Improving The Lives Of Cancer Patients Ruby Ahluwalia’s mission is crystal clear – to ensure that every cancer patient triumphs over the battle against the disease RUBY AHLUWALIA IS the Founder of Sanjeevani…Life Beyond Cancer, a not for profit organisation committed towards the eradication of breast cancer. She began her career in the Indian Railway Accounts Service in 1987, holding various senior roles over 35 years, notably contributing to the Konkan Railway project’s financial structuring. In 2009, Ahluwalia faced stage three breast cancer, emerging victorious through her courage and determination. This life-altering experience inspired her to establish Sanjeevani…Life Beyond Cancer in 2012, an organisation dedicated to supporting cancer patients. Ahluwalia’s mission is clear – to empower cancer patients and communities. Under her leadership, Sanjeevani has impacted 690,000 patients through programmes like CanSaarthi. Looking ahead, Ahluwalia envisions expanding patient assistance, skill development, awareness camps, and holistic healing programmes. Her efforts have earned recognition and accolades like the BW Social Impact Awards. Ahluwalia’s journey from bureaucrat to cancer survivor and social impact champion is an inspiration. Her unwavering commitment to improving the lives of cancer patients and communities demonstrates the indomitable human spirit. By Prabhat Shukla RUBY AHLUWALIA Founder, Sanjeevani...Life Beyond Cancer Photograph by Naval Kishor Partner with us: [email protected] vkidk iSlk vkidh Hkk"kk @bwhindi www.bwhindi.com
92 | B W BUSINESSWORLD | 21 October 2023 Fighting Poverty & Unemployment Innovatively Sudha Srinivasan started something very special in India - a place where technology-focussed new businesses could get help to solve problems related to poverty SUDHA SRINIVASAN, CEO of Centre for Social Innovation, The/Nudge Institute is known for her work in helping people who are poor and improving their ways to earn a living. Srinivasan started something very special in India – a place where technology-focussed new businesses could get help to solve problems related to poverty. However, it wasn’t easy. She had to find money, build a strong team, and convince people that this was important, especially when many people needed help urgently. What sets Srinivasan apart is her ability to bring different groups of people together to make big changes. She partners with the government and encourages businesses to support and guide those who are making positive changes in society. Under her leadership, the Centre for Social Innovation has helped nearly 100 non-profit startups and made 24 other organisations better at what they do. Many of them use new technology to fight poverty. Srinivasan’s work has also changed the way we think about money for good causes. She has shown that we can use a business approach to solve problems instea d of just relying on donations. Most importantly, Srinivasan’s work has made it easier for different groups in society to work together. She’s brought society, the government, and businesses closer, making it easier to solve problems that affect us all. By Tarannum Manjul SUDHA SRINIVASAN Chief Executive Officer - Centre for Social Innovation, The/Nudge Institute SOCIAL IMPACT SANTOSH RAOSAHEB SURVE, Incharge - Education, Deepak Foundation is dedicated to reshaping education and fostering positive change. With an unwavering commitment to eradicating misery, illness, deprivation, exploitation, and oppression, his leadership journey embodies a vision of societal well-being. Surve values lifelong learning, advocating for institutional and individual growth, and draws inspiration from remarkable experiences. His leadership journey has witnessed the strengthening of skills and Transforming Education To Foster Positive Change the expansion of educational initiatives, allowing for a more profound impact on a larger scale. Under his guidance, Project Vivek Vidhya (PVV) successfully aligned with the NIPUN Bharat Mission, emphasising crucial skills like reading, writing, and mathematics. PVV promotes a comprehensive educational approach, fostering comprehension, critical thinking, and problem solving. Surve’s community education initiatives provide accessible educational opportunities for those facing barriers to traditional education. Through training and mentorship, he empowers women from local communities to assume leadership roles, transforming the educational landscape. Additionally, Surve has introduced discussions on moral principles, ethical standards, and responsible behaviour into the teaching process. By Tarannum Manjul Santosh Surve has introduced discussions on moral principles, ethical standards, and responsible behaviour into the teaching process SANTOSH RAOSAHEB SURVE In-charge Education, Deepak Foundation Photograph by Naval Kishor
fifffflffiflffi ffiffi fl fl #BWSustainableWorldConclave Anish De Global Head, Energy & Natural Resources KPMG Dr Pradeep Panigrahi Head – Corporate Sustainability Larsen & Toubro Chandni Khosla Board Advisor on Sustainability and ex-SVP Sustainability & Sustainable Finance - SGX Group Rajesh Vasudevan Vice President EHS & ESG Cipla Dr. Sunita Purushottam Head Sustainability Mahindra Lifespace Developers Bimal Jindal Chief Operating Oficer Welspun New Energy Kiran Sarkar Head Sustainability Mahindra & Mahindra (Automotive & Farm Business) Dr Lopamudra Priyadarshini AVP - CR & Sustainability, Hindalco Industries Sridhar Sarathy Chief Ethics Oficer & Head – Sustainability & CSR Tata Capital Anjalli Ravi Kumar Chief Sustainability Oficer Zomato Ranjan Kumar Director – Ethics, Legal Sustainability & Corporate Afflairs SKF India Anjalee Tarapore Head – ESG HDFC Bank Bipin Odhekar Head – Sustainability Marico Astrid Dias Head - Corporate Sustainability Voltas fiff fifffifflffiflffiflflffl fffflffiflffl fifffflffiflfffffflff fflfflflfffifflfffflff World Conclave ustainable fifffflffiflffifffflffiffiff ff ffl ffi ffiffiffiffi fifffflffiflff ffffl REGISTER NOW fflffifl Presents Sudhir Mishra Founder & Managing Partner, Trust Legal, Noted Environmental Lawyer Angelo George CEO Bisleri International Dr Annurag Batra Chairman & Editor in Chief, BW Businessworld & Founder, Exchange4media Mainak Dhar VP and MD Kimberly-Clark South Asia Vivek Kumar Dewangan Chairman and MD REC SUSTAINABILITY PARTNER INTEGRATED BUSINESS EVENT PARTNERS CITY PARTNER PRESENTING PARTNER ORGANISED BY
94 | B W BUSINESSWORLD | 21 October 2023 SOCIAL IMPACT PHOTO ESSAY CHAMPIONS The second edition of BW Disrupt’s Social Impact Summit and Awards saw social entrepreneurs and change makers gather under one roof to deliberate on effective strategies to empower communities and bring positive change in their lives. Photographs by Naval Kishor
21 October 2023 | B W BUSINESSWORLD | 95 OF CHANGE The Summit also honoured Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development, with the Lifetime Achievement Award for her phillanthropic initiative and work in education, employment, drinking water and women empowerment.
