Meet Anil Ambani, Mukesh Ambani's gorgeous bahu who stays out of limelight, runs her startup, is married to..., name is...
Khrisha, the wife of Jai Anmol Ambani, is a graduate in Political Economics at the University of California. Furthermore, she studied in Social Policy and Development at the London School of Economics. Previously, Khrisha used to work for Accenture in the United Kingdom(UK). However, she returned to India to pursue her career as an entrepreneur.
Additionally, she has launched a mental health campaign called #Lovenotfear to address the issues individuals face as a result of the deadly COVID-19 pandemic. Nikunj Shah, Khrisha's father, served as chairman and managing director of Nikunj Enterprises. Khrisha Shah Family Background
Khrisha's mother, Neelam Shah is a fashion designer. Neelam completed her graduation in fashion studies from Mumbai's Sophia College.
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Business Standard
31 minutes ago
- Business Standard
Beyond clicks and scrolls: Digital financial education for Viksit Bharat
In this age of digital transformation, the proliferation of apps, online courses, and gamified learning tools has brought financial education to our fingertips. But the question remains: are we truly learning, or merely consuming content in a digital haze? Traditionally, financial education in India was sporadic and limited—confined to formal schooling or isolated workshops. However, the economic shocks of the global financial crisis and, more recently, the Covid-19 pandemic revealed a glaring need: widespread, scalable financial literacy for every Indian, regardless of age or income. This urgency accelerated the move toward digital financial education. Digital tools now play a crucial role in disseminating financial knowledge. Online courses, mobile applications, and gamified learning experiences provide users with flexible, self-paced education. Platforms such as Coursera and edX offer courses from top universities, while mobile apps like Mint and YNAB (You Need a Budget) help individuals manage their personal finances interactively. These resources have broadened access to financial education, reaching audiences that traditional methods often failed to engage. Indian institutions followed suit—Sebi launched its investor education app Saa₹thi, while the RBI's Financial Literacy Week focused on themes like digital banking and cyber safety. Digital tools undeniably have improved outreach. They break socio-economic and geographical barriers, enabling underserved communities to access financial knowledge. The variety of formats—videos, podcasts, quizzes, simulations—caters to different learning styles. Many mobile apps now integrate behavioural nudges and progress tracking to keep users engaged. This represents a significant shift from the one-size-fits-all model of traditional financial education to a more focused, target-oriented learning style. Yet this democratization of financial information comes with caveats. The sheer volume of online information risks overwhelming users. People often skim through content without internalizing or applying it. The spread of misinformation—especially through social media influencers, biased advisers, or non-verified blogs—compounds the problem. Add to this the digital divide: rural populations, elderly citizens, and economically disadvantaged groups either lack reliable internet access or digital confidence. The financial education materials available online require re-orientation with an emphasis on the targeted groups' needs. Generic modules often fail to consider individual financial circumstances—something only personalized guidance or human intervention can address. As behavioural economists point out, cognitive biases like procrastination, overconfidence, and loss aversion can limit the impact of even the best online tools if not designed with user behaviour in mind. Importantly, digital literacy without adequate awareness of fraud prevention and grievance redress mechanisms can lead to devastating outcomes. While India has witnessed an exponential rise in UPI and digital payment adoption—with around 172 billion transactions in 2024, marking a 46% increase from 117.64 billion in 2023—this surge has also been accompanied by an alarming rise in scams, phishing attacks, and payment frauds. Victims often lack knowledge about where and how to report such incidents or even recognize that they've been defrauded. Without a robust understanding of safe digital practices and redress pathways—like the RBI's Digital Ombudsman or the Cyber Crime Portal—users remain largely vulnerable and