Latest news with #ShikharAggarwal
India.com
4 days ago
- Business
- India.com
RBIs FREE-AI Guidelines To Reduce Cost, Risk For Financial Sector, Say Executives
New Delhi: The endeavour of the Reserve Bank of India (RBI) to democratise the use of Artificial Intelligence (AI) in the financial sector is set to open new doors for players, as regulator-backed measures—such as AI sandboxes, sectoral datasets, and indigenous models—can significantly reduce the cost and risk of experimentation, say top executives of financial services companies. Top executives noted that it is a unique opportunity to blend regulatory trust with speed and agility in niche markets, previously out of reach due to high barriers to entry. On August 13, the RBI's committee unveiled the Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI), marking a significant step in balancing technological innovation with robust risk management in the financial services ecosystem. The framework aims to ensure safe, fair, accountable, and inclusive AI adoption in financial institutions. It outlines seven foundational principles (or 'sutras'), which are operationalised through twenty-six targeted recommendations structured under six strategic pillars: Governance, Data, Fairness, Transparency, Accountability, and Risk Management. Dewang Neralla, CEO of HiWiPay, welcomed the initiative, stating, 'FREE-AI opens doors for smaller players in ways we haven't seen before. Regulator-backed AI sandboxes, sectoral datasets, and indigenous models reduce the cost and risk of experimentation.' He further added that the framework could unlock entirely new categories of financial products. 'AI-based affirmative action for financial inclusion could inspire specialised commercial models—for example, low-cost cross-border remittance products for underserved student or SME segments, pay-per-use AI compliance tools, and collaborative offerings between fintechs and NBFCs that previously would have been too complex to launch.' Shikhar Aggarwal, Chairman of BLS E-Services Ltd, emphasised the value of AI in enhancing customer engagement across India's diverse linguistic landscape. 'We see huge potential in AI adoption to improve customer service at the grassroots level through context-aware financial guidance, especially multimodal systems in regional languages to handle multilingual diversity,' the BLS E-Services Chairman said. A notable component of the framework is the concept of graded liability, designed to encourage experimentation while ensuring responsibility. Neralla said, 'Graded liability gives early-stage innovators room to try new things without fear of disproportionate penalties, as long as they act responsibly.' The broader context underscores that India's financial landscape is undergoing rapid transformation, enabled by technologies like AI, tokenisation, and cloud computing. The FREE-AI framework is part of the RBI's long-term vision to harness the benefits of these innovations while ensuring systemic safety. While the industry response is largely positive, executives acknowledged the practical implementation challenges. 'Many of the FREE-AI recommendations will be implemented by regulators or SROs, so the heavy lifting on infrastructure or policy is not ours. But the challenge for smaller financial firms lies in absorbing and operationalising these changes while continuing to grow,' Neralla said. Aggarwal further cautioned that foundational barriers could limit short-term impact: 'The key immediate challenges involve gaps in financial literacy and digital infrastructure, especially with AI models operating on sparse or biased data.' Concluding on an optimistic note, Neralla added, 'FREE-AI's 'Innovation over restraint' principle is powerful because it says: innovate boldly, but with built-in responsibility.' The RBI has consistently underscored its commitment to responsible AI adoption. Through the FREE-AI framework, the central bank aims to establish India as a leader in ethical and inclusive fintech while mitigating risks such as algorithmic bias, lack of explainability, and data misuse. With the right balance of innovation and oversight, the framework could pave the way for the next generation of AI-powered financial services in India, executives added.
