152nd State Level Banker’s Committee (SLBC), Karnataka meet held today at Vidhana Soudha

 

 

Mumbai, 28th December 2020: The 152nd meeting of SLBC held on 28.12.2020 in the conference hall of Vidhana Soudha. The Executive Director of Canara Bank Ms Manimekhalai welcomed Shri. T M Vijay Bhaskar, Chief Secretary, Govt. of Karnataka, Smt. Vandita Sharma, Addl. Chief Secretary & Development Commissioner, GoK, Shri. Jose J Kattoor, Regional Director, Reserve Bank of India, Shri Niraj Kumar Verma, Chief General Manager, NABARD, and other dignitaries, bankers and line department representatives for the meeting.

 

Speaking at the occasion, Ms Manimekhalai, Executive Director of Canara Bank, said, “Most economic activities are into normalcy except schools, colleges and large scale social gatherings. The agricultural sector has performed exceptionally well and remained the backbone of the economy during and after the lockdowns and hence, deserves all support. The immediate relief to the vulnerable and affected segments was to attend to, now it’s time reconstruct and rebuild our economy at the earliest thro’ various revival schemes of GOI, GoK, RBI, and NABARD like Agriculture Infrastructure fund, Coverage of 10,000 FPOs, Support for post-harvest storage, Formalization of Micro food processing Enterprises (FME) with ODOP-One District One Product concept.”

 

She further added that banks in the state, despite various issues, have already reached out to and delivered all the relief measures. While the state has been in the forefront in case of KCC-Dairy (139000 accounts) with 1st rank, MUDRA sanctions (2210350 accounts, Rs.13497crores) with 1st rank, PMEGP (1898 accounts) sanctions with 4th rank, Emergency Credit Line Guarantee scheme-PSBs (173359 accounts with Rs. 5123 crores) with 5th rank, Prime Minister Awas Yojana (61787 accounts) with 6th rank and it is in 7th position in case of PMSvanidhi scheme (79013 accounts sanctioned, 43824 accounts disbursed) in the country.

 

Further, she added that the initiative of GoK on Cyber Crimes & Financial Frauds is appreciable and SOP has already been circulated to all banks for suggestions. All banks are requested to operationalize the same at the earliest to safeguard the interests of the public. SLBC has finalized the formalities for advertising Ponzi schemes awareness advertisement on KSRTC buses.

 

She informed in the house that integration of FRUITS with banks was launched on 22.12.2020 at NABARD in two branches of Canara Bank – Nelamangala and Thavarekere branch. I request all the members to get onboarded for the benefit of all stakeholders in rural development.

 

She also informed that state as a whole has achieved 50% of ACP under MSME, 49.68 under Agriculture and 58.68 % under total credit for the second quarter. There is a Y-o-Y growth of 12.9 % in deposits and 8.74% in advances as on September 2020. Y-O-Y growth in priority sector advances is at 9.16 % and agriculture is at 9.17%.

She submitted and congratulated Bankers and Govt. Departments for their untiring efforts during testing times and request to take it forward to make up the losses during the remaining period of the financial year.

Finally, she expressed gratitude to Shri. T M Vijay Bhaskar, Chief Secretary, Govt. of Karnataka on behalf of SLBC who is due for retire on 30.12.2020 for his support to bankers.

“Chingari Shakti Foundation’ Founder Pinkky Rajgarhiya, Mrs Asia 2017, and Mrs. Sarita Goyal through their NGO successfully organised a blanket donation campaign and Geeta Jayanti , Christmas celebration at Vajreshwari and Benapatti, in Vasai.

 The Chingari Shakti Foundation was founded with a goal of Women Empowerment, Child Development & Health and Hygiene awareness among every female in India.

 

Pinkky Rajgarhiya, Mrs. Asia 2017 & winner of many prestigious pageant titles, is a well-known Social Activist in Mumbai. Being a Child Psychologist, she wants to help every child in the country to achieve their dreams, empower every woman and provide them with health and hygiene awareness through her Chingari Shakti Foundation, based in Mumbai.

On the occasion of Christmas and  Geeta Jayanti to celebrate the birthday of Lord Jesus Christ, this year Pinkky along with Mrs. Sarita Goyal, Advisory Board Member, Chingari Shakti Foundation, planned to visit Vajreshwari and Benapatti at Vasai Taluka to understand the problems they face and to distribute blankets and enjoy the Christmas eve with the children’s by distributing sweets and cake and perform various activities.

