Tag: MD & CEO

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YES BANK collaborates with Salesforce to enhance customer experience and accelerate retail growth

Dec 24, 2020 by Rekha Nair 0 Comments #Arundhati Bhattacharya, #CEO and Chairperson, #MD & CEO, #Prashant Kumar, #Salesforce India, #YES BANK

Mumbai: YES BANK, today announced a collaboration with Salesforce, the global leader in Customer Relationship Management, to build a next generation technology platform to power the retail lending business, in line with the Bank’s strategy to further scale up its retails assets portfolio. Leveraging on the strengths of YES BANK’s technology capabilities and Salesforce’s platform, this collaboration aims to engage customers with a unified experience and drive aggressive retail led growth for the Bank. YES BANK is among the first banks in India to move to Salesforce for Loan origination and processing.

Arundhati Bhattacharya, CEO and Chairperson, Salesforce India and Prashant Kumar, MD & CEO, YES BANK announced the collaboration at YES BANK’s Corporate Headquarters in Mumbai.

The deployment of the Salesforce Loan Origination System for retail banking will enable the Bank to provide personalized solutions and connected banking experiences for consumers across segments. It will bolster the Bank’s capacity to process higher volumes of loan applications through enhanced automations and progressive API integrations while also eliminating manual processes in the loan cycle – thereby reducing the turnaround time (TAT) for improved customer satisfaction. Leveraging on the digital capabilities, the Bank will be able to speedily launch a new range of innovative products and services to support the evolving needs of customers.

In addition to end customers, the Bank’s alliance partners, associates, manufacturer dealers and builders, among others can leverage the platform for accelerated fulfilment at the point of sale itself – thereby empowering the internal and external ecosystem of the Bank.

The platform will also enhance collaborative innovation within the Bank, providing the Bank’s employees from relationship managers to loan disbursement officers and risk managers, with a unified view of their customer’s portfolio and improved agility in offering customized digital solutions.

Speaking on the collaboration, Prashant Kumar, MD & CEO, YES BANK, said, “As an innovative, forward-looking customer-centric Bank, we are cognizant about the importance of investing in technology to drive operational efficiency, optimize costs and accelerate business growth. We look forward to driving further innovations through the Salesforce ecosystem that will benefit our customers, thereby accelerating the Bank’s growth journey towards doubling retail and SME business by December, 2023. The collaboration reflects our commitment to further scale-up our digital and technology capabilities to deliver a personalized and secure customer experience. By bringing together our potential synergies, we now have a clear path ahead to create innovative new experiences for customers, partners, and employees.”

Arundhati Bhattacharya, CEO and Chairperson, Salesforce India, said, “YES BANK has the vision to deliver renewed and unified experiences to customers by building long-lasting relationships, and Salesforce is excited and proud to be collaborating with them on their digital transformation journey to power the retail lending business for India. The new normal has reinforced the importance of the customer and businesses need to focus on long-term relationships ensuring customer wellness. From creating back-office efficiencies to powering personalized end-user experiences, we look forward to a fulfilling association with YES BANK.”

News

SBI Card and BPCL launch BPCL SBI Card OCTANE

Dec 16, 2020 by Rekha Nair 0 Comments #Bharat Petroleum Corporation Ltd, #Chairman, #Chairman & Managing Director, #Director (Marketing) Bharat Petroleum Corporation Ltd, #MD & CEO, #Mr. Arun Kr. Singh, #Mr. Ashwini Kumar Tewari, #Mr. Dinesh Khara, #Mr. K Padmakar, #SBI, #SBI Card

Mumbai (India), December 15 2020: SBI Card, India’s largest pure play credit card issuer, and Bharat Petroleum Corporation Ltd, a Maharatna Company and the second largest petroleum company in India today announced the launch of the BPCL SBI Card OCTANE. The card has been designed to offer maximum savings to the well-heeled consumer segment which spends a significant amount on fuel. The BPCL SBI Card OCTANE brings 25X Reward Points (RPs) on spends for BPCL fuel and MAK Lubricants, Bharatgas (LPG) spends (Website and app only) and BPCL’s In & Out convenience store spends.

