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IDFC FIRST Bank’s Q4 FY24 Report: Net Profit Slides 10% Due to Increased Provisions

IDFC FIRST Bank reported a 10 percent decrease in net profit, amounting to Rs 724 crore for the fourth quarter ending March 2024, primarily due to a significant increase in provisions. This marks a decrease from the Rs 803 crore net profit recorded in the corresponding period last year. However, the bank’s total income saw an uptick, rising to Rs 9,861 crore from Rs 7,822 crore a year ago. Interest income also witnessed growth, climbing to Rs 8,219 crore compared to Rs 6,424 crore in the same quarter of the previous year.

Net Interest Income (NII) experienced a substantial increase of 24 percent, reaching Rs 4,469 crore in Q4 FY24 from Rs 3,597 crore in Q4 FY23. The bank’s asset quality improved, with gross Non-Performing Assets (NPAs) decreasing to 1.88 percent of gross advances by March 31, 2024, down from 2.51 percent in March 2023. Similarly, net NPAs decreased to 0.60 percent of advances compared to 0.86 percent in the previous fiscal year.

Read more: Axis Bank re-appoints Amitabh Chaudhry as MD & CEO

However, provisions and contingencies surged by 50 percent to Rs 722 crore in Q4 FY24, as opposed to Rs 482 crore in the same period last year. The bank opted not to declare any dividends for FY24 and FY23. Additionally, the capital adequacy ratio dropped to 16.11 percent from 16.82 percent at the end of the previous fiscal year.

Govt appoints former UGC chairman Dhirendra Pal Singh as TISS chancellor

Former UGC chairman and educationist Dhirendra Pal Singh has been appointed as the chancellor of the Tata Institute of Social Sciences (TISS) by the Union Ministry of Education. This appointment, made official on Saturday, marks a significant addition to Singh’s illustrious career spanning nearly four decades.

Having previously served as vice-chancellor in three universities, including Banaras Hindu University, and leading the NAAC as director, Singh brings a wealth of experience to his new role. His tenure as chancellor is slated for five years from the commencement of his duties.

Singh’s contributions extend beyond national borders, with involvement in international programs and academic pursuits taking him to various countries such as the UK, USA, Germany, France, Norway, Denmark, China, Australia, and Singapore.

Throughout his career, Singh has held numerous leadership positions within India’s higher education sector, including roles on the Central Advisory Board of Education and involvement in the implementation of the NEP 2020. Additionally, he has been a part of the Indian National Commission for Co-operation with UNESCO.

His tenure as UGC chairman saw him provide guidance to eight inter-university centers as President of the Governing Council. Singh’s dedication and accomplishments have been recognized with awards such as the Environment Leadership Award, Nation Builder Award, and Raja Balwant Singh Shiksha Samman.

Industry Leaders React to UGC’s ODL Program Decision – An Exclusive by ObserveNow Media

The education industry witnessed its much-needed push of technology implementation during and post covid when online learning became the new normal for educators & students. The unprecedented times have given new modes of learning and new birth to open distance learning and Online learning modes.

According to the World Economic Forum, the overall market for online education is projected to reach $350 Billion by 2025. Whether it is language apps, virtual tutoring, video conferencing tools, or online learning software, there has been a significant surge in usage since COVID-19. However, online courses were always there but since covid, adoption of online courses has seen a drastic shift.

While online courses give easy access to students from distant places to learn and grow, keeping a check at the quality of content taught in these courses is equally essential. A recent notice by the University Grants Commission (UGC) said, that central, state and private universities will no longer require prior approval from the All India Council of Technical Education (AICTE) along with their application to UGC for offering undergraduate, postgraduate and PG diploma programmes in open distance learning or in online mode. While at the same time, they warn to stick to the courses listed in Section 2 of the UGC (ODL Programmes and Online Programmes) Regulations, 2020.

This flexibility allows universities to revamp their curricula and introduce innovative courses tailored to industry needs, thereby enabling students to excel in industrial skill sets beyond the confines of traditional education setups.

Industry Perspective At a Glance!

Babu R. Prasad, Principal, JD School of Design powdered by JD Institute of Fashion Technology

While talking on the same lines, Babu R. Prasad, Principal, JD School of Design powdered by JD Institute of Fashion Technology said, “In a groundbreaking move, the University Grants Commission (UGC) has announced that central, state, and private universities will no longer require prior approval from the All India Council of Technical Education (AICTE) for offering undergraduate, postgraduate, and PG diploma programs in open distance learning or online mode. This decision marks a significant shift towards streamlining the approval process and empowering universities to innovate in their educational offerings.”

“The move holds promise for Indian higher education on several fronts. Firstly, it eliminates bureaucratic hurdles, enabling universities to swiftly adapt to the evolving landscape of online and distance education. By removing the need for dual approvals, the UGC aims to foster a more conducive environment for innovation and experimentation in pedagogy and curriculum design”, he added.

Akhil Domodaran, Dean of Management, IILM University, Greater Noida

Adding to the historic shift, Akhil Domodaran, Dean of Management, IILM University, Greater Noida expressed his thoughts and said, “The UGC’s decision significantly benefits universities by allowing them to offer online programs, greatly expanding their reach and accessibility. Additionally, it provides working professionals with a more diverse array of program options online, enabling them to pursue degrees that may have previously been inaccessible due to their schedules and distance limitations.

“This regulatory simplification aligns with the National Education Policy 2020’s goals of increased access and inclusivity, fostering a more flexible and dynamic educational ecosystem. Now, universities can more efficiently meet the evolving educational needs of students, enhancing educational outreach and supporting lifelong learning across India”, Akhil Added.

 

 

 

 

Healthcare Sector in India Sees Surge in Demand for Skilled Medical Coders, Driving Enrollment in Specialized Courses

After the COVID-19 epidemic, the healthcare sector has experienced an extraordinary spike in demand for skilled personnel, particularly in the field of medical coding. As hospitals and healthcare facilities digitize their information, the demand for qualified medical coders grows. This spike has resulted in a growing demand for medical coding courses across India, providing aspiring individuals with a pathway to a successful career in the healthcare business. Medical coding courses educate individuals on accurately assigning codes to medical procedures and illnesses. This ensures precise billing and reimbursement processes, safeguards patient data, and facilitates clear communication among healthcare professionals, insurers, and government entities. In the aftermath of the COVID-19 pandemic, the need for medical coders is projected to soar, offering abundant job prospects in hospitals, clinics, insurance firms, and healthcare outsourcing companies.

With advances in healthcare technology and a growing emphasis on data-driven decision-making, the opportunities for medical coding specialists are fast rising. Furthermore, the possibility of remote employment in this profession adds to its charm, making it an appealing career path for persons seeking flexibility and security in the post-pandemic environment.

Here are some top institutes offering Medical Coding Courses in India:

Henry Harvin Medical Academy: Henry Harvin Medical Academy is a premier institution offering comprehensive medical coding courses. Their curriculum covers a wide range of topics, including ICD-10-CM, CPT, and HCPCS coding systems. With experienced faculty and industry-relevant training modules, Henry Harvin Medical Academy ensures students are well-prepared to excel in medical coding.

Manipal ProLearn: Manipal ProLearn is renowned for its excellence in providing professional education across various domains, including healthcare. Their medical coding course combines theoretical knowledge with practical training, preparing students to tackle real-world coding challenges. The institute’s strong industry connections also facilitate placement opportunities for aspiring medical coders.

Medvarsity Online Ltd: Medvarsity Online Ltd offers a range of medical coding courses designed to meet the evolving needs of the healthcare industry. Their programs focus on imparting in-depth knowledge of coding standards and regulations, ensuring graduates are well-equipped to navigate the complexities of medical coding practices. Additionally, Medvarsity’s online platform makes learning accessible to individuals from diverse backgrounds.

Acharyas Bangalore B-School: Acharyas Bangalore B-School is known for its rigorous academic standards and commitment to professional excellence. Their medical coding course emphasizes practical learning through case studies and hands-on training sessions. The institute’s tie-ups with leading healthcare organizations facilitate internships and placement opportunities for students, enhancing their employability in the competitive job market.

Aster Medcity: Aster Medcity offers specialized training programs in medical coding, catering to the growing demand for skilled coders in the healthcare sector. Their courses are structured to provide a comprehensive understanding of coding principles and practices, preparing students for successful careers in medical coding. With state-of-the-art facilities and experienced faculty, Aster Medcity ensures students receive quality education and practical exposure.

In conclusion, enrolling in a medical coding course can open doors to a fulfilling career in the healthcare industry, particularly in the post-pandemic era. With the right training and skills, individuals can embark on a rewarding journey as medical coding professionals, contributing to the efficient management of healthcare data and ensuring quality patient care.

R. Veerabahu Chosen as Director (Finance) at Braithwaite & Co. Limited Following PESB Meeting

Veerabahu has clinched the role of Director (Finance) at Braithwaite & Co. Limited, following a decision made during a recent Public Enterprises Selection Board (PESB) meeting held on April 24, 2024.

Currently serving as the General Manager (Internal Audit) at Bharat Heavy Electricals Limited (BHEL)’s Corporate Office in New Delhi, Veerabahu’s appointment is contingent upon receiving vigilance clearances and approval from the Appointments Committee of the Cabinet.

The selection process involved interviewing nine applicants, including Veerabahu, during the meeting. Other contenders for the position included executives from various prominent organizations such as Braithwaite & Co. Limited, BHEL, NMDC Limited, Steel Authority Of India Limited (SAIL), National Aluminium Company Limited, and Ircon International Limited.

Axis Bank re-appoints Amitabh Chaudhry as MD & CEO

Axis Bank has granted Amitabh Chaudhry another term as Managing Director & CEO, extending his leadership until December 31, 2027. Chaudhry, 59, has been steering the bank since January 2019 and his reappointment awaits approval from the Reserve Bank of India and the bank’s shareholders.

His career trajectory boasts prominent roles at HDFC Life, Infosys BPO, Infosys Technologies Limited, Bank of America, and Credit Lyonnais Securities.

Chaudhry’s diverse experience spans sectors like finance, technology, and investment banking, reflecting his extensive expertise. His tenure at Axis Bank has seen strategic initiatives and operational enhancements under his guidance, positioning the bank for continued growth and stability. The announcement of his reappointment signals continuity in Axis Bank’s leadership and underscores confidence in Chaudhry’s ability to navigate the bank through evolving market dynamics.

 

REC Limited avails SACE-Covered Green Loan for ~ 60.5 Billion Japanese Yen

In a significant move toward sustainable development within India, REC Limited, a prominent Central Public Sector Enterprise and leading NBFC under the Ministry of Power, has successfully secured a Green Loan of Japanese Yen (JPY) 60.536 billion. This financing is earmarked for eligible green projects across India. Notably, the green loan enjoys an 80% guarantee from the Italian Export Credit Agency, SACE, under their innovative Push Strategy program, marking a pioneering collaboration between an Indian government entity and SACE.

This milestone in green financing within the Indian public sector sets a precedent for similar initiatives, underscoring a growing dedication to sustainable finance. Furthermore, it represents SACE’s inaugural JPY-denominated loan transaction and its first green loan venture in India.

The Green Loan sees participation from banks spanning Asia, the USA, and Europe, including Crédit Agricole Corporate and Investment Bank, Bank of America, Citibank, KfW IPEX-Bank, and Sumitomo Mitsui Banking Corporation, serving as Mandated Lead Arrangers. Crédit Agricole Corporate and Investment Bank will serve multiple roles including Export Credit Agency Coordinator, Green Loan Coordinator, Documentation Bank, and Facility Agent.

For REC Limited, this loan facility is a strategic investment that reinforces its commitment to driving sustainable growth in line with its Green Finance Framework. It underscores REC’s and its partners’ dedication to supporting projects that adhere to stringent environmental standards, promote renewable energy, and contribute to carbon emissions reduction across India. Moreover, it reflects the growing momentum toward green financing and the collaborative efforts of stakeholders to tackle environmental challenges.

Commenting on the collaboration, Chairperson & Managing Director, REC, Shri Vivek Kumar Dewangan said: “The successful transaction in this truly global facility is anticipated to pave way for more such collaborations, further enhancing Indo-Italian business relationships in green energy financing and sustainable projects. It will also help boost the global community’s support for sustainable development projects in India.”

Head of SACE – India & South Asia Shri Gautam Bhansali commented: “SACE is proud to partner with REC for this ‘Green Push Strategy’ transaction, which is an innovative and first-in-its-kind structure being executed in India. Through this facility, SACE is committed to support projects in renewable energy, green mobility and energy efficiency, enabling sustainable long-term growth in India.”

Senior Country Officer for India, Crédit Agricole Corporate and Investment Bank, Mr. Franck Passillier said: “The transaction exemplifies Crédit Agricole Corporate and Investment Bank’s unwavering dedication to fostering sustainable development, in line with our Bank’s leading position in global sustainable finance for more than a decade. Our strategic collaboration with REC underscores our steadfast commitment to advancing environmentally responsible initiatives and promoting the growth of sustainable financing within India’s promising market.”

NIPER Guwahati Partners with ASEAN-India Network of Universities for Collaborative Academic Endeavors

In a significant move toward fostering academic collaboration, the National Institute of Pharmaceutical Education and Research (NIPER) Guwahati has formalized a Memorandum of Understanding (MoU) with the ASEAN-India Network of Universities. This landmark agreement opens avenues for faculty and student exchange programs, as well as joint research initiatives between NIPER Guwahati and higher education institutions across ASEAN countries.

Under the terms of the MoU, NIPER Guwahati will actively participate in faculty exchange programs, facilitate doctoral student exchanges, and engage in collaborative research projects with esteemed educational institutions in ASEAN nations including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

The MoU signing ceremony was presided over by Dr. USN Murty, Director of NIPER Guwahati, and Prof. Abhay Kumar Singh, Vice Chancellor of Nalanda University, which serves as the nodal institution for the ASEAN-India Network of Universities.

The ASEAN-India Network of Universities (AINU) was initially proposed by Prime Minister Narendra Modi during the ASEAN-India Commemorative Summit in January 2018 and was officially launched on August 29, 2022, at the ASEAN Secretariat Headquarters in Jakarta. The inauguration ceremony was attended by dignitaries including India’s Union Minister of State for External Affairs & Education, Dr. Rajkumar Ranjan Singh, and Secretary-General of ASEAN, Dato Lim Jock Hoi, along with representatives from ASEAN member states and the Vice Chancellor of Nalanda University.

The primary objective of AINU is to establish a consortium that promotes collaborative research in emerging fields, fosters human capital development, and functions as a think tank through joint research projects, doctoral student exchanges, and faculty mobility programs. Key focus areas encompass Engineering, Science and Technology, Policy and Law-making, Trade and Investments, Peace and Security, Sustainable Development, Humanities, Religion, Cultural Intersections, and the Blue Economy.

Newer Jobs Emerges with Automation & Technology Says Director, Aditya School of Business Management, In Conversation with ObserveNow

In the fast-paced and interconnected world of today, educational institutions play a crucial role in shaping the future workforce and preparing individuals to navigate the complexities of the global economy. According to OpenText, 82% say technology-related challenges, like lack of automation and complex workflows, have resulted in delays or missed deadlines. Automation is the future of workforce management and maintaining fast-paced operations at organization. As the future of the workforce is evolving, it becomes mandatory for higher education institutes to evolve their curriculum, making students a good fit for the industry.

With a keen focus on fostering entrepreneurship and innovation, HEIs should undergo a transformative curriculum development initiative coupled with strategic global collaborations.

Aditya School of Business Management (ASBM) has embraced technology-driven initiatives with zeal in response to the burgeoning demand for continuous learning and skill updates. Dr Suresh Iyer discusses the seamless integration of digital tools, smart devices in classrooms, hybrid learning approaches, and collaborations with renowned institutions like Harvard Business School for virtual simulations and certifications.

