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Showing posts with label covid 19 crisis. Show all posts
Showing posts with label covid 19 crisis. Show all posts

Monday, 14 June 2021

SBI launches ‘Kavach Personal Loan’ scheme for

 SBI launches ‘Kavach Personal Loan’ scheme for COVID patients

·         Shri Dinesh Khara, Chairman, SBI launched this unique collateral-free loan offering

·         Personal loans @ 8.5% per annum upto Rs. 5 lacs will be provided to Bank customers for a period of 5 years

·         Purpose of SBI Kavach Personal Loan is to enable our customers for meeting medical expenses of self and family members for COVID treatment

·         Loan will also cover reimbursement of COVID related medical expenses already incurred

 

In its endeavor to provide much-needed relief to its customers who are facing financial stress on account of COVID treatment-related expenses, State Bank of India (SBI) has launched a collateral-free unique loan offering – ‘Kavach Personal Loan’. The loan covers expenses of COVID treatment of self and family members of the customer. This product was launched by Shri Dinesh Khara, Chairman, SBI. Under this scheme, customers can avail loans up to Rs 5 lacs at an effective interest rate of 8.5% per annum for 60 months which is inclusive of three months moratorium. This unique product is being offered under the collateral-free personal loan category and comes at the cheapest rate of interest under this segment. Reimbursement of expenses already incurred for COVID related medical expenses shall also be provided under the scheme.

 
Shri Dinesh Khara, Chairman, SBI said, “We are happy to introduce SBI Kavach Personal Loan scheme to help people affected in the wake of COVID-19 crisis. We believe this new scheme will offer much-needed financial assistance to the people to manage the COVID treatment-related expenses without any hassle. With this strategic loan scheme, our aim is to provide access to monetary assistance – especially in this difficult situation for all those who unfortunately got affected by COVID. It's our constant endeavor at SBI to work towards creating financial solutions for customers suiting their requirements”

In these trying times, SBI is committed towards taking care of customers’ financial emergency for covid treatment and other personal expenses in order to effectively overcome the Covid battle. This loan product will also be part of the COVID loan book being created by banks as per RBI's COVID relief measures.

Thursday, 13 May 2021

Robot Friends” and VR for Loneliness

 “Robot Friends” and VR for Loneliness During the Pandemic

The isolation that individuals have endured due to the COVID-19 pandemic includes feelings of loneliness and depression. And in order to help those experiencing these types of feelings, technologists, researchers, and healthcare workers are tapping into the benefits of using “robot friends” and VR for loneliness.

Depression increased after the outbreak of the virus and sharp mental health shifts occurred as COVID-19 cases began to rise around the globe. A study by GOQii, a smart-tech-enabled preventive healthcare platform, surveyed over 10,000 Indians, to understand how they have been coping with the new normal. It revealed that stress levels have been on a rapid rise in India, with 43% of Indians suffering from depression – 26% of respondents were suffering from mild depression, 11% were feeling moderately depressed, whereas 6% of the respondents were facing severe symptoms of depression.

IEEE member Jonathan Gratch says that physical touch and the way people give social cues in-person versus through a video call is biologically beneficial for our brains. Without those forms of social interaction happening regularly, our loneliness meter increases.

“Video conferencing can be cognitively demanding, as it might supercharge some of the social stressors found in real-world interactions,” says Gratch. “The fact that you see yourself makes you more aware of your appearance and reactions and increases your ‘impression management’. This is a known stressor.”

Another difficulty with video conferencing is our perception of screen boundaries. “For analog face-to-face, physically co-located interactions, our senses are not bounded by a screen border or controlled and mediated by a single camera angle or microphone placement,” says IEEE member Todd Richmond. “When we are in person, we are immersed in a space and that sense of immersion is something humans have learned and evolved to expect.”

Since we weren’t able to obtain the social interactions our bodies and brains were expecting or desiring during the COVID-19 crisis because of public safety concerns, robotics, and virtual reality (VR) stepped in to fill the loneliness gaps.