BPCL SBI Card OCTANE offer, which translates to a whopping 7.25% value back (including 1% surcharge waiver) on fuel and lubricant spends at BPCL fuel stations and an unbeatable 6.25% value back on Bharatgas spends (Website and app only) also bundles in accelerated savings on other regular spends categories, including, Departmental Store & Grocery, Dining and Movies. BPCL SBI Card OCTANE customers will benefit from BPCL`s extensive network, enjoying savings on fuel and lubricants at 17000+ Bharat Petroleum fuel stations, across the country. Additionally, there will be no minimum transaction threshold for fuel spends, enabling customers to save with every transaction. An altogether Pure for Sure experience at BPCL fuel stations!

Sharing his perspective, Mr. Dinesh Khara, Chairman, SBI said, “Launch of this BPCL SBI Card OCTANE bolsters partnership of SBI Card with BPCL. The card will bring consumers the highest savings proposition on fuel in the industry, thus making it a preferred choice in the segment. This launch will surely aid and bolster digital payments growth in India.”

The BPCL SBI Card OCTANE combines best in class rewards points on fuel spends with value back on various regular spends categories, thus addressing overall spending needs of cardholders. BPCL SBI Card OCTANE will provide 10X RP on Dining, Movies, Grocery & Departmental Store Spends. BPCL SBI Card OCTANE cardholders can enjoy exclusive benefits such as complimentary domestic airport lounge access. The card offers milestone benefits worth INR 2000 on annual spends of INR 300,000, in the form of e-gift vouchers. The card also comes with a complimentary fraud liability cover of INR 100,000.

Talking about the launch of the new co-brand card, Mr. Ashwini Kumar Tewari, MD & CEO, SBI Card said, “BPCL SBI Card OCTANE further strengthens our robust co-branded card portfolio and will propel our partnership with BPCL.  This launch is in line with our continued endeavor to offer our customers the best-in-class products with superior value. In addition to the savings on fuel and lubricants across Bharat Petroleum`s vast network across India, the card will also offer accelerated reward points on major spend categories, such as, Departmental Store & Grocery, Movies and Dining and Bharat Gas spends (Website and App only), making it a holistic, primary card for our customers.”

Mr. K Padmakar, Chairman & Managing Director, Bharat Petroleum Corporation Ltd said, “We are extremely happy to introduce the BPCL SBI Card Octane which offers best in the category benefits to our customers on purchase of fuel and lubricants across our 17000+ Retail Outlets and on online Bharatgas LPG payments. Our partnership with SBI Card ensures that we continuously endeavor to provide value to our customers through innovative products and offerings. The BPCL SBI Card OCTANE is one of our contributions towards digitally empowering society.”

Speaking about the launch of the new co-brand card, Mr. Arun Kr. Singh, Director (Marketing) Bharat Petroleum Corporation Ltd said, “BPCL has been at the forefront of the digital revolution in the country and the BPCL SBI Card OCTANE symbolizes BPCL’s steadfast commitment to offer vastly differentiated and best in class value through its digital offerings to all segments of the fueling consumers in the country. BPCL SBI Card OCTANE is packed with an empowering value proposition across its retail fuels, Bharatgas and Lubricants portfolio giving our valued customers a hugely rewarding cashless fueling experience.”

The card brings value from the point of enrolment itself, offering 6000 bonus points worth INR 1500 on payment of joining fee. BPCL SBI Card OCTANE also offers annual membership fee reversal on annual spends of INR 200,000 or more on in the previous year. The card launched on Visa Signature platform comes at an annual membership fee of INR 1499/-.

