IndusInd Bank signs MoU with Department for Promotion of Industry and Internal Trade
The collaboration offers start-ups, innovators and entrepreneur tailored banking solutions, including cash management, working capital, and credit facilities. A key feature is enhanced support under the Credit Guarantee Scheme for Startups (CGSS), allowing collateral-free loans with a raised guarantee cover of up to ₹20 crore for DPIIT-recognised start-ups. Additionally, the guarantee fees for debt funding in 27 Champion Sectors has been reduced to further ease access to credit. These measures help start-ups mobilise capital and invest in advanced technologies and manufacturing.
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Time of India
2 hours ago
- Time of India
IndusInd Bank to focus on building retail loan, MSME assets; ramping up retail liabilities in FY26
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: Ramping up retail liabilities, scaling secured retail and MSME assets , and being selective in the corporate space are some of the focus areas for the current fiscal, as IndusInd Bank is making efforts to come out of the financial mess caused by past frauds, its chairman Sunil Mehta has that FY25 was a watershed year for the bank, Mehta said, "This was also a year of internal reckoning. We faced certain challenges that required swift, transparent and decisive actions by the board and management. These events, while unfortunate, have catalysed a major transformation rooted in ethics, accountability, transparency and long-term sustainability".The Hinduja family-promoted bank, which is reeling under a slew of issues stemming from alleged irregularities at the top management in recognising bad loans and trading reverses, had reported a consolidated net loss of Rs 2,329 crore for the March quarter of March this year, the bank reported a Rs 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding Rs 674 crore incorrectly recorded as interest from microfinance business, besides a Rs 595 crore "unsubstantiated balances" in "other assets" of the balance sheet."We have acted decisively to pursue higher standards of governance, transparency, and accountability. This governance culture will continue to be reinforced as we move forward," he said in his message to shareholders in the bank's latest annual bank's balance sheet remains robust, supported by healthy capital adequacy, provision coverage, and liquidity levels, he said, adding that these fundamentals provide a robust foundation for future the next financial year, he said, the bank is focused on ramping up retail liabilities (deposits), scaling secured retail and MSME assets, being selective in the corporate space, and executing our strategy through driving synergies and a unified 'One Bank' approach."The bank will continue to pivot its rural distribution towards Bharat Banking , while remaining watchful of the microfinance segment. Simultaneously, we are investing in scaling up existing and new initiatives, such as home loans, affluent banking, digital 2.0, merchant acquiring, and micromarket-driven distribution," Mehta this month, IndusInd Bank announced the appointment of former Axis Bank Deputy Managing Director Rajiv Anand as its new MD and CEO after obtaining the RBI's approval. The appointment is effective from August 25, 2025, up to August 24, 2028, subject to the approval of the situation arose after the resignation of MD and CEO Sumant Kathpalia on April 29, weeks after the disclosure of accounting lapses of Rs 1,960 crore to the lender in 2024-25."I sincerely acknowledge that the lapses, which occurred, are not what one expects from a Bank of our stature. The board and the management have undertaken a comprehensive deep dive into all issues brought to our attention, and they have been appropriately accounted for in the financial statements for FY25," Mehta that the Board and the management are fully committed to ensuring a smooth leadership transition, Mehta said, "Anand will have the opportunity to begin with a fresh and clean slate and will be expected to scale this differentiated franchise with a strong ethical foundation. I believe the Bank has immense potential to deliver sustainable and profitable growth for years to come".The board is working closely with the management to instil a cultural shift that prioritises ethics, transparency, and long-term sustainability in all the actions we undertake, he added.
