Archive: June 8, 2023

India Overseas Bank Conduct 174th SLBC meetinsg for the state of Tamil Nadu

Chennai, 08.06.2023: The 174^th SLBC meeting for the state of Tamil Nadu was conducted by the Indian Overseas Bank – Convenor on Tuesday under the Chairmanship of Thiru Thangam Thennarasu, Hon’ble Minister for Finance, Human Resources Management, Government of Tamil Nadu at Hotel Ambassador Pallava, Chennai.

Annual Credit Plan for the Year 2023-24 was released by Thiru Thangam Thennarasu, Hon’ble Minister for Finance, Human Resources Management, Government of Tamil Nadu.  Annual Credit Plan of Rs. 7,00,000 crores have been fixed under Priority Sector Lending for the FY 2023-24.

The other dignitaries present in the meeting were Thiru Ajay Kumar Srivastava – Chairman of SLBC – Tamil Nadu and Managing Director & Chief Executive Officer, of Indian Overseas Bank, Thiru. T Udhayachandran, IAS, Principal Secretary to Government, Department of Finance, GoTN, Smt. Uma Sankar – Regional Director, Reserve Bank of India, Thiru Venkatakrishna, Chief General Manager, NABARD, Thiru V V S Kharayat – Director, DFS, GOI, Secretaries & Departmental Heads of various departments, GoTN, Senior executives/officials from RBI, NABARD, State Government and all the banks in Tamil Nadu.

During the meeting various Agendas mainly pertaining to Priority Sector Lending were discussed and deliberated, which was presented by the Convenor of SLBC, Mr Mohan M, General Manager, Indian Overseas Bank.

Quote on RBI policy by Dharmakirti Joshi, Chief Economist, CRISIL

RBI policy by Dharmakirti Joshi, Chief Economist, CRISIL
Wait and watch
The Reserve Bank of India’s (RBI’s) move to keep policy rates unchanged was widely expected. After a cumulative hike of 250 basis points (bps) last fiscal, the central bank has moved to the sidelines to see its impact on growth and inflation play out this fiscal.

Growth in gross domestic product has been resilient so far, with a sharp uptick to 6.1% in the last quarter of fiscal 2023.

Private consumption demand, however, was weaker than other segments. This is likely to moderate demand conditions in the current fiscal given that bank lending rates are now higher than the pre-pandemic five-year average.

A sharper slowdown in advanced economies will also weigh on growth, particularly in the second half of the year.

Meanwhile, inflation based on the Consumer Price Index has begun moving downwards, in line with RBI expectations.

However, risks from El Nino remain high and these could impact the upcoming kharif crop and fuel food inflation. While the India Meteorological Department projects monsoon to be normal overall, its temporal and spatial distribution will critically affect food output this fiscal.

The central bank remains vigilant of global volatility. Even as central banks in major advanced economies have reduced the pace of rate hikes, inflation rules are above their target and face upside risks from tight labor market conditions.

We expect RBI to maintain the status quo on rates this fiscal and initiate cuts in the January-March quarter of 2024.

Samsung Announces Global Launch of Bespoke Jet™ AI, the World’s First UL Verified AI-Powered Cordless Stick Vacuum

Gurgaon, June 8, 2023 – Samsung Electronics today announced the upcoming global launch of the Samsung Bespoke Jet™ AI, the company’s most powerful cordless stick vacuum yet with up to 280W1 of suction power, a self-emptying enhanced All-in-One Clean Station™ and artificial intelligence (AI)-based functionality. The Bespoke Jet™ AI will be available globally from June in markets including Australia, Europe2, and the U.S., with preorders starting today.

Featuring a 250W and 280W model,3 the Bespoke Jet™ AI is available in two timeless Bespoke colors: Satin Black and Satin Greige.4

“The Bespoke Jet™ AI is designed for every lifestyle thanks to its world-class suction power and AI-based cleaning services capable of automatically optimizing to each environment,” said Junwha Lee, Executive Vice President and Head of the Customer Experience Team of Digital Appliances Business at Samsung Electronics. “With the Bespoke Jet™ AI, Samsung is delivering an intelligent cordless stick vacuum that empowers users to undertake their lifestyles in premium fashion.”

