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Yes Bank committed to enhance governance, culture of accountability: Prashant Kumar

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Yes Bank has significant changes in the risk framework to ensure that impending risks are identified, evaluated, and resolved before these convert into reputational risks, lender’s chief executive and managing director Prashant Kumar has said.

In a message to the bank’s shareholders in the annual report, Kumar said that “the tone has already been set by our reconstituted Board of Directors and leadership as well as independent control functions on enhancing governance and risk frameworks, translating into a culture of accountability to all our stakeholders.“

Its co-founder and former chief executive Rana Kapoor is alleged to have indulged in dubious loan and disclosure practices. The bank’s non-performing assets bloated up, and ultimately resulted in RBI and the government superseding its board in March.

A consortium of financers led by SBI undertook a Rs 10,000-crore bailout and Kumar, a former SBI hand, was appointed first as CEO.

“The Bank has made significant changes in the Risk framework to ensure that impending risks are identified, evaluated, and resolved before these convert into reputational risks. We have made foundational changes to strengthen our governance frameworks, identify and mitigate risks, with the objective of creating an authentic, empathetic Brand committed to ethical leadership and conducting business with integrity,” Kumar said.

“While there is still more work to be done to reach this goal, I assure you that the Board of Directors and I are striving to deliver on the expectations of our customers, employees, communities, regulators and shareholders,” he added.

The lender is on a journey of transformation into a “digital bank” and the Rs 15,000 crore capital raising through a follow-on public offer earlier this month.

“The successful completion of our Rs 15,000-crore follow-on public offering (FPO), India’s largest fund raise in the financial services sector, against an extremely challenging socio-economic backdrop is a testament to the faith reposed by our investors. This is one of the first but a very crucial step in the Bank’s journey of transformation into a ‘Digital Bank’ – a key milestone and a market endorsement of the efforts being made by the Bank,” he said.

Moreover, this has further strengthened bank’s foundation with reinforced liquidity, which is well above the required regulatory norms, he added.

“We look forward to building on this momentum,” he said.

Its non-executive chairman Sunil Mehta said a Rs 35,000 crore in special liquidity facility extended by RBI out of a total of Rs 50,000 crore has been repaid by the bank and the rest will also be paid in time.

Kumar said the bank will focus on sustained liability growth, balancing earnings between retail and wholesale, building and monetizing businesses and work on cost optimization.

In FY20, Kumar’s predecessor Ravneet Gill was paid an overall remuneration of Rs 5.94 crore, as per the annual report. In a notice to shareholders ahead of the annual general meeting (AGM), the bank has proposed total remuneration of Kumar at Rs 2.85 crore.

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Business

Delhi: Businesses can now remain open 24×7, over 300 applications cleared by L-G

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Photo by Rehan Fazal on Unsplash

From restaurants to transport services and BPOs to online delivery services, all those who apply for exemptions will be allowed to operate 24×7 in Delhi starting next week, with Lieutenant Governor V K Saxena approving the proposal to exempt 314 such places to operate all day long, some of them pending since 2016, officials said.

“The L-G has directed that notification to this effect be issued within seven days. The decision of providing exemption under Sections 14, 15 & 16 of the Delhi Shops & Establishment Act, 1954, is expected to boost employment generation and promote a positive and favorable business environment that is a prerequisite for economic growth. The decision will also provide a fillip to the much desired ‘nightlife’ in the city,” said an official.

Source: IndianExpress

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Business

Swiggy Instamart figures, Mumbaikars ordered 570 times more condoms in the last one year

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Customers are also ordering medical-related things through online shopping platforms. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year.

These days people are doing online shopping fiercely in the country. Through Grocery Service Platforms, the goods of need are easily reaching people’s homes. From vegetables to medicines, just a few clicks on the smartphone are reaching people’s doorsteps. According to a survey, Swiggy Instamart has provided service to more than 9 million users between June 2021 and June 2022. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers.

Healthcare products orders

Customers are also ordering medical-related things through online shopping platforms. According to a survey, Mumbaikars have ordered 570 times more condoms in the last 12 months. At the same time, in 2021, Instamart received orders for about two million sanitary napkins, menstrual cups, and tampons. Apart from this, a lot of orders have also been received for grocery items.

56 lakh packets of noodles ordered

According to the survey, between April and June last year, there was a 42 percent increase in the demand for ice cream in these metro cities. It was also learned that most of the orders were placed after 10 pm. In metro cities, people have ordered 5.6 million packets of instant noodles. In Hyderabad, users ordered around 27,000 bottles of fresh juice during the summer months.

60 lakh eggs ordered

The demand for eggs has increased manifold in the last two years. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year. According to the report, customers from Bangalore and Hyderabad ordered the maximum number of eggs for breakfast. At the same time, people of Mumbai, Jaipur, and Coimbatore have ordered the maximum number of eggs online at the time of dinner.

Demand for dairy products

There has been a huge jump in orders for both tea and coffee. According to the report, there has been an increase of 2,000 percent in its demand. At the same time, 3 crore orders of milk have come for milk. People from Bangalore and Mumbai have placed more orders in the morning. Regular milk, full cream milk and toned milk are the most ordered dairy products.

Ordering fruits and vegetables

Orders for 62,000 tonnes of fruits and vegetables have been received in the last year. With 12,000 orders, Bengaluru tops the list of organic product buyers. At the same time, Hyderabad and Bangalore together have ordered more than 290 tonnes of green chilies in 12 months. Over 2 lakh orders have been received for bathroom cleaners, scrub pads, drain cleaners, and more in the last year.

Source: Aajtak

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Zepto, 10-minute grocery delivery app, raises $100 million

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Only five months subsequent to dispatching, 10-minute basic food item conveyance application Zepto on Tuesday reported it has raised $100 million driven by Y Combinator, taking its valuation to $570 million.

Other than the raise money, Zepto has been developing staggeringly rapidly and is significantly increasing its client base consistently.

In the course of recent months, Zepto has extended past Mumbai by dispatching in Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad, and Pune (Kolkata to follow), the organization said in an assertion.

“Financial backers are reliably deciding to back Zepto due to our top tier execution. This is giving us extraordinary energy – we’re developing at an amazing rate, clients are adoring the item experience, our center unit financial matters are solid, and we have one of the most outstanding startup groups in India today,” said Aadit Palicha, Co-Founder and CEO.

The Series C raising money round saw support from new and existing financial backers, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and that’s just the beginning.

The round came 45 days later the organization reported its $60 million raise money in November.

Conveying food in a short time is a game-changing encounter for clients in the nation, and a few players are presently joining the race.

“We are eager to twofold down and lead this round in Zepto. They initially dispatched with an alternate model, quickly turned to speedy trade in August 2021, and are presently adding 100,000 new clients consistently, 60% of the ladies,” said Anu Hariharan from Y Combinator.

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