Union Bank of India Is Observing “Vigilance Awareness Week”

Union Bank of India is observing Vigilance Awareness Week from 28th October till 3rd November on the theme, " Culture of Integrity for Nation’s Prosperity” as envisaged by the Central Vigilance Commission. Various programs are scheduled by the Bank for creating awareness regarding PIDPI, Vigilance, probity and ethics amongst youth, women, employees, their family members and the public at large. Special awareness programs are conducted on Cyber Crime. Extensive use of social media is also being made for wider dissemination of the theme.

At Central Office of Union Bank of India, MD & CEO, Executive Directors, Senior Executives of the Bank and the Executives in the field (PAN India) have adopted Integrity Pledge & committed to uphold highest standards of honesty & Integrity. MD & CEO Ms. A. Manimekhalai through her message appealed all the unionites to follow probity, transparency & integrity in all walks of life to have a sustainable growth and bright future of our nation.

The messages of Hon’ble President, Hon’ble Vice-President, & Hon’ble Prime Minister on Vigilance Awareness Week-2024 were communicated to all the attendees.

CredAble Achieves INR 13,462 Cr Festive Throughput, Empowering MSMEs To Navigate Peak Sales Demand

~CredAble registers a pivotal milestone with a throughput of INR 13,462 Cr to ensure MSMEs maintain steady growth and tap into the pronounced upswing during the festive season. ~

India’s leading working capital-focused FinTech company, CredAble, has achieved unrivalled success in recent times. The company recently announced a throughput of INR 13,462 crore in Q3 to back businesses betting on the festive season for demand surge.

CredAble has been hyper-targeting priority markets like the Micro, Small, and Medium Enterprises (MSMEs) that are a massive untapped source of growth opportunities.

Many industries are looking forward to sales recovery this festive season. Consequently, the award-winning FinTech has stepped up its efforts by providing purpose-built financing solutions that are essential for addressing cash flow challenges and enabling businesses to invest in emerging technologies and scale supply chain operations to meet market demands.

These solutions include short-term working capital loans, revenue based financing, and customised trade and credit solutions that align with the business cash flow cycles and revenue streams of channel partners.

Ahead of the festive season, businesses are expected to generate over INR 50,000 crore, with Delhi contributing INR 8,000 crore.

With Flipkart and Amazon India kickstarting their yearly festive season sales—Big Billion Days and Great Indian Festival—the online marketplaces have reported $6.5 billion in festive sales in just a week with strong demand from customers in cities like Bengaluru, Kolkata, Hyderabad, Chennai, and Mumbai.

While hopes of record-breaking sales are running high, most businesses grapple with inventory shortages and working capital crunches during this time—often resulting in last-minute financing needs.

To help MSMEs keep shelves stocked during these grand sales events, CredAble is constantly augmenting its working capital financing suite with localised and contextual financing solutions. They recently launched Revolving Short-Term Loans to help businesses secure more favourable financing arrangements and manage larger deal volumes without any credit constraints.

Recently, there has been a significant push from the government for a new collateral-free, pre-shipment loan scheme for SME and ecommerce exporters. In line with these timely government schemes, CredAble has built technologies for better implementation of these initiatives, making affordable working capital easily accessible to MSMEs.

By achieving this significant milestone in disbursements, CredAble has benefitted over 12 sectors, including manufacturing, retail, and auto. The newly injected working capital will help businesses maintain inventory levels and ramp up funding for high-impact marketing campaigns, making the most of the heightened demand in the coming days.

Since its inception, CredAble has facilitated multiple financing rounds, helping leading businesses across India and globally scale their operations and fast-track growth.

Nirav Choksi, Co-founder and CEO of CredAble, commented, “We remain committed to delivering localised, digital-first solutions that drive financial inclusion. Backed by scalable, cloud-based solutions, cutting-edge automation capabilities, and flexible financing structures—CredAble is positioned to be a key enabler of MSME growth and address their financing needs, especially during peak sales seasons. With a growing customer base and key partnerships, we’re looking to expand our global footprint by providing innovative working capital and liquidity programs to help businesses of all sizes meet their goals and achieve forecasted growth.”

As part of its ambitious plans for the next year, CredAble plans to double its financing and continue as a global leader in the working capital space with over 500% year-on-year growth.

