Archive: February 6, 2024

Infibeam Avenues Ltd’s Flagship Payment Brand, CCAvenue, Strengthens Payment Portfolio

Gandhinagar, February 06, 2024 – Infibeam Avenues Ltd, a listed fintech company, announces a strategic alliance between its flagship payment brand, CCAvenue, and IDFC First Bank. This collaboration aims to provide extensive credit card EMI solutions, further enhancing the payment experience for millions of Bank’s customers nationwide.

The partnership with IDFC First Bank marks a major development for CCAvenue, reinforcing its commitment to delivering seamless and innovative payment solutions. With this collaboration, CCAvenue will offer easy payment services, complementing the existing BNPL (Buy Now, Pay Later) facilities already offered to merchants.

This move aligns with CCAvenue’s vision to stay at the forefront of the rapidly evolving fintech landscape. The integration of CCAvenue’s EMI solutions into IDFC First Bank’s credit card systems will offer customers a convenient and flexible payment experience, setting a new standard in the industry.

Notably, CCAvenue has a history of successful partnerships, having previously collaborated with various banks to cater to the growing demand in the credit card EMI market. The latest alliance with IDFC First Bank further strengthens CCAvenue’s position as a preferred payment gateway, providing a diverse range of financial services to its extensive merchant base.

“India is currently experiencing a remarkable surge in the demand for EMI cards as a flexible payment method, both for online and offline purchases. At Infibeam Avenues, we have the technological expertise necessary to leverage this thriving credit card market with our advanced EMI solutions. We have already secured a substantial market share through various partnerships with banks in the EMI credit card market space,” said Mr. T. Nandakumar Menon, Vice President of alliances and Operations at Infibeam Avenues Ltd.

As per research conducted by Home Credit India, 49% of the borrowers chose EMI credit in the year 2023 based on higher trust and quick disbursals. Recent RBI data reveals that the credit card transactions in December 2023 reported a 32% year-on-year growth from INR 1.25 trillion in December 2022, indicating a robust expansion. RBI data also revealed that credit cards in India are soon to hit the 100 million mark. As of December 2023, there were 97.9 million credit cards in the country.

Considering the expected EMI credit growth opportunity in India, Credit card provider banks have shifted their focus towards offering Easy Buy EMI cards to their privileged customers, thereby enhancing their purchasing power. Most of the banks aim to provide products and services related to retail banking, wholesale banking, and investment banking.

Post Budget Quote For Healthcare 2024 Quote by, Mr. Shivam Dixit, Co-Founder and CEO of Counsel India

by, Mr. Shivam Dixit, Co-Founder and CEO of Counsel India

In India, mental health issues are common, but their story is often hidden by cultural differences, stigmas, and complex interplay between socioeconomic circumstances. In India, mental health is the most ignored factor that contributes to suicide and Depression. This problem is occurring because there are now only 7–10 lakh counselors in the country, and over 50 lakh will be needed in the next year. A 12.6% rise from the Union Budget 2023–24, which improved India’s health sector, was allotted to the healthcare sector in 2023 (rs. 89,155 cars). The health budget is reviewed and dedicated to enhancing the health sector. It is evidence of a dedication to developing resilient minds. Funding the institutions that provide psychology courses is an investment that would be beneficial to people’s well-being.
As we channel allocation of finance towards Education and mental health treatment will be helpful for the common people suffering from mental health. A well-supported health budget that will be attentive to mental health signifies our recognition of the interconnectedness of mental well-being with overall health, productivity, and societal harmony.

Akshaya Patra Foundation and NTT DATA Collaborate to Feed Thousands in Karnataka

Mangalore & Bangalore, 6th February 2024 – The Akshaya Patra Foundation is pleased to announce that NTT DATA, a global digital business and IT services leader, is providing support to enhance the provision of mid-day meals across government and government-aided schools to 1,000 beneficiaries in Bangalore. In association with the foundation, an implementing partner of the prestigious PM POSHAN initiative, this collaboration underscores a shared commitment to combat malnutrition and promote overall well-being in communities across Karnataka.

