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    Business Wire IndiaThis year’s Indian Budget was being dubbed as a ‘Now or Never’ Budget for the NDA Government. While a lot can be passed off as unfulfilled expectations, for once, there was remarkable clarity in the vision of the Government in presenting a Budget that focused primarily on pushing India ahead through a calculated agenda on inclusive growth. Budget proposals are aimed at ‘transforming India’ based on nine pillars, viz, agriculture and farmer welfare; rural sector; social sector; education, skill and job creation; infrastructure and investment; financial sector reforms; governance and ease of doing business; fiscal discipline; and tax reforms.
    Mukesh Butani, Managing Partner, BMR Legal said, “It’s a balanced budget with an overarching theme of realizing inclusive and staggered economic growth, without stepping down on the path of fiscal prudence. Amongst positives, focus on infrastructure development, fixing distressed asset concerns of financial sector, employment generation through indigenization stand out. Bankruptcy code and a framework for commercial dispute settlement under PPP framework are the two most significant regulatory reforms rolled out.”
    “A lot of other positives – e.g., the Budget buries the bogey of retrospective tax, and provides one time opportunity for settlement of past disputes; implementing outcomes of BEPS in the form of equalization levy cess in B2B digital transactions of 6 percent shall help garner revenues. The Budget rolls out a host of administrative reforms by way of fixing loopholes and measures to improve taxpayers’ experience, and that is definitively a step in the right direction to evolving taxpayers’ service focused administration. Improvised dispute resolution shall encourage settlement of languishing tax disputes and help unclog dispute resolution mechanism. One time window for voluntary disclosure by delinquent taxpayers finds its way back into legislation, and it’s encouraging to see the FM not propose a prohibitive penalty on disclosure," added Mukesh Butani. 
    The policy proposals in the Budget demonstrate a clear impetus towards Government’s flagship programmes Start up India, Make-in-India, Stand-up India and Swachh Bharat mission, along with extending a helping hand to the priority sectors (such as, rural sector, social sector, infrastructure sector, banking sector) and vulnerable sections of the Indian population. Under the FDI Policy, key change is to allow FDI under automatic approval route upto 49 percent in the Insurance and Pension sector, upto 100 percent in ARCs, upto 100 percent in marketing of Indian food products, and in NBFC activities (other than specified 18 activities) regulated by financial regulators and permitting hybrid instruments subject to conditions. On the direct tax side, the FM reiterated his commitment to implement GAAR from April 1, 2017.
    Gokul Chaudhri, Leader, Direct Tax, BMR & Associates LLP said, “The Union Budget is pragmatic and sensible with well-defined objectives. For small tax payers, select measures have ensured lower tax burden. For new manufacturing enterprises an attractive rate of 25 percent corporate tax and for startups a tax holiday for 3 years as promised. The overall rate cut for corporate tax has eluded. There were worries that capital gains and dividend taxation would be adversely impacted. The FM has wisely balanced the provisions by limiting the change only for dividends exceeding Rs 10 Lakh being taxable at a rate of 10 percent in hands of shareholders. In a way, well off shareholders will have dividends at an effective cost of 30 percent.”
    “The macro-economic stability has been reassured with fiscal deficit sensibly in control and quality spending on roads, rail and public infrastructure. The PPP model is being revived with new legislative measures and the nation was assured that ease in business continues with the proposed changes in tax and corporate laws," added Gokul Chaudhri.
    Rajeev Dimri, Leader, Indirect Tax, BMR & Associates LLP said, “Budget announcements seem well directed with focus on rural economy, infrastructure spending, social welfare schemes and ‘digital’ initiatives. Rationalization of indirect tax and duty structures for various sectors such as IT hardware, defence, mineral and petrochemical, aviation to name a few, with a view to encouraging Make in India initiative is a welcome move.  Overall, coverage of various sectors of the economy was comprehensive with focus on keeping the Government spending within acceptable limits of fiscal prudence."
    "While no firm commitment on Goods and Services Tax (GST) timelines was made, the industry expectation was to align existing central indirect tax regime with the proposed GST framework. Withdrawal of miscellaneous cesses and rationalization of CENVAT credit mechanism appear to be small steps in this direction.  However, introduction of new cesses in addition to those introduced in the previous year, run contrary to that expectation and appears regressive,” added Rajeev Dimri.
    In summary, while tax experts mull over the fine print of the Budget to identify nuances, Budget 2016 marks a pragmatic attempt by the NDA Government to solidify India’s emergence in the global context making India increasingly relevant for international businesses, and to alongside push the agenda for a holistic and inclusive improvement in the socio-economic variables. 
    About BMR Advisors
    BMR Advisors is a professional services firm offering a range of Tax, Risk and M&A advisory services for domestic and global businesses of all sizes. The firm enhances value for clients by focusing on solutions that are innovative, yet practical and that can be implemented. This is achieved by blending domain expertise with analytical rigour, while maintaining an uncompromising focus on quality, and by hiring and nurturing high quality professionals with a passion for excellence. BMR is committed to making a difference to clients and to its people, and delivers this through the integrity of its effort and by living its core values. Founded on October 1, 2004, the firm has won the confidence of several Fortune 500 companies and is the partner of choice for their advisory services. The respect that the firm commands is evident from the fact that it is consistently rated amongst the top tax and M&A brands in India. A team of over 600 professionals has extensive functional and industry expertise across service areas, and is well-equipped to deliver world-class services to our clients. For additional information, visit
    Connect with us on LinkedIn, Twitter, Facebook, YouTube for the latest updates.

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    Business Wire IndiaMr. V George Antony, MD UAE Exchange, India, was a panel member in the Post Budget Analysis session organised by CII, and PWC in Kochi. Based on Mr. Antony’s perspective, there are lots of good long term plans in the budget, for a digital India, which will bring quality, transparency, and efficiency into our whole system for citizens in general. These are not short term plans bearing immediate fruits, but it will surely bring in the desired results in the years to come. All we need is to have patience and confidence in the government and our Prime Minister.

    • Aadhar as a common ID. – This is going to change banking and finance industry and reduce NPA issues currently banking system is fighting with. Banks will be able to know about the credit and revenue history of each customer which is the basic parameter to give credit to a customer.
    • Bill for Targeted Delivery of Financial and Other Subsidies, Benefits and Services by using the Aadhar framework to be introduced. – Only deserving people will avail subsidy, pilferages will go away and transparency will come into the whole process.
    • Introduce DBT on pilot basis for fertilizer. – Convenience for genuine farmers
    • A new Digital Literacy Mission Scheme for rural India to cover around 6 crore additional household within the next 3 years. True financial and digital inclusion will happen in the grassroots by doing this. Lifting their lifestyle, awareness, rights etc become simpler and easier
    • Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets to be set-up.–  Creating a paperless economy for all certificates of a person from birth to death and things become so easy and transparent for citizens when fully implemented
    • Expansion in the scope of e-assessments to all assessees in 7 mega cities in the coming years. – Making life simpler for people and tax authorities and bring all qualifying into tax net.
    • 'e-Sahyog' to be expanded to reduce compliance cost, especially for small taxpayers. 
    • Automation facilities will be provided in 3 lakh fair price shops by March 2017. A great move to stop all types of pilferages happening now and make life easy for genuine and deserving citizens.
    • A Financial Data Management Centre to be set up. The numbers which we know will completely change to actual numbers when this become fully operational and managing finance become so easy and transparent and perfect.
    • National Land Record Modernisation Programme has been revamped.  New scheme Rashtriya Gram Swaraj Abhiyan proposed with allocation of Rs 655 crore. When this is fully implemented, life will become so easy for all citizens who have some land to manage and view their records. Everything in this area will become so transparent.
    • Unified Agricultural Marketing ePlatform to provide a common e- market platform for wholesale markets – Great move which will change the agricultural sector to a completely different level. Lots of middlemen will go away. Farmers will get better price for their produce and reimbursement will become very easy and fast, credited to the account.
    Congratulations to our Respected Prime Minister and Finance Minister and his team to take such long term decisions and changes, which will make India a superpower in the world economy. 

