansion of international DevOps* hubs has clearly proved to be a successful model for the BMW Group,” said Alexander Buresch, CIO and Senior Vice President of BMW Group IT. “I am therefore extremely pleased that we have found a strong and valued technology partner with Tata Technologies and are now also expanding our footprint in India.”

Commenting on the collaboration, Warren Harris, CEO and MD of Tata Technologies, said, “Our collaboration with the BMW Group demonstrates our commitment to providing top-tier solutions in automotive software and digital engineering to customers across the world. Aligned with our vision of engineering a better world, we’re excited to bring our expertise to the forefront, aiding BMW Group in engineering premium products, delivering great digital experiences for their customers and propelling its digital transformation journey in Business IT.”

Nachiket Paranjpe, President of Automotive Sales at Tata Technologies, commented, "In the evolving automotive landscape, the journey towards software-defined vehicle represents a pivotal shift in automotive software and vehicle development methodologies. We will leverage our deep domain knowledge and SDV expertise to collaborate with the BMW Group towards engineering vehicles that are not just technologically advanced but deliver exceptional experiences to consumers around the globe."

This collaboration between Tata Technologies and BMW Group represents a shared vision of innovation and excellence in automotive engineering and digital solutions.

Consistent, demand-oriented expansion of worldwide software expertise.

Thanks to the global distribution of the BMW Group's software hubs, software is developed and integrated in real time in the cloud around the clock. The global development team for vehicle software is already creating up to 140,000 software builds per day across the entire ECU software (1 build = 1 source code change/creation that can be executed in the vehicle software, including automated testing).

The BMW Group started its own automotive software development over 20 years ago. Since then, it has continuously expanded its global network of development teams for both automotive software and business IT solutions. For several years now, IT- & Software Hubs in Germany, the US, South Africa, India, Portugal (Joint Venture Critical TechWorks) and China (LingYue Digital IT Co. Ltd. and BA TechWorks) have been strengthening the premium manufacturer's software expertise. Combining software for digital vehicle environments and business IT synergistically according to the DevOps principle provides major advantages, particularly when it comes to backend and application development and operation. In total, over 9,400 people work in IT and software development for the BMW Group and its Joint Ventures worldwide and the company continues to build up skills successively and demand-based.

Just recently, the BMW Group had announced the signing of a JV contract with regard to the establishment of a new IT and software hub in Cluj-Napoca, Romania. In the future, this JV will provide development services for business IT in Europe, including software development for human resources, production, sales and BMW Group Financial Services. Execution of this contract is still subject to review and approval by the relevant authorities.

* DevOps is a method of software development that improves collaboration between developers (Dev) and operators (Ops) to enable faster and more efficient delivery of software and services.

MAHE And KOREAMMR Forge Partnership To Pioneer 3D Bioprinted Medical Solutions

The Manipal Academy of Higher Education (MAHE), a premier institution of higher learning and research, and Kore Additive Manufacturing and Medical Reconstruction Pvt. Ltd. (KOREAMMR), a leading startup in 3D bioprinting and biomedical research, are thrilled to announce their newly formed partnership. This strategic alliance, formalized through a memorandum of understanding signed on March 30, 2024, aims to accelerate advancements in the development of three-dimensional scaffolds for tissue regeneration.

The collaborative research efforts will be conducted at the state-of-the-art Manipal Centre for Biotherapeutics Research (MCBR) and KOREAMMR facilities. This partnership seeks to leverage and augment the existing capabilities of both organizations, promising significant breakthroughs in the biomedical field. "Through this collaboration, we are setting a new precedent for the integration of academic research and industry innovation. The combined expertise and resources of MAHE and KOREAMMR will undoubtedly propel us toward remarkable achievements in biomedical research and product development," said Dr. P Giridhar Kini, MAHE Registrar.

