Category: Personal Finance

Covid Oxygen Crises: List of Companies Offering Oxygen Supply Amid Shortage

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oi-Sneha Kulkarni

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Several hospitals in the country treating Covid-19 patients have been forced to the brink of collapse due to a severe lack of medical oxygen. The situation has deteriorated to the point that hospitals are being forced to seek help on social media.

With several Covid-19 patients leading to the death of a shortage of oxygen in hospitals, a variety of corporations have stepped forward to assist. In times of shortage, a number of major private sector manufacturing companies are repurposing their factories to manufacture medical oxygen.

Covid Oxygen Crises: List of Companies Offering Oxygen Supply Amid Shortage

List of Companies Offering Oxygen Supply Amid a shortage:

Mukesh Ambani’s Reliance Industries

Reliance Industries Ltd, owned by Mukesh Ambani, has modified manufacturing at its Jamnagar oil refineries to manufacture over 700 tonnes of medical-grade oxygen per day, which is being distributed free of charge to states affected by Covid-19.
The company’s Jamnagar refineries in Gujarat provided 100 tonnes of medical-grade oxygen at first, but that number has now risen to over 700 tonnes. The output of the company’s medical-grade oxygen production will be increased to 1,000 tonnes.

TATA Group

In order to resolve its shortage, the company declared that it would import 24 cryogenic containers to carry liquid oxygen. The cryogen liquid containers are dual walls and are designed for the storage of liquefied gases at very low temperatures.. There are also vessels with multilayer insulation.
Tata Group subsidiaries such as Tata Steel also transfer oxygen to States in order to support increased demand.

JSW Steel

JSW Steel intends to increase production and provide 600 tonnes of oxygen per day from its three plants in Karnataka (Ballari), Maharashtra (Dolvi), and Tamil Nadu (Salem). Last week, the company revealed that its Dolvi plant in Maharashtra is supplying 185 tonnes of oxygen. The company is also devising a strategy to increase oxygen supply from its Tamil Nadu factory.

Vedanta

The factory, according to Vedanta, has two oxygen plants with a combined capacity of 1,050 tonnes of oxygen per day. Vedanta has offered to provide oxygen from its decommissioned Sterlite copper plant in Thoothukudi, Tamil Nadu.

IOL and Bharat Petroleum

State-owned Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) have also begun redirecting oxygen generated at their refineries to supplement medical oxygen availability in COVID-19-affected states.

At no charge to various hospitals in Delhi, Haryana, and Punjab, IOC began supplying liquid oxygen at 150 tonnes, while at no cost, BPCL began supplying medical oxygen at 100 tonnes per day.

SAIL

The Steel Authority of India (Sail) reports that the company supplied, up to now, at Bokaro (Jharkhand), Bhilai (Chattisgarh), Rourkela (Odisha), Durgapur and Burnpur, 35,000 tonnes of liquid oxygen of 99.7 percent purity, from its plants.

Rashtriya Ispat Nigam Limited (Vizag Steel Plant)

The company has also given liquid oxygen to Andhra Pradesh and other States for use in its Covid treatment facilities (Vizag steel plant) from Rashtriya Ispat Nigam Limited, Germany. Five units of oxygen extraction plants have been added for the steel plant air separation system. Of these, there are three units capable of producing 550 tonnes per unit per day and two units capable of producing 600 tonnes per unit per day. It produces 2600 tonnes of gas oxygen and 100 tonnes of fluid per day.

Fertilizer major IFFCO

Corporate fertilizer major IFFCO said it would install four oxygen plants in the following 15 days for approximately Rs 30 crore. In Uttar Pradesh, Gujarat, and Odisha, oxygen plants are created. They will be put in the paradise (Odisha), Kalol (Gujarat), Aonla, Phulpura (Uttar Pradesh).

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Safe And Best Investment Options Amid Covid 19

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oi-Roshni Agarwal

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Amid Covid 19 led uncertainty when Indian markets are witnessing bouts of volatility and there is expected to be further correction, those taking the fixed income route of investments are also suffering the loss in purchasing power of their money as the inflation continued to be high.