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    Business Wire India 

    • Citizens give inputs on how EPF can be made more citizen oriented
    • 84% citizens rate Union Budget 2016 as good for the country
    • 47% citizens rate Union Budget 2016 as good for them
    LocalCircles, India’s largest citizen engagement platform today announced that approximately 88% of the citizens who were surveyed have asked for a roll back on the proposed EPF taxation. Over 15,000 citizens participated in this exercise and also gave inputs on how EPF can be made citizen oriented. In addition, the citizens also rated Union Budget 2016 from the country’s perspective and their perspective. Below are the details:

    Collective Citizen Opinion on proposed EPF taxation:

    Qualitative Citizen Inputs on EPF:
    1. There should be no tax on EPF withdrawal after the age of 60 years
    2. If EPF is withdrawn before the age of 60 years, only then tax should be applied on it
    3. A part of EPF should be allowed to be withdrawn in case of an emergency
    4. Taxing 60% of the EPF withdrawal will leave limited incentive for citizens to contribute to Provident Fund  
    5. Deduction of EPF should be made voluntary and not mandatory
    6. PF interest rates should be hiked after retirement age
    7. If PF is not withdrawn for a certain predefined period, a bonus must be given
    8. Bonus should be increased with increase in period of non-withdrawal
    9. The process of EPF withdrawal or deposit should be made online like other developing countries
    10. Employees should be allowed to withdraw 90% of EPF amount including employer’s contribution one year before retirement for purchase of a house
    11. The employee should be allowed to take tax-free loan from their EPF for marriage and education of children provided it is paid back within a certain time period.
    Citizen Assessment of Union Budget 2016:
    Over 100,000 citizens participated in giving inputs for the Union Budget 2016 over a series of polls and discussions pre budget. Citizens collectively were very happy that the core budget strategy proposed by them for Government to “Invest in Infrastructure” with top focus on Roads/Highways and Irrigation was accepted. However, the recommendations collectively made on income tax relief were not accepted in the budget.
    About LocalCircles
    LocalCircles is India’s leading citizen engagement platform that connects citizens at local, city and national level to participate in governance and make their urban life better. LocalCircles has more than 1,000,000 citizens connected on it across the country. All data and poll results are an exclusive copyright of LocalCircles so please give due credit.

    Photo Caption: 
    Collective Citizen Opinion on proposed EPF taxation
    Citizen Assessment of Union Budget 2016

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    Business Wire IndiaUAE Exchange India, one of the biggest financial institutions in the AD II category is dedicating its new version of Mobile App, the XPay Cash Wallet to the people of India. XPay Cash Wallet is absolutely free for all people as well as merchants to use it in lieu of physical cash, to create a cashless economy.

    XPay Cash Wallet has taken a disruptive innovative route for the country and its people, thereby joining Prime Minister Shri Narendra Modi’s dream mission to create a Digital India.

    Company has a network of 400 direct branches and 15000 agents who will spread the app to all its customers and merchants in respective cities.

    Being part of the financial inclusion agenda of the RBI and the government, the company has already enrolled approx. 90 lakhs customers to use the app and plans to scale it to 10 crores app users in a few months’ time.

    Photo Caption‘Mr. V George Antony, MD, UAE Exchange, India’.                                               

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    Business Wire India

    • World’s first Forex prepaid card issued in conjunction with Diners Club International
    • Corporate and leisure card holders travelling abroad, especially to the United States, China, Japan and Korea, to benefit
    • Card holders will have access to more than 35 million merchant locations and more than 1 million ATM and cash access locations across 185 countries
    Axis Bank, a market leader in travel currency cards, today announced the launch of the world’s first Forex prepaid card issued in conjunction with Diners Club International, a business unit of Discover Financial Services. The Forex Card will run on the Discover Global Network, the third largest payments network in the world, providing card holders with global acceptance.

    The strategic alliance delivers widespread acceptance in key markets including the United States and North Asia, by utilizing Discover Global Network partnerships with China’s Union Pay, Japan’s JCB and South Korea’s BC Card, among others. In all, the Discover Global Network includes more than 35 million merchant locations and more than 1 million ATM and cash access locations across 185 countries. The card offers a bouquet of privileged services and benefits to travelers, including access to more than 600 Diners Club airport lounges globally.
    The EMV chip embedded card will make payments more secure. The card comes at no additional cost to customers and is available at the same price as Axis Bank’s existing Forex Cards.

    Speaking on the occasion, Mr. Sidharth Rath, President  & Head, Treasury, Corporate & Transaction Banking, said, “Axis Bank continues to be the market leader in the Prepaid Forex Card category. Our focus has always been on improving and enhancing value for our customers. The addition of new travel corridors through the Discover Global Network and Diners Club International, especially in the United States and North Asia, will greatly complement our existing network and provide convenience to travelers through wider acceptance.”

    Annie Zhang, Vice President, APAC Region, Business Development at Discover Financial Services, said, "Diners Club International continues to enable our franchises to provide unique card options to their customers that enhance the experience and broaden acceptance for travelers. By leveraging the Discover Global Network and its many partners, issuers like Axis Bank can provide flexibility for their card holders as they travel across the globe."

    About Axis Bank:

    Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

    With its 2,805 domestic branches (including extension counters) and 12,631ATMs across the country, as on 31st December 2015, the network of Axis Bank spreads across 1,796 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK.

    The Bank’s website offers comprehensive details about its products and services.

    Photo Caption: Axis Bank partners with Diners Club

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    Business Wire IndiaWNS (Holdings) Limited (NYSE: WNS), a leading provider of global Business Process Management (BPM) services, today announced it has been selected to deliver high-end analytics globally for QBE Insurance Group Ltd (ASX: QBE). Headquartered in Sydney, Australia, QBE is one of the top 20 global insurance and reinsurance companies. Under the agreement, WNS will manage end-to-end advanced and predictive analytics for QBE in the areas of claims, underwriting, distribution and fraud. 

    “WNS is thrilled to partner with an industry leader like QBE. This engagement represents one of the largest and most comprehensive insurance analytics deals in the BPM industry, and is a testament to the domain capabilities we have developed in both insurance and analytics,” said Keshav Murugesh, Group CEO, WNS. “This relationship also helps strengthen WNS’ position as a leader in the Australian BPM market.”

