Tag Archives: COVID 19

Clix Capital Eyes Big Turnaround, Aims for INR 100 Cr Profit in FY24

Clix Capital Services Pvt Ltd (‘Clix Capital’) – one of India’s leading non-banking financial services companies, under a new leadership has made huge strides in turning around its business this year.  Challenged by COVID and the associated lock-downs, several NBFCs and lending institutions struggled to manage growth and asset quality, and Clix was no different.  However, over the past 18 months, it has turned profitable owing to its sharp focus on key businesses driving India’s growth trajectory, such as MSMEs, Healthcare and School Financing. With this pivot towards sustainable growth, Clix is eyeing a profit of INR 100 crore in FY24.

The post-pandemic period saw massive pent-up demand amongst sectors severely impacted due to COVID-19 and the subsequent lockdowns, such as travel & tourism, education, healthcare and automobiles. Clix Capital diligently utilized the COVID-induced disruption as an opportunity to reassess its business strategy as well as digitalize its core-operating model at scale.

This singular focus played an instrumental role in helping the brand evolve as a dedicated digital MSME lender. Backed by deep domain expertise in Healthcare and School Financing and its ability to forge seamless partnerships with fintech partners who bring in specific capabilities, Clix is now positioned strongly to ride the growth wave.  Aided by a young, agile and resilient leadership team under its new CEO, Rakesh Kaul, Clix is receiving huge recognition for the pace at which it has bounced back to scale and sustainable profitability.

Clix Capital is poised to cross an AUM (Assets under Management) of INR5000 crore by the end of this fiscal and aims to surpass INR 9000 crore by FY25. By servicing consumers and MSMEs, Clix has loaned more than INR 18,000 crore to date. Most of the company’s disbursements have gone to underserved MSMEs who have received a lion’s share of these funds. Clix is committed to addressing the huge credit gap hindering the growth of MSMEs through products customised for their needs and enabling credit by leveraging technology and alternate data in assessing them.

Mr Anil Chawla, Founder, Clix Capital commented, “Ever since our inception, we have been redefining the lending space in India by creating products and services that meet the financial needs of customers. We are driven by the vision of enabling financial inclusion for all underserved segments. Under the exemplary leadership of our new CEO, Rakesh Kaul, and a resilient young leadership team, the company has carved its niche in focused business segments in line with India’s growth trajectory in the MSME, Healthcare and Education space. Providing credit for the growth of these segments is imperative if India is to realise its ambition of becoming a US$5 trillion economy by 2025.” 

A sustained focus on MSMEs in the healthcare and education space has helped the lender witness a 4X volume growth in the past 12 months. The core retail AUM growth was 1.4X, supported by a strong growth of 1.8X in debt raising.

On its ambitious turn-around target for the year, Mr Rakesh Kaul, CEO, Clix Capital noted, “Today, Clix is powering ahead in its chosen segments, backed by unparalleled technology and strong distribution capabilities. While we will continue investing in digitalization with an emphasis on agility and automation, moving ahead we would also be focusing on developing a strong co-lending ecosystem to supplement the debt raise needed to fund our growth ambitions.”

From 5% in March 2022, the company’s GNPAs stood at less than 3% in October, with a target of closing this financial year at around 2%. It has also drastically increased its collection efficiency, which is now better than the pre-pandemic levels – rising from 88% collection efficiency in September 2021 to 96% in September 2022. 

Mr Utsav Baijal, Partner & Head of India Private Equity at Apollo and the largest investor at Clix Capital said, “Clix Capital has benefited greatly under the new leadership team led by Rakesh, and they have helped create a performance-oriented culture and brought an intense focus on execution. Given the company’s strong capital base, it was able to absorb COVID-induced portfolio losses smoothly and is well positioned to fully pivot back to profitable expansion.  More importantly, we believe that this turnaround is sustainable and we have a path to double digit ROE as we scale this business further.”

