MakeMyTrip to enhance business-to-business segment to tap corporate travel

 

Online travel benefits firm MakeMyTrip on Tuesday said it is intending to upgrade its business-to-business section, focusing on enormous corporates and miniature, little and medium endeavors to tap the open door in homegrown corporate travel.

The organization presently has north of 1,650 mid-to-enormous corporates and in excess of 30,000 MSME clients. It has connected more than 2,6000 disconnected travel planners as it designs a greater play in the business travel portion.

"The homegrown corporate travel has opened across fragments, and we expect that the development will speed up in the times to come," MakeMyTrip prime supporter and Group CEO Rajesh Magow said in an articulation.

To tap the open door, he said, "We are focusing on enormous corporates and the SME fragment through Quest2Travel and MyBiz stage".

In addition, he said the organization is drawing in with more than 26,000 disconnected travel planners through the 'MyPartner' stage and fueling other internet based stages, for example, Amazon Pay by utilizing the capacities of the organization's 'MyAffiliate' stage.

Remarking on how the B2B section has taken care of business for MakeMyTrip, Magow said, "From being an immaterial giver, the B2B space is currently ready to convey more than 10% of our GMV. It is essential that notwithstanding a poor start, we have arisen as the biggest OTA (online travel service) in the corporate portion regarding GMV as well as income".

MakeMyTrip said its ongoing appointments show that the corporate travel fragment has become by almost 46% from pre-COVID levels....READ MORE

Ratan Tata-backed jewellery retailer BlueStone names Rumit Dugar as CFO

 

Ratan Tata-upheld BlueStone, a main omnichannel gems retailer, has named Rumit Dugar as its Chief Financial Officer (CFO). Dugar carries with him more than 17 years of involvement across various areas, like innovation, fintech and values organizations. After accepting his new job at BlueStone, Dugar will lead the whole money capacity of the venture, driving controls and administration structure, capital access and allotment and financial backer commitment.

"BlueStone is scaling at pace and laying out its presence the nation over, on account of our interesting omni-channel model, which is today preparing for another fine adornments shopping experience in India," said Gaurav Singh Kushwaha, organizer and CEO of BlueStone. "With our tasks extending to more than 25 urban areas the nation over and proceeding to develop, we were watching out for areas of strength for an accomplished pioneer to deal with the always developing money work and focused in on Rumit (Dugar), whose mastery across verticals in the space, will be a colossal worth add for BlueStone. We accept he will be the right fit to take the organization to a higher level."...READ MORE

Flipkart launches rural area- and women-focused Flipkart Foundation

 

Walmart-supported local web based business goliath, The Flipkart Group, declared that it has comprised and has sent off the Flipkart Foundation with center around provincial regions and giving fair admittance to learning experiences for ladies and other hindered networks, the Flipkart Foundation means to emphatically affect 20 million lives straightforwardly and by implication in the following ten years.

Flipkart Foundation's activities are award based, with commitments from the Flipkart Group and through the 'Noble cause Checkout' highlight accessible on Flipkart stages, which gives a simple and consistent way for generous giving.

The Foundation was officially sent off in New Delhi by the Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar, Union Minister of State for Micro, Small and Medium Enterprises, Bhanu Pratap Singh Verma and Minister of State for Rural Development and Minister of State for Consumer Affairs, Food and Public Distribution, Sadhvi Niranjan Jyoti, within the sight of Rajneesh Kumar, Chief Corporate Affairs official, Flipkart Group, Krishna Raghavan, Chief People Officer, Flipkart, among other senior authorities from the public authority and Flipkart.

Rajneesh Kumar, Chief Corporate Affairs Officer at Flipkart, said, "The Flipkart Foundation is our obligation to draw in with assorted partners to empower groundbreaking improvement work for society and the economy. We have set venturesome focuses for the Foundation and expect to impact 20 million lives straightforwardly and by implication in the approaching ten years across a wide cluster of regions by using our learnings throughout the long term."