    WNS is an industry leader in both insurance domain expertise and advanced analytics. The company currently has over 2,500 professionals in our Research & Analytics practice, and provides insurance analytics solutions across the industry value chain including property and casualty, life, pensions and annuity. These solutions are built on WNS’ years of experience delivering value-added business insights for several of the world’s leading insurers. WNS leverages domain expertise, strong talent, operational excellence and technology-enabled capabilities to enable insurers to gain competitive advantage.   
    About QBE

    QBE Insurance Group Limited is listed on the Australian Securities Exchange, is one of the top 20 global insurance and reinsurance companies as measured by net earned premium and has operations in 37 countries.
    About WNS

    WNS (Holdings) Limited (NYSE: WNS), is a leading global business process management company. WNS offers business value to 200+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum of business process management services such as finance and accounting, customer care, technology solutions, research and analytics and industry specific back office and front office processes. As of December 31, 2015, WNS had 31,340 professionals across 39 delivery centers worldwide including China, Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, United Kingdom and the United States. For more information, visit
    Safe Harbor Provision
    This document includes information which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events. Factors that could cause actual results to differ materially from those expressed or implied are discussed in our most recent Form 20-F and other filings with the Securities and Exchange Commission. WNS undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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    Business Wire IndiaThe most circulated business publication in Kerala, Business Deepika, announces the excellence award in business sector. 6 eminent personalities, who are well-known from various industrial sectors have been selected for the excellence award. The award will be handed over in the grandeur function to be held at Crowne Plaza, Maradu, Kochi on March 14, 2016. 

    UAE Exchange India, Managing Director, V George Antony has grabbed the Business Deepika Excellence Award in category of Non-Banking Financial Services. The strong support and guidance given for the growth of the company that has been serving across the nation for more than a decade makes the great leader win the title. UAE Exchange India that was established in 1994 in Kochi with more over 383 branches and 4000 employees provides various financial services including foreign exchange, travel and ticketing, loans, insurance, money transfer, and share trading. 

    Photo Caption: Business Deepika Business Excellence Awards 2016

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    Business Wire India

    NTE Energy, a power developer and energy services provider, announced today that its affiliate NTE Carolinas, LLC (“NTE”), has successfully closed on project financing for construction and operation of its Kings Mountain Energy Center, located in Cleveland County, North Carolina. Financing for the facility includes a group of 9 financial institutions, led by ING Capital LLC and MUFG Union Bank, N.A, providing $387 million in various senior secured credit facilities and Capital Dynamics and Wattage Finance-NC, LLC providing $218 million in equity commitments.


    The Kings Mountain Energy Center will be a state-of-the-art 475 MW natural gas-fired electric generating facility that will sell capacity to nine municipal and state owned utilities in North Carolina and South Carolina, under individual Long - Term Power Sale Agreements.


    Gemma Power Systems, LLC will build the facility under an Engineering, Procurement and Construction Services contract and NTE Energy Services Company, LLC will be the construction and asset manager. The facility will be one of the most efficient and clean sources of capacity and energy in the region, employing Mitsubishi’s GAC turbine technology in a combined-cycle configuration. The facility will be a large asset to the community’s economy by providing approximately 300-400 jobs during construction, and 25-30 full-time positions during operation in 2018.


    “The project’s successful financing showcases the accomplishments of our team and partners, as well as the public private partnership with the City of Kings Mountain and numerous municipal and state entities in the Carolinas who will be served by the project,” said Seth Shortlidge, CEO of NTE Energy. “NTE is excited to work with this group of lenders and industry leaders on the financing and construction the Kings Mountain Energy Center.”


    “Capital Dynamics is extremely pleased to have successfully partnered with NTE and Guggenheim again to bring this important project to fruition. This project is an example of the kind of critical clean power infrastructure projects that our team brings from development to completion,” said John Breckenridge, Managing Director at Capital Dynamics. “We also congratulate the local communities that have supported this project for enabling a low cost, clean and reliable source of power for their citizens for many years to come.”


    ING Capital LLC (Syndication Agent) and MUFG Union Bank, N.A. (Administrative Agent), acted as the Coordinating Lead Arrangers in developing syndication of 9 total institutions to finance the project. Nixon Peabody and Pierce Atwood served as NTE’s project counsel.


    NTE closed financing and began construction on its Middletown Energy Center, located in Butler County, Ohio, in October 2015.


    About NTE Energy


    NTE Energy, through its affiliates, develops and acquires strategically located electric generation and transmission facilities within North America. The team executes all aspects of project development, from initial market and site evaluations and permitting to financing, construction and operation. NTE Energy, through its affiliates, is actively developing projects located in West Texas, Ohio, and North Carolina as well as pursuing early-stage opportunities in several other locations. For more information about NTE Energy, visit


    About Wattage Finance-NC, LLC


    Wattage Finance-NC, LLC is owned by a group of private investors and advised by Guggenheim Partners Investment Management, LLC.


    About Capital Dynamics


    Capital Dynamics is an independent, global asset manager, investing in private equity and clean energy infrastructure. A client-focused firm, Capital Dynamics tailors solutions to meet investor requirements and manages investments through a broad range of products and opportunities including separate account solutions, investment funds and structured private equity products. Capital Dynamics currently has over USD 21 billion in assets under management, advisement and administration. Capital Dynamics believes its experience and culture of innovation give it superior insight and help it to deliver returns for its clients. Capital Dynamics invests locally while operating globally from offices in London, New York, Zug, Tokyo, Hong Kong, Silicon Valley, Munich, Birmingham, Seoul, and Scottsdale. For more information about Capital Dynamics, visit


    About Capital Dynamics’ Clean Energy and Infrastructure team


    Capital Dynamics’ CEI team holds extensive expertise in investing, financing, owning and operating conventional and clean energy businesses globally. Established to capture attractive investment opportunities in this class of real assets, Capital Dynamics’ CEI mandate is to invest directly in proven clean energy technologies – such as solar, wind, biomass, conventional gas generation and waste gas fueled power generation – across the globe. Since the establishment of Capital Dynamics’ CEI business, the CEI team has acquired, built and now manages more than 2,000 MW of clean energy capacity in North America, Europe and Australia.





