Apr 20, 2024 | Uncategorized
In a bid to further enhance the convenience for travellers, NPCI Bharat BillPay Limited (NBBL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), in collaboration with State Bank of India (SBI), has onboarded SBI NCMC cards on its Bharat BillPay platform. The category is already live with SBI NCMC cards for Noida Metro, Nagpur Metro, MMRDA Line 2A & 7, Chennai Metro, Kanpur Metro, and Parliament Canteen via the bank’s Bharat BillPay-enabled application, SBI Unipay, and more frontend platforms will go live with the service soon.
The introduction of National Common Mobility Card (NCMC) Recharge as a biller category will enable customers to recharge/top-up their cards conveniently online, avoiding long queues and ensuring a hassle-free experience. Customers can easily top-up their NCMC cards with up to INR 10,000 online through Bharat BillPay-enabled platforms, supporting various methods such as prepaid, debit, and credit cards. After a successful recharge, customers simply need to tap their NCMC card on the terminal to update their balance.
Speaking on the development, Ms. Noopur Chaturvedi, CEO, NPCI Bharat BillPay, said, “We would like to extend our gratitude to SBI for co-creating and launching this new category with us, which will ease the lives of daily transit users of NCMC cards. NCMC customers, across locations, can now enjoy a seamless experience while recharging, at the platform of their choice. This is one more step to ease digital payments, backed by the certainty, reliability, and safety of our Bharat BillPay platform.”
Mr. Mahesh Kumar Sharma, DMD (Transaction Banking & New Initiatives), State Bank of India, said, “SBI is thrilled to partner with NPCI Bharat BillPay to offer our customers this industry-first offering that promises to revolutionize the way they commute. Through this development, SBI NCMC cardholders can avoid long queues and enjoy the instant and secure option of topping up their wallets via SBI Unipay and all other Bharat BillPay-enabled digital front-end platforms.”
Customers can presently follow below steps for recharging NCMC cards via Bharat BillPay:
- Open SBI Unipay (or other Bharat BillPay enabled front-end platforms)
- Choose NCMC category
- Select Biller
- Input mobile number & last 4 digits of NCMC card number
- Enter recharge amount
- Make payment
Customer will have to then tap their cards on terminals to update the balance on their NCMC cards.
Apr 20, 2024 | Uncategorized
Honda Motorcycle & Scooter India (HMSI), one of the country’s leading two-wheeler manufacturers, proudly announced a significant milestone in its journey. The company has inaugurated a new state-of-the-art engine assembly line at its Global Resource Factory in Manesar, Gurugram (Haryana), with focus on CKD (Completely Knocked Down) exports.
This milestone marks a significant leap forward in HMSI’s commitment to innovation, efficiency, and global excellence. The new assembly line boasts a capacity of manufacturing 600 engines per day. It is equipped to produce engines for models ranging from 110cc to 300cc, catering to diverse needs and preferences of customers across the globe.
HMSI’s Global Resource Factory in Manesar holds a special place in the company’s legacy. Established in 2001 with ‘Activa’ being the first mass production model, it was Honda’s first two-wheeler manufacturing facility in the country. Over the years, it has evolved into a vital export hub, contributing significantly to India’s position as a key player in the global automotive landscape. Currently, HMSI exports to 58 markets spanning Europe, Central & Latin America, Middle East, South-East Asia, Japan, Australia, New Zealand, and SAARC nations.
Speaking on the occasion, Mr. Tsutsumu Otani, Managing Director, President & CEO, Honda Motorcycle and Scooter India, said, “We are happy to introduce a new engine assembly line for CKD exports at our Global Resource Factory in Manesar. It is a testament to our relentless pursuit of driving technological advancements in the industry. With this step, HMSI aims to boost its export capabilities, reaching new heights in market expansion and adherence to global quality standards.”
Key features of the new CKD Engine Assembly Line:
- Quality Themes: Utilizing DC tools for critical torquing, Vision camera inspection system and complete Traceability of parts & processes. There is also a dedicated exhaust collection line and an acoustic chamber to inspect engine sound.