SBI Cards And Payment Services Ltd Announce Financial Results For Quarter Ended September 30, 2024

Total Revenue Increases to Rs 4,556 Cr Up 8% YoY; PAT at Rs 404 Cr

The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Quarter ended September 30, 2024, at their meeting

Performance Highlights Q2 FY25

Total Revenue increased by 8% YoY at Rs 4,556 Cr in Q2 FY25 v/s Rs 4,221 Cr in Q2 FY24

PAT at Rs 404 Cr in Q2 FY25 v/s Rs 603 Cr in Q2 FY24

ROAA at 2.7% in Q2 FY25 v/s 4.9% in Q2 FY24

ROAE at 12.5% in Q2 FY25 v/s 22.3% in Q2 FY24

Capital Adequacy Ratio at 22.1%; Tier 1 at 16.3%

Business Highlights

Cards-in-force grew by 10% YoY at 1.96 Cr as of Q2 FY25 v/s 1.79 Cr as of Q2 FY24

New accounts volume at 904K in Q2 FY25 v/s 1,142K new accounts in Q2 FY24

Spends grew by 3% YoY at Rs 81,893 Cr in Q2 FY25 v/s Rs 79,164 Cr in Q2 FY24

Receivables grew by 23% YoY at Rs 55,601 Cr in Q2 FY25 v/s Rs 45,078 Cr in Q2 FY24

Market share for Q2 FY25 Card-in-force is at 18.5% (Q2 FY24: 19.2%), Spends is at 15.7% (Q2 FY24: 18.0%), #2 for Cards-in-force and #3 for spends, in industry

Profit & Loss Account for the Quarter ended September 30, 2024

Total income increased by 8% at Rs 4,556 Cr in Q2 FY25 v/s Rs 4,221 Cr in Q2 FY24. This movement was a result of the following key factors:

Interest income increased by 20% at Rs 2,290 Cr in Q2 FY25 v/s Rs 1,902 Cr in Q2 FY24

Fees and commission income declined 2% at Rs 2,131 Cr in Q2 FY25 v/s Rs 2,186 Cr in Q2 FY24

Finance costs increased by 30% at Rs 788 Cr in Q2 FY25 v/s Rs 605 Cr in Q2 FY24 due to higher receivables.

Total Operating cost decreased by 3% at Rs 2,011 Cr in Q2 FY25 from Rs 2,066 Cr in Q2 FY24

Earnings before credit costs increased by 13% at Rs 1,757 Cr in Q2 FY25 v/s Rs 1,551 Cr in Q2 FY24

Impairment losses & bad debts expenses increased by 63% at Rs 1,212 Cr in Q2 FY25 v/s Rs 742 Cr in Q2 FY24

Profit after tax decreased by 33% at Rs 404 Cr in Q2 FY25 v/s Rs 603 Cr in Q2 FY24

Balance Sheet as of September 30, 2024

Total Balance Sheet size as of September 30, 2024, was Rs 61,872 Cr as against Rs 58,171 Cr as of March 31, 2024

Total Advances (Net of provisions) as of September 30, 2024, were Rs 53,596 Cr, as against Rs 49,079 Cr as of March 31, 2024

Net worth as of September 30, 2024, was Rs 13,161 Cr as against Rs 12,156 Cr as of March 31, 2024

Asset Quality

The Gross non-performing assets were at 3.27% of gross advances as of September 30, 2024, as against 2.43% as of September 30, 2023. Net non-performing assets were at 1.19% as of September 30, 2024, as against 0.89% as of September 30, 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 September 30, 2024, Company’s CRAR was 22.1% compared to 23.3% as of September 30, 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 September 30, 2024, compared to 20.8% as of September 30, 2023.

Rating

CRISIL Long Term     -           AAA/Stable

CRISIL Short Term     -           A1+

ICRA Long Term        -           AAA/Stable

ICRA Short Term        -           A1+

Majority Of Homebuyers Expect A 6-15% Rise In Property Prices Over The Next Year: Magicbricks Survey

Magicbricks, India’s leading real estate platform, highlights an increasing inclination towards residential real estate as a favored investment option. According to the platform’s latest survey of high-intent homebuyers, those with annual household incomes between INR 20-30 lakh are showing the strongest preference for purchasing homes, signaling rising aspirations within the middle-income segment. These buyers are mainly considering investments in the INR 75 lakh to 1 crore range.