96 | B W BUSINESSWORLD | 21 October 2023 SOCIAL IMPACT PHOTO ESSAY Panel 1 (L-R): Ashwini Deodeshmukh, Head – Corporate Social Responsibility & Sustainability, Godrej & Boyce; Chetan Kapoor, Chief Executive Officer, Tech Mahindra Foundation; Sangeeta Robinson, Chief Sustainability Officer, PVR INOX; Arindam Lahiri, Chief Executive Officer, Automotive Skills Development Council (ASDC); Dr Anusha Srinivasan Iyer, Founder & Mentor, Make Earth Green Again MEGA Foundation, Pawsitive Farm Sanctuary, Zindagi Helpline and Naarad PR & Image Strategists; Dr Ambika Prasad Nanda, Head - Odisha, Tata Steel Foundation; (Moderator) Lavanya Jayaram, Regional Director - South Asia, Asian Venture Philanthropy Network (AVPN) SPEECH: Dr Annurag Batra, Editor-in-Chief, BW Businessworld & Founder, exchange4media Group KEYNOTE- 1: Dr Kiran Bedi, IPS (Retd.), Former Lieutenant Governor of Puducherry and Founder, India Vision Foundation & Navjyoti India Foundation
21 October 2023 | B W BUSINESSWORLD | 97 OPENING ADDRESS: Devika Kundu Sengupta, AGM – Conference Production, BW Businessworld KEYNOTE-2: Dr Ranjana Kumari, Director, Centre for Social Research, New Delhi KEYNOTE-3: Shiv Khera, Author, Business Consultant & Renowned Speaker and Founder, Qualified Learning Systems SPEECH: Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural Development Panel 2 (L-R): Smita Roy, Co-founder & Managing Trustee, Peepal Tree Foundation; Amitabh Amit Shah, Founder & Chief Inspiration Officer, Yuva Unstoppable; Aishwarya Dua, Founder & Chief Executive Officer, Sassiest; Sarvesh Mishra, Spokesperson, Aam Aadmi Party; Deepika Narayan Bhardwaj, Indian Journalist, Documentary Filmmaker & a Social Activist; Arjun Mishra, Co-founder, Nabet India; (Moderator) Pinky Pradhan, Communications and Media Specialist, United Nations Population Fund (UNFPA)
98 | B W BUSINESSWORLD | 21 October 2023 Panel 3 (L-R): Noopur Jhunjhunwala, Trustee & Co-founder, ChangeInkk; Abhishek Dubey, Founder & Chief Executive Officer, Muskaan Dreams; Satyam Vyas, Founder, Arthan & Climate Asia; Shefali Chhachhi, Co-founder & Partner, Hearth Ventures; Jayant Rastogi, Global Chief Executive Officer, Magic Bus India Foundation; Nitin Jain, Associate Vice President, Resurgent India; (Moderator) Aashish Beergi, Founder & Chief Executive Officer, MASH Project Foundation Panel 4 (L-R): Sohini Bhattacharya, Chief Executive Officer, Breakthrough Trust; Smita Sircar, President & Chief Executive Officer, Gray Matters Capital; Gaurav Mehta, Founder & Chief Executive Officer, Dharma Life; Shikha Akhilesh Saxena, Author, Founder & Chief Executive Officer, Inspiring Mantras; Aparna Dua, Director, Asha Impact; (Moderator) Shriya Sethi, Senior Expert and Associate Partner, McKinsey KEYNOTE-4: Rakshit Kejriwal, Global President, Phillips Education SOCIAL IMPACT PHOTO ESSAY
JURY MEMBERS In Association with NURTURING TALENT FOR FUTURE CONCLAVE #HR40Under40 fifffflffffiflfffl ff flff AWARDS 4th EDITION OF #BWPeopleTalentForFuture HARSHVENDRA SOIN Global Chief People Officer & Head - Marketing, Tech Mahindra RAHUL TANEJA Managing Director Essar Capital S.Y. SIDDIQUI Executive Advisor Maruti Suzuki P. DWARKANATH Former Chairman GSK Consumer Healthcare DR. ANNURAG BATRA Chairman & Editor-in-Chief, BW Businessworld & Founder, exchange4media PREM SINGH President - Group HR JK Organisation RAJENDRA MEHTA Global CHRO Suzlon Group VISHPALA REDDY Head of HR-Indian Subcontinent Philips India PRASANTH NAIR CHRO Crompton Consumer AMIT SHARMA Vice President & Head - People & Culture - India Volvo Group DR. C. JAYAKUMAR Executive Vice President & Head Corporate Human Resources (CHRO), Larsen & Toubro YUVARAJ SRIVASTAVA Group CHRO MakeMyTrip PRADYUMNA PANDEY Manufacturing HR Head HERO MotoCorp DR. VIPUL SINGH Senior Vice President and Head of HR ADP – GSS International AARTI SRIVASTAVA Chief Human Resources Officer - India, Capgemini Capgemini Technology Services India TALEES RIZVI Director - BW People BW Businessworld DHEERAJ MODI Vice President and Global HR Head NLB Services GAURAV SAINI CHRO – APAC and MEA Nokia Phones RUCHI SHARMA KALRA CHRO, Give ASHISH MISHRA Director - Human Resources & Supply Chain Management Nippon Paint For Nominations: Akash Kumar Pandey +91 7898908944 [email protected] Ashish Kumar | +91 97179 22747 [email protected] Aditi Rawat | +91 9873431912 [email protected] For Speaking Opportunity: Reeti Gupta | +91 98996 10630 [email protected] For Sponsorship: Aparna Sengupta | [email protected] | +91 9958000128 Anjeet Trivedi | [email protected] | +91 9818122217 CS Rajaraman | [email protected] | +91 9342262859 Deepak Bhatt | [email protected] | +91 9429423232 Kiran Dedhia | [email protected] | +91 9833399009 Rajeev Chauhan | [email protected] | +91 9811820301 Ravi Khatri | [email protected] | +91 9891315715 Sajjad Mohammad | [email protected] | +91 9911855935 Saurabh Jain | [email protected] | +91 9911334633 Shruti Arora | [email protected] | +91 79826 28913 Somyajit Sengupta | [email protected] | +91 9818247444 For Community Collaboration: Talees Rizvi | [email protected] | +91 93106 34007 NOMINATE NOW OCTOBER 30 2023 NEW DELHI SCAN FOR NOMINATION
PERSPECTIVE Private Credit Funds WHY PRIVATE CREDIT FUNDS NEED CAREFUL WATCH 100 | B W BUSINESSWORLD | 21 October 2023