- Automation Technologies: The new CKD engine assembly line gets a flywheel assembly automation system for tightening & torquing. There is also automatic piston parts verification system and small parts interlocking unit that ensures error-free processes.
Apr 18, 2024 | Uncategorized
Ambuja Cements Ltd (Ambuja), the cement and building materials flagship company under Adani portfolio, is pleased to announce a significant development in its growth trajectory. The promoters of the Company – Adani family has fully subscribed to the warrants program in the Company by further infusing INR 8,339 Cr thereby infusing total amount of INR 20,000 Cr. Adani family have increased their stake in the Company by further 3.6% to 70.3%. This follows, the investment of INR 5,000 Cr on 18 October 2022 and INR 6,661 Cr on 28 Mar 2024, which was for part issuance of the shares.
This strategic move underscores unwavering commitment to have robust capital management philosophy for the portfolio companies and the latest investment testifies the commitment by Adani family to boost future prospects and potential of cement vertical. The additional investment will fortify the Company’s financial position, providing it with enhanced capabilities to pursue its ambitious growth plans and capitalize on emerging opportunities in the market.
The funds infusion will be instrumental to accomplish the capacity of 140 million tonnes per annum by 2028 by the cement vertical. Further, it shall also enable various strategic initiatives including debottlenecking capex to enhance operational performance, as well as bringing efficiencies across resources, supply chain. This shall also drive innovation and product enhancement through advanced technology integration for better service offerings to tap the growing requirements of the sector driven by the growth in the Indian economy.
“We are thrilled to announce completion of Adani family’s primary infusion of INR 20,000 Cr in Ambuja,” said Mr. Ajay Kapur, Whole Time Director and CEO, Ambuja Cements Ltd. “This infusion of funds provides Ambuja, capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength. It is not only testament to steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders and this shall propel us towards setting new benchmarks accelerating our growth and continue to deliver on operational excellence, business synergies and cost leadership.”
Barclays Bank PLC, MUFG Bank, Mizuho Bank and Standard Chartered Bank acted as advisor for the transaction.
Apr 18, 2024 | Uncategorized
South Indian Bank has signed an MoU (Memorandum of Understanding) with Ashok Leyland Limited for financing their dealers under the Bank’s dealer finance program. Under this partnership, the Bank will provide unmatched dealer finance options to the dealers of Ashok Leyland Limited.
With this tie-up, South Indian Bank aims to help the dealer partners of Ashok Leyland Limited, streamline vehicle inventory funding. This arrangement is mutually beneficial for the vehicle manufacturer, their dealers, and for South Indian Bank.
Speaking on the alliance, Ms. Biji S S, Senior General Manager & Group Business Head, South Indian Bank said, “We are extremely happy to partner with Ashok Leyland Limited. Through our varied financial solutions, our goal is to offer convenient and complete financing choices to the dealers. We believe that this partnership will meet the business needs of both organizations and create a strong positive impact.”
Speaking on the partnership, Mr. Gopal Mahadevan, Director and Chief Financial Officer, Ashok Leyland Limited said, “We are pleased to partner with South Indian Bank. This alliance will offer appropriate inventory financing solutions to our network of dealers. We, Ashok Leyland and South Indian Bank, are committed to provide exceptional customer experiences.”
The MoU was signed in the presence of Ms. Biji S S, Senior General Manager & Group Business Head, South Indian Bank, Mr. Praveen Joy, Head-Transaction Banking Group, South Indian Bank, Mr. Bala Naga Anjaneyalu, Regional Head – Chennai, South Indian Bank, Ms. Karthika S, Zonal Sales Head – Corporate Business Group (Chennai), South Indian Bank, Mr. C. Neelakantan, Head-Treasury, Ashok Leyland, Mr. Madhusudhan D S, Head, Sales Finance, Ashok Leyland, and Mr. Saket Kumar, Head – Strategy, Ashok Leyland.
