Demand for Credit Cards Shows

Demand for Credit Cards Shows Full Recovery

 

·         October 2020 credit card inquiry volumes at 106% of October 2019 levels

·         Inquiry volumes in non-metro locations grew at 23% YoY

 

Credit card inquiry volumes have recovered fully from the trough seen in April 2020, and in October 2020 were at 106% of October 2019 levels, suggesting that consumer economic activity has materially improved since the easing of COVID-19 lockdown measures.

 Data show that credit card popularity in traditionally cash driven, non-metro locations has risen with more consumers seeking this product. October 2020 inquiry volumes in non-metro locations increased by 23% YoY compared to a decline of -10% YoY for metro locations.

 Credit card origination volumes have also started picking up gradually as demand has resumed. Credit card origination volumes for July 2020 were at 37% of July 2019 levels. This decline is not as sharp as the one seen in the lockdown period of April 2020, where origination volumes slipped to 9% of April 2019 levels.

Table 1: Resumption in Credit Card Inquiry and Origination Volumes (as a % of same month previous year)

	Apr-2020	Jul-2020	Oct-2020
Inquiry volumes	5%	61%	106%
Origination volumes	9%	37%	-

 

“It is encouraging to see credit card inquiry levels making a full recovery following an easing of lockdown measures. The acceleration and increased adoption of digital forms of payments means that the ongoing festive season looks promising for the cards business,” said Abhay Kelkar, vice president of research and consulting for TransUnion CIBIL.

Social distancing rules and lockdowns have forced consumers to rethink how they spend, with digital payments becoming an increasingly attractive, or even necessary, option in order to transact and make purchases in a virtual environment. In this respect, credit cards provide a significant functional advantage over cash. This shift in consumer mindset is reflected in the growth observed in outstanding balances. Credit card outstanding balances increased by 32% YoY in July 2020. This compares to a 33% YoY increase in balances at the same time last year.

 * Data on credit card origination and balances data is available till July 2020

Filmmaker Sandip Ssingh has announced to

Filmmaker Sandip Singh has announced to re-release film

PM Narendra Modi

PM Narendra Modi will be the first film to release in theatres post COVID-19 Lockdown Mumbai 

 There couldn't have been a better news for B-town this year, than the re-opening of the theatres! Many Bollywood celebrities expressed their joy when the Information and Broadcasting Ministry of India granted permission to reopen the theatres and multiplexes from October 15th, 2020. 

Knowing that none of the movie buffs will be able to stay away from the silver screen, the makers of PM Narendra Modi (2019) have decided to re-release their film. Sandip Ssingh's movie starring Vivekanand Oberoi in the lead, the film is all set to release on October 15th and become one of the first films to be screened in theatres post the nation-wide lockdown

.Talking about the decision to re-release the movie, filmmaker Sandip Ssingh shared, “PM Narendra Modi has been the best Prime Minister of the country, which was proven in the 2019 elections. What can be better than watching the inspiring story of the most inspiring leader of today's times, as theatres re-open. I'm proud to be a part of this historical moment! Moreover due to some political agendas, when it last released, the film couldn't be watched by many. We're hoping the film gets a fresh life in the theatres and makes for a great watch for the people of the nation.”

Director Omung Kumar shared, “It gives me great pleasure and satisfaction that the theatres are going to open again and we are re-releasing our film PM Narendra Modi. We have put in lot of hard work in making this film and so glad that it will be released again and the people who have missed it will get a chance to see it now. We want each and everyone to see our labour of love.”

Producer Acharya Manish shared, “Prime Minister Shri Narendra Modi is an inspiring person for all of us and I am very happy that I got a chance to start my journey as a producer with such an inspiring film PM Narendra Modi, I am very happy to share that we are re-releasing our film in theatres.”

PM Narendra Modi - the film will traverse the journey of Narendra Damodardas Modi from his humble beginnings to his years as Chief Minister onto his landmark win at the 2014 election and finally being nominated as the Prime Minister of India. Starring actor Vivek Anand Oberoi, Boman Irani, Darshan Kumaar, Manoj Joshi, Prashant Narayanan, Zarina Wahab, Barkha Bisht Sengupta, Anjan Shrivastav, Yatin Karyekar, Rajendra Gupta, and Akshat R Saluja in pivotal characters. Directed by Omung Kumar, Producer Creative Director and Story by Sandip Ssingh. Produced by Suresh Oberoi, Anand Pandit, Acharya Manish, and Amit B Wadhwani.

