Category: Business

  • Racold Elevates Water Heating Experience with Omnis Slim and Aures Pro 13 kW Water Heaters

    Racold Elevates Water Heating Experience with Omnis Slim and Aures Pro 13 kW Water Heaters

    September 06, 2024,India : Racold, a leading water heating solution provider & a subsidiary of Ariston, announces the launch of two innovative products: The Omnis Slim Electric Storage Water Heater and the Aures Pro 13 kW Tankless Water Heater. These new offerings underscore Racold’s commitment to delivering cutting-edge technology and unparalleled consumer comfort.

    The Omnis Slim series introduces a sleek profile that blends Italian design with advanced comfort features, elevating bathroom aesthetics while providing best-in-class energy efficiency. At its core lies the Titanium Plus Technology, ensuring a longer-lasting heating element and superior performance in varied water conditions. The powerful heating element of the Omnis Slim ensures up to 25% faster water heating, addressing the time constraints of busy households.

    The Eco Function of Racold Omnis Slim series self-learns hot water needs, optimising consumption and respecting the planet. The Auto Power-off feature allows users to schedule the water heater to turn off automatically, further enhancing energy efficiency. Safety is paramount in the Omnis Slim series, featuring anti-overheating, anti-freezing, and other protective measures. The Silver Ion Technology reduces bacterial growth, ensuring safe and healthy hot water. With smart connectivity, users can control their water heaters through the Racold Net App, Google Assistant, and Amazon Alexa.

    Another new offering by Racold, the Aures Pro 13 kW Tankless Water Heater offers instant hot water without the need for a storage tank. Its compact design and energy-efficient operation make it an ideal solution for modern homes. The high-performance, no-wait water heater delivers a consistent flow of hot water, perfect for simultaneous usage across multiple points.

    Commenting on the launch, Mr. Mohit Narula, Managing Director, Ariston Group India Pvt Ltd, said, “Racold’s journey has always been about pioneering and setting new standards. Launching these new products is a strategic move to expand our market presence and meet the evolving needs of our customers. The Omnis Slim and Aures Pro Tankless Water Heaters combine state-of-the-art technology with user-centric features, offering unmatched value and performance. These new products, along with our award-winning Altro series, represent our promise to deliver excellence across our product range. We are confident these products will be well-received and drive our growth in the coming years.”

    Racold’s commitment to excellence was recently affirmed when the company was honored with the Good Design Award from the Chicago Athenaeum Museum of Architecture and Design for its Omnis & Altro series of water heaters. This globally recognized award celebrates innovative and visionary industrial, product, and graphic designs, reflecting Racold’s dedication to blending functional excellence with superior design aesthetics. Moreover, Racold was recognized as the Most Trusted Brand of India for the year 2023-2024 by Team Marksmen, having previously bagged the prestigious Superbrands India Award in 2023. This recognition highlights Racold’s strong reputation and the loyalty it commands among Indian consumers, emphasizing the brand’s success in building trust through reliability, quality, and customer-centricity.

    Competitively priced, both Omnis Slim series and Aures Pro Tankless water heaters will be available through Racold’s extensive network of dealers and online platforms starting September 2024.


    Praveen

  • Vande Bharat Train: Railway Board has approved the operation of Vande Bharat between Agra and Varanasi

    Agra. Vande Bharat Train: Agra Railway Division has got its second Vande Bharat in two days. Railway Board has approved the operation of Vande Bharat between Agra and Varanasi. The distance of 573 km will be covered in seven hours. Currently it takes more than ten hours to cover this distance.

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    This will be the fourth Vande Bharat train of the division. Its average speed will be 81.86 km per hour. The fare and date of operation of the train will be announced by the railways soon. The running of this train will give wings to tourism in Agra.

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  • Indian startup ecosystem witnesses 13 large funding rounds in 2024

    Start-up

    Indian startup ecosystem witnesses 13 large funding rounds in 2024twitter

    The Indian startup ecosystem witnessed a surge in large funding rounds (over $100 million) in 2024, as startups’ focus has shifted to profitability along with growth.

    In 2024 so far, there have been 13 funding rounds valued at over $100 million. Startups like Zepto, Rapido, Lenskart, Flipkart, Meesho and PharmEasy have raised funding in these rounds.

    Quick e-commerce company Zepto has raised two rounds of funding of one billion dollars ($340 million + $665 million) in 2024. The company had last raised $340 million in funding at a valuation of $5 billion.

    Funding of $200 million has been raised by Rapido, a taxi service providing company. The latest valuation of the company is $1.1 billion.

    An eyewear startup, Lenskart has also raised funding of $200 million so far in 2024. The valuation of the company is around $5 billion.

    Funding of $350 million, $275 million and $216 million has been raised so far in 2024 by Flipkart, Meeso and PharmEasy respectively.

