Archives April 2023

April 03, 2023: During FY2022, SIDBI implemented a special liquidity package of `16000 crores of RBI fund [SLF-3] to reach out to a large section of beneficiaries by launching innovative products viz. Double Intermediation (DI) in association with well-rated and established NBFCs/NBFC-MFIs, Partially Guaranteed Pooled Loan Issuance (PGPLI) Scheme in which the pool of receivable with homogenous member NBFCs/MFIs/fintech is funded by SIDBI with a partial guarantee to give the comfort to the lender (SIDBI) to lend such a low/unrated entity. The third type of assistance is aimed at boosting the bond market by subscribing to primary/secondary issues of NCDs of NBFCs/MFIs/Fintech etch through an AIF mechanism.

The key objective of the fund/scheme is to address the issue of funding the unfunded through an intermediary known as an Investment Manager/Fund manager. The smaller/mid-sized NBFCs/MFIs which are having relatively high-risk profiles and are low/unrated, find it difficult to access credit support from mainline/formal funding channels at reasonable rates of Interest. Hence, the risk of funding such low profile Institutions necessitated a common corpus with multiple investors, and diversified risks in the fund wherein SIDBI would be the principal investor. The product was branded as ‘Promising Lenders Fund (PLF)’ and launched in two phases. The main eligibility criteria for IM is it should be a SEBI-registered AIF with, the experience of handling AIF/ VCF schemes (live / closed) in the past. Phase I of the fund (PLF-1) has been fully implemented with target corpus of `300 crore between March 2022 and – October 2022 ) which benefitted about 16 BBB (+/-) or low rated NBFCs/MFIs/Fintech. The IM offers capital loss protection for the investment of SIDBI in the fund, as per objective and structure of the fund. The second phase of the fund with aggregate target corpus of `600 crore (including green shoe option of `200 crore) is launched in March 2023 with the objective of subscribing to the bond issue of 20-25 identified, eligible NBFCs/MFIs/Fintech which is expected to benefit of 4000 MSME borrowers at the bottom of the enterprise pyramid. The PLF-2 of `600 crore corpus is being operated in association with Vivriti Asset management Private Limited, which is a leading fund house in India and manages an AUM of USD 730 mn with, benefit flowing to 250 + mid-market enterprises across various sectors.

3 April 2023, Gurugram: With the rise of exaggerated and gimmicky claims by skincare brands, consumers have become vulnerable to rampant misinformation in the industry. To address this issue, India’s trusted and oldest dermatologically formulated brand, Dr. Sheth’s, is launching its first-ever campaign to debunk common myths surrounding transformative skincare claims. The campaign, called #DermatKnowsBest, features actress Raashi Khanna and aims to shift the conversation back to the skincare experts – dermatologists.

It starts with an announcement on TV about a new miracle serum from Mars with cutting-edge technology and Martian Sand that can transform skin in just one drop. The campaign highlights how the quick transformational claims by skincare brands are a hoax, funnily and humorously, via an Instagram reel by Raashii Khanna where she unboxes and applies this mysterious product based on cutting-edge technology and ingredients from outer space for instant results. However, her skin returns to its previous state a few moments later, driving the important message that miracle skincare products don’t exist and that it is best to leave skincare problems to Fermat’s expertise.

Dr. Sheth’s is the world’s first dermatologist-formulated skincare brand with products designed specifically for Indian skin, based on the clinical experiences, knowledge & expertise of three generations of skin doctors. Today, India’s Skincare market is flooded with products based on learnings from Western and Caucasian Skin. Despite being >10% of the world’s population, Indians are forced to settle for products based on imported formulas that deliver sub-par results. Dr. Sheth’s mission is to bring Indian Skincare into the 21st century, allowing everyday Indians to access high-quality, scientific solutions made specifically for Indian skin. In doing so, we are democratizing the secrets of the country’s oldest and most renowned Dermatology Clinics in everyday use formats that consumers are familiar with, know, and love.

