Affordable Housing Segment On Growth Path in India

With the proactive policies of the Government of India in the past three years have led to the exponential growth in the affordable housing segment. In fact, the affordable housing has emerged as the most preferred segment.

BDI Ambaram

What is more, in June 2018, there was an upward tick logged in the affordable housing segment, thanks to the recent revision of the housing loan limit for priority sector lending (PSL).

CLSS Scheme

The Union Government also announced an increase in the carpet area of houses eligible for interest subsidy under the Credit-Linked Subsidy Scheme (CLSS) for the middle-income group beneficiaries. Both the initiatives are going to help the “Housing for All” by 2022 mission and on the other side, the eligibility criteria will increase the involvement in the realty market. The Government of India has eased the carpet area norms for eligibility to provide the subsidy under the PMAY-U.

The Ministry of Housing and Urban Affairs announced an almost 33% relaxation for carpet area. The eligibility limit for carpet area had been augmented from 120 square meters to 160 square meters for MIG-I category, and from 150 square meters to 200 square meters for MIG-II category. The CLSS allows beneficiaries to claim interest subsidy up to Rs 2.35 lakh on purchasing a house in these categories.

Ssumit Berry, Managing Director, BDI Group.

Ssumit Berry, Managing Director, BDI Group said, “As a part of the real estate industry, we welcome the centre decision relating to the revision of the carpet area. It is another big step to boost the construction sector that contributes to increased activity on the supply side. These increments will now enable more customers to qualify for a subsidy and avail the benefits provided under the ambitious flagship mission of Pradhan Mantri Awas Yojana.”

Mr. Gaurav Mittal, MD, CHD Developers Ltd.....

Gaurav Mittal, MD, CHD Developers Ltd., said, “Affordable housing has emerged as the most privileged segment in realty sector over the past three years, courtesy of a continuous government policy push. The Government recent announcement will help the industry to come back on track and the affordable housing will become a lifeline of the real estate sector. Haryana being the first state to encourage affordable housing is now becoming the hub for affordable housing. However in Haryana; Karnal has emerged as the most talked city after it has made into the first list of Smart cities.

Continuous Boom

These government steps towards better housing will create more homebuyers, leading to the establishment of more projects in the future. The developers, on the other hand, will get to sell their stock. According to the industry grapevines, this initiative will bring more attraction to the buyers of metro cities, like prime locations in NCR, MMR and Bangalore and also in Tier-II and Tier-III cities. The increase in the economic activity and elevated demand will create more space in the market. In less than a year, this increase can be seen twice till the current period. While other stakeholders and industry body NAREDCO had been demanding the removal of carpet area cap of 120 sq m and 150 squaare meters from past few times. The ultimate result of these initiatives will work as a boost for both for the homebuyers as well as for the developers.

Interest Subsidy

Earlier, the tenure of the CLSS for the MIG category had been extended by 15 months to March 31, 2019. The Union Government had initially intended to implement the scheme for one year. The revision will be applicable from the date of implementation of the CLSS – January, 1 2017. CLSS for MIG-I allows 4% interest subsidy on loan up to Rs. 9 lakh for people with an annual income between Rs 6-12 lakh. Interest subsidy of 3% is given on loan up to Rs. 12 lakh to people with income between Rs 12-18 lakh per annum. A beneficiary can avail subsidy up to Rs 2.35 lakh, and it is applicable for the first-time home buyers till March 31, 2019.

Another effective move taken by the RBI was the announcement of the revision of housing loan limits for eligibility for priority sector lending (PSL) from the existing Rs. 28 lakh to Rs 35 lakh for metros and for other cities from the current Rs. 20 lakh to Rs 25. lakh. The overall cost of the dwelling unit in the metropolitan centre (with a population of 10,00,000 and above) and at other centres should not exceed Rs. 45 lakh and Rs. 30 lakh, respectively.

Real Beneficiaries

Apparently, the move, along with the Union Government decision agreed to use the surplus land of sick PSUs for the construction of affordable units, will expand the field of affordable housing across the country. The only result to this move is the increased availability of housing sector in the primary as well as resale markets. Homebuyers and the realty market are real beneficiaries as a large number of homebuyers will now be able to avail benefits under PMAY-U triggering sales.