By Srinath Sridharan N ON-BANKING Financial Companies (NBFCs) are steadily shifting their focus toward retail loans, although some are now in the process of rebuilding their wholesale loan portfolios. Simultaneously, several startups are veering away from raising equity capital at discounted valuations. The world of debt mutual funds has witnessed net outflows, as its once-favourable tax treatment was levelled with other fixed-income products due to the removal of indexation benefits. The influx of fresh capital has dwindled, courtesy of tightening market conditions. Consequently, private credit funds find themselves in a more advantageous position when negotiating for higher interest rates, given their status as a scarce source of capital for businesses. These private credit entities continue to tap into opportunities created by the shifting strategies of NBFCs, mutual funds, and conservative banks. Typically, private credit funds (PCF) invest in the debt or hybrid securities of unrated and lower-rated companies. They offer debt financing to startups and early-stage businesses. While it’s worth noting that private credit comes at a cost, this funding avenue imposes fewer stringent conditions than traditional lenders, providing an alternative for startups that wish to avoid significant valuation reductions through down rounds. Private credit activity in India is experiencing robust growth momentum, with over Rs 30,000 crores deployed across selected transactions in the first half of 2023. With Non-Performing Assets (NPAs) of scheduled commercial banks currently at historic lows, the distressed asset investment pipeline is displaying signs of deceleration. As a result, fund managers are increasingly pivoting toward structured solutions for special situations, such as acquisition financing, bridge-toIPO funding, and capex solutions. The National Asset Reconstruction Company Limited (NARCL) faces challenges and struggles to scale as originally envisioned. India’s financial landscape bears a resemblance to a AAA battery mindset. In this environment, mutual funds and non-bank lenders fiercely compete for credit-worthy “AA” and “A” rated businesses. Meanwhile, those rated “A-” and “BBB” find themselves turning to private credit for solutions. This shift is driven by disparities within the credit market, where mispricing of risks has led to significantly slower lending growth for companies holding a credit rating of A and below, in contrast to their counter21 October 2023 Photograph by Pchvector | B W BUSINESSWORLD | 101
102 | B W BUSINESSWORLD | 21 October 2023 parts in the AA and AAA rated segment. Private credit funds step in to lend to these businesses at rates ranging from 12 per cent to 18 per cent, often dividing transactions into tranches. For the riskiest credit, returns can climb as high as 20 per cent to 24 per cent. However, this comes with a caveat: the risk of default is elevated, and exiting such investments can prove challenging owing to the illiquid nature of these securities. The structuring of credit varies, encompassing revenue-based financing, venture debt, special situations financing, real estate financing, among others. Some innovative funds are adopting creative strategies to cater to investor demands for enhanced returns. Particularly in credit funds, investments are structured in a manner that allows for risk to be staggered over time, enabling investors to select credit opportunities aligned with their individual risk appetites. Yet, within this burgeoning private credit market, transparency and illiquidity are formidable risks. Lenders often enter these transactions with the intent of holding the debt until maturity, as private debt loans tend to lack the liquidity of broadly syndicated loans. Unlike publicly traded securities, where information flows relatively freely, private credit transactions occur in the shadows, granting investors only limited insight into the underlying risks. In the Indian context, where concerns over corporate governance and disclosure norms have previously arisen, this opacity raises particularly worrisome questions. The emergence of a new asset class is undeniably exciting for a growing economy. Private credit can be a rewarding pursuit, but its allure often conceals the risks that lurk in the shadows of high returns. However, it raises important questions for regulators like the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). They must closely monitor the rapid growth of this industry, characterised by a lack of transparency both to regulators and the broader marketplace. Recollections of the 1992 stock market scam, with its convoluted handling of illiquid assets and various debt instruments like BRs (Bank Receipts) and SGLs (Subsidiary General Ledger) passing through multiple hands without actual cash in the account, serve as a stark reminder. Today, it’s not uncommon to find the promoters who own lending institutions, also have stakes in Asset Reconstruction Companies (ARCs), or access to private credit funds. This situation creates the potential for activities that, to put it politely, could facilitate accounts moving within different entities. Regulators must urgently establish comprehensive guidelines for fund managers to effectively manage liquidity risk. The financial services sector is known for its intelligence and creativity in packaging financial products, often giving the appearance of innovative solutions. It’s at times like these that one must scrutinise the market intelligence and overall supervisory competence of financial regulators to ensure that these emerging asset classes do not become breeding grounds for misconduct and systemic risks. In the realm of private credit, investors confront various risks linked to governance standards, inadequate disclosures, management competence, operational performance, financial stability, and more. However, it is also imperative for regulators to recalibrate their understanding of private credit funds, particularly if they had concerns about Asset Reconstruction Companies (ARCs) and Alternative Investment Funds (AIFs) being instruments for potential evergreening. This understanding is crucial, especially for licensed lending entities such as banks, NBFCs, and AIFs that operate their own private credit funds. These entities must uphold the highest standards of transparency to dispel any doubts. One might rightly question why regulators would permit existing lending institutions to Indian banks have long relied heavily on extending credit to large corporations and government entities as their primary client base. In contrast, in more developed debt markets around the world, both corporations and governments turn to bond markets for borrowing needs. This shift allows banks to redirect their focus towards retail banking, mid-sized enterprises, and smaller businesses, thereby diversifying their lending portfolio SBI Branch Photograph by Umesh Goswami PERSPECTIVE Private Credit Funds