Technology has been a key enabler in the growth of fintechs in India, thanks to the digital revolution happening by building virtual highways and the India stack infrastructure. As technology continues to obliterate barriers, Clix has been leveraging it to create cutting-edge solutions for customers and build a new-age NBFC promoting financial inclusion. Technology has been Clix’s biggest capital expenditure since its inception. One of the company’s greatest strengths is its ability to apply data analytics across risk, underwriting, collections and client growth. It has also made major investments in ML (machine learning) engines to keep refining tech capabilities, which has resulted in optimizing risk-reward decisions. The platform today is extremely agile and, like a Lego box, it can plug and play to stitch new partnerships and operate seamlessly in an ever-changing regulatory landscape.

 

Mansukh Mandaviya – Key Motivator of Upgrading of Indian Public Health Services

The covid monster has slowly been put into a slumber – hopefully for a long time –  but the aftermath of the pandemic left India with a clear view of the huge mountain it has to climb. This in terms of creating and upgrading our public health infrastructure to match the needs of our ever burdegeoning population and ever rising cases of new and old diseases spreading across the regions.

While Dr Harshvardhan did a great job during the pandemic, hon’ble Prime Minister Sri Narendra Modi had a different man in his mind to take his vision forward on this front. It was a man from his own home state – a young star who joined his panel of ministers in 2016  at a relatively young age of 44. Dr Mansukh Mandaviya took over this duty in July 202 after a stellar performance as Minister of State in the Chemicals and Fertilizers ministry, for which he is also the minister now.

Over the past 15 months, Dr Mansukh has been handling double duties. But for our focus today we are going to look at how his proactive approach has strengthened the infrastructure and what’s in store in the near future. 

July 2021, was not an easy time. We were stil reeling from the after effects of multiple covid waves, staggering death counts and broken bridges of a social life for the public stuck between isolation and reopening of the world. Hospitals were still coping from the hangover of the covid protocols while the next festive season – the first one in post-apocalyptic era – was swiftly approaching. It was time for careful planning and efficient execution and that’s what Dr Mansukh did. His experience as part of the Covid 19 GoM led by Dr Harshvardhan surely helped him and the belief shown in his ability by PM Modi made him more confident.

Even in the initial days, he left a lasting impression upon the ministry officials. He made it clear that he wants discipline and action. He made it clear that he wanted results and improvements and not just discussions and promises. The ministry officials knew that the new boss was a doer rather than a sayer and things moved quickly henceforth.

In the past 15 months, we have seen him take part in multiple inspections across major hospitals from Delhi’s prestigious Dr Ram Manohar Lohia Hospital to the PGIMER campus in Sanngrur, and AIIMS Raipur. He has also traversed the length and breadth of India covering cities from Patna and Bhopal to Kerala, Chennai and Vizianagaram in Andhra. At Patna, he laid the foundation stone for multiple new projects at AIIMS Patna.

He is also known for being a surprise visit specialist – doing surgical strikes against those who are not delivering on the promises of the government to the public. His surprise visits at Delhi’s RML and on multiple Jan Aushadhi Kendras in Mumbai were all useful in catching any issues usually masked over during scheduled visits. The staff at major hospitals including AIIMS, RML and Safdurjung were told that such visits can happen anytime and they must be ready always and treat every patient with the utmost care they deserve.His adventure at South Avenue’s CGHS dispensary where he posed as a commoner named Anil Ratadiya and availed treatment at 11:30 in the night also gave him a kind of vigilante appeal among the public. The fact that he not just did the inspection after hours but also took time to write a letter for appreciation to the team and CMO made the entire CGHS fleet feel elated.

One of the first things he did after taking charge as the new Health Minister visited the Serum Insititute’s Pune plant which is supplying the Covishield vaccine all over. He also launched the first commercial dose of Covaxin from Bharat Biotech’s Gujarat plant in August 2021. It was under him that the vaccination drive for youngsters picked up the pace and he made sure that his team was hard at work distributing it, even showing up in January at RML and requesting teenagers personally to ask their friends to come forward and get vaccinated. He visited the Covid war room in Delhi multiple times and also chaired a high-level review committee in June 2022 which dealt with the covid spike in 43 districts across India accompanying the easing of covid restrictions earlier this year.