under-confident, especially in semi-urban and rural areas where digital trust is still forming. Despite several initiatives already in place, India still struggles with translating the availability of digital financial literacy into active public engagement. Regulators and academic institutions like SEBI, NCFE, and NISM have developed accessible e-learning platforms and certification programs—such as the Saa₹thi app, NCFE's targeted modules, and NISM's Investor Awareness Web Modules. These offer structured, credible, and even gamified financial education, covering topics like mutual funds, stock markets, savings, and fraud prevention. Yet, awareness of these resources remains alarmingly low. Even among digitally literate individuals, the uptake is limited—either due to lack of trust, interest, or simply the overwhelming nature of financial jargon. For large sections of the population, especially in semi-urban and rural areas, these platforms remain out of reach due to digital exclusion, language barriers, or lack of localized relevance. The gap between resource availability and user participation reveals that creating content is not enough; we must also create demand, trust, and usability, apart from access. Several countries offer strong examples of how digital financial literacy can be structured, integrated, and sustained. In the United Kingdom, the government-backed Money and Pensions Service (MaPS), along with its MoneyHelper platform, provides a centralized digital hub offering free and impartial financial guidance. It brings together budgeting tools, scam awareness content, and debt advice in one place, while also collaborating with schools to incorporate financial capability into curriculum-based learning. The result is a comprehensive, life-stage approach to financial literacy, supported by both digital access and offline reinforcement. Similarly, Australia has developed an inclusive model through the Moneysmart platform, operated by the Australian Securities and Investments Commission (ASIC). This portal offers financial education tailored to specific age groups and life stages—from schoolchildren to retirees. Its resources include interactive calculators, goal-based planners, and fraud alert systems—all designed in simple, accessible language. The emphasis is on clarity, safety, and user engagement, with financial decision-making contextualized through real-life scenarios. India can draw valuable lessons from these global models. A unified, government-backed platform—consolidating digital learning resources, grievance redressal portals, helplines, and verified financial tools—can serve as a trusted source amid the current flood of unregulated content. Embedding financial education within formal schooling and higher education, especially using regional languages and culturally relevant examples, can build early awareness and long-term habits. It is equally important that the content reflects real-time risks—updating users on evolving scams, digital payment innovations, and policy shifts. Finally, encouraging deeper collaboration between fintech firms, educators, and regulators can ensure that digital platforms are not just technologically advanced, but also behaviourally intelligent—equipped with built-in nudges, fraud warnings, and default safety mechanisms. To make digital financial education truly effective, we need to move from passive consumption to active engagement. Hybrid models—blending digital tools with in-person mentorship, community coaching, or AI-driven personalization—can bridge this gap. Schools, colleges, fintech firms, and regulators must co-create programs that combine real-world simulations with culturally relevant case studies and feedback mechanisms. Financial literacy should not be an occasional campaign or an app feature—it must be an ongoing, evolving journey. Digital tools are powerful, but only when paired with critical thinking, trust in verified knowledge, and the ability to act on it. If we want citizens to make informed economic decisions, we must ensure that our approach to promoting financial education is not just limited to making it accessible, but also authentic, actionable, and inclusive—with grievance redress and fraud awareness forming its core. For broad-based financial sector participation, we need to move beyond clicks and scrolls, develop true understanding and nuances of financial markets, and help in building a sound and meaningful digital economy. As India envisions a Viksit Bharat—a developed and self-reliant nation by 2047—financial empowerment through digitalized financial education is central to that goal.