RBI maintains status quo: Upasana Bhardwaj of ING Vysya Bank

The Reserve Bank of India (RBI), in its sixth bi-monthly monetary policy statement, 2014-15 has announced few measures. After a surprise rate slash of 25bps on January 15, 2015, the RBI has decided to keep the Repo rate unchanged at 7.75%. Consequently, the Reverse Reo rate and MSF rate stayed unchanged at 6.75% and 8.75% respectively.
Upasna Bhardwaj Economist ING Vysya Bank
On the rationale for the pause, Upasana Bhardwaj, Economist at ING Vysya Bank said: “Given that there have been no substantial developments on the disinflationary process or on the fiscal outlook since January 15, it is appropriate for the RBI to await them and maintain the current interest rate stance.”

On the liquidity front, Upasana said that the Central Bank had kept the cash reserve ratio (CRR) unchanged at 4% of net demand and time liabilities (NDTL0, but unexpectedly cut the statutory liquidity ratio (SLR) by 50bps to 21.5% of NDTL (with effect from the fortnight beginning February 7, 2015). The RBI has also replaced the export credit refinance (ECR) facility with the provision of system level liquidity with effect from February 7, this year.


“While the stated reason for the cut in SLR is providing greater headroom to banks for lending to productive sectors, the excess SLR holdings (28.4% of NDTL) along with weak credit demand is not likely to have any immediate impact. Infact, the SLR cut will help freeing up funds and giving the banks flexibility in meeting the Liquidity Coverage Ratio (LCR).  Meanwhile, the discontinuation of ECR facility is in-line with the Urjit Patel Committee’s recommendation to move away from sector-specific refinance”, she pointed out.

The RBI maintained that CPI inflation would be around the target level of 6% (although a slight deviation from the January 15 statement of ‘below 6%’) by January 2016. “Of course, the trajectory may undergo some revisions after the new revised CPI data with 2012 base is released later in the month but lower rural wages, household expectations and crude oil prices should help cap upside pressures”, Upasana concurred.


The Central Bank had also retained its GDP growth projection at 5.5% for FY15 under the old base. The FY16 GDP estimate is at 6.5% (ING estimate at 6.4%) aided by improved outlook on the back of disinflation, gain in real purchasing power from decline in oil prices, easier financing conditions and some progress on stalled projects. What is more, the RBI has also estimated the current account deficit (CAD) for FY15 at 1.3% of GDP (ING estimate at 1.1%). The moderating imports due to dip in crude oil prices is likely to result in even lower levels next year, in contrast to ING estimate of 0.5% of GDP.

On the outlook, Upasana said: By maintaining a status quo, RBI in today’s policy simply reiterated its stance of acting as and when more data is available which would reaffirm the disinflationary pressure. Also, the Budget would be the next key event. With favourable commodity prices, subdued domestic demand and government clearly intending to focus on fiscal prudence, we see scope for another 50bps of easing this year, with the cuts being front loaded. We believe that the need to keep real policy rates comfortably positive along with Fed beginning to hike its Fed Fund rates will constrain the RBI towards easing in the latter part of the year. Real rates (Repo rate adjusted for CPI inflation) have been negative for most of the 2009-2013 period resulting in a significant financial dissaving. Real policy rates have only started to turn positive since June 2014, currently hovering around 3%. Given a desirable real interest rate of 1.5-2% and our expectation of ~5.5% average inflation in FY16 we expect the Repo rate of around 7.25% by year end.”

RBI likely to cut interest rates after Budget, says Upasana Bharadwaj

The Wholesale Price Index (WPI) of India in December 2014 had increased by 0.11% Y-o-Y against the forecast of 0.6% Y-O-Y by the economists in a Reuters poll. Apparently, the subdued oil prices in the international markets had helped India log this increase, thus gaining credence to the anticipation that the RBI might as well announce an early cut in interest rate.


The RBI data, released by the RBI on January 12, 2015 reflected the consumer price inflation showed an upward tick of 5% in December last year, which was well within the Central Bank’s mid term target of 6%. Analysts beg to differ to the anticipation of the RBI slashing the interest rate before the Union Budget.

Upasna Bhardwaj Economist ING Vysya Bank

Upasana Bharadwaj, Economist, ING India, said: “After the retail inflation data, the WPI print further reinforces the disinflationary pressures which will help RBI achieve its target of 6% by January 2016. While definitely the probability of February rate cut has increased we continue to be believe that RBI will wait for the Budget and then begin easing in March/April.”

