All posts by Neel Achary

Subrat Mohanty, Group Executive & Head – Banking Operations and Transformation, Rajiv Anand, Deputy MD, Amitabh Chaudhry, MD&CEO, and Arjun Chowdhry, Group Executive & Head – Cards, Payments & Wealth, Axis Bank

Mumbai, March 05, 2023: Axis Bank, one of India’s largest private sector banks, has completed the acquisition of Citibank’s consumer business in an accelerated time frame of within 7 months post receipt of CCI approval, displaying a strong testament of its execution

strength. The deal has been closed with Axis Bank paying a total purchase consideration (after customary & contractual adjustments) of INR 11,603 Cr* to Citibank India.

The transaction comprises the sale of the consumer businesses of Citibank India, which includes loans, credit cards, wealth management, and retail banking operations. The deal also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, comprising asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.

The acquisition is a healthy strategic fit in line with Axis Bank’s GPS (Growth, Profitability & Sustainability) strategy and its focus on premium segment growth. The Bank has gained access to the large, affluent, and profitable customer franchise of Citibank, which aligns well with its Premiumization strategy. 

With the acquisition, comes a quality credit card franchise with one of the highest wallet shares in premium cards, that is Complementary and consolidates Axis’ position in the cards business, market share improving from 11.4% to 16.2%⁽¹⁾. The acquired portfolio would increase Axis Bank’s credit card customer base by ~19%, with an addition of 1.8 million cards***. With the highest number of transactions per card across the industry and digitally engaged customers, the deal would strengthen Axis Bank’s position in the top 8 metros, while also providing the opportunity to adopt global best practices in client servicing and operations through Citi Phone banking.

Additionally, the acquisition of 2.4 million customers of Citibank India enhances Axis Bank’s presence in the key growth segments, complementing the existing Axis franchise. The Bank now has aggregate deposits of INR 8,881 Bn of which a high proportion of CASA is at 77%, with SA constituting 71%. Access to a premium deposit base with deep corporate salary relationships has improved the combined CASA ratio on proforma basis by ~150 bps to 46%. Affluent and digitally engaged SA customer base with access to ~1600 Suvidha corporate relationships that significantly strengthens Axis Bank’s Salary Business.

Post-acquisition, Axis Bank gains ready access to highly affluent wealth customers resulting in a 33% addition to overall AUM of Burgundy Private Banking portfolio, further strengthening the existing franchise. With an added AUM of INR 947 bn across Citi products in Wealth Management and Private Banking, the current AUM of the Bank’s wealth management portfolio stands at INR 3785 bn, making it the 3rd largest in the industry.

Through the acquisition, Axis Bank welcomes a diverse talent pool of ~3200 employees trained in global best practices, and experienced leadership with deep domain expertise.

Benefits for Citibank customers 

The Citi customers will continue to enjoy same benefits and privileges with no changes in their existing Bank account number, Credit/Debit Card numbers, cheque books, IFSC & MICR code. They will continue to be serviced by same relationship managers and teams. All the 21 in- perimeter branches remain fully equipped to serve the incoming customers; we are also equipping 13 additional branches that would be available for incoming customer servicing during the transition period. The necessary IT applications and trained staff have been deployed at acquired branches. All the services to the incoming customers will continue to function as before as the same teams from Citi move to Axis intact.

On the other hand, the erstwhile Citi retail franchise will now have access to massive national scale of (~4900) branches and (~16,000) ATMs and recyclers as well as cutting-edge digital plus data-science assets through the Axis platform.

Further, Citibank’s customers will specifically benefit from Axis Bank’s wider geographical reach and comprehensive service offerings, along with One Axis capabilities that extend across all its subsidiaries ensuring a ‘same or better’ offer to all Citi customers.

Speaking on the occasion, Amitabh Chaudhry, MD&CEO, Axis Bank said,  “We welcome over 2.4 million customers and ~3200 employees to our Axis family ‘Dil Se’, as we successfully conclude the first leg of integration. This is a significant milestone in Axis’ journey of growth and leadership in the Banking industry and is set to bring great value for all stakeholders involved. We have a strong balance sheet, comfortable capital levels, and the right team and customer segments to further realize our ambitions.”

He added, “Citibank has a culture that is much like ours, with a commitment to best-in-class customer service, people focus, and community engagement. Axis Bank already has a rich network of Citi alumni across the hierarchy, which reflects of the cultural alignment between the two organizations. Given the expertise that the new employees will bring to the table, we view them as a significant force to help drive our GPS objectives. The premium portfolio and business synergies through this deal will help accelerate and add further momentum to our already robust plans across priority segments.”