During her interview, Pinkky Rajgarhiya said winter is that time of the year, which calls for hot coffee, snuggling up in a warm cosy blanket and staying warm in your homes. But for those who live in the interior parts and cannot afford to buy blankets, it is a matter of survival in the chilling temperatures. As a responsible citizen of India, it’s my duty to provide the clothing which can cover their body and protect them from winter. All the members of her NGO make their best efforts to reach out to maximum underprivileged people across Mumbai. The needy people felt very happy on receiving such good and cosy blankets from the team.

Over the past many years Chingari Shakti Foundation has organized many food distribution drives; blanket distribution drives and conducted many other social activities. Recently Pinkky organized a wonderful Christmas celebration with underprivileged children at Vajreshwari. She became the Secret Santa for the needy children of the society. Pinkky spent a wonderful time with the children and the women of Vajreshwari, giving them gifts, snack boxes, thus spreading joy and happiness in their lives. She also mentioned that there are lots of campaigns to do in the coming years and she has invited the volunteers to come forward and be a part of the noble cause.

She also recognized, Mrs. Geeta Gaikwad, &  Mrs Vyjayanti Madane of Amhi Chaughi (Vasai Road) helped Chingari Shakti Foundation to make this campaign successful and gave her this opportunity of interacting with the people of Vasai through this campaign.

Vikram Solar’s manufacturing unit powered by renewable energy; commissions Rooftop Solar Power Plant at the facility

 

Vikram Solar’s manufacturing unit powered by renewable energy; commissions Rooftop Solar Power Plant at the facility

·         919.73 Kilowatt peak (KWp) captive solar plant at Falta, West Bengal

·         Multiple advancements in Solar photovoltaic (PV) technology deployed at a single location

·         Will cater to more than 27% of the entire manufacturing unit’s electricity consumption during normal day time operation

·         Project will help in offsetting ~1,645 tonnes/year of CO2 emissions

 

Mumbai, 23 December, 2020: Vikram Solar, India’s leading module manufacturer and a comprehensive EPC solutions & rooftop solar provider commissioned a rooftop solar project on their manufacturing facility in Falta, West Bengal earlier this month. The 919.73 KWp plant consists of 2,574 solar panels ranging from 325Wp to 400Wp covering an area of 6,500 square meters. The solar plant will cater to more than 27% of the entire manufacturing unit’s electricity consumption during normal day time operation. This is a unique project since it uses 12 different types of modules from a mix of Vikram Solar’s SOMERA Monocrystalline, half-cut and full-cut cell modules manufactured by Vikram Solar.

Commending the achievement, Mr. Saibaba Vutukuri, CEO, Vikram Solar, said, “We at Vikram Solar continuously lead by example through innovation, research and modernization. This rooftop project was envisioned, not only to cater to the captive energy requirements of our manufacturing unit, but also to making it a green energy unit and enabling India’s transition to a low-carbon economy. The project showcases Vikram Solar’s multiple technologies in Solar PV modules, Inverter, and Robotic cleaning systems driven by soiling sensors at a single location and will result in a total saving of about Rs. 98.8 Lakhs per annum on energy. These state-of-art technologies ensure better performance and higher energy yield. We hope that self-sustaining initiatives like this will inspire others to embrace the path to reducing carbon footprint.”

The solar plant will generate an annual yield of 1,350.58 MWh. To utilize the energy generated from the PV plant, Vikram Solar has installed 14 Grid-connected string inverters from Sungrow, Huawei & Solis and 60 Micro inverters from Enphase. The project was commissioned in record-time of within a one month despite the complexity of constructing the project with different module type (half-cut and full-cut) and size.

SVP Global Ventures achieves Rs 5000 cr Order Book

 

Mumbai 21, December: SVP Global Venture Ltd’s inherent and unique strength is its latest and most advanced and cost efficient manufacturingfacilities, strategically located between India and Oman on the global textile trade route.Owing to its 100+ years legacy in the textile trade, the company has an established and efficient raw material procurement system and extensive Sales distribution network in India and overseas for its products.Despite severe disruptions in Indian domestic demand for Yarn, including deferment of shipment and delay in the orders due to COVID 19 pandemic, thecompany has managed to leverage on its vast distribution network to selectively focus on more profitable marketsoverseas to overcome the exigency.

The company’s revenue reboundedto Rs. 364 Cr. in Q2FY21 compared with Rs. 91.82 Cr in last quarter. The Profitability stood at Rs. 10.75 Cr in Q2FY21 as against a loss of Rs.57.44 Cr in last quarter, primarily attributed to the COVID lockdown.The companycurrently has sales tie-ups and Yarn offtake arrangements for the next 2-3 years of Production, valued at Rs. 5000 crs.,from buyers across the global textile markets.