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    Business Wire IndiaEuronet Worldwide, a leading electronic payments provider, today announced the appointment of Pranay Jhaveri as the Chief Business Officer for India and South Asia. In his new role, he will be responsible for running the existing business of Euronet in this region, and driving incremental growth by entering new markets and rolling out new payment products and solutions. 
    Speaking on the appointment, Himanshu Pujara, Regional Managing Director, Euronet, India and South Asia; said, “We extend a warm welcome to Pranay into the Euronet family. We have a solid foundation and good momentum in the business. By consolidating the leadership of all our businesses, i.e. the ATMs and EFT outsourcing, electronic payments, digital content distribution and value added services, we will create a structure that leverages our client relationships across these verticals and help launch new products and innovative payments solutions to our set of customers in this region. Pranay is a proven business leader with extensive experience in the IT and financial services industry, who has successfully run large and complex businesses and driven incremental growth. I look forward to working with him and the rest of my leadership team in these exciting times of e-commerce and m-commerce, where payments is emerging as a key differentiator for most eco-system players like banks, merchants or other financial institutions.” 
    An IT veteran with more than 24 years work experience, Pranay has a very rich experience in national and FSI sales, business development and channels. Prior to joining Euronet, Pranay was with Cisco for 8 years where he was a director managing global business with large 360 relationships in his last role. While at Cisco as a leader for the financial services vertical, he was responsible for driving growth, capturing market transitions, building strong customer franchise, and driving localized innovation in the region. Pranay is passionate about the relevance of technology to business especially the financial services industry. Before Cisco he has held various leadership positions with Nortel and f5 Networks. Pranay is an alumnus of Jamnalal Bajaj Institute of Management Studies, Mumbai and Walchand Institute of technology, Solapur.
    On his appointment, Pranay Jhaveri said, “I am extremely energized and excited to join Euronet which is a leader in electronic financial transactions and payments processing. Payments industry is at an inflection point with the government impetus towards a cashless economy, issuance of new banking licenses and continued growth in ecommerce. Proliferation of ecommerce presents a great opportunity not only for secure and innovative single click payment solutions but also content distribution and activation through online merchants and banks. I look forward to cementing Euronet’s leadership position further as a premium player in various segments of our business.”
    About Euronet Worldwide, Inc.
    Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, cash-based and online-initiated consumer-to-consumer and business-to-business money transfer services, and electronic distribution of prepaid mobile phone time and other prepaid products.
    Euronet's global payment network is extensive - including 21,128 ATMs, approximately 96,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 49 countries; card software solutions; a prepaid processing network of approximately 665,000 POS terminals at approximately 312,000 retailer locations in 34 countries; and a global money transfer network of approximately 287,000 locations serving 147 countries. With corporate headquarters in Leawood, Kansas, USA, and 56 worldwide offices, Euronet serves clients in approximately 165 countries. For more information, please visit the Company's website at

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    Business Wire IndiaMax Life Insurance, one of India’s leading non-bank promoted private life insurers, a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd., has been conferred with the prestigious IMC Ramkrishna Bajaj National Quality (RBNQ) Award for 2015 in the Services Category. The award was presented at the “Making Quality Happen” gala award ceremony on March 4, 2016, in Mumbai.

    Max Life Insurance was adjudged the winner on the basis of commitment to excellence across multiple layers of leadership and vision to ensure world class quality and business performance. The award was presented to Rajesh Sud- Executive Vice Chairman and Managing Director, Max Life Insurance in the presence of the honorable Chief Guest, F.C. Kohli, erstwhile Deputy Chairman – Tata Consultancy Services.

    Acknowledging the award, Mr. Rajesh Sud- Executive Vice Chairman and Managing Director, Max Life Insurance, said, “We are delighted and extremely proud to be conferred with the IMC Ramkrishna Bajaj National Quality Award. Max Life Insurance is consistently looking to raise the bar with regard to its performance through our constantly improving business processes thereby ensuring best-in-class outcomes to our stakeholders. This award is a testament to our passion, drive and commitment showcased towards creating a process oriented organization to achieve all round business excellence.”

    The IMC Ramkrishna Bajaj National Quality Awards, considered one of the most prestigious awards in India, recognized 25 renowned organizations across six categories namely service, health care, manufacturing, small business, overseas and education. The awards were first instituted in 1996 to give special recognition to performance excellence in Indian organizations. The winners were selected by a panel of judges at a meeting chaired by Mr. Bunker Roy, Founder & Director, Barefoot College on January 22, 2016.

    The Award is based on the internationally acclaimed Malcolm Baldrige Performance Excellence Framework which also serves as the foundation of the Max Performance Excellence Framework. Max Life has been recognized for its strengths in the areas of Leadership, Organizational Alignment, Customer Focus and Process Focus. As Max Life Insurance continues to grow from strength to strength in its journey of Quality and Excellence, this award will go a long way in fueling the discipline and vigour needed taking the level of business performance to newer heights of success.
    About Max Life Insurance Co. Ltd. (

    Max Life Insurance, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, which is a leading Indian multi-business corporation while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world. Max Life Insurance offers comprehensive long-term savings, protection and retirement solutions through its high-quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 15 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

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  • 03/18/16--22:10: Karnataka Budget 2016-17
  • Business Wire IndiaThe latest budget of Karnataka has an outlay of ₹ 1,63,419 Crore for the financial year 2016-17, providing major boost to Agriculture, Education, Rural & Urban Development and infrastructure sectors. The fiscal deficit is expected to be ₹ 25,657 crore, which has been well controlled and at 2.12 per cent of GSDP.

    • A series of reforms/allocations towards agriculture and allied sector like abolishing agriculture income tax, allocation of ₹ 14,477 crores for development of water resources, ₹ 4034 Crore for Agriculture sector, ₹ 1886 for Animal Husbandry and ₹ 753 Crore for Horticulture sector, Development of 100 model agricultural villages under the “Suvarna Krishi Grama” programme is a welcome proposal towards development of agriculture sector.
    • A budgetary allocation of ₹ 4,344 Crore has been made for Agricultural department and Agri-clinic would setup in collaboration with IIM-B and GKVK agricultural university through PPP model. 
    • ₹ 3,500 crore allocated for development of State Highways and upgrading of Major District Roads. 
    • In 2016-17, a total outlay of ₹ 14,853 Crore is provided to Urban Development Department.  Of this, ₹ 6,044 crore is for works related to Bengaluru.
    • Water Supply and Underground Drainage Project for 110 Villages coming under BBMP at a cost of ₹ 5,018 Crore.
    • In 2016-17, a total outlay of ₹ 12,632 Crore is provided to Energy Department. Provided the power crisis in the state, this is a good move.
    • During 2016-17, a total amount of ₹ 17,373 Crore is provided to Primary and Secondary Education Department.
    • Allocation for development of rural roads increased to ₹ 3,609 crore.
    • In 2016-17, a total amount of ₹ 1814 Crore is allocated to Commerce and Industries Department.
    • A total amount of ₹ 222 Crore is allocated to IT, BT and S&T Department. 
    • During 2016-17, ₹ 5,032 Crore is provided for Department of Health and Family Welfare.
    • During 2016-17, a total amount of ₹ 4,651 Crore is provided to Higher Education Department.   
    • Waiver of full interest on all types of agricultural loans availed from various co-operative institutions which are overdue as on 30-09-2015 if the farmers pay the principal amount within 31-03-2016.  While the budget implication is not high, the credit discipline in rural areas may get affected.

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    Business Wire India

    Ripple, the global provider of financial settlement solutions, today announced the opening of its European headquarters to better serve growing bank demand in the region. The office will be located in London, and led by newly appointed Managing Director of Europe, Daniel Aranda. New hire and industry veteran Patricia Pittomvils will join him as Sales Director of Europe.


    “We’re excited to continue growing our global presence by establishing roots in London, one of the most important financial centers of the world,” said Ripple CEO and co-founder Chris Larsen. “After establishing our APAC subsidiary last year, we’ve seen tremendous traction in Asia, leading to the recent creation of SBI Ripple Asia, and we’re looking forward to similarly rapid growth in Europe starting with this new office.”


