‘Kazhcha 2020’: A Ray of Hope for Cataract Patients

By Shalet Jimmy

Published: 13th September 2014 06:02 AM

KOCHI : If you come across any person who is in need of a cataract surgery, but could not undergo it for want of money, what you have to do is just contact ‘Kazhcha 2020’ using its hotline number.

Kazhcha is an initiative that aims to eliminate curable blindness by 2020 by conducting free surgeries. So far, 110 cataract surgeries have been conducted under this project, which had been officially launched by the Chief Minister a week ago. Sight is restored by means of micro incision cataract surgery (Cataract extraction surgery with only 1.8 mm incision). It is for the first time in the state that such a surgery is being done free of cost.

The surgery takes about 15 minutes and the patient can go home after one hour. His/her daily routine will not be disrupted. The venture was launched under the aegis of Dr Tony Fernandez eye hospital, Aluva, actor Mammooty and Yoshua Charitable Trust, Angamaly.

The project was launched taking a cue from the success of a similar project which had been launched in Little Flower hospital at Angamali around eight years ago.

 “I used to work there, then. The project was on for around two years. Recently, actor Mammootty asked us to think of reviving the project. When help poured in from all quarters, we decided to launch it,” said  Dr Tony Fernandez, chairman of Dr Tony Fernandez eye hospital.

The hospital received more than 1,000 applications through its hotline number - 04842346445/46 in the last three days. 

A mobile application has also been launched in this regard.

A V Sasi, who has benefited from the operation, said that the project is a breather.

“It was my friend who registered me under it. Prior to it, I had approached another hospital but could not undergo surgery as it was too expensive,” he said.

Every surgeries under the project are carried out in Palarivattom. Patients come from Kottayam, Alappuzha, Ernakulam, Idukki and Thrissur districts. To cater to more people, satellite centres will be opened across the state.

“These centres will have every facilities that needed to perform micro incision cataract surgery,” he said. The first one was opened at Kasargode. Steps are on to start the second centre at Kollam. “This will enable the venture to reach those in South Kerala,” said Jibin George, Centre head at Dr Tony Fernandez eye hospital.

Besides this, Mammotty fan’s associations across the state will play a predominant role in identifying and checking the veracity of the patients.

Not only the surgery but also the medicines are offered free of cost. The project also aims at providing free services for corneal transplants and retinal diseases. “These are costly operations. But we want to offer it free of cost to the potential patients in the days to come,” said Dr Fernandez.

He added that the project aims at screening more than 25 lakh persons and performing 50,000 cataract surgeries.

Wind Energy Pilot Project on TN Coast

By Express News Service

Published: 12th September 2014 06:09 AM

CHENNAI: Planning to tap offshore wind energy, the Centre has  identified Tamil Nadu and Gujarat coasts to launch two pilot projects through a joint venture company.  Sites for the proposed projects would be selected by the Global Wind Energy Council (GWEC), according to Alok Shrivastava, Joint Secretary of Ministry of New and Renewable Energy (MNRE).

The move comes in the wake of the European Delegation to India granting the Facilitating Offshore Wind in India (FOWIND) project to the consortium led by the GWEC in June 2013. The formal contract in this regard was signed last December.

Disclosing that the MoU would be signed in the next couple of weeks, Shrivastava said once the site is finalised, a joint venture between blue chip companies would be formalised. Besides MNRE, National Thermal Power Corporation, Power Grid Corporation, Indian Renewable Energy Development Agency, Power Finance Corporation, Power Trading Corporation, National Institute of Wind Energy and Gujarat Power Corporation would be roped in.

The Ministry aims to tap 1,000 MW from renewable sector by 2020. “Through the two pilot projects, we plan to tap 100 MW of offshore power,” he said, adding that talks were on with the State governments. Additionally, the MNRE is also looking at having a pilot project in Andaman and Nicobar, he revealed.

Chairman and managing director of Tamil Nadu Energy Development Agency, Sudip Jain, said the State was keen to see offshore wind energy gaining momentum. Once the nitty gritties were worked for the pilot project, the State would look forward to being part of the project. FOWIND would undertake steps to assess and promote offshore wind power development in India and facilitate the country’s transition towards low carbon energy future, said Shruti Shukla of GWEC. The project is supported with a grant  of Euro 4 million from EU.

SBI takes lead in opening bank accounts under Jan Dhan Yojana

PTI | 11 Sep, 2014, 09.13PM IST 

State Bank of India has taken the lead in flagship Jan Dhan Yojana by opening over 30 lakh accounts so far, followed by Punjab National Bank. 

As of September 8, State Bank has opened about 21.16 lakh accounts in rural areas and 8.8 lakh accounts in urban areas, Financial Services Secretary G S Sandhu said. 

Punjab National Bank(PNB) opened about 20.24 lakh accounts, Canara Bank with 16.21 lakh, Central Bank of India 15.98 lakh and Bank of Baroda 14.22 lakh accounts. 

However, major private sector banks taken together opened just 5.8 lakh accounts, much lower than even regional rural banks which have opened 49.28 lakh accounts. 