 

IIFL Home Finance disburses Rs. 7000 crores of

IIFL Home Finance disburses Rs. 7000 crores of loan to 42,500 families under PMAY

IIFL Home Finance Ltd, one of India’s leading housing finance companies in the affordable housing segment today said that it has approved loans worth about Rs. 7,000 crores to 42,500 beneficiaries under the Credit Linked Subsidy Scheme vertical of Pradhan Mantri Awas Yojana (PMAY – CLSS).

                                                                                                                                                  

The subsidy amounting to over Rs. 1000 crore has been facilitated to these 42,500 beneficiaries, who belong to the Economically Weaker Section (EWS), Low Income Group (LIG) and Middle-Income Groups (MIG).

Out of the total subsidy of Rs. 1000 crore, more than Rs. 870 crores have been provided to families/beneficiaries in EWS/LIG category. This is 87% of the total subsidy provided by the company.

Mr Monu Ratra, CEO of IIFL Home Finance said, ”We are absolutely aligned to the vision of Ministry of Housing and Urban Affairs (MoHUA), Government of India towards Housing for All. We have seen a significant revival of demand for Affordable Housing in the last 3 months. Rather, this pandemic has made people realize the importance of having their own house with good living and hygienic conditions. Hence, we are highly optimistic of Affordable Housing in future as well”

Under the scheme, homebuyers with Annual Household Income of upto Rs. 18 Lakhs can avail the benefit of subsidy under the PMAY (U) scheme on their home loans to the extent of Rs. 2.67 lakhs subject to meeting of other eligibility criteria laid by MoHUA. The scheme is aimed at achieving the government’s objective of ‘Housing for All’.

Despite the Covid-19 induced lockdown, IIFL Home Finance Ltd. has continued business at a brisk pace and is back to normal as earlier.

As a fintech Housing Finance Company, IIFL Home Finance Ltd. is dedicated to make the journey of owning a home as seamless as possible. Due to its future-ready technology system, the Company was able to revive its business in pandemic. The technology driven initiatives have helped in the smooth functioning of business activities even during Covid-19. With the advanced analytical tools and automation, IIFL Home Finance Ltd. has made credit underwriting, appraisal and collection processes faster and accurate.

The Company is a leader in the affordable home finance segment and has always been instrumental in helping individuals in the lower income group with informal income. Its small-ticket size Home Loan product, Swaraj Loan, fosters financial inclusion for such underserved segment of the society. It caters to a vast community of first-time home buyers who may or may not be supported by formal income documentation.

SP Robotic Works, India’s #1 online edutainment company

As we progress further into the COVID19 lockdown, children have been bearing the negative impact of being constrained inside the four walls of their houses for too long. 

They had to endure social isolation during the summer vacation, a period most awaited for the tots and now continuing through their school year.

As a leading player in the digital education segment, SP Robotic Works have an in-depth understanding of the aspirations and aptitude of children, especially the school going age. They are publishing their latest report; “Kids Under COVID”, a research study and survey done among 3600 parents and an equal number of children, between the age group of 7-17 years.

Of the many interesting insights, 78% of Indian parents are unwilling to send their wards to school immediately post lockdown, stood out in the current context. 

Link: https://sproboticworks.com/survey-statistics-kids-COVID-lockdown

Other insights pertain to:

• 82-86% parents from metros and mini-metros are sceptical about sending their children to school. They are willing to repeat an academic year, if need be
• Parents and children in metro cities find the current online model of education less effective
• Over two-third of children prefer classroom learning than online schooling

Amongst some other interesting insights, the survey brings to light a never-before-seen affinity towards entrepreneurship among girls. Amongst the choices for dream jobs, 15% of girls aspire to become entrepreneurs when they grow up, a higher percentage than boys.