Subrat Mohanty, Group Executive & Head – Banking Operations and Transformation, Axis Bank said, “We are delighted with the addition of Citi’s premium consumer business and a high-quality team of colleagues to Axis Bank. We expect our customers to experience the value of this integration with newer, innovative products and world-class customer practices. Axis Bank is positioned strongly to power India’s growth story.”

Arjun Chowdhry, Group Executive &  Head  –  Cards,  Payments &  Wealth,  Axis  Bank said, “Axis Bank is committed to building a strong consumer banking business in India, and already has deep market presence, across all segments and geographies. All ~3200 Citi colleagues, who carry a strong and diversified skill set, are extremely excited to join the Axis family and further build on its growth ambitions. We look forward to collaborating with Axis’ experienced senior leadership team and diverse talent pool, as we join the 88,000+ strong, dedicated workforce and live up to the brand’s credo ‘Dil Se Open’.”

“Ear and hearing care for all! Let’s make it a reality”

World Hearing Day is held on 3 March each year to raise awareness on how to prevent deafness and hearing loss and promote ear and hearing care across the world. This Year’s Theme is “Ear and hearing care for all! Let’s make it a reality”.

Hearing loss can affect anyone right from newborn to elderly population.

Most common causes in terms of frequency with which they manifest include diseases of middle ear, exposure to loud noises, medications used for other diseases. Less common are trauma and congenital causes.

Sound pollution in public places due to the high decibel horns in traffic / Use of regular voice prompts of electronic equipment at workspace / home and self-inflicted (earphones or headphones) leads to Noise Induced Hearing Loss which is ‘silent pandemic’.

Especially by the young generation for prolonged periods which will manifest hearing loss after few years of use.

Lifestyle changes like smoking, alcohol intake, high stress environment all contribute to hearing loss which is preventable.

Ringing sensation in ear, burning sensation, pain in ear after prolonged ear-phone use, are routinely encountered symptoms in these patients.

Prevention is better than cure. Avoid ear buds, loud music and noisy environment exposure. These precautions should be taken up by everyone.

Consult ENT specialist when you have an Ear complaint at the earliest.

Delhi, March 05, 2023: BITS Pilani, an Institute of Eminence with campuses in India (Pilani, Goa, Hyderabad, and Mumbai) and the UAE (Dubai), has tied up with RMIT University, Melbourne, one of the oldest and largest educational institutes in Australia, to launch a BITS-RMIT Higher Education Academy with a dual-degree model. Under the program, students will begin their learning at BITS, experience the RMIT academic environment through courses co-taught by BITS and RMIT faculty, and move to RMIT, Melbourne, for two years, for a fully immersive experience in Australia. The courses will include four undergraduate engineering programs and a Ph.D. program and will commence in mid-2023.

Since the launch of the National Education Policy (NEP) in 2022, India has become an attractive destination for affordable higher education and this partnership is the first joint degree program under the policy.

The collaboration was formalized at a ceremony in Delhi today between Professor Souvik Bhattacharyya, Vice-Chancellor, BITS Pilani, and Professor Alec Cameron, Vice-Chancellor and President, RMIT University by signing an agreement in the presence of Hon. Jason Clare MP, Australia’s Minister for Education, Hon. Barry Farrell, Australia’s High Commissioner to India, Mathew Johnson, Australia’s Minister Counsellor (Education) to India, and several other dignitaries. Prof V Ramgopal Rao, Vice Chancellor-designate, and Prof S K Barai were also present at the signing ceremony.

Speaking about the partnership with RMIT University, Professor Souvik Bhattacharyya, Vice-Chancellor, BITS Pilani, said “The BITS-RMIT Academy represents a new dimension in trans-national education and research that will deliver the best outcome, both from India and Australia. Through the Practice School and Work Integrated Learning programs, respectively, BITS Pilani and RMIT University are naturally aligned on their mandates to deliver highly-skilled, industry-ready graduates. The Academy will offer uniquely designed programs leveraging the excellence and legacy of the BITS Pilani and RMIT University systems, with faculty, students, and researchers in close collaboration.  We look forward to a new era of academic cooperation that will define and deliver the best attributes of a global graduate and citizen.”

Alec Cameron, Vice-Chancellor and President, of RMIT, said “The Academy marks a strategic step in strengthening RMIT’s profile and presence in India through partnering with a high-performing University. This partnership highlights the shared commitment of both institutions in shaping global-minded and work-ready graduates with international mobility. The Academy represents a step in furthering RMIT’s commitment to international education and research collaborations and reinforces our position as a leading university of impact. It adds to the growing list of quality education and research opportunities offered by RMIT across the globe. We look forward to working closely with BITS to provide students with high-quality, unique learning experiences and research opportunities.” 