The Company’s focus over the last few years has been to exit from low margin and non-core business and focus on high margin compact yarn capacity expansion. This has reflected in overall EBITDA margin improvements to 16.51% in FY2019-20 against 14.87% in FY 2018-19 ,registering aYoY growth of 12.4% . The PAT and EPS has registered a growth of 10.6% and 11.9% respectively duringthe same period. The current capacity utilization level is now back to pre-Covid levels and stood at more than 95% for Indian operations and around 50% for Oman operations. In Oman, ramping of the capacity utilization is currently in process for the recently set up 150,000 Spindles which is expected to operate attarget more than 95% in coming quarters.

With 50 Million Spindles and 0.75 Mn Open-End Rotors, India has a commanding share of the global Cotton Yarn market, currently producing over 4700 Mn.Kgs of spun yarn of which over 3,400 Mn.Kgs is cotton yarn. Cotton Yarn accounts for nearly 73% of total spun yarn production.

Speaking on its Capacity and Consolidation Plans Mr. Vinod Pittie, Chairman, Shri Vallabh Pittie Group, observed: SVP’s quick response to competing in the global market has been its integration of latest manufacturing technology well adopted into business operations and capacity expansion. The company expanded its manufacturing operations in 2016 by setting up and starting commercial operations from state of the art, most modern and automated, 150,000 spindles and 2,400 rotors cotton yarn manufacturing facility in Jhalawar, Rajasthan. Constant innovation and adoption of new technology have become an essential element for competitive advantage in the global market and SVP has maintained quick and flexible responses to market demand using technologies, consumer behavior and expectations. In addition, digital transformation has fueled remarkable advancements in manufacturing technologies and expansion of existing capacities enabling the company to move from labor-intensive to capital-intensive production.

Additionally states “Between 2018-2019 we commenced set up and commercial operations of a manufacturing unit of 3500 rotors and 150,000 spindles in Oman. As on date the company has an aggregate manufacturing capacity of 4,00,000 spindlesand 5900 rotors in India and Oman. Major problem existing with the Indian manufacturers is the lack of scale, low manpower efficiency and lesser focus on research and innovation activities.

India, second-largest manufacturer and exporter of textiles and clothing globally with a share of 5% of global trade has registered an increase in the export of 3 %, from US$ 39.2 billion during the year 2017-18 to US$ 40.4 billion in the year 2018–19. The share of textile and clothing in India’s total exports stood at 12% in 2018-19. With 48% of total textile and apparel export, European nations and the United States are India’s major export destinations. The trade war between the US and China and standoff between India and China could lead to the creation of additional yarn and cotton demand from neighboring countries to the tune of 0.5 million tonnes and 8-10 million bales.

Liberty General Insurance Launches its Latest Television Commercial – ‘Bharose Ka Vaada!’

 

Mumbai, December 21, 2020:Liberty General Insurance Ltd, one of the leading general insurance companies in India, today launched its latest television commercial highlighting the brand ethos as well as its health and motor insurance products and services. Through this TVC, the company aims to alleviate consumers’ worry related to the servicing and settlement of claims. The TVC ‘Bharose Ka Vaada’ has been created by White Rivers Media and highlights Liberty General Insurance’s assurance of fast claims settlement, digitally integrated seamless processes, and conveys the underlying message of trust and promise that the consumers rightfully deserve.

The TVC explores two parallel stories, of two families whose regular lives are interrupted by sudden mishaps, and how Liberty General’s quick claim settlements and digitally-integrated processes help the families sail through the tide. Through the story of these two families, we get a glimpse of their contrasting but inter-connected lives, and the beautiful way they weave together through the common thread of trust and responsibility.

Discussing the campaign’s storyboard, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said, “For our new TVC, we wanted a storyline and  communication that depicts our brand promise of protection for the unexpected delivered with care in the lives of our existing and potential customers, especially in the current times when they need it the most. ‘Bharose Ka Vaada’ appeals beautifully to this sentiment. Literally translating to ‘A promise of trust’, the tagline signifies our brand’s commitment towards taking care of our customers through our values of responsibility and trust.”