ROBOT FRIENDS USE AI TO KEEP US SOCIALLY UPDATED

Social robots, or robotic friends, have provided an alternative for social interaction when human connection is limited.

Robots are being used in a variety of ways, as reported by IEEE Spectrum –– from Fribo, a robot that informs your friends and family members what you’re doing in your house, so they know you’re actively moving, to these robots that are meant to be broken and yelled at in order to get out your negative emotions –– are ultimately helping you feel less alone.

Artificial intelligence (AI) and machine learning are often used in these health-managing robots to improve their interactions with you.

AI VOICE ASSISTANTS FOR OLDER ADULTS

A recent article mentioned a study that used AI voice assistants that were “programmed to report sensor-based health information using visual and voice interfaces” for older adults living at home.

“Aging in your home is no longer a luxury for those most at-risk of transmitted viruses,” says IEEE Senior Member Marjorie Skubic, a professor of Electrical Engineering and Computer Science at the University of Missouri where the study was conducted. “Artificial intelligence is key to addressing this challenge by giving older adults better tools for managing their own health,” the article stated.

“To develop more innovative solutions that help keep people safe and make the world a better place, the IEEE Computational Intelligence Society recommends that all organizations actively combating COVID-19 leverage AI, one of the most powerful tools at our disposal,” states the article.

VR FOR LONELINESS HELPS OUR BRAINS FEEL CONNECTED

Virtual Reality is another technology being used to help people currently going through isolation.

“Compared to video conferencing, VR tech is known to increase both physical and social presence,” says Gratch. “You feel like you are really at a place or really with a person. In terms of social interaction, it can help deal with some of the breakdowns in social cues.”

“VR brings a higher degree of immersion than a typical screen-based interaction,” adds Richmond. “Sharing a virtual space with someone in an immersive VR experience could very well lead to a better sense of “being there”. The shared space is key, and one problem with current video solutions.”

If VR is more beneficial than video conferencing, why aren’t we taking all of our work meetings and conducting all of our family gatherings in this way while we stay home? Richmond explains that this limitation is mostly because the devices are not as accessible as a computer or tablet.

“Most everyone has a screen (be it phone or computer), but very few have AR/VR,” says Richmond. “Once AR/VR gets more ubiquitous, more people will be able to experiment with the experiences, which will help advance the technology development and create new sets of social norms that will be necessary.”

Both Richmond and Gratch feel optimistic about the advancements happening in the virtual reality space. The pandemic has forced us all to adapt and make this type of technology a higher priority than ever before.

OTHER TECHNOLOGIES BEING USED FOR LONELINESS

Wearables, sensors and IoT are other methods being explored during the COVID-19 pandemic.

Overall, our desire for contact has moved technology forward to offer more effective solutions than ever before. While nothing can beat a hug from another person, robots and VR are making that absence feel a little less large.

“The pandemic has shown us that humans value contact, and that contact needs to move beyond the traditional screen boundary,” says Richmond.

Thursday, 4 March 2021

SpiceJet and WheelTug conclude agreement for

SpiceJet and WheelTug conclude agreement for 400 slots
of the state-of-the-art electric taxi system

SpiceJet, the country’s favourite airline, has tied-up with WheelTug Plc for reserving 400 production slots for the state-of-the-art electric taxi system that will enable the airline in saving fuel, reducing CO­­2 emissions as well as noise levels, improve its fleet utilization thereby directly improving the company’s bottom line.

The innovative WheelTug system places high-torque motors in the nose wheels of the aircraft. Pilots control the aircraft themselves, performing ground operations without requiring tugs for maneuvers. By keeping jet engines off in tight areas, the airline will lower its emissions. Additionally, SpiceJet gate and stand operations will be faster and more dependable helping the airline eliminate unexpected long delays affecting the schedule on any given day.

“SpiceJet is a strong advocate for reducing carbon emissions. By inducting WheelTug into its B737 operations, the company aims to reduce the fuel burn during Taxi out and in,” said a SpiceJet spokesperson.