The partnership between BITS Pilani and RMIT seeks to deliver graduates and scholars empowered by the combined attributes of both institutions and countries, straddling the domains of scholarship, research, innovation, entrepreneurship, and cross-cultural understanding and awareness. 

New Delhi March 05, 2023: The TV9 Network has won big at the VDONXT Awards. At a ceremony held in Mumbai on February 27, the TV9 Network went back with as many as six awards across categories such as brand integration stand-alone, action, best smart-budget film, aerial videography, and lifestyle.

It was an encore of industry appreciation for News9 Plus. Soon after stealing the show at the Afaqs! The Future of News media awards, News9 Plus, the world’s first News OTT, bagged four medals including two silver medals and two bronze trophies.

‘Bombs in the Backyard’ bagged silver at the VDONXT Awards in the Action category. The Indian Army recovers tons of military-grade explosives from the heart of India’s cities. The story, reported by Aditya Raj Kaul, provided a rare glimpse of the classified operation.

The story ‘Balochistan: Bangladesh 2.0’, won silver in the Smart Budget Film category. Balochistan has faced barbaric human rights violations and subjugation of locals at the hands of the Pakistan Army. As the Baloch people continue their resistance against Pakistan’s Deep State and China, News 9 Plus investigated the nature of the exploitation and the rationale behind the rebel movement. The story was reported by Aditya Raj Kaul.

In February, the Pakistan Telecommunication Authority (PTA) had written to Twitter objecting to the docu-series saying it violated the laws of the country.

TV9Digital UP UK won a Bronze in the ‘Action’ category for The Bahubali Story that chronicled the life of heartland politician Raja Bhaiya.

‘Demons in the Head’, reported by Lakshna Gulati, won bronze in the lifestyle category for News9 Plus. The story addresses India’s mental health crisis that has stayed unaddressed owing to social taboos. The documentary took a close look at people who’ve battled mental health issues and speaks to experts at the forefront of driving the conversations on mental health in the country.

The story ‘Garbage Mountains’ which won bronze in the ‘Best Use of Aerial Videography’ category, looks at the Capital’s public health crisis. Delhi generates 10,000 tonnes of waste every day. Most of it is dumped in 3 landfills as tall as the Qutub Minar. The story, reported by Mohammad Wajihulla for News9 Plus, looks beyond the obvious and comes up with solutions for the crisis.

Studio9 — which creates content and experiences that deliver impact, shape opinion, and influence audiences — bagged the Bronze in the category ‘Brand Integration Standalone’ for Bablu Yadav, a special story for the Castrol Super Mechanic Contest 2021-22.

The awards took place after the conclusion of the seventh edition of the VDONST Asia Conference. The entries were judged by a 17-member jury of well-known names from the world of advertising, media, and marketing, including Arun Iyer (Spring Marketing Capital); Rohit Malkani (L&K Saatchi & Saatchi); Sambit Mohanty (McCann Worldgroup); Amit Sethiya (Syska); Elizabeth Venkataraman (Kotak Mahindra Bank); Karthik Yathindra (Jockey); Prateek Malpani (Wakefit); Vanda Ferrao (WOW Skin Science); Amit Doshi (Pratilipi); Arindam Biswas (SVF Entertainment); Karan Sabde (Warner Bros. Discovery); Manpreet Bumrah (Eros Now); Zaheen Ekhlas (SonyLIV); Aradhana Bhola (Fremantle India); Kailash Surendranath (Kailash Picture Company); Rishi Negi (Endemol Shine India); and Tusharr Kumar (Only Much Louder).

The jury rated the entries on a 1-10 scale. Each entry was submitted for review to between five and seven jurors. One important innovation that was introduced in most of the awards, organized by Afaqs!, was a minimum scoring system. This ensures that even if there is, hypothetically, only one entry in a category, it doesn’t automatically ensure that it will win gold. The jurors will have to give it a score of at least seven points.

New Delhi, March 05, 2023: Two giant consumer brands, LG and Times Prime today announce their coming together for a strategic partnership for their “Assured Benefits Carnival,” where the electronic giant will gift Times Prime Annual Membership to its customers on purchase of any “Side by Side Refrigerator”.

Upon product purchase, customers will receive a voucher code for the Times  Prime annual membership with access to a wide range of benefits from premium & popular brands such as Disney+ Hotstar, SonyLIV, Cricbuzz Plus, Gaana Plus, EazyDiner, ET Prime, TOI+, and many more. This one-stop shop also provides exclusive offers and discounts over Rs.60,000 on your favorite brands such as Myntra, Uber, Chaayos, etc.