    With the opening of the London office, Managing Director Daniel Aranda is relocating from Ripple’s San Francisco headquarters to lead the company’s European presence. Aranda was among Ripple’s first employees and has served as a key member of the company’s business development team since 2013, helping shape the overall company strategy and build the customer pipeline. Today, the majority of Ripple’s current partners are based in Europe, such as Santander and Fidor Bank, and the company continues to see strong customer interest regionally for its cross-currency settlement solutions, the only enterprise blockchain products available in the market.


    “The European region is unique as an established global financial center that is leading the industry in embracing new technologies and modernizing its banking infrastructure. We see enormous potential here,” Aranda said. “European banks are proving to be first adopters of distributed financial technology and, in particular, Ripple’s solutions.”


    In his new role, Aranda will continue to engage with leading banks, regulators and central banks to support and develop Ripple’s adoption, as well as build a local sales and implementation team.


    The first key hire for this new office is Sales Director Patricia Pittomvils, who brings nearly 25 years of experience in banking operations to the role. Throughout her career Pittomvils spent more than 10 years focused on global payments infrastructure at companies including Clear2Pay, CGI, Fundtech, Tieto and VocaLink, the UK’s legacy payment infrastructure. Earlier in her career, she spent 10 years as regional sales manager at SWIFT. As sales director of Europe, Pittomvils will apply her deep knowledge and hands-on experience in the payments space to build and strengthen relationships with new and existing customers in the region.


    “Throughout my career I’ve learned the ins-and-outs of banking and payments, and I’ve spent decades working either directly for or with the long-established providers like VocaLink and SWIFT,” Pittomvils said. “I’m excited to apply my knowledge of the best and worst of our existing payments infrastructures, and help move the industry forward with Ripple’s technology, which can vastly improve the fundamental way money moves around the world.”


    Ripple now has offices in three countries, and in four cities across the world including San Francisco, New York, London and Sydney to serve its dozens of bank customers globally.


    About Ripple


    Ripple provides global financial settlement solutions to ultimately enable the world to exchange value like it already exchanges information – giving rise to an Internet of Value (IoV). Ripple solutions lower the total cost of settlement by enabling banks to transact directly, without correspondent banks, and with real-time certainty of settlement. Banks around the world are partnering with Ripple to improve their cross-border payment offerings, and to join the growing, global network of financial institutions and market makers laying the foundation for the Internet of Value.


    Ripple is a venture-backed startup with offices in San Francisco, New York, London and Sydney. As an industry advocate for the Internet of Value, Ripple sits on the Federal Reserve’s Faster Payments Task Force Steering Committee and co-chairs the W3C’s Web Payments Working Group.



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    Business Wire India

    Endeavour Vision announced that the Endeavour Medtech Growth LP (EMG) fund has held its final close at EUR 250m (USD 275m) in committed capital. Largely oversubscribed, the fund reached its hard cap and closed well above its EUR 150m target due to considerable interest from new institutional investors. At EUR 250m, EMG is the largest fund dedicated to medtech in Europe and one of the largest pure medtech funds worldwide.


    EMG is targeting high potential European and US companies in the medical device and digital health sectors, which have innovative solutions that have already gained regulatory approval and are starting to generate commercial traction. The Fund will support the worldwide development of companies changing the standard of care in various therapeutic indications, with a typical allocation between EUR 10m and EUR 20m per investment.


    The medtech market was estimated at USD 369b worldwide in 20151 and it is evolving at a rapid pace, creating new opportunities for investors. The world’s population is aging, requiring more and safer treatments. At the same time, the healthcare systems have limited financial resources and thus require less expensive treatments and increased prevention. Innovative medtech companies are using new technologies to address these challenges and provide new ways to treat diseases and improve the standard of care.


    Bernard Vogel, Managing Partner of Endeavour Vision Ltd, advisor to the Fund, said: “The medtech sector is evolving rapidly and presents very clear opportunities as we see life sciences and information technology converging in an incredible fashion. This successful fund raising is a strong endorsement of the team’s solid track record and capabilities, as well as its strategy.”


    EMG has already closed four investments: Gynesonics, a company developing and commercialising an innovative and minimally invasive treatment for uterine fibroids, and ReShape Medical, a company which has developed an FDA-approved intra-gastric balloon for minimally invasive weight loss. The two additional transactions will be announced in the coming weeks.


    An advisor to the Fund, Damien Tappy, President and Managing Partner of Endeavour Vision Ltd, commented “Endeavour features a unique team with unrivalled experience globally, which brings tremendous added value to innovative medtech companies. The fund is targeting highly differentiated innovations that have the potential to drastically change the standard of care for millions of patients, with a commitment to help those technologies become the most successful high-growth companies in the world.”


    Sven Lingjaerde, Managing Partner of Endeavour Vision Ltd, added “With the combination of recent major advances in both healthcare and digital technology information, medicine will experience unprecedented changes that will revolutionize the current healthcare paradigm. Thanks to our long and successful experience in technology and life sciences, we are uniquely positioned to select the right opportunities in this fast growing environment.”


    About Endeavour Vision Ltd


    Endeavour Vision is an internationally recognized investor in the healthcare and technology sectors. The team, which combines successful investment professionals and world-class industry veterans, has executed more than 65 investments within its focus verticals.


    With the closing of the Endeavour Medtech Growth Fund, the firm is advising the largest investment vehicle in Europe and dedicated to, helping medical technology companies in Europe and the US to accelerate their global growth and market leadership.


    For more information about Endeavour and its portfolio, please visit


    1 Source: Evaluategroup



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  • 03/23/16--05:05: Tax Benefits for IFSC
  • Business Wire IndiaWe are pleased to share with you that the Union Budget has given several major tax incentives to International Financial Services Centre (IFSC) and this will give a huge impetus to India’s first IFSC which has become operational at Gujarat International Finance Tec-City (GIFT). These incentives will go a long way in making GIFT IFSC a major global financial hub on the lines of London, Dubai, Hong Kong & Singapore.
    Following are few of the key highlights of the Budget announcement for IFSC:

    • Minimum Alternate Tax (MAT) reduced from 18.5 % to 9 % in IFSC:
    With a view to provide a competitive tax regime to International Financial Services Centre, it is proposed to provide that in case of a company, being a unit located in International Financial Services Centre and deriving its income solely in convertible foreign exchange, the Minimum Alternate Tax shall be chargeable at the rate of 9 % compared to earlier rate of 18.5 %.
    • Security Transaction Tax (STT) waived off:
    It is proposed that Security Transaction Tax (STT) be waived off for taxable securities transactions entered into by any person on a recognized stock exchange located in International Financial Services Centre.
    • Commodity Transaction Tax (STT) waived off:
    It is proposed to that Commodity Transaction Tax (CTT) be waived off for taxable Commodities transactions entered into by any person on a recognized stock exchange located in International Financial Services Centre
    • Dividend Distribution Tax (DDT) abolished:
    It is proposed to provide that no tax on distributed profits shall be chargeable in respect of the total income of a company being a unit located in International Financial Services Centre.
    • Long Term Capital Gain (LTCG) waived off:
    With a view to incentivize the growth of International Financial Services Centres into a world class financial services hub, it is proposed to provide for exemption from tax on capital gains to the income arising from transaction undertaken in foreign currency on a recognized stock exchange located in an International Financial Services Centre
    We are sure that these incentives will go a long way in making GIFT IFSC a major global financial hub on the lines of London, Dubai, Hong Kong & Singapore.