SpiceJet is the largest Boeing 737 operator in India.

Isaiah Cox, Chief Executive Officer, WheelTug said, "Signing SpiceJet at this time shows both companies are looking forward to a strong recovery for the industry as the world responds to the Covid-19 crisis.”

“To that end, we also wish to recognize SpiceJet’s leading role in transporting vaccines to India.

Monday, 24 August 2020

Hyderabad real estate – A road map amid the COVID -19 crisis

Hyderabad emerges most resilient; returns to normalcy faster than other cities: JLL report

  • The city has the least unsold inventory as on H1 2020 that can be offloaded in next two years
  • It stayed strong with the second highest residential launches over second quarter of 2020
  • The city led India’s office supply with a 30% share in H1 2020, significantly driving the country’s office absorption with an 18% share during same period

Hyderabad continues to show resilience and its real estate dynamics kept up the momentum according to the JLL-CII report “Hyderabad Real Estate - A Road Map amid the COVID -19 crisis,’’ launched today. The city’s real estate performance was far better in H1 2020 as compared to other cities in India. Its formal economy was one of the first in urban India that resumed its stability as the lockdown rules were relaxed.




Despite the nationwide lockdown, in Q2 2020, Hyderabad continued to witness relatively good office leasing and residential sales. Once construction activities resumed in May 2020, the city also saw supply of new office buildings in addition to new residential projects. Hyderabad also led India’s office supply with a 30% share in H1 2020, significantly driving the country’s office absorption with an 18% share during the same period. Further, the city reported strong sales with the least unsold inventory in India which can be offloaded within two years. 

“Hyderabad’s resilience comes from the confidence of doing business instilled by the state government. The business-friendly policies of the government has helped corporates leverage the existing ecosystem in the state to maximize output and emerge as the destination of choice. For example, growth of the IT sector in the state: While national IT exports grew by 8% in 2019-20, IT exports here grew by 18% in the same period. Owing to its robust and fast developing infrastructure along with ease of living, offering a cosmopolitan environment, today, Hyderabad is a major destination for India’s young workforce,” said Ramesh Nair, CEO & Country Head, India, JLL.

In JLL’s latest GRETI (Global Real Estate Transparency Index) report in 2020, India experienced higher improvement and it is in the cusp of becoming a transparent economy. The focus of the government on sustainability transparency with focus on wellness and PropTech adoption drove this improvement.
Hyderabad has been one of the fore runners in India in these parameters. This further strengthens the investor confidence in the city’s real estate. Through the much-appreciated TS-iPass, ICT Policy and other investment friendly initiatives by the state government, the city has witnessed a major economic growth in the last six years.

“Hyderabad’s positive reaction to the crisis has reflected tremendously in the city’s real estate performance. The focus of the government on business-friendly policies has helped Hyderabad emerge as a one of the leaders despite the global pandemic,” said Sandip Patnaik, Managing Director – Hyderabad, JLL. He further added, “Impressive investment in the infrastructure sector and the state’s fast track execution has tremendously contributed to the city’s real estate growth. An active real estate market and strong economic growth along with a thriving start-up culture have helped the city to gain one of the leading positions globally.”


Source: JLL ResearchTo understand the depth of the crisis and the reaction of stakeholders, JLL conducted a survey to understand the strategies of the top ten developers in various sectors and interviewed corporate leaders of companies in Hyderabad.

The results of these surveys and discussions on each sector is summarised in the following sections.   

Office Real Estate - As the city opened in early May 2020, construction activity resumed in a few projects and a few office projects started operations by June 2020. A total supply of 3.7 million sq. ft was added in H1 2020. Demand dynamics also remained strong as a few key office leases with large area were closed after the lockdown was relaxed in May 2020. The city reported an absorption of 2.1 million sq. ft in H1 2020 which dropped the city’s vacancy rate to 9.2 %.