21 October 2023 | B W BUSINESSWORLD | 103 establish their own ARCs or PCFs in the first place. But only the regulators know the answer. The question that looms large is: What happens if a PCF, particularly one dealing in mezzanine funds or special situation funds (which are not obligated to hold assets against potential losses), needs to write off its exposure? Would regulators then demand disclosures to address systemic concerns should the credit quality of the companies that have availed these private loans start to deteriorate? These are vital questions that need thorough consideration and proactive measures from the regulatory authorities to safeguard the integrity of the financial system. It’s reasonable to assume that many of these private credit funds originate from various private equity firms. These firms frequently install highly capable managers, but these managers may encounter conflicts of interest when it comes to ensuring timely exits, maintaining a portfolio exposure that constantly incorporates mergers and acquisitions for improved returns, or mitigating losses. This can result in their portfolio entities being burdened with unwanted private debt. Furthermore, a significant issue arises concerning the potential conflicts of interest within private credit funds. These funds often extend loans to companies in which they hold equity stakes or possess other vested interests. This situation raises valid concerns regarding equitable treatment for all investors. Effectively managing these conflicts is paramount to preserving trust in the financial system. Additionally, the risks tied to leverage in private credit funds should not be underestimated. In the quest for yield amidst a low-interest-rate landscape, these funds have turned to leverage as a means to boost returns. Although leverage can indeed amplify profits, it also has the potential to exacerbate losses, presenting systemic risks to the wider financial system. This concern is particularly pronounced in markets with underdeveloped debt markets, as is the case in India. While proponents of private credit funds may argue that their sector offers valuable alternatives for investors seeking higher returns and that the flexibility they provide to borrowers can stimulate economic growth, it is crucial to recognise that these benefits do not negate the need for vigilant regulatory oversight. The opaque nature of private credit transactions, coupled with the potential for conflicts of interest and excessive leverage, can pose significant risks to financial stability. It’s not about stifling innovation but rather about striking a balance between fostering investment and ensuring the integrity and resilience of the financial system. For example, Monetary Authority of Singapore (MAS) has adopted a proactive regulatory approach to oversee private credit funds. Private credit funds operating in Singapore are subject to licensing and regulatory requirements, which include stringent criteria for fund managers. Monetary Authority of Singapore ensures compliance with antimoney laundering and counter-terrorism financing regulations, promoting transparency and accountability. It also mandates fund managers to employ robust risk management practices and maintain adequate liquidity to manage potential risks effectively. On a global scale, private credit constitutes approximately 10-15 per cent of the assets under management within the realm of private capital, encompassing private equity, venture capital, real estate, and more. However, the Indian debt market paints a different picture, characterised by its shallowness, with a significant portion of available funds channeled into government entities. This situation reflects a pronounced imbalance in India’s banking landscape. Indian banks have long relied heavily on extending credit to large corporations and government entities as their primary client base. In contrast, in more developed debt markets around the world, both corporations and governments turn to bond markets for borrowing needs. This shift allows banks to redirect their focus towards retail banking, mid-sized enterprises, and smaller businesses, thereby diversifying their lending portfolio. Hopefully, private credit, where risk often hides behind closed doors and creative finance, won’t become like walking through a financial minefield blindfolded. Transparency and vigilance are the cornerstones of a resilient financial system. In the realm of private credit, we must shine a relentless light on the shadows of risk, for ignorance is not an option. Regulators can’t say “I didn’t know”. Not again. The writer is an author, policy researcher and corporate advisor Photograph by Zatletic State Bank of India in Kolkata
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21 October 2023 | B W BUSINESSWORLD | 105 ESRIINDIA: Spearheading The Geospatial Mandate O r i s s a , We s t B e n g a l , a n d Maharashtra, aiding them in e-governance initiatives while also addressing issues across water resource, automobile, manufacturing, insurance and financial sectors. Today, a majority of electricity distribution companies, both government and private, and city gas distribution companies are using our technology.” Over the last two-and-a-half decades, as GIS adoption rose, Esri India’s efforts to target the Indian market with GIS-based solutions also increased, with the company continually striving to meet the demand, educate users, and build awareness, thereby expanding the GIS community. To further augment the landscape as a part of its phenomenal journey, Esri has endeavoured to join hands with the academia, in a concerted attempt towards training and educating the future workforce. Today, the Indian educational ecosystem is home to more than 800 degree-granting colleges and universities that use Esri’s GIS technology for teaching, indicating the commitment to the innovative solution. Esri India is also engaged in promoting the start-up ecosystem through its ArcGIS solution, which offers out-ofthe-box GIS solutions and data products to solve some of the most challenging problems the country is facing today. GIS holds great underlying potential, on a domestic as well as global