“The 10 Most Promising Finance Companies In India 2022”

JANUARY 2022

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The 10 Most PROMISING

FINANCE COMPANIES IN INDIA 2022

Sudhakar R Rao Chairman

Prabhakar R. Rao Managing Director

Legacy Investment Managers

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From the

EDITOR T

he financial services sector provides financial services to individuals and businesses. This part of the economy consists of various financial companies, including banks, investment houses, creditors, financial companies, real estate agents, and insurance companies. As mentioned above, the financial services sector is probably the most crucial sector of the economy, leading the world in terms of stock market revenue and capitalization. This sector is dominated by large conglomerates but also includes various small businesses.

According to the Department of Finance & Development of the International Monetary Fund (IMF), financial services are the processes by which consumers as companies obtain financial items. For example, a payment system provider provides a financial service when it receives funds and transfers between payers and payees. This includes accounts managed through credit and debit cards, checks, and electronic money transfers.

The economy is made up of many different sectors called sectors. These sectors are made

up of different companies that provide goods and services to consumers. Companies grouped in one area provide a similar product or service. For example, companies that provide agricultural services make up the agricultural sector. The companies that provide mobile or mobile services are part of the telecom sector. This article examines one of the largest parts of the economy.

services can encompass a variety of things.

Running a business requires a lot of bookkeeping. It is an essential part of running a business. Do this every day, even if you don’t know it. Accounting is included when you record a transaction, prepare tax documents, or book an account.

SwiftNLift focuses on spot-lighting firms and startups that contribute to shaping lives better with their intention to make our society a better place. It was a collective effort made by our team to bring this edition. As the Chief Editor, I am grateful to have you as our reader. I hope you enjoy reading this piece of our efforts. We have other sections filled with trusted and resourceful knowledge & information to garner your reading habit.

In any case, you get an accounting degree to run a business. But the problem lies in the quality. If you don’t think about records and bookkeeping, your records will be messed up and you will hardly be able to make a living.

In our latest edition of “The 10 Most Promising Finance Companies In India 2022” on the cover page, we have Mr Sudhakar R Rao, Chairman & Mr Prabhakar R Rao, Managing Director of Legacy Investment Managers. The company is engaged in providing wealth management solutions.

Accountants take a lot of work and do it with efficiency and expertise. It makes a big difference to your business. Of course, accounting is a broad field, and accounting

- Nilesh Sabe Nilesh Sabe Chief Editor

C O N T E N T S

Cover Story

10

Legacy Investment Managers Articles

22

The world of finance industry

Mutual Fund v/s Direct Investment

38

Payments Bank: New type of bank

30

Profiles

16

18

20

Vidcom Business Solution Pvt Ltd

Aye Finance

Monexo

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26

28

Payism Global

Finzy

UV Asset Recostruction Company Limited

32

34

36

Mahagram

MS FINCAP

Findestination

Sudhakar R Rao Chairman

Cover Story

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Legacy Investment Managers

Prabhakar R. Rao Managing Director

Legacy Investment Managers Growing a business is a difficult task. Any entrepreneur, however, must be aware that the benefits far outweigh the risks. When it comes to riches, overcoming those obstacles takes time, patience, and advice. Every company on its way to success will face turbulence at some point. Getting your money in order is a frequent growing pain. If a company is looking to expand, the books must be balanced, and the company must be aware of its financial restrictions.

Within each business's expenditures and profits, there should be a healthy balance. If the expenditures of running a business outweigh the earnings, it's time to hire a professional. Experts can estimate all possible outcomes around the longterm average return generated via an investment by examining historical patterns of portfolios. These experts offer a plethora of strategies and plans that allow affluent businesses and individuals to achieve all possible financial goals systematically through a continuous investment-advisory process that encompasses financial planning, investment portfolio management, and several aggregated financial services.

Prabhakar Ragavendra Managing Director Legacy Investment Managers, based in Mumbai, is in the business of transforming risks and opportunities, within a complex and dynamic environment, into outcomes that represent the most fundamental human urge for leaving a legacy and prospering. Legacy envisions itself as a full-service boutique organisation that provides comprehensive, end-to-end financial solutions.

It provides family office, investment portfolio management, real estate management, bookkeeping, and tax accounting services, among other things. "What sets us apart is the extra effort we put in to spot possibilities and anticipate trends.

We do not limit ourselves to tactics that we are familiar with; rather, we investigate and evaluate a growing number of investment vehicles and management techniques "Shagun Khosla, CEO/ Director, enlightens us.

Legacy's knowledgeable staff thoroughly examines all of their product and service concepts to assure best-in-class analysis before recommending them to clients. "We have a team that directly connects with all fund managers, and we only shortlist our product offers after thorough study and due investigation. Due to our label agnostic approach as an independent advisor, our customers may anticipate unbiased advice and customised investment solutions "Shagun adds.

The Beginning Mr. Sudhakar R Rao and Mr. Prabhakar Ragavendra, two of the most reputable names in the business sector, formed the basis for Legacy Investment Managers. They have written the success stories of the Sievert Group of Companies and the Gemini Group together.

As the organization's mentors and promoters, they provide a wealth of knowledge from their 30 years of leadership experience in the Oil & Gas & Energy sectors across the Middle East and India, as well as Real Estate Development in the Middle East. The firm's guiding principles include strong corporate values and an unyielding sense of ethics, which is reflected in the way the team operates.

Sudhakar says, "In order to shed light on the founding tale, "Prabhakar and I have a long history of working together, dating back to the early days of Sievert and even before that. We noticed there was a growing demand for a hands-on, family-centric approach to wealth management services across all asset classes, as well as reputable knowledge.

The goal of orienting our services towards the construction of a multigenerational, truly secure, and solid financial performance has inspired us at Legacy Investment Managers. We use innovative and holistic ways to rationalise broad-ranging holdings by decreasing liabilities, optimising profits, and securing immovable assets."