Speaking on the latest collaboration of the brand, Harshita Singh, Business Head of Times Prime said, “The aim of this strategic partnership is to enrich the offering bouquet of an appliance leader like LG with Times Prime’s holistic ecosystem of all lifestyle brands under one app. This wholesome nature of our app integrated with an umbrella of offerings by LG is bound to benefit both brands for sales and engagement.”.”

As one of the most preferred lifestyle super-apps, Times Prime offers an extensive range of benefits on a single platform, from shopping to entertainment and lifestyle brands like Starbucks, Myntra, Uber, Disney+ Hotstar, SonyLIV, Google One, and many more. Times Prime positions itself as a unique Super App that curates subscriptions and benefits besides elevating lifestyle with superior & exclusive access to global brands and experiences. The campaign is designed to create a sense of urgency and dramatize the importance of availing the benefits of Times Prime subscription.

March 05, 2023: PlayerzPot is on a revolutionary streak to amplify the reach of online gaming countrywide. The leading fantasy gaming platform today launched #CelebrationKaSeason, a campaign that offers a chance to win big prizes and indulge in bigger celebrations on the platform. Featuring its brand ambassador Indian women cricketer and now a representative of Royal Challengers Bangalore in the upcoming Women’s Premier League, Smriti Mandhana will be seen across the brand’s traditional and digital channels in their new campaign #CelebrationKaSeason.

The campaign has four exciting digital films targeting diverse audiences. Each film depicts Smriti Mandhana in 4 different moods to convey that it is always a time to celebrate with PlayerzPot. The gaming platform has an array of in-game offers and features that lift the cricketer’s spirits and help her play, win and celebrate. Instant withdrawal, lowest commission, the opportunity of a 2^nd inning and Refer & Earn are some of the many features of the campaign that attract young gamers.

Commenting on the launch, Sunil Yadav, CEO of, PlayerzPot said, “We are very excited about this new campaign with Smriti. The past two years of associating with her as our brand ambassador has been very rewarding. In fact, our user base has grown almost seven-fold in this time too. This has also been on the back of PlayerzPot’s on-going innovations in terms of offers, unique features, and rewards. Nurturing a loyal user base, our constant endeavor is to set new industry standards in delivering a safe and secured gaming experience to our audience.”

Speaking about the campaign, PlayerzPot’s brand ambassador Smriti Mandhana said, “The association with PlayerzPot has been my very first introduction to the skilled based gaming and I have become quite an expert at it now (if I may say so myself!). This is the second year of our association and being a part of the brand’s growth journey has been enriching, indeed. The online gaming industry in India has grown from strength to strength in the past few years and I believe PlayerzPot is spearheading this revolution. #CelebrationKaSeason campaign truly reflects the potential of the platform to let their users win and celebrate. It was a great experience shooting the campaign and I am really looking forward to seeing it live,” she added.

Getting gamers across the country to engage in the fantastic world of online gaming, PlayerzPot is winning hearts through this campaign as that’s how — ‘CELEBRATION MAIN JYADA MAJA AAYEGA’

Her Royal Highness, The Crown Princess of Denmark address the ‘Water Track’ during her visit to Grundfos India’s headquarters in Chennai

Chennai, March 05, 2023: Grundfos India celebrated the completion of 25 successful years of operations in India. The company started its India operations in 1998 with an aim to transform the Indian pump manufacturing industry with new benchmarks in sustainability, urbanization, and digitalization solutions to solve water and climate challenges in the country.

To mark the momentous milestone, Grundfos is the host for the Danish Royal delegation visit to India and organizing for the events running in the ‘Water Track’, to enhance the co-operation in the water sector between Denmark and Tamil Nadu. In Chennai, the company hosted a seminar on water sector cooperation between Denmark and Tamil Nadu at its India headquarters in Chennai. Her Royal Highness, The Crown Princess of Denmark along with the Danish Minister for Foreign Affairs, Lars Løkke Rasmussen, and other members of the Danish Delegation were part of this seminar.

Mumbai, 05 March 2023: Pearl Global Industries Limited (“Pearl Global”), a listed global apparel manufacturing company with a presence across the globe, has recently secured a receivables financing facility through the Olea and Vayana partnership.

The partnership has already gained good traction since its onset in May 2022, and Pearl Global is the latest company to benefit from the hassle-free, competitive, and fast access to alternative liquidity provided through Olea and Vayana.