5 Safe And Best Investment Options Amid Covid 19

Now to generate enough returns that can be meaningful for you. Here are some safe bets for you:

1. Government bonds:

In its February MPC, the government said it would allow retail investors to directly invest in government bonds by opening gilt accounts with it. In the current regime, the return on 10-year benchmark bond is 6.03 percent. And so in case you hold these bonds for the entire 10-years, you will get 6.03 percent per annum.

This yield is based on the government’s borrowing programme as well as RBI’s monetary policy outlook.

Why these bonds are safe?

Such instruments are safe being backed by the government of India. These are like a loan you make to the Indian government. Here you subscribe to the bond and the government guarantees you payment of coupon rate or interest rate.

2. 7.15% Government of India (Taxable) Savings Bonds:

These bonds were first available for sale from July 1, 2020 and offer floating rate interest tied to the NSC. Currently the rate is 7.15% and it is revised every six months based on the NSC rate. For these bonds, there is no cumulative interest pay out option. For buying these bonds one can visit designated branches of banks including SBI, HDFC Bank, ICICI Bank, Axis Bank and others.

3. AAA rated Corporate bond funds:

These corporate bond funds as per SEBI guidelines need to invest at least 80% of the corpus in AA- and above rated corporate bonds. Now some of the benefits of making the allocation in these funds is less credit risk owing to investment in AAA rated corporate. Also, these corporate bond funds offer a higher rate of return in comparison to bond funds.

Here another advantage over the traditional fixed income instrument such as FDs is that they offer a higher return as well as are more tax efficient for those in the higher tax bracket. with investment horizons exceeding 3 years.

Fund 1-year return 3-year return 5-year return 10-year return
L&T Triple Ace Bond Fund 8.25% 9.59% 8.7% 8.04%
Axis Corporate Debt Fund 9.1% 8.09%
HDFC Corporate Bond Fund 9.07% 9.04% 8.81% 9%
ICICI Prudential Corporate Bond Fund 8.64% 8.62% 8.35% 8.54%
ABSL Corporate Bond Fund 9.54% 9.07% 8.7% 9.2%

Source: Value Research

Why they’re safe:

The AAA rating is the highest rating a company and its debt can be accorded. Companies rated AAA by credit rating agencies have been judged to have an extremely high capacity to meet their financial obligations – so it’s unlikely they’ll default on the bond’s interest payments or fail to repay the principal. AAA-rated corporate bonds are considered only slightly riskier than government bonds.

4. Blue-chip stocks:

Though equities tend to be volatile, bluechip stocks or basically large cap companies are deemed as carrying the lowest risk among equities. And equity investment is necessary to beat inflation in the long run and to accumulate wealth over time. Some of the blue chip stocks recommended for investment in India have been RIL, Infosys, HDFC, Bharti Airtel among others.

Why these are considered relatively safe?

These stocks have a long history of existence as well as success and are mostly leaders in their respective sectors. Though there is no certainty with these blue chip stocks but these at worst may stagnate rather than decline in value. Furthermore, these blue chips are consistent in paying dividends and in fact both the value as well as dividend for these stocks tend to go gently higher.

5. ETFs:

Exchange traded funds are mutual funds that are traded on exchanges. One can go for bond or equity as the underlying in the ETF. And for the low risk ETF, one can go for ETFs that track an index of a precisely low-risk asset such as AAA rated corporate bonds, treasury etc.

Also, these ETFs are economical on one’s pocket and provide an exposure to a basket of securities.

Now if you are convinced with these safe set of investments suggested than one must also be knowing the associated risk of safe investments:

1. Inflation risk:

Here the inflation risk is a threat as the rising prices will eat into the principal as well as returns of your investment. Now, for the long term, one needs to invest in investments that generate return over and above inflation such that the value is not lost.

2. Liquidity issue:

There can be liquidity issues arising in case of some of the low-risk investments say for instance in case of CDs on early redemption there is charged a fee.

3. Low return:

This is definitely an attribute of a safe investment and hence one is advised to take calibrated risk to earn slightly higher returns.

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Investors decode crypto’s massive slump, BFSI News, ET BFSI

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Bitcoin has rewarded investors with massive gains all year, but now the cryptocurrency’s famous volatility is back.