As a young corporation, team Legacy's mission is to support businesses by making them proactive and assisting them in thinking clearly and making useful decisions. To ensure that no stone is left unturned, the organisation draws on a wide spectrum of experience from both within and outside the company. "To guarantee that every choice is wellinformed and trend-sensitive, we draw on a really

varied and comprehensive range of skill sets." Our 360-degree, holistic approach and desire to connect with the business, I believe, will not only help us evolve but also set a standard for the industry,' Shagun says.

The Foundational Values One of the main focuses of Legacy's wealth management team is the rationalisation of all connected wealth management activities, from asset allocation and asset register maintenance to tax planning, liquidity management, real estate advisory, and offshore asset management.

Furthermore, it establishes a dynamic and valueadded partnership with outside specialists and industry heavyweights. The focus is on connecting with clients and incorporating their continuing contributions. "Our commitment as enablers of coherent and efficient processes is at the heart of our efforts," he says, "but we rely largely on the input of every individual in the organisation to operate in concert."

The organisation is built on a strong client-first philosophy that is instilled in each and every employee. All of the staff work together to establish meaningful, trustworthy, and long-term connections with all stakeholders. Legacy Wealth has grown to four sites around the country with roughly 40 staff in a year, indicating its resolve to maintain a longterm perspective that reflects real human needs rather than fundamental bottom-line concerns.

"We are one of India's newest and fastest-growing businesses. We're organising an offsite excursion for all of our employees to commemorate the occasion "he continues.

The Road to Excellence So far, Legacy Wealth's journey has been marked by quick growth and the ability to hit the ground running. The company has come a long way since its inception, despite the evident initial obstacles.

"There are no short cuts to establishing a reputation in the field of wealth management. Clients are understandably cautious in their approach. We've worked hard to set ourselves apart by offering a wide range of services of high quality. We are convinced that our profile will reflect that reality when initial results

become visible to the rest of the industry "Shagun expresses himself. With its headquarters in Mumbai and offices in Bengaluru, Kolkata, and Chennai, the organisation has on boarded over 100 notable Indian families.

In a larger sense, Legacy Wealth intends to balance high standards in both antecedent and future readiness in the next years. The team has set a goal of $1 billion and has created a roadmap to get there. "We want to be in the Top 10 Wealth Management firms, and we are confident that, as a fast-growing firm, we will be able to achieve our goal soon. Our extended partner network is an excellent resource that gives us access to in-depth knowledge and awareness of possible future developments, and we are constantly extending such relationships as well as developing in-house expertise," Shagun adds.

Sudhakar Rao, Chairman "At Legacy Wealth Management, we consider ourselves as being in the business of

balancing complex market dynamics with human objectives. Our entire strategy is focused on helping people live better, more happy lives while also assuring a lasting legacy and multi-generational prosperity. "We would encourage our prospective clients and partners to experience the benefits of the team we've assembled and to join us on our journey of delivering best-in-class services, across every asset class and desired outcome, while creating unprecedented value addition, which can only be achieved by a boutique firm like us," he concludes.

Key Management Sudhakar Rao, Chairman An Indian billionaire, innovative businessman, and popular public figure. He is the Gemini Group's Founder and Managing Director. Following the phenomenal success of his initial firm, he embarked on a new path of consistently cultivating new ventures, and he is now regarded as a business icon. He instils trust and faith in all of our business partners and stakeholders. "Prabhakar and I have a long history of working together, dating back to when we first started Sievert and even before that.

We believe in empowering people at all levels of the business and allowing them to make their own decisions. We regard our job as both a facilitator

and an advisor in this process. The goal is to pool everyone's experience and expertise while ensuring that our efforts are all directed in the same direction."

This Indian billionaire and business entrepreneur is defined by his enormous desire, positive attitude, and keen vision. Mr. Prabhakar Ragavendra has dedicated his business brain to firms in India and the Middle East for over three decades, and has steered them to new heights of success. "To me, leadership entails having a clear vision and acting with a sincere dedication to the purpose."

It's that simple, but maintaining consistency is the difficult part. I believe that people are influenced by what they see, and that the best way to influence future leaders is to act now. When a leader has a true vision and conviction, his or her behaviours become consistent, and he or she is able to make clear decisions over and over again. Such examples, in the end, are what show future leaders how to carry a vision forward."

Shagun Khosla, CEO/Director Legacy Global Asset's Founder CEO/Director has over 15 years of experience in private wealth management. He focuses on domestic wealth practises in a variety of business verticals and geographies for Legacy. Shagun brings a lot of private wealth management and family office experience to the table, having previously worked with IIFL Private Wealth Management, Kotak Wealth Management, and HSBC Ltd. He is in charge of giving strategic direction for the organization's aims and objectives. "In order for a business to be successful, it must generate synergies both within its internal structure and in the dynamics it may establish with its clients and the market at large." More than facts and trends are dealt with in wealth management. The more significant the holdings under management, the more emotionally charged the performance data become for clients, and rightfully so. This is a trustbased firm, and I regard one of my most important

responsibilities as facilitating continuously exceptional results and service standards. Clients, I believe, are not looking for the moon; rather, they want to know that their assets are safe and that they can count on us to deliver results that are on par with or better than the best options. My strategy is to set these expectations as a starting point for ourselves and then go above and beyond to gain our clients' trust by providing tangible value and a

personalised, handson approach to client engagement and services."

Vikram Sengupta Managing Partner at Legacy Investment Managers, Bangalore Vikram has worked in major investment banks such as Lehman Brothers and Nomura Plc for nearly a decade in Indian capital markets. He has also worked with Indian wealth management organisations such as Anand Rathi. He has an MBA in finance and a master's degree in economics from IIM Calcutta.

