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Deep Nishar, the man part of 36 investments, announces exit from SoftBank Vision Fund, BFSI News, ET BFSI

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Deep Nishar, a senior managing partner at SoftBank Vision Fund, announced his exit from the company today.

Nishar holds a top management post in the company, with only three executives outranking him, including Masayoshi Son, founder and chairman of SoftBank Group Corp.

In a LinkedIn post, Nishar said he would be leaving the firm at the end of the year. He has worked with the company for six years.

“I will bid adieu to my amazing team and colleagues at the end of this year. With much gratitude for the honor and privilege of serving the SoftBank family,” Nishar said in the LinkedIn post.

The reasons for his exit were not mentioned in the LinkedIn post.

Nishar is an IIT-Kharagpur alumnus, and has served on several public and private company boards, including Automation Anywhere, Cohesity and Slack.

Nishar joined SoftBank in 2015, and is based in US’ San Franciso Bay area.

With over 20 years of experience in helping build software businesses, Nishar has served as an asset to SoftBank, co-authoring 14 patents, and being involved in 36 investments, which include eight IPOs and two M&As.

Before SoftBank, Nishar played a pivotal role in LinkedIn as the site’s product head. He helped the site grow from 32 million members to 347 million, and annual revenue increased from $78 million to $2.22 billion.

Before LinkedIn, Nishar held several leadership roles at Google.

He was also the founder of enterprise software company Patkai Networks.

Apart from his strong technical background, Nishar has also been a lecturer at Stanford University.



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Reserve Bank of India – Tenders

Tenders

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Estate Office, Mumbai Regional Office, Reserve Bank of India has invited limited e-tender for “Provision of anti-skid bituminous Mastic road carpet over the internal roads at Governor Bungalow, M L Dhanukar Marg, Mumbai” through MSTC portal (www.mstcecommerce.com/eprochome/rbi).

2. The schedule of tender activities for the captioned work has been revised as under:

a. Name of the work : Provision of anti-skid bituminous Mastic road carpet over the internal roads at Governor Bungalow, M L Dhanukar Marg, Mumbai
b. E-tender Number : RBI/Mumbai/Estate/77/21-22/ET/106
c. TOE start time (Opening of Part 1 – Technical Bid) : October 04, 2021 at 12.30 PM onwards
d. Close Bid date and time : October 04, 2021 at 12.00 PM
e. Opening of Part 2 – Price Bid : If no conditions are found, Part-II (Price Bid) shall also be opened on the same day. Otherwise, the same shall be opened on a subsequent date which shall be communicated to the eligible bidders

3. The remaining timelines remain unchanged.

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Muthoot Finance launches AI-powered virtual assistant ‘Mattu’

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Muthoot Finance has joined hands with Senseforth.ai, a leader in Conversational AI technology to launch ‘Mattu’, an AI-powered virtual assistant.

Available on the website and mobile app, the intelligent assistant enables users to apply for various kinds of loans, address concerns, and perform transactions like checking account balance, paying gold loan interest, availing loan top-ups, making part payments and much more.

Customers of Muthoot Finance can chat or speak with the AI virtual assistant in both English and Hindi. This virtual assistant is also available on WhatsApp, making it very easy for users to access key services through natural human interactions.

Alexander George Muthoot, Deputy Managing Director, The Muthoot Group said, “The launch of a revamped and turbo-charged Mattu marks the beginning of a new chapter for us. This AI-powered virtual assistant offers various customer-friendly features like multi-lingual support, voice search capability, and can handle more than 250 frequently asked questions. Besides, if a user wants to speak with our customer service representative, they can do so via the virtual assistant. This is great customer convenience in current times”

Eapen Alexander Muthoot, Executive Director, The Muthoot Group said, “As a leading NBFC, technological innovations are at the core of our customer-centric approach. Mattu opens up another secure communication channel with our customers and offers a plethora of intuitive features and benefits. This is an excellent value addition for our customers and also demonstrates our commitment to the digital-first agenda at the company.”

Shridhar Marri, CEO & Co-founder of Senseforth.ai said, “The modern-day customer expects their needs to be fulfilled within seconds, without having to browse the website or visiting a branch. The launch of Mattu would eliminate buyer friction and ensure that customers of Muthoot Finance have instant access to key services on a channel of their choice.”