Highlights of BPCL SBI Credit Card OCTANE:

  • The BPCL SBI Card OCTANE offers many distinct benefits and rewards to cardholders, including:
  • Welcome Benefit: 6,000 Reward Points worth INR 1,500 upon payment of joining fees.
  • Reward Points:
  • 25X Reward Points on every INR 100 spent at BPCL Fuel, Lubricants, and Bharat Gas (Website & App only) (Limited to Max 2500 Reward Points per billing cycle).
  • 10X Reward Points on every INR 100 spent at Dining, Movies, Grocery and Departmental Stores.
  • 1 Reward Point on remaining spends (except Non BPCL fuel and Mobile wallet upload).
  • Milestone Benefit: E-Gift Voucher worth INR 2,000 on annual spends of INR 300,000.
  • 4 Complimentary Domestic Airport Lounge Access in India (Max 1 visit per quarter).
  • Annual fee reversal on annual spends of INR 200,000.
  • 1% Fuel Surcharge waiver at BPCL petrol pumps.
  • Complimentary Fraud Liability cover of INR 100,000.
News

ICICIdirect launches ‘ICICIdirect Neo’ – a zero brokerage plan

Dec 14, 2020 by Rekha Nair 0 Comments #ICICI Securities, #MD & CEO, #Mr. Vijay Chandok

Mumbai,– ICICI Securities (I-Sec), one of India’s largest brokerage house with ~5 million customers, today announced the launch of ‘ICICIdirect Neo’ – a path breaking zero brokerage plan.  This is one-of-its-kind plan targeted at traders, offering unlimited trading with zero brokerage on all Futures trades and flat Rs. 20 per order for Margin and Options trades.

ICICIdirect Neo customers will get host of additional distinctive features like:

  • Instant liquidity, where customers get cash within 30 minutes of selling stocks as per their chosen plan
  • Access to ICICIdirect’s award winning research with over 300 companies under fundamental coverage
  • Access to One-Click Portfolios – baskets of research curated theme-based (fundamental or technical or a combination of both) stocks or MFs
  • Access to proprietary and third party trading tools to get the best out of any market situations
  • Margin Trading Funding (MTF) at an interest rate of just 8.9% per annum, as per chosen plan

Mr. Vijay Chandok, MD & CEO, ICICI Securities says, “We remain agile to customer feedback and the launch of ICICIdirect Neo is in response to the feedback we received from our trading customers. This plan, with zero brokerage on all Futures trades, and a flat Rs.20 per order brokerage on Margin and Options trades, is tailor-made for them and will aid in their quest for maximizing profits. It’s very strong proposition for the trading community who can enjoy the combination of low cost, robust platform, and strong analytics tools.”

Business World

NSE successfully completes World Investor Week 2020

Dec 8, 2020 by Neel Achary 0 Comments #Chairman, #MD & CEO, #National Stock Exchange of India Ltd, #NSE, #SEBI, #Shri Ajay Tyagi, #Vikram Limaye, #World Investor Week 2020

Mumbai: National Stock Exchange of India Ltd (NSE) successfully led the World Investor Week 2020 with an objective to raise awareness about the importance of investor education & protection. Under the aegis of IOSCO and SEBI as the national co-ordinator, 600 investor awareness virtual webinars were conducted by NSE across India with 80% in Tier-II & Tier-III cities.

As a part of this initiative, NSE rang the closing bell on November 23, 2020 to mark the occasion of the World Investor Week 2020 in the presence of Shri G P Garg, Executive Director, SEBI. A new unique initiative for this year was “Be Your Own Laxmi”, which focused on young women earners and women entrepreneurs where more than 5200 women participated in various programs during the week. A National level investor knowledge quest was also organised jointly with NSDL wherein approximately 50,000 registrations were received. The investor awareness campaigns were also amplified on NSE’s social media platforms which witnessed a reach of more than 10 lacs participants. Further, the number of registrations on the digital platform for Investor Education in association with IIM Bangalore reached near one lacs participants by the end of WIW 2020.

In his message to all market participants, Shri Ajay Tyagi, Chairman, SEBI said, “One of the main objectives of SEBI is to protect the interest of investors in securities. There is a need for new investors to make informed investment decisions. Thus, investor awareness and education play an important role in educating investors.”