scale. In this scenario, Esri India’s phenomenal growth journey is aimed at creating heightened capabilities in the country, across aspects such as the creation of a skilled workforce and fostering a culture of R&D engagement among children and youth. The focus, in its onward journey, now revolves around creating and augmenting a well-equipped GIS community capable of being the wind underneath India’s ambitious dreams in its Amrit Kaal. S INDIA strides towards its ambition of becoming a US$5 trillion econo m y, G e o g r a p h i c Information System or GIS technology has an imperative role to essay in the development of the domestic ecosystem. A disruptive and revolutionary technology, GIS facilitates an array of key sectors in the public and private domains, including infrastructure development, water resources, mining, telecommunications, forest management and electric and gas utilities. Through location analytics and machine learning, GIS empowers the government and private organisations to optimally manage humongous quantities of data, generated by allied industries and ministries, thereby unlocking powerful capabilities across a host of imperative use cases. In this evolving paradigm, Esri India is front-lining India’s move towards becoming a global GIS technology major. Launched in 1996, the company is a market leader in GIS software, location intelligence and mapping, and has essayed a key role in initiatives backed by the government, space and forest departments, water resources, and municipal corporations. According to Agendra Kumar, Managing Director, Esri Esri India is front-lining India’s move towards becoming a global GIS technology major. Launched in 1996, the company is a market leader in GIS software, location intelligence and mapping, and has essayed a key role in initiatives backed by the government, space and forest departments, water resources, and municipal corporations By Team BW A Agendra Kumar, Managing Director, Esri India SPOTLIGHT India, “We have been a part of the success experienced by the government’s Smart City Mission AMRUT, with more than 45 smart cities using our technology. Esri India is an integral part of initiatives such as Varanasi Smart City, Digital India programme, the Namami Gange Programme, Jal Shakti Mission, and SWAMITVA programme. We have been working very closely with several states like Rajasthan, Haryana,
106 | B W BUSINESSWORLD | 21 October 2023 ISRUPTION COMES in waves and criss-crosses, with cyclical recessions altering the business landscape. Businesses that see disruption as a pivot for growth are the ones that are manifesting greater operational efficiencies and customer experience. Banks today are at the forefront of embracing the next level of digital technologies and early movers are reaping the benefits. Take the case of Federal Bank, one of the few early movers who had the foresight to say that we are a ‘Digital at the Fore, Human at the Core’ organization. In line with that commitment over the years, the bank had steadily progressed into a truly digital bank in every sense. Behind this impressive digital at-scale evolution of the bank lies a steadfast vision driven by a strategic blend of people, processes, technologies, and a collaborative partnership approach. Curious to know how this bank has tamed the digital disruption to its advantage? Let’s hear from Babu Thomas, Head of the IT Department, Federal Bank. “There are three core areas we focus diligently: on customer preferences, technology, and regulatory changes. Let me unpack each of these. Customer preferences are constantly changing, and we need to address that continually. And technology changes perpetually, and we need to adapt strategically. Finally, the regulatory regime is vital, and we need to be mindful of the changes and align our overall strategy meeting it.” Failure stats are always alarming, and as we all know, there is a high risk of digital transformation failures across industries. What makes digital transformation more friction-free is the need for a reliable digital transformation partner who can enable the correct sync with business priorities and digital. Here is where a collaborative D Federal Bank: Turning Digital Aspirations into Tangible Outcomes Disruption comes in waves and criss-crosses, with cyclical recessions altering the business landscape. Businesses that see disruption as a pivot for growth are the ones that are manifesting greater operational efficiencies and customer experience. Banks today are at the forefront of embracing the next level of digital technologies and early movers are reaping the benefits.
21 October 2023 | B W BUSINESSWORLD | 107 MASTER STROKES approach makes for digital success. Reflecting on this, Shailja Singh, Director of Technology Sales, Enterprise, IBM India & South Asia, agrees that the rapid pace of digital adoption by banks calls for a very well-meshed strategy fostering a holistic digital ecosystem. She says, “The term VUCA (Volatility, Uncertainty, complexity, ambiguity) aptly applies to the banking sector. Banks today, in addition to a range of new technology challenges they face, also need to be mindful of country specific regulatory compliance laws of the land. With the rapid escalation of AI, aspect like data privacy, and its governance is increasingly coming under scrutiny of the regulators to better protect consumer interests. This backdrop only underscores the criticality of a digital tech ecosystem that evolves with the market dynamics. How has technology been a shapeshifter? Federal Bank is one of India’s enterprises with long-standing relationships with IBM. Let’s look at how did it stays relevant in the ever-changing times. Says Babu, “We aim to offer friction-free services; of course, we do face frictions, but we should have the leverage to iron those out quickly; that’s where digital comes into play. I will again stress the key point, the bank exists for the customer, and they are at the centre of our digital universe, and all our efforts are aimed at serving their needs. “From the start of our core banking journey, we have been with IBM, and I will attribute our ability to be relevant to our constant emphasis on data and analytics, which has given us the ability to understand the customers and curate best-in-class experiences for them.” As we pan the horizon, the time is now to sunset legacy thinking, mindsets, and technologies for greater alignment for the future. We are seeing the dawn of a new era with ‘Generative AI,’ IBM is on the frontline of enabling its customers to integrate AI as a strategic business enabler, complementing the pre-existing IT infrastructure and other tech trends. Says Shailja, “In addition to AI, we are seeing the elevation of a host of trends like Quantum Computing, Blockchain, Cryptography, Biometrics, 5G, and Edge Computing among others. We are looking at enabling these technologies and much more to specific verticals to benefit the clients and its customers. But the most important change we shall see is generative AI and interesting times are ahead.” Adds Babu, “I agree that banks have to reinvent with the changing market dynamics. For instance, today, we complement as well as compete with FinTechs. Each has its customer personas and needs, and it’s not a question of this or that. Banks will have their true purpose, which will remain and cannot be challenged by FinTechs. But that said, we cannot be complacent and must continually invent for tomorrow and beyond.” Empowering your digital core with Generative AI AI feeds on an ecosystem. So, if the source data is good, the outcome will be better. So, it is vital to leverage AI to seamlessly blend into your data and usher in more Babu Thomas, Head of the IT Department, Federal Bank
108 | B W BUSINESSWORLD | 21 October 2023 significant insights. To that end, IBM’s watsonx is the latest offering from IBM. As per IBM, it is its enterprise-ready AI and data platform designed to multiply the impact of AI across the business. The medium comprises three powerful products: the watsonx.ai studio for new foundation models, generative AI, and machine learning, the watsonx.data fit-for-purpose data store, built on an open lakehouse architecture; and the watsonx. governance toolkit to accelerate responsible, transparent and explainable AI workflows. Says Shailja, “watsonx is indeed groundbreaking. It helps enterprises look at data outcomes in numerous ways yet grounded in all aspects like governance, compliance, etc. Foundation models power generative AI. And these foundation models use vast expanse of neural networks and watsonx helps enterprises scale AI across the business.” With all these tech advancements. Banks are also taking new ways of managing threats and fortifying themselves with best-in-class threat management technologies that make for banking with trust. Babu says, “ We emphasise security and make sure that our audits are in tune with the constantly evolving threat landscape and has proactive solutions and strategies for secured banking.” Shailja also points out, “That with rapidly altering threat landscape, cyber security, and data privacy has become the topmost priority to banks and given these challenges, an Application Performance Management (APM) tool is vital, and IBM has solutions that reduce risk and maximize the uptime of mission-critical operations.” The ESG imperative Today, aggressive conversations on Environmental, Social, and Governance (ESG) exist. How are banks approaching it? Says Babu, “Digitization or digitalization activities directly benefit the environment. We have a separate department that looks into it”. Adds Shailja, “ESG initiatives are significant, and most banks are doing it. The data centre is the epicenter of banking operations, and it is imperative to make data centers sustainable and socially responsible. IBM is a champion in green computing, and we do take ESG very seriously and champion that with our clients as well.” Banking due to its inherent nature of its business has been an early adopter of cutting edge technologies. Organisations like Federal Bank stand in testimony to how seamlessly aligning IT with business can manifest into tangible business outcomes. MASTER STROKES Master Strokes is a series produced by BW Businessworld and Presented by IBM India. This series will recognize and present the efforts and accomplishments of technology leaders across sectors on how they use and continue to leverage technology to bring about business transformation creating a positive impact on their organisation. Shailja Singh, Director of Technology Sales at IBM India & South Asia
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110 | B W BUSINESSWORLD | 21 October 2023 The inaugural edition of BW Security World Conclave & Excellence Awards 2023 witnessed India’s leading security leaders, the pioneers of the security industry from all sectors, both suppliers and occupiers under one roof. The Conclave also honoured Major Manjit Rajain, Founder & Global Chairman of Tenon Group of Co. with the Lifetime Achievement Award and Rajeev Sharma, Country MD of G4S Corporate Services (India) with the CEO Of The Year Award By Shilpa Chandel PHOTO ESSAY: BW SECURITY WORLD EVENT DEFENDERS OF TRUST Opening Address: Dr Annurag Batra, Chairman & Editor-in-Chief, BW Businessworld and Founder, exchange4media Photographs by Naval Kishor
21 October 2023 | B W BUSINESSWORLD | 111 Special Address: Lieutenant General P.J.S Pannu, PVSM, AVSM, VSM Former Deputy Chief, Integrated Defence, FICCI Chairperson of task force on ICT modernisation for Defence. AICRA Chair for Steering Committee of AI for Defence and Chairperson for Satcom Industries Association Panel 1 (L-R): Saurabh Bareja, Director, Global Physical Security, Concentrix; Col. Kanwal Kishore, Head of Security, Jio World Centre (Session Chair); Yashovardhan Azad, IPS (Retd.), Chairman & Co-founder, DeepStrat; Pushkar Gokhale, VP & Business Head, Godrej; Ankush Maria, Director-Risk Management; Suraj Shankhpal, Senior VP/ Corporate Security Director-India & Philippines Keynote Address: Akhilesh Tuteja, Global Leader Cyber Security, KPMG
