Archive: May 31, 2024

Business

IDFC First Bank – Outcome of Board Meeting

May 31, 2024 by Sujata Muguda 0 Comments #Board, #IDFC FIRST Bank, #NNPA, #Opportunities, #Preferential Issue, #SEBI ICDR Regulations

IDFC FIRST Bank has laid a robust foundation with a strong and profitable business model. The Bank is seeing strong traction in raising deposits with customer deposits growing by 42% in FY24 over FY23. The Bank also sees significant upcoming opportunities for loan growth with high asset quality. The overall asset quality of the Bank continues to be good, with GNPA of 1.88% and NNPA of 0.60% as of March 31, 2024. In the retail, rural and sme finance book, the Gross and Net NPA continues to be quite low at 1.38% and 0.44% respectively as of March 31, 2024.

The Bank is also well positioned in terms of experience, team, technology, systems, risk management and controls, to take advantage of the growth opportunities in a stable manner. The business is also profitable with the profit after tax increasing to ₹ 2,957 crores in FY24, an increase of 21% over ₹ 2,437 crores in FY23. The capital adequacy as of March 31, 2024 is strong at 16.11%. With the objective to take advantage of upcoming growth opportunities, the Bank intends to raise funds of ₹ 3,200 crores by issuing equity shares of the Bank on preferential basis. With this proposed capital raise of ₹ 3,200 crores, the overall capital adequacy of the Bank will further increase to 17.49%, as computed on the risk weighted assets as on March 31, 2024, which will put the bank in a strong position to participate in future growth.

With the aforesaid intention, the Board of Directors (“Board”) of the Bank at its meeting held today i.e., May 30, 2024, has, inter-alia, considered and approved to Issue, offer and allot 39,68,74,600 (Thirty nine crore sixty eight lakhs seventy four thousand and six hundred) equity shares of face value of ₹ 10/- each fully paid-up, on a preferential basis, to the allottees, as mentioned in Annexure

1 (“Proposed Allottees”), at a price of ₹ 80.63/- per equity share, amounting to ₹ 3,200 crore (Rupees Three thousand and two hundred crore only) [round off] (“Preferential Issue”), in accordance with the applicable provisions of the Companies Act, 2013 and SEBI ICDR Regulations, and also subject to approval of the shareholders of the ‘Bank’.

Further, the Board of Directors of the Bank has approved a process of carrying out Postal Ballot to seek approval of the shareholders of the Bank for issuance and allotment of equity shares by way of preferential issue to the Proposed Allottees. Also, the Board has approved the draft Postal Ballot Notice to be issued to the shareholders for seeking their approval for Preferential Issue.

Disclaimer: This press release was prepared by a third party. The information is based on sources believed to be reliable but has not been independently verified. We do not guarantee its accuracy or completeness and are not liable for any loss arising from its use.

News

Comment on RBI’s framework for Fintech SRO

May 31, 2024 by Sujata Muguda 0 Comments #AdvaRisk, #Ashish Goyal, #Fibe, #Fintech SRO, #India’s first and only end-to-end RiskTech, #One of India’s leading consumer lending apps, #RBI, #RBI's framework, #SRO, #SRO-FT's, #Vishal Sharma

Vishal Sharma, Cofounder & CEO, AdvaRisk (India’s first and only end-to-end RiskTech for collateral based lending) – “The oversight and enforcement clause, which includes counselling, cautioning, reprimanding, and expelling members, will help maintain integrity in the fintech ecosystem and enhance the SRO-FT’s effectiveness. This approach ensures uniformity without stifling innovation and growth, protects consumers, and enhances the fintech sector’s credibility. Additionally, it fosters trust within the banking fraternity, encouraging collaboration with SRO-listed companies. The temporary or permanent removal of non-compliant entities ensures that only committed and trustworthy members remain, further strengthening the ecosystem.”

Ashish Goyal, Cofounder & CFO, Fibe (one of India’s leading consumer lending apps) – “This positive initiative by RBI is pivotal to fostering a balanced, innovative, and responsible fintech ecosystem. Being industry-led and built on a ‘representative’ structure will allow the self-regulatory organisation (SRO) to understand the nuances of the ecosystem much better and help in leveraging the collective expertise and experience of the members. This will lead to better and more feasible solutions for the industry players. It will also result in the development of standards that are practical, adaptive, and widely accepted within the fintech community. Overall SRO will enhance communication between the regulator and the industry manifold thereby ensuring continuous and responsible innovation that is a win-win for both the industry and customers.”