KOREAMMR, renowned for its pioneering work in developing 3D Bioprinted products, organ on chip systems, and research in stem cell-based tissue grafts, views this partnership as a critical step towards streamlining product development. "Our collaboration with MAHE is a game-changer, significantly reducing the time to market for our innovative solutions," remarked Mr. Chaitanya Doshi, CEO of KOREAMMR.

The GMP compliant facilities at MCBR are designated as the initial manufacturing sites for new product development, with potential pilot clinical studies to be conducted at Kasturba Medical College, Manipal. "This collaboration not only brings together leading minds in the field of biotechnology but also sets the stage for future medical breakthroughs that could transform patient care. We are especially excited about the possibilities this partnership opens up for creating real-world applications that address critical health challenges," said Professor and Coordinator of MCBR, Dr. Raviraja NS.

Facilitated by Prof. (Dr.) Harish Kumar, Director of Corporate Relations at MAHE, the partnership will primarily involve collaboration with Dr. S. V. Kirthanashri, Associate Professor at MCBR, and Dr. S. Varadharajan, Coordinator Intellectual Property & Technology Transfer Office at MAHE, who will lead the efforts towards technology transfer and commercialization.

MAHE and KOREAMMR are committed to harnessing the power of 3D bioprinting and biomaterials research to pave the way for innovative medical treatments and technologies, reflecting their shared vision for improving healthcare outcomes worldwide.

Tinkesh Kaushik, Triple Amputee, Plans Trek To Everest Base Camp To Set World Record

* Bharat Prerna Awardee, Limca Record holder, Rubaru Mr. India & Fitness Consultan

Bharat Prerna Awardee, Tinkesh Kaushik from Carmona, Salcete lost both his lower limbs below the knee and his left upper limb above the shoulder in an electrocution accident when he was 9 years old. He started running marathons using the Jaipur foot. His passion for fitness grew and so did his list of feats. With sponsorship he was able to get advanced prosthetics and went on to win many awards and set several records.

In 2018 he set a record as the First Triple Amputee to Bungy Jump at Nepal for which he received a mention in the Limca Book of records.

In 2021 he was the First Triple Amputee to scuba dive in open waters at Puducherry.

In 2022 he won the FITTR transformation challenge and was one of five winners from a total of 24000 participants.

In 2022 he also did the 60 kms Goa Liberation Day ride with Xasti Riders, where RAdm Philipose Pynumootil FOGA pinned his Wings of Gold on Tinkesh.

In 2024 Jan, at The International Purple Fest in Goa, he won the Award for Changing Narratives from Enable India Foundation.

With several awards in his kitty, in 2024 he started his Not for Profit called the Tinkesh Ability Foundation in Goa which aims to provide mental health support, prosthetics, and inclusive fitness to People with Disabilities.

To help create awareness and raise funds for the mental health initiative, Tinkesh decided to attempt a new record. This is by far the toughest and most dangerous feat he has attempted to date. Where many non-disabled individuals fear to tread, he has decided to pay his respects to the Great Mount Everest in May 2024 by trekking to Everest Base Camp.

Speaking about the approaching trek, Tinkesh said – By attempting this feat I wish to bring to the notice of the world that people with disabilities are also humans with aspirations and dreams. We are warriors but like all humans we need help from our communities to thrive. Mental health is a very big issue among the world population today, but for PwDs it is double fold. I want them to have access to the help they need to become productive citizens. I aim to raise enough funds to provide support to amputees, their care-givers and families to overcome their limitations and get integrated back into the mainstream by trekking to EBC.

Tinkesh is a Certified Fitness & Nutrition Consultant & Yoga Teacher. He is a body builder and is training hard for this approaching feat. On successfully completing it, Tinkesh will be the First Triple Amputee to trek to Everest Base Camp, thus setting a world record. We wish him luck on his journey and success for his cause.