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Business Standard
05-08-2025
- Business
- Business Standard
BLS International Q1FY26 results: Net profit rises 49.8% to ₹181 crore
BLS International Services Ltd, a visa and passport service provider, reported a 49.8 per cent year-on-year (Y-o-Y) rise in consolidated net profit to ₹181 crore for the first quarter of FY26, driven by robust performance in its digital, visa, and consular service segments. Revenue for the April–June period rose 44.2 per cent from a year earlier to ₹710.6 crore, the company said in a statement. BLS, a global tech-enabled services provider, operates across visa, passport, consular, e-governance, attestation, biometric, and retail services. 'The next five years are about building on this legacy, with a sharp focus on AI (artificial intelligence) and technological transformation, and deepening our role in the global visa and citizen services market,' Shikhar Aggarwal, joint managing director, BLS International Services, said in the earnings release. 'We aim to be the first Indian-origin company to lead at scale in this space—redefining what global service delivery means. Our robust performance in Q1FY26 reflects the strength of our diversified business model, supported by continued momentum across key markets and services.' The Delhi-headquartered company's other income rose by 43.1 per cent to ₹25.1 crore in Q1FY26 on a Y-o-Y basis. Aggarwal stated that the company's earnings before interest, taxes, depreciation, and amortisation (Ebitda) margin expanded by 171 basis points to 28.7 per cent in the April–June quarter Y-o-Y. He further added, 'This performance underscores the strength of our asset-light model, disciplined execution, and expanding global footprint. Our endeavour is to continue to focus on our strategic priorities—focusing on technology-led global expansion to deliver sustainable value for all stakeholders.' The company's net cash balance stood at ₹1,126 crore as of 30 June. The global visa outsourcing industry is expected to grow at a 14 per cent compound annual growth rate (CAGR), driven by increasing demand for secure and citizen-centric services. This momentum has continued into Q1FY26, supported by strong demand, operational excellence powered by AI and technology, value-accretive acquisitions, and a strong pipeline of new opportunities, the company stated in its release.
Business Standard
05-08-2025
- Business
- Business Standard
BLS Intl jumps after Q1 PAT rises 50% YoY to Rs 181 cr
BLS International Services rallied 3.73% to Rs 398.10 after the company's consolidated net profit jumped 49.8% to Rs 181 crore on 44.23% increase in revenue from operations to Rs 710.56 crore in Q1 FY26 over Q1 FY25. The company said that growth was led by the existing business as well as due to consolidation of acquired businesses viz iDATA, Citizenship Invest and Aadifidelis Solutions during FY25. Profit before tax (PBT) climbed 48.62% YoY to Rs 200.19 crore in Q1 FY26. EBITDA jumped 53.4% to Rs 204.2 crore in Q1 FY26, registering the growth of 53.4%, compared with Rs 133.2 crore in Q1 FY25. EBITDA margin improved by 171 bps to 28.7% in Q1 FY26 as against 27% in Q1 FY25. On segmental front, revenue from the Visa & Consular segment rose by 11.2% YoY to Rs 460.7 crore in Q1FY26, compared with Rs 414.1 crore in Q1FY25. Net revenue (revenue of visa business post deducting the cost of services of visa business) grew by 59.5% to Rs 360 crore in Q1 FY26 from Rs 226 crore in Q1 FY25. The growth in net revenue was due to change in business model from partner run centers to self-managed centers across many locations and due to consolidation of iDATA from July 2024 onwards. Net revenue per application stood at Rs 3,167 in Q1 FY26, up from Rs 2,653 in Q1 FY25, reflecting a YoY growth of 19.4%. Revenue from the digital business surged 218.2% YoY to Rs 249.9 crore in Q1FY26, compared to Rs 78.5 crore in Q1 FY25. The growth was primarily driven by consolidation of Aadifidelis Solutions (ASPL) from November 2024 onwards. Shikhar Aggarwal, joint managing director, BLS International Services, said, As we step into Fiscal Year 2026, completing two decades of purposeful growth, I am immensely proud of the impact we have created across borders. From a single-country presence to becoming a trusted partner for over 46 client governments, we have stayed rooted in our mission to simplify, scale, and secure citizen services worldwide. The next five years are about building on this legacy, with a sharp focus on AI & technological transformation, and deepening our role in the global visa and citizen services market. We aim to be the first Indian-origin company to lead at scale in this spaceredefining what global service delivery means. Our robust performance in Q1FY26 reflects the strength of our diversified business model, supported by continued momentum across key markets and services. With revenue increasing by 44% YoY and EBITDA by 53% YoY, we have yet again delivered highest ever quarterly financials while maintaining a sharp focus on operational efficiencies and margin expansion, as EBITDA Margin expanded by 171 bps YoY to 28.7% in Q1FY26. This performance underscores the strength of our asset-light model, disciplined execution, and expanding global footprint. Our endeavour is to continue to focus on our strategic prioritiesfocusing on technology-led global expansion to deliver sustainable value for all stakeholders. Meanwhile, the companys board approved the appointment of Diwakar Aggarwal, as chairman-executive director for the term of three years with effect from August 05, 2025 It also approved the re-appointment of Nikhil Gupta, managing director for another term of three consecutive years with effect from February 01, 2026. BLS International Services is a global tech-enabled services partner for governments and citizens. It operates in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005. The company works with over 46 client governments, including diplomatic missions, embassies, & consulates, and leverages technology and processes that ensure data security.