• Entrepreneurship is second only to the fancy of becoming a doctor.
• 10% of children aged between 7-10 seem to favour entrepreneurship
• The number increases to 17% in the 16-17 age group
• Mini-metros and non-metros are more likely to produce entrepreneurs than metros

The survey also includes insights on mental wellness of children and how the lockdown has affected their general psyche with numerous factors like increased screen-time, anxiety, Meal and sleep cycles being disrupted among others. Over 50% of children reported irregular sleep cycles with 13% of children have no regular sleeping pattern.

• 55% of salaried parents have noticed an attention deficit in their children
• This is significantly higher than for those parents who run businesses, of whom only 35% have noticed this
• Insights indicates how work life balance disruption for parents has taken a toll on their children’s state of mind

I would be happy to set up an interaction with Sneha Priya, Co-Founder and CEO of SP Robotic Works on this premise. Attached is the full report along with the press note for your reference.

Rural India faced insurmountable sufferings in

Rural India faced insurmountable sufferings in COVID19 lockdown; but 74% rural respondents satisfied with the government: Gaon Connection Survey

In a first-of-its-kind national survey on the impact of COVID-19 lockdown on rural India, Gaon Connection has released its findings that reflect the untold miseries rural citizens faced during the lockdown, including mounting debt, increasing hunger, complete loss of livelihoods, and inability to access healthcare. However, 74 per cent rural respondents said they were satisfied with the manner in which the government has handled the COVID-19 pandemic.

Some 78% respondents said they were also satisfied with the steps taken by their state government, the survey found.

The survey, based on face-to-face detailed interviews with 25,300 respondents, was carried out in 179 districts across 20 states and three Union Territories by Gaon Connection Insights, the data and insights arm of India’s largest rural media platform. The survey was designed, and data analysed by New Delhi-based Centre for Study of Developing Societies (Lokniti-CSDS).

The findings of the survey throw light on how the rural population, including migrant workers, survived the possibly longest nation-wide lockdown. So far, most of the reportage or findings on the impacts of lockdown are from urban centres. Gaon Connection Survey shifts focus towards the rural India where two in three Indians live.

These survey findings have been put together in the form of a report – The Rural Report – by Gaon Connection. This exhaustive 200-page report is the first set of national insights documenting the post COVID-19 impact on rural India (For complete details, visit www.ruraldata.in). The report is divided into different themes that include impact on farmers, financial stress and debt, livelihoods and MGNREGA, pregnant women’s health, hunger, future plans of rural citizens, etc., 

“Rural India has not been part of the national media narrative in the wake of the coronavirus crisis. This survey offers powerful insights into how rural India dealt with this crisis, and what it plans to do ahead – including questions like, will they return to cities? Will they change spending patterns?” said Neelesh Misra, founder of Gaon Connection.  

“Gaon Connection and the Centre for the Study of Developing Societies decided to collaborate and conduct this survey as we wanted to measure the extent of hardships people faced due to lockdown, especially in rural India about which very little was discussed or documented during the lockdown. We wanted the voices of rural people to be heard by the people living in small towns, cities, and especially those who are engaged with policy making,” said Sanjay Kumar, professor at Centre for the Study of Developing Societies (CSDS).

On the margin of error, he added: “If the entire sample had been selected using the probability sampling methods, the overall margin of error for a sample as large as this (25300 respondents) would have been +/- 1 percent at a 95 percent confidence level. However, given that the sampled locations were not spread out evenly in most States/UTs and were selected by non-probability sampling methods owing to logistical and Covid-related issues, we are not in a position to provide reliable estimates of sampling error.” 

Key survey findings of Gaon Connection Survey:

-- More than 68% rural Indians faced “high” to “very high” monetary difficulty during the lockdown

-- About 23% rural Indians borrowed money during the lockdown, 8% sold a valuable possession (phone, watch etc), 7% mortgaged jewellery, and 5% sold or mortgaged land.

-- 78% respondents saw their work coming to a “complete standstill” or “a standstill to a large extent” during the lockdown. 

-- Skilled workers and manual (unskilled) labourers were the hardest hit. Work shut down completely for 60% skilled workers and 64% manual labourers

-- Only 20% respondents said they got work under MGNREGA in the lockdown. Chhattisgarh reported the highest percentage of such households at 70% followed by Uttarakhand (65%) and Rajasthan (59%). Gujarat and UTs of Jammu & Kashmir-Ladakh reported the lowest work under MGNREGA at 2% and 4%, respectively. 