Time of India
an hour ago
- Time of India
Winter is coming for oil — and not in a positive way
The oil market is deceptively calm. Below the apparent tranquility lies an underappreciated transformation that has slowly reshaped the market over the last 25 years — because the arrival of China and India as big consumers hasn't just given an enormous boost to demand, it's also altered the market's seasonality. And that matters a lot this year. Until recently, global oil demand peaked every year with the arrival of the Northern Hemisphere's winter. As temperatures dropped from October onward, heating oil and kerosene consumption spiked from the US to Germany to Japan. Hence, as recently as 2014, the fourth quarter still marked the annual high for crude demand and, typically, prices. Since then, the seasonality has flipped: Now, the third quarter sees higher demand and prices. The shift means the market is now at its tightest from July to September, rather than October to December. While one-time events can still have an effect — the 2008 global financial crisis, for example, or the Covid-19 pandemic that started in early 2020 — looking over a long enough timescale reveals the change clearly. Because it happened incrementally over a quarter of a century, it often doesn't get the attention it deserves. But the chart below makes it obvious. The change has three notable features. First, consumption of winter fuels including heating oil and kerosene is on a structural decline in the industrialized world, replaced by natural gas and electricity. Back in 1990, about 17per cent of American families heated their homes by burning some kind of refined petroleum product; today, that share has fallen to 9per cent. The collapse in demand for heating oil in Europe is even more pronounced. At the same time, jet-fuel consumption in those regions, which typically peaks during the summer holidays, is growing fast. Second, oil demand in fast-growing emerging nations follows different seasonal patterns, partly because of their locations closer to the equator, but also because of the larger role of their all-year-round industrial oil consumption. While industrialized nations mostly abandoned oil-fired power stations after the 1970s energy crisis, some emerging market countries, particularly in the Middle East, burn lots of crude for electricity generation and water desalination. At the peak last summer, Saudi Arabia burned more than 800,000 barrels a day to generate electricity for air conditioning — more than the daily total petroleum demand of Belgium. And third, climate change is reducing heating consumption by making winters warmer, and boosting holiday travel by making summers hotter. So this year, global third-quarter oil demand will be 500,000 barrels a day higher than fourth-quarter consumption. In a dataset going back to 1991, the current year will mark only the fifth time when winter demand will be lower than summer consumption. Despite rising production from the OPEC+ cartel, oil prices have stabilized in recent weeks at just over $65 a barrel — about $10 above the lows seen in early May. If anything, the physical oil market even feels a bit tight. It helps that China has mopped up much of the oil surplus, putting in May and June barrels into its expanding strategic and commercial stockpiles. But the squeeze will prove temporary; put another way, the market is defying gravity. Because of shifting seasonality, the Northern Hemisphere's summer is now the tightest period of the year. Winter — and an accompanying decrease in demand — is coming. For now, the few remaining oil bulls have a few straws of hope to cling to. Global crude refinery intake is rising swiftly this month and looks set to peak in August at a record 85.4 million barrels a day — enough to absorb the series of OPEC output increases. As a result, global oil stocks aren't increasing meaningfully near where it matters most to the market: the pricing points in northwestern Europe, home of the Brent benchmark, and the central area of the US, home to the West Texas Intermediate yardstick. But by October, when all of the cartel's supply hikes will have arrived, along with extra oil from Brazil, Guyana and Canada, refinery throughput will drop to 81.7 million barrels a day, according to the International Energy Agency. The difference – 3.7 million barrels a day – is equal to a couple of mid-sized OPEC nations. Even if China continues stockpiling as much as it has done over the last two months, the surplus would be so large that oil will flow into inventories elsewhere, including near the pricing points on both sides of the Atlantic. For sure, the market – and I – may be wrong about demand, supply, or both. The expected oil surplus during the now seasonally weaker fourth quarter may be smaller than anticipated. Still, on paper, the glut is so big that even if it turns to be a bit smaller, it would still be enough to put a lot of downward pressure on the market. As I said, winter is coming for the oil market.
Economic Times
4 hours ago
- Economic Times
How will the Indian banking scene be five years down the line? Dinesh Kumar Khara explains
Dinesh Kumar Khara, Former Chairman, SBI, says the banking ecosystem is rapidly evolving, emphasizing customer centricity through personalized services and diverse distribution channels. Banks are leveraging technology to cut costs and support corporate ecosystems. Post-COVID, digital adoption surged, influencing payment systems and retail growth. Responsible borrowing is increasing, and financialization of savings is evolving with mutual funds and alternative investment funds. ADVERTISEMENT Don your ex-banker's hat. How do you think the shape of Indian banking is going to be five years from now? Dinesh Kumar Khara: Well, that is a very interesting question, particularly in the context of the way the ecosystem is changing rapidly. There are two ways. One, of course, is to look at the kind of challenges being thrown up. The second is more important – how best the ecosystem can benefit the players in this ecosystem. In that context, I would like to mention that eventually