Vikram Limaye, MD & CEO, NSE said on the inaugural ceremony of WIW 2020 conducted by ANMI: “SEBI always believes that an educated investor is a protected investor and we at NSE have always been encouraging investor education through our campaign “Soch kar, Samajh Kar, Invest Kar”. NSE has consistently focused on what is in the best interest of the Indian economy, markets and investors and in improving the financial well being of people.”

Ravi Varanasi, Chief Business Development Officer, NSE said: “Investor education program is an initiative by NSE to strengthen its engagement with communities across the country. The objective is to equip existing and potential investors with the knowledge and understanding of the financial markets and guide them in effective financial planning.”

NSE has been participating and celebrating World Investor Week (WIW) under aegis of IOSCO and SEBI since its inception in 2017. In this financial year, NSE has conducted more than 3000 investor awareness programs covering more than 98% districts of India.

Business World

ICICI Bank launches ‘iMobile Pay’; India’s first app that offers payments and banking services for all

Dec 7, 2020 by Neel Achary 0 Comments #ICICI Bank, #iMobile Pay, #MD & CEO, #Mr. Dilip Asbe, #NPCI

ICICI Bank today announced that it has transformed its state-of-the-art mobile banking app, iMobile, into an app that offers payments and banking services to customers of any bank. Called ‘iMobile Pay’, the app offers a unique combination of facilities of a payment app– such as enabling customers to pay to any UPI (Unified Payments Interface) ID or merchants, pay bills and do online recharges among others– with instant banking services namely savings account, investments, loans, credit cards, gift cards, travel cards and much more. The users of ‘iMobile Pay’ can also transfer money to any bank account, a payment app, and digital wallet.

Another prominent feature of ‘iMobile Pay’ is ‘pay to contacts’ which enables users to automatically see the UPI IDs of their phone book contacts, registered on the ICICI Bank UPI ID network, of any payment app, and digital wallet. This unique functionality provides users a significant convenience of inter-operability, as they no longer have to remember the UPI IDs and can easily transfer money across payment app and digital wallet.

The first-of-its-kind facility in India, ‘iMobile Pay’ extends the ambit of mobile banking apps which are hitherto restricted to only the customers of the respective banks. At the same time, ‘iMobile Pay’ eliminates the need to maintain multiple apps—be payments or banking—as it empowers customers to undertake all transactions. In the process, it also offers compelling reasons for users to link their multiple bank accounts to this app.

To get started on ‘iMobile Pay’, customers of any bank in the country can download the app, instantly link their bank accounts, and generate a UPI ID (which is simply their mobile number e.g. xxxxxx1234.imb@icici) to avail all the facilities.

Speaking on the initiative, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank has always been at the forefront of introducing pioneering innovations. These innovations have played a key role in transforming the way digital India banks. In line with this rich tradition, we introduced the country’s first mobile banking app, iMobile, in 2008.

In the recent past, we have captured two user insights while interacting with them. One, many of them, who are not our customers, are keen to use iMobile. Two, customers are tired of using multiple apps for different purposes and they really want to know if an app can take care of all banking and payments requirements. Armed with these insights, we are delighted to extend the ambit of our mobile banking app. Now on, customers of any bank can experience the ease, speed, and safety of our mobile banking app. They can link all their bank accounts to this app. It means they can continue to bank with any bank and still use ‘iMobile Pay’ for all their digital transactions. Also, they can undertake all transactions, which they were so far doing through a gamut of payments app, through this app.

We believe that users will like this innovation as it offers them the unique benefit of payment apps and banking apps in one single place. “

Mr. Dilip Asbe, MD & CEO, NPCI said, “We are delighted to facilitate ICICI Bank in transforming its mobile banking app empowered with UPI and interoperable with all other UPI-based payment apps. This is yet another initiative that will inspire the ecosystem to integrate interoperability on digital platforms. UPI is known to provide seamless, secure, and convenient payment experience to its users and it is our belief that the large-scale adoption of UPI will strengthen the ecosystem and help in achieving the common goal of less-cash society.”

Over the years, marquee research agencies have adjudged iMobile as one of the best banking apps in the world for its large array of services, user-friendly functionalities, and intuitive design. For example, iMobile has been rated among top-ranking apps for the past five consecutive years by Forrester, a reputed global research firm.