Residential Real Estate - Hyderabad witnessed highest quarterly launches ever during the lockdown period in Q2 2020. Most of these launches were in the northern and eastern submarkets. Despite the healthy volume (of launches), good sales kept the city’s unsold inventory at the lowest in the country.  Construction resumed in many projects in the city, albeit at a slow pace due to reverse migration of construction laborer’s during the lock down. 

Retail Real Estate - Developers in Hyderabad offered rental waivers or rental deferments to battle the ongoing crisis. Highstreets in Hyderabad, meanwhile, gave some relief to the retailers as they are a relatively cost-effective solution to malls in these tough times. Leasing activity has continued in Highstreet retail properties. Construction of upcoming malls has resumed, although at a slow pace.

Urban infrastructure development of fringe area with tech solutions, diversification of economic base and development of new economic hubs will assist Hyderabad’s real estate sector to overcome this storm and emerge stronger. Digital technology solutions like the Internet of Things (IoT), AI, sensors and geospatial technology, can be used to gather accurate data and detect real time problems to efficiently manage the urban infrastructure of the city. As office assets showed confidence of high growth and stable returns for the medium to long-term, global institutional investors and sovereign wealth funds showed an increasing interest in the city over the past few years.

While the state government gave confidence to corporates through its business-friendly policy support in H1 2020, it utilised the lockdown period to upgrade the city’s urban infrastructure and aesthetics by employing labour who otherwise would have been unemployed. Hyderabad recorded the highest office net absorption in 2019 (as a proportion of existing stock) compared to any city globally, while standing among the world’s best-performing cities for prime office rental growth according to the recent JLL City Momentum Index (CMI) 2020 report.

Saturday, 20 June 2020

Bajaj Allianz Life Insurance declares bonus

Bajaj Allianz Life Insurance declares bonus including payment of Cash Bonus to its policyholders amidst COVID-19 crisis

·        The bonus amount is set to benefit over 12 lakhs policyholders
·        The announcement comes at a time when people are facing liquidity crunch due to COVID-19 crisis

At a time when most of the country is facing a liquidity crunch and are looking for financial assistance, Bajaj Allianz Life Insurance, one of India’s leading private life insurer has declared Bonus in its participating plans including payment of Cash Bonus* as on 31 March 2020.  The Company has declared Reversionary, Cash and Terminal bonus for FY2019-2020, which is expected to benefit 12 lakhs policyholders who have stayed invested and entrusted their faith in the Company.

Commenting on the announcement, Tarun Chugh, Managing Director and Chief Executive Officer, Bajaj Allianz Life Insurance said, “Our commitment towards our customers’ life goals continues to be our key priority even during these unprecedented times. Last year was a productive year, and we are now sharing the outcomes of the year, as Bonus with our 12 lakhs policyholders. This additional financial support through Cash Bonus, we are sure, will enable several of our customers meet some of their immediate financial requirements, or plan for their life goals ahead.”

The bonus rates announced by Bajaj Allianz Life applies to all 19 of its participating plans. All in force policies will be entitled to the Reversionary Bonus, Terminal Bonus and Cash Bonus as applicable. The Cash and Terminal bonus will also be payable to paid-up policies.

*Cash Bonus is payable only where it is applicable. Refer to the terms and conditions of the policy to know more

Wednesday, 13 May 2020

Online lecture by Director,NIT Tiruchirappalli

Online lecture by Director,NIT Tiruchirappalli organised by The Institution of Engineers (India),TLC

Tiruchirappalli Local Centre of The Institution of Engineers (India) organized a webinar on 12th May 2020. Prof. (Mrs.) Mini Shaji Thomas, Director, NITT made a presentation on the topic of current relevance “Challenges and Contributions of Engineering Institution to Combat Covid 19”.

Er Anand, Hon. Secretary, Tiruchirappalli Local Centre welcomed the gathering. Earlier Dr. N. Kumaresan, Chairman, Tiruchirappalli Local Centre delivered the presidential address. Dr. N. Sivakumaran, Hon. 
Joint Secretary, Tiruchirappalli Local Centre introduced the speaker.