Survey results indicate that a majority of homebuyers expect property prices to rise by 6-15% over the next 12 months, citing capital appreciation and rental yields as key motivators. Among respondents, 35% view return on investment (ROI) through property appreciation as their primary reason for buying, while 22% are motivated by rising rental yields. Notably, most homebuyers did not see inflation as a deterrent in their purchasing decisions.

The survey also reveals that buyers are willing to invest 4-5 times their annual income in residential properties. Households earning INR 20-30 lakh annually are focusing on homes priced between INR 75 lakh and 1 crore, while those in the INR 30-50 lakh income bracket are leaning towards properties in the INR 1-1.5 crore range. For households with an annual income exceeding INR 1 crore, the preferred budget is typically between INR 3.5-5 crore.

The findings underscore a positive sentiment in the housing market, driven by the dual expectations of capital growth and increased rental income.

Expanding Boundaries In Medical Education With HSDC’s Master Trainers Program

The Healthcare Simulation Development Centre (HSDC), in collaboration with MediSim VR, a leader in healthcare simulation technology, proudly announces the successful completion of its groundbreaking Master Trainers programme (MTP). This first-of-its-kind initiative integrates simulation-based medical education with virtual reality and hybrid simulation modalities, setting new standards in healthcare professional training.

The program is led by renowned experts Dr. Dinker Pai, Professor of Surgery and Director of the Medical Simulation Centre at Mahatma Gandhi Medical College and Research Centre, Puducherry, and Dr. Mahalakshmi VN, Dean of Health Professions Education and Professor of Pediatric Surgery at Aarupadai Veedu Medical College & Hospital, the program provided participants with an unparalleled learning experience.

The MTP’s innovative curriculum seamlessly integrates VR and hybrid modalities in skill training. Participants gained hands-on experience applying Peyton's Learning Models through VR simulations, enhancing their practical medical education techniques. The program also covered the development of Objective Structured Clinical Examinations (OSCE) and student performance evaluation using virtual environments. Over XX healthcare professionals, educators, and practitioners benefited from this transformative program, acquiring skills to revolutionize their teaching and assessment methods.

Dr. Dinker Pai stated, "As educators, it is our responsibility to equip the next generation of healthcare professionals with the most advanced and effective learning tools. The Master Trainers Programme offers just that, with its blend of virtual and hybrid simulations. I strongly advise healthcare professionals to explore these innovative methods through hands-on experiences and training, as they are key to improving clinical skills education and ultimately enhancing patient care outcomes."

Dr. Adith Chinnaswami, Co-founder of MediSim VR, added, "This program marks a significant milestone in the future of medical education. By integrating cutting-edge VR simulations with traditional training methods, we are providing healthcare professionals with a dynamic learning platform that truly enhances their teaching and assessment capabilities. I look forward to witnessing all healthcare educators embrace these tools for training and evaluating their students."

About HSDC: The Healthcare Skill Development Council (HSDC) is dedicated to advancing healthcare education by promoting the development of essential skills through innovative training programs. Focusing on high-quality simulation-based learning, HSDC equips healthcare professionals with practical expertise for enhanced clinical performance. Their initiatives aim to bridge the skill gap in the healthcare sector, ensuring better patient care outcomes.

About MediSim VR: MediSim VR is a leading healthcare simulation company that offers patented technology designed to meet the unique needs of healthcare training worldwide. MediSim VR's AI-powered competency assessment tools and virtual training environments improve the performance of medical students, nursing students, doctors, and healthcare professionals by offering unparalleled immersive experiences that redefine medical education.

Hon’ble Prime Minister Shri Narendra Modi Inaugurates Lyfius Pharma’s Flagship Penicillin-G Facility At Kakinada, Andhra Pradesh

·         Under the Production Linked Incentive (PLI) scheme, Lyfius Pharma Private Limited (Lyfius Pharma) invested ?2,500 crores in Penicillin-G (Pen-G) facility

·         Commercial production to ramp up in FY25, enhancing domestic production of critical Key Starting Materials (KSMs), Drug Intermediates (DIs), and Active Pharmaceutical Ingredients (APIs)

Lyfius Pharma proudly announces the inauguration of its state-of-the-art Pen-G manufacturing facility, at Kakinada, Andhra Pradesh. With an annual production capacity of 15,000 metric tonnes (MT), the facility was virtually inaugurated by Hon’ble Prime Minister Shri. Narendra Modi in the presence of Shri. Jagat Prakash Nadda (Union Minister of Chemicals & Fertilizers, Health & Family Welfare), Dr. Mansukh Mandaviya (Union Minister of Labour & Employment, Youth Affairs & Sports), Smt. Anupriya Patel (Union MoS Chemicals & Fertilizers, Health & Family Welfare), Shri. Prataprao Jadhav (Union MoS (IC) Ayush, MoS Health & Family Welfare) and Sushri Shobha Karandlaje (Union MoS Labour & Employment, Micro, Small & Medium Enterprises).