PSBs sanctioned loans worth Rs 6.45 trn in lockdown between Mar 1-May 15

State-owned banks have sanctioned about Rs 6.45 trillion worth loans to various sectors including Micro Small and Medium Enterprises (MSME), agriculture and retail between March 1 and May 15 when businesses were reeling under the impact of the Covid-19 crisis.
Loans sanctioned at the end of May 8 stood at Rs 5.95 trillion.
"Loans worth over Rs 6.45 trillion were sanctioned by PSBs during March 1 May 15 for 54.96 lakh accounts from MSME, Retail, Agriculture & Corporate sectors; A notable increase compared to the Rs 5.95 trillion sanctioned as of May 8," Finance Minister Nirmala Sitharaman said in a tweet.
"Public Sector Banks sanctioned over Rs 1.03 trillion as emergency credit lines & working capital enhancements in the period March 20 to May 15, which is a substantial increase over the Rs 65,879 crore that had been sanctioned up to May 8," she said.
State-owned banks launched an emergency credit line to provide funds to its existing MSME and corporate borrowers in the last week of March, soon after the lockdown was announced.

Under the scheme, the banks provide an additional line of credit of 10 per cent of the existing fund based on working capital limits, subject to a maximum of Rs 200 crore.

Finance ministry asks departments, PSUs to expedite capital expenditure

Current Affairs

As part of the Modi government’s bid to boost economic activity and pump in liquidity into the infrastructure sector, senior finance ministry officials are meeting officials from other departments, as well as state-owned firms. The PSUs are being told to boost capital expenditure (capex), while the departments, especially those related to infrastructure sectors, are being told to expedite spending of allocated sums and release outstanding payments to contractors.
Economic Affairs Secretary Atanu Chakraborty and Expenditure Secretary Girish Chandra Murmu on Thursday met officials from the ministries of road transport & highways, railways, telecom, and housing & urban affairs to review their capex programme.The two secretaries, it is learnt, are expected to meet representatives of other infrastructure-related departments, as well as managing directors and senior officers of PSUs, on Friday.
“The departments are being told to clear pending payments to contractors, especially those in the micro, small & medium enterprises (MSMEs) sector. They will be directed to front-load their capex allocations, while PSUs are also being told to boost capex. The idea is to create more liquidity in the infrastructure sector,” said an official.
These capex reviews come just a day after Finance Minister Nirmala Sitharaman met representatives of the infrastructure sector — the latest of the many sectoral meetings she has had in the past one month.

The meetings came against the backdrop of India’s gross domestic product growth slumping to a six-year low of 5 per cent in the April-June quarter. Experts have pointed out that a capex boost focused on infrastructure by the private sector and the government is a way out of the slowdown as the Centre looks to create jobs...Read More

Fintech committee recommends new legal framework for consumer protection

Current Affairs
A panel on issues related to financial technology (fintech), in its report submitted to Finance Minister Nirmala Sitharaman on Monday, has recommended a new legal framework for consumer protection.
The framework encompasses fintech and digital services, a National Digital Land Records Mission, a unified database (stacks) for small industries and the agriculture sector, removing discriminatory regulatory barriers in digital payments infrastructure, and allowing non-banking financial companies (NBFCs) into agriculture credit.
The Steering Committee on fintech-related issues has also suggested cash flow-based financing for micro, small and medium enterprises (MSMEs); using drones and remote sensing to assess risk in agriculture credit and insurance; increasing the use of artificial intelligence among state-owned banks; and regulatory and legislative changes to enable fixed deposits and other financial instruments to be issued in dematerialised form and allowing their frictionless use as collateral.
Several proposals in the report are in line with the government’s intention to create and maintain central databases for different sectors. A similar proposal was put up in the recently proposed national digital health blueprint, to create a HealthStack. The panel also recommends using blockchain, which was also one of the main suggestions of a committee on digital currency. The fintech panel was announced by former finance minister Arun Jaitley in his 2018-19 Budget.
Fintech committee recommends new legal framework for consumer protection

 The panel is headed by the secretary to the Department of Economic Affairs and includes the secretary to the Ministry of Electronics and Information Technology...Read More