Tag: Telangana

Goldman Sachs sets up centre in Hyderabad

Banking & Finance

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Banking and financial services major Goldman Sachs has opened a new facility in Hyderabad as part of its commitment to expand its global centre for engineering and business innovation in India.

The new office is expected to have about 800 people by year-end and grow to over 2,500 people by 2023. The new office will host functions across engineering, finance, human capital management, and support for consumer banking, and specialise in digital banking, artificial intelligence and machine learning areas.

After inaugurating the facility, KT Rama Rao, Telangana IT and Industries Minister, said “Hyderabad is emerging as a key investment destination for the banking and financial services industry in India, on account of Telangana State’s success in establishing a vibrant ecosystem of global capability centres that attracts the very best talent.”

“Goldman Sachs is among the few global investment banks that have opened a new office in Hyderabad amid a global pandemic. We have asked the Goldman Sachs team to work with WE Hub in their effort to empower women,” Rao said.

David M. Solomon, Chairman and CEO, Goldman Sachs, in a statement said: “Our new office in Hyderabad will serve as a crucial innovation hub for a wide range of our businesses and enhance our reputation as a global firm.”

Goldman Sachs to set up 250 beds across 4 hospitals in Bengaluru

To complement each other

The Bengaluru and Hyderabad offices are expected to complement each other in both the execution and support offered to global businesses, and collectively form the Goldman Sachs Services Private Limited entity in India.

Gunjan Samtani, who heads the entity, said: “Our Hyderabad office will be a centre of excellence for consumer banking services, business analytics and platform engineering, including application of emerging technologies such as Artificial Intelligence and Machine Learning to augment our businesses.”

Telangana, Gujarat sign MoU to support women entrepreneurs

The Hyderabad operations commenced remotely in March 2021 and have about 250 employees. By the end of 2021, the Hyderabad office is expected to grow to 800 employees of which about 70 per cent employees will be new hires. By 2023, Hyderabad office could reach 2,500 employees, company officials said. The office has 1,59,000 sq ft space and has capacity to host 1,300 seats.

Founded in 1869, the New York-headquartered Goldman Sachs has been serving Indian clients since the early 1990s. Goldman Sachs is also an active investor in India, deploying more than $3.6 billion in capital since 2006.

Goldman Sachs’ Bengaluru unit has about 7,000 professionals, making it the firm’s second largest office in the world.

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Telangana pools in Rs 2,000 crore via auction of bonds, eyes more funds, BFSI News, ET BFSI

Banking & Finance

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HYDERABAD: Telangana on Tuesday raised Rs 2,000 crore via auction of bonds following Reserve Bank of India’s (RBI) approval last week. The state went for a payment of the longest duration of 30 years.

Andhra Pradesh, Bihar, Goa, Gujarat, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Uttarakhand and West Bengal also raised bonds. All these states took loans with interest repayment schedule of seven to 10 years, unlike Telangana.

Besides Telangana, other states on long duration schedule are Bihar (15 years) and AP (14). Telangana also fixed a slightly higher interest rate (7.24%) than other states, which kept it in the range of 6.95% to 7%.

Meanwhile, the state will also go for another round of auction to raise Rs 1,000 crore this month end as per schedule given to RBI. According to the calendar, in the July-September quarter, the state will go for auction of Rs 8,000 crore.

In the last quarter too, it had applied for raising of Rs 8,000 crore, but taken Rs 16,000 crore loan. In June, it had taken Rs 10,000 crore loan.

In the 2021-21 budget, it was proposed to pool in funds worth Rs 47,500 crore via loans. Sources said that in this quarter too, the state will go for more loans than it requested in the calendar to the RBI.

It is estimated that with the implementation of PRC recommendations, the state proposing new schemes, new notification of jobs the requirement of funds will go up. “Unless the state earned income goes up there will be more dependency on loans” said officials.



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Indian Bank to finance startups in Telangana

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Indian Bank is looking forward to extend financial support to startups in Telangana and is likely to team up with T-Hub, according to its Managing Director and Chief Executive Officer, Padmaja Chunduru.

She was speaking at the formal lunch of ‘Prerana’, the flagship business mentoring programme of Indian Bank to create awareness among micro, small and medium enterprises, in Telangana on Tuesday.

“We have already started startup-financing in various States and are planning to enter into an understanding with T-Hub to do the same in Telangana,” the Indian Bank Chief said.

Prerana initiative

On the Prerana initiative, she said there were many ‘hindrances’ faced by MSMEs in the form of lack of awareness about various schemes of the government/banks, language barriers and lack of market knowledge and updates. The on-line program is intended to bridge this gulf, she said.