    Lenskart

    31 homegrown startups raised more than $466 millionIANS

    The government also abolished angel tax in Budget 2024-25 to help startups to raise funds from foreign investors.

    Around 31 homegrown startups raised more than $466 million in 22 deals last week.

    The number of fintechs in the country has grown fourfold in the last four years, with a three-time surge in unicorns and soonicorns in the same period.

    The government has recognised 1,40,803 entities as startups (as of June 30). More than 55 regulatory reforms have been undertaken by the Central government since 2016 to enhance ease of doing business, ease of raising capital and reduce compliance burden for the startup ecosystem.

    Meanwhile, the Centre approved four startups in the field of technical textiles with a grant of Rs 50 lakh each, along with new courses in various applications. The approved startup projects are focused on key strategic areas of composites, sustainable textiles and smart textiles.

    (With inputs from IANS)

     

  • Centre to create Aadhaar-like digital IDs for 11 crore farmers by FY27

    Centre to create Aadhaar-like digital IDs for 11 crore farmers by FY27

    Centre to create Aadhaar-like digital IDs for 11 crore farmers by FY27IANS

    In a bid to empower the farmers’ community, the government is targeting to create digital identities for 11 crore farmers over the three fiscals which will be similar to Aadhaar card.

    The goal is part of ‘AgriStack’ initiative which has been designed as a farmer-centric Digital Public Infrastructure (DPI) to streamline services and scheme delivery to farmers.

    A crucial feature of AgriStack is the introduction of a ‘Farmer ID’, similar to Aadhaar card, serving as a trusted digital identity for farmers.

    The government said it will aim to create 6 crore such digital IDs for farmers in FY 2024-25, 3 crore in FY 2025-26 and 2 crore in FY 2026-27.

    “These IDs, created and maintained by the state governments/union territories, will be linked to various farmer-related data, including land records, livestock ownership, crops sown, and benefits availed,” said the government.

    Farmers AI GPAI

    AgriStack is the introduction of a ‘Farmer ID’, similar to Aadhaar cardFuture of Work-Working Group session, 2024

    The government also plans to launch the ‘Digital Crop Survey’ nationwide within two years, covering 400 districts in FY 2024-25 and all districts in FY 2025-26.

    According to the Ministry of Agriculture, digital revolution has significantly transformed governance and service delivery in recent years by creating digital identities, secured payments and transactions.

    This paved the way for a thriving digital ecosystem across various sectors, including finance, healthcare, education, and retail, positioning India as a leader in citizen-centric digital solutions.

    For a similar transformation of the agriculture sector, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the ‘Digital Agriculture Mission’ with a substantial financial outlay of Rs 2,817 crore, including a central government share of Rs 1,940 crore.

    The mission is built on two foundational pillars: Agri Stack and Krishi Decision Support System.

    Additionally, the mission includes ‘Soil Profile Mapping’ and aims to enable farmer-centric digital services to provide timely and reliable information for the agriculture sector.

    The implementation of AgriStack is progressing through partnerships between the central and state governments, with 19 states having signed MoUs with the Ministry of Agriculture.

    (With inputs from IANS)

  • PNB changed the service charge for 5 services, Check new charges

    PNB has changed the charges for many types of services. In such a situation, if you are a PNB account holder, then definitely get information about the new charge.

    Punjab National Bank (PNB) has announced changes in the on-credit-related service charge of the savings account. According to the information given by the bank, changes have been made in the minimum balance, demand draft issuance, check (including ECS), return cost and locker rent charges. The new charges will be applicable from October 1, 2024. In such a situation, if you have an account in PNB, then know what charge will have to be paid from next month?

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    1. Minimum balance requirement QAB (Quarterly Average Balance)

    Rural: Rs 500
    Semi-urban: Rs 1000
    Urban and Metro: Rs 2000

    Also Read- FD rate Change: ICICI Bank’s new rates have come into effect from today, 2 September 2024

    Minimum Monthly Average Balance (MAB)

    Rural: Rs 500
    Semi-urban: Rs 1000
    Urban and Metro: Rs 2000

    Which charges have been changed?

    According to the information given by the bank, the charge for maintaining minimum balance in the savings account has been changed. Apart from this, changes have been made in the charges for issuing demand draft, issuing duplicate DD, check return charges and locker rent charges. You can get information about the fee changes from the bank’s website.

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  • Indian women leading 18pc of 111 unicorns in India: FM

    Sitharaman Announces Three New Railway Economic Corridors

    Indian women leading 18pc of 111 unicorns in India: FMIANS

    Indian women are rising the corporate ladder as they are leading about 18 per cent of 111 unicorns (valued at $1 billion) in the startup and financial technology space, said Nirmala Sitharaman, Union Finance Minister.

