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[ad_1] Strong first year boosts Stellantis as cost challenges loom [ad_2] Source link

[ad_1] Reserve Bank on Wednesday asked certain class of Non-Banking Financial Companies (NBFC) to mandatorily implement ‘Core Financial Services Solution (CFSS)’ by September 30, 2025 in order to provide seamless customer interface as well as have a centralised data base. In a circular, Reserve Bank of India (RBI) said it has been decided that NBFCs – Middle Layer and NBFCs – Upper Layer with 10 and more ‘fixed point service delivery units’ as on October 1, 2022 shall be mandatorily required to implement CFSS. CFSS is akin to the Core Banking Solution (CBS) adopted by banks. “CFSS shall provide for seamless customer interface in digital offerings and transactions relating to products and services with anywhere/ anytime facility, enable integration of NBFCs’ functions, provide centralised database and accounting records, and be able to generate suitable MIS, both for internal purposes and regulatory reporting,” it said. As per the timeline prescribed in the circular, the two categories of NBFCs have to implement CFSS on or before September 30, 2025. However, NBFC – Upper Layer shall ensure that the CFSS is implemented at least in 70 per cent of ‘Fixed point service delivery units’ on or before September 30, 2024. In the case of NBFC – Base Layer and NBFC – Middle and Upper Layers with fewer than 10 ‘Fixed point service delivery units’, implementation of CFSS is not mandatory. However, they may consider implementation of a CFSS for their own benefit, the circular said. Further, a quarterly progress report on implementation of CFSS, along with various milestones shall be furnished by the NBFCs concerned to RBI starting from the quarter ending March 31, 2023. The Middle Layer consists of all deposit taking NBFCs (NBFC-Ds), irrespective of asset size; non-deposit taking NBFCs with asset size of Rs 1,000 crore and above. NBFCs undertaking activities, like standalone primary dealers, infrastructure debt fund – NBFCs, core investment companies, housing finance companies, infrastructure finance companies, too fall in the Middle Layer. The Upper Layer comprises those NBFCs which are specifically identified by RBI as warranting enhanced regulatory requirement based on a set of parameters and scoring methodology. A ‘fixed point service delivery unit’ is a place of operation from where the business activity of non-banking financial intermediation is carried out by a NBFC and which is manned either by its own staff or outsourced agents. It carries uniform signage with name of NBFC and functions under administrative control of the NBFC concerned. [ad_2] Source link

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[ad_1] U.S. and allies unveil more Russia sanctions but keep big guns in reserve [ad_2] Source link

[ad_1] MediBuddy, India’s largest end-to-end digital healthcare platform, has raised USD 125 million in Series C funding from Quadria Capital and Lightrock India to strengthen technology platforms including data science capabilities.   With this new round of funding, MediBuddy will also further invest in customer awareness, hiring, clinical research and product development. Avendus Capital was the exclusive financial advisor to MediBuddy on this transaction. The funding also has participation from existing investors Bessemer Venture Partners, India Life Sciences Fund III, Rebright Partners, JAFCO Asia, TEAMFund LP, FinSight Ventures, InnoVen Capital, Stride Ventures and Alteria Capital. MediBuddy provides its users with 24×7 access to specialist doctors via video calls, doorstep medicine delivery, at-home lab tests, mental health support and other integrated healthcare services. The platform has successfully catered to the healthcare needs of over 3 crore Indians, leveraging its unparalleled pan-India network of 90,000 doctors, 7,000 hospitals, 3,000 diagnostic centers, and 2,500 pharmacies that cover over 96% of PIN codes across the country. MediBuddy is the largest provider of employee health and wellness services and caters to over 700 corporates and 50+ lakh employees including family members. Having recently onboarded megastar Amitabh Bachchan as its official brand ambassador, MediBuddy is ready to scale to new heights and make high-quality healthcare more accessible to a billion Indians. Tejasvi Ravi, Principal & Healthcare lead, Lightrock India said, “MediBuddy is playing a critical role in organising primary healthcare services, improving quality and convenience even as it expands access across India including Tier 2 and Tier 3 towns. The leadership team have a remarkable understanding of consumer need and have scaled their reach and services to a leadership position. MediBuddy’s care-platform provides seamlessly integrated care that is leading the way in increasing uptake of primary healthcare and helping millions of customers stay healthy”. Dr Amit Varma, Managing Partner and Co-founder, Quadria Capital said, “Digital Healthcare is witnessing an unprecedented growth and over the next decade digital infrastructure will revolutionise the way people consume healthcare services. MediBuddy has already achieved a leadership position in the digital healthcare industry while demonstrating superior unit economics. We are happy to support MediBuddy in further consolidating its position and filling the gaps that exist in digital healthcare”. Satish Kannan, Co-founder, and CEO, MediBuddy said, “From the inception of MediBuddy, we have envisioned making high-quality healthcare easily accessible to a billion people in the country. Digitisation of the healthcare industry has helped people living even in the most remote parts of the country avail timely medical care by professionals. With the latest round of funding, we will capitalise on strengthening our network of healthcare service providers and our team while launching new services on the platform. As always, we will continue to be at the forefront of the digital transformation of India’s healthcare industry”. MediBuddy is providing a healthcare subscription plan under the name of MediBuddy Gold, covering unlimited specialist doctor consultations for the user and the family. Furthermore, the onset of the COVID-19 pandemic accelerated the adoption of the MediBuddy Gold.  The digital healthcare platform also launched several other initiatives such as at-home sample pickup of blood tests, RT-PCR tests, COVID Vaccination, tracking availability of hospital beds for COVID patients, a 24×7 COVID helpline number, and mental health counselling, thereby enabling millions of Indians to tackle the surge of coronavirus infections, and helped the country combat the virus. The current population of India stands at about 1.38 billion, and access to high-quality healthcare is the need of the hour. The primary e-health space in India is still at its nascent stages with low penetration levels. The Government of India has also acknowledged the same with a boost in the budget to enable and support digital healthcare platforms. [ad_2] Source link

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[ad_1] Blockchain and IoT: A 5G-based Ecosystem where Telcos, IoT App Providers, and Blockchain Providers Work Together [ad_2] Source link

[ad_1] The Enforcement Directorate has arrested NCP leader and Maharashtra Minister Nawab Malik in connection with Dawood Ibrahim money laundering case. Malik was allegedly taken for questioning by the ED officials earlier today in a money laundering probe linked to the activities of the Mumbai underworld, fugitive gangster Dawood Ibrahim and his aides. The news agency ANI reported quoting sources that Malik was not cooperating in the questioning, which went on for over seven hours. The ED was recording his statement under the Prevention of Money Laundering Act (PMLA). According to the ED officials, Nawab Malik is accused of being involved in some property deals that are under the radar of the Enforcement Directorate. After the news of Malik being arrested, NCP workers gathered outside the Enforcement Directorate office and raised slogans. #WATCH | NCP workers gather outside the Enforcement Directorate office in Mumbai and raise slogans after the arrest of party leader and Maharashtra minister Nawab Malik. He has been arrested in connection with Dawood Ibrahim money laundering case. pic.twitter.com/cY6FDytpZq — ANI (@ANI) February 23, 2022 More details are awaited. [ad_2] Source link

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[ad_1] Oil steadies on waning supply worries over Ukraine crisis [ad_2] Source link