112 | B W BUSINESSWORLD | 21 October 2023 Panel 2 (L-R): Ajit Singh, MD, Hatfield Investigation & Consulting (Session Chair); Punyasloka Panda, CPP, VP, Global Assistance & Protection (GAP), India Regional Protective Services; Sanjay Kaushik, MD, Netrika Consulting; Sam Datt, Founder & CEO, ForensicsGuru.com; Advocate Anuj Agarwal, Chairman - Centre for Research on Cyber Crime and Cyber Law Keynote Address: Anil Dhawan, MD, DB Secure Solution Keynote Address: Col Harendra Bana, Associate Director - Global Security, US Food & Beverage Co. PHOTO ESSAY: BW SECURITY WORLD EVENT
21 October 2023 | B W BUSINESSWORLD | 113 Panel 3 (L-R): Capt. Vikas Yadav, CSP, AVSEC, Head Security, PVR INOX (Session Chair); Ravi Kapur, MD, Absolute Security & Allied Services; Jyotsana Bhalla, President, Head BD & CRM, AP Securitas; Capt. Keshav Prasad, VP-BD, Rakshak Securitas; Dr Chitij Chauhan, Director of Security, Allbound Inc. Panel 4 (L-R): Col. Kumar Vikram, India Head Security & Compliance, Cushman and Wakefield (Session Chair); Capt. Gaurav Bajetha, VP-Head of Global Workplace, Trust & Safety, Urban Company; Rekha Gairola, Regional Security Advisor, India & South Asia, Boeing; Nand Kishore Bhatt, Chief Security OfficerSesa Goa, Vedanta Keynote Address: Manish S. Sharma IPS, ADGP, Govt. of MP
114 | B W BUSINESSWORLD | 21 October 2023 Panel 5 (L-R): Jaspreet Singh, Partner, Clients & Markets Leader-Advisory Services, Grant Thornton (Session Chair); Col. Arun Hariharan, VP & National Head - Nodal, Security & Safety, Bharti Airtel; Veena Gupta, Founder-MD, Seam Risk Solutions; Lt. Bhaskar Shukla, CSO-Delhi NCR, JK Cement KEYNOTE: Maj. Manjit Rajain, Founder & Global Chairman, Tenon Group of Companies KEYNOTE: Kunwar Vikram Singh, Chairman, CAPSI PHOTO ESSAY: BW SECURITY WORLD EVENT
Day 2: Panel 1 (L-R): Maj. Gen. Dr Pawan Anand, AVSM (Retd.), Director MIGS Global Consulting, Distinguished Fellow USI of India (Session Chair); Col. Shakti Rana, Head Personnel Security (Global), Nokia; Amit Kulkarni, EVP, Allied Digital Services KEYNOTE: Rupal Sinha, President, BVG India Day 2: Panel 2-Below (L-R): Dr Shakti Chauhan, Country Head-Facility Management, 32 Miles (Session Chair); Lt. Col. Jiten Joshi, CSO, Varun Beverages; Harvindra Singh, Chapter Chairman, ASIS International, New Delhi Chapter; Naresh Singh, Global Security Manager, APAC, Hollister Incorp.; Garima Goswamy, Co-founder & CEO, DridhG Security International; Rajneesh Sharma, VP-Strategic Operations & BD, Jaguar Security Services
116 | B W BUSINESSWORLD | 21 October 2023 KEYNOTE: Prof. Capt. S.B. Tyagi, Chief Councillor, ICSSM KEYNOTE: Gurpawan Singh, President, IIRIS KEYNOTE: Mahendra Karakoti, Director-Security, Schneider Electric India KEYNOTE: Rajeev Sharma, Country Managing Director, G4S Corporate Services (India) PHOTO ESSAY: BW SECURITY WORLD EVENT
21 October 2023 | B W BUSINESSWORLD | 117 Day 2: Panel 3 (L-R): Col. Inderjeet Singh Barara, COO, Vara Technology (Session Chair); Jeetendra K. Singh, Chief Security Officer, Fortis Healthcare; Maj. Ashish Chauhan (Retd.) Founder & Business Officer, Unisense Advisory; Brig. K A Mahabir (Retd.), Former Head of Security & Admin, ITC Hotels Division; Rishi Choudhary, Group Chief Security Officer, Eros Group; Atul Kumar Goel, MD, Metaforce Integrated Services KEYNOTE: Capt. Prasan Tokas, Head Security, Adani Group Day 2: Panel 4 (L-R): Maj. Gen. Sanjay Soi (Retd.), International Affairs & Defence Expert, Member Advisory Board International Institute of Influencers (Session Chair); Lt. Cdr. Ajit Singh Yadav, Head Admin & Security, Paytm; Nikhil Sharma, Security Supervisor, ASIS, Triple Crown Board Certified, UAE; Capt. Allroy A. Collaco, Head Administration & Facilities, Insurance Dekho; Vivek Rajput, Regional Manager & Head of Admin (North), Bajaj Finance
118 | B W BUSINESSWORLD | 21 October 2023 GADGET REVIEW HP OMEN TRANSCEND 16 HP Omen Transcend 16
21 October 2023 | B W BUSINESSWORLD | 119 The highlight, however, is the mini-LED display. With 1000 nits of brightness and 240 Hz refresh rate. The accompanying HyperX Cloud II Core wireless headset doesn’t hold back either. The headset has a good design with aspects like ergonomics and audio quality dialled in. Performance The thing with gaming laptops these days is that they offer more or less the same things with little tweaks here and there. The HP Omen Transcend 16 too doesn’t offer anything outof-the-box but it does have a few features that makes life easier. CPU and GPU The 13th Generation Intel Core i7 13700HX processor is a power-packed processor that handles anything thrown at it with ease. The Nvidia RTX 4070 plays its role of complementing the CPU really well. The 130W GPU is more than perfect for running AAA titles at maximum graphics. The laptop is slimmer and more compact than its Omen 16 counterpart and that does lead to a slightly lower performance on the graphics front. However, the difference does not lead to significant loss in performance in my humble opinion. Display The much talked about mini-LED is a good addHE HP OMEN Transcend 16 is a gorgeous looking laptop with hardware that is equally impressive. It is a slimmer, sleeker and more refined version of its 16-inch Omen counterpart. With specific focus on the form factor and hardware prowess, the Transcend 16 is a top-of-the-line creation from HP. Here is my experience with the laptop and the things that stood out for me while I used it for a few weeks. Design and Build The HP Omen Transcend 16 is a well-built laptop that gives off a very good first impression. Thanks to signature HP designing and attention to detail, the laptop does not disappoint as far as build quality is concerned. The chassis may seem to be made of a hard metal but is actually magnesium alloy, a first in the Omen series of laptops. The keyboard and the track pad feel very smooth and are good to operate. I would have preferred a bigger trackpad though, given the nature of the laptop. The speakers are decent with audio good enough to complement the gameplay experiences. The Transcend 16 puts great emphasis on the form factor. With its sleeker build, this laptop is not the behemoth that the Omen 16 is. With a body that is about 16 per cent slimmer and about 14 per cent lighter, the Transcend 16 also banks on portability By Deep Majumdar T HP’S BEST GAMING LAPTOP?
