RBI’s digital payments index rises 30 percent in March 2021

RBI’s digital payments index rises 30 percent

The digital payments index (DPI), developed by the Reserve Bank of India (RBI) at the start of this year, has jumped over 30 percent to 270.59 in March 2021 over a year ago.

The composite index is published on a half-yearly basis with March 2018 as the base period, and comprises five parameters to measure the deepening and spread of digital payments across the country.

The parameters are payment enablers, demand-side payment infrastructure factors, supply-side payment infrastructure factors, payment performance, and consumer centricity, which carry weightages of 25, 10, 15, 45, and 5 percent respectively to arrive at the index values.

The next data point, for September 2021, will be released in end-January 2022 because of an official lag of four months in the dispensation.

Second wave dents Nestlé India

FMCG company Nestlé India saw a 3.8 percent sequential decline in revenue for the quarter ended June 2021. Its operating profit and net profit also fell 8.6 percent and 13.5 percent over the quarter ended March 2021.

The second wave of COVID-19 dented its performance between April and June 2021. However, Nestlé India grew revenue 13.8 percent, operating profit by 41.6 percent, and net profit by 10.1 percent, compared to a year ago.

In a stock exchange filing, Suresh Narayanan, Chairman and Managing Director of Nestlé India, highlighted the innovative example of timely implementation of a ‘telecaller model’ to take orders across trade channels.

“Our front-line sales colleagues stood tall to overcome serious logistical obstacles and ensure availability,” he said. Its efforts to ensure last-mile access were aided by e-commerce, and hyperlocal channels in particular, which grew 147 percent in the first six months of 2021.

Ashok Leyland showcases Switch Mobility

Truckmaker Ashok Leyland showcased Switch Mobility, its subsidiary in the United Kingdom, to key investors on Wednesday, to highlight its plans in the commercial electric mobility (eMobility) industry.

Switch Mobility produces electric vehicles like buses and vans, which Ashok Leyland said will strengthen its green transport solutions. “We already have a head-start in the e-Mobility space, with our vehicles already clocking millions of miles in service,” said Andrew Palmer, Executive Vice Chairman and CEO of Switch Mobility. “We want to increase our reach further, and work with different stakeholders to encourage the faster adoption of net zero carbon mobility,” he added.

Switch Mobility appointed Palmer as CEO in February, before which he was CEO of Aston Martin. Former Goldman Sachs and JP Morgan banker Dr Miranda Brawn, and auto industry veteran JM Alapont were also admitted to its board recently.

Sonata to acquire Encore Software Services

IT firm Sonata Software said it will acquire California-headquartered software services firm Encore Software Services for $14.62 million.

The deal will help Sonata leverage Encore’s cloud and data solutions to add to its digital transformation portfolio, and increase its presence in the US. Encore has an annual turnover  of US $15.46 million, according to Sonata Software’s stock exchange filing.

Yondr Group inks JV with Everstone

Private data centre service provider Yondr Group will partner with private equity and real estate group Everstone to run data centers in India under the ‘EverYondr’ brand name.

The two companies will invest $1 billion initially to cater to multi-locational hyperscale data center development business in India. The first EverYondr facility will be in the Mumbai Metropolitan Region, and deliver 30MW by 2023 (and 60 MW eventually), for which land and power have been acquired.

HCL Tech’s new Chief Marketing Officer

HCL Technologies has appointed Jill Kouri as its Global Chief Marketing Officer, according to a stock exchange filing on Wednesday.

“As HCL continues to drive its strategy to be the digital partner of choice for global enterprises and reinforce its industry-leading ESG practices, it is imperative to strengthen our marketing leadership,” said C Vijayakumar, CEO and Managing Director of HCL Technologies.

Pfizer's accelerator with Social Alpha

In 2015, pharmaceutical giant Pfizer’s Indian subsidiary had started a healthcare innovation project with the Foundation for Innovation and Technology Transfer at Indian Institute of Technology (IIT), Delhi.

The Pfizer-IIT Delhi Innovation and IP Program has supported 34 Indian innovators since inception, according to Pfizer’s latest annual report.

Pfizer said the programme’s Version 2.0 is getting rolled out with healthcare accelerator Social Alpha to support startups for 24 months. It will provide holistic support for healthtech innovations in oncology and digital health, and support three startups in each theme for 24 months. All rights of the innovations will be owned by the innovators, Pfizer said.