    Photo Caption: GIFT City

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    Business Wire IndiaICRA assigned an MFI rating of A- to Svatantra Microfin Private Limited (Svatantra) a next gen start-up Microfinance Institution, led by Ms. Ananya Birla. The rating establishes Svatantra among the top three companies in the Micro-financing industry. It is a significant achievement for the company in less than three years of its formation and right at the cusp when the Microfinance industry poses a resilience growth of 84% in the GLP as on December 2015.
    The robust growth is the resultant of a flexible tenor of the loan product, maturing of branches and expansion into new geographies particularly in deep rural areas (most branches have been opened over last 12 months). Deep rural expansion also implies a staggering 50% first-time borrowers and company’s prudent effort envisaged for the growth of the business. Subsequently, company’s strong position will be secured via seamless amalgamation of disruptive technology, mobility solution like mobile tab, and benchmarks such as cashless disbursement, controlled incentive structure and capped targets per month.
    Svatantra is one of the fastest growing companies in the microfinance space and till December GLP has grown by 280%. FY17 the company is expected to grow its portfolio at a CAGR of around 180-190%. Further adding to the accolades and fortifying its vision of creating a sustainable and differentiated banking for the unbanked areas.
    Reflecting on firm’s consistent and healthy performance, Ms. Ananya Birla – Founder and Chairman of Svatantra Microfinance and Co-Chairman ASSOCHAM, said, “We are young but are on the path of creating a valuable, very profitable, differentiated institution- MFI right now. With Svatantra, we want to become a small finance bank which would eventually help us expand both vertically and horizontally. Micro-credit will feature as a core offering but we aim to drive differentiation by offering innovation through technology. Our emotion equity and start-up spirit that never dies will take us to unprecedented heights.”
    About Svatantra Microfinance Ltd.

    Svatantra was incorporated in 2012 by Ms. Ananya Birla. It started its operations in Mar-13. As on Jan-16, the company operates more than 53 branches in 33 districts of Maharashtra, Madhya Pradesh and Uttar Pradesh. The organisation provides complete and affordable financial and non-financial solutions to rural women who are entrepreneurs themselves. Svatantra is the first microfinance institution to receive the Non-Banking Financial Company – Microfinance Institution (NBFC-MFI) license from the Reserve Bank of India. It is one of the fastest growing MFI with a significant importance to technology-based financial inclusion. The company follows 100% cash-less disbursement through bank transfers. In short span company has made remarkable achievements and won coveted titles that of Leading Women in Microfinance - ii Global Business Information, fastest growing Indian company - International Achievers Conference, and Financial Inclusion and Financial Deepening - Skoch Group.
    For more information about the company

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    Business Wire India

    Toshiba Corporation's (TOKYO:6502) Semiconductor & Storage Products Company today announced the addition of new packages to its line-up of new-generation highly efficient transistor arrays, the “TBD62064A series” and “TBD62308A series” with DMOS FET[1] type sink- output[2] driver, that have found wide application, including in motor and relay drives.
    The new products, “TBD62064AFAG” and “TBD62308AFAG” are packaged in “SSOP24” surface-mount type, standard packages. Mass production starts today.


    This Smart News Release features multimedia. View the full release here:

    Toshiba:DMOS FET transistor arrays "TBD62064AFAG" with 1.5A sink-output driver. (Photo: Business Wir ...

    Toshiba:DMOS FET transistor arrays "TBD62064AFAG" with 1.5A sink-output driver. (Photo: Business Wire)

    Following some reports from customers, Toshiba analyzed handling of the HSOP type surface-mount packages that it uses in its in-line packages, and has found that there can be difficulties with the flow of solder to the heat radiating fins during board mounting. In response, Toshiba has developed an SSOP type package with the same heat dissipation performance as the HSOP package. The SSOP has standard 1mm-pitch pins without the heat radiating fins, and achieves easy board mounting.


    The new products are equipped with 4 channels of 50V/1.5A rated output, suitable for driving constant voltage unipolar stepping motors.


    Toshiba adopted DMOS FET output drivers for its new products to secure the high efficiency customer requires to reduce power loss—DMOS FET do not require a base current, and can accept high current density per device area, keeping on-resistance low.


    Main Features of New Products

    1. High efficiency drive
      "TBD62xxxA series" transistor arrays cut power loss by about 38%[3] compared with the "TD62xxxA series".
    2. High-voltage, large-current drive
      The absolute maximum rating of the output is 50V/1.5A.
    3. Packages to suit various needs.
      The line-up includes DIP packages, where there is strong demand from the hobby goods, amusement and industrial equipment fields, and SSOP/HSOP packages that support high current (1.5A) drives and surface mounting



    Amusement equipment (pachinko and slot machines), home appliances (air conditioners and refrigerators) and industrial equipment (vending machines, banking terminals such as ATMs, office automation equipment, and factory automation equipment)


    Comparison with in-line product


    In-line product


    New-generation product


    New-generation product

    Output block device   Bipolar transistor   DMOS FET   DMOS FET
    Wafer manufacturing technology   Bipolar process   BiCD process
    Future standard technology
      BiCD process
    Future standard technology
    Package   FG type : HSOP16
    PG type : DIP16
      FG type : HSOP16
    PG type : DIP16
    Pin assignment   Same pin assignment   New
    Function   Same function   Same function
    • Absolute Maximum Ratings: Output current 1.5A / output voltage 50V (Same characteristics)
    • Input current of the new-generation products is lower, because base current is unnecessary.
    • Output voltage of the new-generation products necessary for the drive of the output current is lower than TD62xxxA series, because of the suppression of the on-resistance.
    • The package is standard 1mm- pitch type without heat radiating fins, suitable for board mounting.

    Product line-up

    Product name   Output
      Output   Common  


      Package   Mass
    in-line product
    TBD62064A   FG   Sink output   4ch   50V
      Built-in   2.5V to 25V   HSOP16   March 2016   TD62064AFG
      PG             DIP16     TD62064APG
      FAG             SSOP24     -
    TBD62308A   FG   Sink output   4ch   50V
      Built-in   0V to Vcc-3.5V   HSOP16   March 2016   TD62308AFG
      PG             DIP16     TD62308APG
      FAG             SSOP24     -

    [1] DMOS FET: Double-Diffused MOSFET
    [2] Sink output: a type of current output (Pull type).
    [3] In the condition of Tj=90oC and IOUT is 1.25A.


    For further information about this product, please visit:


    Customer Inquiries
    Mixed Signal IC Sales and Marketing Department
    Tel: +81-44-548-2826


    *Information in this document, including product prices and specifications, content of services and contact information, is current on the date of the announcement but is subject to change without prior notice.