The December 2014 WPI data was better than expected on lower food prices. The WPI inflation last month moved up only marginally to 0.11% Y-O-Y from market consensus of 0.4% and 0% in November 2014. While the surge in inflation was due to the fading off the favourable base effect, the lower than expected reading was on account of sharply lower food prices as second round effects of declining oil prices begin to show up, she pointed out.

Food inflation increased by 5.2% Y-O-Y after a 0.63% reading in November 2014. However, on a monthly basis, the index contracted by 1.9% M-O-M (-0.4% M-o-M in November). The sequential contraction was mainly led by 7.7% MoM decline in vegetable prices and -3% in fruits. As expected, declining oil prices contracted the Fuel Index by 7.8% YoY after a -4.9% YoY reading in November. Last, but not the least, the core inflation also eased to 1.6% Y-O-Y from 2.2% Y-O-Y in the previous month.

Ford Credit India plans to begin car finance in Q1 2015

Ford Credit India has received the license from Reserve Bank of India to operate as non-banking financial firm in the country, according to a company statement.

Ford-Figo -Mars-Red

In fact, FCI s planning to begin dealer wholesale inventory financing in the first quarter of 2015, while the consumer retail financing will follow later in the year, according to a company statement.

“We are very pleased to be launching Ford Credit India early in 2015,” said Mark Constable, managing director of Ford Credit India. “Ford Credit has 55 years of global experience in automotive financing.

Through our full-service financing operation, Ford Credit will leverage its experience and expertise in supporting Ford’s growth plans in India.”

India is a key market in Ford Motor Company’s Asia Pacific strategy. As part of its overall commitment to India, Ford is on course to invest $2 billion, nearly half of which is being spent on a new manufacturing facility in Sanand, Gujarat, that will nearly double the company’s installed production capacity in the country to 610,000 engines and 440,000 vehicles a year. Ford plans to serve both the domestic and export markets through its enhanced capacity. The company also is expanding its sales and service network in India.

Ford has 304 sales and service outlets in 164 cities and continues to grow.

“Ford Credit is a great partner and helps us meet customer needs globally. We are excited to have the team establishing operations here to support our growth plans,” said Nigel Harris, president and managing director of Ford India. “With our vehicle introduction plan over the next 18 to 20 months in India, Ford Credit’s support with financing solutions not only will promote sales, but also contribute to satisfaction and loyalty for our brand and dealers.

Ford Credit India Private Limited is a subsidiary of Ford Motor Credit Company, Ford Motor Company’s global financing subsidiary. Ford Credit provides a range of automotive financial products and services to about 5,200 Ford and Lincoln dealers and more than 3.8 million customers around the world. The company has been a consistently strong, profitable contributor to Ford’s business, with a 2013 pre-tax profit of $1.8 billion and $103 billion in managed receivables globally at the end of 2013. In operation since 1959, Ford Credit is focused on supporting sales, satisfaction and loyalty for Ford and Lincoln.

Fant@stic 15 Shopping Festival: ICICI Bank and PayUMoney holds the festival

PayUMoney is bringing to Indian citizens, Fantastic Fifteen Shopping Festival, in association with ICICI credit and debit cards. This is by far the biggest online shopping festival spanning over 15 days for Indian shoppers with 35 exciting online brands to choose from on a platter. What’s more – shoppers get up to 40% off on shopping with ICICI Bank Credit and Debit Cards. Further, every consumer will get an assured discount of upto 15% on every transaction done through PayUMoney.
fantastic-15_size2Aptly named ‘Fantastic Fifteen,’ the shoppers can start filling their shopping carts from August 26, 2014 till September 9, 2014. Interestingly, to make the shopping experience even more fulfilling, shoppers stand a chance to win two Moto-G smart phones every day and 3000+ gift vouchers across the span of 15 days.
The Fant@stic 15 shopping festival is a class apart from any other online shopping festival that the shoppers would have witnessed so far as it spans over 15 days and provides ample amount of time to shoppers to choose from a variety of brands and avail exciting discounts on each transaction. The popular brands to lookout for during the festival are – Jabong, Dominos, adidas, Shopclues, BookMyShow, Goibibo, Red Bus, Zovi, Fabfurnish and Infibeam.
Open to all shopaholics and expecting a huge rush of shoppers starting day 1, the shopping festival is a great opportunity for all online buyers and discount lovers to make the most of the discounts offered. *“We’re extremely delighted to partner with ICICI bank for the fantastic 15 shopping festival. In fact it’s for the first time that a bank and an online payments company have joined hands to put a shopping festival of his scale. Not only one gets the best of brands to shop from and best of the offer to avail, the festival assures that one is rewarded while buying.
This means one is literally getting paid to shop! A consumer stands a chance to win two swanky Moto G smart phones every day, apart from 3000+ gift vouchers. We hope that festival will attract buyers across the country and wish to roll out such festivals more frequently.” *quoted Shailaz Nag, Co-founder and Chief Operating Officer at PayU India. The consumers can look for all offers at:
PayUMoney is a FREE and unique online payments solution for anyone who wants to collect payments in India, be it individuals, brick and mortar start-ups, Freelancers, Schools, Hotels, Utility companies, Residential societies, Telcos, Insurance companies and traders retailers.
PayUMoney is from the house of PayU India, which is India’s fastest growing online payment company. In just two years PayU has achieved the feat of becoming the numero uno player in e-commerce category and second largest player in overall payments Industry. PayU serves more than 30,000 businesses today with proven success records. The firm’s clientele includes Goibibo, Snapdeal, Bookmyshow, Jabong, and Ferns n Petals, Freecharge, Zomato, Tradus, Rechargeitnow, Micromax Mobiles, Groupon India to name a few.


State Bank of Patiala to finance Mahindra vehicles

Homegrown auto major, the $ 16.7 billion Mahindra & Mahindra Limited, India’s leading SUV manufacturer, has entered into a Preferred Financier tie-up with the State Bank of Patiala, according to a company statement.


From (L-R): Pukhraj Kanther, CGM Commercial Banking, SBoP; S Vijaykumar, CGM Retail Banking, SBoP; SA Ramesh Rangan, Managing Director, SBoP; Purshottam Behera, GM Planning, NB and PS, SBoP; Arun Malhotra, Chief Sales & Customer Care Officer, Mahindra and Jyoti Malhotra, Senior GM Sales North, Mahindra & Mahindra Ltd.

The Memorandum of Understanding (MoU) signed in Patiala on March10, 2014 will enable Mahindra customers to avail of a vehicle loan from any of the 1,175 branches of the bank. Arun Malhotra, Chief Sales and Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd and  Purshottam Behera, General Manager, Planning, New Business & Priority Sector, State Bank of Patiala, signed the agreement in the presence of SA Ramesh Rangan, Managing Director, State Bank of Patiala and S Vijaykumar, Chief General Manager, Retail Banking and Pukhraj Kanther, Chief General Manager Commercial Banking, State Bank of Patiala and Jyoti Malhotra, Senior GM – Sales, North, Mahindra & Mahindra Ltd. The tie-up will enable both the auto maker and the lender to leverage on the inherent strengths of each other’s vast pan-India network of 1175 branches and 250 dealers, respectively.
Rangan, while speaking on the occasion said: “This is an innovative step towards providing better customer satisfaction. Both the parties have mutually agreed to pool their resources together to promote, market and make available organized finance facility at competitive interest rates to customers”.
On the alliance, Malhotra pointed out: “At Mahindra, we relentlessly look at options to provide the best finance schemes to our customers and give them the power of choice. This strategic tie-up is a step in the same direction. 80 percent of all our vehicles are financed of which PSU Banks contribute 15 percent, which makes them an important partner for us and a key sales enabler. The bank offers innovative products and services at affordable rates. With highly competitive schemes for car loans and commercial vehicle loans, we are hopeful of a good response from our dealers and customers”.
Vijaykumar added: “SBoP is expanding its operations in commercial and passenger vehicle financing.  It has been making niche offerings to its customers and this arrangement with Mahindra & Mahindra will be one such special initiative.  Customers of SBoP will benefit from this tie-up since they will have privileged access to the specialized services of M&M”.

International Women’s Day 2014: Tata Motors, Bharatiya Mahila Bank to finance women car buyers

Celebrating International Women’s Day, the Tata Motors way, the auto maker today announced the forging of alliance with  Bharatiya Mahila Bank, for financing its passenger vehicle customers. Bharatiya Mahila Bank Limited (BMB). This is the first of its kind initiative in India, formed with a vision to enable economic empowerment for women.

With this association, BMB has become one of the preferred retail financiers of Tata Motors’ passenger car business and is going to help reach out to the growing women customer base of the bank, according to a statement issued by the auto maker.

BMB will be facilitating eligible customers of Tata Cars and UVs with vehicle financing, at an attractive rate of 10.5 percent for women customers, across all BMB branches, in India. The loan facility is extended up to seven years, with maximum funding.

Speaking on the occasion, Ankush Arora, Senior Vice President, Passenger Vehicles Business Unit (Commercial), Tata Motors, said: “On the occasion of Women’s Day, we are happy to tie-up with BMB. Through this association, we will be able to leverage the growing network of the bank for providing retail financing to our women customers. Currently, women customers account for 11% of our total customers base and through this tie-up we will scale-up our reach. We are confident that our growing network will further drive this tie-up and double our reach”.

Usha Ananthasubramanian, Chairperson and Managing Director, Bharatiya Mahila Bank said: “The tie-up with Tata Motors will open new vistas for both, the company and the bank. We have twelve branches, one each in Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Indore, Bangalore, Guwahati, Chandigarh, Dehradun, Raipur and Lucknow and we further plan to expand in the state capitals and rural areas in a phased manner. Through this association we want to enhance the car loan finance segment and extend the car finance at competitive rates with speedy disposal to our growing customer base”.

While the bank will be focusing on the entire pyramid of Indian women, special attention will be given to economically neglected, deprived, discriminated, unbanked, rural and urban women to ensure inclusive and sustainable growth. The Bank with a team of professionals with rich experience and expertise has designed and developed new products and services to suit the needs of women of all segments including Self Help Groups, women entrepreneurs, salaried women, HNIs and Corporates.

Tata Motors is India’s largest automobile company, with consolidated revenues of Rs 1,88,818 crore ($ 34.7 billion) in 2012-13. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain, South Africa and Indonesia.  Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India.  With over eight million Tata vehicles plying in India, Tata Motors is the country’s market leader in commercial vehicles and among the top in passenger vehicles. It is also the world’s fifth largest truck manufacturer and fourth largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, CIS and Russia.

Bharatiya Mahila Bank, the first women’s Bank of India was recently formed on November 19, 2013. The bank is currently present at Mumbai, New Delhi, Bengaluru, Chennai, Kolkata, Guwahati, Lucknow, Ahmedabad, Indore, Chandigarh, Dehradun, Raipur. While making rapid strides, the bank has come out with exclusive products for women. The firm is aiding the women to create assets and empowering them financially. The Bank offers special discount to women entrepreneurs and customers.

Assam Gramin Vikash Bank to retail finance Honda Motorcycle and Scooter India’s two-wheelers

Honda Motorcycle & Scooter India (HMSI), the second largest two-wheeler Company in India today announced its new retail finance tie-up with Assam Gramin Vikash Bank, the largest Regional Rural Bank in North East at a special event in Guwahati, according to a statement issued by the Japanese two-wheeler major.
HMSI has already associated with Co-operative, Gramin and Non-Banking financial institutions in Punjab, Rajasthan, Uttar Pradesh & West Bengal for providing two-wheeler retail finance facility at state and PAN India level. This announcement marks an important step towards making Honda’s two-wheelers more easily accessible to its valued customers as Assam Gramin Vikash Bank is operational in all of Assam with it’s 388 branches which is sponsored by United bank of India.
With this partnership, customers across all towns/Village where the bank has its network can avail many attractive value-ads. These benefits include daily reducing interest rates, minimum processing fee and hassle free loan with nil documentation. Through this partnership, buyers can avail loan amount of upto 80 percent of Honda’s two-wheeler.
On the partnership, Shio Shankar Singh, Chairman, Assam Gramin Vikash Bank said: “We are really happy to partner with Honda Motorcycle & Scooter India Pvt. Ltd. With our wide network we believe customers across Assam will immensely benefit and would be able to avail Honda’s extensive and world class product portfolio. It is our continuous effort to make convenient, the availability of finance to the people and with Honda’s partnership we believe we would be able to help people in buying their choice of Honda two-wheeler”.
Speaking on this alliance, YS Guleria, Vice President, Sales and Marketing, HMSI said: “Honda is always working to offer its customers with best value products and services. Today we are privileged to partner with the largest Regional Rural Bank in North East, Assam Gramin Vikash Bank to make two-wheeler buying for its customers more accessible and convenient. We are sure that with the Bank’s wide network we will be able to reach out to more and more customers in Assam and provide them an opportunity to experience high quality Honda products”.
North East market

Backed by the overwhelming trust of customers, Honda has consolidated its position as the ‘Fastest Growing two-wheeler company in both North East and pan-India. While two-wheeler industry in North East has grown at moderate pace of 15 percent, Honda has grown by an overwhelming 29 percent in April-December’2014 period (YoY basis).