Referring to Telangana’s potential in MSMEs, Chunduru said there was huge scope for growth in areas like Pochampalli, Siricilla where there are hubs of weavers and other artisans.

After formally launching the scheme, KT Rama Rao, Minister for IT & Municipal Administration, Government of Telangana said the Telangana State Finance Corporation was ready to collaborate with Indian Bank to evolve some innovative mechanism to help small businessmen in the areas of providing collateral.

He also requested Indian Bank to increase lending to priority sectors especially to weaker sections and MSMEs apart from farmers.

Also read: LIC, SBI Life, Canara Bank pick up stakes in Indian Bank under QIP

The Minister had also requested Chunduru to join the board of We-Hub which has been set up by the State government to empower women.

Imran Amin Siddiqui, Executive Director at Indian Bank said despite contributing 30 per cent to the Gross Domestic Product (GDP) they were unable to derive many benefits of schemes due to lack of awareness and Prerana initiative will address the issue.

The Prerana initiative was first launched by the bank in October last year and has already been launched by the bank in Tamilnadu, Maharashtra, among other States. Going forward, Indian Bank plans to expand the program.

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TS Cooperative Apex Bank FY21 profit up 31% at ₹67 crore

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Telangana State Cooperative Apex Bank (TSCAB)’s gross profit increased 31 per cent at ₹67.20 crore during the financial year ended March 31,2021 as against ₹ 51.15 crore during the previous fiscal.

“Since the formation of TSCAB in the year 2015, the financial year 2020-21 has been the best year for the Apex bank as it surpassed all the targets set during the fiscal year,” the bank said in a release.

With only 0.14 per cent of gross Non-Performing Assets (NPAs), TSCAB had set a ‘record’ among all the state cooperative banks in the country with lowest NPAs, it added.

It also recorded steady growth in share capital collection of ₹ 230.64 crore during the financial year 2020-21 with growth rate of 34.10 per cent when compared to ₹ 172 crore during the financial year 2019-2020.

It had done a business of ₹13,269 crore in the year 2020-21 with growth rate of 22.33 per cent when compared to ₹10,847 crore during the financial year 2019-2020.

The deposits increased from ₹ 4,644.69 crore in the year 2019-20 to ₹ 5,466.41 during the year 2020-21 with an increase of 17.69 per cent.

The loans and advances had increased from ₹ 6202.46 crore in the year 2019-20 to ₹ 7,802.50 crore in 2020-21 with a growth rate of 25.80 per cent.

The bank had set a target of doing business of ₹ 16,000 crore during the year 2021-22.

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Max Bupa Health Insurance targets ₹5,000 cr by FY25

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Max Bupa, a leading standalone health insurance, which has been growing at a CAGR of over 30 per cent, expects to close 2020-2021 at about ₹1,700 crore of gross written premium (GWP). It is targeting ₹5,000 crore of GWP by 2024-2025.

In an underpenetrated private heath insurance segment in the country, the company sees itself playing a much bigger role as it spreads its reach in the market by inducting agent advisors and networking with more hospitals.

The country’s private health sector’s business size, estimated at about ₹56,798 crore in 2020, is expeced to grow to about ₹1,00,000 crore by 2025. To address the growing demand, Max Bupa is expanding its presence in over 45 additional cities this year, and plans to take the total count to over 200 offices in two years.

Krishnan Ramachandran, MD and CEO, Max Bupa Health Insurance, said: “Covid-19 has made people cognizant of the fact that health insurance can go a long way in ensuring good medical care and maintaining one’s financial health. Post the Covid-19 pandemic, the health insurance industry witnessed conversion of demand translating into purchase.”

“As a trusted health partner, Max Bupa’s goal is to sustain this awareness and reach out to maximum markets in the next two years to get more people under the ambit of health insurance. Max Bupa is opening offices across 45 additional cities this year, and we plan to take the total count toover 200 offices across India in the next two years.”

Interacting with the media here today, the MD said: “The company is strengthening its presence in the country and in Telangana by opening new branches.” Max Bupa is opening two additional branches in Hyderabad, and aims to provide health coverage to over 2.5 lakh people in the next five years in Telangana. It plans to on-board more than 8,000 agents by 2024-25 and targets to clock ₹150 crore gross written premium over the next 5 years.”

The Covid-19 pandemic has made people realise the importance of health insurance in safeguarding against exorbitant medical expenditure while availing appropriate treatment. This has helped generate new business.

Bhabatosh Mishra, Director of Claims, Underwriting and Products, Max Bupa Health Insurance, said: “Max Bupa is betting big on the emerging Tier II and III markets for its expansion journey. As we expand to newer markets, our plan is to increase penetration of health insurance and significantly raise awareness about its benefits.”

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