Ahead of the release of The Buckingham Murders, Ektaa R Kapoor and Hansal Mehta seek blessings from Lalbaugcha Raja!

Kareena Kapoor Khan's The Buckingham Murders is nearing its release, and the mystery thriller is all set to hit theaters on September 13th. While the trailer has set the right tone for the film's arrival, everyone is eagerly looking forward to its release. With the film just three days away, producer Ektaa R Kapoor and director Hansal Mehta visited Lalbaugcha Raja to seek blessings.

It seems that as much as the audience is excited for the release of The Buckingham Murders, the makers are equally pumped up. Ahead of the film’s release, producer Ektaa R Kapoor and director Hansal Mehta paid a visit to Lalbaugcha Raja in Mumbai to seek blessings from Lord Ganesha.

The Buckingham Murders will be released exclusively in cinemas on September 13, 2024. The film features an exceptional ensemble cast, including Kareena Kapoor Khan, Ash Tandon, Ranveer Brar, and Keith Allen. Directed by Hansal Mehta and written by Aseem Arrora, Kashyap Kapoor, and Raghav Raj Kakker, it is a Mahana Films and TBM Films production, presented by Balaji Telefilms and produced by Shobha Kapoor, Ektaa R Kapoor, and first-time producer Kareena Kapoor Khan.

Revolutionizing Credit: Fintechs Capture 52% Market Share in India's Lending Boom, Reveals New White Paper by Experian India

Mumbai, September 10, 2024: Experian India has unveiled a new white paper titled "Small is BIG: How Fintechs are Revolutionising Lending". The report highlights the rapidly growing role of fintech companies in providing small-ticket loans to underserved segments of the population, demonstrating how technology is revolutionizing the lending landscape in India.

 

The white paper reveals that fintech companies have facilitated over ₹2,48,006 Crores of Personal Loan and ₹28,607 Crores Business Loans as of March 2024. These loans, often under ₹50,000, have primarily reached New-to-Credit (NTC) individuals, those with thin credit files, and sub-prime borrowers, many of whom were previously excluded from the formal financial system.

 

Fintech Impact on Financial Inclusion

According to the report, fintech companies have expanded their reach with a market share of 52% in personal loans, providing critical financial access to those who have historically been underserved. The penetration of fintech into rural and semi-urban areas has grown significantly. The penetration of personal loans has increased by 24% in Bihar, 21% in Tamil Nadu and 20% in Uttar Pradesh in FY’24 compared to FY ‘23. For Business loans, the growth rate is 133% in Karnataka, 118% in Uttar Pradesh and 67% Bihar for the same time period. This highlights the significant progress in financial inclusion in the country.

 

Asset Quality and Risk Management

The report also sheds light on the challenges fintech companies face, particularly in managing asset quality. It notes that while fintechs have been able to cater to high-risk segments, the Non-Performing Asset (NPA) ratio for fintech-originated loans stands higher than the industry average. This underscores the need for fintechs to enhance their risk management frameworks, especially when dealing with overleveraged customers. The white paper suggests that improved data analytics and more robust credit scoring models could help mitigate these risks.

 

Technological Innovation Driving Growth

A key finding in the white paper is the pivotal role of technology in driving the fintech revolution. The adoption of the latest technology and tools has enabled fintechs to significantly reduce loan approval time. Blockchain technology is also highlighted as a game-changer, particularly in enhancing transparency and reducing fraud in loan disbursement.

Moreover, the white paper points out that fintechs are leading the way in sectors like green finance, to support sustainable and environmentally friendly projects. Similarly, fintech companies have made significant inroads into the Agri-finance sector, helping to support millions of small farmers.

 

Government Support and Regulatory Environment

The white paper discusses the importance of the supportive regulatory environment in India, which has been crucial in enabling fintech growth. Initiatives like the Digital Public Infrastructure (DPI) and regulatory sandboxes have provided fintechs with the opportunity to innovate and scale their operations while ensuring compliance with regulatory standards. The paper notes that the introduction of Account Aggregators and Open Credit Enablement Networks (OCEN) has further empowered fintech companies, allowing them to offer more personalized and inclusive financial products.

 

Future Outlook

Looking forward, the white paper suggests that fintech companies could potentially double their customer base to 200 million within the next three years if they continue to innovate and address current challenges. It also recommends that fintechs learn from the strategies of successful Non-Banking Financial Companies (NBFCs) in India, particularly secured lending and exploring new market segments.