Economic Times
05-08-2025
- Business
- Economic Times
BLS International reports revenues of Rs 711 cr for Q1FY26M PAT at Rs 181 crore
BLS International, which provides tech-enabled services for governments and citizens, reported revenues of Rs 711 crore for the first quarter of financial year 2026, up 44% year-on-year. ADVERTISEMENT The company posted a net profit of Rs 181 crore, up 50% year-on-year. Launched in 2005, the Delhi-headquartered company has grown into India's leading global service delivery partner, working with over 46 client governments and operating in more than 70 countries. 'As we step into fiscal year 2026, completing two decades of purposeful growth, I am immensely proud of the impact we have created across borders,' said Shikhar Aggarwal, Joint Managing Director, BLS International Services Ltd.'From a single-country presence to becoming a trusted partner for over 46 client governments, we have stayed rooted in our mission to simplify, scale, and secure citizen services worldwide. The next five years are about building on this legacy, with a sharp focus on AI, technological transformation, and deepening our role in the global visa and citizen services market,' he said the company's performance in Q1 FY26 reflects the strength of its diversified business model, supported by continued momentum across key markets and services. ADVERTISEMENT 'With revenue increasing by 44% year-on-year and EBITDA by 53% year-on-year, we have yet again delivered our highest-ever quarterly financials while maintaining a sharp focus on operational efficiencies and margin expansion, as the EBITDA margin expanded by 171 basis points year-on-year to 28.7% in Q1 FY26,' he said. 'This performance underscores the strength of our asset-light model, disciplined execution, and expanding global footprint. Our endeavour is to continue focusing on our strategic priorities—driving technology-led global expansion to deliver sustainable value for all stakeholders,' he added. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
News18
05-08-2025
- Business
- News18
BLS International Q1 consolidated net profit up 49.83 pc at Rs 180.97 crore
Mumbai, Aug 5 (PTI) BLS International Services on Tuesday reported a 49.83 per cent growth in consolidated net profit to Rs 180.97 crore during the June quarter, compared to a year ago. The company's net profit stood at Rs 120.78 crore during the corresponding quarter of 2024-25, BLS International Services said in a regulatory filing. Its revenue from operations grew by 44.22 per cent to Rs 710.56 crore compared to Rs 492.66 crore in the same period of the previous fiscal, led by the existing business as well as due to the consolidation of acquired businesses such as iDATA, Citizenship Invest and Aadifidelis Solutions during FY25. 'Our robust performance in the first quarter of FY26 reflects the strength of our diversified business model, supported by continued momentum across key markets and services. 'With revenue increasing by 44 per cent year-on-year and EBITDA by 53 per cent year-on-year, we have yet again delivered the highest-ever quarterly financials while maintaining a sharp focus on operational efficiencies and margin expansion," BLS International Services Joint Managing Director Shikhar Aggarwal said. This performance underscores the strength of the company's asset-light model, disciplined execution, and expanding global footprint, he said. 'Our endeavour is to continue to focus on our strategic priorities – focusing on technology-led global expansion to deliver sustainable value for all stakeholders," Aggarwal added. Shares of the company settled 4.29 per cent higher at Rs 400.25 apiece on the BSE. PTI SM SHW (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