Apr 18, 2024 | Uncategorized
Further expanding its reach in Kerala, Suzuki Motorcycle India Pvt. Ltd. (SMIPL), the two-wheeler subsidiary of Suzuki Motor Corporation, Japan, today inaugurated its new dealership – Indus Suzuki in Thiruvananthapuram, Kerala.
Located at Sarada Complex, Step Junction, Near Bharat Petroleum Pump, Mannanthala, Thiruvananthapuram, Indus Suzuki offers a unique experience to its customers in the city. The dealership is dedicated to addressing diverse sales requirements and is equipped with infrastructure to deliver the highest standards of After Sales Service.
Welcoming the new business partner to Suzuki family, Mr. Devashish Handa, Executive Vice President, Sales & After Sales, Suzuki Motorcycle India said, “Inaugurating our new dealership in Thiruvananthapuram, Kerala, marks our efforts to not only come closer to our customers in the city but also to establish Suzuki’s high standards of customer experience. We extend our gratitude to the promoters of our new dealership, M/s Indus Motor Company Private Limited, for their confidence in Brand Suzuki. Our commitment of expanding a network of Dealerships nationwide remains steadfast, ensuring that customers have access to quality offerings and an elevated purchasing experience.”
Indus Suzuki offers a complete range of Suzuki’s domestic scooters and motorcycles. This includes Suzuki Avenis, Access 125, Burgman Street, Burgman EX, V-Strom SX, Gixxer SF250, Gixxer 250, Gixxer SF & Gixxer. Additionally, this dealership will provide the latest range of accessories, apparel, and merchandise offered by the company.
Apr 18, 2024 | Uncategorized
Small Industries Development Bank of India (SIDBI) and Global Alliance for Mass Entrepreneurship (GAME) have successfully completed the first cohort of the NBFC Growth Accelerator Programme (NGAP). Recognising the critical role that smaller NBFCs play in financing MSMEs, particularly new and micro-enterprises, SIDBI and GAME joined forces to create NGAP.
NGAP Cohort 1 comprising 17 Non-Banking Financial Companies (NBFCs) was designed for NBFCs in their growth phase to understand the nuances of the sector, grow as leaders and shape a future-ready organisation through design interventions. This was achieved through a combination of experiential learning modules on risk management, governance, leveraging technology, staying ahead of industry trends etc; personalised mentorship from seasoned industry experts; providing opportunities for peer-to-peer learning & knowledge sharing; and an assessment of each NBFCs operational and financial health.
The five-month intense program has been designed to scale up small NBFCs through various design interventions, thereby facilitating and accelerating the flow of institutional credit to them.
Shri Sivasubramanian Ramann, Chairman and Managing Director, SIDBI, while elaborating on the vision of SIDBI has noted that, “The NGAP initiative is a significant step forward in empowering NBFCs to better serve the MSME sector and reiterated the commitment of SIDBI to nurture the financial entities that serve MSME sector, by equipping them with the tools and knowledge that they need to thrive.” Shri Ramann highlighted the fact that there is a large pool of non-GST registered entities, which are not funded by Banks, and NBFCs should focus on meeting their unmet credit needs. SIDBI has been playing its part in the formalisation of such entities, with about 1.80 crore of Informal Micro Enterprises (IMEs) already registered on to the Udyam Assist Platform (UAP).
Ketul Acharya, President of GAME, informed that, “The success of the first edition of NGAP is in line with GAME’s mission of bringing together and supporting key stakeholders from all sectors to collaborate, lower systemic barriers and create favourable growth conditions for new and existing entrepreneurs.”
Launched in October 2023, the programme is the first-of-its-kind initiative aimed at addressing the funding challenges faced by smaller NBFCs. With the success of the first cohort, SIDBI, with the support of GAME looks forward to empowering a larger pool of NBFCs to foster a more robust MSME ecosystem in India.
