Tag: Financial Services

Business World

Mr. Vikram Limaye, MD & CEO, NSE speech at NSE’s Dr. R H Patil Memorial Dialogue 2020

Nov 5, 2020 by Gouri Achary 0 Comments #Dr Patil memorial event 2020., #Financial Services, #Mr. Uday Kotak, #Mr. Vikram Limaye, #Prof Eugene Fama, #Robert R. McCormick

The annual Dr. R. H. Patil Memorial event features thought leaders of the highest calibre and reputation as a fitting tribute to the memory of our Founding Managing Director Dr R. H. Patil, who was one of the tallest leaders and institutional builders of the Indian Financial Services industry.

Over a relatively short period of time, NSE has emerged as not only the largest exchange in India but also amongst the top three exchanges in the world. It is also the largest derivatives exchange in the world in terms of a number of contracts traded. Few institutions in India have built a strong global reputation and NSE is one of them.

As an institution of national importance, NSE plays a critical role in working with regulators, government and market participants in the development of capital markets. NSE has always focused on what is in the best interests of the Indian economy, markets and investors and in improving the financial wellbeing of people. We recognise our responsibility to help India achieve its aspirations and take its rightful place amongst the world’s leading economies.

NSE owes a deep sense of gratitude to SEBI and the government for putting in place critical market infrastructure institutions that have been responsible for the robust growth of our economy and capital markets over the past two-plus decades.

In order to achieve sustainable economic growth, it is critical that we expedite market development and capital formation. While the equity markets in India are relatively well-developed, penetration is still low compared to emerging market averages. We need to continue to focus on finding creative ways for investor education and awareness.

Unlike equity markets, the bond, currency and commodity markets in India remain at a nascent stage relative to their potential. It is critical that these markets develop over the next few years for the overall development of financial markets that will provide the necessary depth in terms of product offerings for investors and capital-raising avenues for corporates.

Access to capital for SMEs is another important aspect to support growth and employment. NSE is doing its bit by providing an ecosystem for equity and debt financing for SMEs through the NSE Emerge platform for SME IPOs and the bill discounting platform RXIL – a joint venture with SIDBI for providing working capital financing.

It is important that trust in markets is enhanced and we further integrate the Indian economy and markets into the global ecosystem. NSE is focused on ensuring the highest standards of governance amongst listed corporates and the integrity of markets is strengthened through regulations and surveillance of market intermediaries and trading activities.

We have come a long way over the last 25 years in the evolution of markets and the growth of our economy. The aspirations of our country will continue to be the guiding light as we progress in this journey. As India powers itself forward to become a self-reliant nation, we all need to recommit ourselves to creating the right environment and institutional architecture that is conducive for long-term growth and development.

We are very fortunate and honoured to have with us Prof Eugene Fama for the Dr Patil memorial event 2020.

Prof Eugene Fama, the Robert R. McCormick Distinguished Service Professor of Finance, was awarded the 2013 Nobel prize in Economic Sciences for his contributions to the development of the efficient-market hypothesis and empirical analysis of asset prices. His work has transformed the way finance is viewed and conducted and has received numerous other awards and recognition for his work.

This year’s event is being conducted virtually and will be in a discussion format. We are delighted to have Mr. Uday Kotak who needs no introduction. He is the Managing Director and CEO of Kotak Mahindra Bank and one of the most respected and successful personalities in the financial services industry.

Business World

Top Banker Joins Carlyle as Senior Advisor

Nov 2, 2020 by Gouri Achary 0 Comments #Aditya Puri, #Financial Services, #HDFC Bank, #investing, #The Carlyle Group, #X.D. Yang

Global investment firm The Carlyle Group (NASDAQ: CG) today announced that Aditya Puri, former Chief Executive Officer of India’s largest private sector bank, HDFC Bank, has been appointed as a Senior Advisor to Carlyle in Asia.

Mr. Puri will advise the Carlyle team on investment opportunities across Asia. Mr. Puri will provide guidance on the evolving market landscape and new investment opportunities, while also advising Carlyle’s investment professionals and portfolio management teams on building differentiated high-quality businesses.

Mr. Puri was appointed as the first CEO of HDFC Bank when it was established in 1994. Over his 26 year tenure leading the business, Mr. Puri grew HDFC Bank into the largest private sector bank in India with over $210 billion of assets (as of September 30, 2020), and the most valuable bank in India with a market cap of over $90 billion (as of October 2020). Under Mr. Puri’s leadership, HDFC Bank became well-known for its customer-focused approach, disciplined risk management and strong consistent year-on-year growth.