India, 03 April 2023 – Skillsoft (NYSE: SKIL), a leading platform for transformative learning experiences, today released its 2023 Women in Tech Report, which explores the top challenges and areas of opportunity for women working in the technology industry. The report highlights a growing gender imbalance, with nearly half (45%) of women technologists surveyed indicating that they are now outnumbered by men in the workplace by ratios of four-to-one or greater – a significant increase from 25% who said the same in 2021.

This reported gender disparity is even more pronounced at the executive and senior levels of leadership. Skillsoft’s IT Skills and Salary research found that among technology professionals with at least 26 years of experience, 15% of men hold executive-level positions compared to just 4% of women. Meanwhile, 30% of female technologists are reporting dissatisfaction with their current growth potential and 36% are considering leaving their jobs due to a lack of equity in opportunities.

Despite these obstacles, career growth remains a top priority for female technologists. 92% said professional development and training is an extremely or very important benefit, and when asked about ways employers can better support them, the top three responses were by providing professional development and training, more coaching, mentoring, and career counseling, and equitable pay, respectively. Additionally, female technologists are actively seeking opportunities to build leadership skills and move into senior roles. More than a third (34%) have earned certifications in leadership and management over the past year, up from 27% in 2021. Leadership and management is also respondents’ top skill area of interest (41%), jumping from the number four spot in 2021.

“Despite the efforts of organizations to make diversity, equity, and inclusion in the workplace a greater priority, our research shows that the gender gap remains quite wide and significant work is needed to achieve true parity at all levels,” said Orla Daly, Chief Information Officer, Skillsoft. “Women in technology are calling for more opportunities to advance their careers via leadership development, technical training, coaching, and mentorship. Meanwhile, organizations are facing a critical need for technology and leadership competencies. This presents a mutual growth opportunity that helps organizations thrive and empowers women to increase their impact by filling these critical gaps.”

Additional highlights from Skillsoft’s 2023 Women in Tech Report include:

Job satisfaction rates are declining, which poses a risk for retention.n in Tech Report include:

•  Just 28% of female technologists report being extremely satisfied with their jobs compared to 44% in 2021. Their top three areas of dissatisfaction are with growth potential, current pay, and managerial support, respectively.
•  Nearly 40% of respondents are considering switching job roles. Their top three reasons for doing so are better compensation, lack of equity in opportunities, and ineffective leadership, respectively.
• Training should be topical and timely for both employees and organizations.
•  Following leadership and management, female technologists are most interested in upskilling in analytics, AI, and machine learning, project management, and cybersecurity, respectively. This aligns with critical business needs, as cybersecurity and AI and machine learning are among the top three priority areas of investment for organizations.
•  Women in tech care about how they’re learning. Above all else, they are seeking training opportunities that provide hands-on practice (40%). 37% also said they select training programs based on their preferred delivery formats, such as instructor-led training or on-demand content.

Benefits that support women inside and out of the workplace are impactful.

•  While only 34% of respondents have access to coaching, mentoring, and career counseling services, 82% cite this benefit as extremely or very important.
•  Only 55% of respondents have access to family leave benefits, despite 81% citing it as extremely or very important.
•  Access to remote work increased the most for women in technology between 2021 and 2023, up 33 percentage points.

Download Skillsoft’s 2023 Women in Tech Report for additional survey findings and insights for organizations to support and empower female technologists.

Report Methodology

Skillsoft’s Women in Tech survey was conducted online from December 2022 to February 2023, with the goal of revealing the challenges women in tech commonly face and uncovering ways that employers can better support them. The survey yielded 1,321 complete responses from women who work in the tech industry, at tech organizations or companies, and in tech roles. The number of respondents globally for those who hold jobs within these functions totaled 621. The survey and report were supported by Google, Nutanix, and Red Hat, and it was tabulated using the Qualtrics XM Platform.

New Delhi, April 03 – Tumbledry, the largest laundry service provider in India, has achieved the milestone of 500+ stores in 180+ cities, becoming the best franchisee business to grow on such a scale in 3 years. The company has also announced plans to open 300 stores in tier 2 and 3 cities in 2023 to strengthen its presence in India and target the masses.