Speaking on the launch of the campaign, Amit Jain, President of Personal Lines, Bancassurance & Affinity and Marketing, Liberty General Insurance Ltd said, “Liberty General Insurance believes that progress happens when people feel secure, and we wanted the new TVC to reflect our commitment to taking care of our customers. Our constant endeavour is to provide seamless support in a customer’s insurance journey including speedy claims settlement. Our new TVC which is high on the emotional quotient also talks about how ‘Trust’ is one of the strongest sentiments and also one of the most important factors towards building long-lasting relationships.” 

TVC Link:

https://www.youtube.com/watch?v=qi7nSLIqTSM

Credits:

Client	Agency	Co-founders	Account Management	Creative Team	Production
Amit Jain	White Rivers Media	Shrenik Gandhi	Tanish Shah	Mayur Goyal ( Director )	Tanish Shah
Shivani Sharma		Mitesh Kothari	Sai Santosh Shetty	Bhushan Kadam	Sujeet Mahto
Nitin Seth			Manu Swal	Megha Marwah	Abhishek Gaikwad
			Pratik Rathi	Nikita Roy	Shantanu Shrikant Tunge
				Aniket Khade	Manu Swal
				Sujeet Mahto
				Sagar Kewat
				Prasad Sawant

 

BLS International signs contract with Embassy of Brazil in China

 

BLS International signs contract with Embassy of Brazil in China

Exclusive Mandate to operate the Visa Application Centers  

 

New Delhi, 17^th Dec, 2020: BLS International, leader in visa, consular and technology services, today announced that it has commenced accepting appointments for visa applications for the Embassy of Brazil in China. The five-year exclusive contract from the Embassy mandates BLS to operate 15 centers across China. The company is expected to process 4,00,000 applications during the contract.

 

Commenting on the win, Shikhar Aggarwal, Jt. Managing Director, BLS International, said, “We are pleased to partner with the Embassy of Brazil to provide efficient visa application experience. BLS will work together with the Embassy to create a distinguished practice for all its valued applicants. This is a second contract bagged by BLS International from Brazilian Embassy, wherein the first was in Lebanon.”

 

This is in addition to the already robust portfolio of Consular and Citizen Services offered by BLS International and reflects company’s focus on efficiency and continuous excellence in its operations.

Canara Bank launches “FX 4 U” for forex remittance through Internet Banking

 12^th December 2020, Mumbai: Canara  Bank,  a premier public sector Bank announced the launch of its new tech product “ FX 4 U”. This product enables its entire internet banking users to handle forex transactions seamlessly.  Presently, the outward remittances module is activated and the remaining modules will be activated soon. 

With the introduction of this facility, all eligible individual customers can undertake remittance facility as per FEMA regulations. Corporate customers can make and submit the LC applications along with documents through internet banking once the LC module is activated.

Transactions submitted through IB will flow seamlessly to CPCFT ( Centralized Process Centre – Forex Transactions), wherein Compliance and accounting will be done and transmitted through SWIFT.

Launching the product, MD& CEO Mr. L V Prabhakar,  informed that Bank has taken several initiatives to centralize the business process activities like account opening, Retail Loan products, forex transactions, etc. keeping in mind growing needs of customers for ease of business, standardize the service quality and reduce TOT. Further, he added that it is his ardent desire to bring more products of the bank to a digital platform.  He concluded by reiterating the bank’s commitment to the speed and hassle free banking service.

He also inaugurated New and spacious premises of Agra Circle and wished that circle will able to tap all the business potentials in the region and support the economic growth of the area.  

Long Pending issue of Donimalai Iron ore Mine has been finally resolved

 

Mumbai, 4^th December, 2020: The long pending issue of Donimalai Iron ore mine (ML No.2396) of NMDC Ltd, which was suspended since November 2018, has finally concluded through the endeavor of the Government. The decision has not only paved way for operationalization of the mine but also is a timely decision taken in a situation when the steel companies are facing a shortage of supply of Iron ore.

Exercising the power conferred to GOI under section 31 of the MMDR Act, 1957, the Government of India reached at an agreement with Government of Karnataka and Ministry of Steel to extend Donimalai Iron ore lease.

Donimalai Iron ore mine, which has total concession area of 597.54 Ha and estimated resource of 149 MT shall increase the annual Iron ore production in the country by 7 MTPA.Based on the existing high price of ore, it is expected that Donimalai Iron ore mine will contribute around INR 400 crore to the State Exchequer, during the ongoing financial year.

The operationalization of the mine would contribute a total of around INR 1100 crore to the State exchequer per annum.It will also take the nation a step closer towards the vision of the Government to achieve 300 MTPA crude steel capacity by 2030-31. The mine shall offer direct Employment to thousands of people (including the contract labours) and create indirect employment opportunity for lakhs of people.

