Wednesday, 30 October 2019

RBI fines Rs.1 crore to Janata Sahakari Bank


29/10/2019

PUNE: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on Janata Sahakari Bank Ltd, Pune and of Rs 25 lakh on Jalgaon Peoples Co-operative Bank Ltd.

"The Reserve Bank of India (RBI) has imposed, by order dated October 16, 2019, monetary penalty of Rs 1 crore on Janata Sahakari Bank Ltd, Pune for non-compliance with directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms, Management of Advances and Exposure Norms and Statutory/ Other Restrictions," said the premier bank in a statement.

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, taking into account failure of the bank to adhere to the aforesaid directions issued by RBI.

"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the statement said.

According to another statement, the RBI has "imposed, by order dated October 24, 2019, monetary penalty of Rs 25 lakh on the Jalgaon Peoples Co-operative Bank Ltd, Jalgaon, Maharashtra for non-compliance with directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms and Management of Advances." "The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, for failure of the bank to adhere to the aforesaid directions issued by RBI." 

"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI statement said.

"The statutory inspection of the bank with reference to its financial position as on March 31, 2018, conducted by RBI, revealed, inter alia, non-compliance with RBI directions on IRAC norms and Management of Advances," said the statement. A notice was issued to the bank to show cause as to why the monetary penalty should not be imposed for non-compliance with the aforesaid directions.

"After considering the bank's reply and oral submissions made during the personal hearing, RBI concluded that the aforesaid charges warranted the imposition of the monetary penalty," said the statement.

Investors prefer financial assets more: Karvy


29/10/2019

PUNE: Karvy Private Wealth, the wealth management arm of the leading financial-services conglomerate Karvy Group, launched its 10th edition of ‘India Wealth Report 2019.’ According to this report, individual investors continue moving their wealth from physical assets to financial assets as the proportion of financial assets has inched up from 57.25% to 60.95% in last 5 years.

This report tracks down every rupee invested, in every asset class, by every individual in India.
Taking forward the acceleration of wealth growth over the last few years, individual wealth in India grew by 9.62% to reach Rs. 430 lakh cr in FY19. A majority of this growth was achieved by an impressive 10.96% wealth growth in financial assets as compared to physical assets which grew by 7.59%.

Direct Equity continued to act as a major proponent of investor wealth as it moved up by 6.39% retaining the top spot. Other notable assets which saw good growth include mutual funds, pension funds, alternative investments & international assets.

On this occasion, Abhijit Bhave, CEO, Karvy Private Wealth, said, “Direct Equity continues to hold the fort in terms of investment preference in India. This shows the belief of investors in the Indian equity markets notwithstanding the volatility it has been through. We believe that India’s drive towards a USD 5tn economy will have a cascading positive effect on the individual wealth by 2024. We expect the HNI population to touch 1 million over the next five year.” 

In FY19, the individual wealth in financial assets witnessed an increase of 10.96% and grew to Rs.262 lakh crore as compared to Rs.236 lakh crore in FY18. Like last year, the Top 5 destinations for investment allocation were Direct Equity, Fixed Deposits, Insurance, Saving Accounts and Cash with a total of 72.33% contribution in overall financial assets.

In FY19 the individual wealth in Physical assets increased by 7.59% with Gold and Real Estate together covering 92.57% of this space. This fiscal year the total wealth held by individuals in physical form stood at Rs.167 lakh crores. By FY24 the total individual wealth in India is estimated to have a healthy growth rate at a CAGR of 13.19% to reach nearly Rs.799 lakh crores from the current wealth of Rs.430 lakh crore. The allocation to Financial Assets is estimated to be 66.11% while the allocation to Physical Assets would be 33.89%. 

Massive investment in Infrastructure and Green Energy, backed with a regulatory boost with tax reforms, aided by a huge young workforce, will accelerate the Indian economy towards the $5 trillion target once there is a pickup in consumption. Urban India will go hand in hand with the semi-urban and rural Bharat to achieve this feat.

Monday, 28 October 2019

EV charging outlets up


28/10/2019
 
PUNE: Mumbai-based start-up Magenta Power is setting up charging stations for electric vehicles across the Mumbai-Pune expressway and plans to set up a similar chain across the Pune-Bangalore and Bangalore-Mysore highways by March.