"We have purposefully avoided creating in-house products at Legacy in order to eliminate any bias in our offers. Although there are many products on the market, each one is analysed on a risk-adjusted basis before being chosen as the best in each asset class when constructing a client proposition. While we are still establishing ourselves as a company, we urge clients to compare every aspect of our offering to what they feel to be the finest in the field.

Client feedback has been tremendously helpful in developing our core offers as we've grown."

The 10 Most PROMISING

FINANCE COMPANIES IN INDIA 2022

VIDCOM BUSINESS SOLUTION PVT LTD Tell us the inception story of Vidcom. How does it all start?

Mr.

Mohammad

Tarik

Mr. Sharad Ahuja founded Vidcom Business Solution Private Limited, bringing in extensive expertise with them in banking, and payments, and other financial areas and distribution.

Today, Vidcom’s channel partners are present all across India in a matter of 9 months; and we have added more than 30,000+ Retailers to our network, with monthly GTV transactions reaching 350+ Cr in a matter of 8 months.

Vidcom Business Solution Private Limited was established to deliver Vidcom adheres to a single mantra. basic financial services to the Vidcom means country’s outposts, where actual #Dukandaron Ka Bharosa India can be found. Fintech innovation generally neglected rural people’s difficulties and how What were the challenges in they were disenfranchised in the the financial industry that financial inclusion process instead of focusing on meeting the needs of you thought needed to be addressed? the metropolitan 10-17 percent.

With this in mind, Vidcom The pandemic has turned financial Business Solution Private industry digital transformation Limit was founded in plans from being an opportunity April 2020 to empower with a long lead time to an urgent merchants and address necessity, and even a question the challenge of of survival. Given this dramatic increasing financial change, the four most important inclusion by developing challenges for financial institutions a hyperlocal agent banking in 2021 are: platform and network.

■ Development ■ Digitalization

Mohammad Tarik Co-founder & CEO 16

■ Process & Profitability ■ Systems & security JANUARY 2022

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Layered onto these top 4 challenges and Bill/Utility Services are just for banks and financial institutions a few of the services available to in 2021 are the additional burdens our partners. that come with being one of the most heavily-regulated industries in the world. Banks, insurers, and How, as a company, did you financial services companies must handle the uncertainty of be compliant with a host of laws the pandemic? What are the and policies.

What are your and mission?

learnings and practices that you would carry ahead in vision the future?

We aim to create a thriving ecosystem for our channel partners by helping them utilize the Vidcom platform extensively to earn more and convert into a digital shop.

Our Mission: Vidcom is building the largest network of its business associates and these associates are equipped with technology and connectivity to provide retail financial services via a one-stop payment solution platform for its end customers.

Our Vision: Vidcom brings banking and financial services to millions of Indian consumers who are underbanked and unbanked, to provide banking services at their doorstep.

Tell us about your services.

Vidcom provides One-Stop Financial /Non-financial solutions to all of our Partners’/Retailers’ in order to transform their local store into a “Digital Shop.”

Money transfer, Digital Payment, Cash withdrawal with Aadhar enable payment service (AePS), Micro ATM, Aadhar Pay, Cash deposit, Cash Management Service (CMS), EMI Collection, Account Opening service, Insurance, Travel, Pan Card service, Payment Gateway, JANUARY 2022

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Uncertainty, like the virus, never goes away; it alters every time. As a result, assuming that we were able to cure it once and for all would be unjust. Let me give you a few instances. When there is a blockage, we never know how long it will last. As a result, all of our budgets are beginning to shift, and we have no idea where the finish line is. Distributors are beginning to lose investment returns, and many small merchants are being forced to close their doors. We must wait until the lockout is lifted before reintroducing our distribution partners into the trade with ten times their earlier zeal.

Even though we’ve tried a few other approaches, my favorite is the tried-and-true “Time Management.” to increase revenue by adding additional resellers and expanding product offerings to all resellers as a result, the time we waste due to pandemic causes is spent on internal brainstorming, data analysis, and decision making, or on better and easier methods of retail acquisition and marketing. product development.

☐ Year of Founding: April 2020 ☐ Founding Members: Mr. Mohammad Tarik and Mr. Sharad Ahuja ☐ Office Locations: Corporate office B605, Mittal Commercia, Hasan Pada Road, Marol, Andheri East, Mumbai - 400059 ☐ Contact us: support@vidcom. in, info@vidcom.in ☐ Company Strength: 250+ ☐ Website: www.vidcom.in

Dukandaron Ka Bharosa

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The 10 Most PROMISING

FINANCE COMPANIES IN INDIA 2022

Aye Finance Changing the Standard of Micro Enterprises

Sanjay Sharma, Managing Director

Headquartered in Gurgaon, Aye Finance is a newage finance company providing business loans to small and micro enterprises across India. Since 2014 they have continued to chart an exciting growth path in this under-banked segment while maintaining a high benchmark for credit quality. These millions of profitable small and micro businesses are, essentially, locked out of the financial system. They believe they can overcome this financing challenge and unlock a massive business opportunity while creating a transformative social impact.

Their team brings together the best of many worlds – sound business practices, a deep understanding of the micro-enterprise environment, high achievement orientation, and a passion for delivering socioeconomic growth. They believe in building solutions, automation, and processes that address the challenges that have typically stymied the financial industry.

Aye Finance is dedicated to working with the most relevant technology to facilitate better financial inclusion and to consequently serve micro-enterprises across the country in a more holistic manner.

Ultimately, at Aye Finance, they believe in people - whether it’s the entrepreneurs they serve, their investors, or their employees. They’re, both, a great place to work with and work for.

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Why Aye Finance?

■

■ ■ ■

models, cash flows, and markets. They have lent to over 200,000 customers. They have thousands Easy Documentation: They work with minimum of employees helping these customers pursue their financial documents which also include informal dreams. They have been on the leader board when documents. it comes to customer satisfaction scores (NPS) and employee satisfaction scores (GPTW).