AWARDS & FELICITATIONS:

1. Bharat Prerna Award:  April, 2018

2. The DNA Winners in Life, Achievers Award: February, 2019

3. Award for Vocational Excellence: April, 2019

4. The Limca Book of Records: December 2019

5. CavinKare Ability Mastery Award: February 2020

6. Tedx Speaker: September 2022

7. Rubaru Mr. India Brand Ambassador:  October 2022

Socomec Greater India Appoints Nida Khanam As New HR Head

Socomec, a leading global specialist in Low Voltage (LV) power management, announced the appointment of Nida Khanam, an accomplished HR professional with two decades of experience, as the HR Head for Greater India region (India, Srilanka, Bangladesh, Maldives, Bhutan & Nepal). Nisha Gupta Malhotra, who previously held this role, will now support the mission of Environmental, Social, and Governance (ESG) in the APAC region.

Khanam brings a wealth of expertise in developing and leading HR strategy and processes, with a proven track record of driving HR transformation in diverse cultures and change management. Prior to joining Socomec India, Khanam served as the Chief People Officer for Omega Seiki Mobility Pvt Ltd. With extensive experience across various industries, including automotive, manufacturing, and technology, Nida has demonstrated her ability to lead organizational development initiatives, talent management, talent acquisition, and employee lifecycle management. Her previous employers include GROHE, Lixil Water Technology, and Rockwell Automation.

At Socomec India, Khanam will be responsible for driving HR functions across commercial and plant operations, as well as spearheading initiatives to enhance employee engagement, talent development, and organizational effectiveness. Her strategic vision and hands-on approach will further strengthen Socomec India's position as an employer of choice in the power solutions industry.

In her statement, Khanam expressed her pleasure in assuming the new role, saying, “As I embark on this exciting journey with Socomec India, I'm deeply moved by the dynamic and passionate people who underpins Socomec's achievements. My vision is to uphold this culture of excellence through people-centric initiatives and values-driven practices. My immediate focus will be on fortifying our HR function to align with our business objectives. Collaborating closely with the India Management team, I am committed to evangelise & lead transformative changes in our people processes, enhancing capabilities, and nurturing talent retention. I wish to drive and establish Socomec India as the preferred employer and a beacon of workplace excellence.”

Upon her appointment, Meenu Singhal, Regional Managing Director, Socomec Greater India, commented, "We are delighted to welcome Nida Khanam to Lead Socomec Greater India team. Her extensive experience and leadership in HR will be invaluable as we continue to expand our operations and strengthen our position in the market. We look forward to her contributions in driving our HR strategy and supporting our employees in achieving their full potential.

I would also like to extend my heartfelt thanks to Nisha Gupta for her dedicated services so far. Her contributions have been invaluable, and we wish her all the best for her new role and enabling us to meet our ESG goals set for the organization."

Khanam holds an ACC (Associate Certified Coach) from the International Coaching Federation and has received numerous awards and accolades throughout her career. She is also a graduate of the Senior Management Program from IIM-Calcutta and holds an MBA in Human Resources & Agribusiness from A.M.U.

Premium Intercity Electric Bus Brand “NueGo” Expands Its Pan-India Footprint

* NueGo Now Serves 100+ cities across India with launch of multiple new routes

GreenCell Mobility, a pioneer in sustainable mass mobility solutions, is elated to announce a significant expansion of its operations for its electric intercity bus brand “NueGo”. In a strategic move to cater to the growing demand for its eco-friendly and comfortable services, NueGo now serves 100+ cities and multiple routes across India, further solidifying its leadership position in the intercity travel segment.

The newly launched routes across India include: Delhi – Shimla - Delhi, Gurgaon - Chandigarh – Gurgaon, Delhi - Rishikesh - Delhi, Delhi - Amritsar – Delhi, Chandigarh - Amritsar – Chandigarh, Chandigarh - Dehradun – Chandigarh, Vijayawada - Vizag – Vijayawada, Bangalore - Salem – Bangalore, Bangalore – Trichy – Bangalore.

Devndra Chawla, MD & CEO of GreenCell Mobility, said, "We are thrilled to announce extensive expansion of NueGo’s services across the country. This strategic move aligns with our mission to improve intercity travel by providing eco-friendly, convenient, and technology driven mobility solutions. With the introduction of new routes and amenities, we aim to elevate the travel experience for our guests while actively contributing to reducing tailpipe emission and ensuring greener future for all."

NueGo, renowned for its emphasis on guest centricity and comfort, ensures a reliable and delightful experience for both corporate and leisure travellers. With a wide schedule of buses operating around the clock and multiple boarding points across cities, NueGo offers unrivalled flexibility and convenience to its guests. Commuters on these new routes can expect an exceptional journey, where they are assisted to their seats, provided with clean, disinfected tissues and water bottles, and can indulge in a serene ride aboard NueGo's noiseless AC electric buses.

NueGo has further enhanced its in-bus travel amenities for the guests where the brand has started pilot testing the provision of food boxes to ensure a comfortable and worry-free experience. NueGo is also providing an additional discount on return ticket bookings for all its guests this holiday season.

Positioned as the preferred choice for safe and sustainable travel, NueGo sets the bar high with an array of safety features. These include robust measures such as CCTV surveillance, driver breath analyzers, driver monitoring systems, and speed limit checks. To ensure utmost safety, NueGo's coaches undergo 25 meticulous safety checks, encompassing both mechanical and electrical inspections. This focus on safety makes NueGo a trusted travel companion, especially for female passengers seeking a secure journey.

Tickets for travel on these new routes can be conveniently booked through NueGo's official website (https://nuego.in/) or via NueGo app available on iOS and Playstore

About NueGo:

NueGo is India’s leading premium electric bus coach brand from GreenCell Mobility. A guest centric brand, NueGo coaches go through 25 stringent safety checks including mechanical and electrical inspections. These electric coaches can run 250 kilometers in a single charge, with the air conditioners on, in traffic conditions. NueGo coaches are fitted with innovative technology and offer end to end convenience for inter-city travellers with focus on Safety, Punctuality, and seamless guest experience. NueGo has well trained and courteous staff, offers airport-like premium lounges in selective cities. These lounge offers guest assist, luggage management services and curated F&B menu and on board with on-time performance. https://nuego.in/

Meta Expands Third-Party Fact Checking Program In India With Press Trust of India

Today, we are expanding our third-party fact-checking program in India to include Press Trust of India (PTI), a dedicated fact-checking unit within the newswire’s editorial department. The partnership will enable PTI to identify, review and rate content as misinformation across Meta platforms.

To fight the spread of misinformation and provide people with more reliable information, Meta partners with independent third-party fact-checkers that are certified through the non-partisan International Fact-Checking Network (IFCN) who identify, review and rate viral misinformation across Facebook, Instagram and WhatsApp. Globally, we’ve also built the largest independent fact-checking network of any platform, with nearly 100 partners around the world to review and rate viral misinformation in more than 60 languages.

With this partnership with PTI, we now have 12 fact-checking partners in India, making it the country with the most third-party fact-checking partners globally across Meta. Our Indian language coverage stands at 16 through our existing fact-checking partners to include Hindi, Bengali, Telugu, Kannada, Malayalam, Urdu, Punjabi, Assamese, Manipuri/ Meitei, Marathi, Gujarati, Tamil, Kashmiri, Bhojpuri, Oriya and Nepali, besides English.

Each time a fact-checker rates a piece of content as false, altered or partly false, we reduce its distribution so that fewer people see it. We notify people who try to share the content – or who previously shared it – that the information was rated by a fact-checker, and we add a warning label that links to the fact-checker’s article with more information about the claim.

Since 2016, our fact-checking program has expanded to include nearly 100 organizations globally. The focus of the program is to address viral misinformation – particularly clear hoaxes that have no basis in fact. Fact-checking partners prioritize provably false claims that are timely, trending and consequential.

About Meta

Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.