    Speaking at a conference organised by the FICCI-FLO Chennai Chapter in Chennai, Sitharaman said the number of women directors in active corporate companies has increased more than three times in the last decade.

    From 2.58 lakh in 2014, women directors associated with active companies rose to 8.83 lakh — over 3.4 times higher — in the country by August 2024.

    In Tamil Nadu, the number has risen by 4.3 times — from 15,550 in 2014 to 68,000 in August 2024, said the Finance and Corporate Affairs Minister, while lauding efforts undertaken by Prime Minister Narendra Modi-led government to boost women’s participation across sectors.

    Sitharaman noted the efforts are visible in the amount of funds being allocated to the schemes related to women empowerment in the recent Union Budget.

    Apple India, Women empowerment, health, wistron, World Women day

    Apple empowering Indian women employees with in-house training, work rights and personal health educationApple India Press Kit

    In FY2014, the Centre provisioned Rs 97,134 crore as the Budget Estimate on the schemes for the welfare and empowerment of women. The amount has tripled to Rs 3.10 lakh crore in the FY2025 budget, the FM said.

    Further, Sitharaman cited a study by research firm Deloitte to show that the number of women directors on the Board of Nifty 50 companies has also increased to 22 per cent. In 2019, it was 18 per cent.

    Besides corporate roles, the FM also stated that women are now also “allowed in combat services across the three forces”.

    She informed that the entry of women in various cadres in the Navy commenced in June 2023.

    “Recruitment of officers in the IAF is now gender-neutral. Women officers are inducted into all the branches and streams of the IAF,” she said.

    (With inputs from IANS)

     

  • Senior Citizens FD Rates: These 5 banks are giving the highest interest on FD to senior citizens, check interest rates here

    Senior citizens are given 0.5 percent more interest on FDs than normal customers. But there is also a small finance bank which is giving 0.6 percent more interest to senior citizens than normal customers.

    Highest FD Interest Rates for Senior Citizens: The business of all the small finance banks working in India is continuously growing. Small finance banks are giving more interest on FDs to their customers than commercial banks. This is the reason why now people are increasingly opening FD accounts in these small finance banks along with banks. Here we will talk about those small finance banks which are giving the highest interest on fixed deposits to senior citizens. Let us tell you that senior citizens are given 0.5 percent more interest on FDs than normal customers. But there is also a small finance bank which is giving 0.6 percent more interest to senior citizens than normal customers.

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    Jana Small Finance Bank

    Jana Small Finance Bank is offering the highest interest rate of 8.75% to senior citizens on FD schemes with tenures of 365 days, 730 days and 1095 days.

    Equitas Small Finance Bank

    Equitas Small Finance Bank is offering the highest interest rate of 9.00% to senior citizens on FD schemes with tenures of 444 days.

    Also Read- Bank FD Rate Hike: PNB revises its fixed deposit interest rates; check latest rates here

    Utkarsh Small Finance Bank

    Utkarsh Small Finance Bank is offering 0.6 percent more interest to senior citizens on FD schemes than general customers. This bank is offering the highest interest rate of 9.10% to senior citizens on FD schemes with tenures of 730 days to 1095 days and 1500 days.

    Suryodaya Small Finance Bank

    Suryodaya Small Finance Bank is offering the highest interest rate of 9.10% to senior citizens on fixed deposit schemes with tenures ranging from 2 years and 1 day to 3 years.

    Unity Small Finance Bank

    Unity Small Finance Bank is offering the highest interest rate of 9.50% to senior citizens on FD schemes with tenures ranging from 1001 days.

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  • IT Ministry to nurture 125 early-stage startups with funding, mentorship

    Ministry of Electronics and IT, MeitY, Electronics Niketan

    Ministry of Electronics and IT, MeitY, Electronics NiketanIANS

    The IT Ministry on Thursday announced the second cohort of its startup accelerator where 125 early-age startups, selected and supported through potential accelerators, will be provided funding support and mentorship.

    The last date to submit application under the Startup Accelerators of MeitY for Product Innovation, Development and Growth (SAMRIDH) is October 2.

    In the first cohort, 22 accelerators from 12 states were selected through open calls for proposals. These accelerators then selected 5-10 startups each in the focused areas of health-tech, ed-tech, agri-tech, consumer-tech, fin-tech, software as a service (SaaS) and sustainability through a multi-level screening process.

    As second cohort is part of the 100-day agenda of the government to select and support 125 startups through potential accelerators so as to achieve the target of nurturing 300 startups.

    MeitY said it is working for the growth of India’s software product industry under the National Policy on Software Products (NPSP)-2019.

    Launched in August 2021, the SAMRIDH programme aims to support 300 software product startups with outlay of Rs 99 crore over a period of 4 years.

    Karnataka startup state best performer

    the SAMRIDH programme aims to support 300 software product startups with outlay of Rs 99 crore over a period of 4 yearsIANS

    The scheme is being implemented by MeitY Start-up Hub (MSH), Digital India Corporation (DIC).