He also represented India at multiple international stages. In April 2022, he spoke with WHO chief Dr Tedros Adhanom Ghebreyesus about the promotion of Ayurveda for wellness worldwide during his visit to New Delhi.  He had the burden of managing many new projects too. He is also overseeing the massive task of digitisation of health records for Indians – a crucial step in the digitisation of all medical services and improving its speed and efficacy. This is another crucial mission that PM Modi had envisaged and is handed over to the health minister to oversee.

In August 2022, during a question hour response, the minister revealed that India now has over 20 crore digital health accounts – i.e over 15% of our population is covered and work is going on to improve this pace. He also said that out of the 1.5 Lakh health centres promised by the NDA govt, 1.22 lakh were already set up and against the WHO recommended ratio of 1 doctor per 1000 patients, India now boasts a doctor per 800 people.

The Dawn of a New Ransomware Age

Article by Sundar Balasubramanian, Managing Director, Check Point India & SAARC explains what governments can learn from the attacks and how they can protect themselves from future threats.

For months, Costa Rica has been on the frontlines of unprecedented ransomware attacks that have impacted just about every aspect of life. Essential services have been crippled, teachers have been unable to collect their paychecks, doctors have been prevented from tracking the spread of COVID-19, all while international trade has ground to a halt.

Mr. Sundar Balasubramanian, Check Point Software

In recent times, ransomware attacks have grown across the globe. For instance, Ransomware has reared its ugly head here in India with an organization in India attacked on average 1789 times per week in the last 6 months, compared to 1643 attacks per organization in APAC. The Government and military sectors continues to be the second most heavily affected sectors, behind Education & Research sectors.

So, with threat levels increasing what can governments and private sector organizations learn from these attacks and how can they avoid ending up in cybercriminals’ crosshairs themselves?

Beware vulnerability windows

Ransomware attacks are rarely the acts of individuals sitting at their computers and randomly deciding when to strike. Instead, they’re meticulously planned. The culmination of weeks, often months of threat actors accessing systems and planting the seeds of their assault so that they can cause the maximum possible disruption.

As a result, you often see ransomware attacks targeted during times of instability or uncertainty. We’ve experienced that with the handover of power from one government to another; but we’ve also seen attacks coincide with other world events such as the start of the war in Ukraine and the onset of COVID-19, distractions that make it easier for cybercriminals to not only access systems but cause the most damage.

These disruptions don’t even need to be massive geopolitical events like wars or pandemics. Change in any form brings with it risk. Indeed, in previous years, we’ve seen ransomware attacks targeted to coincide with national holidays, Christmas and even long weekends. The aim of the attackers is to catch their targets off balance when people’s attention might be elsewhere.

We call these “vulnerability windows” and in order to effectively protect themselves organizations, whether they’re governments or businesses, need to proactively monitor their risk and deploy resources accordingly.

Practice good cyber hygiene 

People might view ransomware attacks and think that they’re the result of a massive security breach or organizations not having stringent enough controls, but more often than not this kind of event is simply the result of poor cyber hygiene.

The concept works in exactly the same way as personal hygiene, in that people who maintain their health by taking preventative measures are less likely to get sick while those who don’t put themselves at a greater risk.

When it comes to organizations, poor cyber hygiene creates chinks in your security architecture that attackers can exploit. That’s why practicing good cyber hygiene is so important. Simple steps like using strong passwords, multi-factor authentication, updating software regularly and securing backups all go a long way to keeping your security infrastructure intact.

Watch out for insider threat 

Recently we’ve seen a growing number of attempts by groups like Lapsus and Conti to actively recruit individuals from within governments and businesses to sell remote access credentials. There are advertisements all over the internet with groups overtly asking for this kind of access and offering good money for it.

It’s not just money that can motivate insider threats either, sometimes the intent can be malicious. Perhaps an individual doesn’t agree with the politics and policies of the organization they work for. Or they’re leaving, so take access with them or leave back doors open for attackers to get in after they’re gone.