As part of the presentation, Prof. (Mrs.) Mini Shaji Thomas highlighted the challenges faced by educational institutions specifically referring to residential engineering Institutions on ensuring the health,safety and security of the students, faculty and staff, Continuation of academic activities on face to face/digital mode, Conducting the examinations and timely declaration of results for outgoing students for placements/higher studies, research 
continuity,internships,trainings,admissions to 2020-21 sessions, conducting classes with COVID 19 crisis, financial viability/Fees/Govt support, infrastructure development, faculty and staff hiring, running 
the offices towards file movement, foreign student enrolment and Alumni engagement and contributions. She also indicated that many of the decisions taken like conducting online examinations for final year students, conducting online viva for research scholars etc. were taken after conducting a survey with the main stakeholder i.e. students. She explained the challenges in conducting classes after Covid -19, financial viability, attracting foreign students etc. Also, she mentioned about the preparation of short-term strategic plans to handle the situation post Covid 19. The support provided by alumni’s to the society in and around NITT and the development of various 
technologies by all the NITs to handle Corona related issues have been highlighted.

Er Selvaraj, Past chairman summarized the presentation. Anand, Hon. Secretary, Tiruchirappalli Local Centre, proposed the vote of thanks. More than 100 participants participated in this online program held 
through through video conferencing mode. Until normalcy is restored and social gathering is permitted by government, Tiruchirappalli Local Centre is planning to conduct the weekly lecture program every Tuesday 
evening by through video conferencing mode.

Saturday, 18 April 2020

Bank of Baroda’s Initiatives Offer Reprieve in times

Bank of Baroda’s Initiatives Offer Reprieve in times of COVID-19 Crisis
In the wake of the global pandemic and as the nation is in a lockdown, the onus falls on the various financial and lending institutions to come forward and help people tread these uncharted waters. Financial institutions should continue to play a larger role in creating a cohesive environment in this “New Normal” at a time when partnerships will be steered by new ethics, challenges and responses and in recognition of this responsibility and as a caring institution, Bank of Baroda, which is a very large and leading public sector lender, has made sure that the credit process keeps functioning.
Given the evolving situation and anticipating the customer’s requirement, the Bank has announced series of facilities and initiatives that addresses the needs of every section of society. The Bank’s branches, Business Correspondents and ATMs are working at any given point of time, with constant replenishment of cash to meet requirements for all.
The Bank’s Initiatives
While Bank of Baroda has more than 9,000 branches, it also has 18,000 plus Banking Correspondents (BC) who have extended constant support to customers across the country. The Bank has also announced an extension of financial support to the BCs towards the maintenance of hygiene and safety at BC touch points. A first-time initiative among public sector banks, the effort is meant to ensure protection by the Bank from COVID-19, towards its customers and members of the public and the business correspondents themselves. A financial support of INR 2000 has been given to each active and functional BC agent towards the maintenance of hygiene at their outlets for the purchase of sanitizers, disinfectants, masks, gloves etc. An additional INR 100 per working day is being given to every active BC agents towards transportation.