Transparent Pricing: There are no hidden fees.

Their mission is to provide innovative and They will always be upfront about their costs. customer-centered financial services to micro and No Guarantor Required: You do not have to small businesses through a knowledgeable team, effective technology, and robust processes, to power depend on others to get a loan. their growth into new-age India.

Service At Your Doorstep: Their staff connects with you at your business place or residence.

■ Multiple Channels: You can connect with them through their wide branch network, their field staff, or through their centralized contact center.

Website- https://ayefin.com/

■ Cluster-based Lending: They understand your business well. They have the experience of lending to 5 sectors and 100+ clusters.

Today they have branches spread across 18 states in India. They work with about 100 clusters across the country. Each one of them has different business JANUARY 2022

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The 10 Most PROMISING

FINANCE COMPANIES IN INDIA 2022

Monexo is India’s most trusted & leading Peer-to-Peer (P2P) lending marketplace that connects people who are looking for instant personal loans and people who wish to lend money. They focus only on the salaried individual segment. Firstly, demonetization has impacted both the other segments. Then again, SMEs are operationally impacted by the existing tax deducted at source (TDS) structure which is not friendly when it comes to borrowing from multiple sources. This structure needs to be simplified for P2P lending to take off in the SME segment. They have made a representation to the authorities. Post GST implementation, they would look at other segments, maybe the second half of FY2018.

They believe that India’s drive for “financial inclusion” is beyond bank account opening.

Monexo Friction free borrowing at your service a pledge to spend 1% of their time and bottom line for financial education - to raise awareness about the choices and options one has at hand to lead a financially aware and healthy life.

Monexo believes that this integrated community approach will have a ripple effect in spreading financial education among the various communities of India in the long run.

What are the benefits offered to borrowers?

First and foremost is time-saving. The borrower is made known in a minute if the loan is available or not.

Secondly, the process is digital. There is no upfront requirement for physical documents. The applicant Traditional lenders are increasingly unable to serve needs to upload four scans – Aadhaar, address proof, small business enterprises (SMEs) and individuals bank linkage (account statement), and a salary slip. who need credit. These borrowers are looking to With these, Monexo can pull out data and check the expand their business, buy a home or pay off debts. background, since it is a member of IndiaStack.

Monexo empowers these borrowers to have a better life Another benefit of Monexo is that it is active in the today. They are a marketplace matching individuals entire activity chain of P2P lending – origination, & businesses who need credit to lenders who seek to screening, profile-grading, pricing of each application, invest in a profitable asset class. disbursement, client servicing, and lastly debt ☐ They don’t have branches – they are 100% online collection. This is right now a key differentiator among their contemporaries. Their process is largely systemwith low overhead costs driven with the only physical intervention being the ☐ They provide value - by offering personalized rates actual scrutiny of original documents. to you The industry today is worth around Rs 30-40 crore.

Sooner or later, the trust mechanism will become key ☐ They are transparent - in their processes and fees for functioning as it is difficult for lenders to manage multiple transactions.

Globally, P2P lending is innovating financial services.

Monexo brings this innovative model to India. They call it the ‘Power of One’. At Monexo, they have taken

Website- https://www.monexo.co/in/

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Mukesh Bubna CEO

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The world of finance industry The finance industry is tough to evaluate. It is a group of various sectors like banking, non-banking financial institutes, insurance, wealth management and a few more on the list. The finance industry is considered a lifeline for every economy. Stable financial income and a balanced trade sheet showcase the strength of a country to survive in this modern world.

functions digital. However, even banks operating in big cities of India were not that ready for the situation.

Sudden change in the functionality of an organisation has to go through a formal channel which is a timeconsuming process.

It was an opportunity for many young entrepreneurs, as they had a small team and quick decision making power. Fintech Startups that were struggling to sustain in the competition had recorded a surge in their Finance industry in India India’s finance industry has gained the crown of one of customer base and revenue. They have targeted the the top innovative industries. The government’s push population that was not in the flow of the market. It for a digital economy and support from the public and was all possible due to the internet revolution in the corporates has displayed an upward trending graph. country with 4G technology. Easy internet access NPCI (National Payments Corporation of India) is one from 2016 by Reliance Jio uplifted the remote areas of the primary reasons for India’s rising dominance in that were always left behind from the mainstream. the global finance industry.

The ongoing pandemic has forced all the banking Structure of finance industry in India and non-banking institutes to restructure their The finance industry of India is mainly divided, into operations in order to keep them functional in any three parts: Banking sector, Non-Banking sector & critical situation. Many banks operating in suburban Investment Banking. and rural areas, previously had no plans to make their 22

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Banking sector

RBI (Reserve Bank of India) is the central bank and the monitoring authority for all the financial transactions being conducted in India. All the banks that operate in India have to get a license from RBI. Regarding the types of banks operating in India, they are: Public sector banks, Private sector banks, Foreign banks, Regional Rural Banks, Urban Cooperative banks, Rural Cooperative banks.

The commercial public & private sector banks account for the highest share of the total assets held by the financial system. The traditional approach of the Indian people to keep money safe turned towards RD (Recurring Deposit) and FD (Fixed Deposit) for a long time. Now, banks have introduced more attractive services that have kept the public’s interest alive in banking companies.

Non-Banking Companies

NBFCs (Non-Banking Financial Companies) are the ones who are allowed to grant loans and credits to potential customers. They have to get a license from RBI to operate. Some examples of NBFCs are L&T finance, Bajaj Finance Ltd, Mahindra & Mahindra Finance, HDFC Home loan, LIC housing, etc.

NBFCs play a vital role in nation-building as they have a wide network of connections and services. They have reached the unbanked remote areas, where the banking system takes time to get. They are crucial players in rural areas.

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The Insurance sector in India is dominated by LIC (Life Insurance Corporation). It has its presence across the country and has more than 2000 branches.

The life insurance sector has been considered a tool of savings & investment that led to the rise. Other forms of insurance such as Vehicle, Travel, Property, and Medical are on the rise as well. The reason is financial literacy.

Investment Banking

This is the sector where India has recorded a sharp hike in a very short period. Investment banking is non-other than wealth management, or to make it easy, it is related to capital and money market, which is popularly known as the stock market.

Investments in India by domestic investors, were at the lowest of the global investment. Preference to invest in the stock market began to rise when Fintech startups took charge to guide and provide knowledge to the general public. This caused the rise of the Indian stock market in just 3-4 years.

It is a wide sector that could not be covered in one article. So stay tuned for the next update. Until then, you can read our other articles on finance and other domains.

- Parag Ahire

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The 10 Most PROMISING

FINANCE COMPANIES IN INDIA 2022

Payism Global Financial Management for Rural and Underbanked Communities Payism is a technology-driven financial solutions provider, largely catering to the needs of domestic migrants and the unbanked population. The advent of Payism and access to its services has revolutionized tedious tasks such as instant money transfers, utility bill payments, and recharges easy and delightful.

Nandish Domlur Co-Founder

Ecaps operates through Equity Capital Advisors (India) Private Limited, its subsidiary in Bangalore, India. Ecaps is the world’s leading open banking system that brings world-class, customizable products to its customers. Ecaps philosophy is an investment in social progress through financial inclusion that brings the best returns.

Payism is a business venture with a social edge. The Visionary behind the initiative firmly believes that progress is effective only when it is comprehensive. Unlike the urban segment that goes hand-in-hand with technology certain sections co-exist, are deprived of upgraded services.

This concern transformed into prospective thought and eventually took shape as Payism technologies in the year 2014.

Endured with time and challenges, Payism has emerged as a strong and trusted associate. In a decade-plus time, newer additions were to the product line, and services extended to remote corners of the country. Today, the initiative is bolstered with a robust network of 1300 plus distributors and over 28000 retailers. Banking on the best of human intelligence and technology, Payism is poised to scale greater heights to deliver unparalleled solutions and services to the needy.

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Their Ecosystem:

them directly with the manufacturers to shop inventory for sale.

☐ Assist: Transfer money across the country instantly through secure channels. Access banking ☐ Aspire: In ECAPS ASPIRE, they deploy Automated Teller Machine (ATM)/Cash Recycler Machine services anywhere, anytime through an authorized (CRM) under the WLA revenue share model with correspondent with the help of Aadhar identification.

HITACHI India at Ecaps retailer outlets to bring in ECAPS provides a single interface that enables a win-win proposition. At present only 22 ATMs retailers to manage customer requirements of any are available to every 1,00,000 people in India. In telecom recharges, DTH, or internet bills seamlessly. addition, due to high operational costs, the number ☐ Health: ecaps health brings a set of insurance and of ATM/CRMs shrank in the past two years despite telemedicine products for the common man via the an increase in transactions.

Ecaps retailer network. ECAPS HEALTH provides life insurance, Hospicash, General Insurance such as ☐ Collect: ecaps collect is a payment gateway for businesses. It’s a one-point solution to avoid the Two/Four-wheeler, Third Party, and Travel. hassles in bank transactions that the retailers face ☐ Edge: ecaps edge is the premium version of ecaps at their collection point. A large number of retailers assist. Through ecaps edge, the retailer gets the lose time and energy in managing the customers at advantage of a credit facility and a working capital the payment counter. Despite the increasing use of loan to carry out the business. It’s an on-demand day digital payments, interoperability between payment loan facility to suit his requirements. The ECAPS apps is the need of the hour. With ECAPS COLLECT, EDGE also comes with loyalty cards and an option for the retailer can now manage the collection quickly an agent to customize the margins to his subagents. and avoid long queues. ☐ Joy: ecaps joy is an assisted E-Commerce platform made on blockchain technology for making online shopping more accessible for the masses and rural population. It assists Ecaps retailer networks in urban, semi-urban, and rural areas by connecting JANUARY 2022

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Website: http://ecaps.in/index.php

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The 10 Most PROMISING

FINANCE COMPANIES IN INDIA 2022

Finzy Making your loan borrowing process swift

Finzy is a premier peer-to-peer lending solution in India. shared or misused They connect Borrowers looking for quick personal loans ■ Finzy remains your contact point despite loans being with low-interest rates to investors who are looking for a funded by multiple investors powerful new asset class that provides fair returns. Their focus is on making the entire process simple and easy. ☐ Credit Assessment: Their evaluation process goes Finzy is owned and operated by Bridge Fintech Solutions beyond the traditional approach of banks. By assessing Private Limited. They are a small but passionate bunch, borrowers on multiple parameters and not limited with varied backgrounds. The founding team is comprised to just credit score or only to employees of Selective of folks with rich experience in banking, finance, sales, Corporate, they can offer loans to a much larger product, and technology. borrower segment Finzy is a non-hierarchical, self-organized set-up. They ☐ Multiple Loans: Being responsible pays off have cross-functional teams continuously striving to Customers with a great borrowing track record achieve ambitious business goals that encompass all on Finzy can access loans from Finzy multiple aspects of finance, keeping their users at the center of what times while their current loan and its terms they do. Their business is powered by an energetic sales & remain unchanged. operations team, a tech team that works on an innovative digital platform, and a strong credit risk assessment team ☐ Quick. Easy: that uses their proprietary credit assessment algorithm to ■ The online loan application process ensure that the right borrowers are on the platform.

■ Loans funded in as less as 48 hours

Why Borrow With Finzy?

■ Finzy facilitates execution of loan agreement either digitally or at your doorstep

☐ Flexibility and Transparency: At Finzy, they provide you the benefit of a low monthly EMI, thanks to their 36-month loan tenure. You also can prepay your loan fully or partially whenever you want with no penalties incurred. ☐ ■ ■ ■

They take care of your trust by assigning a deserving credit rating to each borrower and supporting investment, documentation, monthly collections, account reconciliation, and recovery. They at Finzy were expecting this Budget to consider their proposal for making P2P lending exposure as tax-deductible under Security and Privacy: Section 80C of the Income Tax Act. They remain positive Your personal information is never revealed to that both MoF and RBI would consider their proposal to evaluating investors help this nascent industry to provide hassle-free credit to Loans funded only by screened investors borrowers and proliferate P2P lending as a fixed income Finzy assures your data is secure and not asset class.

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Akshay Chavan, Founder & CEO

Website- https://finzy.com/borrow JANUARY 2022

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The 10 Most PROMISING

FINANCE COMPANIES IN INDIA 2022

UV Asset Recostruction Company Limited Restructuring your financial health

Justice P.P. Naolekar (Retd.), Chairman & Independent Director

UV Asset Reconstruction Company Limited is a Securitisation Company/ Reconstruction Company registered with the Reserve Bank of India. Set up in the year 2007, UV Asset Reconstruction Company Limited (UVARCL) is presently amongst India’s top 10 ARCs in terms of book building with a CAGR of 109% over the last 3 years.

UVARCL is promoted amongst others, by professionals with equity participation of 6 public sector banks and 2 insurance companies’ viz. Central Bank of India, Bank of Maharashtra, Union Bank of India, Bank of India, United Bank of India, Allahabad Bank, United India Insurance Company Limited, and National Insurance Company Limited.

UVARCL acquires Non-Performing Assets (NPAs) from various banks and financial institutions. The company believes in an empathetic approach to resolving distressed assets by meaningful analysis of the cause of NPA, evaluating possible turnaround options, and formulating the best fit strategy under

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assets with a ticket size of Rs 500 crore and above, where 75% of lenders agree to sell the assets so that NARCL gets aggregated debts in one go. As per estimates, debts totaling Rs 2 lac crore have been The regulatory framework for ARCs is expected to identified by banks for possible transfer to NARCL. undergo significant changes during the year. In April 2021 will be a milestone year for ARCs. The 2021, RBI has constituted a committee on Asset industry will have new challenges, new threats.

Reconstruction Companies under the chairmanship Adaptability to changing environment will be the of Mr. Sudarsan Sen, Former Executive Director, key to sustainability.

Reserve Bank of India. The Committee is mandated UVARCL has a sector-agnostic approach to to review the legal and regulatory framework investments in stressed firms. The company acquires to improve the efficacy of ARCs. The terms of Non-Performing Loans from Banks and Financial reference include a review of business models and Institutions under the provisions of the SARFAESI matters relating to transparency and governance in Act. After the acquisition, UVARCL evaluates all ARCs. Further, the committee will review the role possible options and accordingly implements a of ARC under IBC. It will also examine the issues resolution strategy that leads to value maximization around the listing of Security Receipts (SR) and for all stakeholders. improving liquidity in SR trading. The Committee is expected to submit its report by August 2021. UVARCL conducts detailed due diligence before ARCs look forward to this development, which acquisition and underlying risks are analyzed may redefine ARC’s business and bring in new and assessed. UVARCL has a dedicated team of professionals (in-house and external) for conducting growth opportunities. financial due diligence, legal due diligence, and Another major development is the setting up of a underlying asset valuation.

National ARC Ltd (NARCL), popularly known as a bad bank, as announced in Budget 2021. The ARC, with banks as stakeholders, has been incorporated. WebsiteAs per reports, it will focus on fully providing for https://www.uvarcl.com/index.html the given circumstances. The company adopts best practices that foster an environment of honesty, transparency, and consistency. The company aims to create a win-win situation for all its stakeholders.

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Mutual Fund v/s Direct Investment “Investment in the stock market is subject to risk. Read all the scheme related documents carefully before investing”.

That was the statement we used to hear in the advertisements a couple of years back. Now, Indians have put their foot on the pedal to accelerate their wealth from the capital & money market.

with the lowest risk on investment. Someone who has never invested in the stock market can start investing from a very small amount in mutual funds.

However, many investors are classified into two direct categories: Risk-taker & Less Risk-taker. To make it simple, we can look at the investment options that offer higher risk with higher returns & less risk with compound growth.

Every mutual fund service provider has a fund manager who diversifies your money in various stocks, which helps in reducing the risk of loss. It even allows you to choose the type of investment, depending on your financial goals, risk tolerance, Mutual fund & Direct investment (Equity investment) and expectation of returns. are the two categories that are way more popular Benefits: compared with other investment options in India. ☐ Carry less risk & offer compounding benefits Let’s dive deep and try to understand both options ☐ Multiple investment options that we have in our article title. ☐ Diversified portfolio

Mutual Funds

☐ Less volatile compared to equity trading

☐ Tax exemption under section 80 C if invested in Getting your hands into the stock market without the Equity Linked Savings Scheme (ELSS) any prior knowledge or study could hit you hard on the pocket. Mutual funds provide you ☐ Needs less attention & monitoring 30

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Direct Investment

You will gain an immense amount of profit if you invest for long. Short-term investment accounts Risk takers have a high level of interest in direct for short-term capital gains tax. This amount can trading in the equity market or popularly termed as get bigger as you continue intraday trading in large share market. It has skyrocketed after the sharp fall volumes. Even a panic situation creates an effect in March 2020. All retail traders started investing of sharp selling that we have witnessed twice from highly in the equity market by saying, “Lala, Risk hai, March 2020 to February 2022. toh Ishq hai”.