Mr. Puri previously spent over 20 years at Citibank overseeing parts of the bank’s activities across India, Greece, Saudi Arabia, Hong Kong, Korea, Taiwan and mainland China, with his last role as CEO of Citibank’s operations in Malaysia from 1992-1994. He has won several awards and accolades during his tenure, including being named among Barron’s Top 30 Global CEOs in 2015 and 2018, Fortune’s Top 50 Businesspersons globally in 2016, and most recently, Euromoney’s lifetime achievement award.

Aditya puriAditya Puri, commented, “Carlyle is known for its ability to transform businesses, working closely in partnership with management teams and other key stakeholders to drive sustainable long-term growth. I am very impressed with Carlyle’s track record in a number of key industry sectors, including its leadership position in financial services, not just in India but across Asia.

Whether this is with founder-led businesses or large conglomerates, Carlyle’s focus on building better businesses is something I have a great affinity for. It will therefore be a pleasure to act as senior advisor to the Carlyle team in support of their investing activities across Asia.”

X.D. Yang, Managing Director and Chairman of Carlyle Asia commented, “Mr. Puri has been repeatedly accredited as one of the world’s leading global CEOs. We are excited to have him join Carlyle as a senior advisor in Asia, and look forward to leveraging his deep expertise and relationships to source new investment opportunities and to help our portfolio companies build better businesses.”

Sunil Kaul, Managing Director and Financial Services sector lead for the Carlyle Asia advisory team, commented, “I have had the privilege of knowing and following Mr. Puri from his Citibank years. To have someone of his stature join Carlyle as a senior advisor will add significant value to our capabilities across the region, not only in financial services but across sectors given Mr. Puri’s unparalleled experience in the business world. We’re delighted to have him join us and excited by the potential of what we can achieve by working together.”

Carlyle has a well-established history of investing in financial services, both in Asia and globally, fueled by a deep understanding of the market and an ability to create value through its operational expertise and close partnerships with management. Across Asia (ex-Japan), Carlyle has made investments of around $4.9 billion in financial services as of September 30, 2020, in companies including SBI Card, SBI Life, HDFC Limited, PNB Housing Finance, Repco Home Finance, Edelweiss, IIFL, KB Financial Group, China Pacific Insurance, Ant Group, Du Xiaoman Financial, among others.

News

Have You Pledged to #HelpYourHelp become self-reliant?

Sep 2, 2020 by Gouri Achary 0 Comments ##BeUnlimited.”, ##ThankYourHelp and #HelpYourHelp, #Edelweiss Group, #Financial Services, #Group Head – Marketing & Communications, #Shabnam Panjwani

Mumbai, September 2, 2020: Edelweiss Group, one of India’s leading diversified financial services conglomerates, recently announced a public service and awareness initiative, #HelpYourHelp, a platform that helps build awareness and facilitates change for the domestic help community, who have been impacted by Covid-19. Battling loss of income and job insecurity, the pandemic has painfully highlighted their lack of financial preparedness. The Help Your Help platform attempts to educate and encourage individuals to empower this unorganized community over the long-haul, through a digital repository of 20+ Government welfare schemes, across various areas like Finance, Health, Women and Children. It also simplifies the process for acquiring important Documentation that allows this community to unlock the benefits of these welfare schemes. Kick-started a few weeks ago, this purely organic campaign has witnessed over 3,000 individuals coming forward to pledge their support.

As part of the campaign, Edelweiss Group launched a film that takes one through a montage of several instances wherein their domestic help – caregivers, cleaners, security guards, drivers, cooks – have stood by them, being their everyday heroes and life support. The film highlights the fact that while one helps them tide over their daily struggles, they desperately need long-term financial security. The video garnered a tremendously positive response and was extensively shared across platforms.

To heighten awareness around the campaign, Edelweiss Group encouraged their Twitter followers to show their appreciation for their help with the hashtags #ThankYourHelp and #HelpYourHelp. Personal experiences shared by enthusiastic followers aided in breaking through the clutter with both hashtags trending in 6 cities across India.

The campaign received stellar support from top Olympic athletes such as Dipa Karmakar (Gymnast and Padma Shri Awardee), Hima Das (Indian Sprinter and Arjuna Awardee), Rani Rampal (Captain of the Indian Women’s Hockey Team and Rajiv Gandhi Khel Ratna Awardee), Sukant Kadam (Ace Para-Badminton Shuttler and Shiv Chhatrapati Awardee) and Manika Batra (Table Tennis Champion). Celebrities such as Mandira Bedi (Actress), Sonu Sood (Actor) and Cyrus Broacha (TV Actor and Comedian), have taken the #HelpYourHelp pledge and encouraged others to follow suit.