Manish Jain, Country Managing Director at Experian India, said, "The fintech revolution in India is just beginning, and there’s enormous potential for growth. Fintech companies have already made a big impact by providing credit to those who need it most, but there’s still more to be done. The insights in this white paper highlight both the opportunities and challenges ahead.

 

As we move forward, it’s essential for fintechs to maintain a delicate balance between innovation and responsibility. While the use of technologies like AI and machine learning allows for greater reach and efficiency, it also requires a strong framework for risk management. The financial ecosystem in India is evolving rapidly, and fintechs are at the heart of this transformation. They are not only helping to drive financial inclusion but also setting new standards for how credit is delivered in a digital age.

 

To sustain this momentum, collaboration will be key—between fintechs, traditional financial institutions, and regulators. Together, we can create a more inclusive and robust financial system that caters to every segment of society. This white paper serves as a valuable guide for all stakeholders, offering a roadmap to navigate the future of lending in India."

 

Link for the Report: https://www.experian.in/how-fintechs-are-revolutionising-lending/

About Experian

 

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money.

 

We operate across a range of markets, from financial services to healthcare, automotive, Agri finance, insurance, and many more industry segments.

 

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

 

Learn more at experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

 

Shriram Finance Welcomes Cricket Legend Rahul Dravid as Brand Ambassador

From Left to Right - Mr. Y S Chakravarti, MD & CEO, Shriram Finance, Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance, Mr. Rahul Dravid, Former Captain and Coach of the Indian National Cricket Team, and Mr. Parag Sharma, MD & CFO, Shriram Finance

Mumbai, 10 September 2024: Shriram Finance Ltd., the flagship company of the Shriram Group, proudly announces the onboarding of former Captain and Head Coach of the Indian Cricket Team, Rahul Dravid, as their Brand Ambassador. This partnership unites two iconic entities renowned for their trust and reliability.

A Partnership Built on Shared Values

 

Rahul Dravid, celebrated for his unwavering dedication on the cricket field, epitomizes the core values that Shriram Finance upholds. Just as Rahul was the backbone of Indian Cricket, Shriram Finance has been a steadfast partner in the financial journeys of countless individuals and businesses across the nation.

 

Umesh Revankar, Executive Vice Chairman, Shriram Finance: “At Shriram Finance, our mission has always been to empower our customers by providing them with the financial tools and support they need to succeed. Rahul Dravid, with his commitment and impeccable record in nurturing young talent, aligns perfectly with our goal of enabling growth and success. We are thrilled to have him on board as our brand ambassador.”

 

YS Chakravarti, Managing Director and CEO, Shriram Finance: “Rahul Dravid’s association with Shriram Finance represents a perfect blend of two entities that have consistently demonstrated trust, reliability, and excellence in their respective fields. Just as Rahul has been a pillar of strength for Indian cricket, Shriram Finance has been a reliable partner to our customers, helping them achieve their financial goals with confidence and security.”

 

Rahul Dravid, Former Captain and Coach of the Indian National Cricket Team: “I am honored to be associated with Shriram Finance, a company that has consistently prioritized the needs of its customers. Just as in cricket, where every innings is built on a foundation of trust and resilience, Shriram Finance has been building and supporting the financial journeys of individuals and businesses across India. I look forward to this partnership and to contributing to the company’s continued success.”

 

Shriram Finance is confident that this strategic association with Rahul Dravid will significantly advance its goals. This partnership not only strengthens Shriram Finance’s mission to positively impact the financial well-being of individuals and businesses in India but also reinforces its commitment to the values of trust and reliability that Rahul Dravid personifies on and off the field.

 

Life Insurance Corporation of India (LIC)’s new business premium for August 2024 sees 35% increase YoY to Rs 19,309 crore

Monday, September 09, 2024: Life Insurance Corporation of India (LIC), the nation's largest life insurance company saw a 35.10% surge in its new business premium for August 2024, to ₹19,309.10 crore, from ₹14,292.53 crore in August 2023. 

Data reported by Life Insurance Council shows that Life Insurance Corporation’s new business premium collection for the first five months of fiscal 2025 rose by 27.73% to ₹95,180.63 crore, up from ₹74,516.31 crore in the same period last year. 

LIC's New Business Premium

Month April 2023 to March 2024 (FY24) April 2024 to March 2025 (FY25)

April 5,810.1 12,383.64

May 14,056.29 16,690.39

June 24,970.82 28,366.87

July 15,386.57 18,430.63

August 14,292.53 19,309.10

Total 74,516.31 95,180.63

Source: Life Insurance Council

Breaking down the premium collections, LIC's Individual Premium segment saw collections of ₹5,047.36 crore in August 2024, representing a 4.60% rise from ₹4,825.52 crore in August 2023. 