    “SAMRIDH is being implemented through potential and established accelerators across India which provide services like making products market fit, business plan, investor connect and international expansion to startups plus matching funding up to Rs 40 lakh by MeitY,” said the government.

    According to the ministry, the domestic software product industry including startups are being supported through various programmes such as Centre of Excellences, Technological Incubation and Development of Entrepreneurs (TIDE) programme, Next Generation Incubation Scheme (NGIS), ICT Grand Challenges, Gen-Next Support for Innovative Startups (GENESIS) etc.

    (With inputs from IANS)

  • Financial services sector must grow 20 times towards $30 trillion GDP goal by 2047: Report

    Financial services sector must grow 20 times towards $30 trillion GDP goal by 2047: Report

    IANS

    In order to achieve a $30 trillion GDP by 2047, India will require a 20 times growth in the financial services sector, with banks playing a pivotal role, a report showed on Thursday. 

    Future growth will require $4 trillion of capital base in banks, one-third of which will have to be fresh capital deployment, according to the report by Boston Consulting Group (BCG) in association with FICCI and Indian Banks’ Association.

    India’s banking system is in a strong position today acting as an ideal launchpad for the ‘Viksit Bharat’ mission.

    “It will have to build for the next 2 decades through structural shifts – growing deposits, enhancing asset quality, and improving productivity, while advancing digital capabilities and future competencies,” explained Ruchin Goyal, managing director and senior partner at BCG.

    “To fuel inclusion and credit growth, we must continue to innovate and reimagine our deposit strategies, aligning them more closely with the evolving needs and preferences of our customers,” according to MV Rao, Chairman at Indian Banks’ Association.

    GDP

    IANS

    The report highlighted key structural themes that banks need to work on for continued success of Indian banking sector.

    These are the future of household savings, addressing challenges with asset quality and pockets of leverage, take a bold vision on productivity, continue investing to drive digital funnel growth, along with focus on building future capabilities.

    India’s Digital Public Infrastructure (DPI) has laid the foundation for a strong and resilient financial infrastructure and accelerated the pace of digitisation.

    “It is now about taking capabilities to the next level and building for the next two decades – resilience, climate and cyber security needs to be strengthened, with centralised, real-time network and specialized talent,” said Jyoti Vij, Director General at FICCI.

    The Indian banking system has made significant strides in building future-ready competencies but must embrace the next wave of opportunities.

    Resilience must extend beyond technology to encompass entire business processes. Banks face a “GenAI paradox,” struggling to scale initiatives beyond pilots.

    “Climate risk presents both threats and a $2.5 trillion financing opportunity, demanding a shift in operating models. Additionally, India’s banks must tackle increasing cyber risks, necessitating a centralised, real-time network and specialised talent to mitigate threats,” the report mentioned.

    (With inputs from IANS)

     

  • EPS Pensioners: Good news! You will be able to take pension from any bank anywhere in the country from January 1, 2025, know update…

    Employees Pension Scheme 1995: Pension disbursement will be facilitated through centralized pension payment system and there will be no need to transfer pension payment order for this.

    EPS Pensioners: There is great news for pensioners receiving pension under Employee Pension Scheme. From January 1, 2025, EPS pensioners can get pension from any branch of any bank in any corner of the country. Union Minister of Labour and Employment Mansukh Mandaviya has given this information. This decision will benefit around 78 lakh EPS pensioners.

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    78 lakh EPS pensioners benefited

    The Ministry of Labor and Employment, while giving information about this decision in a press release, said that Labor and Employment Minister and Chairman of Central Board of Trustees, EPF Mansukh Mandaviya has approved the proposal of Centralized Pension Payment System for the Employees Pension Scheme 1995. With the creation of a centralized system at the national level through the Centralized Pension Payment System, pension can be given to pensioners from any branch of any bank in any corner of India. The centralized pension payment system will benefit 78 lakh EPS pensioners of EPFO.

    Pensioners’ problems will be reduced

    On this historic decision, the Labor and Employment Minister said, approval of the Centralized Pension Payment System is going to prove to be an important milestone in the modernization of EPFO. Paying pension to pensioners from any branch of any bank anywhere in the country will help solve the problems of pensioners which they were facing for a long time.

    Also Read- EPS 95: Can pension be received even before the age of 58, know what are the rules of EPFO

    There will be no need for pension payment order

    The centralized pension payment system will help in pension disbursement in the country and for this there will be no need to transfer pension payment orders. Earlier, pension payment orders had to be issued when pensioners moved from one place to another, or changed banks or branches. Pensioners who go to their hometowns after retirement will get great relief from this. In the next phase, the centralized pension payment system will be linked with the Aadhaar-based payment system.

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