Archive: November 1, 2021

Diwali & Dhanteras for Real Estate: Mr. Daniele Russolillo, Deputy CEO & COO, Planet Smart City

“ Diwali is one of the most auspicious occasions for investments. Gold and real estate are traditionally considered to be assets with higher longevity and appraisal value. Real estate especially is less volatile to market fluctuation. Developers are looking at Diwali to elevate the reviving sector further with an expected upswing in sales and registrations for existing as well as new launches. Proptech-led and smart residences are now being leveraged to the home buyer, refashioning their dream home. Our project ‘Universe’ at Life Republic Township, Hinjewadi in Pune, in partnership with Kolte-Patil Developers offers 25+ smart solutions for 7000+ future residents. Our range of IoT based smart infrastructure management, property management and community management solutions are adapted to the needs of the increasingly smart buyer. Additionally a unique proposition of a full-time community manager whom residents can collaborate with face to face or through the Planet App to develop further smart solutions promoting social inclusion is also part of Universe. At Universe, Kolte- Patil Developers has launched a special offer – The Great Home Coming Festival. As part of this offer, buyers at Universe will get a voucher worth INR 1 Lakh and goodies like a free modular kitchen, AC, Smart TV, fridge, washing machine, and other electronic appliances.”

Avanse Financial Services Records Highest Growth in Loan Disbursement during H1 FY2022

Mumbai, November 01, 2021: Avanse Financial Services, India’s new age, technologically advanced education focused NBFC announced that it has achieved an AUM of ~₹3,800 Cr. during the first half of FY22. As a student-centric organization, Avanse has successfully fulfilled educational dreams of ~1.5 lacs academic aspirants so far. The organization witnessed 100% growth in its Profit After Tax (PAT) as compared to H1 FY21. Total loan disbursed during this period stands at ~₹1,200 Cr. contributing towards a net worth of ~₹947 Cr. The digitally agile company has been focused on fulfilling academic aspirations of deserving students while setting newer benchmarks with regards to overall business performance.

Avanse Financial Services focused on implementing its Business Continuity Plan during the second wave of the pandemic to ensure highest level of customer experience and to create robust stakeholder value. Technology-backed innovation coupled with agility enabled the organization to remain true to its commitment towards its customers, partners, employees and the education ecosystem at large.

Commenting on the performance, Mr. Amit Gainda, CEO, Avanse Financial Services said, “After witnessing the never-seen-before phase, I can strongly claim that the new world, in which we are living today, will never be the same as it used to be. We need to be prepared to convert any adversity into opportunity so that we are able to excel in this VUCA world. Hence, the power of observation, timely prediction, and an agile approach of doing business will enable us to remain committed to our goals. During the first half of FY22, we observed the market very closely and ensured that we identify and leverage every opportunity to get back on track. Our deep domain knowledge enabled us to analyze the pent up demand among students to pursue their pre-pandemic academic aspirations. Our resilience and nimble-footed approach empowered us to set benchmarks for the organization enabling us to achieve a ~100% growth in Profit After Tax compared to H1 FY21. This is a result of our commitment and dedication towards our journey of democratizing education and education financing.”

Avanse Financial Services’ implementation of strong Governance, Risk & Controllership framework and liability first approach enabled the organization to upgrade its CARE credit rating of Sub-ordinated NCDs from CARE A to CARE A+. It also received the highest short-term rating of CARE A1+, which demonstrates strong liquidity position, robust capitalization and comfortable gearing. Its focused approach and consistent performance amidst the most difficult phase, received recognition and appreciation from multiple esteemed organizations. The company had been certified as a Great Place to Work®, a prestigious recognition bestowed on the organization based on what employees had to say about their work experience. Along with this significant recognition, the CEO of the organization was also recognized as one of India’s ‘Best Leaders in Times of Crisis 2021’ by Great Place to Work®. During this phase, the organization also won multiple awards such as Education Lending Company of the Year 2021 by Quantic in their flagship award ceremony BFSI Excellence Awards 2021, National Awards for Excellence in CSR conferred by World CSR Congress, Best in Managing Health at Work by Asian Leadership Awards and more.

Avanse Financial Services has fulfilled educational dreams of ~1.5 lacs academic aspirants across ~15,000 institutes and courses in ~50 countries. Avanse has also provided growth and working capital to ~1K educational institutes catering to over ~5-6 lacs students. For more information, please visit www.avanse.com.

Paytm users from Maharashtra win ₹1 lakh for UPI Money Transfer through Paytm Cashback Dhamaka

Mumbai, 1st November 2021: India’s leading digital ecosystem for consumers and merchants Paytm has been running its Cashback Dhamaka program, which is a cashback festival. Aligned with the celebration of the festive season in the country, Paytm has been awarding 10 people with ₹1 lakh cashback each everyday. So far, 130 users from across India have won ₹1 lakh cashback.

Three users from Maharashtra — Kalpesh Suresh and Shekhar Surti from Thane, and Mansukh Ambavi Chamariya from Pune, who are all regular users of Paytm have won ₹1 lakh cashback. Both Surti and Chamariya have planned to invest the winning amount.