The token plunged below $50,000 in Friday trading for its worst week in almost two months as a proposed tax hike for wealthy Americans intensifies an industry selloff.

While the digital token is known for its big price swings, this latest bout has been particularly head-spinning after the all-time high notched on April 14.

Still, talk to investors and analysts and many will say it was a long time coming — with last week’s rally in the satirical Dogecoin and the eye-watering valuation for Coinbase Global Inc. clear signs of market froth.

Here’s what market players are saying about the crypto slump. Comments have been edited and condensed.

Ulrik Lykke, executive director at crypto hedge fund ARK36
“Throughout April, the markets have been slightly overheated due to a large number of margin and leveraged traders. This caused a runup and the correction was only to be expected. In addition, traders’ anxiety and the overall emotional nature of the crypto markets also may have played a role.

“Notably, though, the price of Bitcoin fell only 25% from the recent all-time high and there are reasons to believe the overall trend will remain bullish unless the price drops below $40,000.”

Felix Dian, founder of crypto investment fund MVPQ Capital
“Looking at the previous bull cycle (2016/17), there have been quite a few occurrences when Bitcoin loses momentum and dips below the 100-day moving average. This one was overdue.

“We are actually seeing record subscriptions into our fund this month, from institutional family offices, with many willing to use this as an opportunity to add. Ultimately, strong hands buying will meet the lack of available liquid supply of Bitcoin, triggering a squeeze and further down the road a new retail FOMO wave.”

Jeffrey Halley, senior market analyst for Asia Pacific at OANDA
“The threat of regulation, either directly in developed markets or indirectly via the taxman, has always been crypto’s Achilles’s heel.

“Hopefully, we will hear as many ‘experts’ saying this is a sign of Bitcoin becoming a ‘maturing mainstream asset’ if it falls 10% this weekend, as we do when it rises, or a crypto-exchange chooses to IPO. In the meantime, don’t hate me for being bearish Bitcoin in the near term.”

Nikolaos Panitgirtzoglou, strategist at JPMorgan Chase & Co
“Institutional demand has indeed slowed. I’m not sure what could trigger a re-acceleration of institutional demand. You either need a big announcement like Tesla or simply a correction and clearing of retail froth to incentivise institutional investors to re-enter the market.”

Philip Gradwell, chief economist of Chainalysis, a crypto reasearch firm
“The Coinbase listing was the end of the beginning for crypto. So what do such price movements in the first week of a new phase mean? To be honest, I don’t think they mean that much.

“Prices are still historically high and the fall over the weekend appears to have been a fairly standard reversal after peak prices, which was magnified by three factors. First, the liquidation of a record number of leveraged bets. Second, there had been a build up of Bitcoin on exchanges, which is typical when people are waiting to see if the price will continue to rise or reverse. When it reversed these holders likely rapidly sold. Third, all of this happened in an illiquid weekend market that appeared to have relatively few buyers.”



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Bitcoin tumbles below $50,000, other cryptos sink over Biden tax plans, BFSI News, ET BFSI

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TOKYO/LONDON/NEW YORK: Bitcoin and other cryptocurrencies posted sharp losses on Friday, on concern that US President Joe Biden’s plan to raise capital gains taxes will curb investments in digital assets.

News reports on Thursday said the Biden administration is planning a raft of proposed changes to the US tax code, including a plan to nearly double taxes on capital gains to 39.6% for people earning more than $1 million.

Bitcoin, the biggest and most popular cryptocurrency , slumped to $47,555, falling below the $50,000 mark for the first time since early March. It was last down 4% at $49,667.

Smaller rivals Ether and XRP fell 3.5% and 6.7%, respectively, while dogecoin, created as a joke for early crypto adopters and which had surged about 8,000% this year prior to this latest setback, was down 20% at $0.21, according to price and data tracker CoinGecko.

The tax plans jolted markets, prompting investors to book profits in stocks and other risk assets, which have rallied massively on hopes of a solid economic recovery.

“With a high growth rate in the bitcoin price, crypto holders that have accrued gains will be subjected to this tax increment,” said Nick Spanos, founder at Bitcoin Center NYC. He sees bitcoin dropping further in the coming days.

Bitcoin is on track for an 11.3% loss on the week, its worst weekly showing since late February. On the year, however, it was still up 72%.