Samsung’s Most Powerful and Longest-Running Cordless Stick Vacuum Yet

The Bespoke Jet™ AI features the powerful HexaJet Motor which, with up to 280W of suction power and a maximum consumption power of 730W, makes it Samsung’s most powerful vacuum motor to date. This ultra-lightweight motor, weighing in at only 150g, provides a comfortable cleaning experience while still providing a 25% increase in suction power compared to the previous model,5 as well as a motor efficiency of 52%.

In order to allow users to clean for longer without stopping to charge, the Bespoke Jet™ AI offers up to 100 minutes of usage, the longest single battery runtime of any Samsung cordless stick vacuum. Its 4,500mAh battery features 80% more capacity than the previous model and has been optimized to retain 70% of its performance for up to 500 cycles.6

The Bespoke Jet™ AI also features a selection of brushes and other accessories. The Active Dual Brush offers efficient cleaning on all types of floors and built-in LED lighting to highlight dust in dark spots, while the Slim LED Brush+ features a highly maneuverable design as well as LED lighting in order to effectively clean trickier areas. For more convenient storage of the device and its brushes, the Accessory Cradle allows users to store their devices wherever they want. microplastic discharge per person per year — an amount equivalent to approximately eight 500ml plastic bottles. The Less Microfiber™ Filter is now available in Korea and the U.K. and will roll out to other countries in Q3 of this year.

More Hygienic Experiences With an Upgraded All-in-One Clean Station™

The Bespoke Jet™ AI’s upgraded All-in-One Clean Station™ harnesses Air Pulse technology to automatically empty the dustbin for quicker and more hygienic cleaning. When the dustbin is being emptied, the All-in-One Clean Station’s™ Air Spin Edge technology spins the Spinning Cyclone at a blade rate of up to 1,000 RPM to drain waste, including any remaining hair that may be stuck in the dustbin’s grille.

The enhanced All-in-One Clean Station™ can automatically shut its cover after every disposal and offers more powerful dust management performance with a 99.999% Multi-layered Filtration System for trapping fine dust and an improved hair removal rate of 99%9 for more efficient dustbin emptying.

The launch of the Bespoke Jet™ AI signifies Samsung’s focus on growing its presence within the global stick vacuum market by providing consumers with more solutions that combine premium design with convenient usability.

To learn more about how the Bespoke Jet™ AI provides users with smart, strong, and thorough cleaning experiences powered by the increased device run time, easy maneuverability, and hygienic dustbin emptying experiences they need, please visit Samsung.com.

Chicco Baby Perfume – Delicate Fragrance Crafted for Little Ones

Perfume evokes one of the core senses of our body and that is the ‘sense of smell’. All of us want to smell good, a habit that parents look to inculcate into children from the toddler days itself, and this is where the cute and beautiful world of ‘baby perfumes’ come in. Baby perfumes have become an important part of a kid’s daily kit as parents prefer the best of care for their babies and this is where water based perfumes come in handy. Chicco, the renowned leader in baby care products, is thrilled to unveil its latest creation, Chicco Baby Perfume. Specially designed for babies, this fragrance offers a gentle and enchanting scent that will captivate both parents and their little ones. Chicco Baby Perfume is a true testament to the brand’s commitment to providing exceptional baby care solutions.

Created with the utmost care, Chicco Baby Perfume is formulated to ensure the well-being of your bundle of joy. The perfume is 100% alcohol-free and water-based, making it safe and suitable for delicate baby skin. Infused with the delightful essence of muguet and lavender, it emanates a soft and soothing fragrance that is sure to bring a smile to your baby’s face.

A pioneer in baby products, the brand understands the importance of using natural ingredients, especially when it comes to our little ones. Chicco Baby Perfume is made from 100% natural fresh water, ensuring a pure and gentle scent for your baby. In line with Chicco’s commitment to baby safety, the perfume is free from phenoxyethanol, parabens, and tropolone, providing parents with peace of mind.