Business

MediaTek to Unveil Products for Chromebooks, Smart TVs and Displays at COMPUTEX 2024

May 31, 2024 by Sujata Muguda 0 Comments #AI processor, #Chromebooks, #DDR4 and LPDDR4X, #Displays at COMPUTEX 2024, #Dr. Rick Tsai, #HSINCHU, #ISP, #Joe Chen, #John Solomon, #MediaTek, #OEM requirements, #smart TVs, #Taiwan

HSINCHU, Taiwan – May 31, 2024 – At COMPUTEX 2024, MediaTek will showcase new products and technology demonstrations, featuring highlights in AI, Smart TVs, Chromebooks, IoT and more, in addition to a keynote by Vice Chairman and CEO Dr. Rick Tsai about how MediaTek can enable ubiquitous AI.

MediaTek_Kompanio_838_EN_Transparent_Combo_0424

At this year’s show, MediaTek will debut two new chipsets with powerful performance and support for the latest AI enhancements across multiple verticals: the Kompanio 838 SoC for premium Chromebooks, and the Pentonic 800 SoC for 4K premium smart TVs and displays.

Additionally, MediaTek Vice Chairman and CEO Dr. Rick Tsai will be giving a keynote at COMPUTEX 2024 to explore how AI will continue to transform mobility, transportation, the smart home, enterprises, and industrial environments. Dr. Tsai will deliver his keynote speech on Tuesday, June 4 at 13:30 Taiwan time at the Taipei Nangang Exhibition Center Hall 2 in Taipei, Taiwan.

“At this year’s COMPUTEX, we are highlighting our expanding leadership in exciting product categories, such as AI, automotive, IoT, TVs, Chromebooks, and wireless connectivity, among many others,” said Joe Chen, President and COO of MediaTek. “Through upgrading user experiences in our latest chipsets, this is a wonderful opportunity to show our growth in these critical segments of technology.”

MediaTek Kompanio 838: Amplifying productive working, learning and creativity

The octa-core Kompanio 838 packs outstanding performance and multitasking capabilities into a highly efficient SoC that enables all-day battery life for thin and light Chromebooks. This new chipset supports DDR4 and LPDDR4X to meet a wider range of OEM requirements, and doubles memory bandwidth compared to previous generations to provide considerably more data throughput.

To support the latest AI enhancements, Kompanio 838 enables a dedicated AI processor, the MediaTek NPU 650, to offer more interactive and higher quality multimedia with unparalleled power efficiency. MediaTek NPUs are designed for efficient image data processing, capable of quickly executing complex computations.

The built-in next-generation MediaTek Imagiq 7 series ISP upgrades professional quality HDR imaging, dual camera support, and low-light capture, improving photo and video quality even in challenging lighting conditions.

With hardware accelerated AV1 video decoding, the Kompanio 838 lets users seamlessly stream 4K content, while also enhancing picture quality. It supports up to two 4K displays simultaneously to give users more display real estate. The Kompanio 838 also supports MediaTek Filogic Wi-Fi 6 and 6E technology to offer dual-band and tri-band connectivity options to Chromebooks with speeds up to 1.9Gbps, while also offering more reliable connectivity thanks to the 2×2 antenna and enhanced security with WPA3 support.

“The finely tuned balance of power and efficiency the Kompanio 838 brings to Chromebook is a key point of innovation in our portfolio as we seek to bring powerful, affordable and accessible computing to more users around the globe,” said John Solomon, VP and GM, ChromeOS and Google for Education. “Together, we’re bringing thin and light Chromebooks with helpful AI features to even more customers.”

“The need for energy efficient devices capable of multitasking continues to grow and we are committed to empowering students and teachers with tech devices and solutions that enhance learning in the classroom and beyond,” said Benny Zhang, Executive Director and General Manager of Chromebooks in Lenovo’s Global Innovation Center, Intelligent Devices Group. “Lenovo and MediaTek have a long-standing partnership focused on delivering performance and value, and we look forward to bringing the Kompanio series chips to our upcoming Lenovo Chromebooks.”