But while social media lit up with posts about the plan hurting cryptocurrencies, and individual investors complaining about losses, some traders and analysts said declines are likely to be temporary.

“I don’t think Biden’s taxes plans will have a big impact on bitcoin,” said Ruud Feltkamp, CEO at automated crypto trading bot Cryptohopper. “Bitcoin has only gone up for a long time, it is only natural to see a consolidation. Traders are simply cashing in on winnings.”

Others also remained bullish on bitcoin’s long term prospects, but noted it might take time before prices start increasing again.

“Investors will see the price drop across the crypto market as an opportunity to widen their portfolio by averaging up their investment outlay and buying new altcoins,” said Don Guo, chief executive officer at Broctagon Fintech Group. He added that for bitcoin, investors will see it as an opportunity to buy bitcoin at a lower price.

Shares of cryptocurrency exchange Coinbase were up 0.5% at $294.86 in early afternoon US trading. The public floatation of its shares on April 14 had seen bitcoin prices rise to $65,000, before pulling back 25% in the following days.

“The Coinbase listing – the ultimate poacher-turned-gamekeeper moment – might have been the high watermark for bitcoin,” said Neil Wilson, chief market analyst at Markets.com.



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Best Index Funds To Invest In 2021

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Investment

oi-Roshni Agarwal

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Index fund as the name suggest invest in some of the frontline indices including Nifty 50, Bank Nifty etc. And the fund typically mirrors return of the fund. Being passively managed they carry low expense ratio and allow investor to have an exposure to the equities market. Infact for the retail investor with little know how of the stock market, index funds are the simplest and safest option.

Best Index Funds To Invest In 2021

Best Index Funds To Invest In 2021

How to invest in Index funds?

For investing in index funds – you can either go for Index ETFs or you can invest in open ended index funds. Now for the open ended funds, you can invest from the AMC’s website and here you do not need to have a demat account.

Should You Invest In Index funds?

Amid Covid 19 led bouts of volatility in the indices, index funds can be the preferred option and even capture short term fluctuation.

Being the safe bet and also suggested to the must-have option in one’s mutual fund mix with 5-10% allocation. Here we suggest some of the best Index funds to invest in 2021:

1. UTI Nifty Index Fund:

This is a CRISIL 3-star rated fund with AUM of Rs. 3591 crore. The fund 1-year, 3-year and 5-year return has been 58%, 11.82% and 13.76 percent. Expense ratio of the fund is a meager 0.14 percent. The fund’s top stocks include HDFC Bank, RIL, Infosys, HDFC and ICICI Bank among others.

2. ICICI Prudential Nifty Index Fund:

This is a fund managing asset base of Rs. 1443 crore. The expense ratio is slightly on a higher side of 0.45%. The fund’s 5-year annualized return has been to the tune of 13.80 percent.

3. UTI Sensex ETF:

The 5-star fund commands a significant AUM of Rs. 13140 crore. The fund management charges are 0.07 percent. The fund has shown very good performance among peers. 1-year SIP annualized returns have been over 40 percent. Top stocks in the fund’s portfolio include companies’ like RIL, HDFC Bank, Infosys, HDFC and ICICI Bank among others.

4. HDFC Index Sensex Fund:

The 3-star rated fund has an asset base of Rs. 2063 crore. The 1-year return from the fund has been 54 percent. The fund carries moderately high risk as per the risk-o-meter. The fund has almost 89 percent into Large cap stocks. The benchmark of the fund has been S&P BSE Sensex TRI.

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5 Reasons Why VPF Is Still A Smart Bet For Retirement

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Higher interest rate

VPF has the same interest rate as EPF, which the government determines every fiscal year. The Indian government announces the EPF/VPF interest rate every year, and it is subject to adjustment. The EPF interest rate is currently 8.5 percent. If compared to the other debt-saving instruments like 5-year bank FDs, Senior Citizen Savings Scheme, National Savings Certificate, Public Provident Fund and Pradhan Mantri Vaya Vandana Yojana (PMVVY), VPF provides you the highest interest rate along with tax benefits.