Dermatologically tested on sensitive skin, the baby perfume offers a hypoallergenic solution that is gentle and kind to your baby’s delicate skin. The product has undergone rigorous testing to ensure it meets the highest standards of safety and quality.

The Baby Perfume from the immensely popular babycare brand can be enjoyed in multiple ways. One can apply a few drops onto their baby’s clothes for a sweet and lasting scent that will accompany them throughout the day. You can also enhance bath time by adding a few drops into the bathing water, leaving your little one’s skin pleasantly scented and refreshed. For a joyous and tender moment, parents can take a few drops onto their palms and gently apply to the baby’s skin for a soothing and pleasant smell.

As with all Chicco products, Chicco Baby Perfume embodies the brand’s commitment to excellence and dedication to providing the best care for your baby. Chicco has long been recognized as a trusted name in the industry, and the introduction of Chicco Baby Perfume further solidifies its position as a leader in baby care.

EMBIBE Launches AI-powered Lab Experiments App: A Game-Changer for Students and Schools Across India

Bengaluru, June 08, 2023: EMBIBE, India’s foremost AI-powered learning outcomes platform, today unveiled a revolutionary solution for students and schools nationwide – EMBIBE Lab Experiments. This momentous launch represents a significant milestone in EMBIBE’s mission to democratise education for every student. With the introduction of this AI-based app, EMBIBE aims to redefine the landscape of practical Science education across the country.

EMBIBE Lab Experiments, available free of charge, offers an interactive platform where students can engage virtually with a state-of-the-art Science lab and conduct over 350+ experiments covering Physics, Chemistry, and Biology. These include all 243 experiments prescribed by CBSE, of which 113 complex experiments have been further broken down into 2 parts to facilitate ease of understanding. This inclusive platform ensures access for all students, regardless of geographical location or limited resources at their schools. Furthermore, the platform is NEP-aligned and is tailored to CBSE, NCERT, and state board curriculums.

Statistics reveal that India has a staggering 2.7 lakh secondary schools spread across different states. However, only 53 percent of these schools have access to Science labs. Even among those with lab facilities, many face challenges such as nonfunctional equipment, leading to a learning gap for students. EMBIBE Lab Experiments is poised to bridge this gap by providing a reliable and accessible alternative for students, regardless of their school’s infrastructure. They can practise and learn on the app at any time of the day without any limitations thereby enabling students to develop crucial practical skills and scientific acumen.

By installing the app on their PCs/laptops, students can perfect science experiments aligned to the vision of experiential learning outlined in the National Education Policy (NEP) and their curriculum at their own pace.

Announcing the launch of EMBIBE Lab Experiments, Ms. Aditi Avasthi, Founder & CEO, of EMBIBE, said, “EMBIBE Lab Experiments has the potential to overcome all limitations of physical laboratories, such as cost, accessibility, and availability of equipment. It can truly democratise science education by reaching students across different regions and socio-economic backgrounds. By seamlessly integrating technology with education, we envision a future where students can explore and conduct virtual experiments from the comfort of their homes or classrooms. We are excited about the possibilities that lie ahead because this initiative has the potential to revolutionise the way science is taught and learned in India. I am confident that this will fuel India’s progress in the realms of science and technology like never before.”

One of the key highlights of EMBIBE Virtual Lab Experiments is its ability to link every experiment to real-life scenarios through 3D animated videos, enhancing students’ comprehension. Additionally, the app offers a DIY Experiment feature, allowing students to select materials and perform experiments in a 3D virtual lab environment, providing runtime instructions, dynamic observation, and inference tables. Furthermore, a gamified, data-generating laboratory simulation within the app enhances learning outcomes and motivation levels, complementing traditional teaching methods.

In the next six months, EMBIBE Virtual Lab Experiments will see 350+ new experiments added to the app. The app will also be made available in Hindi and 10 major regional languages, further ensuring that any student’s language is not a barrier to learning. The EMBIBE Lab Experiments app can be downloaded from both Play Store and App Store.