In terms of state-wise tally, Uttar Pradesh is the clear leader where 40.29 lakh accounts. It is followed by West Bengal with 21.62 lakh accounts. 

Yesterday, the Cabinet, headed by Prime Minister Narendra Modi, today took stock of the financial inclusion drive, Jan Dhan Yojana, under which banks have opened 3.02 crore accounts and mobilised about Rs 1,500 crore. 

As of September 8, 2014, 3.02 crore accounts have been opened, of which 1.89 crore are in rural areas and 1.13 crore are in urban areas, an official statement said today. 

Banks have collected deposits of Rs 1,496.51 crore under the scheme so far which works out to Rs 495 per account, it said. 

Prime Minister launched this ambitious scheme of financial inclusion on August 28. 

The benefit of Pradhan Mantri Jan Dhan Yojana (PMJDY) can be extended to existing account holders without opening a new account. 

The government is giving adequate publicity to the benefit to be extended to account holders, sources added. 

The main features of the PMJDY scheme include Rs 5,000 overdraft facility for Aadhar-linked accounts, RuPay Debit Card with inbuilt Rs 1 lakh accident insurance cover. 

Besides, account holders under the scheme will get life insurance cover of Rs 30,000. This was additional benefit announced by the Prime Minister during the launch of the scheme. 

In order to spread financial inclusion, banks have been asked to open 7.5 crore accounts by January 26. PMJDY scheme envisages to provide one account to 15 crore unbanked households across the country in the first phase. 

For this, banks have been asked to set up camps from 8 AM to 8 PM on every Saturday to facilitate account opening. 

Two helplines-- 1800-180-111 and 1800-110-001 have been set up to answer queries related to the scheme. 

The Cabinet was also apprised that the Ministry has started survey of unabnked households and is expected to be completed by October 15, 2014.

Banks main source of family businessfinancing, role of HNWI increasing: KPMG

44 per cent of HNWIs have previously invested in a family business and 95 per cent says that it has been a positive experience in comparison to their other investments. 

ET 11 Sep, 2014, 04.36PM IST 

While globally bank loans are still hard to obtain, for a large majority of India's Family Businesses, banks continue to be the chief source of funding says a latest report. According to a new KPMG International survey titled Family matters: Financing family business growth through individual investors, 9 out of the 10 respondents interviewed, were upbeat about bank financing and bank debts continue to be the main sources of finance. 

KPMG says as substantial lenders, banks in India still maintain an approach of largely mortgage and personal guarantees and have not moved sufficiently towards business model and cash flow-based funding. Further interest rates continue to be high, ranging from 12 percent to 18 percent and making it difficult for family businesses to service interest comfortably. This has meant participation and investments though avenues like crowd funding, angel and venture funding and high net-worth individual funding. 

Banks have often been the prime source of funding for Family Businesses as private equity funding, according to KPMG, often requires the entire business to be sold to maximize value in the event of an exit, and corporate strategic partners often see any investment as part of a longer-term plan to secure full control. As a result of these limitations, many family businesses may not be maximizing their growth potential. 

According to the KPMG report the reliance on bank financing in India is probably due to the fact only a fifth of respondents have obtained financing from HNWIs. Those who have done so rated their experience as generally positive. 

It is estimated that there are up to 14 million High Net Worth Individuals around the world with around $53 trillion of wealth . Survey results show that the top priorities of HNWIs and Family Owned Businesses align, making this underutilization surprising - HNWIs name long-term capital appreciation (37percent) as their top driver for investment, while family businesses name long-term orientation towards investment returns as their top investor characteristic (23percent). 

KPMG says in India one of the main obstacles appears to be the perceived level of executive involvement from HNWI investors with 8 out of 10respondents saying HNWIs would interfere with the management. On the other hand in India, the future for families and HNWIs working together looks bright as 8 out of 10 HNWIs said they were interested in investing directly in family businesses. 

"Building trust and transparency will significantly change the way HNWIs and Family Business collaborate to build strong businesses of the future. Promoters have to overcome the perception about HNI Investor interference in business and be open to constructive challenge and better transparency. Family business will benefit from HNW investors who are more amenable to temporary blips in financial performance and open to medium to long term support," the report says. 

Exploring synergies 

On a global level the picture is not very rosy. The study shows that nearly 58 percent of family businesses are currently seeking external financing to fund their investment plans, but finding the right strategic investment partner can be challenging. While family businesses create more than 70 percent of global GDP many say they find their fundraising options limited. 

"From the survey, education and awareness on the potential benefits of these partnerships have emerged as important first steps to link these two groups. This report has revealed some important misconceptions on the sides of both family members and HNWIs," KPMG Global Head of Family Business Christophe Bernard said. "By breaking down some of these barriers, KPMG's Family Business professionals can help clients to build better business partnerships, encouraging increased collaboration between these two groups across the globe for their mutual benefits," he added. Other key findings of the survey globally include: 

--44 percent of HNWIs have previously invested in a family business and the vast majority (95 percent) says that it has been a positive experience in comparison to their other investments. 

--More than three-quarters of survey respondents (76 per cent) say that the family holds a majority stake in the business. 