The operationalization of the mine shall bring a sense of security for more than two dozen SMEs (with 100s of employees) near Donimalai area that were directly or indirectly dependent on NMDC for supply of raw material. Further, the Local community dependent on NMDC CSR activities will not be deprived of benefits, like Hospital, Free Transport, RO water facilities etc.

Ankush Chaudhari & Prajakta Mali Starrer 'Luck Down' Film's Muhurt Held In Junnar

In the past few months, we have become very familiar with the word "Lockdown" as it has affected our lives so much and brought a lot of changes in our lives. 2020 was the year of Lockdown but 2021 can be the year of Luck Down! Yes, you are right, it's the name of the upcoming Marathi film which will feature superstar Ankush Chaudhari in the lead role.

This film is presented by Ishnav Media House and produced by Darshan Fulpagar. Muhurat of the film recently took place in Junnar in presence of, Ex MLA Shri. Sharad Dada Sonawne (Shivjanma Bhoomi), Satyashil Sherkar Chairman Vighnahar Sahakari Sakhar Karkhana, Ganesh Kavade Yuvasena, Adhyaksha Nagar Shri. Shyam Pandey (Junnar Nagar Palika) and P.I. Yuvraj Mohite. Ankush Chaudhari & Prajakta Mali were also present at Muhurat who will be working together for the first time. This film will be directed by Santosh Ramdas Manjrekar.

2020 was all about tension and stress but next year won't be the same as 'Luck Down' will hit the theaters in 2021 to spread laughter & happiness in your life.

Uttar Pradesh Govt’s first 200 Cr Lucknow Muni Bond lists on BSE

 

Mumbai, Dec 2, 2020: The Lucknow Municipal Corporation which raised 200 crs via Municipal Bonds on private placement basis using the BSE bond platform listed on the exchange today. It received 21 bids and subscribed by 4.5 times.  Corporation received bids for Issue size of Rs 200 Crs within 60 seconds of the issue opening, which opened for subscription on 13th November 2020.  It’s one of the 8 cities in India that have capitalized on the new guidelines to fund the AMRUT and Smart Cities Mission to raise an aggregate of 3690 crs as per Govt released data.

The capital raised is proposed to partially fund the Amrut projects and other infrastructure projects which had a earmarked requirement of INR 3,109.5 mn. The AA Stable and AA(CE) Stable rated bonds by India and Brickwork Ratings have a tenure of 10 years and states that the principal amount will be paid in 7 instalments from 4th and 10th year.

The coupon rate of the taxable bond was fixed at 8.5% per annum. The actual cost of borrowing will be approx. 7.25% after considering Rs 26 Crs incentive from Government of India for raising Municipal Bonds.

Speaking on this momentous occasion, Shri Yogi Adityanath, Chief Minister of Uttar Pradesh stated “It is a matter of pride for UP that the Lucknow Municipal Corporation has raised Rs 200 crore through its bond issue which got listed on BSE today. It is the trust of the investors which UP has earned during last three and a half years of governance. It will augment our effort to improve infrastructure in urban areas and it shows the improvement in the Industrial climate of the state and the trust the investors have reposed in the state machinery”.

On the occasion of the listing of the bonds, Ashish kumar Chauhan, MD & CEO of Bombay Stock Stated “ I would like to congratulate Lucknow Municipal Corporation for successfully raising Rs. 200 Crore by issuing Municipal Bond on BSE Bond platform. The order book was filled more than double in a matter of few minutes establishes Lucknow Municipal Corporation as a credible entity in the Indian bond market. BSE firmly believes that the Indian bond market has a potential for substantial growth. BSE Bond platform has helped bring in transparency and efficiency in price discovery for private placement of debt securities and the platform enables to subscribe seamlessly.”

On the Global Market of Municipal Bonds and it’s opportunities in India - Mr A.K. Mittal, MD & CEO, A. K. Capital stated “A big congratulation to Lucknow Municipal Corporation for raising Rs.200 crores at historical low rates. I feel proud to say that A.K. Capital has been a leading Merchant Banker in the Municipal Bonds space in terms of volumes. Lucknow Municipal Corporation bonds are backed by strong structured payment mechanism making it an secured investment with an attractive return for the investors. Indian Municipal Bond market is at a very nascent stage compared to the US Municipal Bond market but given the rapid pace of urbanisation, it is going to play a pivotal role in shaping the urban infrastructure sector in the country.”

The Merchant bankers to the bond issue were A.K. Capital Services Ltd and HDFC Bank Ltd.