logo
NamAIste: A Game-Changer in Hospitality Education and Efficiency, ET HospitalityWorld

NamAIste: A Game-Changer in Hospitality Education and Efficiency, ET HospitalityWorld

Time of India24-05-2025

Advt
Advt
By ,
ETHospitalityWorld
Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis.
Download ETHospitalityWorld App Get Realtime updates
Save your favourite articles
Scan to download App
International Institute of Hotel Management Kolkata has rolled out the first generative AI-powered ' HospitalityGPT ' platform called ' NamAIste ' with the technical support of Entiovi Technologies . A one-of-its-kind AI-platform exclusively created for the hospitality industry ecosystem, NamAIste, the promoters claim will be equally useful for industry practitioners as well as learners and students, and expected to make life easy, efficient and effective on the shop-floor level.NamAIste is not just another AI chatbot, but, according to the developers of the platform, is a customised Large Language Model (LLM) tailored specifically to the needs of the hospitality ecosystem, designed to empower students, faculty, professionals and stakeholders by providing real-time access to industry insights, global trends, standard operating procedures (SOPs) and service innovation strategies.Speaking to ETHospitalityWorld, Suborno Bose , chief mentor of IIHM and founder of Indismart Group , said that it was nothing short of a 'historic' moment for IIHM which always believed and set high benchmarks for 'innovation and creativity.''The whole hospitality industry is excited about the launch as artificial intelligence has become an indispensable one in the life of people and businesses, especially in the post-Covid world,' he said, adding, 'AI is the new google today. We are so happy and fortunate that we have been able to play a leadership role in creating an exclusive HospitalityGPT platform.'He said that by introducing NamAIste, India has demonstrated to the world our capabilities in developing smart AI tools to drive efficiencies for businesses and also training. He said that the platform would not only revolutionise hospitality education and training, but also enable smart, data-driven decision-making for industry professionals.He said that pilots have proved that the NamAIste tools could drastically reduce turnaround time of guest rooms by more than half—from usual 40 minutes to 18 minutes or less—by following the app-based processes.'The application will make the process from booking to guest experiences at the hotel to waste management everything process-driven and seamless. It will not replace the human resources but instead assist and guide them to be more efficient thereby adding value to the profitability of the organisation,' Bose informed.He said that there has been a lot of excitement in the hospitality industry about the application which will be offered as a 'free downloadable' tool for the first year. Bose observed that more use cases will make the platform richer in terms of analysing and offering better professional solutions.'We will be launching the professional version after a year which will be on a subscription model,' he informed.Later presenting the product at a press conference in Kolkata, Sanjoy Chatterjee , director of Entiovi Technologies, the tech partner in the development of NamAIste HospitalityGPT platform said that the whole platform has been built on an open-source technology using the knowledge base sourced from hospitality industry of 60 countries.'Imagine a student in Bengal writing a question about Japanese culinary history and the answer coming from Japanese documents in Bengali,' he explained, citing a simple use case of the tool in hospitality education and training.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

RBI MPC meet: Central bank cuts CRR by 1%; to unlock Rs 2.5 lakh crore to bank funds by December
RBI MPC meet: Central bank cuts CRR by 1%; to unlock Rs 2.5 lakh crore to bank funds by December

Time of India

timean hour ago

  • Time of India

RBI MPC meet: Central bank cuts CRR by 1%; to unlock Rs 2.5 lakh crore to bank funds by December

NEW DELHI: The Reserve Bank of India (RBI) on Friday announced a 1% cut in the Cash Reserve Ratio (CRR), releasing Rs 2.5 lakh crore into the banking system, in a major move to boost liquidity aimed at supporting lending to productive sectors of the economy. Tired of too many ads? go ad free now The CRR reduction will be implemented in four equal phases and will bring the reserve requirement down to 3% by November 29, 2025. This allows banks to maintain a lower level of 3% liquid cash reserve with the RBI, providing them additional funds for lending activities. The last time the RBI made such a significant CRR cut was on March 27, 2020, when it slashed the ratio by 1% and the repo rate by 75 basis points in response to the Covid-19 crisis. "The Reserve Bank remains committed to provide sufficient liquidity to the banking system. To further provide durable liquidity, it has been decided to reduce the cash reserve ratio (CRR) by 100 basis points (bps) to 3% of net demand and time liabilities (NDTL) in a staggered manner during the course of the year," RBI Governor Sanjay Malhotra said. The implementation will occur in four 25 bps installments, beginning September 6, October 4, November 1 and November 29, 2025, Malhotra continued, while announcing the bi-monthly MPC outcome. "The cut in CRR would release primary liquidity of about Rs 2.5 lakh crore to the banking system by December 2025. Besides providing durable liquidity, it will reduce the cost of funding of the banks, thereby helping in monetary policy transmission to the credit market," he added. Enhanced credit availability will support economic growth, which decreased to a four-year low of 6.5% in FY'25. "I would like to reiterate that we will continue to monitor the evolving liquidity and financial market conditions and proactively take further measures, as warranted," he said. Tired of too many ads? go ad free now The previous CRR reduction of 50 basis points to 4% occurred in December 2024's MPC announcement, implemented in two 25 basis point instalments effective from December 14, 2024 and December 28, 2024. This action released Rs 1.16 lakh crore into the banking system, easing liquidity constraints. Earlier on May 4, 2022, RBI raised the Cash Reserve Ratio (CRR) from 4% to 4.5% during an unscheduled meeting of the Monetary Policy Committee (MPC), with the change taking effect from May 21 that year. However, the RBI kept the Statutory Liquidity Ratio (SLR) unchanged at 18%. Under the SLR rule, banks must hold 18% of their total deposits or net demand and time liabilities (NDTL) in government securities. This requirement helps ensure banks have enough liquidity to meet withdrawal demands and maintain financial stability.