MediaTek Pentonic 800: Powerful AI Engine with Industry-leading Image Enhancement

The MediaTek Pentonic 800 delivers best-in-class video, audio, and cloud gaming experiences. The SoC is ideal for a variety of 4K displays, including smart TVs, smart monitors, commercial displays, and embedded large displays. Compared to the previous generation chip, MediaTek’s AI processor offers 50% faster AI processing performance and reduces up to 60% bandwidth usage. The powerful NPU supports a variety of MediaTek AI-powered display technologies, including AI-Super Resolution 3.0, AI-Contrast 2.0, AI-Picture Quality Scene Recognition 2.0+, and AI-Picture Quality Object Recognition 2.5+. These technologies significantly improve upscaling, enhance picture quality, and eliminate noise, among many other enhancements for streaming and gaming. To further optimize gaming, Pentonic 800 supports variable refresh rate (VRR) up to 4K2K 165Hz.

Also, the Pentonic 800’s hardware video decoding engine supports popular key codecs such as HEVC, AV1, AVS3 High Profile, and VVC (H.266) for high quality 4K video playback. The chip also supports MEMC, TCON, and high-resolution audio. OEMs have the flexibility to add MediaTek’s Filogic Wi-Fi connectivity solutions to provide reliable high-speed connectivity with low latency. Additionally, MediaTek’s Filogic Wi-Fi/Bluetooth combo solutions provide seamless connectivity between screens and peripherals, such as game controllers and wireless headsets.

During Computex, MediaTek will be exhibiting at a private booth, demonstrating how the company is bringing intelligence everywhere from Chromebooks to IoT devices, smartphones, smart TVs, routers, tablets, vehicles, and beyond.

News

Orchids School Students Triumph at National Kickboxing Games 2024

May 31, 2024 by Sujata Muguda 0 Comments #Aarit Inderjeet, #Delhi-NCR, #District Kickboxing Championship, #Mrs. Deya Banerjee, #National Kickboxing Games 2024, #Orchids School Students Triumph, #Orchids The International School, #Orchids The International School’s 5th grade student, #Piyush Ranjan Rai, #Saanvi Chaudhary, #WAKO India Kickboxing Federation

Delhi NCR, 31st May 2024: Orchids The International School is proud to announce the outstanding achievements of its students, Aarit Indrajeet, a 5th grade student and Saanvi Chaudhary, a 7th grade student who showcased their exceptional skills and won medals at the National Kickboxing Games 2024 that was held in Pune, Gurgaon and Delhi.

IMG-20240527-WA0040

The grade 7th student, Saanvi clinched the Bronze medal, securing 3rd position in her age category. Her journey to this National Championship began at the State and District Kickboxing Championship, held at Orchids The International School, South City 1, and Haryana Sports Complex, Faridabad, where she won the Gold medal. The National Kickboxing Games, organized by the WAKO India Kickboxing Federation, saw participation from over 1300 athletes from all Indian states, with around 60 participants competing in Saanvi’s age and weight category. Her achievement is a testament to her dedication, skill, and perseverance. With this win Saanvi also qualified for the Kickboxing World Junior Championship which will be held at Budapest, Hungary.

Further, Orchids The International School’s 5th grade student, Aarit Inderjeet, secured the Silver medal in the National Children & Cadet Kickboxing Championship 2024 in Pune under the -36 Kg Children Category, Point Fight Event. His path to the podium was paved with intense bouts, showcasing his physical capabilities, mental resilience, and unwavering commitment to excellence. In addition to his success at the National level he also won the Bronze medal in Kyorugi Taekwondo Championship under the -35 Kg Sub-Junior Category and the Silver medal in district Taekwondo Championship under the -37 Kg Sub-Junior Category. These achievements highlight his consistent performance and dedication to martial arts.

Speaking on her students achievement, Mrs. Deya Banerjee, Principal at Orchids The International School, South City 1 Campus, Gurugram said, “We are incredibly proud of Saanvi Chaudhary and Aarit Inderjeet for their remarkable achievements at the National Kickboxing Games 2024. Their dedication, hard work, and sportsmanship exemplify the values we strive to instill at Orchids The International School. These accomplishments are a testament to their relentless pursuit of excellence and serve as an inspiration to all our students. Congratulations to both of them for bringing such honor to our school.”

Piyush Ranjan Rai, VP Academics – Sports said, “Saanvi and Aarit’s accomplishment embodies the spirit of Orchids! We take pride in fostering not only academic excellence but also dedication and talent in all areas. Their win signifies a major milestone in our mission to cultivate well-rounded individuals who shine both in the classroom and beyond.”

Orchids The International School empowers students to excel in all areas, including athletics. This remarkable achievement highlights the effectiveness of Orchids The International School’s sports curriculum in nurturing young talent.

Business

TBO Tek Limited announces Strong FY24 results

May 31, 2024 by Sujata Muguda 0 Comments #EBITDA, #FY24 results, #Government's UDAN scheme, #GTV, #Mr. Ankush Nijhawan, #Mr. Gaurav Bhatnagar, #One of the leading travel distribution platforms, #TBO Tek Limited

National, May 31, 2024: TBO Tek Limited, one of the leading travel distribution platforms in the global travel and tourism industry in terms of GTV and revenue announced its audited Financial Results for the Q4-FY 2024 and Financial Year 2024 results .

Mr. Gaurav Bhatnagar, co-founder and Joint MD, TBO Tek Limited said, “FY 24 was a landmark year for TBO. Following our successful IPO, we are thrilled to report another year of remarkable growth, with revenue soaring to 1,393 Cr., showcasing 31% increase with adjusted EBITDA at Rs. 270 Cr. with 35% y-o-y growth and net profits after tax at Rs 201 Cr., a 35% Increase, and gross transaction value surging to Rs 26,536 Cr., marking a 19% year-over-year growth. “

“Our acquisition of Jumbonline has already started showing positive results and contributed meaningfully to our bottom line in Q4. We believe that the results are a validation of strategy to focus on both organic and inorganic growth to drive EBITDA margin expansion via operating leverage. In the coming year, we will continue to invest in global market development, supply strengthening and platform innovation. We will be looking for strategic inorganic opportunities as well”, he added.

Mr. Ankush Nijhawan, Co-founder and Joint MD, TBO Tek Limited said, “Our company’s remarkable trajectory has mirrored the robust growth in the travel industry. Government’s UDAN scheme initiative, development of large no. of airports and estimated investment of $1.83 billion in airport infrastructure by 2026 will act as a catalyst to the company’s and the industry growth.”

“The outbound air traffic is expected to reach 42 million passengers in 2027 growing at a CAGR of approximately 6% between 2023 and 2027. The outbound travel market is expected to grow at a CAGR of 11.1% over 2023 to 2027 reaching US$ 19.6 billion. We remain committed to capitalizing on this dynamic industry, delivering innovative solutions and forging strategic partnerships. We understand the intricate requirements of our global customers, and always strive to deliver to their needs and further solidify our leadership position. An innovative culture in the company enables us to deliver offerings to our clients, allowing them to provide travel and leisure experiences to their customers. We are committed to company’s sustainable growth to create long-term value stakeholders value by capitalizing on emerging industry trends backed by our solid foundation and visionary leadership”, he added.”

News

Apollo Telehealth Launches Telemedicine-driven Primary Health Centre in Borobeka, Manipur

May 31, 2024 by Sujata Muguda 0 Comments #Apollo Hospitals, #Apollo Telehealth, #Honourable Justice Gita Mittal, #Manipur, #MBBS, #MPHWS, #Mr. Vikram Thaploo, #Primary Health Centre, #Primary Health Centre in Borobeka, #Telemedicine-driven Primary Health Centre

Manipur, 31st May, 2024: The recent conflicts in Manipur have caused a significant economic downturn and business disruption, leading to a record-breaking 67,000 individuals being displaced due to ethnic conflict, according to a report. Particularly concerning is the displacement of many healthcare professionals, especially in the hill districts affected by the crisis. Recognizing the critical need to ensure continued access to healthcare services in affected areas, Honourable Justice Gita Mittal, Chairperson of the Supreme Court appointed Committee on Relief and Rehabilitation in Manipur, identified the necessity to operationalize several affected health facilities through electronic modes. In line with this strategy, Apollo Telehealth was selected to oversee the reactivation of the Borobeka Primary Health Centre (PHC) under a public private partnership program.

Apollo PHC 1

The Borobeka area, characterized by its isolation and challenging road conditions, presents significant obstacles to accessing timely medical care and emergency services. With the nearest referral hospital located at least 90 minutes away in Jiribam, residents face prolonged treatment and exacerbated health concerns due to these challenges. Fortunately, the collaboration with Apollo Telehealth signifies a proactive effort to restore essential healthcare services to communities affected by recent unrest.

Honourable Justice Gita Mittal said “The collaboration with Apollo Telehealth signifies a proactive approach towards reinstating vital healthcare services for communities affected by recent turmoil. By harnessing their expertise and resources, our aim is to swiftly restore operations at Borobeka PHC, ensuring residents have access to quality medical care. This initiative underscores the unwavering commitment of the state government to prioritize the health and well-being of all citizens, even amidst challenging circumstances. We remain steadfast in implementing effective measures to address the evolving needs of our communities and restore normalcy across the state.”

The partnership marked a significant milestone with the presence of Honourable Justice Gita Mittal, Chairperson of the SC-appointed Committee for Rehabilitation of Manipur, along with esteemed dignitaries from the Manipur government. This event culminated a journey that began on March 15, 2024, with the signing of the Memorandum of Understanding. Despite facing formidable challenges including recent communal riots, heavy rainfall, limited access, and poor roads, Apollo’s dedicated team worked tirelessly across departments to transform the Borobeka Primary Health Centre (PHC). Their unwavering commitment and efficient approach ensured the successful completion of this vital project.

Mr. Vikram Thaploo, CEO-TeleHealth at Apollo Hospitals said “We are deeply grateful to the Government of Manipur for entrusting us with this vital project. The inauguration on May 10, 2024, marked a significant milestone in our journey, with esteemed dignitaries including Honourable Justice Gita Mittal in attendance. Since the signing of the Memorandum of Understanding on March 15, 2024, our dedicated team has worked tirelessly to transform the Borobeka Primary Health Centre. Despite facing daunting challenges, including recent communal unrest and adverse weather conditions, Apollo’s unwavering commitment prevailed. Today, as we commemorate our presence in Manipur, we celebrate the resilience and determination that propelled us forward.”

Apollo Telehealth spearheaded the installation of essential medical and IT infrastructure, complemented by a proficient team of trained staff. Dedicated high-speed internet connectivity was established to facilitate seamless telemedicine services. Over the course of 30 days of rigorous effort, the primary healthcare centre (PHC) underwent a comprehensive renovation to cater to the needs of the local community. Presently, the PHC boasts a skilled workforce including an MBBS doctor, nurses, lab technicians, and MPHWS professionals. It offers specialized teleconsultations encompassing various fields such as OB/GYN, cardiology, orthopaedics, and nephrology, among others. Furthermore, the PHC is fully equipped to execute national health mission programs addressing NCD, ANC/PNC, mental healthcare, and more. Patients can avail consultations with over 15 specialist doctors from across India through telemedicine services accessible directly from Borobeka. The attending doctors conduct thorough examinations, diagnose primary health conditions, and prescribe quality medicines as necessary. Additionally, the PHC features a state-of-the-art laboratory offering over 35 different tests to cater to diverse medical needs.

News

ACESO Launches ALIP to Secure Life Coverage for LIC Policyholders

May 31, 2024 by Sujata Muguda 0 Comments #ACESO, #ACESO ENDOWMENT SERVICES PVT LTD, #ALIP, #ALIP to Secure Life Coverage for LIC Policyholders, #Assignment of Life Insurance Policies, #KYC, #LIC of India, #Mumbai, #Ranjit Kulkarni, #SEBI, #SPV

Mumbai, May 31 ,2024: ACESO, a pioneer institution in providing innovative solutions for insurance policyholders, has launched ALIP (Assignment of Life Insurance Policies), a unique solution designed for LIC policyholders contemplating policy surrender or experiencing lapses. ALIP provides the opportunity to receive the Surrender Value of their endowment insurance policies, even while preserving their life cover benefits.

Powered by ACESO ENDOWMENT SERVICES PVT LTD, ALIP offers key features designed to provide maximum value and benefit to LIC policyholders;

– Guarantees that policyholders receive the exact surrender value as given by the LIC of India.
– Additionally, ALIP goes beyond mere surrender value consideration, providing policyholders with a clear outline of the year

-wise life coverage benefits from the date of assignment up-to the Maturity Date, for their nominees; in the unfortunate event of the policyholder’s demise, even while abstaining on any further future premium commitments. All this is provided by an independent SPV Trust, managed by a SEBI registered trusteeship company.

Ranjit Kulkarni, Research and Strategic Acquisitions Head at ACESO, remarked, “LIC’s endowment policies constitute a significant 80% of its annual policy issuances, underlining their pivotal role in the insurance landscape. However, with a persistency ratio of around 50%, indicating that half of these policies do not reach maturity due to surrenders and lapses, there is a clear need for solutions like ALIP. ALIP will bridge the crucial gap by providing LIC policyholders with a viable alternative to surrendering their policies prematurely, ensuring they can unlock the value of their insurance policy even while safeguarding their future life coverage”.

