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Atal Pension Yojana seeing higher participation from women, youngsters: Eco survey 2024

Money ControlMoney Control · 1y ago
Atal Pension Yojana seeing higher participation from women, youngsters: Eco survey 2024
Medial

The Economic Survey of India highlights the positive growth of India's pension sector, particularly the Atal Pension Yojana (APY) and National Pension System (NPS) schemes. The survey shows an increase in the share of women and younger individuals in the APY subscriber base. However, the report also notes that the majority of APY subscribers opt for the minimum guaranteed pension payout due to low-income households prioritizing daily expenses over savings. The survey suggests that there is potential for further growth in the NPS, especially among corporate employees and self-employed professionals. With increasing life expectancy and changing family support systems, the need for independent sources of income in old age is becoming more crucial.

Women’s day: How a simple newspaper reading habit led Shibani Kurian down the fund management path

Money ControlMoney Control · 1y ago
Women’s day: How a simple newspaper reading habit led Shibani Kurian down the fund management path
Medial

To celebrate International Women's Day 2024, Moneycontrol Personal Finance features five women fund managers who have made their mark in the male-dominated Indian Mutual Fund industry. Shibani Sircar Kurian, Head of Equity Research at Kotak Mutual Fund, manages five equity funds and oversees assets under management of INR 7,500 crore. Kurian's career in finance began as an equity researcher at UTI Mutual Fund and she later joined Kotak Mutual Fund in 2007. She now manages equity schemes and heads a research team of 16 analysts. Kurian believes in analyzing a company's cash flows and balance sheets rather than solely focusing on top-line growth. In terms of sector preference, Kurian is positive on select private and public sector banks and asset financing NBFCs, as well as companies focused on specialty pharmaceuticals in the healthcare sector.

No-cost EMIs and BNPL schemes are attracting younger consumers who desire flexibility, ease, and control over their payments: Raj Khosla

Money ControlMoney Control · 1y ago
No-cost EMIs and BNPL schemes are attracting younger consumers who desire flexibility, ease, and control over their payments: Raj Khosla
Medial

Raj Khosla, Managing Director of MyMoneyMantra, suggests creating a budget and sticking to it to effectively manage credit cards during the festive season. He advises tracking expenses regularly through mobile apps, utilizing credit cards with benefits like no-cost EMI and cashback rewards, and using credit responsibly to build a good credit score. The choice between credit cards, no-cost EMIs, and Buy Now, Pay Later (BNPL) schemes depends on individual preferences. To maintain a good credit score, Khosla recommends paying bills and EMIs on time, keeping credit utilization below 30%, and avoiding debt traps. Future credit card rewards programs may focus on personalized experiences, cashback incentives, and partnerships with lifestyle brands. Financial independence requires saving 25-30 times one's current annual expenses, and a diversified investment strategy across equities, real estate, and gold can lead to long-term wealth creation.

Flipkart Big Shopping Utsav 2024 Sale announced: Date, top deals, offers, more

LivemintLivemint · 1y ago
Flipkart Big Shopping Utsav 2024 Sale announced: Date, top deals, offers, more
Medial

- Flipkart's Big Shopping Utsav 2024 sale begins on October 9, offering significant savings on mobile phones and electronic devices. - Top brands like Apple, Samsung, Vivo, and Google will have smartphones with heavy discounts, including the iPhone 15, Samsung Galaxy S23, Google Pixel 8, and Motorola G85 5G. - Discounts can reach up to 80% off on select models, with prices as low as ₹12,499 for the CMF Phone (1) with 6GB RAM and 128GB storage. - Customers can benefit from exchange schemes, coupon discounts, and an instant 10% discount on select bank purchases. Flipkart Axis Bank credit card holders get 5% cashback on certain mobile phone purchases. - The sale will run until October 13, with discounts on personal gadgets, home entertainment systems, and large household appliances, including up to 80% off. Flexible payment options and credit benefits are available, including no-cost EMIs and up to ₹1 lakh credit limit for Pay Later users.

RBI grants brief relaxations to Paytm Payments Bank customers

EntrackrEntrackr · 1y ago
RBI grants brief relaxations to Paytm Payments Bank customers
Medial

The Reserve Bank of India (RBI) made brief relaxations on Friday for customers affected by its business restrictions imposed on Paytm Payments Bank Limited (PPBL). The central bank has also released a FAQ section to address key concerns over the move. The RBI has extended the earlier stipulated timeline from February 29, 2024, to March 15, 2024, for further deposits, credit transactions, or top-ups in customer accounts, prepaid instruments, wallets, FASTags, National Common Mobility Cards, etc. The same timeline extension has been given to banking services such as fund transfers, BBPOU, and UPI facilities. Other elements of the original January 31 directive have remained unchanged. For instance, withdrawal or utilization of balances by customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc., are allowed without any restrictions, up to their available balance. The bank, however, also maintained that the nodal accounts of One97 Communications Ltd and Paytm Payments Services Ltd maintained by PPBL are to be terminated at the earliest, in any case not later than February 29, 2024. The central bank further directed that the PPBL should ensure withdrawals upto available balance from all accounts and wallets except for those frozen or flagged by the law enforcement authorities or judicial authorities. “Further, it is directed that the bank shall facilitate a seamless withdrawal of customer deposits that are parked with partner banks under the automatic ‘sweep-in sweep-out’ facility without causing any inconvenience to such customers,” the bank said. Earlier this week, RBI deputy governor Swaminathan J clarified that the crackdown on Paytm’s payments bank was not sudden but followed several conversations and giving the company ample time to take corrective measures. “When constructive engagement doesn’t work or when the regulated entity does not take effective action, we go for imposing business restrictions,” Das is quoted as saying. Paytm has said it is working with the authorities to resolve the matter. According to reports, Paytm founder Vijay Shekhar Sharma held meetings with Finance Minister Nirmala Sitharaman over the crisis faced by the company’s banking vertical. But it appears there has been no immediate relief for the company. Following the RBI notification, Paytm’s shares have continued to nosedive to hit all-time low. Though on Friday, it surged 5% to Rs 341.50 from the previous close of Rs 325.25 on the BSE. Some of the key question- answers posted by the RBI on the business restriction on the Paytm bank are as follows: Q: My salary is credited into my account with Paytm Payments Bank. Can I continue to receive my salary into this account? RBI: No. After March 15, 2024, you will not be able to receive any such credits into your account with Paytm Payments Bank. It is suggested that you make alternative arrangements with another bank before March 15, 2024 to avoid inconvenience. Q: I receive a subsidy or certain direct benefit transfers linked to my Aadhar from the Government in my account with Paytm Payments Bank. Can I continue to receive it into this account? RBI: No. After March 15, 2024, you will not be able to receive any such credit into your account with Paytm Payments Bank. Please arrange to change your linked account to another bank before March 15, 2024 to avoid any inconvenience or disruption. Q: I have a FASTag issued by Paytm Payments Bank. Can I continue to use it to pay toll after March 15, 2024? RBI: Yes. You can continue to use your FASTag to pay toll upto the available balance. However, no further funding or top ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15, 2024. It is suggested that you procure a new FASTag issued by another bank before March 15, 2024 to avoid any inconvenience. You can check out the complete FAQs here.

Man Matters-parent Mosaic Wellness crosses Rs 200 Cr revenue in FY23

EntrackrEntrackr · 1y ago
Man Matters-parent Mosaic Wellness crosses Rs 200 Cr revenue in FY23
Medial

Digital health and wellness consultation startup Mosaic Wellness grew at a rapid clip during the last two fiscal years, raising its scale over 18X from Rs 11.47 crore in FY21 to surpass the Rs 200 crore revenue mark in FY23. At the same time, the firm posted Rs 62 crore in losses in FY23. Mosaic Wellness’s revenue from operations surged 163% to Rs 207 crore in FY23 from Rs 78 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. Income from the sale of health and wellness products is the primary source of revenue for Mosaic Wellness. The company also made Rs 8 crore from interest, tallying its total revenue to Rs 215 crore in FY23. Mosaic Wellness spent a whopping Rs 100 crore on advertising and promotions which is 36% of its overall expenditure. Its cost of procurement of health and wellness products surged 2.6X to Rs 60 crore in FY23. Its employee benefits, freight, commissions, legal/ professional, and other overheads took the overall cost up by 2.2X to Rs 277 crore in FY23 from Rs 126 crore in FY22. Head to TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 126 Cr https://thekredible.com/company/mosaic-wellness/financials View Full Data To access complete data, visithttps://thekredible.com/company/mosaic-wellness/financials Total ₹ 277 Cr https://thekredible.com/company/mosaic-wellness/financials View Full Data To access complete data, visithttps://thekredible.com/company/mosaic-wellness/financials Employee benefit expense Employee benefit expense Cost of materials consumed Cost of materials consumed Advertising promotional expenses Advertising promotional expenses Transportation Cost Transportation Cost Commission expense Commission expense Legal professional charges Legal professional charges Others To check complete Expense Breakdown visit thekredible.com View full data With a two-fold surge in advertising and employee benefits, losses for the Mumbai-based firm increased 49.4% to Rs 62 crore in FY23 from Rs 42 crore in FY22. Its ROCE and EBITDA margin stood at -38% and -21% respectively. On a unit level, it spent Rs 1.34 to earn a rupee in FY23. Mosaic Wellness has raised over $34 million across rounds including its $24 million Series A led by Peak XV along with the participation of Elevation Capital and Matrix Partners in November 2021. According to the startup data intelligence platform TheKredible, the company was valued at $240 million in its last fundraise. Elevation emerged as the latest external shareholder with a 24.1% stake followed by PeakXV and Matrix Partners with 17.9% and 16.3%, respectively. FY22-FY23 FY22 FY23 EBITDA Margin -46% -21% Expense/₹ of Op Revenue ₹1.61 ₹1.34 ROCE -23% -38% The emergence of startups like Mosaic Wellness can usually be considered a net positive as they take away share from shady operators offering unqualified advice for health related issues. However, with their own dependence on pushing wellness products, many with potentially dubious claims when it comes to benefits, the firm does run the risk of slipping up on credibility at some stage. The high dependence on advertising and promotions is a clear indicator of the efforts required to wean away clientele from smaller mostly unlicensed players. By now, the firm should be in a position to assume leadership, or clear focus on a specific area where it can, and has made a discernible difference to its customers, and build on that for the future.

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