NTT DATA contributed 40 solar streetlights, 20 molded pallets, and 80 vegetable crates as part of their sponsorship. These supplies will be used to equip Akshaya Patra’s modern kitchen in Mangalore, which provides meals to 35,000 children every school day. NTT DATA has also extended its support to the Akshaya Patra Foundation’s Sustainable Development Goals (SDG) assessment, which will benefit the foundation by reducing its carbon footprint and improving the efficiency of its operations.

“We are privileged to join the transformative journey of Akshaya Patra Foundation in eliminating hunger for school children while also focusing on reducing carbon footprint. Nutritional food and clean air are equally important for the well-being of future generations. This support will go a long way in improving the lives of the children and addressing the issues related to climate change,” said Ankur Dasgupta, Vice President of Marketing, India and APJ, for NTT DATA Services.

Mr. Shridhar Venkat, the CEO, expressed his enthusiasm about this impactful collaboration, stating, “We are honored to partner with NTT DATA in our mission to feed hot nutritious meals to government school children. Their generous support not only aids in providing nutritious meals but also advances our sustainability goals by providing vital resources for our state-of-the-art kitchen. Together, we are making a lasting difference in the lives of thousands.”

slice opens up its UPI first account product for everyone

India, New Delhi, 6th February 2024: slice, India’s leading fintech startup, announces the public release of its highly anticipated UPI first account – slice account. After a successful three-month beta testing period, primarily available to its existing customer base, the slice is now extending Slice account services to all users.

The slice account has witnessed overwhelming approval from the customers, who have quickly taken to its fast, integrated experience that combines user funds and digital payments within a single app infrastructure.

Indulge in a fine payment experience:

slice’s UPI first account offers a UPI handle (@slice) and a virtual account. The customers can effortlessly add money in the virtual account and spend via UPI or card, or link any other bank accounts they want, enjoying a seamless and fast UPI payment experience.

slice account simplifies the payment process by eliminating cross-selling and prioritising a user-friendly interface designed to save time. It includes autoload functionality for seamless transactions and automation of recurring payments. The design features a prominent chat icon for quick access to customer care, providing accessible user support.

Additionally, the product incorporates an innovative gaming feature where each UPI transaction presents the chance to engage in “fire,” a game that offers the customers the chance to win twice the amount of their transactions in cashback, making it a fun payment experience.

slice successfully secured the final authorization from the RBI for its Prepaid Payment Instrument (PPI) license in September 2023, following the initial in-principle approval received in October 2022. Now, the account, a full KYC prepaid account, has been made accessible to everyone, including teenagers, broadening its user base. slice’s latest offering promises to significantly enhance and simplify the financial journeys of users across the board. The public release marks a milestone for slice in its mission to transform financial services in India.

Manipal Hospital, Gurugram Makes Healthcare More Affordable with the Senior Citizen Card

Gurugram, 6th February 2024 | Making healthcare accessible and affordable for the people of Gurugram. Manipal Hospital recently launched a dedicated senior citizen card to offer exclusive healthcare benefits to individuals who are at the age of 60 and above. The card was launched during an event at Manipal Hospital, where senior citizens and heads of local RWAs were explained about the benefits of this card. The discount card aims to make healthcare more accessible and affordable, ensuring they receive quality medical care with ease.

Speaking on the launch of this card, Mr. Navin Pascal, Hospital Director, of Manipal Hospital, Gurugram, said, “With the launch of this senior citizen card, Manipal Hospital aims to make quality medical care more affordable to the elderly population. The card covers discounted prices on a range of services, including consultations, diagnostics, and pharmacy needs, ensuring they have access to comprehensive healthcare services. Our goal is to make medical care effortless for every senior citizen and foster a healthier and happier community by providing timely and adequate medical attention to all.”

