Yogi Divine Society extends its support by distributing Sanitizers to various Police Stations

MUMBAI, 29 MAY, 2020 (HPN): Yogi Divine Society, a registered charitable institution based in Mumbai, alongwith Ms. Nita Doshi and Mr. Nimesh Shah, extend their support amidst the pandemic by arranging for the distribution of hand sanitizers to various Police Stations. Param Pujya Vashibhai and Shri. Mehul Vyas, representatives of this institution, distributed these sanitizers for DCP Zone VIII, for the BKC Police Station and Thane Police Station. ENDS

Yogi Divine Society continues to be a source of support and releif in these trying times by providing refreshments to the Police Personel

MUMBAI, 27 MAY, 2020 (HPN): The “Akshardham”_ a Swaminarayan Temple under the banner of Yogi Divine Society, located in Powai, Mumbai, has, since the inception of this pandemic, extended it’s support and resources for the needy.

Apart from distributing ration packets, food packets and masks, the representatives of this prestigious institution, have also been providing Tea at 5:30 am in the mornings to around 40 of the Police Personel engaged in and around Ghatkopar. Not only that, in the afternoons, they have also been providing “Chhaas” in the Temple premises to the on-duty Police Personel, engaged in Powai. Truly, the support extended by this institution and the spirit shown by it’s representatives is commendable and exemplary. ENDS

Suguna Foods Addresses COVID-19 from Immunity Angle Across the Country Increased the production of critical Vitamin D eggs

Mumbai, 27^th May 2020 (HPN): India’s largest poultry conglomerate, Suguna Foods announced that it has ramped up the production of Vitamin D enriched eggs, the first of its kind in the country, as part of its relentless commitment to support the public health response and protect their well-being. Available across the company’s flagship Suguna Daily Fressh outlets and other supermarkets, these super specialty eggs provide 82% of the daily value of Vitamin D in a single egg which is a critical component in the current health crisis due to COVID-19.

Since March, Suguna Foods has significantly increased production of Vitamin D enriched eggs across the country. With a strong R&D team that focuses on nutrition, Suguna produces clear and nutritious Vitamin D eggs which are the most inexpensive and the healthiest protein source that helps maintain a balanced diet and healthy lifestyle for people of all age groups and health conditions.

Commenting on the development, Mr.Vignesh Soundararajan, Executive Director, Suguna Foods Pvt. Ltd., said, “Since the outbreak began, we have worked relentlessly with a commitment to continue delivering products of the highest quality to help improve the immunity system which remains critical in this crisis. And we have shifted some of our farms to increase the production of Vitamin D Eggs, an essential vitamin required by the body. As we work to expand our own production, we are also working with governments and others to prioritize, triage and redirect supplies to serve the most critical needs and areas.”

Suguna, under its Suguna Value Added Eggs, offers four varieties of value added speciality eggs, each fortified with specific vitamins, and nutrients to help maintain a balanced diet and healthy lifestyle for people of all age groups and health conditions. Priced at Rs. 69 for a pack of six eggs, the Vitamin D egg was launched in the year 2015 after conducting an in-depth research for the consumers. The product is available across Suguna Daily Fressh stores as well as the leading supermarkets across the country. 

About Suguna Foods:

Suguna is the tenth largest poultry enterprise in the world. With a turnover of Rs.9051crore FY 2018-19,the company has operations in 18 Indian States and 1 Union Territory in the country. Suguna produces 760 million chickens per annum. There are 67 hatcheries and 54 feed mills in full-fledged production supplying 2.5 million MT per annum of feed for both captive consumption and sale. They supply 13,715 metric tonnes of processed chicken per annum. Suguna provides rural entrepreneurship to 36,000 plus farmers in multiple nations and procures grains and soya seeds of about 2 million MT/annum from them. There are 2 lakh channel partners in drive across the country and abroad. With the intent to provide consumers with fresh, clean and hygienic packed chicken, Suguna has set up a chain of modern retail outlets. Suguna Daily Fressh, Suguna Home Bites, Suguna Anytime processed chicken and four varieties of specialty Suguna value added eggs, Suguna Home Bites are successful product ranges from Suguna Foods.

Consumer Agri-Tech Startup ‘Fraazo’ Introduces ‘Society Stores’ to Minimise Touch Points for Supply Chain Hygiene

INDIA,  18^th MAY, 2020  (HPN): With a rapid increase in COVID-19 cases across Maharashtra, people fear to venture out from the safety of their homes. Since vegetables and fruits are an essential need for every household, a majority of the population is opting for doorstep delivery as a safer option to fulfill their needs. However, given the COVID-19 pandemic, customers are seeking safety in terms of hygienically handled food. Fraazo – a Mumbai based Consumer Agri-Tech startup has introduced a new feature– ‘Society Stores’ to reduces multiple handling and unhygienic treatment of our foods to deliver health and happiness to their customers’ homes. Under this farm-fresh fruits and vegetables are directly supplied to registered societies/apartments, thereby reducing touch points across the supply chain.

To set up a ‘Society Store’ in any society/apartment, users can log on to its society-registration weblink: http://society.fraazo.com/ enter details of their society, and after an internal viability assessment, Fraazo establishes their store in registered societies as per time and day of their convenience. To make the process of buying fruits and vegetable hassle-free, it also offers a ‘Pick-up’ feature on its application, wherein customers can control the entire process of buying fruits and vegetables – right from choosing the order, to make the payment and even picking it up through the Fraazo App – delivering a no-touch experience! The brand ensures Farm to Customer Doorstep Delivery is executed within 18hours, to keep the promise of fresh products to every kitchen.

Mr. Atul Kumar, CEO & Co-Founder, Fraazo, Consumer Agri-Tech said, “Fraazo is a quality-focused and hygiene driven platform for farm-freshfood to every kitchen. Realizing the importance of providing hygienic and quality food in the COVID-19 lockdown, we are innovating with our ‘Society Stores’ to service people who are left with no options for trusted essentials.Our society stores have got an encouraging response and we aregrateful to all the society committees for supporting our efforts and ensuring their members follow strict measures of social distancing while choosing from our variety of farm-fresh vegetables and fruits.”

Fraazo is currently serving 60+ societies in this difficult situation during the lockdown and is already and is consistently working towards taking this number to 100+ societies across Mumbai. Another special feature introduced by Fraazois their ‘Express Delivery Service’ to ensure quick and contact-less delivery right at people’s doorstep. Under this service,the brand ensures the fastest last-mile delivery in just 2 hours. Given the manpower constraints during the lockdown, Fraazo is providing Express Delivery at its full capacity.

Started as a store offering premium quality farm-fresh vegetables and fruits in the posh neighborhood of Powai, Mumbai in 2016, ‘Fraazo’ adopted a digital-first approach in October 2019 and has since expanded its reach across Andheri and key locations in Pune. With a strong focus on Quality, Freshness, and a large variety of SKUs, Fraazo is a store-turned-consumer agri-tech startup that helps to create market linkages for farmers by streamlining the supply chain while also bringing efficiency and transparency to the entire value chain.  The brand holds a strong sales channel app, society stores, front stores, and third-party app to ensure better connectivity with end consumers.

Fraazo App is available on both Android and iOS platforms. ENDS

BALCO embraces automation for bolstering security and communication during COVID-19

Mr. Abhijit Pati, CEO & Director BALCO

MUMBAI, 18 MAY, 2020 (HPN): Bharat Aluminium Company (BALCO), a global pioneer in the aluminium & power sector recently launched an automated and highly sophisticated Centralised Security Operations Centre (CSOC) to further strengthen the security of its people and operations. This technological enhancement of the security function is in line with BALCO’s relentless efforts towards strengthening workforce safety and asset integrity. The company is rapidly deploying state-of the-art technology across all functions and security automation is a firm step in this direction.

 As one of the first manufacturing organizations in India to incorporate state-of-the-art technology in its communication methodology, BALCO believes in being an innovation driver. In the wake ofCOVID-19, smart technology innovations deployed at BALCO have been playing a major role in ensuring business continuity as well as ensuring that all protocols laid out for social distancing are being adhered to..

CEO & Director, Mr. Abhijit Pati said, “Safety and security of our people and assets is of paramount importance to us. BALCO has been one of the early adopters in India to explore the field of smart technologies in its security set-up. These investments and skills further bolster the culture of safety that we have meticulously fostered across the organization. These technologies are standing us in good stead in the wake of COVID-19. We are ensuring a future-ready organization that can sustain production even in the face of severe odds for a self-reliant India.”

To create an ecosystem of smart automation in its operations, BALCO has setup the best-of-the-breed Centralized Security Operations Centre (CSOC).. CSOC has several cutting-edge security solutions ranging from edge-based security analytics for incident detection and response to effective management of security resources on ground, besides enablement of intelligence collection. Deployment of CSOC enables BALCO’s security, traffic safety and supply chain security functions to leverage digital intelligence and data insights for better and agile decision making.

During the current COVID outbreak, this CSOC has doubled up as an Emergency Control & Command Center for monitoring the plant and township for employees to report any cases or seek help. It has been instrumental in creating an effective communication system during COVID-19 relief work. From keeping track of manpower movement inside the plant premises to being able to trace movement of people coming from other districts/states, and collaborating with district administration for ensuring collective wellbeing, CSOC has been instrumental in strengthening the collaboration between BALCO and the local administration.

Additionally, CSOC has also enabled the implementation of  ‘man-less’ perimeter wall, putting an end to internal ‘static security’ posts and redefining the role of security patrols towards ensuring seamless coordination among various stakeholders during exigencies.

To further strengthen safety of its women professionals and families, BALCO has developed an inhouse  “Nirbhaya” app, which uses GPS to send an alarm by way of an SMS denoting the user’s location in case of events like accidents, emergencies or other unsafe conditions.

From installing GPS-enabled monitoring system in coal carrying  vehicles to school buses ferrying the township kids back and forth from school, and introducing Artificial Intelligence in operations, the company is actively exploring the field of smart technologies to enhance performance and boost production.

Amid the pandemic, the company is continuing its preventive measures for the local populace in collaboration with the district administration, health workers, employees and  families, business associates and NGO partners towards ensuring grassroots preparedness Several employees have also volunteered to take care of food and medicine requirements of underprivileged families who  have been adversely impacted due to the pandemic. ENDS

Yogi Divine Society provides help amidst Covid-19

MUMBAI,  16 MAY,  2020 (HPN): Param Pujya Vashibhai and Shri Sanket of Yogi Divine Society- Mumbai donated ration packets with ration of 15 days to Shri Prathmesh & Shri Rohit – the representatives of Aavishkar Samajik Pratishthan – Dadar -Photo By HPN

Pudumjee Paper resumes production of specialty paper products at its Pune plant

PUNE, 16^th MAY, 2020 (HPN): ThePudumjee Paper Products Limited (Company) had suspended its plant operations at Pune with effect from 23^rd March, 2020 to ensure the safety of employees/workers of the Company in the wake of the Novel Coronavirus (COVID19) pandemic. Pune, currently, is classified under Red Zone.

On 8^th May, 2020, the Company received permission from Government of Maharashtra for resuming production at its Pune plant. Accordingly, the Company has resumed manufacturing of Specialty paper products required as input for packaging material in the manufacture of pharmaceutical products, hospital supplies, hygiene sectors, food, confectionery etc.

Earlier, in April, the Company received permission from Government of Maharashtra for dispatch and transport of manufactured paper products of the Company lying in its inventory for use in essential supplies like soap wrappers, papers for medical packaging, food packaging, tissue paper for hygiene etc., which in turn is required to maintain supply chain of essential commodities/services during prevalence of the Pandemic. Similarly, the Hygiene Division engaged in supply of essential products had also resumed its operations.

Needless to say, that the Company is taking appropriate measures to ensure the safety, hygiene and well-being of all its employees/workers in compliance with the directives/circulars issued by the Government. ENDS

EQUITAS SMALL FINANCE BANK LIMITED ANNOUNCES Q4 FY 20 RESULTS

MUMBAI, 14 MAY, 2020 (HPN): Bank makes provisions in excess of RBI prescribed norms

COVID-19 provision at Rs. 996.30 Mn as of March 31, 2020

PAT for FY20 at Rs. 2,436.35 Mn as against Rs. 2,105.66 Mn in FY19, growth of 15.70%

Cost to Income* improved by 390 basis points from 70.30% in FY19 to 66.38% in FY20

FY20 Highlights:

1. Key Highlights for FY20:

• Advances^{^}:

o   Disbursement for FY20 grew 15.54% YoY to Rs. 99,110.73 Mn from Rs. 85,783.11 Mn in FY19

o   Advances^{^} as of March 31, 2020 grew 31.29% YoY to Rs. 1,53,669.45 Mn

• Liabilities:

o   Deposits excluding CD at Rs. 1,02,999.91 Mn, growth of 25.69% YoY

o   Retail TD at Rs. 38,112.87 Mn as on 31st March 2020, growth of 132.93% YoY

o   CASA stood at Rs. 22,082.13 Mn, CASA as a % of Total Deposits at 21.44%

• Key Ratios:

o   Cost to Income* improved by 390 basis points from 70.30% in FY19 to 66.38% in FY20

o   RoA^ and RoE# for FY20 at 1.39% and 9.84% respectively vs. 1.45% & 9.85% in FY19

^Advances = Gross Advances including IBPC issued |NIM = Net interest income as a % of avg. income earning assets | Total Deposits = Deposits excluding CD| *Cost to income ratio is calculated as a ratio of Operating expenses divided by Net Operating Income (Net Operating Income is a sum of net interest income and other income) ^RoA – ratio of the net profit for the period/year total average assets | ^#Ratio of the net profit for the period/ to the average shareholders’ Equity | ^$GNPA including IBPC

• Capital:

o   As of March 31, 2020 Total CRAR at 23.61% and Tier-I CRAR of 22.44%; Well above minimum regulatory requirements of 15% and 7.5%

o   Tier II Capital at 1.17%

• Liquidity:

o   Bank has undertaken Inter-Bank Participation Certificates (IBPCs) with a mix of PSL/Non-PSL advances which further enhances the liquidity of the Bank

o   Liquidity Coverage Ratio (LCR)^$ as on 31.03.2020 at 132.2% much above the minimum regulatory requirement of LCR at 90%

2. Profit & Loss:

• Net Interest Income for FY20 at Rs. 14,953.06 Mn as against Rs. 11,517.34 Mn in FY19, growth of 29.83%, NIM* at 9.11%
• PBT before provisions and write off for FY20 at Rs. 5,975.79 Mn as against Rs. 4,261.45 Mn in FY19, growth of 40.23%
• Provisions for FY20 at Rs. 2,466.39 Mn, including Rs. 996.30 Mn COVID-19 provision (including Rs. 29.8 Mn representing the minimum provision of 10% on standard assets availing moratorium where asset classification benefit is extended. The provision held by banks are in excess of the RBI prescribed norms.
• PAT for FY20 at Rs. 2,436.35 Mn as against Rs. 2,105.66 Mn in FY19, growth of 15.70%
• Cost to Income* improved by 390 basis points from 70.30% in FY19 to 66.38% in FY20
• RoA^ and RoE# for FY20 at 1.39% and 9.84% respectively vs. 1.45% & 9.85% in FY19

3. Balance Sheet:

• Advances^{^} as of March 31, 2020 grew 31.29% YoY to Rs. 1,53,669.45 Mn

o   Micro Finance grew by 17.81% YoY from Rs. 30,696.02 Mn in FY19 to Rs. 36,161.60 Mn in FY20

o   Small Business Loans (Incl. HF) grew by 37.19% YoY from Rs. 45,771.21 Mn in FY19 to Rs. 62,794.36 Mn in FY20

o   Vehicle Finance grew by 27.41% YoY from Rs. 29,511.97 Mn in FY19 to Rs. 37,599.72 Mn in FY20

o   MSE Finance grew by 270.12% YoY from Rs. 1,808.61 Mn in FY19 to Rs. 6,694.10 Mn in FY20

o   Corporate Loans grew by 79.43% YoY from Rs. 4,559.65 Mn in FY19 to Rs. 8,181.19 Mn in FY20

^Advances = Gross Advances including IBPC issued |NIM = Net interest income as a % of avg. income earning assets | Total Deposits = Deposits excluding CD| *Cost to income ratio is calculated as a ratio of Operating expenses divided by Net Operating Income (Net Operating Income is a sum of net interest income and other income) ^RoA – ratio of the net profit for the period/year total average assets | ^#Ratio of the net profit for the period/ to the average shareholders’ Equity | ^$GNPA including IBPC | $ – LCR as on 31.03.2020

• Disbursements for the year grew 15.54% YoY to Rs. 99,110.73 Mn
• 75.39% of the overall advances^{^} is secured loans

4. Liabilities & Branch Banking:

• Deposits excluding CD at Rs. 1,02,999.91 Mn, growth of 25.69% YoY
• Retail TD at Rs. 38,112.87 Mn as on 31st March 2020, growth of 132.93% YoY
• CASA stood at Rs. 22,082.13 Mn, CASA as a % of Total Deposits at 21.44%

5. Asset Quality:

• GNPA^$ at 2.72% in FY20 as compared to 2.53% in FY19
• NNPA at 1.66% in FY20 as compared to 1.44% in FY19. ENDS

GJEPC expresses gratitude towards CM and others for allowing jewellery exports operations with 10 percent workforce

MUMBAI, 13 MAY, 2020 (HPN): Gem and Jewellery Export Promotion Council (GJEPC) expresses gratitude towards Chief Minister of Maharashtra Shri Uddhav Thackeray and others for allowing jewellery exports operations with 10 percent workforce from Mumbai during lockdown

Mr. Pramod Kumar Agrawal, Chairman, GJEPC said, “I would like to express my gratitude to Hon’ble Chief Minister of Maharashtra, Uddhav Thackerayji to give permission with 10 percent of workforce during lockdown period to the gems and jewellery export units in Mumbai at Bharat Diamond Bourse and SEEPZ. It’s a great step by the Maharashtra Govt, as it will help commence operations to the industry to process and deliver pending export jewellery orders worth millions of dollars. Gems and jewellery has become the first non-essential services industry which has been given permissions to operate during the lockdown. Would also thank Shri Subhash Desai, Maharashtra Cabinet Minister; for granting this permission in Mumbai Metropolitan region. Bharat Diamond Bourse and SEEPZ in Mumbai are major centres which has a huge backlog of orders and the industry is happy that these centres will be operational in the next few days. We would make sure that all factories and units are operational following strict guidelines of maintaining social distancing and ensuring frequent sanitisation of factory premises, equipment, and workers.”

Commenting about gems and jewellery exports from other designated export units in India, Mr Agrawal, said, “Also, would like to thank Shri Piyush Goyal, Honble Union Minister of Commerce & Industry; Department of revenue and Department of Customs, for ensuring business continuity at Surat, Jaipur and other jewellery export hubs in India during the lockdown period.”

Mr. Colin Shah, Vice Chairman, GJEPC said, “It has been a collective effort from all the stakeholders that has helped us start gem & jewellery exports. As always there has been a tremendous support from the Ministry of Commerce & Industry. The Customs department has remained open during the ongoing lockdown and officials have bravely come forward to ensure exports to take place. Both the Ministry of Commerce and Customs department worked relentlessly for the gems and jewellery exports and we as an industry thank them for their constant support. As a result, cancellation of orders got minimised from Mumbai SEEPZ, Surat Diamond Bourse and Jaipur.”

Chief Minister Shri Uddhav Thackerayis doing a great job for public and for business continuity. Will request if you can carry this quote about a thank you note from Gems and jewellery Export Promotion Council about allowing operations for export units at BDB and SEEPZ in Mumbai with 10 percent workforce during lockdown period. ENDS

Liberty General Insurance Delivers Exemplary Customer Experience with its Latest Version of LivMobile App

MUMBAI, MAY 13, 2020 (HPN): In a bid to offer a digitally seamless experience to its customers, Liberty General Insurance Ltd. (Liberty), known for its innovative approach in product offering and customer service, has upgraded its mobile app, LivMobile, into an exciting, all-new avatar. Whether it is car or health insurance, claims or renewals, the LivMobile app packs in everything customers need into the palms of their hands.

With a highly intuitive interface and a customer-centric design, the LivMobile app delivers exemplary service experience to its customers. Along with an upgrade to the design and user experience, LGI has added three new features that simplifies life for customers:

• Click It, Claim It: This feature redefines the claims process. As a policyholder, a customer can now submit a claim in a completely hassle-free way through the mobile phone anytime, from anywhere in just one click.
• One-Click Quote: When it’s time for renewal, the customers get a reminder and a quote at the click of a button.
• E-Locker: The unique e-locker lets the customers store all their insurance policies, including those from other insurers in one place. Moreover, the customers get reminders when their premium is due so that they do not miss out on the due date.

Speaking on the development, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said, “Our new, revamped LivMobile app reiterates Liberty’s customer-first approach and brings us a step closer to a digitally seamless experience for our customers. We have made a conscious effort to make our app more versatile and user friendly and provide a hassle-free experience for our customers. All crucial customer interactions including policy issuance, renewal or claim initiation are now available to our customers with a paperless and simple interface. The e-locker facility is truly unique because it will help our customers manage multiple insurance policies, across health and motor, in one single app.”

LivMobile app is available both on Android and iOS supported smart phones. The existing users will get notifications to upgrade to the revamped app. ENDS

Bharat Financial Inclusion facilitates financial transactions of over Rs. 100 crore in 5000 villages across 4 states in India

HYDERABAD, MAY 12, 2020 (HPN):  Bharat Financial Inclusion Ltd. (BFIL), a 100% subsidiary of IndusInd Bank, today announced that it has facilitated financial transactions worth over Rs. 100 crore through its wide network of Rural Distribution Service Points (RDSP) in Karnataka, Odisha, Maharashtra and Bihar.

These RDSPs, also known as ‘Bharat Money Store’ is a business innovation by BFIL that offers the convenience of facilitating deposits and withdrawals for the rural population based in remote locations of the country. With the help of a Bharat Money Store, rural villagers can now walk into their nearest kirana/merchant store to make basic financial transactions like repaying loans, depositing money, withdrawing cash, making utility and other kinds of bill payments.

Bharat Money Stores are actively supporting Government’s efforts at encouraging the usage of the Direct Benefit Transfer (DBT) model by enabling withdrawal at their neighborhood shop for over 4 lakh beneficiaries in Karnataka, Odisha, Maharashtra and Bihar. Given the restrictions on movement owing to the current lockdown in the country, the Bharat Money Stores have also made banking services available to over 5000 villages, thereby impacting the lives of 3.5 lakh people in addition to the 4 lakh DBT beneficiaries.

Talking about the initiative, Mr. Ritesh Chatterjee, Head, Bharat Money Store said, “At BFIL, it has been our constant endeavor to nurture and support livelihoods across over 1,20,000 villages. Bharat Money Store as a concept has ushered in the most convenient cash-in, cash-out points in rural areas which is coupled with a friendly neighbourhood guide, who caters to the customer’s financial needs. Through this initiative, IndusInd Bank along with BFIL aims to offer the convenience of making banking services available across the remotest areas of the country, without having to make the customer travel long distances. We strongly believe, this will go long way inbuilding financial inclusiveness and sustainability across unbanked as well as under-banked locations of the country.”

“During the lockdown period, many people in my region received funds from government under DBT. They have been coming to my store to withdraw cash, deposit or transfer money. I am happy to have served customers and supported the government by facilitating DBT transactions at such a critical time”, said Raghvendra, a Bharat Money Store merchantfrom Chincholi in Sulepeth, Karnataka.

The Bharat Money Store is built on the strength of the Aadhaar architecture (eKYC, AEPS) which is central to the Government’s DBT model for distribution of relief fund, as well as the only payment channel to have seen a record increase in transactions volumes in April this year. ENDS

Bandhan Bank grows stronger – now has 2.01 crore customers

KOLKATA, MAY 12, 2020 (HPN):Bandhan Bank announced the results of the last quarter of financial year 2019-20 on Tuesday. The Bank’s total business grew 46.50% year-on-year to reach Rs.1,28,928 crore. This was the fifth Q4 results declaration. The Bank started operations in FY15-16 and will complete five years of operations in August this year. In just 4 and a half years, the Bank has 4,559 banking outlets through which it serves 2.01 crore customers. The bank added 11 lakh customers in the financial year. The total number of employees working at Bandhan Bank stands at 39,750. 

The Bank’s deposit book grew 32.04% over the previous year. The total deposits now stand at Rs.57,082 crore. The current account + savings account (CASA) book grew by 19.36% year-on-year. On the advance book, the bank saw 60.46% growth over the previous year. The total advances are now at Rs.71,846 crore. The net NPA of the Bank stands at 0.58%, signifying a quality loan book. 

Capital Adequacy Ratio (CAR), an indication of the stability of the Bank, was at 27.4%, including profits, much higher than the standard norm. The Bank’s net profit stood at Rs.3,024 crore, which is 54.96% higher than the previous year. 

Speaking on the results, Chandra Shekhar Ghosh, MD & CEO, said, “The year had its challenges in the banking industry and with sluggish economy. Despite that, we have been able to register a strong year. Our growth is thanks to the trust and confidence reposed on us by all our customers. While the last two weeks of the financial year were beginning to see the impact of the COVID-19 pandemic, our business did not see significant impact. The Bank through its employees will continue to be committed to serve our customers better and also bring meaningful impact in society and economy.” ENDS

Equitas Small Finance Bank Limited offers NRE and NRO Savings, Fixed and Recurring Deposit Account

MUMBAI, MAY 12, 2020 (HPN): Equitas Small Finance Bank Limited (the “Bank”), the largest small finance bank (“SFB“) in India in terms of number of banking outlets as of March 31, 2019 (Source: CRISIL report), is offering NRE and NRO Savings, Fixed and Recurring Deposit Account for NRIs and Person of Indian Origin (“PIOs”).

NRE Rupee Savings Account which offers up to 7.5% per annum interest on savings account is to convert and save overseas earnings in Indian Rupees. The interest earned is not taxable in India and the funds are freely repatriable abroad. (https://www.equitasbank.com/nri/index.php). The main features and benefits of the NRE Rupee Savings Account include, (i) Earn Tax Exempted Interest Income; (ii) Principal and Interest Repatriable aboard, (iii) Safe Deposit Lockers available in different sizes at our branches (Subject to availability), (iv) Debit Card option of Visa International Card Variants or Domestic RuPay Platinum Card, (v) Low Average Monthly Balance requirement of Rs.10,000 for Metro & Urban Branches, Rs.5000/- for Semi Urban Branches and Rs. 2500/- for Rural Branches and (vi) Nomination facility available.

The Non Resident Ordinary (NRO) Rupee Savings Account is to deposit Rupee Cash and manage Indian income like Rent, Dividends, etc. Transfer up to 1 Million USD equivalent of NRO funds in a Financial Year to NRE Savings Account or Repatriate abroad after payment of applicable taxes and documentation. (https://www.equitasbank.com/nri/nro-rupee-savings-account.php) The main features and benefits of the NRO Rupee Savings Account include, (i) Earn Interest Income on NRO Savings Account, (ii) Deposit surplus Rupee Cash and Rupee earnings, (iii) Domestic RuPay Platinum Debit Card with, (iv) Manage your account with an Indian resident relative as Mandate Holder, (v) Low Average Monthly Balance requirement of Rs.10,000 for Metro & Urban Branches, Rs. 5000/- for Semi Urban Branches and Rs. 2500/- for Rural Branches and (vi) Nomination facility available.

NRE Fixed Deposits earn tax free and deposit rates in Indian Rupee for the funds earned abroad. Choose between quarterly interest compounding and quarterly interest payout options as per ones requirement. (https://www.equitasbank.com/nri/nre-rupee-fixed-deposit.php) NRO Fixed Deposits earn deposit rates for funds accrued in India. Choose between quarterly interest compounding and quarterly interest payout options as per ones requirement. (https://www.equitasbank.com/nri/nro-rupee-fixed-deposit.php) Both the NRE and NRO FDs offers up to 8% pa interest on FDs for 888 days.