The key features of ‘iMobile Pay’ are:

  • Open for all: ‘iMobile Pay’ enables customers of all banks to download this app and experience quick transactions backed by best-in-class security features
  • Acts like a payments app: It allows customers to scan a QR code of any payments app and send money to any UPI ID, bank account, self. It helps the users to transfer the money instantly to anyone free-of-cost. Further, users can pay using the app at a host of establishments including petrol pumps, grocery stores, restaurants, pharmacies, hospitals, multiplexes, and much more. Further, they can transfer money to any bank account, a payment app, or digital wallet. As an industry-first, users can simply use the ‘Pay to contact’ feature without remembering the UPI IDs of friends. Using the feature, users can send or receive money to/from their phone contacts registered on any other popular payment app and digital wallet with an ICICI Bank UPI ID. The feature, relying on inter-operability, automatically displays up to three UPI IDs available for a contact to which one can pay.
  • Offers banking services: It also acts as a gateway for the customers to begin a new relationship with ICICI Bank. It allows them to open an ICICI Bank savings account digitally and instantaneously, apply for a credit card at zero joining fee, and get an instant approval for home/personal/car loans.
  • Enables users to link multiple bank accounts: Users can transact using any of these linked accounts with a single UPI ID which is generated at the time of linking the first account.
  • Lot more to be added soon: The list of forthcoming exciting features include users can pay utility bills, recharge mobile phones, check CIBIL score, book travel tickets, buy travel and gift cards, invest in an FD, RD, mutual funds, and insurances. They will also get a feature of spends tracker, that will provide an overview of spends, with all transactions are bucketed into specific categories, to help them track their balances.

Here are the simple steps to start using the app:

1. Download: Download the app, ‘iMobile Pay’, from Google Play Store, open it and set up a four-digit log-in PIN. Users also have the option of logging in using their fingerprint. Please note that it will soon be available for iOS devices.

2. Link account/s: On the welcome screen, tap on ‘link account’ and enter the required details to link the savings account of any bank. Users can also link multiple bank accounts.

3. Generate UPI ID: Upon successful linking of the account/s, a UPI ID will be generated, which can be used to start making transactions. The UPI ID generated will remain the same for all the linked bank accounts. Users can simply select the account of their choice, while making a transaction.

Business World

Comment on RBI Policy by Dr. Niranjan Hiranandani, President (National) NAREDCO and Assocham, Mr. Dinanath Dubhashi, MD & CEO, L&T Financial Services & Mr. Kaushal Agarwal – Chairman, The Guardians Real Estate Advisory

Oct 10, 2020 by Gouri Achary 0 Comments #(National) NAREDCO, #ASSOCHAM, #Dr Niranjan Hiranandani, #L&T Financial Services, #MD & CEO, #Mr. Dinanath Dubhashi, #Mr. Kaushal Agarwal, #The Guardians Real Estate Advisory

RBI’s 9.5 percent contraction forecast was much anticipated: Dr Hiranandani President (National) NAREDCO and Assocham

The decision to rejig home loan rules will provide a boost to the real estate sector
The Reserve Bank of India’s Governor Shaktikanta Das announcement of keeping the repo rates unchanged while forecasting a 9.5 per cent contraction in FY21 was on expected lines stated ASSOCHAM president, Dr. Niranjan Hiranandani.

“It affirms our beliefs that the worst is over for the Indian economy. The RBI governor also confirmed that the contraction in economic growth witnessed in the April-June quarter with 23.9 per cent is behind us. He also accepts that growth is likely to pick up in the second half of the fiscal and enter into the positive zone in the January-March quarter,” He pointed out.

According to Dr. Hiranandani, the RBI’s decision to keep key rates unchanged was also much anticipated. “Further reduction in key interest rates was not a possibility at this juncture. The RBI’s decision to extend the scheme for co-lending to all NBFCs, HFC in respect of all eligible priority sector loans will allow greater operational flexibility to the lending institutions and is much welcomed,” he said.