Tumbledry has been successful in disrupting the Indian laundry services market by providing a superior customer experience and offering a wide range of services at affordable prices. The company has achieved exponential growth in recent years and is confident about reaching revenue of INR 100 crores in FY 23-24. To support its growth plans, Tumbledry is planning to invest heavily in hiring and training manpower. The company has launched Tumbledry Laundry Manpower Academy as the first step in this mission. Tumbledry is the only laundry brand that
has an in-house training academy for hiring, training, and employing manpower in the laundry industry.

Tumbledry is also planning to enter the shoe and bag cleaning industry to expand its services further.

In addition to this, Tumbledry is committed to providing an exceptional customer experience and is investing heavily in technology to increase ease and convenience for customers. The company plans to introduce tools like a WhatsApp chatbot, an enhanced customer mobile app, and other innovative solutions for its customers.

Tumbledry has also entered into collaboration with giants like LG and Electrolux to smoothen machine supplies for stores. With its latest outlets in Meghalaya and Daman and Diu, Tumbledry is now present in all states and Union Territories in India.

Speaking about the company’s growth, Mr. Gaurav Nigam, Founder & Director, Tumbledry said, “We are excited about the exponential growth that Tumbledry has achieved. We are committed to providing the best laundry services to our customers and are constantly innovating to make our services more accessible and convenient. We are confident that our investments in technology, manpower, and collaborations with industry leaders will help us achieve our growth targets and continue to disrupt the Indian laundry services market.”

Mumbai, April 032023: As a part of its brand narrative “Go Far”, Spinny, a full-stack used car buying and selling platform in India, has launched its IPL campaign featuring its strategic investor and squad captain Sachin Tendulkar, along with other legends, Anil Kumble and Yuvraj Singh. The films will be released during the IPL 2023, scheduled to take place between March 31 to May 28, 2023. The campaig is about how people go far for love, for
dreams, or for themselves and in the true IPL spirit, for their squad. ‘Go Far For Your Squad’ is about the legends taking a road trip in a Spinny SUV. A boy’s trip all cricket lovers would do anything to be a part of.

Talking about the films and his association with Spinny, Sachin Tendulkar said, “Spinny strives to offer delightful car buying and selling experiences through the timeless values of trust, transparency, and integrity. Being a passionate car lover, it has been wonderful working with the team on campaigns that reflect the warm emotions behind car ownership and driving. This time, we decided to take Yuvraj and Anil with us on a memorable trip. We had a great time shooting the films, and I hope these rekindle memories about friendship and togetherness amongst the audience.”

Speaking on the campaign, Founder & CEO of Spinny, Niraj Singh, said, “We believe in life and in your choices. All customers should be able to buy a car that they actually, really want to buy, that they know would make them happy. We’re taking forward the brand story, Go Far across internal and external touch points including the IPL campaign. IPL is all about team spirit, entertainment, and supporting your players and teams. We wanted this feeling to be expressed in a fun, light-hearted way that connects with our customers while enjoying their favorite games, this season. Go far for your squad calls out to support your teams, your choices, and the ones who matter. All about being a team player, doing what others want, and going far for the squad, as Sachin Tendulkar took his boys on a road trip. With Spinny, we’d go that extra mile, go far at every step to make it happen for each of our customers, including Sachin Tendulkar and his squad. A car is a special purchase for a home and our endeavor is to make it extra special for each of our customers.”

The films are conceptualized by Tanya Mahendru, Spinny’s creative partner. “For IPL, we wanted to stitch a narrative with our OG legends. While the young ones strive to make it big this season, these three boys do the opposite – they take a road trip, make new memories outside the world of cricket; the car is a facilitator and a spectator on this boys trip. We wanted to show them all in a never before seen light – more real, bantering, unrestrained and doing little things for the squad.The essence of Go far for your squad is about being a team player, one with the spirit ofsport and also friendship.”