120 | B W BUSINESSWORLD | 21 October 2023 on. It does take the laptop’s price towards the top end of the spectrum but it also acts a unique selling point. Not many gaming laptops offer this. The 240Hz refresh rate and the 16:10 ratio add to an already holistic gaming experience. Cooling System Given the nature of the laptop and what it is intended to be used for, heating is inevitable. HP Inc. however, has taken care of it. The company’s patented heat dissipating mechanism, the Tempest Cooling System, is quite good at its job. HyperX ULL Module The in-built HyperX ultralow latency module comes very handy. Saving time while pairing the headset to the laptop feels like something that should already be there in gaming laptops. The few minutes saved in the pairing process definitely makes life easier. The headset itself is a good product. The 80-hour claimed battery life that roughly runs for about twoand-a-half days is good. The 53mm audio drivers give a good output. When you club this with the build quality, the Cloud II Core does seem like a perfect gaming headset for not just this laptop but for any gaming laptop. Of course, you won’t get the inbuilt module there. Battery The 97Wh battery is not the best in the segment but it is decent. Gaming laptops series GPU are only among some of its great features. Another key element in this variant of the Omen 16 is the mini-LED display. A downside of this gaming laptop is its price, which will prove a challenge for HP, given that budget sensitive consumers control the market in India. Are gamers in India aspirational? Yes, definitely. Do they see price as a big decisive factor while purchasing gaming hardware? Also, yes. The things that act as plus points for the Omen Transcend 16 are its 13th Gen Intel i7 13700HX processor, the Nvidia RTX 4070 130 watts GPU, the 16GM RAM, the 1TB Gen4 SSD, the 240Hz mini- LED display and its patented cooling system. Two Thunderbolt 4 ports was a fine touch by HP and so was the 30MB L3 cache. Given the power consumption of the laptop, the 97Wh battery seemed apt. However, upon regular usage, you’ll realise that the laptop cuts through a full charge like a hot knife through butter. Life is full of troubles but Bluetooth pairing headphones to the laptop is not one of them anymore. The in-built module eradicates this step altogether. The inbuilt HyperX module is also a great add-on. Transcend 16 puts great emphasis on the form factor. With its sleeker build, this laptop is not the behemoth that the Omen 16 is. With a body that is about 16 per cent slimmer and about 14 per cent lighter than the flagship Omen 16 laptop, the Transcend 16 also banks on portability. The magnesium alloy body plays a role there too. HP has also proactively paid attention to heating issues. The Tempest Cooling Technology, as HP calls it, is responsible for dissipating excess heat while heavy gaming. The technology is effective and there’s no denying it. However, you still cannot do away with makeshift techniques like cooling packs and ice trays if you really are into professional gaming that incudes prolonged sessions. This is definitely yet another great creation from HP, made keeping in mind, the needs of gamers. The flip side is that it also has many issues that top-of-the-line laptops have, like a rapidly draining battery, excess heating and last but not the least, a huge price tag. and battery life do not have a good relationship. The Omen Transcend 16 gaming laptop too has a similar situation. However, it does give out about five to six hours before it hits battery saver mode. The laptop also has an ECO Mode for users to have a prolonged session. This is not recommended for gamers, though. Is It Worth It? Pros: l Great display; 1000 nits of brightness; 1,000,000:1 contrast ratio l Powerful CPU and GPU l Efficient Bluetooth audio pairing (In-built HyperX headset module) Cons: l Battery life could be better lReduced GPU performance (compared to the Omen 16) to accommodate a slimmer form factor. The 13th Intel Core processor and the Nvidia 40 GADGET REVIEW HP OMEN TRANSCEND 16
21 October 2023 | B W BUSINESSWORLD | 121 On the need to address sustainability in aviation The impact of climate change is undeniable. The aviation sector has been called one of the major contributors to carbon emissions, and with air travel only increasing worldwide, it is essential for the sector to make urgent, concerted efforts to bring emissions down. On challenges and opportunities for sustainability in aviation What we must recognise is that the need is here and now. So the journey to making aviation sustainable must move at pace, and that is the main challenge. Evolution cannot happen without industry, government, academia and every stakeholder in the ecosystem wanting it to happen, and that includes all of us. We all know it’s the right thing to do, and we just need to go do it. On promising innovations happening today The UN’s call to reach net zero by 2050 has been heard and understood and now people are actively looking at ways to implement these changes. Rather than solely seeking disruptive innovations, we are also seeing a lot of incremental innovation. At RollsRoyce, we are focusing on transitioning to sustainable aviation fuels (SAF) and ensuring the compatibility of all our products with SAFs. At the same time, disruptive innovations like electrification are also taking place. For a shift to electric, we need to look at various factors across the value chain — from sourcing batteries and lighter invertors to charging infrastructure to the fuels powering the batteries. The path to true sustainability goes all the way up the value chain from green hydrogen production down to disruptive innovations in electric technology. On technological advancements in engine technology and alternative fuels We are constantly working on enhancing the efficiency, reliability, and safety of our engines. When we shift our focus to electric propulsion, it’s crucial to acknowledge that transitioning to this technology is a significant endeavour that will require time. While it presents numerous opportunities, it’s not a straightforward journey, and its realisation will be gradual. In the interim, to demonstrate our commitment to sustainable aviation, we are turning to alternative fuels like SAF. Factors such as the availability and affordability of these fuels also come into play, making it a multi-faceted challenge. Collaboration across the value chain is also important to making SAF work. For example, producers of SAF should commit to scaling up production, Rolls-Royce as a technology-provider is committed to proving that its aerospace engines are compatible with 100 per cent SAF, and airline companies need to commit to using more SAF in the future. As told to Ashish Sinha ‘We Are Focusing On Transitioning To Sustainable Aviation Fuels’ LAST WORD KISHORE JAYARAMAN,President – India and South Asia, Rolls-Royce The path to true sustainability goes all the way up the value chain from green hydrogen production down to disruptive innovations in electric technology
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