Users have been winning for payments made through all the payment options offered by the company — Paytm Wallet, Paytm UPI, Paytm Postpaid (Buy Now, Pay Later), credit cards/debit cards, Paytm PoS, All-in-One QR code, Soundbox among others.

Paytm users from Delhi, Maharashtra, Uttar Pradesh, Rajasthan, Kerala, Karnataka and many other states have won so far. Many users said the win came to them at an opportune moment with the festivities around the corner, so they can buy gifts for friends and family.

In exciting news for Paytm users, the festival is far from over and users still stand a chance to win big bucks through payments done through the app.

The company had earlier announced that during the peak festive season (October 14-November 14), everyday 10 lucky winners will win ₹1 lakh each.

Users can win cashback by using Paytm for their mobile, broadband DTH recharges, utility bill payments, money transfer, booking travel (flight/bus/train) tickets, paying credit card bills, filling fuel at petrol pumps, booking movie tickets, FASTag payments, transactions at online and offline kirana stores, or payments at retail outlets, shopping malls, food courts, restaurants and many more.

Bandhan Bank appointed as RBI’s Agency Bank

The Bank received approval to accept Government business on behalf of the RBI as an Agency Bank

Kolkata, November 1, 2021: The Reserve Bank of India (RBI) has authorised Bandhan Bank as an Agency Bank of the RBI for undertaking Government business.

The appointment would allow Bandhan Bank, one of India’s youngest universal Banks with inclusive banking at its core, to undertake Government business on behalf of the RBI. With this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as Agency Banks of the RBI.

As an Agency Bank of the RBI, authorised to undertake government business, Bandhan Bank will be able to handle transactions related to collection of state taxes and revenue receipts such as GST and VAT; collection of stamp duty and pension payments on behalf of central and state governments. The Bank’s extensive branch network, especially in rural and semi-urban areas; state-of-the art products and services; and digital banking capabilities, will help it discharge its duties effectively by bringing governments and citizens closer to each other.

“Since its launch six years ago, Bandhan Bank has been dedicated towards bringing millions of Indians into the fold of formal financial services and catalysing the creation of sustainable livelihoods. The RBI’s decision to authorise Bandhan Bank to undertake Government business as an Agency Bank will further help us contribute to nation-building; and we thank the RBI for this approval. Bandhan Bank enjoys the trust of over 2.4 crore customers and, now, we have the opportunity to serve the government with our banking services. We are indeed grateful for this opportunity.” said Chandra Shekhar Ghosh, Managing Director and Chief Executive Officer, Bandhan Bank.

Mother’s Recipe ties up with Paytm

Hyderabad, November 1, 2021 – It’s the time to stock up on your favourite pickles as Mother’s Recipe, the leading brands of Indian Food, ties up with Paytm and offers up to Rs. 20/- cashback across its Pickle range.

The association between Mother’s Recipe and Paytm eases the availability of purchase for customers to buy their favourite pickles across India, the offer is applicable in select variants of its pickle range of glass bottles across India. The main purpose to be associated with Paytm is to offer a reward to our existing customers of Mother’s Recipe with an assured Paytm cashback, it also helps us reach out to new customers through this collaboration between Paytm and Mother’s Recipe which in turn would unfold a new set of customer loyalty to our brand. The campaign, called ‘Paytm Cashback offer, will only run until 30th Nov’21.

Mother’s Recipe Pickles are the perfect accompaniment to every home cooked meal. Mother’s Recipe pickles are made using traditional recipes & with the best quality ingredients – NO Preservatives are added, no artificial colors, no synthetic flavours. It is pickled with the finest oils and spices under the most hygienic conditions, just like grandma used to make.

Commenting on the association, Ms. Sanjana Desai, Executive Director, Mother’s Recipe said “We have analysed the market and have seen the demand for pickles across bigger and smaller cities in India. Our objective was to reward our existing customers & also create new ones. We want to reach every household so they can relish the true taste of Mother’s Recipe Pickles & the taste of love. We are delighted to be associated with Paytm.

63% of consumers spending more this festive season: Axis My India

With 63% of consumers spending more this festive season, spike expected in the sale of non-essential items, according to Axis My India – CSI Survey for November

Net score has improved by +7 and +2 for essential and non-essential spending respectively

• Over 10430 people surveyed 62% is from rural India while 38% is from urban India
• Overall household spending has increased for 63% of families surge by 7 percentage points from last month
• 36% of the consumers are planning to go beyond small-ticket purchases
• 50% of families reflect increase spends on essentials items, 18% of households reported an increase in Non-essential purchases
• A majority, 22% still prefers to park their money in savings account, 4% relies on Gold, 40% still don’t invest and interestingly still 2% park their money in post office savings

Mumbai, 1st November 2021: Axis My India, a leading consumer data intelligence company, released its latest findings of the India Consumer Sentiment Index (CSI), a monthly analysis of consumer perception on a wide range of issues. According to the survey, the percentage of consumer spending across essential-have increased, while spending on discretionary products has remained the same. Consumers are further planning to go beyond smaller purchases; 24% are looking to spend on household or personal items like white goods, furniture, electronics and jewellery this Diwali

The November net CSI score, calculated by percentage increase minus percentage decrease in sentiment, was recorded at +9, up from +7 last month and rising at a constant pace over the last three months, indicative of a positive shift in consumer consumption metrics.