--60 percent of HNWIs are looking for investments with reasonable risks and reasonable returns, and are focused on long-term capital appreciation. Both of these traits are well matched by investment in family businesses. 

While there are challenges on both sides, the report reveals that both family businesses and HNWIs have an appetite for investment and could prove to be highly compatible partners. 

KPMG in association with Mergermarket, surveyed 125 family businesses about the types of investment they require, their investors of choice and their previous experience of receiving investment from HNWIs or other family businesses. In addition, 125 HNWIs were surveyed about their investment strategy and how this might align with family businesses.

Subhash Chandra Garg appointed as World Bank ED

B L 10 SEP 14

Senior IAS officer Subhash Chandra Garg was today appointed as Executive Director (ED) in World Bank.

Garg, a 1983-batch IAS officer of Rajasthan cadre, will have a tenure of three years from the date of assuming charge of the post, said an order issued by the Appointments Committee of Cabinet (ACC).

The Executive Directors are responsible for the conduct of the general operations of the World Bank and exercise all the powers delegated to them by the Boards of Governors. They also select a President who serves as Chairman of the Boards.

They are responsible for International Bank for Reconstruction and Development’s loans, guarantees and policies that impact the World Bank’s general operations among others.

Garg is presently serving in Rajasthan.

The ACC had last month approved the proposal for extension of tenure of M N Prasad, a 1972 batch IAS officer of Bihar cadre (retired), as Executive Director, World Bank till October 31.

The order for Prasad’s appointment was issued on July 26, 2011 for three years. Prasad was then working as Secretary to former Prime Minister Manmohan Singh.

Bandhan Bank will usher in a new model in financial inclusion: CMD

Chandra Shekhar Ghosh, CMD, Bandhan Bank

Bl 10 Sep 14


Bank not going to chase ‘the creamy layer as far as lending is concerned’

When Bandhan Bank roll outs its services across the country in October 2015, it will be a bank with a difference. The plan is unique. Bandhan will start its journey with 600 branches. The microfinance company’s existing 2,016 offices will operate as sub-branches, each having an army of salaried field staff to take banking to the villages.

“We will operate in a hub-and-spoke model,” says its Chairman and Managing Director, Chandra Shekhar Ghosh. While the nitty-gritty is yet to be finalised, Ghosh says he will bring about a new model in financial inclusion by connecting consumers, right from the large cities to the remotest of remote villages.

Fresh recruitments

Keeping in line with its micro-financing business, the largest in the country, half of the Bandhan Bank network will be in the nooks and corners of West Bengal. Overall, nearly 70 per cent of the network will be in five States - Bengal, Bihar, Odisha, Uttar Pradesh and Assam.

The rest will be spread across other States. The four southern States will have three branches each. Overall, there will be around 3,000 people managing the core banking.

While efforts are on to train some of its existing 13,000 employees in banking activities, indications are that Bandhan will go for nearly 3,000 fresh recruitments. “I anticipate the final staff strength to be 16,000,” says Ghosh.

East focus

Ghosh is clear that he is not going to run after the creamy layer so far as lending is concerned. Instead, he will try to bolster lending activities to those in the small and unorganised sector who cannot meet the rigorous paperwork that commercial banks require.

While it is costly to take banking to the doorsteps of rural depositors, Bandhan wants to bank on the un-banked to make money.

A vast rural presence brings an added advantage - scope to sell other financial products.

“We already have a tie up with Life Insurance Corporation of India. Going forward we will explore this opportunity further,” he says.

Remittance potential

Going deep into the rural areas of Bengal and other eastern States will also help Bandhan tap the remittance market. Most of these States are exporters of labour to other parts of the country. Due to low banking penetration in villages, remittances mostly come through informal arrangements or channels. Ghosh wants to tap this source of funds. In fact, the bank’s branches in the South will be in areas dominated by Bengali labourers.

State Bank of India too timid to act against Vijay Mallya, the 'defaulter'?

It speaks volumes for the diffidence and timidity of banks that the State Bank of India (SBI) is yet to declare Vijay Mallya, chairman of the bankrupt Kingfisher Airlines, a wilful defaulter. Last week, a much smaller lender, the United Bank of India (UBI), declared Kingfisher and Vijay Mallya a wilful defaulter for not repaying Rs 400 crore after the Calcutta High Court dismissed an appeal by the company against the notice issued to it.
Kingfisher Airlines Ltd owes banks around Rs 7,000 crore and has been grounded since December 2012; even before that the company wasn’t servicing its loans and although the group’s other businesses were faring well, there was no attempt to pay off the loans.

If only India’s bankers had been more assertive with errant borrowers, their balance sheets might have been in a better shape today. A story of too many carrots, and very little stick, their willingness to take haircuts and write-downs—this goes back to the time when IDBI and ICICI Bank were financial institutions—has encouraged promoters to be lax about repayments, even behave with impunity. In Kingfisher’s case, the lenders needed to have accessed cash flows of United Breweries and United Spirits Ltd even as they restructured the airline’s debt; the worst move they made was to convert the dues into equity.

Source Name: Financial Express

September 9th, 2014