Max Life launches Smart Wealth Advantage Growth Par Plan

Bangalore, June 8, 2023: Max Life Insurance Company Ltd. (“Max Life” / “Company”), has launched Smart Wealth Advantage Growth Par Plan (UIN – 104N135V01) – A Non-Linked Participating Individual Life Insurance Savings Plan. The plan combines the power of ‘Protection, Liquidity, and Flexibility’ into a simple solution and offers comprehensive financial protection for the family for key milestones in life, including retirement.

With its six big benefits, the Smart Wealth Advantage Growth Par Plan enables customers to fulfill their retirement goals while assuring comprehensive protection for themselves and their loved ones:

1. Liquidity: Insta Income with enhanced early-liquidity benefits, enabling access to funds from the first policy year
2. Guaranteed component: Guaranteed Income** based benefits to ensure predictability of returns for the customer
3. Cash Bonus***: A percentage of annualized premium shall be payable to the policyholder as a Cash Bonus (if declared)
4. Retirement income: Assists in planning for retirement by offering an enhanced income with minimum guarantee during life’s golden years (after the life insured attains the age of 65 years)
5. Flexibility: Offers flexibility to opt from 4 income designs with the option to receive income on special days e.g. birthdays, anniversaries, etc., or to accumulate for future needs and withdraw basis requirement
6. Enhanced protection benefits: Offered through Policy continuance benefit, inbuilt additional accidental benefit, and optional riders

Prashant Tripathy, Managing Director & CEO, of Max Life said, “Customer obsession is in Max Life’s DNA, and developing flexible products that respond to evolving consumer needs is our core competency. We recognized the emerging need for a well-designed income plan emphasizing the value of a regular additional income for long-term financial stability. With Smart Wealth Advantage Growth Par Plan, our primary objective is to offer a comprehensive savings plan, which provides lasting income assurance during the years when one needs it the most.”

Promoting financial inclusivity, the Smart Wealth Advantage Growth Par Plan extends special discounts to transgender customers+ and additional benefits on maturity for women++. With these measures, Max Life reaffirms its dedication to fostering a more inclusive and equitable society through innovative insurance offerings.

Recently, Max Life announced its highest-ever participating (PAR) bonus of Rs. 1,604 Cr. for its eligible policyholders in FY22-23. This is the Company’s 21st consecutive annual bonus; ~8% higher than the bonus declared in the last fiscal. The declared annual bonus will be added to the benefits of approximately 21,00,000 (21 lakhs) eligible participating policyholders, aiding their long-term financial goals.

Covestro signs first major renewable energy agreement for its US operations

Covestro, a leading manufacturer of high-quality polymer materials and their components has signed a 90-megawatt (MW) virtual power purchase agreement (vPPA) with Ørsted, a clean energy leader in the U.S. market, headquartered in Denmark.

With various agreements in place, Covestro fosters the growth of renewable energy projects around the world. This newest 15-year agreement secures a portion of power from the Mockingbird Solar Center in Lamar County, Texas, marking Covestro’s first renewable energy agreement in the U.S. The vPPA is estimated to offset 70,000 tons of CO2 emissions annually and will reduce the scope 2 emissions from Covestro’s third largest production site, located in Baytown, Texas.

“This important new announcement builds upon Covestro’s existing agreement with Ørsted and clearly signals our commitment to the use of renewable energy,” said Markus Steilemann, CEO of Covestro. “The inclusion of renewable energy to help power our facilities is a critical component to reducing our scope 2 emissions and becoming operationally climate neutral by 2035.”

Covestro set itself ambitious climate neutrality goals in 2022. One major lever to reach these goals is energy from renewable sources, such as wind and solar power.

“The vPPA with Ørsted comes on the heels of our recent announcement of ISCC PLUS certification for our production site in Baytown, Texas,” explains Haakan Jonsson, chairman and president of Covestro LLC. “These two initiatives represent our focus on sustainability and the strategic path we have set to minimize our carbon footprint across Covestro’s operations in the United States. Cumulatively, projects like this help us realize our path to becoming fully circular.”