Exempt-Exempt-Exempt (EEE) tax structure

Exempt-Exempt-Exempt (EEE) tax structure

VPF contributions are subject to the same tax rules as EPF contributions. It follows the exempt-exempt-exempt (EEE) tax system. Investing in VPF allows taxpayers to deduct up to Rs 1,50,000 a year. Interest earned on a VPF along with withdrawals made after a period of 5 years are tax-free. This implies that investors don’t need to search for other tax-saving alternatives because VPF allows them to completely use their Section 80C exemption, which guarantees much better returns than any other government-backed scheme. However, the government has made interest on an employee’s contribution of more than Rs 2.5 lakh taxable in Budget 2021.

Flexible withdrawal option

Flexible withdrawal option

It’s worth noting that VPF withdrawals made before completing five years of continuous service are taxable. In the case of an unexpected and immediate financial situation, the money in the VPF account can be withdrawn, according to certain restrictions. A depositor’s VPF balance can be withdrawn for a variety of purposes, namely medical emergencies, children’s higher education or marriage, the purchase/construction of a house or other residential plot, and the repayment of a home loan.

Shorter-lock in period

Shorter-lock in period

VPF is regarded as one of the best investment opportunities, primarily for those searching for long capital growth. Contributions to a VPF account have a 5-year maturity period, according to Voluntary Provident Fund withdrawal regulations. As a result, a person cannot withdraw funds from their Voluntary Provident Fund until the end of the 5-year period without incurring penalties. The withdrawal is tax-free, as long as it is not withdrawn before the 5-year maturity period.

Easy transfer of account

Easy transfer of account

In case of job change, you can transfer your VPF funds the same way you transfer your EPF funds as both are linked to a unique number called UAN (Universal Account Number). When you switch your job and join a new company, your VPF is transferred along with your EPF account. You have the option of withdrawing the funds and closing the account, or continuing to invest in the VPF. Taxes will not be withheld from the withdrawn amount if the account is older than five years. If you want to keep investing, you can notify the current employer when you join.

Goodreturns take

Goodreturns take

VPF contributions are typically made for long-term financial goals, such as retirement. The Voluntary Provident Fund or VPF not only enables you to welcome EEE status into your portfolio but also allows you to save for your retirement. The interest rates are reasonable, and they are among the best across government-sponsored initiatives. VPF investment is fairly secure from market fluctuations since the interest rate is set by the government. Interest received on VPF funds is tax-free as well. Another significant benefit to the scheme is the tax break it provides. If the amount invested in your VPF is less than Rs1.5 lakh, you can claim a tax deduction. All types of provident funds such as Employee Provident Fund (EPF), Voluntary Provident Fund (VPF), and Public Provident Fund (PPF) are retirement plans for salaried employees who wish to save a portion of their salary to ensure their future. These long-term pension schemes assist investors in securing their financial security. As a result, the VPF is a tax-saving extension of the Employees Provident Fund (EPF) which allows you to plan your post-retirement days securely.



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Gold ETFs Vs Gold Mutual Funds: Which Is Better For Investment?

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Investment in Gold ETF

A gold ETF is a form of exchange-traded fund that can be used to replace physical gold. Physical gold investment is inconvenient and risky, as any investor knows. Gold ETFs are passive investment vehicles that invest in gold bullion and are dependent on gold prices. The reserves of an ETF are completely transparent due to its clear gold pricing. Furthermore, relative to physical gold investments, ETFs have much lower expenses due to their special structure and creation process. Gold ETFs invest in 99.5 percent purity gold bullion, which is equivalent to holding the gold.

Gold ETFs are ideal for those who choose to use gold as an investment option rather than for personal use. Gold ETFs can be used as a buffer against any form of uncertainty. It aids in asset diversification and ensures that your portfolio is well-balanced; as gold prices fall or rise, you can adjust your asset allocation plan to ensure that risk is minimized and gains are sustained.

Investment in Gold Mutual Funds

Investment in Gold Mutual Funds

Gold Mutual Funds are gold funds that invest in gold exchange-traded funds (ETFs). Gold funds invest in gold bullion and depend on instruments that are directly linked to gold prices.

Gold mutual funds, like any other mutual fund, earn returns based on the performance of their underlying investment. The NAV of gold funds changes in this situation as the price of the gold ETFs in which they have invested changes.