Moreover, ASBM recognizes the importance of global collaboration and cross-cultural competence in shaping students into reliable global corporate citizens. Dr. Iyer shares insights into the institution’s collaborations with international partners, exposing students to multicultural dimensions and preparing them for global careers.

In this conversation, Sheeba Chauhan, Senior Assistant Editor, ObserveNow interacted with  Dr Suresh Iyer, Director, Aditya School of Business Management (ASBM), Mumbai, and gained insights on a comprehensive overview of ASBM’s innovative pedagogy, strategic collaborations, and commitment to nurturing a new generation of adaptable, entrepreneurial, and globally-minded management professionals.

Here are the edited excerpts:

How is your institution fostering entrepreneurship and innovation after the recent revamped curriculum development and global collaboration opportunities?

Technology, Digitalization, and automation while destroying some older jobs, newer realms and opportunities are emerging. Employability of our stakeholders i.e. Management students is not about working for a company only anymore. We have a robust E-cell as well as an incubation center. In addition to this, we have established the Institutional Innovation Council in Line with the revamp envisaged in the curriculum. In a nutshell, an appropriate eco-system has been created by our institution to encourage innovation and entrepreneurship.

How are students of your institution adapting to technological shifts considering the burgeoning demand for continuous learning and skill updates?

We are dealing with digital natives and hence the transition to technology-driven initiatives while complex is not difficult to achieve.

Covid has hastened this transition. We are deploying technology extensively in terms of smart devices in the classrooms, hybrid andragogy, digital certifications, simulations from Harvard Business School etc.

Using multimedia resources, virtual simulations, and educational apps, how has innovative pedagogy transformed management studies in recent years?

Transformation is tectonic. We are now living in a world surrounded by technology, digital, and AI. This has democratized access to information, and data and has become a pervasive part of our lives irrespective of the generation. How can Management studies remain untouched? Integration of technology and platforms is now cutting across multidisciplinary realms.

Do you think global collaboration and cross-cultural competence are making students more reliable and interested in global careers? Has your university collaborated on any global research collaboration, If yes, please elaborate.

Yes. Way forward we can expect more and more such collaborations and interactions. We are now living in a boundaryless world. We do have collaborations with many institutions abroad and expose our students to the multicultural dimensions. Obviously, our objective is to produce global corporate citizens.

AICTE Unveils New Curriculum for BBA Programs

The Chairman of the All India Council for Technical Education (AICTE), Professor T.G. Sitharam, has introduced the Model Curriculum Framework for Bachelor of Business Administration (BBA) courses. This framework, encompassing BBA, BBA Honors, and BBA Honors with Research programs, was inaugurated on Wednesday. At the launch event, members of the Expert Committee, appointed by AICTE to craft the curriculum, were in attendance.

Led by Prof. Anu Singh Lather, Vice Chancellor of Ambedkar University, Delhi, the committee comprises academic professionals and industry experts, ensuring a curriculum that effectively prepares students for real-world challenges. AICTE’s objective is to equip students to address global management challenges upon completing the course. Two program durations are offered: a three-year program spanning 6 semesters and a four-year program spanning 8 semesters. The three-year program consists of 120 credits, while the four-year program comprises 160 credits. The course structure is designed innovatively in line with the National Education Policy.

Upon completion, students will receive a BBA degree for the three-year program and a BBA Honors or BBA Honors with Research degree for the four-year program. Notable features of the model curriculum include Indian Knowledge System (IKS), human behavior and organization, Indian constitution, industrial visits/workshops, and mandatory internships.

This year, AICTE has expanded its scope to include BBA, BCA, and BMS courses, actively developing curricula for them. About 4200 institutions have received approval from the council so far. Additionally, AICTE has introduced a new scholarship for female students enrolled in BBA courses at AICTE-approved institutions and initiated a Faculty Development Program (FDP) for faculty members of these institutions.

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