The Group Premium segment experienced a significant increase of 46%, amounting to ₹13,559.22 crore in August 2024, compared to ₹9,287.40 crore in August 2023. 

Notably, Group Yearly Premiums surged by 291.14% to ₹702.52 crore in August 2024, a substantial increase from ₹179.61 crore in the previous year.

For the first five months of fiscal year 2025, LIC's Individual Premium segment accrued ₹22,396.28 crore, marking an 11.75% growth from ₹20,041.36 crore during the same period in fiscal year 2024. The Group Premium segment also saw considerable growth, up by 32.82% to ₹71,789.38 crore, from ₹54,049.22 crore last year. Group Yearly Premiums increased by 133.71%, totalling ₹994.97 crore in the first five months of fiscal 2025, compared to ₹425.72 crore in the corresponding period of fiscal 2024.

The total number of policies and schemes issued by LIC in August 2024 experienced a slight decline of 4.45%, reaching 16.36 lakh, down from 17.12 lakh in August 2023. In the Individual category, the number of policies and schemes also fell by 4.47% to 16.33 lakh in August 2024, compared to 17.09 lakh in the previous year. However, the number of Group Yearly Renewable policies and schemes increased by 2.31% to 2,698 in August 2024, up from 2,637 in August 2023. Similarly, Group schemes and policies rose by 23.74% to 490 in August 2024, compared to 396 in August 2023.

For the first five months of FY25, LIC saw a 3.65% increase in the total number of policies and schemes issued, reaching 68.35 lakh compared to 65.95 lakh in the same period the previous year. Within the Individual category, the number of policies and schemes rose by 3.65% to 68.22 lakh, up from 65.82 lakh in FY24. Additionally, Group Yearly Renewable policies and schemes grew by 3.02% to 11,220 in the first five months of FY25, compared to 8,254 in the same period last year, while Group schemes and policies increased by 14.92% to 2,080, from 1,810 in the first five months of FY24.

Source: https://www.lifeinscouncil.org/industry%20information/nbp.aspx

Deep Industries Ltd receives order worth ₹ 1,402 Cr for Production Enhancement Operations from ONGC

• This is Company’s biggest ever order so far taking total order book to more than double

• The order is for Production Enhancement Operations in Mature Fields at Rajahmundry Asset of ONGC

• Duration of the project is 15 years

Ahmedabad, Sep 9, 2024:

Deep Industries Ltd (DIL), a leading integrated solutions provider for Oil & Gas field operations, has announced a significant order win valued at ₹1,402 crore from Oil and Natural Gas Corporation (ONGC). The contract is for Production Enhancement Operations in the mature fields of ONGC's Rajahmundry Asset and spans a duration of 15 years. This is the largest project awarded to the company to date, more than doubling its current order book. As on June 30, 2024, the Company’s order book stood at ₹ 1,246 Cr.

Commenting on the significant win, Mr. Paras Savla, MD, Deep Industries Ltd. said, “We are thrilled to announce this landmark achievement as we extend our expertise into Production Enhancement Contracts (PEC). This strategic win positions us to play an increasingly integral role in the evolving oil and gas services value chain. With over three decades of experience in the sector, Deep Industries is well-equipped to optimize oil and gas production through the deployment of proven, advanced techniques.

The PEC framework not only broadens our revenue streams but also enhances our profitability, making it a value-accretive proposition for our stakeholders. We remain confident in our ability to deliver exceptional outcomes, driving sustainable growth and long-term success.”

Production Enhancement Contracts (PEC) are aimed at increasing the production of hydrocarbons from the ageing, depleted and mature fields typically spanning around 15 years beyond the original life of the asset. At Rajahmundry asset, ONGC wishes to further develop hydrocarbon reserves from the Contract Areas in a way that improves current production and ultimate recovery of hydrocarbons by application of safe and efficient operating practices and suitable techniques and technologies.

About Deep Industries Ltd.

Deep Industries Ltd. is specialized in providing various Oil & Gas support services since more than 30 years. The Services portfolio includes Natural Gas Compression, Natural Gas Dehydration, Workover and Drilling Rigs Services, and Integrated Project Management Services. The Company is now ‘One Stop Solution Provider’ for every need of Oil and Gas field operations and services. Its comprehensive services portfolio is well supported by wide range of equipment used right from Exploration & Production to Mid Stream Services along with skilled manpower while maintaining safety and quality.