Manipal Hospitals Gurugram aims to provide quality healthcare services to the people of Gurugram and nearby areas. It has been a center of excellence in healthcare services for the last 15 years. It provides cutting-edge facilities for those suffering from severe health conditions and requiring advanced treatment and surgery.

Indian Chamber Expands Global Presence with a Strategic Footprint in the UAE

Kolkata, 6th February 2024: The Indian Chamber of Commerce (ICC) has appointed Mr. Sharad Bhandari, a distinguished finance professional, as its Chief Representative for the United Arab Emirates (UAE), marking ICC’s strategic move to enhance economic ties.

The ICC’s expansion in the UAE aims to foster stronger economic collaboration between India and the UAE. With Mr. Bhandari’s leadership, ICC anticipates achieving innovative growth and shared prosperity. The Comprehensive Economic Partnership Agreement and robust economic ties set the stage for significant bilateral trade growth in the coming years.

With an impressive career spanning over 40 years, including 28 years with a Big Four firm, Mr. Bhandari brings extensive expertise in advising businesses in the UAE, the Middle East, and the UK. As the Managing Partner of ARDENT Advisory & Accounting, he has advised leading corporations. Additionally, as Vice Chairman of Abu Dhabi’s Indian Business & Professional Group, Mr. Bhandari has played a crucial role in developing the India-UAE economic corridor.

In his new role, Mr. Bhandari is expected to engage with corporations, government agencies, and industry organizations to boost trade and investment between India and the UAE. With the Comprehensive Economic Partnership Agreement and strong economic ties, bilateral trade is anticipated to witness significant growth in the next two years.

Ameya Prabhu, President of ICC, expressed delight in the appointment, stating, “We are thrilled to have Mr. Sharad Bhandari as ICC’s ChiefRepresentative for the UAE. His extensive experience and pivotal role in building economic ties between India and the UAE make him an invaluable leader. Under his leadership, we look forward to catalysing robust partnerships and bilateral investment, propelling India-UAE trade beyond the US$100 billion milestone in the coming years.”

Mr. Sharad Bhandari shared his enthusiasm, saying, “I am honored to represent the Indian Chamber of Commerce as its chief representative in the UAE. Leveraging my experience, I am committed to enhancing trade and investment opportunities and strengthening bonds between corporations, government agencies, and industry organizations. I look forward to contributing to the success of both great nations in the flourishing India-UAE economic partnership.”

First use of Makrolon RE in light switches and sockets

For the first time, a Makrolon® RE polycarbonate from Covestro is being used in the manufacture of switches, plugs and multimedia sockets. ABB – a leading international energy and automation technology group with a strong focus on sustainability – uses polycarbonate in its SAGATM product range. “Currently, around 75 percent of our SAGATM range is manufactured with attributed bio-circular materials. In the long term, this will reduce annual emissions by around 400 tons of CO2 equivalents.* We want to further increase the proportion of these attributed bio-circular plastics in the future. This is because as thermoplastics they can be recycled and therefore enable the creation of resource-saving material cycles,” explains Sven Werdes, Global Product Line Manager at ABB.

The Makrolon® RE used by ABB has a very low carbon footprint; at best, it is climate-neutral**. In addition, the raw materials used in the synthesis of its starting materials are largely derived from mass-balanced organic waste and residues such as used cooking oils and fats.

Climate neutral** across the entire value chain as a common goal

“We are delighted to be able to effectively support ABB in its ambitious sustainability goals. Basically, we are doing everything we can to help our customers and their clients with more sustainable product solutions in the development of climate-neutral and resource-saving material cycles,” emphasizes Lily Wang, Global Head of the Engineering Plastics Business Entity at Covestro.

ABB manufactures the majority of the SAGATM range in its climate-neutral factory*** in Porvoo, Finland. With the help of a highly efficient energy management system, the plant uses only renewable energy and processes low-emission materials such as Makrolon® RE. “Porvoo is one of the first milestones in our Mission to Zero™ program, which aims to achieve climate neutrality for both our own sites and those of our customers. Materials such as Makrolon® RE are an important building block in our sustainability strategy,” says Mikaela Ahlnäs-Mäkeläinen, Local Product Group Manager at ABB.