Commenting on the thought behind the campaign, Shabnam Panjwani, Group Head – Marketing & Communications, Edelweiss Group said, “Rising to the needs of the community we operate in and giving back in a meaningful way has been a constant endeavour at Edelweiss. Moving beyond the simpler ‘feel good’ & ‘look good’ area, we have attempted to take this initiative into the ‘act good’ space via www.HelpyourHelp.com, enabling all of us to finally walk the talk. It is our hope that if every individual steps up to help this community of helpers in their own lives, it will encourage them to chase their dreams and empower them to truly #BeUnlimited.”

The platform can be accessed on www.helpyourhelp and also facilitates on-ground support in association with Haqdarshak, a social enterprise working with communities, providing access to welfare schemes that help in their well-being and long-term stability.

Business World

Sub-K launches SARTHI, a Digital Finance Platform That Provides Financial Services to India’s Underbanked

Aug 14, 2020 by Gouri Achary 0 Comments #Digital Finance Platform, #Financial Services, #SARTHI, #Sasidhar N. Thumuluri, #Sub-K

Sub-K IMPACT Solutions Ltd. (formerly known as BASIX Sub-K iTransactions Limited), India’s leading fintech company focused on financial inclusion, announced today the launch of a new digital finance platform, Sub-K SARTHI, coinciding with the company’s 10-year anniversary. Aimed at making financial services more accessible and affordable, the new platform enables underbanked customers to unlock credit, insurance, investments, and other financial products.

Sub-K brings financial tools to underserved businesses in India, using a large agent network to reach entrepreneurs in rural areas who lack access to traditional banks. SARTHI will help Sub-K reach even more underserved micro, small and medium enterprises (MSMEs) by providing entrepreneurs with all the tools they need to effectively manage and grow their businesses. SARTHI (Seamless Advanced Resourceful Tech-driven Hybrid Interface) is a fintech platform that will offer products such as  MSME credit, digital micro-loan, gold loan, health insurance, and micro-investment. Sub-K aims to expand the product suite to a full range of loan, insurance and investment products.  

Customers will be able to access products on the SARTHI platform through Sub-K’s staff and agents or on their own devices. SARTHI’s programming is integrated with financial service providers and third-party partners to provide customers with more choices and quick processing. In the future, Sub-K plans to enable a complete end-to-end digital journey for its target customers who are traditionally underserved by the formal financial system.

Sub-K MD and CEO, Sasidhar N. Thumuluri says, “We are very pleased to announce the launch of Sub-K SARTHI on our 10th anniversary. This platform marks a major milestone in our digital transformation journey. We genuinely believe that the future is digital, and we are committed to bringing a large number of the excluded population into the mainstream by effectively leveraging the power of fintech. Thanks to our founder’s audacious vision and investors’ confidence and support, we are now more ready than ever to build a world class institution in service of the nation.”

SARTHI was developed with advisory services provided by non-profit Accion through a global partnership between Accion and Mastercard that aims to power micro and small businesses to successfully operate in, and benefit from, the digital economy, leading to greater financial inclusion, economic growth and job creation. Through this partnership, Accion has worked with Sub-K since 2018, helping understand client needs, designing the concept for the platform, and developing operating processes, technology architecture, credit methodology and risk models.  

“Sub-K’s proven commitment to reaching last-mile customers, their expansive reach through their agent network and bank partnerships, and their demonstrated embrace of digital technologies made them an ideal partner for our efforts with Mastercard to help micro businesses benefit from the digital economy. The launch of this platform is an important milestone in that effort. It will ultimately provide more customers and businesses with access to a broader range of timely, convenient financial products to meet their needs,” said Victoria White, Managing Director of Accion Global Advisory Solutions.

“Small businesses are the backbone of the Indian economy; adoption of digital technologies will bring them into the formal economy enabling access to affordable credit, build operational efficiencies and plug into global supply chain opportunities. Analyses indicate that SMEs can see their revenues increase by up to one-third with such technology adoption.  We’re delighted that our partnership with Accion is supporting the expansion of Sub-K’s efforts. These new initiatives are vital if we are to build a more inclusive digital economy,” said Michael Froman, vice chairman and president, Strategic Growth at Mastercard.

Sub-K is also receiving risk management and marketing support from Nordic Microfinance Initiative (NMI) to ensure that the SARTHI platform can reach the consumers, small businesses, and financial institutions that can benefit from it, with adequate controls in place. Related activities will include the deployment of risk tools, an advanced call centre solution and enhancements to Sub-K’s agent management system.

“With the SARTHI platform, Sub-K’s consistent client-centric approach has once again materialized as innovative services for the underserved. NMI is proud to be both an investor in Sub-K, and through our Technical Assistance facility, a partner in the actual development of the platform,” said Arthur Sletteberg, Managing Director at NMI.