You will be investing in gold at the current rate if you purchase a gold fund. You will be selling gold at the current rate when you redeem. You’ve made money on gold if the price of gold at the time of redemption is higher than the price at the time of investment.

Difference Between Gold Mutual Funds VS Gold ETF

Difference Between Gold Mutual Funds VS Gold ETF

Minimum Amount

Gold Mutual Funds require a minimum investment of INR 1,000 (as a monthly SIP), while Gold ETFs usually require a minimum investment of 1 gram gold, which is close to INR 2,785 at current rates.

Investment Mode

SIP-based gold funds are available, while gold ETFs are not. Without a Demat account, Gold mutual funds may be purchased from mutual funds; however, Gold ETFs are traded on the exchanges and need a Demat account.

Transaction Cost

The management costs of Gold ETFs are lower than the Gold Mutual Funds. Gold MFs investing in Gold ETFs also have Gold ETF costs.

Transferability

Whenever required, one can convert ETF to metal while gold MF stays on a Demat account, like any other equity.

Liquidity

In contrast to gold funds, ETFs have no exit loads, which ensures that investment companies can buy or sell the units during the market hours at any time. The sale to the fund house on the NAV of Units of Gold Funds can be redeemed by day.

Taxation

If you invest in gold by mutual funds or exchange-traded funds, the long-term capital gains tax rate would be 20% plus a 4% cess. Short-term investors (those with a holding period of fewer than 36 months) would not be subject to direct taxation on their profits. Instead, those earnings are applied to their other earnings, and taxes are levied according to the relevant slabs.

Comparision table

Comparision table

Gold Mutual Funds VS Gold ETF

Features

Gold MF

 Gold ETF
Investment Amount Minimum investment Rs 1,000 Minimum investment is 1 gram of gold.
Account Demat account is not required Demat account is required
Investment Invests in pure gold of 99.5% purity Invests in gold ETFs
SIP SIP route of investment No SIP route
Liquidity Compared to gold ETFs, they are less liquid. Offer higher liquidity
Conversion No facility to convert into physical gold Gold ETFs can be converted to physical gold
Charges If units are redeemed before one year, gold mutual funds charge an exit load. Gold ETFs charge no exit loads

Conclusion

Conclusion

Gold ETF and Gold funds have their pros and cons but track the gold prices. One can check the performance of the ETF and gold mutual funds before deciding to opt. Also, make sure to check the expenses and tax implications when you sell your fold investments. Investing in Gold ETFs rather than keeping gold in physical form or investing in a gold fund is a better long-term strategy for accumulating gold.



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8 Ways To Enhance Your Mutual Fund Returns

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Investment

oi-Roshni Agarwal

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Everybody who invest in some or the other instrument look for ways of maximizing their returns, similarly there are ways one can maximize their returns from mutual funds:

Also, after eight straight months, there has been seen a surge in SIP registration and so amid such a trend here we tell you ways to maximize your return on mutual funds.

8 Ways To Enhance Your Mutual Fund Returns

8 Ways To Enhance Your Mutual Fund Returns

1. Investors with market insight need to go for direct plans:

Here your cost charged to the NAV on account of charges is done away with, so returns are typically 1-1.5% higher than the regular plans. And this higher earning or saving of 1-1.5% over a longer tenure means a substantial amount.

2. Mutual funds that show consistency in performance should be opted for:

MFs that have had a good track record over a 3 and 5-year timeframe should ideally be chosen. Also, you need to go with funds having sufficient fund size as liquidity risk can emanate in case of low AUMs.

3. Diversify your mutual fund portfolio:

As it is mutual fund offer a degree of flexibility and is a mix of investments, do ensure to have a varied set of investments in your mutual fund bucket. Say for instance, do not put all your investible surplus into equity funds as any sharp correction will turn out to be very heavy for you.

4. SIP route offers disciplined return:

Rupee cost averaging benefit via Systematic investment plan offers both a higher return as well as reduces investors’ cost. Here in case the markets are low, one can get a higher number of units and viceversa.

5. On index correction, you may move some liquid portion into MFs:

In case of correction, you can put some of the funds from liquid fund into equity funds and this will help you to buy lower. And now you will be able to maximize or improve your returns on mutual funds in the long term.