With the launch of this unique AI-powered Chatbot, Muthoot Finance is fast emerging as a leading lender that is persistently offering a range of tailor-made, technology-powered services bringing convenience to its customers. Recently it had launched a facility by which its gold loan customers can repay their loan or make interest payments through PayTM, Google Pay and PhonePe. There is also exciting cashback offers for online interest payments.

Muthoot Finance Gold Loan customers can also avail of loan top-ups in just a few clicks using WhatsApp. They can also get a gold loan from the convenience of their home through the Muthoot Finance Gold Loan@Home service.

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Punjab & Sind Bank Revises Interest Rates On Savings Account & FD: Latest Rates Here

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Punjab & Sind Bank Savings Account Interest Rates

PSB Savings Account Deposits are eligible for person/persons (Single or Joint names) and certain organizations/agencies like HUF, Non-Corporate Bodies, Clubs, Trusts, Societies, Associations, Schools, Executor(s) / Administrator(s), Government Bodies, Semi-Government Departments, Recognized PF Accounts, etc.

The account must have a minimum balance of Rs.50,000/- or more in Rural & Semi-Urban Branches and Rs.2,00,000/- or more in Urban & Metro Branches, and an account holder must maintain a minimum balance of Rs.50,000/- or more in Rural & Semi-Urban Branches and Rs.2,00,000/- or more in Urban & Metro Branches.

The account holder must maintain a minimum balance of Rs.50,000/- in the Rural & Semi-Urban Branches and Rs.2,00,000/- in the Urban & Metro Branches in these accounts. With effect from 16th September 2021 PSB is offering the below-listed interest rates on saving accounts.

Particular Rate of interest
Saving Deposits 3.00% p.a.

Punjab & Sind Bank Fixed Deposit Interest Rates

Punjab & Sind Bank Fixed Deposit Interest Rates

For a deposit amount of less than Rs 2 Cr, PSB is now offering the following interest rates to regular citizens on domestic term deposits, NRO accounts, capital gain accounts scheme 1988, recurring deposit scheme and PSB fixed deposit tax-saver scheme.

Maturity Rate of interest (p.a.) in %
7 – 14 Days 3
15 – 30 Days 3
31 – 45 Days 3
46 – 90 Days 3.7
91 – 120 Days 3.9
121-150 Days 3.9
151 – 179 Days 3.9
180 – 269 Days 4.45
270 – 364 Days 4.5
1 Year – 2 Years 5.05
Above 2 Year 5.15
3 Years – 5 Years 5.3
> 5 Year – 10 Years 5.3
Source: Bank Website, w.e.f. 16/09/2021

Punjab & Sind Bank Fixed Deposit Interest Rates For Senior Citizens

Punjab & Sind Bank Fixed Deposit Interest Rates For Senior Citizens

Senior citizens will get the following interest rates on their deposits of less than Rs 2 Cr.

Maturity Rate of interest (p.a.) in %
7 – 14 Days 3
15 – 30 Days 3
31 – 45 Days 3
46 – 90 Days 3.7
91 – 120 Days 3.9
121-150 Days 3.9
151 – 179 Days 3.9
180 – 269 Days 4.95
270 – 364 Days 5
1 Year – 2 Years 5.55
Above 2 Year 5.65
3 Years – 5 Years 5.8
> 5 Year – 10 Years 5.8
Source: Bank Website, w.e.f. 16/09/2021



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Indian Gold Rates Dropped By Rs. 240, On Sept 28, See Why

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Personal Finance

oi-Kuntala Sarkar

|

Today on September 28, gold rates have dropped again in the international future, and spot markets, went down even the $1740 level. IBJA today dropped daily Indian gold rates by Rs. 240/10 grams for both 22 carat and 24 carat gold. The 22 carat gold is quoted at Rs. 45,040 / 10 grams, while the 24 carat gold is quoted at Rs. 46,040 / 10 grams today. Indian gold rates are dependent on global gold prices, while international prices fell, it reflected the same trend in the Indian domestic markets. Gold is a dollar-dominated asset class, and the US dollar index in the spot market also hiked marginally. With fast economic recovery worldwide, gold is now losing its prices on a short-term basis. Hence, these factors dragged down Indian gold rates.