Magenta Power works on providing clean energy solutions and has three business verticals – clean energy generation through roof-top solar solutions, developing EV charging solutions and energy informatics. Magenta is yet to secure funding - a bootstrap company - and has tied up with HPCL.

Magenta Power managing director Maxson Lewis said, “There is a range anxiety among EV owners today. The maximum range that EVs offer today is 120 km. So we have built a number of charging stations on the Mumbai-Pune Expressway, so that EV drivers do not run out of charge. We identified locations and set up charging stations, one every 60 km. We have four charging stations with chargers DC-001 and AC-001.”

The proposed charging chains on the Pune-Bangalore and Bangalore-Mysore highways will have the European standard chargers Combined Charging Systems 2 (CCS2), said Lewis. “Today we are getting one vehicle per day at the charging stations on the EV corridor, whereas we had set up the stations under the assumption of one car per week.”

The company has also set up the first solar based EV charging station in Navi Mumbai. “EVs are not a solution to pollution. It is just transferring the problem from fuel to chimneys. The solution to pollution lies in solar power or renewable energy,” said Lewis.

Magenta Power has installed the first solar based EV charging station in a housing complex in Navi Mumbai. The company has installed a 16W solar plant on the rooftop that provides renewable power to the housing and also feeds the three EV charging stations installed there. “This is the first in India. Nowhere else is there a solar powered EV charging station,” claimed Lewis.

The company has also launched a ChargeGrid Series that turns any location into a charging station. It is a fully integrated, unmanned, convenient, payment enabled open network of smart charging solutions. The “ChargeGrid PRO” series is best suited for community charging in offices, malls and residential societies.

The ChargeGrid PRO comes online connected with the mobile app and a command centre. Through the app EV owners can locate charging stations on an aerial map, book charging slots, get updates on charging, recommendations on time-of-day use and paying charges online. The pricing of the ChargeGrid series starts from a range of Rs 11,000 to Rs 50,000.

Sunday, 27 October 2019

FTII buys new software worth Rs 1 Cr


27/10/2019 

PUNE: The Film and Television Institute of India (FTII) recently installed "one of the most cutting-edge" colour grading and correcting software for films available in the market at a cost of over Rs1 crore.

The FTII has claimed to be the first film school in the country to install the software. A senior official of the FTII said the suite, based on the Baselight V5 Digital Intermediate, will save the institute and its students enough time and money during post-production, as earlier films were sent out for grading and correction. 

"Colour grading and correction is very important in the post-production process for films. But, since we did not have this suite earlier, we would have to send it out to film laboratories in Mumbai. Now that we have this Baselight suite, our students can work on films on campus itself. In fact, immediately after its inauguration this week, the first film is already being processed there," Bhupendra Kainthola, the director of FTII, said.

The suite, developed by a British firm, is one of the most in-use colour correction facilities across the world of films. It enables the production of films in the 2K and 4K format, renowned for its on-screen resolution, when paired with the Christie projector, which is another industry-standard worldwide. 

"We have spent around Rs1.5 crore for its development and it to be put into use. We have also recruited technicians trained in its use, so that they can guide our students effectively during the post-production process," Kainthola said.

Mercedes-Benz delivers 600 cars during Dhanteras


MD and CEO Martin Schwenk
27/10/2019 

PUNE (NEW DELHI): Luxury automobile manufacturer Mercedes-Benz India said that it has delivered more than 600 cars during Dhanteras across markets. The company’s stellar sales performance comes after it had delivered more than 200 cars on Dussehra and Navratri in Mumbai and Gujarat.

Further, Mercedes-Benz India handed more than 250 cars to customers on Dhanteras in Delhi-NCR alone. Taking the Delhi-NCR delivery into account, Mercedes-Benz has delivered more than 600 vehicles to customers in the key markets of Mumbai, Pune, Gujarat, Kolkata and Punjab on Dhanteras.

In addition, the company said that it has sold off the current GLE, three months ahead of plan, owing to an unprecedented demand from across India. It has also opened the bookings for the upcoming new generation GLE scheduled to be launched before the Auto Expo 2020.

According to Mercedes-Benz India’s Managing Director and CEO Martin Schwenk: “The festive season has been satisfactory for us and we are glad to see an overwhelming response to our products from across markets.”

“This impressive number of deliveries during the current festive season reiterates the increasing customer confidence and the trust on brand Mercedes-Benz for a luxury car buyer in a challenging market.”