One concrete measure on this path is climate neutrality, which includes the switch to power from renewable sources. Covestro relies on agreements with power suppliers to facilitate this transition.

“We are thrilled to help facilitate Covestro’s entry into the U.S. renewable energy market with this newly signed virtual power purchase agreement,” said Monica Testa, Head of Origination at Ørsted. “The Mockingbird Solar Center is a unique project representing preservation and progress. The clean energy produced by the solar center will help Covestro to decarbonize its operations. At the same time, the conservation of rare native tallgrass prairie habitats supports plant and wildlife biodiversity in the region. We’re proud of this project’s important outcomes and look forward to our continued partnership with Covestro.”

Edison Energy worked with Covestro to broker the agreement for the vPPA. Ørsted’s Mockingbird Solar Center will produce enough clean energy to power roughly 80,000 homes and is expected to begin operation in late 2024. At that time, Covestro will start executing on the vPPA, which represents nearly 20% of the Mockingbird Solar Center’s capacity.

In December 2019, Covestro concluded a supply agreement for electricity from offshore wind turbines with energy supplier Ørsted. Starting in 2025, Ørsted will provide green electricity for ten years to supply Covestro’s production sites in Germany, generated in a newly built wind farm off the island of Borkum, Germany. At the end of 2022, Covestro had already covered 12 percent of its global energy requirements with electricity from renewable sources. That figure is expected to rise to 16 to 18 percent in 2023.

Mmaximize steals the spotlight – Masoom Minawala and Schbang launch a talent management vertical

Schbang has launched a joint venture with global influencer and entrepreneur Masoom Minawala called Mmaximize. It brings the personal and professional experience of Minawala with Schbang’s strategy, industry know-how and business acumen.

A content creator herself, Masoom Minawala has been the recipient of Forbes Asia’s 30 under 30 list, and has represented India at many global platforms She is collaborating with Schbang, the digital and technology transformation company associated with key Indian and international brands like Amazon, TATA Neu, H&M, Johnson & Johnson, Fevicol, Mattel and Jio. The eight-year-old company has over 1200 employees and has been awarded LinkedIn’s top startups in India in 2018, 2021, and 2022. Schbang has also won the Social Media Agency of the Year by ET Brand Equity and has been awarded as India’s Fastest Growing digital agencies 2023 by Agency Reporter.

As per the Influencer marketing report, the Indian influencer marketing industry’s value will reach Rs. 2,200 crores by 2025, growing at an annual rate of 25% over the next five years. Creators are doing more with their platform, like conducting workshops, bagging big-budget productions, and venturing into entrepreneurship, among many other things.

Mmaximize aims to provide a 360-degree multifaceted approach for creators to build their personal brands. The services will include PR & Image building, identifying revenue streams, legal and financial support, invoicing and billing, negotiating brand deals, building brand strategy and monthly and quarterly content planning.

Mmaximize’s vision is to build an unassailable business model for India’s top creators that fuses their creative prowess with Mmaximize’s strategy, analytical thinking, industry know-how and business acumen to foster the creation of personal brands and realize their full potential.

On the collaboration, Masoom Minawala – Global Influencer, Entrepreneur and Investor said, “The business of influencing has been a passion from the day I started creating content —the art of strategy, brand building, client servicing, cultivating relationships with brands to create multiple streams of revenue, all of it. While I’ve been fortunate to establish a solid framework for myself, there has always been a burning desire to extend this expertise to others in the industry.”

“That’s how Schbang MMaximize was born—an amalgamation of my 12 years of experience & expertise and Schbang’s digital reign, infrastructure, & access to over 300 brands” she continued.

Harshil Karia, Founder, Schbang said, “For Schbang, this is an important strategic move. It brings us closer to creators and helps us leverage our efficient service standards, and access to tech companies and clients to be able to deliver a market-beating service for Talent in India and beyond. It will also help the large client pool in Schbang give the first opportunity to co-create IPs with many exciting creators and celebrities.

I could not think of anyone better than Masoom to partner with on this joint venture.” he continued.