Ruchira Karnik talks about Work Better and how it works better

Ruchira Karnik helped in establishing Work Better as one of the leading  companies in the Executive training space. She has been instrumental in bringing the firm where it stands now. Back in 2008, Ruchira  and her husband Swapnil Kamat establised Work Better, after having been on the receiving side of several boring, theoretical and irrelevant training programmes in their respective corporate jobs. Before taking the entrepreneurial plunge, Ruchira worked as the Advertising Manager for Ogaan Publications.
A perfectionist by nature, Ruchira has bird’s eye on little big things necessary to run the business. She also loves travelling with her husband and is an ardent Cricket fan. She is currently the Head of Business Development at Work Better. She graduated from Goa university with an honours in Bio – Technology in 2002. Prior to Work Better, she founded a Travel Portal called and built it to a sizeable scale before exiting the venture.

Ruchira has developed a highly prestigious list of clientele with some of the biggest corporates counting Work Better as long term partners in training. She has been instrumental  in driving innovative practical training solutions which  has helped give Work Better a definitive edge over its competitors.

Lasting relationship
Ruchira has managed to build strong relationships with clients and partners associated with Work Better with her unbeatable focus and dedication and she has  even built an extremely competent team at Work Better Training as well a solid pool of trainers PAN India. Ruchira has set up strong  internal processes leading Work Better of reputation of one one of the most reliable organisations with flawless execution skills. She has been featured on the Economic Times, the Times of India and various other national media as a  successful entrepreneur and businesswoman.
Ruchira is a perfectionist by nature and has eye on little big things necessary to run the business. She also loves travelling with her husband and is an ardent Cricket fan, especially of Sachin Tendulkar.

In an informal chat, Ruchira speaks to Jayashankar Menon more about Work Better and how it works better. Excerpts:
JM: Can you talk about Work Better and how it works better?
RK: Work Better Training is one of India’s fastest growing Executive Education and Training firm. We provide customised training solutions in the soft skills, behaviour and management domain. Since it’s inception half a decade ago, we have  partnered with some of the biggest organisations on our people development initiatives and trained in excess of 75,000 executives across the country.

JM: What made to start Work Better?
RK: The question that If learning is such an integral part of a professional’s development and an organisation’s progress, why can’t it be done better? led us to do our research, our study and launch Work Better Training. We started Work Better to fundamentally change the way executive training was delivered in India and help professionals Work Better.

JM: How do you define Work Better programme?
RK: Practical, Real and Implementable are the three words that define a Work Better programme. We have created a huge impact through our holistic approach to training which involved doing extensive groundwork, creating customised content, conducting training on Adult Learning principles and engaging participants through post programme tools.
What is more, a dedicated content team invests time and effort in researching, creating various techniques and analysing what module will work best in which format. Besides that, we also provide some of the world’s best tools to engage and involve participants up to six months after the classroom workshop through our various initiatives like online and mobile learning.

JM: What is the kind of growth you predict?
RK: With a solid client base, a full time team of ten people and an empaneled network of over 50 trainers across the country, Work Better is poised to grow by 40 percent year on year in terms of revenue in this financial year.

JM: What verticals Work Better had specialised?
RK: Work Better specialises in six verticals such as leadership development programmes, customer service excellence, business communication and presentation skills, sales and negotiation skills training, personal effectiveness training and innovation. Learning

JM: Can you reveal few major clients?
RK: Essar, HDFC Bank, Axis Bank, IndusInd Bank, IDBI Bank, National Stock Exchange, ING Life Insurance, Boston Consulting Group, Deloitte, Ingram Micro, Mahindra & Mahindra, Schneider Electric, Glenmark Pharmaceuticals, Johnson & Johnson, Trident Hotels and more.