Whatever their motivation may be, monitoring is vitally important in order to protect from this kind of insider threat. Fortunately, the behavioral analytical heuristics that are now set within security programs are specifically designed to spot unusual activity. Used in conjunction with good cyber hygiene, organizations can help to protect themselves from attacks wherever they originate from

How can governments combat the rise of ransomware?

It’s easy to look at recent attacks and think this is trouble in a faraway land. But the simple truth is that attacks can and do happen everywhere. In fact, our most recent Check Point report shows that Latin America is facing the same level of threat as those of us here in Europe.

The problem is that we’re not doing enough to ensure that organizations, whether private or public sector, are protected from the rise of ransomware. Indeed, while governments have worked to implement stringent measures in areas like data privacy the same can’t be said for ransomware.

So, where there should be strong compliance or mandates in place to ensure that organizations are adequately protected, there are instead guidelines and best practices that businesses can choose to follow. It’s a crazy situation. After all, in other areas of life like driving a car, for example, you need to reach a certain level of qualification or capability before you’re given a license. But you don’t need any specific qualification or certification to be given the task of securing a business. And until ransomware is treated as seriously as other areas, organizations across the world will be put at risk.

Don’t get complacent 

Cybersecurity can’t just be another tick box exercise and governments must act to set standards and enforce compliance in order to ensure that organizations are adequately protected.

It’s time we started to adopt a risk management framework that ensures organizations are as protected from ransomware as they are from other threats facing their operations. We’ve got to become more proactive, conducting regular exercises, threat assessments and testing to ensure that we know our systems will stand up to attack. Because the biggest lesson we can take away from the plight of Costa Rica is that ransomware attacks can and do happen to anyone.

COVID-19 Drives Global Surge in Use of Digital Payments: World Bank Report

The COVID-19 pandemic has spurred financial inclusion – driving a large increase in digital payments amid the global expansion of formal financial services. This expansion created new economic opportunities, narrowing the gender gap in account ownership, and building resilience at the household level to better manage financial shocks, according to the Global Findex 2021 database.

As of 2021, 76% of adults globally now have an account at a bank, other financial institution, or with a mobile money provider, up from 68% in 2017 and 51% in 2011. Importantly, growth in account ownership was evenly distributed across many more countries. While in previous Findex surveys over the last decade much of the growth was concentrated in India and China, this year’s survey found that the percentage of account ownership increased by double digits in 34 countries since 2017.

The pandemic has also led to an increased use of digital payments. In low and middle-income economies (excluding China), over 40% of adults who made merchant in-store or online payments using a card, phone, or the internet did so for the first time since the start of the pandemic. The same was true for more than a third of adults in all low- and middle-income economies who paid a utility bill directly from a formal account.  In India, more than 80 million adults made their first digital merchant payment after the start of the pandemic, while in China over 100 million adults did.

Two-thirds of adults worldwide now make or receive a digital payment, with the share in developing economies grew from 35% in 2014 to 57% in 2021. In developing economies, 71% have an account at a bank, other financial institution, or with a mobile money provider, up from 63% in 2017 and 42% in 2011. Mobile money accounts drove a huge increase in financial inclusion in Sub-Saharan Africa.

“The digital revolution has catalyzed increases in the access and use of financial services across the world, transforming ways in which people make and receive payments, borrow, and save,” said World Bank Group President David Malpass. “Creating an enabling policy environment, promoting the digitalization of payments, and further broadening access to formal accounts and financial services among women and the poor are some of the policy priorities to mitigate the reversals in development from the ongoing overlapping crises.”

For the first time since the Global Findex database was started in 2011, the survey found that the gender gap in account ownership has narrowed, helping women have more privacy, security, and control over their money. The gap narrowed from 7 to 4 percentage points globally and from 9 to 6 percentage points in low- and middle-income countries, since the last survey round in 2017.