The films are produced by Tiger Baby and speaking about the campaign, Zoya Akhtar, Founder Tiger Baby, said, “This is Tiger Baby’s first commercial ad film and we couldn’t have been happier than it being a collaboration with Spinny. As a studio we aim to tell stories and entertain across all formats and this campaign helped set that up beautifully. We’re looking forward to more such collaborations.”

“It was refreshing to find a concept that was fun and aimed to make its audiences smile. And for us the only way to do that was to have fun shooting and to make sure our cricketing legends felt the same way. So we did. And I hope audiences are able to get in on it!,” adds Arjun Varain Singh, the director of the films.

The Go Far series in its first ad film featured Sachin Tendulkar, Spinny’s brand ambassador & strategic investor, and the brand recreated Sachin’s very first car, a bayers blue Maruti 800. In this film, Sachin goes out and about in the car, which the cricket icon loves the most along with films that explored the extraordinary spirit of ordinary people to go far for dreams, and love and to come together to create moments that matter.

April 03 2023  MLC Satyajeet Tambe will develop Youth Information Centres (YIC) in five districts of the Nashik division in order to provide a single-window system which will greatly aid and empower the youth in their life prospects. This comes in the wake of Tambe’s speech in the legislative council concerning the lack of a dedicated youth development department.

Recently, Tambe demanded funds for the youth information centre for the Nashik division. Accordingly, the Maharashtra government has approved funds to set up state-of-the-art information centres. Rs 1 crore each has been allotted to Dhule, Jalgaon and Nandurbar districts while funds for Nashik and Ahmednagar districts will be sanctioned soon. Notably, Tambe had promised in his manifesto about introducing such centres in his constituency.
The centre will be a one-stop solution for the youth wherein they can get access to all information across the world regarding jobs and opportunities available as well as benefits that they can avail of through Central or state government schemes. The unit will also provide guidance to the youth in their field of interest and help them as to how and where to seek the right opportunities. The centre will also include amenities such as co-working space, reading rooms, and libraries among other amenities.

Notably, Tambe has, in the first few months of his tenure, managed to not only extract funds but also take concrete steps towards improving his constituency. Of those, Rs 95 lakh has been allotted to Nandurbar district of which Rs 75 lakh are for the library and reading room, whereas Rs 20 lakh is for digitisation of the corporation library. Moreover, Rs 50 lakhs have been allotted for Kusumagraj Marathi Language Studies Centre in Nashik district and Rs 50 lakh have been approved for a model school in the district. Additionally, Rs 55 lakh is allotted for a revival of the competitive studies centre in Ahmednagar district.

“At present, in a state as huge and as rich with youth power as Maharashtra, there is still no specific and independent youth welfare department. There is no dedicated office for youth as well. In such a situation, the youth information centre will prove to be a game-changer,” said Satyajeet Tambe, adding, “Along with this, we have funds approved for Nashik, Ahmednagar and Nandurbar districts for various other projects which will give a much-needed fillip. All efforts will be to bring in maximum funds and ensure the progress of the Nashik division.”

Homebuyers in Maharashtra can breathe a sigh of relief as the state government has decided to not raise the ready reckoner (RR) rates in the state for FY 2023-24. This means that the home buyers will not see any increase in property prices due to ready reckoner rates for a year.

Here are a few comments from the real estate experts:

Mr. Sandeep Runwal – President, NAREDCO Maharashtra
“We appreciate the state government’s decision to not raise the ready reckoner rates in the state for 2023 -24. This is a positive step taken by the government which will help improve market sentiments; and was the need of the hour with property prices on an upswing. Also, we hope the government can actually reduce the ready reckoner rates which will bring the cost of homes down and will be a big benefit to the home buyer.”