    About Toshiba


    Toshiba Corporation, a Fortune Global 500 company, channels world-class capabilities in advanced electronic and electrical product and systems into five strategic business domains: Energy & Infrastructure, Community Solutions, Healthcare Systems & Services, Electronic Devices & Components, and Lifestyles Products & Services. Guided by the principles of The Basic Commitment of the Toshiba Group, “Committed to People, Committed to the Future”, Toshiba promotes global operations and is contributing to the realization of a world where generations to come can live better lives.


    Founded in Tokyo in 1875, today’s Toshiba is at the heart of a global network of over 580 consolidated companies employing 199,000 people worldwide, with annual sales surpassing 6.6 trillion yen (US$55 billion).
    To find out more about Toshiba, visit





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    Business Wire India

    Toshiba Corporation's (TOKYO:6502) Semiconductor & Storage Products Company today announced the launch of "TC78S122FNG," a bipolar 2-channel stepping motor driver offering a high voltage of 40V and current of 2.0A. Sample shipment starts today, with mass production scheduled to start in July 2016.


    This Smart News Release features multimedia. View the full release here:

    TOSHIBA: a bipolar 2-channel stepping motor driver "TC78S122FNG" offering a high voltage of 40V and  ...

    TOSHIBA: a bipolar 2-channel stepping motor driver "TC78S122FNG" offering a high voltage of 40V and current of 2.0A. (Photo: Business Wire)

    High speed, high performance motor drives are required for applications such as printers, surveillance cameras, office automation equipment, banking terminals such as ATMs, banknote identification machines, amusement machines, and home appliances. In parallel, the downsizing of equipment is being accelerated by customer demand for space-saving equipment with excellent design. Measures to reduce heat generated inside equipment and low power consumption of the overall unit are also growing in importance.


    Toshiba’s new product has a 2-channel drive function in a two-in-one chip and is capable of running two stepping motors simultaneously. Space can be saved on circuit boards by integrating electronic components as 2-in-1 chips.


    Because of the heat generated by the ICs themselves, the previous products could not achieve continuous operation in the driving current range of 2.0A motors that are used in many applications, including office equipment. The new product can simultaneously drive two channels by reducing the output resistance by 50% to cut heat generation*1.


    While the regulator circuit for the IC's internal logic in the previous products was in operation at stand-by, the new product can stop the regulator at stand-by, due to incorporation of a sleep function. Consequently, power consumption of the IC is reduced.


    Moreover, the new product not only drives stepping motors, it also provides interface for driving brushed DC motors. This provides various combinations of stepping motors and brushed DC motors; for example one channel of stepping motor and two channels of brushed DC motors. By enhancing its product line-up, Toshiba offers a variety of selections to meet various requirements for motor drive applications.


    Main Feature of New Product

    1. Low heat generation
    Heat generation of the 2-channel simultaneous drive is reduced by low on resistance (0.6Ω or less, upper + lower).
    2. Low vibration and low noise
    High-resolution motor driving technology of 1/4 steps (max.) and decay mode switching function for constant-current control are adopted to reduce vibration and noise.
    3. Low power consumption
    A built-in sleep function by external pin control reduces the IC current consumption at stand-by.
    4. Small package
    Heat treatment of the equipment and the module can be simplified by adopting a small and high heat radiation HTSSOP package. This can contribute to downsizing the IC and reduce the cost. Toshiba also plans to release a QFN package, which is a more compact package.
    5. Build-in error detection circuits
    The new product incorporates a thermal shutdown and an overcurrent shutdown circuit. The safety and the reliability of the equipment are increased by the signals they output during equipment design.

    Industrial equipment (surveillance cameras, banking terminals such as ATMs, office- and factory-automation equipment), amusement machines (pachinko and video slot machines), and home appliances (refrigerators and air conditioners)


    Main Specifications of New Product

    Product name   TC78S122FNG
    Absolute maximum ratings   40V, 2.0A
    Number of drive channels   Stepping motor: maximum 2 channels

    Motor with DC brush: maximum 4 channels

    Control I/F   CLK-IN
    Package   HTSSOP (Size: 12.5mm × 8.1mm × 1.2mm, pin pitch: 0.5mm)
    Other features   - The consumption current at standby is reduced by the built-in sleep function.

    - Built-in error detection function (over heat detection, and over current detection)


    - Error detection signal output function (ERR output)


    - Supports the power-on sequence by the single power drive

    Mass production schedule   July, 2016

    *1: Comparison with Toshiba’s previous product “TB62212.”


    For further information about this product, please visit:


    Customer Inquiries:
    Mixed Signal IC Sales and Marketing Department
    Tel: +81-44-548-2821


    * Information in this document, including product prices and specifications, content of services and contact information, is current on the date of the announcement but is subject to change without prior notice.


    About Toshiba


    Toshiba Corporation, a Fortune Global 500 company, channels world-class capabilities in advanced electronic and electrical product and systems into five strategic business domains: Energy & Infrastructure, Community Solutions, Healthcare Systems & Services, Electronic Devices & Components, and Lifestyles Products & Services. Guided by the principles of The Basic Commitment of the Toshiba Group, “Committed to People, Committed to the Future”, Toshiba promotes global operations and is contributing to the realization of a world where generations to come can live better lives.


    Founded in Tokyo in 1875, today’s Toshiba is at the heart of a global network of over 580 consolidated companies employing 199,000 people worldwide, with annual sales surpassing 6.6 trillion yen (US$55 billion).
    To find out more about Toshiba, visit





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    Business Wire India

    • India’s First Mobile App for Instant Cash, EarlySalary starts its operations in Bengaluru     
    • Social underwriting boosting credit scoring, a Mobile app which access gives easy access to cash, launched its operations in Bengaluru today. The mobile app aims to support young professionals overcome their mid-month and month-end financial needs. In its 1st month of pilot launch in Pune, EarlySalary App has seen 32000 downloads and has received an overwhelming response. Now, EarlySalary is extending its wings to Bengaluru to answer the huge customer demand coming in from this Tech Savvy city. EarlySalary offers short term personal loans up to Rs. 100,000 for 7 to 30 days. The app is currently available on Google Play Store for android smartphone users and will launch the iOS version this week.