The unique features of these two products are: 

NRE FD

Benefits:

• Earn Interest on the funds earned abroad.
• Fixed Deposit Tenor from 1 to 5 Years.
• No Pre Closure Penalty on NRE Fixed Deposits.
• Get Average Monthly Balance Charges waived in NRE Savings Bank account with Fixed Deposit of Rs.50,000/- and above.
• NRE Balances of Principle and Interest are Freely Repatriate.
• Nomination facility available

NRO FD

Benefits

• Earn Interest from the income generated in India.
• Fixed Deposit Tenor from 7 Days to 10 Years.
• Get Average Monthly Balance Charges waived in NRO Savings Bank Account with Fixed Deposits of Rs.50,000/- and above.
• Manage your account with an Indian resident relative as Mandate Holder
• Avail Lower TDS by opting to open NRO DTAA Deposits. Applicable only for specific countries where India has entered into Double Taxation Avoidance Agreement and as amended from time to time.
• Nomination facility available

NRE and NRO Recurring Deposit Accounts offers up to 7.75% interest per annum. The recurring deposit accounts offers customers to save in rupees through regular monthly instalments to reach a targeted sum on maturity and enjoy interest rates and easy instalment amount suitable to one’s requirement.

The unique features of these two products are:

NRE Recurring Deposit Account (https://www.equitasbank.com/nri/nre-recurring-deposits.php)

Benefits:

• Invest monthly installments* from Rs. 1,000/- and in multiples of Re. 1 thereafter
• Enjoy interest rate comparable to NRE FD
• Flexi Tenures from 12 month (and in multiples of 3 months thereafter) to 120 months
• Repatriate both principal and interest fully
• Enjoy Tax exemptions on NRE Interest earned
• Open RD in Joint names with another NRI or PIO

(*installment amount once fixed cannot be altered and partial payment of installment is not permitted.)

NRO Recurring Deposit Account (https://www.equitasbank.com/nri/nre-recurring-deposits.php)

Benefits

• Invest monthly installments* from Rs. 1,000/- and in multiples of Re. 1 thereafter
• Enjoy interest rate comparable to NRE FD
• Flexi Tenures from 12 month (and in multiples of 3 months thereafter) to 120 months
• Repatriate both principal and interest fully
• Enjoy Tax exemptions on NRE Interest earned
• Open RD in Joint names with another NRI or PIO

(*installment amount once fixed cannot be altered and partial payment of installment is not permitted.)

Mr. Murali Vaidyanathan, President & Country Head – Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Limited., said, “Equitas SFB offers products for NRIs and PIOs. We believe we offer these products at competitive interest rates and such products will add value to our customer’s remittances. ”

Equitas Small Finance Bank Limited is the largest SFB in India in terms of number of banking

outlets, and the second largest SFB in India in terms of assets under management and total

deposits in Fiscal 2019. (Source: CRISIL report). As of September 30, 2019, its distribution channels comprised 853 Banking Outlets and 322 ATMs across 15 states and union territories in India. Its focus customer segments include individuals with limited access to formal financing channels on account of their informal, variable and cash-based income profile. It offers a range of financial products and services that address the specific requirements of these customer segments by taking into account their income profile, nature of business and type of security available. Its asset products are suited to a range of customers with varying profiles. These include provision of small business loans comprising loan against property, housing loans, and agriculture loans to micro-entrepreneurs, microfinance to joint liability groups predominantly comprising women, used and new commercial vehicle loans to drivers and micro-entrepreneurs typically engaged in logistics, MSE loans to proprietorships, and corporate loans. On the liability side, its target customers comprise mass and mass-affluent individuals to whom the Bank offers current accounts, salary accounts, savings accounts, and a variety of deposit accounts. In addition, it also provides non-credit offerings comprising ATM-cum-debit cards, third party insurance, mutual fund products, and issuance of FASTags. ENDS