India housing outlook steady, but signs of demand fatigue emerging: Poll
India housing outlook steady, but signs of demand fatigue emerging: Poll

Business Standard

timean hour ago

  • Business Standard

India housing outlook steady, but signs of demand fatigue emerging: Poll

The outlook for India's housing market has barely budged in over a year, according to a Reuters poll of property experts who cited cooling demand from wealthy buyers with many expecting unsold luxury inventory to either rise or remain elevated. Average home prices, which have more than doubled in 11 years, are forecast to rise 6.0 per cent this year and 5.0 per cent next year, after climbing about 4.0 per cent in 2024, according to median estimates from a May 16-June 6 survey of 15 property market analysts. The poll was taken before the Reserve Bank of India surprised markets on Friday with a 50-basis-point cut in the repo rate to 5.50 per cent to support economic growth. But the 50-bps easing before the latest move has done little to lower bank lending rates, raising doubts over monetary policy's ability to revive housing demand. While the Indian economy grew 7.4 per cent last quarter, outpacing major peers thanks partly to a rebound in rural demand, urban household consumption remained weak. High youth unemployment and stagnant wages in cities, where most jobs are located, continue to weigh on overall domestic demand. That strain is now starting to show in the housing market as well, where sales have tumbled after years of being driven by cash-rich buyers snapping up prime properties across major cities. "The demand from the ultra-rich has definitely peaked. You can see that in the sales numbers. That's not to say demand is dead, there will always be some wealthy folks wanting to park their money in property. But that crazy rush post-COVID is over," said Pankaj Kapoor, managing director at real estate research firm Liases Foras. "Demand is clearly slowing and the GDP data backs that. We've got to stop making a fairytale out of the headlines - you dig a bit and the cracks are all there," he said. "I think it's time investors wake up, smell the coffee, and realise this slowdown is real and it's going to spill over into the wider housing market too." When asked about affordability for first-time home buyers over the coming year, 12 experts said it would improve, while Colliers International's Ajay Sharma, Magicbricks' Prasun Kumar and Savills' Arvind Nandan said it would worsen. CBRE's Anshuman Magazine said recent rate cuts and lower taxes announced in the last government budget "are expected to improve discretionary enhance affordability for first-time buyers in the country." Most analysts said there were signs of weakening demand in luxury housing. Asked what would happen to unsold homes for the wealthy over the next two years, six of 15 respondents said it would rise, five said stay the same and four said decline. "Supply in the luxury housing segment has grown..., however, demand has increased marginally. This gap suggests unsold inventory in the premium segment is likely to remain high," said Magicbricks' Kumar. Meanwhile, the outlook for affordable housing in India is no brighter. Seven respondents said the supply of new affordable homes would decline, four said stay the same and four said rise. There is a scarcity of new projects, squeezed by thin developer margins and weak policy support, deepening a divide where homeownership remains out of reach for many millions. That mismatch between strong demand and limited supply has pushed home prices to levels where tens of millions have no choice but to rent. Urban rental costs are set to rise even faster - by 5.0 per cent to 9.0 per cent over the coming year, the poll's median forecast showed - far outpacing the latest consumer inflation rate of 3.16 per cent. (Other stories from the Q2 Reuters housing market polls) (Reporting by Vivek Mishra and Rahul Trivedi; Polling by Susobhan Sarkar and Vijayalakshmi Srinivasan; editing by Hari Kishan, Ross Finley and Mark Heinrich)

IndusInd Bank Jumps 4% After RBI Officials' Comments On Lenders Recent Crisis
IndusInd Bank Jumps 4% After RBI Officials' Comments On Lenders Recent Crisis

News18

time2 hours ago

  • News18

IndusInd Bank Jumps 4% After RBI Officials' Comments On Lenders Recent Crisis

Last Updated: IndusInd Bank Ltd's shares rose over 4% on June 6 post-RBI officials' comments on the lender's recent troubles, including accounting lapses IndusInd Bank Share Price: IndusInd Bank Ltd's shares jumped over 4% on June 6 after the Reserve Bank of India (RBI) officials addressed concerns about the bank's recent accounting lapses and management turmoil. RBI Governor Sanjay Malhotra, at the post-monetary policy press conference in Mumbai, said, 'IndusInd Bank has taken enough steps to improve accounting practices. The bank is doing well overall." He added, 'IndusInd MD and CEO have resigned, which should be good enough. Law will take its course on the IndusInd fraud. We won't fail in our duty if we have to step in." RBI Deputy Governor J. Swaminathan also sought to calm investor nerves, stating, 'On IndusInd, the issue should settle down very soon. We will keep monitoring the banking system and see no systemic impact arising from the IndusInd Bank issue." At 1 pm on June 6, IndusInd Bank shares were trading 4.2% higher at ₹837.2 apiece. Governor Malhotra further noted, 'Normally, we do not comment on individual banks. Let us not be speculative on IndusInd Bank fraud." IndusInd Bank has been navigating a troubled phase. A forensic audit is currently underway after it disclosed a Rs 2,000-crore hit to its net worth in March due to lapses in derivatives accounting. Subsequent probes have uncovered additional accounting irregularities. The bank is now in the process of appointing a new leadership team, including a new CEO. SEBI's preliminary findings cited emails showing the senior management was aware of the accounting discrepancies as early as December 2023 and acknowledged their 'huge impact" internally.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store