Mr. Kaushal Agarwal –– Chairman, The Guardians Real Estate Advisory
“The Maharashtra government’s decision to call off the RR rate hike could have far-reaching effects on the state’s real estate market. This decision not only provides developers and property buyers with a sigh of relief, but also contributes to the property market’s stability and affordability. The government has signalled its commitment to supporting the growth of the real estate industry, which is one of the key drivers of economic activity in the state, by maintaining the RR rates unchanged. Furthermore, this move is expected to boost consumer confidence and improve property market sentiment, encouraging more investments and transactions.”

Mr. Pritam Chivukula, Co-founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“We welcome the state government’s decision to not increase the RR rates. Home buyers will have much to cheer about given that property prices will not go up as for now. This move will improve market sentiments which were presently low, given rising property prices. Now, we can expect more and more home buyers to come forward and buy their home before any further increase in property rates.”

 

 

 

Mr. Manoj Patwal, Founder & MD, BetterServ Ventures Pvt. Ltd
“This is a good move by the state government by holding the ready reckoner rates and not increasing it, as was expected. This will bring a sigh of relief to home buyers who have been burdened by regular property price hikes. This decision of the government will go a long way in building home buyer confidence and creating a congenial environment for growth of the housing sector.”

The Ready Reckoner Rates play a crucial role in determining the stamp duty and registration charges that need to be paid by the buyer while purchasing a property. They are determined based on various factors such as location, infrastructure, amenities, and demand for the area. The rates vary from one area to another, and within an area, they may differ for different types of properties, such as residential, commercial, and industrial.

New Delhi, 3 April 2023 To boost the intellectual potential and explore the possibilities of university and college students, All India Council for Technical Education (AICTE) has started the process of conducting the second edition of National Inter College Crossword Campaign (NICE). The online/offline competition to be held in three phases will be conducted from March to August. For this, free registration has started.

Students from recognized colleges and universities in the country can appear in NIC-23. The current edition is being organized in collaboration with National Institute of Industrial Engineering (NITIE) New Delhi and Xtra-C. The crossword competition will be conducted in hybrid offline/online. It has also grown in scope by including a mock round to prepare the participants mentally for the competition. In this regard, Hon’ble Prime Minister Narendra Modi tweeted on the NICE 2023 campaign saying that it will attract youth, especially crossword enthusiasts.

Professor TG Sitaram, Chairman AICTE, said,” We are thankful to our visionary honorable PM Shri Narendra Modi who has urged the youngsters to actively participate in large numbers for NICE 2023. He is a role model for millions of our youth and i am sure we will see a record number of students registering for this event.

He further said that this event will ignite the minds of youngsters in a creative way.

Giving the details about NICE 2023, AICTE Vice Chairman Dr. Abhay Jere said, ” there will be a mock exercise on April 2 to familiarize the students with the competition pattern. This will be followed by four competitive online rounds on four consecutive Sundays on April 9, 16, 23, and 30.”

Clues about the Crossword will be posted every Sunday at 10.30 am IST at – www nice.cryticsingh.com for users and the app on NICE-22. The solution has to be submitted on the same day by 17.00 hours IST. The student with the fastest and correct solution will be given 1000 marks. The scores will proceed in descending order based on the time taken and the accuracy of the solution.
Stage-2 competition will be on offline mode. The top two performers from the participating institutes will form two-member teams to represent the institutes in the zonal round.

There will be two rounds for each zone. In the preliminary written round, a maximum of 50 teams from the participating institutes belonging to the zone will compete at a designated host institute. The top six performing teams will be shortlisted for the on-stage Zonal Finals.

Stage-3 will have five zones, North, South, West, East, and Northeast. The top three teams from each zone will qualify for the third stage of national finals to be held in Delhi in July-August. The National Finals will consist of two series. Written prelims and an onstage G-20 round, in which all qualifying teams will participate. Quarter-finalists will be selected on the basis of marks in a written round and a G-20 round. After that, there will be the semi-finals and final.

The schedule of phase-1 and 2 will be announced in due course. Member Secretary of AICTE, Prof. Rajeev Kumar said, ” last year NICE was conducted under the objectives of NEP 2020. IIT Delhi won the inaugural edition in 2022. It was followed by IIM Kozhikode at the second position and Atal Bihari Vajpayee Medical College and Research Institute, Bangalore at the third position.”

Bangalore, April 3, 2023: The ‘Impact Player’ in the TATA IPL 2023 has garnered everyone’s attention from the day BCCI announced its introduction in this edition.

In the opening match of TATA IPL 2023 between Gujarat Titans and Chennai Super Kings, one thing that was on everyone’s mind was how the teams are going to use it and who will be the designated ‘impact players’.

While teams in TATA IPL are taking nascent steps on how to ace it, the experts, meanwhile, have given thumbs up to the ‘Impact Player’ on Star Sports, the official TV broadcasters of TATA IPL. Star Sports emerged as the first choice destination of viewers where they witnessed the celebration of cricket on their television screens with their family and friends.

Former India cricketer Sunil Gavaskar gave his thumbs up to the new rule introduced by the BCCI as it has increased the curiosity quotient of everyone involved in TATA IPL. The legendary India cricketer believes the teams might need some time to ace this new rule.

While speaking exclusively to Star Sports, the official TV broadcaster of TATA IPL, Gavaskar said, “You need some time to understand new rules and acclimatize with new playing conditions. The same will be the case with all ten teams in the TATA IPL 2023. They will need some time to ace it.”

Former India cricketer Harbhajan Singh, meanwhile, lauded the think tank in TATA IPL for coming up with this innovative rule.

While speaking exclusively to Star Sports, the official TV broadcaster of TATA IPL, Harbhajan Singh said, “It’s a very innovative move as you can now replace a player whom you feel is not suitable or has served his purpose with someone who can make an impact in the current playing conditions. So, kudos to BCCI, it’s a very good rule.”

Catch all the action from TATA IPL 2023 on television from March 31st-May 28th, 2023, on the Star Sports Network

Bangalore, April 03, 2023: National Payments Corporation of India (NPCI) in partnership with the Indian Premier League (IPL) kicks off the 2023 season with the ‘RuPay Credit Card on UPI’ campaign that has been conceptualized by DDB Mudra Group. The campaign focuses on creating greater customer awareness of the game-changing product offering from NPCI which allows users to access their RuPay credit cards through the UPI platform.

The opening day of the season features Dinesh Karthik in a humorous advertisement highlighting the benefits of RuPay credit card linkage on UPI, encouraging the viewers to ask their bank for the same. Additionally, as part of the campaign, 3 other films developed by DDB Mudra Group will also be released throughout the league season.

This seminal development will provide customers with the best of both worlds, integrating the reliability and convenience of UPI with the unmatched incentives that the feature has to offer, thereby creating an unrivaled consumer experience. The films playfully describe how customers will be able to use UPI, while also enjoying rewards and the loyalty points program of their favorite credit card.

The use of this card is life on cards issued by HDFC Bank, BoB Financial Services, Canara Bank, Indian Bank, Punjab National Bank, Union Bank of India, and Axis Bank. Other banks like Kotak Mahindra Bank shall soon be live with their UPI functionality on RuPay credit cards in a few days. Currently, the UPI apps offering this service are BHIM, MobiKwik, Paytm, Slice, and PhonePe.

Commenting on the campaign, Praveena Rai, COO, NPCI, said, “We, at NPCI, are proud to share this path-defining offering of RuPay Credit Cards on UPI and believe it would play a significant role in India’s credit journey. We have always looked to create innovative products facilitating convenience for better payments systems for the nation. Our partnership with IPL, just like the partnership between RuPay and UPI, will amplify our efforts in consumer awareness on the benefits of having access to credit on UPI. The RuPay campaign is witty and breaks clutter. We hope consumers enjoy the ads, as they do IPL.”

Rahul Mathew CCO & Executive Director, DDB Mudra Group, said, “RuPay is the first credit card that allows you to pay through UPI. It’s such a breakthrough and disruption in the category. We felt a product that’s so differentiated and is a standout, needs work that is the same.”