About 36% of adults in developing economies now receive a wage or government payment, a payment for the sale of agricultural products, or a domestic remittance payment into an account. The data suggests that receiving a payment into an account instead of cash can kickstart people’s use of the formal financial system – when people receive digital payments, 83% used their accounts to also make digital payments. Almost two-thirds used their account for cash management, while about 40% used it to save – further growing the financial ecosystem.

Despite the advances, many adults around the world still lack a reliable source of emergency money. Only about half of adults in low- and middle-income economies said they could access extra money during an emergency with little or no difficulty, and they commonly turn to unreliable sources of finance, including family and friends.

“The world has a crucial opportunity to build a more inclusive and resilient economy and provide a gateway to prosperity for billions of people,” said Bill Gates, co-chair of the Bill and Melinda Gates Foundation, one of the supporters of the Global Findex database. “By investing in digital public infrastructure and technologies for payment and ID systems and updating regulations to foster innovation and protect consumers, governments can build on the progress reported in the Findex and expand access to financial services for all who need them.”

In Sub-Saharan Africa, for example, the lack of an identity document remains an important barrier holding back mobile money account ownership for 30% of adults with no account suggesting an opportunity for investing in accessible and trusted identification systems. Over 80 million adults with no account still receive government payments in cash – digitalizing some of these payments could be cheaper and reduce corruption. Increasing account ownership and usage will require trust in financial service providers, confidence to use financial products, tailored product design, and a strong and enforced consumer protection framework.

The Global Findex database, which surveyed how people in 123 economies use financial services throughout 2021, is produced by the World Bank every three years in collaboration with Gallup, Inc.

Google in Talks to Deploy Public Wi-Fi Solutions Across India

Turkey Cancels PCR Tests Requirement to Enter The Country

Turkey is cancelling PCR tests for the novel coronavirus disease (COVID-19) to enter the country through all border crossing points from June 1, the country’s Interior Ministry said in a statement.

“Assessing the current situation regarding the coronavirus pandemic, from June 1, entry into the country through all border crossing points does not require a report of a negative PCR test with a negative result up to 72 hours before entry or a negative rapid antigen test taken within up to 48 hours from the moment of entry,” the ministry said.

Instashield Received The Most Innovative Corona Protection Device GEA 2022 Award

Instashield, a breakthrough innovative Medical Device, was recently honoured with the “Most Innovative Corona Protection Device GEA 2022 Award” from the veteran Bollywood actor Anupam Kher. Instantshield was felicitated for its efficacy to kill a variety of viruses, including SARS-CoV, in enclosed spaces, in the air, and on surfaces. The Global Excellence Awards (GEA) 2022 adds to the company’s already impressive credentials, which includes the consumer trust.

Hitesh M Patel, Promoter and Director, Instashield, said, “We are delighted to receive the GEA Award. We would dedicate this award to our team of innovators and all the team members who have been consistently working towards making this product a success. We wish to take Instashield all across the globe to  offer a healthy and safe environment to protect our society.”

Global Excellence Awards (GEA) is an initiative by Brand Empower Pvt. Ltd to recognize outstanding performance and achievements in various fields by companies, entrepreneurs, and service providers.

Following two successful editions, GEA 2018 in Delhi and GEA 2019 in Mumbai with Chief Guest Bollywood actresses Raveena Tandon and Madhuri Dixit respectively. This year GEA  successfully organized the 3rd Edition-Global Excellence Awards 2022 in Mumbai with Chief Guest Anupam Kher.

PM Narendra Modi Met WHO Chief Dr. Tedros Ghebreyesus at Jamnagar

The Prime Minister, Shri Narendra Modi met World Health Organization (WHO) Director General Dr. Tedros Ghebreyesus at Jamnagar. Earlier both dignitaries had met at the foundation stone laying ceremony of WHO Global Centre for Traditional Medicine.
The Prime Minister tweeted :
“Always a delight to meet @DrTedros and exchange notes on further strengthening the health sector. He always cherishes the influence of Indian teachers on his life. And today, he got a lot of praise for his Gujarati skills too! @WHO”