What sets ALIP apart, as compared to receiving the surrender value from the insurer, is its swift and efficient payment process. The consideration is typically expedited within 48 hours upon the completion of all necessary documentation. Moreover, the entire documentation and KYC process is done online, to the fullest extent possible, minimising hassles for both the policyholder and their LIC agent.

ACESO’s cutting-edge systems and workflow technologies are designed to efficiently manage policy assignments and deliver prompt payouts, ensuring a seamless and secure servicing experience for clients. With ACESO, policyholders can rest assured that their policies are managed with the utmost care and professionalism, enabling them to navigate their financial journey with confidence.

ACESO, with its extensive experience and deep knowledge of the insurance industry, particularly focusing on Endowment policies issued by LIC of India, has facilitated the assignment worth of Endowment policies. The company is committed to service excellence, backed by highly skilled and efficient staff with decades of experience in life insurance asset management.

A Win-Win for all stakeholders:
– By leveraging ACESO’s services, policyholders can restructure their financial circumstances or release equity, thereby gaining greater financial flexibility and security.

– ALIP provides a continuity of income to the Insurance advisors on the premium continued to be paid by the SPV trust (Managed by a SEBI registered independent Trustee), on such assigned polices to LIC of India till maturity.”

– ALIP reduces surrender payouts to policyholders and increases the insurer’s AUM, leading to higher bonus rates and increased earnings for all its stakeholders. This innovative approach also minimizes insurer costs associated with replacing surrendered or lapsed policies, contributing to a more sustainable and efficient insurance ecosystem for its stakeholders.

A Life insurance Policy is the personal property of the Life assured and is governed by the Life Insurance Act, 1938 and Contract Act 1872, and the Life insurance policy is an actionable claim and a movable asset (As defined under Transfer of Property Act, 1882.), making the process perfectly tenable.

Business

ACT Fibernet Invests in Aprecomm to Revolutionize Internet Connectivity for Millions

May 31, 2024 by Sujata Muguda 0 Comments #ACT Fibernet, #Aprecomm Private Limited, #Aprecomm to Revolutionize Internet Connectivity, #Atria Convergence Technologies Ltd, #BENGALURU, #Ghuharajan Sivakumar, #India's largest fiber-focused wired broadband ISP, #Mr. Bala Malladi, #Mr. Pramod Gummaraj, #Wi-Fi experience

Bengaluru, May 31, 2024: ACT Fibernet (Atria Convergence Technologies Ltd.), India’s largest fiber-focused wired broadband ISP,  announced a major strategic investment in Aprecomm Private Limited (Aprecomm), India’s fastest-growing network intelligence solutions startup. This investment aims to further fortify ACT Fibernet’s ability to provide the best home Wi-Fi experience for its customers.

Guharajan Sivakumar, Cofounder of Aprecomm

ACT Fibernet will integrate Aprecomm’s advanced technology into its Wi-Fi products roadmap. This will provide real-time network visibility into Wi-Fi performance and enable rapid, proactive resolution of last-mile connectivity challenges.

Talking about the investment, ACT Fibernet CEO Mr. Bala Malladi said, “In line with our strategy of providing the best in-home Wi-Fi experience to our customers, we are happy to announce a strategic investment in Aprecomm to further strengthen our experience proposition. Aprecomm’s AI-based, self-optimizing technology and advanced Wi-Fi analytics allow us to continuously optimize our network and significantly enhance our customer experience. This partnership underscores our commitment to delivering a seamless and delightful experience to our customers.”

“We are delighted to welcome ACT Fibernet as a strategic partner,” said Mr. Pramod Gummaraj, CEO of Aprecomm. “This investment will significantly enhance our mission to transform the internet landscape by revamping the quality of internet services for subscribers worldwide. ACT Fibernet’s expertise and commitment to innovation perfectly align with our vision, making them the ideal partner to revolutionize the in-home Wi-Fi experience for broadband subscribers.”

Ghuharajan Sivakumar, CTO of Aprecomm said, “With this investment, ACT Fibernet, a valued customer, is now also one of our esteemed partners. Through this significant and positive development, ACT has reaffirmed its trust in Aprecomm. We are thrilled about this partnership, as it will allow us to continue pushing the boundaries of technological advancements and provide our subscribers with the best possible experience.”