6. Plan your exit from mutual funds:

Here you can plan redemption from mutual funds schemes across timelines such as to spread your profits across years to get higher benefit of tax-free gains. This shall mean higher post-tax earnings for an investor.

7. Regularly review your portfolio and steer clear of laggards:

Mutual funds need to be watched out for six quarters and now if the fund underperforms its peers consistently then it shall be better to completely exit such a fund. Here’s regardless of the exit load and capital gains tax implication, one should focus on exiting the fund.

8. Index fund can also give better returns:

If the equity funds have been underperforming for quite a while then taking exposure into large cap stock via index fund or ETF carrying low expense ratio can still be a profitable move. Index fund typically provide an exposure to all the index constituents.

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Narayan Gangadhar takes charge as CEO of Angel Broking, BFSI News, ET BFSI

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Fintech brokerage firm Angel Broking has announced the appointment of Narayan Gangadhar as CEO.

Narayan has more than two decades of global experience leading technology businesses at top tier Silicon Valley companies including Google, Microsoft, Amazon and Uber, according to a statement. He brings a lot of operating experience leading highly disruptive businesses by driving innovation in product, technology, capability building and processes automation.

Narayan was Head of Technology at Uber in San Francisco where he led the company’s core infrastructure, machine learning, data platform and data science teams of over 650 employees across the globe. At Google, he was based out of Silicon Valley Offices where he led large product and engineering teams to launch the first set of Google’s cloud infrastructure services, such as Google Compute Engine, Google Cloud SQL, Google Container Engines. He also led large teams responsible for developing the overall application infrastructure which power productivity apps like Google Drive, Google Docs, etc.

Before Google, Narayan was General Manager and Director at Amazon Web Services where he developed Amazon’s Cloud Database business. He was most recently the Founder & CEO of a robotics startup in San Francisco that develops automated urban mobility solutions.

He’s also served on the board of technology companies such Madison Logic, Digital Asset and advises many early-stage startups looking to advance their teams and platforms, positioning them for success.

Narayan Gangadhar, CEO, Angel Broking, said, “The Indian market is at an interesting juncture as more people make technology a part of their daily lifestyles. As a CEO, my entire focus will be on unlocking superior efficiency for all stakeholders. The overarching objective is to make the product more accessible in the mass market. I am grateful to the Board of Directors for granting me this opportunity and look forward to generating the desired synergies with everyone at Angel Broking and beyond.”

Dinesh Thakkar, CMD, Angel Broking, said, “Narayan is the right person to lead Angel Broking along its journey as a leader in this industry. He is a well-rounded engineer with great leadership qualities and will add significant value to our existing digital assets. Plus, he will help us realize our aspirations to become a preferred Fintech company in India. With Narayan leading the team, I am sure we will scale new heights in making international standard apps, offering world-class customer experience, and taking best-in-class AI/ML journeys for new and existing customers to understand investing and trading well.”



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Federal Bank partners with neobank Fi to issue a savings account

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The partnership will enable to issue a savings account, equipped with a debit card, in under three minutes.

Federal Bank said on Thursday that it is partnering with Fi, Bengaluru-based neobank for salaried millennials. Founded in 2019, Fi is the brainchild of ex-Googlers who pioneered Gpay – Sujith Narayanan and Sumit Gwalani.

The partnership will enable to issue a savings account, equipped with a debit card, in under three minutes.

Every aspect of Fi’s design minimises friction for the digital-first generation. The Fi app is one-of-a-kind in its approach, as its users will earn rewards for saving money as well – unlike the market.

Sujith Narayanan, CEO and co-founder, Fi, said: “Our platform leverages cutting-edge tech and data science for deriving actionable insights that empower users to take control and do more with their finances. We look forward to delivering a first-of-its-kind, personalised, flexible and transparent banking experience and building long-term customer relationships.”

Shalini Warrier, executive director, COO and business head – retail, Federal Bank, said: “We are delighted to be the sole partner bank for this innovative neobank, Fi. The entire proposition brings together the best of what both entities have to offer. The slick customer experience via the app is complemented with the stability, safety and technological prowess of Federal Bank.”

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