Indian Gold Rates Dropped By Rs. 240, On Sept 28, See Why

The Comex gold future fell by 0.71% at $1739, while the spot gold market fell by 0.61% at $1740/oz today till 3.19 PM IST. On the other hand, the US dollar index in the spot market gained by 0.21% today. In India, the Mumbai MCX gold in October future fell by 0.36% at Rs. 45,904/10 grams till today 3.48 PM IST. Although the future gold rates fell in the international markets, the IBJA hiked daily gold rates in the domestic market in India. But today, IBJA had to drop the prices marginally, ahead of the festive season. US durable goods orders, GDP Q2 report, and Personal Consumption Expenditures (PCE) price index data, yet to be published this week will further influence global gold markets.

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 45,040/- 46,040/-
Delhi 45,350/- 49,480/-
Bangalore 43,200/- 47,130/-
Hyderabad 43,200/- 47,130/-
Chennai 43,550/- 47,510/-
Kerala 43,200/- 47,130/-
Kolkata 45,600/- 48,300/-

Chris Vermeulen, chief market strategist of TheTechnicalTraders.com told Kitco News, “I think gold is trying to put in a base. I think it’s going to try to range here before $1,700 and $2,000 until the end of the year, and next could be a very big year for gold.” Vermeulen thinks that in short term it seems like a downward trend but in long term, we can expect a bullish pattern from gold. “For investors, it is an attractive looking chart,” he said, showing the gold rate chart from 2019 to present days, as it went up and is going down now. “As an investment I like it, as a trade I do not like it at this point,” Vermeulen added. However, the investors and traders are now waiting for US Federal Reserve Chair Jerome Powell’s decisions over the tapering timeline in the USA, as it will decide the metal’s future in the next year.

Story first published: Tuesday, September 28, 2021, 15:55 [IST]



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Mumbai HC refuses bail to Yes Bank founder Rana Kapoor’s wife, daughters in DHFL corruption case

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The Bombay High Court on Tuesday refused to grant bail to Yes Bank founder Rana Kapoor’s wife and two daughters in a corruption and cheating case involving private sector lender Dewan Housing Finance Corporation Ltd (DHFL).

A single bench of Justice Bharati Dangre rejected the bail applications filed by Kapoor’s wife Bindu and daughters Roshini and Radha.

The three had approached the HC last week, challenging a special CBI court order of September 18 which refused them bail while noting that they had, prima facie, caused a loss of Rs 4,000 crore to the Yes Bank through illegal acts.

The lower court had remanded them in 14-day judicial custody and said they did not deserve any sympathy for being women.

The three are currently lodged at the Byculla women’s prison in Mumbai.

In their bail pleas filed in the HC, they had said the special CBI court gravely erred in observing that the accusations against them prima facie show complicity in having co-fraudulently and dishonestly received loans as quid pro quo for favour shown by the Yes Bank to DHFL.

The Central Bureau of Investigation (CBI) had opposed their pleas and said there was nothing wrong with the special court’s order and that it was merely securing the presence of the accused for the purpose of trial.

The CBI’s case is that Rana Kapoor, who is currently in jail in connection with a related case being probed by the Enforcement Directorate, had entered into a criminal conspiracy with DHFL’s Kapil Wadhawan.

The CBI stated that between April and June 2018, Yes Bank invested ₹3,700 crore in short-term debentures of DHFL. In return, DHFL allegedly paid a kickback of ₹900 crore to Kapoor in the form of loans to one DoIT Urban Ventures, a firm controlled by Kapoor’s wife and daughters.

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Capital Float raises $50 m funding from Lightrock India, others

Banking & Finance

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Fintech major Capital Float on Tuesday said it has raised $50 million (about ₹370.3 crore) in funding, led by Lightrock India.

Current investors Sequoia Capital India, Ribbit Capital, Creation Investments and Dinesh Hinduja family office also participated in the round, in addition to new investors David Vélez (Nubank founder), Kunal Shah (Cred founder) and Pine Labs CEO Amrish Rau, a statement said.

The funds raised will be used to strengthen and scale Capital Float’s BNPL (Buy-Now-Pay-Later) platform and expand its partner ecosystem, it added.

The company said it has witnessed rapid growth over the past year, with 2.5 million customers now using its product to finance over ₹2,000 crore of online purchases annually.

Capital Float has partnered with platforms such as Amazon (powering Amazon Paylater), MakeMyTrip, Unacademy, and Boat to help consumers finance purchases across e-commerce, D2C (direct-to-consumer) brands, travel, edtech and healthcare.

It also recently launched a strategic partnership with Razorpay to expand BNPL to over one lakh merchants across the country.