Highest quality standards met

The Makrolon® RE variant used by ABB is colored in signal white (RAL 9003) and is characterized by excellent UV stability. For example, it easily passed a test that simulates two years of horizontal, two-dimensional UV exposure under northern European light conditions. In addition, its electrical properties – such as high dielectric strength and tracking resistance – meet all electrical safety requirements. “The Makrolon® RE compound is a successful example of how aesthetics, performance and sustainability can be harmonized with just one material,” explains Dr. Niklas Meine, Senior Marketing Manager and responsible for Marketing Electrical Engineering and Electronics EMEA at Covestro.

Drop-in solution without compromising on performance

The proportion of attributed alternative raw materials in the compound is over 80 percent. It is mass-balanced and certified in accordance with the established ISCC PLUS standard (International Sustainability and Carbon Certification). In principle, the material variants of Makrolon® RE are completely identical to their purely fossil-based counterparts in terms of chemistry, physics and processing behavior. “Our customers can therefore replace these counterparts as a drop-in solution in ongoing production processes without having to change processing parameters on the injection molding machines,” explains Niklas Meine.

SAGATM is designed for the electrification of commercial and public buildings, private residential buildings and the hospitality sector. It can be integrated into the ABB i-bus® KNX and ABB-free@home® building automation systems and will initially be marketed in Northern Europe.

Pakka Limited Q3 Results: Revenue of INR 99.34 Crores with CHUK Achieving Profitability Milestone

6th February 2024, New Delhi: Pakka Limited, formerly Yash Pakka Limited, a manufacturer of compostable packaging solutions, has announced its financial results for Q3 (October to December) of the current fiscal year 2023-24. The company recorded INR 9,933.74 lakhs in revenue from operations and INR 1,666.28 lakhs in profit before tax (PBT) in the 3rd quarter of the current fiscal. Nine-month revenue from operations for the current fiscal stood at INR 31,016.35 lakhs and PBT at INR 5,699.77 registering a growth against last year, same period.

Notably, CHUK, the flagship brand of Pakka, has achieved profitability within just six years of its inception. CHUK saw a profit before tax in Q3 of the current fiscal year at INR 174.24 Lakhs in comparison to a negative INR 76.09 Lakhs PBT in the previous quarter. Started in 2017, CHUK is known for its compostable tableware such as meal trays, plates, bowls, and delivery containers made from sugarcane residue known as bagasse. The compostable tableware is an alternative to styrofoam and single-use plastic, driving the brand’s overarching goal of achieving a cleaner and greener earth.

Growing steadily over the years, CHUK has forged significant partnerships and supplies its products to major restaurant chains, leading QSRs, and airports. Recently, the brand collaborated with the Ram Mandir Trust to distribute compostable tableware at the Ayodhya Mandir consecration event, further catapulting the brand’s leadership stance. Its incremental growth bears out in the 150% rally on Pakka Limited’s stock in January.

In the fiscal year 2022-2023, Pakka Ltd experienced a substantial surge in revenue, achieving an impressive 40% year-on-year increase to reach ₹408.31 crore. The brand also witnessed remarkable success in terms of net profits, showing a notable year-on-year jump of 35%, with profit before tax soaring to ₹72.31 crore.

Jagdeep Hira, Pakka India’s Business Head said, “We are elated by the exceptional Q3 results, witnessing substantial growth in revenue, income, and profitability. The stellar performance of our flagship brand, CHUK, demonstrates our commitment to sustainability and innovation. CHUK’s journey to profitability within six years of operations is a remarkable achievement, showcasing the acceptance and effectiveness of our eco-friendly solutions. As we navigate the future, our focus remains on fostering innovative solutions to financial growth and actively contributing towards a cleaner Earth.”