The sentiment analysis delves into 5 relevant sub-indices – Overall household spending, spending on essential and non-essential items, spending on healthcare, media consumption habits & mobility trends.

This month, Axis My India’s Sentiment Index also delved deeper to understand consumers’ view on varied issues of national interest. These include privatisation of loss-making public sector companies like that of Air India, views on economic recovery by 2022, alternatives to rising fuel prices, investment preferences, sentiments around Diwali and on brand advertisement placements.

The surveys were carried out via Computer-Aided Telephonic Interviews with a sample size of 10430 people. 62% belonged from Rural India while 38% belonged from urban counterparts.

Commenting on the October report, Pradeep Gupta, CMD, Axis My India, said, “With the festivities at its peak, one can easily witness consumer’s excitement in terms of loosening their purse strings for varied expenses and experiences. While Diwali has triggered spending on products of personal indulgence (like 2-wheeler/4-wheelers or jewellery) and household items, the upcoming festivities and enthusiastic consumer sentiment will further set the momentum for the last half of this year. In addition, one can also witness a transition in terms of preferences amongst consumers’ like opting for EVs or cheering for privatisation of loss making companies. The growth of digital as a medium of advertising overtaking Print & just after TV reflects the change in media consumption habits which was triggered by the pandemic. Lastly, our survey shows that a vast majority of India is still not investing in this age of cryptocurrencies, it would be interesting to see how financial players beyond traditional banks can capture and convert their interests for investments using varied instruments.”

Key findings:

• Overall household spending has increased for 63% of families which reflects a 7% increase from the last month. This increase is highest in Northern India.
• The increase in spending on essentials like personal care & household items stands at 50% reflecting a surge by 5%. The net score which was +20 last month has increased to +27 this month. The growth in Rural India is slightly higher as compared to Urban markets.
• Spends on non-essential & discretionary products like AC, Car, Refrigerator has increased for 18% of families. For 73% spends on non-essential purchases remain the same which reflects an uptick of 3% from last month. The non-essentials November net score therefore lies at +9. The trend on spends on discretionary products reflect a fine balance between caution and indulgence.
• With more exposure to outside activities, importance of health bounced back quickly. Consumption on health-related items increased for 47% of families as compared to 44% last month. The health score which has a negative connotation i.e. the lesser the spends on health items the better the sentiments, has a net score value of -27.
• Consumption of media remains the same for a majority of 48% families and increased for 25% of the family, reflecting an overall Net score of -2 as compared to base value of 0 for the previous month.
• Mobility net score reflects a constant improvement over the last four months. 88% families said that they are going out the same or more on getaways/staycations /mall/restaurants, with travel bans being lifted and double vaccination providing easier movement opportunities. The overall mobility score is at -4 which is an improvement over last month which was at -5. This reflects slow but consistent progress in people’s sentiments for engaging in out of home activities

On topics of current national interest:

• While the long awaited sale of Air India to the Tata group reflected a hopeful future for the airline. Axis My India further gauged consumer’s sentiment on whether or not the government should privatise other loss making public sector companies. 46% is in agreement to privatisation of such companies while 36% disagreed with this view.
• When asked if economy/livelihood and business is expected to bounce back by January 2022, 41% believes that the same is possible and Southern India being more optimistic with 54% agreeing to this.
• With rising prices fuel being a concern, 48% are optimistic of shifting to electric vehicles wherein 33% and 15% said that they will consider buying a 2-wheeler and 4-wheeler respectively in this segment. The younger age group of 18-35 have a more likelihood, with 53% in agreement to an EV shift.
• In terms of brand advertisement placements, 44% and 38% of the consumers said that they have majorly seen ads on Television and on Digital platforms respectively. While only 11% and 7% of the audience believe that they have seen ads on Print or Outdoor. This reflects the changing media consumption habit and the surge both in Digital consumption & advertising. This digital growth is led by 26-35 yr audience.
• Sharing their views on financial planning, a majority of 23% still prefers to park their money in savings account, while a combined 12% prefers to invest in Fixed Deposits, Shares/stock market and mutual funds. Gold is still seen as a reliable investment option for 4% of consumers. 40% of the audience still don’t invest and interestingly 2% still save their money in post offices.
• Gauging views around the Diwali festivities, Axis My India, further discovered that 36% of the consumers are planning to go beyond small-ticket purchases this festive season. While 24% are looking to spend on household or personal items like White Goods (AC, TV, Washing Machine, Refrigerator etc.), furniture, electronics and jewellery; 9% is looking to buy a 4-Wheeler or a 2-Wheeler. Further from a purely sentimental outlook, 59% of the consumers reflect the view of a more hopeful and cheerful Diwali this year!