-- 23% migrant workers returned home walking during the lockdown. Over 33% migrant workers said they want to go back to the cities to work

-- 42% households with pregnant women said these women did not get pregnancy check-ups and vaccination during the lockdown. The lowest percentages were in West Bengal (29%) and Odisha (33%).

-- 56% dairy and poultry farmers said they faced difficulty in taking their produce to the buyers; 35% said they did not get the right price for their produce

-- More than half the farmers managed to harvest their crops in time in the lockdown, but only one fourth could sell them on time 

-- 71% ration card-owning households said they received wheat or rice from the government during the lockdown. Of the 17% citizens who do not own ration cards, only 27% said they received wheat or rice from the government. 

-- 71% surveyed households reported a drop in total monthly household income during the lockdown months compared to pre-lockdown months

-- The poor were the hardest hit -- 75% poor families and 74% lower class households suffered a fall in income during the lockdown.

-- 38% of the rural households reported having gone without necessary medicine or medical treatment often or sometimes during the lockdown. In Assam, 87% rural households said they did not receive the required medical treatment followed by 66% in Arunachal Pradesh.

Brand Aditya Birla Capital touches over

Brand Aditya Birla Capital touches over 52 million people through their ‘MoneyForLife’ and ‘HealthFromHome’ campaigns

Campaigns encourage people to focus on their physical and financial well-being

Aditya Birla Capital is the common brand used by financial services subsidiaries of Aditya Birla Capital Limited (ABCL). During these unprecedented COVID times, social media initiatives were undertaken by the brand to connect with people to help them with their two biggest worries - health and financial wellbeing. The campaigns had two vital spokes #MoneyforLife and #HealthfromHome. Collectively through both these initiatives, the brand Aditya Birla Capital reached over 52 million people within the first quarter of FY 20-21. The campaigns saw over 100 Facebook Live sessions garnering close to 11.1 million engagements including video views.

As the nationwide Covid-19 lockdown started, social life took a backseat affecting physical and mental well-being of people all over. Even though working from home made life easier, it also had adverse effects on people’s mental, physical and emotional health. Dwindling markets, decline in businesses and job losses made people wary about their wealth. In this regard, with a purpose to influence people and to help them focus on maintaining a healthier life while managing their money better, the brand started an initiative under the aegis #MoneyForLife and #Healthfromhome. The campaigns were based on one of the most important pillars of the brand – Advise, which underlines the brand’s behavior across all the solutions offered by ABCL’s subsidiaries.

#MoneyForLife was aimed at motivating people to live life without any financial stress by managing their money better. People tuned to the virtual platforms like Facebook live, podcasts etc. to seek advice on how they could manage their finances with ease and simplicity with the help of an expert. Appointments were made available to the larger audience wherein they could consult wealth managers who were experts in this domain and could offer useful advice. High engagement testified that the campaign was liked by customers and prospects alike.

On the other hand, #Healthfromhome a Facebook live series included yoga, home workouts, healthy nutritional cooking and doctor Q&A sessions by several health experts and enthusiasts. The sessions were aimed at improving mental, physical and emotional health and well-being of people to combat stress and sustain a healthy life whilst at home.

Facebook acknowledged the Money Advice campaign, which was supported by FB Lives by Advisors of ABCL’s subsidiaries, and considered it for a case study, for using the platform to drive exemplary results. Facebook also bestowed the Hall of Fame recognition to the #Healthfromhome campaign for engaging with millions.

Mr. Ajay Kakar, Chief Marketing Officer, Aditya Birla Capital Limited said, “COVID-19 has brought health and wealth to the fore as two key concerns and needs of every Indian. Aditya Birla Capital Limited, the Financial Services group that offers solutions through its subsidiaries for both health and wealth under one brand, considered this time to reach out to people with relevant information and expert advice, without any direct sales pitch. We realized that during such conditions people feel uncertain and directionless especially with their health and finances – this guided us to choose the social media platform to reach out to as many people as we could and stand by them. We took this opportunity to live up to our purpose of enabling every individual to live the life they truly desire, through money solutions that are easy to understand and implement.”

These campaigns helped the brand Aditya Birla Capital to touch many lives while helping and supporting many to navigate through their health and wealth worries during the pandemic.