Satish Chamyvelumani, Compostables Business Head, added, “The positive Q3 results and CHUK’s profitability milestone across the nine months represents an exhilarating and gratifying period in our growth trajectory. This achievement reflects our team’s hard work and dedication and reinforces our position as leaders in the compostable packaging industry. Pakka’s overarching goal is to play an impactful role in contributing to a cleaner Earth. We are excited about the brand’s positive trajectory and look forward to accomplishing our goals.”

Founded in Ayodhya in 1981 as Yash Papers Limited, a leading manufacturer of low-grammage kraft paper, the company strategically forayed into sustainable packaging. It was rebranded as Yash Pakka in 2019 to align with the mission of creating and promoting compostable packaging solutions, rebranding once again in 2023 to emerge as Pakka Limited. The company has established a global footprint, with its products accessible in over 40 countries and offices present in India, and North America and it plans to establish a facility in Guatemala.

Inability to operate Cold Storage in Bengal

Kolkata, 6th February 2024: West Bengal Cold Storage Association is the only active Association of Cold Storage in West Bengal. Today at Press Club, Kolkata a Press Meet was organized to draw the attention of the farmers, consumers & common public to the damage caused due to rent for the preservation of potatoes. The Press Meet was attended by: Sri. Sunil Kumar Rana, President of West Bengal Cold Storage Association; Sri. Subhajit Saha, Vice President of WBCSA; Sri. Rajesh Kumar Bansal, Ex-President of West Bengal Cold Storage Association; Sri. Patit Paban De, Sri. Tarun Kanti Ghosh, Sri. Gobind Kajaria, Past Presidents of WBCSA; Sri. Dilip Chatterjee, Sri. Kaushik Kundu, Chairman of District Committees of WBCSA & many others.

Cold storage is run with the income derived as cold storage rent for the preservation of agricultural produce where the rent is determined by the Government. As per practice cold storage rent is advised by the Government based on the recommendation of the Government Expert Committee which makes such recommendation after considering the rate of increment for the various input costs e.g. cost of electricity, ammonia, office maintenance, repair & maintenance of machinery/equipment, staff salary charges for all types of labor engaged for loading & unloading of potato. It is observed that rent approved by Government is always less than the amount recommended by the Expert committee and thus till 2021 the cold storages are deprived of an accumulated amount of Rs 21.35/quintal. Over the years the gap between the recommended amount and the approved rent has grown disproportionately which currently has become unviable for cold storage. Eventually, the cold storages are forced to be a sick industry and finally disposed of as NPA by banks. Modernization of the store units is also not possible due to paucity of surplus funds, hence, we are unable to provide up-to-date service to the hirers. The Government has not revised cold storage rent after 2021 though the Association has appealed for the revision with sufficient justifications and the Expert committee also recommended on January 23 for revision of storage rent to Rs 190/quintal & Rs 194/quintal for south Bengal & north Bengal respectively. Thus there has been an under-recovery of Rs 9.95/quintal for the period 2021 to 2022 itself. The input costs for the industry have increased again in 2023 though an appeal for recovery of the same was not made by us due to various reasons.

On this occasion, Sri. Sunil Kumar Rana, President of West Bengal Cold Storage Association highlighted, “It is regretted that despite knowing that cold storage rent in other states is in the range of Rs 230 to Rs 270 per quintal, we are compelled by Govt. order to operate our units for Rs 168 to Rs 172 per quintal. This way we have accepted a monetary loss of Rs 31.30/quintal and operated for the last two years and despite our earnest wish we could not modernize the units. As a result, the farmers and hirer consumers are deprived of modern techniques of preservation. In this pressing situation many of its members are falling into a debt trap resulting in the closure of cold storage in different districts or the units are becoming NPA for the banks. There will be a huge impact on the rural economy shortly unless the monetary loss for the cold storage industry is checked in time. Therefore, we like to take this opportunity to inform all concerned that we are not sure about the operation of cold storage with the present rent structure in the ensuing season and in such event, our inability to operate may be pardoned.”