Direct investment in stocks requires a high amount of research and study. Picking up stock at the lowest price and booking profit out of it is a risky game.

Here you need to know the charts and company’s reputation and past performance. Intraday trading is one of the most preferred practice, as it is a moneyspinner game.

Regular monitoring helps you reduce the risk of loss in direct investment. Current trends in the Indian stock market reveal that retail traders are heavily engaged in intraday trading. Market data shows an upsurge from 10.5 million new Demat accounts in 2020, the number rose to 27.4 million new accounts

by November 2021.

Investment Choice

Final opinion Investing in any of the options discussed in this article depends on the risk appetite. If you are skilled enough to consider investing in equity funds, you may end up gaining profits that you desire to earn.

On the other side, if you are not willing to take high risks, it is better to opt for mutual funds.

It has become much easy to invest in the capital market with the help of fintech startups, which provide us the platform to invest in any stock or mutual fund with the lowest trading charges. We will recommend you to have at least some knowledge before investing anywhere. For that, you must be financially literate.

- Parag Ahire

A large part of adults is approaching to invest in the market to reap the benefits. Old results have shown the benefit who invested and held for the long term, gained a huge amount in return.

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The 10 Most PROMISING

Mahagram

IN INDIA 2022

Banking & eGovernment mPowering

FINANCE COMPANIES

Mahagram is a technology-driven company, focusing on creating India’s largest network of last-mile retail points-of-sale, to potentially enable every Indian to seamlessly benefit from financial inclusion, Government programs, and wider access to basic goods and services.

They are a Mumbai-based well-recognized fintech company established in June 2015 with a presence in almost all the states in India.

☐ Fintech solution: Custom fintech + payment solution loaded with all the business functions, modules, and channels to help you scale up. From your business branding to your internal processes, any customization is as easy as integrating an API.

Mahagram is servicing nearly 8000 PIN codes and providing basic banking, e-Governance & other BFSI services through the distribution network of They leverage their vast network of retail access points around 5000 distributors & 200k+ retail partners to deliver real-time BFSI services, Government-to- (Mom & Pop stores).

Citizen Services, and Business-to-Consumer Services With an ever-increasing user-base, Bharat ATM has to the unserved rural, semi-urban, and urban markets. been successfully delivering banking solutions that one They aim to be the most trusted consumer service could need right from opening a bank account, sending point for rural India, by making solutions even more or withdrawing cash with zero charges, easy loans, and simple & sustainable; offering products & services that investment options with high returns. Bharat ATM are even more reliable & affordable, and imparting highly prioritizes its user’s privacy and security. This customer service that is even more friendly. No matter platform is one of the top players in the Fintech field how remote, excluded, or poor they might be, they as they focus on providing a transparent, delightful & promise to give every rural Indian their rightful access hassle-free neo banking experience. to basic modern banking, within walking distance from their homes. Along with this, they also promise to bring Neo banking in India has scope for significant growth closer to affordable and quality products & services that as MSMEs in the nation can avail of the services offered by them on a large scale. With the help of the improve their essential living standards. digital inclusion initiative, neo banks can even tap the underbanked population of India.

What do they offer?

Currently, Neo bank operations are subjected to certain limitations in the Indian ecosystem. If the right bugs ☐ Open banking APIs: Build awesome payment of this Neo banking model are fixed and the model is product using mahagram’s payments APIs sandbox. tailored according to the Indian needs, the future looks Build your NEO Banking Platform using their Open rather promising for Neo banks and all the possibilities banking APIs. that it opens up for the world of banking. ☐ NEO banking (Bharat ATM): It provides High Commission, Fastest Settlement, and Low Charges.

Website- https://mahagram.in/

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Ram Shriram, Founder & CEO

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The 10 Most PROMISING

FINANCE COMPANIES IN INDIA 2022

MS FINCAP Your Personal Financial Advisor MS Fincap Private Limited is a Non-Banking Financial Company registered with the Reserve Bank of India (RBI). It was incorporated under the provisions of the Companies Act, 2013. They provide Loan facilities such as Business Loans, Mortgage, Construction, and Education Loans. The Company has a team of dedicated professionals who put in their every effort to meet the customer’s needs in a timely and efficient manner.

Mr. Shridhar Modi, Executive Director

Why MS Fincap?

■ Flexible Repayment Options: They offer flexible repayment options which can be customized as per customers’ needs.

■ Transparency: Their loan agreement and documentation are very clear with no hidden conditions or charges.

■ Empowering Young Entrepreneurs: They offer loans to not only well-established businesses but to aspiring entrepreneurs with strong potential.

■ Secure Information: The information collected from their clients is kept highly secure and confidential.

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Their products:

the piece of land owned by the Customer. The customer can be a builder or developer. Money is given for a diverse range of expenditures that are required for construction.

☐ Business Loan: A business loan is an unsecured loan that can be availed to fund the working capital requirements of small businesses. It also helps in meeting seasonal business demands or ☐ EdCred: EdCred aims to enhance the quality of education and encourage student enrolment any other immediate shortfalls in business. at educational institutes in India. They offer ☐ Mortgage Loan: A mortgage loan is an ideal way innovative financial solutions to students, parents to utilize and leverage your immovable property & educational institutions. to its maximum potential. This all-purpose loan Their vision is to provide comprehensive financial will help you fulfill your dream of taking your services to customers and partner with them to business to the next level, or have that home foster unbounded economic growth. And its mission renovation you have been waiting for or meet is to stimulate wealth creation for all its customers any other business, personal, or family needs you and stakeholders by rendering transparent and may have. efficient services. ☐ Construction Loan: Construction Loan is a loan provided for carrying out the construction over

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Website- https://msfincap.com/

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Findestination All of Your Financial Needs in One Place

One-stop solution for all your financial needs.