For the women beneficiaries under the Pradhan Mantri Jan Dhan Yojana (PMJDY) the Bank has arranged that all account holders receive an amount of INR 500 each for each of the next three months, as an ex gratia payment under the Pradhan Mantri Garib Kalyan Package announced by the government. The money is be credited to the individual bank account holders and an SMS is also sent to the account holders informing them on the date when they should withdraw from the nearby branch or the BC touch points.
The Bank’s Marginal Cost of Funds Based Lending Rate (MCLR) has been reduced by 15 basis points to 8.00% w.e.f. 12th April 2020.  For its retail customers, the Bank has reduced its Baroda Repo Linked Lending Rate (BRLLR) by 75 basis points with effect from March 28, 2020. The BRLLR linked to RBI Repo Rate is revised downwards in line with the reduction on Reserve Bank of India Repo Rate from 5.15% to 4.40% after the central bank slashed it by 75 basis points. The move was aimed encouraging customers to avail the credit lines that have been opened and assure that the Bank is available at all times to meet all the credit requirements most conveniently. The BRLLR for all new floating rate loans for all personal loans and retail loans of all asset classes and floating rate loans to Micro, Small and Medium Enterprises, is now 7.25%. For existing loans, the interest rate under the external benchmark shall be reset at monthly intervals linked to BRLLR. However, there has been no change in the mark-up /base spread or strategic premium.
In pursuance to the Reserve Bank of India’s (RBI) COVID 19 regulatory package announcement, the Bank has provided a moratorium of three months on payment of all instalments falling due between March 01, 2020 to May 31, 2020 for all term loans including corporate, Micro, Small and Medium Enterprises (MSME), Agriculture, Retail such as Housing, Auto, Education and Personal. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period. These measures are to help mitigate debt servicing on account of disruption brought about by COVID 19 and ensure continuity of business. For all the customers whose Standing Instructions for deduction of monthly instalments have been implemented, the Bank has texted the customers in case they want a refund of the instalments of March and April as well as deferment for the instalment till up to May.
Further, the Bank launched the “Baroda Personal Loan COVID 19” for its existing Retail Loan customers (Home Loan, Auto Loan & Loan against property). The objective was to tide over the liquidity mismatch to existing customers. The customer could approach their existing branches to avail this personal loan up to a maximum limit INR 5 lakhs in a hassle-free manner. This being a special personal loan, the Bank has kept a much lower interest rate linked to the Baroda Repo Linked Lending Rate (BRLLR) than its regular personal loan schemes and the customers may avail the benefits under the scheme till 30th September 2020.
Bank of Baroda announced zero charges on digital transactions for retail customers for three months to ensure the safety of its customers and to provide enhanced and uninterrupted banking experience. The ‘Stay Safe. Bank Safe’ along with the ‘Khushiyon Ka Remote Control’ initiative aimed at encouraging customers to bank digitally and equipping them to avail the Bank’s services from a remote location, without visiting the branch.
For MSME and corporate borrowers, the banking giant has rolled out the ‘Baroda COVID Emergency Credit Line (BCECL)’ to provide Emergency Credit Line like Short- Term Loan/Demand Loans. This means that the Bank has decided to make a maximum of 10% of the existing Fund Based Working Capital Limits (FBWC) subject to a maximum of INR 200 crore. This is in addition to existing Adhoc/excess/SLC/Gold Card Limit. The interest rate for corporate borrowers would be one-year MCLR of 8.00% without the standard premium and for MSMEs, the rate of interest would be at BRLLR of 7.25%.
For the agriculture segment, Bank of Baroda floated various schemes to ensure immediate financial assistance to Women Self Help Groups (SHG), to meet their domestic and agriculture needs and an Emergency Credit Line for Farmer Producer Organization (FPO/ FPC) to meet the temporary liquidity mismatch of FPO / FPCs arising out of COVID-19. Under the Additional Assurance to SHGs-COVID19 scheme, the Bank will provide support to existing SHG facilities in the form of Cash Credit/Overdraft/Term Loan/Demand Loan. The minimum loan amount is INR 30000 per SHG and maximum loan amount granted under the scheme is INR 1 lakh per SHG, repayable in 24 months. The repayment for this scheme would be on a monthly / quarterly basis and the moratorium will be for a period six months from the date of disbursement.
Bank of Baroda has also cut deposit interest rates, on Domestic Term Deposits including NRO, NRE & Non-Callable deposits of below INR 2.00 Crore w.e.f. 9" April 2020. A sum of INR 20 crore has been handed to the government on behalf of the Bank’s employees for the PM-CARES Fund for the fight against coronavirus.
Together, we shall overcome
As the world comes together in its battle against a situation unheard, unseen before, banks are required to take on the responsibility of easing the financial ecosystem and enabling credit assistance to those who need it. As the whole finance sector gears up for the ‘New Normal’, Bank of Baroda is committed to providing comprehensive financial aid through various efforts and initiatives to continue in contributing to the Indian economy.