Since February last year, the monetary policy committee has cut the repo rate by 250 basis points.

RBI’s decision to rationalise the risk weights on home loans and link them to Loan to value ratios only will give a boost to the real estate sector as well, he said. “Particularly this step would benefit borrowers of higher value loans. It would ensure that more credit is available to borrowers. This move is a much appreciated step recognising the role of the real estate sector in generating employment and economic activity,” he added.

Dr. Hiranandani explained that the industry welcomes the Reserve Bank of India’s announcement to undertake further measures as necessary to assure market participants of access to liquidity and easy finance conditions. “The RBI has through its proactive measures taken honest efforts to provide access to easier credit to smaller businesses. However, we believe further steps would be needed to revive the economy,” he said.

Dr. Kaushal AgarwalMr. Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory

“The status quo was on expected lines. The steep reduction in the rates over the past several months are slowly beginning to show impact on the ground. The move by RBI to link risks to loan to value will help banks shred the cautious lending approach. The move is bound to offer a much-needed jump start to lending and liquidity cycle in the marketplace. The move is quite differentiated and going to be effective.”

 

MD&CEO_Dinanath Dubhash

Mr. Dinanath Dubhashi, MD & CEO, L&T Financial Services

‘The current announcements by RBI underline its seriousness in pushing for collaborative efforts of banks and NBFCs in reaching out to the unserved as well as the underserved sectors of the economy.

Along with operational efficiency, this move augurs well for the sector. Extension of the co-origination scheme will give greater operational flexibility to the lending institutions. The introduction of round the clock RTGS facility is encouraging and supportive of growth. Measures like on-tap TLTRO will help build further confidence in the sector and we will await the details on specific sectors applicable for TLTRO as well as the terms and conditions to be met for availing the benefits. Having said that, we are hopeful that a broad spectrum of sectors, including NBFCs, will be considered.’

Business World

Avis India launches AVIS Flexi 12

Aug 18, 2020 by Gouri Achary 0 Comments #AVIS Flexi 12, #Avis India, #MD & CEO, #Sunil Gupta

Bringing flexibility to personal mobility, leading car rental service provider, Avis India has launched AVIS Flexi 12, an alternative solution to shared or subscription mobility services.

The winning advantage of the product is that the customer gets a new car of their choice whose registration is done on a private number plate and is in the name of Avis. The car stays exclusively with the customer for the entire duration, unlike subscription where the car may change hands from one to another. Customers get to drive a new car for 12 months, are not required to make any down payments, and can swap to driving the latest car of their choice after every 12 months.

Avis Flexi 12 comes with all services included so that customers simply drive the car and everything else is taken care of by Avis, through their easy to use online portal. Services included are maintenance, servicing and repair that covers tyres and batteries, pick and drop facilities, replacement car, stay new plan, along with 24/7 Emergency Roadside Assistance.

The new solution also provides an option for customers to buy the car if they like it, or they can extend the service period for another 12 months. For more details visithttps://www.avislease.in/flexi.html

Speaking on the launch, Sunil Gupta, MD & CEO, Avis India commented, “The launch of AVIS Flexi 12 supports our commitment to provide a safe and unique personal mobility experience to our customers, especially at a time when there is a radical shift in the choice of mobility. We have a strong legacy of providing clean vehicles, and the COVID-19 pandemic has enhanced this need. We are following stringent safety and cleaning protocols, including utilizing disinfectant effective against human coronavirus, including novel pathogens such as the one responsible for COVID-19.”

Avis India has been at the forefront in providing unique and safe mobility services to its customers during the COVID-19 pandemic. The leading car rental service provider also launched Avis Secure Shuttle service for a large number of corporate employees, travelling a distance of 15 to 45 km on a daily basis in this post lockdown COVID-19 era. For more details visit https://www.avis.co.in/

Avis India has enhanced its safety and cleaning protocols, sanitizing its vehicles after every use. Particular attention is paid to high-contact surfaces, both inside and outside of the car, such as seats, steering wheels, and door handles. It is mandatory for Avis chauffeurs to wear face masks at all times. Employees, chauffeurs, and customers are scanned with infrared thermometers at the main gate itself. Anyone displaying symptoms of COVID-19 is not allowed to enter Avis premises; thereby ensuring maximum security for both our employees and customers.