This facility represents a strategic investment of ?2,500 crores, under the Government of India’s PLI Scheme, and exemplifies how private sector participation can significantly contribute to national growth, drive innovation, and enhance healthcare security. The PLI scheme for the pharmaceutical sector aims to strengthen domestic manufacturing capabilities in critical KSMs, DIs, and APIs.

Commenting on the occasion, Mr. M.V. Rama Krishna, Director Lyfius Pharma, said “The launch of our Pen-G facility is a significant milestone in our efforts to enhance local production and reduce import dependency for critical pharmaceutical ingredients. This investment underscores our commitment to support the government’s vision of ‘Atmanirbhar Bharat’, establishing India as a global pharmaceutical manufacturing hub.”

About Lyfius Pharma Private Limited

Lyfius Pharma is engaged in the manufacturing of Penicillin-G. Its state-of-art facility situated at Kakinada, Andhra Pradesh, approved under the PLI (Production Linked Incentive) scheme, is dedicated towards ensuring self-sufficiency in the production of Penicillin-G, catering to both the domestic and international markets. This is one of the largest fermentation-based antibiotic intermediates plant in India with cutting edge technology including high-volume fermenters and automated starch & glucose plant.

INTRO Technology, SWDC Ink MoU For Contracting And Construction At Kemet Data Center

INTRO Technology, the technology arm of INTRO Holding and the parent company of Advansys and Forte Cloud, a leader in technological solutions and digital transformation, announced inking a strategic Memorandum of Understanding (MoU) with Sterling and Wilson Data Center (SWDC), the global leader in constructing data centers and other engineering projects. The MoU seeks to entrust SWDC with the contracting, construction, and execution of the Kemet Data Center project, located in the Suez Canal Economic Zone and developed by INTRO Technology. This partnership marks a significant step in advancing Egypt’s digital infrastructure and reinforces the country’s role as a major player in the data center and cloud services industry.

Under this agreement, SWDC will serve as the EPC contractor for the data center. The company will oversee the entire project, managing key aspects such as design, planning, budgeting, and timeline management. SWDC is committed to ensuring the successful achievement of critical milestones, including Integrated System Testing and Accreditation (ISAT). This will further ensure the securement of accredited tier certification from a reputed global institution. SWDC will apply the highest standards of Environmental, Health & Safety procedures as per its policy and offer a comprehensive Operations & Maintenance (O&M) services and technical support for a period ranging from three to five years.

Commenting on the MoU, Hatem Suliman, Vice Chairman and Group CEO of INTRO Holding, stated: “We are excited to embark on this partnership with SWDC to build Kemet Data Center, according to the best global practices, providing advanced technological infrastructure, leveraging from SWDC’s extensive experience in building data centers and their commitment to top-quality standards. This partnership will enable us to offer digital solutions and services that meet the evolving needs of customers in the Middle East and Africa, aligning with Egypt’s digital transformation goals and its strategic vision for 2030.”

On his part, Prasanna Sarambale, CEO of Sterling and Wilson Data Center said, “We are proud of this strategic partnership with INTRO Technology, which reflects our shared commitment to supporting the digital sector and data centers in Egypt by providing advanced and sustainable digital infrastructure. Through this collaboration, we will build Kemet Data Center according to the highest international standards, thereby meeting the stringent requirements of international customers and contributing to Egypt’s Vision 2030. We are proud to be a part of Egypt’s evolving digital sector and cloud services, which makes Egypt an attractive destination for global investments.”

Kemet Data Center is set to meet the growing demand for cloud services, Internet of Things (IoT), and digital transformation across the Middle East and Africa. It will offer secure, cost-effective, and scalable data storage solutions. Additionally, the center will benefit from Egypt’s strategic location, which hosts to a significant portion of the region’s undersea cables.