Deep started its journey in 90’s by pioneering Gas Compression services on charter hire basis and has further expanded into various other services over a period of time. Deep has also pioneered the charter hiring of Natural Gas Dehydration and is the only Indian company providing Integrated Project Management Services. Recently, as a part of ‘Value Added Offerings’ Deep has forayed into providing entire Gas Processing Facilities on charter hire basis and has become the first entity in the country to provide such one of its kind services.

PNB Housing Finance Joins Hands with Niramay Charitable Trust to Boost Digital Literacy Among Nursing Students

Inaugurates PEHEL Computer Labs in Two Gujarat Government Nursing Colleges

9th Sept: PNB Housing Finance, a leading housing finance company in India, has inaugurated Pehel Computer Labs in collaboration with Niramay Charitable Trust through its CSR arm, Pehel Foundation. The state-of-the-art computer labs, established in the Government Nursing College Ahmedabad and Surat, aim to enhance digital literacy among nursing students and faculty. The facilities will help more than 1000 students and faculties across both the colleges with online study material, references, assignments, and projects to promote nursing education and research. 

The labs are equipped with latest technology and devices like computers, printers and high-speed internet connections, along with modern infrastructure, to offer a conducive learning environment and significantly promote nursing education and research.

Commenting on the initiative, Mr. Girish Kousgi, MD & CEO of PNB Housing Finance said, “One of the key intervention areas at Pehel Foundation is education, and our initiatives aim to elevate educational quality and accessibility through targeted support programmes across multiple regions. Our partnership with Niramay Charitable Trust will help nursing students and faculties get access to latest study material online, thereby promoting digital literacy among them. We believe that this initiative will foster progressive growth of the country.”

Dr Hariprakash Hadial, Program Director and Dr Apurva Ratnu, Managing Director, Niramay Charitable Trust, added, “We are grateful to PNB Housing Finance for their support and collaboration on this new initiative to launch Pehel Computer Labs. Through this partnership, we look forward to working together and making a positive impact on the lives of nursing students to help achieve their future aspirations.”

PNB Housing Finance and Pehel Foundation remain committed to supporting educational initiatives that empower individuals and communities, fostering a brighter and more inclusive future for all.

About PNB Housing Finance Limited: PNB Housing Finance Limited (NSE: PNBHOUSING, BSE: 540173) is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The Company was listed on the Indian stock exchanges on 07 November 2016. The Company’s asset base comprises retail loans and corporate loans. The retail business focuses on organized mass housing segment financing for the acquisition or construction of houses. In addition, it also provides loans against properties and loans for the purchase & construction of non-residential premises. Corporate loans are mainly to developers for the construction of residential/commercial properties, corporate term loans and lease rental discounting. PNB Housing Finance is a deposit-taking Housing Finance Company.

Union Bank of India Becomes First Major Indian Bank to Sign PCAF

Union Bank of India has announced its decision to become a signatory to the Partnership for Carbon Accounting Financials (PCAF). This step aligns with the growing global emphasis on climate risk management and the recent draft guidelines issued by the Reserve Bank of India (RBI) on climate risk disclosures.

PCAF is a global partnership of financial institutions working to develop and implement a harmonized approach to assess and disclose greenhouse gas emissions associated with loans and investments. By joining PCAF, Union Bank of India demonstrates its commitment to measuring and managing its financed emissions, a crucial aspect of climate risk management for Banks.

Financed emissions, often referred to as Scope 3 emissions, represent the indirect emissions that result from a Bank's lending and investment activities. These emissions can significantly outweigh a Bank's operational emissions and pose substantial risks to its portfolio in the face of climate change and evolving regulations.

The importance of tracking financed emissions has been underscored by the RBI's recent draft guidelines on 'Disclosure framework on climate-related financial risks, 2024', issued on February 28, 2024. The framework mandates regulated entities to disclose information on four key areas: governance, strategy, risk management, and metrics and targets. The RBI's draft guidelines signal a shift towards more stringent climate risk reporting for Indian Banks. Union Bank of India's proactive stance in becoming a PCAF signatory is likely to give it a head start in meeting these upcoming regulatory requirements.

Industry observers note that this move positions UNION BANK OF INDIA at the forefront of climate risk management in the Indian Banking sector. The Bank's adoption of PCAF's methodology is expected to enhance its ability to set targets and develop strategies aligned with global climate goals.