    The Idea for was founded to give credit to youth of India by offering short term credit to salaried individuals. Its unique product positioning allows its users to get instant cash transfer to their bank account. The Pune based Fin-tech Startup uses new age technology which power first of its kind Social Worth Score which combines credit bureau reports to social media details of the user & decision within few minutes. User can get instant fund transfer to his bank account and can use it every month anytime he likes.
    Commenting on the launch, Akshay Mehrotra, Co-founder & CEO at, said, “Traditional banking instruments don't cater to short term needs, they are also age biased when you are young. We wanted to solve the problem of the younger population needing access to short term funds and the idea of EarlySalary took shape. We are very happy that we were able to give life to this idea and getting overwhelming acceptance from customers”. He also spoke out real time decisioning and said, “We have developed a unique social worth score which allows to judge the credit in non- traditional way and provide a better assessment of risk. It also broadens the target group. Technology savvy Bangaloreans are our key customers, we are very sure EarlySalary will appeal them”.
    The company is co-founded by Akshay Mehrotra, Ashish Goyal and Jay Jain each one has over a decade of experience up their sleeve. The three bring to the table an expert combination of marketing, finance and technology.
    Key Highlights of
    1. Rs.10,000 to Rs.1,00,000 loan
    2. Instant approved Credit Limit
    3. Interest rates avg at Rs. 9 per day per Rs.10,000
    4. Decisioning in Few minutes
    5. 4 things to apply with –​
               a. Facebook ID​
               b. Linked-In ID​
               c. PAN number​
               d. Last 3 months’ bank statements 
    For an illustration: Sameer Reddy, 25 yrs old Software Developer, Rs. 60,000 per month salary wants Rs. 30,000 for 30 days. He will have to repay Rs. 31,055 after 30 days.
    After 3 months he again wants to take a short loan for 10 days for Rs. 30,000 this time he will have to repay only Rs. 30,549.
    EarlySalary aims to reach 7 metro cities in next one year by adding one city in every 45 days. The iOS version of this app will be soon launched.
    Google Play Store: 
    About EarlySalary

    Headquartered in Pune, EarlySalary is a Fintech Start-Up that uses new age technology for lending funds. The company aims to deliver a revolutionary new business model which is set to change the lending market in India.
 is an innovative lending platform that will change the way loans in India are taken. Being a new age online brand, we bring together new credit scoring systems for superior customer profiling; our mobile first strategy will help customers get loans within minutes. The online platform is backed by a strong leadership team that aims to build a new credit scoring platform that combines traditional credit scoring with new social and online scoring technology-linked risk assessment concepts.
 is the first financial product from Social Worth Technologies which was founded in October 2015 and operates in Pune with a team of 30 young professionals who are working towards a solution to cater to your daily financial needs!
    For more information please visit

    Like us on Facebook:

    Follow us on Twitter: 

    Photo Caption: Loan Status

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    Business Wire India 

    • Online Money Transfer in more than 100 currencies across 150 nation
    • Higher remittance limit; non-bank customers can remit 250,000 USD per annum
    Axis Bank, a market leader in travel currency cards, today announced the launch of ‘Axis Forex Online’ India’s first comprehensive online forex solution to empower customers to transfer money online in more than 100 currencies across 150 countries.  In addition to quick online money transaction, Axis Forex Online will also provide door step delivery of forex card and foreign currency cash.

    Through this initiative, the bank will offer a complete suite of forex services such as Online Outward Remittances, Forex Card & Foreign Currency Cash to existing as well as non-bank customers. An existing customer can also use the online outward remittances facility via Internet Banking and transfer money from any Bank account in India to any Bank around the world.
    Axis Forex Online will allow customer to remit upto USD 25,000 in a single transaction or limit the retail outward remittance to USD 250,000 per annum. 
    Speaking on the occasion, Mr. Sidharth Rath, President & Head, Treasury, Corporate & Transaction Banking, said, “The launch of the new card further reinforces our commitment to improving customer experience by deploying cutting-edge technology solutions that provide both security and convenience.”
    Axis Forex Online will offer end to end online outward remittance services to the customer and enable them to travel hassle-free and cashless across the globe.
    About Axis Bank:
    Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
    With its 2,805 domestic branches (including extension counters) and 12,631ATMs across the country, as on 31st December 2015, the network of Axis Bank spreads across 1,796 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK.
    The Bank’s website offers comprehensive details about its products and services.

    Photo Caption: Axis Bank launches Axis Forex Online

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    Business Wire India

    Uphold, the world’s fastest growing cloud-based financial platform, today announces services into India. Now, Uphold members - in any market - can instantly send money or make payments to anyone in India, redeemable directly through any Indian bank.


    “IDFC Bank intends to simplify any form of transaction through digital innovation,” said Dr. Rajiv Lall, Founder MD & CEO, IDFC Bank. “We believe the benefits of today’s digital money ecosystem should be available to just about everyone, across geographies and customer segments. Our partnership with Uphold will help us achieve that. It enables customers of IDFC Bank, as well as non-customers, to receive funds in a secure and simple manner. The partnership is subject to approval from the RBI.”


    Through partnership with IDFC Bank, Uphold members can create a secure one-time use code to email or text to anyone in India. The receipt can then instantly redeem the full value by entering the secure code through IDFC Bank’s website and the funds will be transferable into any bank account in India.


    “Receiving more than $72 billion in 2015, India is the largest remittance country. We are addressing common challenges that stem from a mobile-first population dispersed around the countryside that have had to rely on high-fee brick and mortar wire services far too long,” said Anthony Watson, President and CEO of Uphold. “Now, Uphold creates a safe, easy and more affordable way to send money to anyone in India, from any device, knowing it is redeemable through any bank.”


    “Our partnership allows Uphold to bring more affordable, accessible and innovative solutions to the 1.2 billion people of India who rely on money transfers as part of their daily financial lives,” said Mr. J. Mehta, Executive Director at Uphold. “Uphold’s cloud-based platform also empowers those sending money better options, including free foreign exchange for currency conversions, and peace of mind that they can send any value at any time, safe, secure and instantly.”


    Opening services to the Indian market is another step towards Uphold’s mission to bring the 2.5 billion underbanked accessible and affordable financial service solutions for fast, free, and easy movement of money.


    Uphold’s securecode program with IDFC Bank will be available across India in Q2 2016. Available now, any Uphold member can instantly convert any currency, in any amount of value into Indian Rupee for free. For more information on service, pricing and availability, please contact


    About IDFC Bank


    IDFC Bank (BSE: 539437, NSE: IDFCBANK) is a subsidiary of India’s leading integrated infrastructure finance company, IDFC Ltd (BSE: 532659, NSE: IDFC). Headquartered in Mumbai, IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet ( and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere. In keeping with IDFC’s legacy of building the nation, IDFC Bank will focus on serving the rural underserved communities and the self-employed, while continuing to support the country’s infrastructure sector. IDFC Bank provides customized financial solutions to corporates, individuals, small and micro-enterprises, entrepreneurs, financial institutions and the government. With best-in-class corporate governance, rigorous risk management, experienced management and a diversified team, IDFC Bank is uniquely positioned to meet the aspirations of its customers and stakeholders. For further information, visit and follow them on Twitter, Facebook or LinkedIn.


    About Uphold


    Welcome to Uphold. The Internet of Money™. Uphold enables anyone, anywhere to move, hold, convert and transact in any form of money or commodity instantly, securely and for free – on any device. Launched in November 2014, Uphold is the fastest growing money platform in the world and has powered over $836M USD in transactions by tens of thousands of members (individuals, businesses and charities) across 174 countries, in 25 supported currencies and four commodities. By integrating with Uphold’s open API Uphold Connect™, developers can fully leverage Uphold’s platform. Uphold is headquartered in Charleston with operations in Braga, London, Los Angeles, Mexico City, Mumbai, Portland, San Francisco, Sao Paulo and Shanghai. Visit or follow Twitter, Facebook, LinkedIn and Instagram.


    For media inquiries, please contact





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