what is going to matter is how fast and how relevant the banking system will be for the last mile in this economy. What we are talking about is it is not merely the growth in terms of the absolute number in terms of GDP, but the per capita income improvement as well, and that becomes a very relevant context. Herein, the banks, if at all, have to really tap the liabilities and come out with the solutions which are being sought by the customers. So, customer centricity will hold the key for the banks irrespective of their size, big or small, and it is not merely in terms of product but it will also be in terms of the distribution channels which the customers would like to use. HDFC merger continues to remain a drag on bank credit growth Maybe it is physical, maybe it is digital, and that is going to be the defining area going forward. Of course, with the help of analytics, it is going to be a different game altogether because when it comes to the hyperpersonalization, that is possible now because banks have a huge amount of data relating to their customers. They can profile their customers and after profiling, can reach out to the customers which will increase customer centricity and customer experience will go up significantly. Going forward, in the next five years, this is how the trajectory will be defined I think and apart from that, on the asset side also, we have seen of late that corporates are actually depending upon the liquidity which is there in their own balance sheet or on the alternate sources of capital be the equity capital or debt capital for financing their long-term investments. But at the same time, banks have got a very relevant space when it comes to supporting the ecosystem of the corporates – be it employees or be it their supply chain. That is something which will hold the key for the banks to really scale up their asset size also. So, broadly I would say that this is how it is going to evolve and, of course, leveraging technology, cutting on the cost is going to be another focus area for the banks because of late, margins are getting squeezed. But when it comes to raising capital and cost of capital, it is very essential that you cut your operating costs somewhere. Therein perhaps one can sweat the AI and the new technologies so that they can cut on their cost also. ADVERTISEMENT As far as the banking landscape is concerned, we actually define pre-COVID and post Covid and that is a very relevant context because during Covid, the adoption of the digital went up significantly and also the other very relevant aspect is that during covid people had lot of liquidity which was left out with them and that actually showed up in the subsequent years in terms of increasing spending and also the GDP the way it went up. So, that was a defining moment and of course, at the same time, adoption of digital went up significantly and by virtue of that, when it comes to payment systems, etc, it really got evolved and also from the regulatory perspective also there was enough guidance on the payment system as well. So, that is the real defining moment and when it comes to the growth of retail, which we have seen in the economy, even that was seen soon after Covid. ADVERTISEMENT So, I would say that soon after Covid, maybe a couple of years were simply an aberration. We should not really get bogged down by the fact that when it comes to credit growth, etc, there are challenges. The way I look at it is that we have to see that the banking system's credit growth should be at least 2% more than that of the GDP growth in nominal terms. So, in nominal terms, GDP growth is around 9.8 or around 10%. That being said, now 12% credit growth is a decent growth, but a very important aspect is that in the ecosystem in the intervening period, there is a lot of responsible borrowing which has started happening. Thanks to the credit bureaus, this is something which has happened, thanks to the IBC which has come into play. People have understood that if at all they have to grow, they have to move up in their life, and cannot afford to cheat the banking system. They have to follow the discipline which is required there. This is a very important change which we have seen and this is something which is going to define how the banks will really move up and how the economy will also really conduct itself with the financial sector. ADVERTISEMENT Now, when it comes to financialization of savings, part of it is attributed to the same because when the customers were looking at in terms of how can they improve the yield on their savings they started trying out with the various products from the financial sector, now they have come to the maturity level where thanks to the SIP movement which was introduced by AMFI, saying that Mutual Fund Sahi Hai concept got really deep into the system. Today, mutual fund AUM stands at about Rs 72 trillion. When it comes to banking system deposits, it is around Rs 250 trillion. Going forward, in this particular space when it comes to investing, there is going to be a significant improvement because the AIF market is also evolving, which is leading to investment into the unlisted space. Now that is one area which has started growing because mutual funds had always had a limitation in terms of only identifying from the listed space. The listed space has got the limitation by itself, about Rs 400 trillion would be the market capitalization of the economy. So about Rs 72 trillion comes from the mutual fund and also when it comes to direct investing, that would be contributing, and this is the way forward when we look at the pension fund industry. Even that is also evolving significantly. ADVERTISEMENT So, I would say that these are the early days, and I would say that this is the foundation for any developed economy because when the market starts moving fast, when the banking system simultaneously offers fixed coupon returns, for different segments of customers there are various options available. That is going to go forward in terms of supporting this economy in the days to come. (You can now subscribe to our ETMarkets WhatsApp channel)