Business

Federal Bank and Tata AIA Life Insurance Announce Strategic Bancassurance Partnership

May 31, 2024 by Sujata Muguda 0 Comments #A prominent private sector bank in India, #Bancassurance Partnership, #Chennai, #Federal Bank, #India’s leading life insurance companies, #Ramesh Viswanathan, #Shalini Warrier, #Tata AIA, #Tata AIA Life Insurance, #Tata AIA Life Insurance Co Ltd

Chennai, May 31, 2024: Federal Bank, a prominent private sector bank in India, announced a Bancassurance tie-up with Tata AIA Life Insurance Co Ltd, one of India’s leading life insurance companies. This strategic alliance aims to provide Federal Bank’s customers, access to Tata AIA Life’s comprehensive insurance product suite.

Picture- Federal Bank partnership with TATA AIA Life Insurance

Federal Bank has an extensive network, which will enable Tata AIA to further strengthen its footprint. Both the entities focus on technology enabled, consumer centric business model, adding to the synergies of the partnership.

For Federal Bank customers, the partnership will enable them to benefit from Tata AIA’s diverse, consumer centric life insurance solutions, including term insurance, savings and wealth creation plans, retirement, and pension solutions etc. Further, they can avail Tata AIA’s innovative plans such as Param Rakshak that offer triple benefits of high life cover, market linked returns and health & wellness benefits. The solutions are backed by Tata AIA’s empathy led; tech enabled service experience powered by best-in-class technology solutions.

Shalini Warrier, Executive Director, Federal Bank said – We are pleased to announce a strategic Corporate Agency Bancassurance partnership with TATA AIA Life Insurance Company. This partnership aims to bring the best of insurance products to our valued customers. It is a well-known fact that the penetration of insurance amongst Indian consumers is low, and through this partnership, the Bank aims to enhance financial security and wealth management for our customers. The coming together of these two revered brands reflects our commitment to always exceeding customer expectations.

Ramesh Viswanathan, Chief Distribution Officer- Bancassurance, Tata AIA Life Insurance, said, “At Tata AIA, our endeavour is to partner our consumers, giving them access to best-in-class life insurance solutions, backed by empathy led service experience, to enable them to live a fikar-free life. We are delighted to enter a long-term relationship with a reputed and technology savvy bank like Federal Bank. This association will enable us to offer our diverse insurance solutions to the bank’s customers, empowering them to fulfil their aspirations and secure their loved ones across all stages of life.”

Business

ACT Fibernet invests in Aprecomm to revolutionize the quality of Wi-Fi experience

May 31, 2024 by Sujata Muguda 0 Comments #ACT Fibernet, #Aprecomm Private Limited, #Aprecomm to revolutionize, #Atria Convergence Technologies Ltd, #BENGALURU, #India's largest fiber-focused wired broadband ISP, #Mr. Bala Malladi, #Mr. Pramod Gummaraj, #Wi-Fi experience

Bengaluru, May 31, 2024: ACT Fibernet (Atria Convergence Technologies Ltd.), India’s largest fiber-focused wired broadband ISP, today announced a major strategic investment in Aprecomm Private Limited (Aprecomm), India’s fastest-growing network intelligence solutions expert. This investment aims to further fortify ACT Fibernet’s ability to provide the best home Wi-Fi experience for its customers.

ACT Fibernet will integrate Aprecomm’s advanced technology into its Wi-Fi products roadmap. This will provide real-time network visibility into Wi-Fi performance and enable rapid, proactive resolution of last-mile connectivity challenges.

Talking about the investment, ACT Fibernet CEO Mr. Bala Malladi said, “In line with our strategy of providing the best in-home Wi-Fi experience to our customers, we are happy to announce a strategic investment in Aprecomm to further strengthen our experience proposition. Aprecomm’s AI-based, self-optimizing technology and advanced Wi-Fi analytics allow us to continuously optimize our network and significantly enhance our customer experience. This partnership underscores our commitment to delivering a seamless and delightful experience to our customers .”

“We are delighted to welcome ACT Fibernet as a strategic partner,” said Mr. Pramod Gummaraj, CEO of Aprecomm. “This investment will significantly enhance our mission to transform the internet landscape by revamping the quality of internet services for subscribers worldwide. ACT Fibernet’s expertise and commitment to innovation perfectly align with our vision, making them the ideal partner to revolutionize the in-home Wi-Fi experience for broadband subscribers.”