FinDestination is founded to assist customers to connect with top financial institutions of India to fulfill their finance requirements. FinDestination is a visionary company committed to serving all the finance requirements of its customers at one point destination with a personal touch. They value your business. They want you to see the difference at FinDestination as soon as you get in touch with them for your finance requirements. FinDestination is an authorized channel partner of all the major banks and NBFCs of India.

FinDestination has been known as one of the leading loan consultants in Pune for the last 10 years. With over 500 clients across India, they offer tailor-made solutions to suit various needs and fulfill your dreams. As a loan provider in Pune, they understand your needs and suggest solutions, thus opening doors to your future.

As a loan provider in Pune, they offer multiple finance options across diverse categories. Right from home loans, education loans, SME loans, business loans, etc.

Being a loan agent in Pune, they facilitate your loans with their affiliate partner banks and also offer advisory services to help you meet your financial requirements.

What they offer: ■ Home loans ■ Business loan ■ Loan against property ■ Car loan ■ Personal loan ■ Working capital loans 36

Why FinDestination different?

■ Best loan offers from Leading Financial Institutions of India.

■ Structured loan products to fulfill your requirements.

■ Minimal Documentation – Hassle-Free Process.

■ Fastest Processing Time in Industry.

■ Value your relationship with them.

■ A qualified and enthusiastic staff of finance professionals capable of providing strategic financial solutions to cater to various needs of our customers.

Usage of the Website: The Website is intended for personal, non-commercial use. Only register to become a member of the Website if you are of sufficient legal age and can enter into binding contracts. You will be responsible for maintaining the secrecy of your passwords, login, and account information. You may only use the Website to search for and to apply for loans, and you may not use the Website to make any fraudulent applications. You agree not to use the Website for any purpose that is unlawful, illegal, or forbidden by these Terms, or any local laws that might apply to you. They’re running the Website in India, so remember that by using the Website, they need you to agree to comply with laws that apply to India and your own country, including laws that apply to exporting technical data. They may, at their sole discretion, at any time and without advance notice or liability, suspend, terminate or restrict your access to all or any component of the Website.

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Rakesh Mishra, Founder

They are glad to inform you about their channel partner are the preferred channel partner for reputed banks and program whereinFinDestination is partnering with financial institutions in the city. trusted and reputed partners in the city for potential referral business opportunities. Their expertise lies in Retail as well as Corporate Loan Arrangements and they Website- https://findestination.com/

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Payments Bank: New type of bank Revolutionary concept

History of Payments Bank

Whenever we think of money and institutes related to it, the first name that strikes our mind is a bank.

Banking institutes are more than just money lenders.

Banking transactions in India have been rising for the last two decades. Multiple factors contribute to this growth. The growth was not normal as compared to the previous period. However, a majority of the rural and sub-urban population was not in the mainstream banking.

Payments bank is an innovative digital banking model conceptualised by the Reserve Bank of India (RBI).

As the Government of India was planning to make the banking system available for everyone, existing commercial banks were not in the state to establish their branches in every village area as it was not a feasible option. This triggered the need for a disruptive & revolutionary banking model that could cover all the regions which were left behind from the mainstream banking system.

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A Committee on Comprehensive Financial Services for Small Businesses and Low Income Households was formed by the former Governor of the RBI Raghuram Rajan on 23rd September 2013. It was headed by Nachiket Mor. The Committee submitted its report in 2014. In 2015 RBI issued an “in-principle” license for eleven entities to launch payments bank.

These licenses were initially granted for 18 months, where they had restrictions on not entering into banking activities within that period until they fulfilled the requirements. RBI was in the process to grant a full banking license under section 22 of the Banking Regulation Act, 1949, once the entities satisfied the conditions.

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Current Payment Banks in India

☐ The deposit limit is up to ₹ 2,00,000 per account.

Savings & Current account facility.

Out of the 41 applicants on the list of Payments banks, 11 were initially granted “in-principle” licenses, for the ☐ Permitted to issue Debit card. Cash withdrawal facility from ATM. first 18 months of the provisional payments bank. The list of licensed payments bank consisted of: ☐ Payments bank can make personal payments & receive cross border remittances on the ■ Airtel M Commerce Services Limited current account.

■ Cholamandalam Distribution Services Limited ☐ Provides diversified services like online bill ■ Aditya Birla Nuvo Limited ■ India Department of Post ■ Fino Paytech Limited ■ National Securities Depository Limited ■ Reliance Industries Limited (JIO) ■ Shri Dilip Shantilal Shanghvi (Sun Pharmaceuticals) ■ Paytm Payments Bank Limited ■ Tech Mahindra Limited ■ Vodafone m-pesa Limited Active Payments Bank: ■ Airtel Payments Bank ■ India Post Payments bank ■ Fino Payments Bank ■ Jio Payments Bank ■ Paytm Payments Bank

payments, recharges, UPI payments, and investments in cryptocurrency.

Challenges with Payments Bank ☐ It is a new type of bank that has been established to operate in rural areas. Even though we are seeing a rise in internet connectivity to remote places, awareness among the masses is still unreached.

Many of them do not have access to all the services that have been provided. ☐ Sales & Marketing agents receive fewer incentives that keep them least involved in promotional activities. ☐ This new form of the banking sector is still in the infant stage. Some technical and infrastructure hurdles need immediate repair.

- Parag Ahire

■ NSDL Payments Bank From these six payments banks, Airtel Payments Bank was the first to receive a license from the RBI. It holds the second top position in the Payments Banking list.

Paytm Payments Bank is at the top position holding around 19% of the total mobile-banking transactions.

What services does Payments Bank provide?

Payment banks are designed to counter the loophole between the mainstream market and Unbanked & Underbanked regions. These banks primarily target lower-income groups. The interest rates offered range between 4% to 7% on the money deposited. It is higher than commercial banks offers around 3% to 4% interest rate.

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