According to the Government of India, India’s textile exports have been the highest ever at USD 44bn in 2022. The export tally indicates a substantial increase of 41% and 26% over the corresponding figures in 2021 and 2020, respectively.

Letitia Chau, Deputy CEO of Olea, said: “We are proud to offer financing options that help our customers achieve their business goals and succeed in today’s competitive marketplace. We are committed to providing our customers the support they need to grow, and our financing solutions offered through the Olea and Vayana partnership are a testament to that commitment.” 

Ram Iyer, Founder, and CEO, of Vayana, said, “Keeping in mind the importance of fresh pools of capital required for India to achieve the target of USD 2 trillion exports by 2030, we are delighted to have facilitated the receivables financing facility for Pearl Global. Strategic partnerships like the one we have with Olea are critical to our mission of delivering innovative and efficient trade finance solutions to our customers.”

Sanjay Gandhi, Group CFO of Pearl Global, said: “Pearl Global has presence across the globe and we are happy to have been able to capitalize on the cross-border financing opportunity available to us through the Olea-Vayana collaboration. Strategic financial product collaboration like the one with Olea and Vayana is essential not only for efficient working capital management but also act as risk mitigation strategy. We are hopeful of leveraging Olea’s and Vayana’s strengths to provide a seamless and superior experience across geographies at competitive prices, delivering value in today’s ever-evolving business landscape.” 

The Olea-Vayana partnership aims at financing trade deals worth more than USD 500mn in the next few years.

Asian Games Gold Medallist for India in golf, Rishi Narain and his team teed off the initiative

Mumbai, 05 March, 2023: Allcargo Group, India-born global logistics conglomerate, held the maiden edition of its corporate golf event, Allcargo Invitational Golf Tournament, on 26th February 2023, at the Oxford Golf Resort, Pune.

The tournament, which was an extension of Allcargo’s overarching ESG theme — sustainability — was organised in collaboration with former Asian Games Gold Medallist for India in golf, Rishi Narain, and his team. The tournament focused on creating awareness on ESG and sustainability through a number of unique initiatives. Nearly 100 corporate and business leaders travelled from across India to participate in it. Allcargo has also made the platform available for raising funds for the DEC Turkey-Syria Earthquake Appeal, with a $ 50,000 goal, to aid in the recovery and rebuilding of lives affected by earthquakes in southern Turkey and northwest Syria.

The topmost priority for Allcargo Group is to ensure that its companies across countries have a common framework for their ESG initiatives at different stages of evolution to create sustained outcomes whilst strengthening the group’s commitment to environment and societies. Keeping its consumers, stakeholders and employees at the core of all their activities, the Group strives to make a difference in the world with the overarching theme of sustainability. Present in 180 countries, Allcargo Group takes its Corporate Social Responsibility (CSR) goals seriously and its initiatives have already touched over 360,000 lives.

Making the tournament truly one-of-a-kind, was the tournament’s ESG focus. In keeping with the pledge to make the world a better place, Allcargo Group donated money to the Isha Foundation’s Isha Vidhya programme on behalf of all the participants to jointly finance the education of 30 students for a year. In addition, 10 trees were planted on behalf of each participant to green the earth’s surface and as a way to represent a long-lasting relationship that would blossom and become stronger. In a first for any competition, all 65 of the course’s caddies were outfitted. Both sides expressed gratitude for these significant initiatives.

“We are delighted to have created a platform where CSR is seen in the ambit of ESG. We are especially happier because this happened through golf, which is a passion of mine. At Allcargo Group, we are committed to the environment and society. We are proud of our initiatives and hope to catalyse some good, and inspire everyone to commit to do whatever else they can for the benefit of mankind. I am so happy that the Allcargo Invitational Golf Tournament got such a wonderful response from India Inc.’s top leaders and our focus on ESG and sustainability was very well-received,” said Shashi Kiran Shetty, Founder and Chairman, Allcargo Group.

The Allcargo Group is committed to building a sustainable future by adhering to Environmental, Social, and Governance (ESG) and Health, Safety, Security, and Environment (HSSE) standards, people-centric policies, corporate governance, and environmentally conscious initiatives. Allcargo is consistently working to reduce environmental impact by participating in CSR initiatives such as Maitree, which has planted over 710,000 trees to restore the ecosystem and diversify tribal farmers’ incomes. Avashya Foundation, the CSR arm of Allcargo Group, has been actively engaged in various CSR activities that cover a wide range of areas, such as health, education, environment, women’s empowerment, sports, and disaster relief. Allcargo Group was amongst the first to recognize the importance of skilling the community they operate in and was instrumental in setting up a multi-skill development centre in collaboration with JNPT and CIDCO.