Bharatiya Mahila Bank is a vision of economic empowerment for women

Bharatiya Mahila Bank is the first of its kind in the Banking Industry in India formed with a vision of economic empowerment for women.
Established on Augusst 5, 2013 BMB received the certificate of commencement of Business on Autust 22 and the Banking License from RBI on September 25. The bank’s Corporate Office is located at the IFCI Towers, 9th floor, Nehru Place, New Delhi .
Prime Minister of India, Dr Manmohan Singh and Sonia Gandhi, Chairperson, UPA inaugurated the bank on November 19, 2013. Bharatiya Mahila Bank has nine branches: one each in Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Indore, Bangalore, Guwahati and Lucknow, which are currently operational. What is more, the bank will also open branches in all the State capitals and rural areas in a phased manner.
Focus on women
While the Bank will be focussing on the entire pyramid of Indian women, special attention will be given to economically neglected, deprived, discriminated, underbanked, unbanked, rural and urban women to ensure inclusive and sustainable growth. With a team of professionals having rich experience and expertise have designed and developed new products and services to suit the needs of women of all segments including Self Help Groups, women entrepreneurs, salaried women, HNIs and Corporates.
The Savings Bank rate of interest for R00,000 and above is five percent and for amount less than Rs 100,000, the interest rate is 4.5 percent. The interest for deposits of one year is nine percent. With working women in mind, the Bank has designed a special loan product for creating an efficient kitchen, Educational loan, loan for day care centres, vehicle loan, home loan are some of the other loan products that have been designed for the benefit of women. The Bank will also conduct programmes on financial literacy, skill development, training for women of all segments of the society so that women in turn generate more income, more jobs and growth opportunities and contribute significantly for the economic growth of the nation.
The bank, with an all women Board of Directors is headed by Usha Ananthasubramanian as Chairman and Managing Director. The Bharatiya Mahila Bank has become operational within a short span of time after the announcement made by Finance Minister P Chidambaram in his Budget speech. The bank has been allocated with an initial capital of Rs 1,000 crore.
Board of Directors
•    Usha Ananthasubramanian, Chairman and Managing Director
•    Nupur Mitra, Director
•    Renuka Ramnath, Director
•    Tanya Dubash, Director
•    Kalpana Saroj, Director
•    Chhavi Rajawat, Director
•    Pakiza Samad, Director
•    Priya Kumar, Director

Usha Ananthasubramanian, prior to taking over as CMD of the bank, was the Executive Director of Punjab National Bank for over two years.  She started her career with LIC. She joined the banking industry in February 1982 as a Specialist Officer in the Planning Stream of Bank of Baroda and rose to the rank of General Manager. At PNB, Usha was part of the Committee formed for examination of the blue print and other related tasks for setting up of the first women focussed Bank of India. She was the Head of the core management team constituted by the Ministry of Finance, Government of India, for coordinating the process of establishment of the Bank.
In a career spanning over three decades, Usha has worked in various positions in the banking and allied areas. Key assignments held include General Manager South Zone, Bank of Baroda and Life Insurance Joint Venture Formation. She was closely associated with the transformation project of Bank of Baroda including rebranding and innovative HR initiatives.
Usha holds a Masters degree in Statistics from the University of Madras and a Masters degree in Ancient Indian Culture from the University of Mumbai. For further details about the bank, visit
•    Mumbai – Ground Floor (Towards Trident Hotel), Air India premises, Air India Building, Nariman Point, Mumbai – 400021
•    Chennai – Ground Floor, SIDBI Chennai, Overseas Towers, 756-L, Anna Salai, Chennai – 600 002
•    Kolkata – Apeejay House, 15, Park Street, Kolkata – 700 016
•    Bengaluru – IFCI Bhawan, 2, Cubbonpet Main Road, NR Square (Hudson Circle), Bangalore – 560 011
•    Ahmedabad – IFCI Bhawan, CG Road, Bodyline Churasta, Near Lal Bungalow, Ahmedabad – 380 006
•    Guwahati – IFCI, Christian Baste, Guwahati – Shillong Road, Guwahati – 781 005
•    Lucknow – UTI Tower, Ground Floor, Regency Plaza, 5 Park Road, Opp. Civil Hospital, Hazrat Ganj, Lucknow – 226 001
•    New Delhi – IFCI Tower, 9th Floor, 61, Nehru Place, New Delhi – 110 019
•    Indore – SBI Main Branch Complex, New GPO, AB road, Indore – 452 001