Business World

PXIL highlights key power market regulatory reforms and insights

Aug 15, 2020 by Gouri Achary 0 Comments #Central Electricity Regulatory Commission (Power Market) Regulations 2020, #Chairman, #Dr. Kirit S. Parikh, #MAC & Independent Director, #MD & CEO, #Mr. Prabhajit Kumar Sarkar, #PXIL, #the Power Exchange India Limited (PXIL)

Ahead of the public hearing of the Central Electricity Regulatory Commission (Power Market) Regulations 2020, the Power Exchange India Limited (PXIL), conducted its 2ndMarket Advisory Committee and stakeholder consultation meeting to discuss key market regulatory reforms concerning the power industry. The event threw light on crucial topics – Key aspects of Draft Power Market Regulations 2020, Decision support tools for Real-Time Market (RTM), Significance of market coupling and dual price discovery, Efficiency and convergence of prices. The meeting was attended by more than 80 participants from Distribution Companies, IPPS, SLDCs, Captive generators and other stakeholders from the market.

Dr. Kirit S. Parikh, Chairman, MAC & Independent Director, PXIL, in his opening remarks emphasised on the need of converging prices in the collective segment, congratulated the market participants for having demonstrated the need to have competition between exchanges, and, finally, on the benefits, the proposed market coupling is likely to bring to the market and market participants. Dr. Parikh further added that the Government has been promoting competition in the procurement of various services. The electricity sector, in general, and electricity procurement, in particular, falls under the guiding principles to foster competition and transparency.

In the opening remarks, while talking about market coupling, pricing and need for market participation, Mr. Prabhajit Kumar Sarkar, MD & CEO, PXIL said that “The rapidly changing framework of the entire power sector demonstrates the key role that power markets have to play. The underlying need for competition in the power markets is therefore gaining acute significance in the industry. A competitive marketplace can thrive on a strong foundation of an enabling market structure like market coupling, fair rules that allow competition to thrive and ensuring ease of participation on various marketplaces.”

One of the important aspects discussed during the meeting was that the two existing Power Exchanges operate in the same geographical area with completely independent order books and independently-run price discovery systems. Consequently, different prices also known as dual prices are discovered for market participants for the same time and geography in the two Exchanges. This difference in prices between the two exchanges is sometimes used by participants to compute notional gains and losses, which in turn is used to determine whether to continue participation or not. Such loss/gain computation is a fallacious exercise because the price differences itself are notional and an outcome of the change in participation from one exchange to another.

Mr. Anshul Garg, Head, Power Sales & Trading, Adani Power emphasised that competition will foster exchanges to enhance the service levels, innovate for the market which in turn will reduce the overall costs for procurement. Mr. Baba, Director TTIC, JK PDD, echoed the sentiment and mentioned that monopolistic structures are inherently inefficient. He also suggested bringing down the gate closure time, in RTM segment, closer to delivery so that sudden changes in demand/generation can be handled effectively.

Mr. Rajesh Mahajan, Head, KISPL, also brought forth the increased role power exchanges will have to play as the markets for longer duration contracts and financial markets open up in the sector.

While sharing his views on pricing and market participation, Mr. Kapil Dev, Vice President & Business Head, PXIL said, “We believe that prices cannot be the glue to stick liquidity in one product or one exchange. And efficiency in the convergence of prices can only be achieved through higher consistency and sustained participation. I think market participants need to continue participation on both the exchanges which would lead to better overall returns for the buyer and the seller depending on the market dynamics.”

The power market of India is expected to grow exponentially in the future considering its scale and size which has created a dire need for multiple exchanges and competing marketplaces to be available for participants. And, as the power market progress, PXIL is determined to play a critical role in providing competitive efficiency in innovation, services, cost, management and all such parameters which can enable to create a thriving and optimized power market.