“We are now financing two million purchases every month across 14,000 pin codes, while maintaining NPAs below 1.5 per cent. This positions us as the market leader in BNPL in India today,” Capital Float co-founder Sashank Rishyasringa said.

Growth opportunities

Capital Float Co-founder Gaurav Hinduja added that the company sees an exponential growth opportunity ahead from this point on.

“By solving for affordability as well as convenience, in a fully-regulated format, we believe that our BNPL approach can responsibly expand access to credit to over 100 million customers who are starting to transact online. We are privileged to have the support of our investors in pursuing this vision, and are excited to work in partnership to build out a world-class digital financial institution for India,” he stated.

Founded in 2013, Capital Float is the trade name for CapFloat Financial Services, a non-banking finance csompany registered with the Reserve Bank of India.

It has raised funding from marquee investors such as Aspada, Elevation Capital (formerly SAIF), Sequoia India, Creation Investments Capital Management LLC, Ribbit Capital, and Amazon.

In addition to offering BNPL at checkout across its merchant partners, the company also operates Walnut — a personal finance app with over 12 million lifetime downloads.

Walnut offers a range of personal finance features such as expense tracking, budgeting, and bill reminders, provides instant small-ticket loans to salaried and self-employed individuals 24/7, and recently launched insurance options on the app as well.

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Muthoot Finance launches AI Virtual Assistant ‘Mattu’, BFSI News, ET BFSI

Personal Finance

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Muthoot Finance, gold loan NBFC has partnered with Senseforth.ai, conversational AI technology company to launch ‘Mattu’, an AI-powered virtual assistant.

Available on the website and mobile app, the intelligent assistant enables users to apply for various kinds of loans, address concerns, and perform transactions like checking account balance, paying gold loan interest, availing loan top-ups, making part payments and much more.

Alexander George Muthoot, Deputy Managing Director, The Muthoot Group said, “The launch of a revamped and turbo-charged Mattu marks the beginning of a new chapter for us. This AI-powered virtual assistant offers various customer-friendly features like multi-lingual support, voice search capability, and can handle more than 250 frequently asked questions.”

Customers of Muthoot Finance can chat or speak with the AI virtual assistant in both English and Hindi. This virtual assistant is also available on WhatsApp, which makes it very easy for users to access key services through natural human interactions.

Shridhar Marri, CEO & Co-founder of Senseforth.ai said, “The modern day customer expects their needs to be fulfilled within seconds, without having to browse the website or visiting a branch. The launch of Mattu would eliminate buyer friction and ensure that customers of Muthoot Finance have instant access to key services on a channel of their choice.”



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NFRA Chief’s term ends on Thursday; no clarity yet on successor, second term

Banking & Finance

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National Financial Reporting Authority (NFRA) Chairperson Rangachari Sridharan is expected to demit office on Thursday with his three-year tenure coming to an end on September 30. There is still no clarity on whether he will get reappointed although the rules provide for such a step, official sources said.

The “competent authority” is yet to take the final call, they added, noting that the matter has to go to the Appointments Committee of the Cabinet (ACC) for approval. Over 70 persons including bureaucrats, chartered accountants and retired judges have applied for the post, it is learnt.

It may also be noted that the search-cum-selection committee is free to identify and recommend any person also, based on merit, who has not applied for the post.

Going by what had happened recently in the case of appointments of top officials of Income Tax Appellate Tribunal or the National Company Law Appellate Tribunal, there can always be last minute twists and turns in such appointments, say economy watchers.

Audit quality reviews

In his role as the first Chairperson of NFRA, Sridharan, who had an eventful three-year tenure since October 1, 2018, sought to build NFRA as an independent audit regulator from scratch. Despite challenges around staffing and office infrastructure, he helped devise NFRA’s own process for Audit Quality Review and even created an internal manual.

As many as three Audit Quality Review Reports on statutory audits of three scam ridden entities — IL& FS Financial Services , Jaiprakash Associates and IL& FS Transportation Networks — were issued by NFRA in the three year period. During his tenure, Sridharan had several run-ins with the Institute of Chartered Accountants of India, some of whose members he had pulled up in the three AQRs named above. The ICAI is completely opposed to NFRA’s existence.

Meanwhile, MS Sahoo, Chairperson of insolvency regulator IBBI, is also due to demit office on Thursday after a five-year stint at the helm. Sahoo has already conveyed to the government that he would be unavailable for reappointment.

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