Indian Express
20 hours ago
- Indian Express
EPFO Face Authentication norms: Staffing companies flag issues with implementation of new rules for UAN generation
With the Employees' Provident Fund Organisation (EPFO) having made face authentication mandatory for new UAN generation, staffing companies have flagged the hurdles in implementing the new norms that could result in payroll disruption and impact hiring. In a representation to the EPFO head Ramesh Krishnamurthi on August 5, the Indian Staffing Federation (ISF) — the industry body of organised contract staffing companies representing over 1.8 million contract workforce employed across 135 companies — said that one major issue is that the mobile numbers of many members are not linked to their Aadhaar cards, causing challenges in generating a FAT-recognised UAN. It said the candidates are not familiar with how FAT (face authentication technology) works with issues coming up as to whether their faces should be close or far to the app, or varied settings on different phone brands etc. 'The mandatory FAT requirement for member profile updates, including KYC details, necessitates individual employee participation in facial authentication. Given the transient nature of our workforce, coordinating FAT for thousands of employees across multiple locations is logistically challenging and time-consuming. Many employees lack access to smartphones or stable internet connectivity, further complicating compliance. Without UANs, salary processing and PF contributions are delayed, especially in MSMEs and high-turnover sectors,' it said. The ISF in its letter to the EPFO chief also said that over two days, members 'failed to enroll over 1,000 plus candidates due to the restrictions announced with immediate effect due to operational challenges from UIDAI' and also employers not being allowed to generate the UAN as per existing process. The new requirements for FAT pose significant hurdles for staffing companies managing large, dynamic workforces, the ISF added. What is EPFO's new FAT requirement for UAN generation? The EPFO assigns a 12-digit unique number called Universal Account Number or UAN to every employee contributing to the EPF. In April this year, the EPFO had issued a circular introducing the Aadhaar-based Face Authentication Technology (FAT) for allotment or generation and activation of UAN. On July 30, the EPFO in another missive to its field offices stated that the allotment or generation of UAN will be 'done only through the Aadhaar-based FAT' in UMANG App with effect from August 1, 2025 to ensure 'error-free generation' of UAN. It also said that the existing process of generation of UAN through the employer will continue in exceptional cases like international workers and citizens of Nepal and Bhutan. UMANG App is a single platform for Indian Citizens to access pan India e-Gov services ranging from central to local government bodies. The ISF said the restriction on employers generating UANs without immediate Aadhaar seeding, coupled with the FAT mandate, delays the onboarding process. '…due to the dependency on UIDAI to resolve changes which are time taking processes. Many candidates do not remember which mobile number is linked to their Aadhaar card. This must be updated before they can obtain a UAN,' the ISF said in a statement. The ISF said this issue needs a long-term resolution as it could 'greatly impact the hiring process for such candidates as UAN cannot be generated due to mandatory restrictions'. The ISF also suggested that the EPFO should allow employers to generate UAN for first-time employees and the compliance deadline for digital onboarding through FAT should be extended. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
Hindustan Times
3 days ago
- Hindustan Times
Ather Rizta electric scooter launched in Nepal
Ather Energy has officially brought its family-oriented electric scooter, the Rizta , to Nepal. The launch signals a deeper commitment to the growing EV landscape in the country, with Ather continuing to expand its footprint beyond India. The Rizta marks Ather's second product in the Nepalese market, following the earlier success of the Ather 450 series. Designed with practicality and everyday comfort in mind, the Rizta is tailored for families and urban commuters looking for a spacious, feature-rich, and reliable electric ride. The scooter comes with a generous 56-litre storage capacity—offering 34 litres under the seat and an optional 22-litre front trunk. Ather has also paid attention to rider comfort, with a wide seat and roomy floorboard space. Safety features such as SkidControl aim to provide additional peace of mind, especially in challenging road conditions. Tech-savvy users will appreciate the 7-inch TFT display, built-in Google Maps navigation, Bluetooth call/music control, and other connected features powered by AtherStack Pro. Also Read : Ather Energy ties up with DPIIT to boost EV manufacturing and clean mobility ecosystem Ravneet Singh Phokela, Ather's Chief Business Officer, emphasized the strategic importance of the launch. 'Nepal was our first international market, and the response so far—especially to the 450 series—has been very promising. With the Rizta, we're entering a new segment aimed at family users who value comfort, safety, and convenience." Ather's expansion in Nepal has been swift and steady. Since its entry in November 2023, the company has established nine Experience Centres and six Service Centres across the country through its local partner, Vaidya Energy Pvt. Ltd. Ather has also installed 22 fast-charging points under its Ather Grid network to improve access to charging infrastructure. This launch also continues Ather's broader international ambitions. After debuting in Nepal, the company made its way to Sri Lanka in December 2024, where it now operates 19 Experience Centres and 9 Service Centres. Back in India, the company has built a wide-reaching network with over 400 Experience Centres and nearly 4,000 charging points nationwide. With the Rizta now available for test rides and purchase across its Nepalese Experience Centres, Ather is aiming to win over a wider audience looking for a practical and modern electric mobility solution. Check out Upcoming EV Bikes in India. First Published Date:
