Anil Kapur, MD - South & South-East Asia, Western Union explains to BusinessWorld's Tanushree Pillai how the remittances business works and how it helps in financial inclusion.How old is Western Union in India?We are about 17 years old in India now. We started around 1993-94, when we signed our first agent. We signed our agreement with India Post in the year 2000. In late 2001-early 2002, we had fewer than 3000 locations (agent locations include standalone retail, banks, post offices, money changers, travel agencies, jewelers) in India. Today, we have over 80,000 locations in India. We have outlets at about 7,000 post offices, 30,000 bank branches (mostly nationalized). These outlets are more than all bank branches put together and that puts us in a position to help in financial inclusion.Our typical customers here are from Low Income Groups who are receiving money from family members working abroad and about 70-80 per cent of the income earned is sent back to India. Our service reaches out to the smallest villages in India.Western Union started about 160 years ago in US and is listed at NYSE. How does Western Union typically work?Typically one would have to walk into a Western Union outlet and deposit the money with the agent (plus a fee). The agent then passes this money onto Western Union, which passes it onto the agent where the money is collected. The actual transfer of money is, of course, happening through the banking system.Here, someone who is receiving the money would have to any Western Union outlet and fill out a form, show a 10-digit number that would have been given to you by the person sending you money. Once you are identified correctly, the cash is handed to you.The model is ideal for those who live in rural areas where money transfer through a bank account could take longer or for those who do not have a bank account to start with.What happens if one walks into an outlet where the agent is short of cash?Our clear intention is to have agents who can easily dispense cash. Agents are required to keep Rs 3-5 lakh at any point of time. The same is needed for post offices too, as those in rural areas might not have huge amounts of underlying cash. A large number of our people are constantly training post office and bank staff. There are also some private NBFCs (full-fledged money changers) who appoint small retail outlets as sub-agents. These employees are constantly in touch with the agents and customers too. We have what we call NRI meetings, where these employees go to a village and gather all the visiting NRIs and explain to them how Western Union works. We do grassroots programs, road shows to provide knowledge.What happens once a customer walks in an outlet to receive cash?The basic requirement for a WU agent is a computer. But now, we do have a model where in the absence of a computer, you can operate with the help of a fax machine. The transaction can be faxed into a computer model (the Hub and Spoke model – a system for network routes). So the agent looks in to the software that we have, looks at your details, the code you have been provided, checks for identify. The person depositing the money would need to fill in the personal details of the person receiving the cash. Once the transaction is complete, the software generates a signal to our entire network that this transaction is now complete. (RBI only allows receiving money)Over US $76 billion were moved worldwide in 2010 and our global market share in the remittance business is about 17 per cent. In India, we had 10 million receivers in 2010. The big markets for us are in Punjab, Tamil Nadu, Kerala, while new markets are UP and Bihar.What's the biggest advantage of remitting money through WU?The fact that one doesn't need a bank account for the same. Many of our customers, from rural areas – with no bank account - walk in to a post office or bank to receive cash from their relatives and the bank asks them to open an account so that they can opt to keep some of the money in the account for future use. A bank account is created in the process, which helps in financial inclusion.The charges that the sender pays are determined by us, but the receiver doesn't have to pay to receive the remittance. There can however, be only 12 transfers in a year and one cannot receive more than US$2500 per transaction.Interestingly, there is a village in Punjab where one of the cross-roads is called ‘Western Union Chowk' as almost the people living in the vicinity receive their remittance through Western Union.What are your future plans?We are currently sending our agents to the US, Canada, France and Germany to meet with leaders there to open ethnic outlets. Indians abroad are typically more open to the idea of remitting money through Indian agents at grocery stores. We are banking on that tendency to open ethnic outlets so more and more Indians can easily remit money without hassles.We are currently in over 200 countries globally and 4,85,000 locations around the world.
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Once upon a time, not so long ago, young men and women from the Indian middle class had clear ideas about what they were going to do when they grew up. Career paths were guided and linear; they were a step-by-step sequence of good marks in school, a first job in a good company, several promotions, followed by public recognition for goodperformance. This path guaranteed financial security and the good life that would give one'sparents and family pride and joy. Boys grew up to be engineers, doctors, and lawyers; girls became teachers or housewives or both. Career scenarios have changed. Career paths are becoming more like a hike in the woods. There are bifurcating trails, sign posts that point you in different directions, choices to be made, rest stops along the way, and the promise of exhilarating experiences. Decisions about the distance you want to travel in your work life and how hard you want to push yourself are becoming more personal. This brave new world, with its opportunities and uncertainties, demands boldness from people who are in the early stages of their career. Those who wish to create a career roadmap, must follow their heart, apply their minds, and engage their hands and feet (metaphorically speaking) in order to translate their imagined life into reality. Following your heart means trusting your instincts about yourself. People with similar talents and interests are often attracted to each other and to the same or similar professions. To whom and what are you attracted? What are you most inclined to be: a doer, thinker, creator, helper, persuader or organiser? For most people, two or three orientations predominate. Using these six orientations, the social scientist John Holland matched dozens of career choices to different types of personalities. Assessments (based on his research) can confirm what you know about yourself. This self-knowledge can multiply your ideas about careers to pursue. After all, the most satisfying careerfor anybody is one that fits his or her personality.Applying your mind means realistically assessing work opportunities in your environment, required qualifications, and then creating a match between the two: environmental opportunities and your qualifications. Is there a shortage of quality hospital administrators? You must be interested and willing to do the work to become one. New areas of work are opening up, such as in applying green technologies, digital media labs, travel and hospitality services, and the NGO sector. New jobs profiles are emerging continually, and it is up to you to determine how these profiles suit your temperament and talents. Engaging your hands and feet means committing yourself to doing a good job, once you latch on to an opportunity. Those who put their best foot forward when handling any assignment are bound to learn new skills, and to learn about themselves. In this process, some doors close and other doors open to even more gratifying career opportunities. There are many ways to demonstrate full engagement-some may be more appropriate than others-depending on how long you have been on the job, and on the culture of your workplace. Here are actions you can take to show commitment. Observe people and situations. How do co-workers act toward each other and how is work getting done? Go ahead, imitate and learn from behaviors and practices you like, such as courtesy toward subordinates, attention to details, or proper use of accounting systems. Solve a problem. If there is something that is not working, what can you do to fix the situation? The problem could be a vendor who does not make timely deliveries, a whiny co-worker, or a leaky faucet. If you involve others and deal with something in your work setting that is frustrating for almost everyone, when the issue is resolved, everybody experiences a feeling of success. This creates an invigorating work environment. Take the initiative to start something new. Introduce a new product, follow-up on a novel idea, raise your hand to pursue a new client, create a process, or adopt a new technology for getting work done efficiently. First, make sure your company is one in which innovative attitudes are recognised and rewarded and not squelched. Help another person get their work done, and learn about their job at the same time. Meeting one's own responsibilities comes first. But lending a hand to someone else from time to time signals that you are a team player and increases team spirit and your organisation's productivity. Work with people who are different from you. Learn about their customs and language; for example, by asking about their special celebrations and picking up basic phrases such as "hello", "goodbye", "thank you" and "please". This will make it easier for you to be on their wavelength. And consequently, your co-workers and you are more likely to approach situations creatively, incorporating several points of view. Mistakes happen. Setbacks are normal. Financial, ethical and human crises occur. But it is always possible to persevere through mishaps and learn from them. What was supposed to happen? What actually happened? What can you do differently under similar circumstances in the future? Acting in these ways highlights that you are a responsible person. You make yourself a valued employee and more career options are created for you. You also learn about yourself-your true talents and limitations. As you become clearer about the path you want to follow, your career roadmap become clear too. This sets in motion a cycle of career progress-choices open up and at the same time, you are able to choose a direction that appeals to your heartfelt sense of what you want to do with your life. Meena Wilson is Senior Faculty at the Center for Creative Leadership (CCL) and author of Developing Tomorrow's Leaders Today: Insights from Corporate India (Wiley, 2010)
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Ten innovative Canadian wireless solution providers will enter the Indian market next month, to hawk their solution in the Indian telecom market. They will also bring with them a host of opportunities for joint venture collaborations for Indian innovators in wireless space.Wavefront, Canada's wireless center of excellence for commercialisation and research, and the Cellular Operators Association of India (COAI) have signed an agreement on Friday, to facilitate and accelerate the flow of wireless business between the two countries. The Canadian Government has invested $5 million in Wavefront.Wavefront offers speed-to-market and delivery of mobile applications and wireless technologies by providing emerging telecom companies witha suite of WaveGuide training, mobile industry advisory services,incubation services, testing resources and market linkages that facilitate commercial engagement with the mobile network andenterprise ecosystem companies around the world.The two organizations will work together to develop and promote strategic business and partnering opportunities, according to a COAI statement.The entry of innovators in Indian wireless market would bring competitive challenge to the wireless solution companies inIndia. The attraction for Indian market has been reiterated by this partnership with COAI. India has over 601 million active mobile subscribers generating $38.2 billion in revenues and has the highest subscriber growth rate in the world. It is the world's second largest wireless market in terms of mobile connections. "This is a tremendous opportunity for technology and service providersin British Colombia - and the rest of Canada," says Christy Clark, Premier of British Colombia, in a statement.The business opportunities, in wireless solutions in India have grown, with launch of 3G services in the country and the impending broadband wireless access services to be launched in next few months. The slow growth of 3G services and unsatisfactory quality of services, it seems, has not been an impediment for the wireless solution providers to scout business in India.The collaboration between COAI and Wavefront opens up opportunities for many wireless solutions start-up companies in India, which have been waiting for funds to launch their projects, feels a COAI executive. It seems, the 2G scam has not had an impact on companies, especially those with funding in them from their governments, to enter Indian market.
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The demand for books is being propelled by India's 8.8 per cent growth in 2010 and the reading habits of the burgeoning Indian middle class. Publishers forecast India will be the biggest English language book-buying market in the world. Today, it is the third largest after the US and the UK; but ahead of major Asian competitors such as China and Japan. The good news is that India is poised on the cusp of a great educational revolution. Today, if one averages seven textbooks per literate student, the agencies of the Indian government print 1.8 billion books per year. Plus another two billion exercise notebooks. The downside however, is that more than seven million children in India drop out from schools. And all they need is a book. For that to happen, these books have to be created. In India, the government has made a commitment of $7.56 billion every year for a period of five years and has set aside $3.33 billion for 2010-11. Today, the demand drivers for education are based on the fact that it's a young nation which has a population of 400 million between the age group of 5 to 24. Of this, 220 million attend schools and colleges. The "guesstimate" for the Indian book publishing is US$1.9 billion. Of this, educational books and higher educational books dominate 60 per cent of the market share. Some of the other prominent segments or lists are trade/fiction, business and dictionaries. There are 19,000 publishers in the country. Trade books account for 30 per cent of output by value (at Rs 4,200 crore), of which local publishing makes Rs 700 crore. Trade in English-language publishing-including fiction, non-fiction, and textbooks-is equivalent to Rs 9,800 crore of the total value of Rs 14,000 crore.These are only some of the statistics that are being bandied about the Indian publishing industry. A publishing eco-system in any territory is vast and complicated. The verticals in it are not as clear as in any other industry, but this unique interdependence between different departments in a publishing firm is also its strength. Editors are dependent upon sales and marketing departments to keep them informed about reading trends in the market and bookstores and if there is any growing demand. Similarly, editors are able to commission and select manuscripts that not only cater to existing demands, but anticipate and predict future trends. In order to allow for such experiments to happen, editors and their publishing houses are dependent upon decisions like the recent Government of India's draft National Book Promotion policy. Policies, such as these, help in creating and sustaining new markets which in turn, help in the growth of the industry. For this first article in a series devoted to the publishing industry (domestic and international), its various aspects and the business thereof, I will focus on the National Book Promotion Policy. There are some good ideas enshrined in the policy that are bound to have a positive impact on the industry. For instance, strengthening the library movement; making books available for the differently-abled, women, children and in the rural areas; collecting authentic statistics about books and publishing; promotion of reading habit; fostering a translation programme; offering reasonable postal rates and elimination/reduction of duties and finally, capitalising upon technological changes. In order to be effective and link publishers with the intended readership, there must be a census of the book industry in India, beginning with who is originating, to who is writing, and who is reading. If this is undertaken first, it will determine everything else. Equally, we need to study what our national institutions such as the National Library, NBT, NCERT, Raja Ram Mohun Roy Foundation, Sahitya Akademi etc. achieved in all these years. Similar initiatives like this have been implemented with a fair degree of success in countries such as Australia, Singapore and Canada. Australia has a grants system at national and state levels and they have proved very beneficial. Writers compete for grants under criteria that do not exclude emerging writers. In India, project grants awarded on merit and timelines (for the author) would greatly assist the development of works and writers. The Canadian Council is one example of where this has been achieved successfully. I will quote (with permission) an excerpt from an e-mail that I received from Shauna Singh Baldwin. My experience with a great National Book Promotion Policy that works is the Canadian System. The Canada Council is an independent agency that makes grants to writers from tax money. I have served three times on the grant juries for writers, and found them fabulously objective. They have three grants -- to emerging, mid-career and advanced writers. The Canada Council administers the Governor General's prizes (like the Sahitya Akademi) for the past 75 years and having served on that jury in 2008 and read 137 novels submitted by publishers, I can tell you GG award money is hard won. The Canada Council also funds publishers and what is really important as an example to India: translators in other countries. For instance, my novels were published in Dutch by de Geuss in Holland under a grant from the Canada Council. The Canada Council pays for writers' honorariums at readings - not a lot, but enough to promote the concept of respect for the artist. As you know, if you don't pay for work, you won't value it.It is a combination of various kinds of initiatives that will strengthen the publishing eco-system in India and make it an integral part of the global publishing industry. Different aspects of this industry will be discussed in subsequent articles. Jaya Bhattacharji Rose is a publishing consultant and critic
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It was a perfect pitch for the Indian equity market to set its comeback. First there was the oversold position by marketmen in the domestic market. Second, the flow of positive news like food inflation in India falling from double digit to 8 per cent, optimism that European officials are taking action to alleviate the debt crisis and provide cheaper dollar funding to European banks, expectation that the Reserve Bank of India may cut rates in its forthcoming monetary policy on 16 December 2011 and developmental reforms initiated by the Indian government proposing 51 per cent foreign direct investment (FDI) in multi-brand retail helped the Indian equity market end the week with a gain of over 7 per cent. Though the market made a strong comeback, it doesn't seem that it would be able to sustain at upper levels as the undercurrent still remains weak and the uncertainty over a range of issues in the domestic as well as global markets is likely to keep the market fragile. The outcome of the EU Summit could prove crucial. On 9 December, German and French leaders will present plans to better integrate Euro-zone. This week, the market will also keep an eye on the US job claims data and domestically on the inflation numbers. The market may also witness a jolt if the government is unable to push its reform process, particularly the FDI in multi-brand retail. It's a test for the Congress-led UPA government which is facing a lot of opposition from even its ally members. Despite most of the negatives being discounted in the price, experts don't think the rally could sustain. Says Gurunath Mudlapur, managing director at Atherstone Capital Markets, "Indian equity markets are in a bearish sentiment in a by and large bullish market. There are India specific macro-issues like rising interest rates, drying up of fresh large FDI and FII investments, high inflation and rising current account deficits. Once these macro India specific issues are adjusted, equity markets can see an upmove, until then it will be a volatile Indian market." Meanwhile, the Bombay Stock Exchange (BSE) 30-share Sensitive Index (Sensex) after falling for four consecutive week rallied last week to close at 16,846.83, recording a weekly gain of 7.33 per cent, its highest weekly gain since 17 July 2009. This is the third time since September 2011 the Sensex has bounced back after touching a new low below the 16,000 mark. This time the Sensex bounced back after touching a low of 15,478.69 on 23 November 2011. The Sensex has been hovering between 15,800 and 17,900 levels. Initially it fell from a high of 17,211.80 on 9 September 2011, to touch a low of 15,745.43 on 4 October 2011; thereafter a buying spree at lower levels witnessed a vertical surge in the Sensex to touch a high of 17,908.13 on 28 October 2011. Every time Sensex touches a new lows, it also manages to recover quickly and attain new highs on tthe rebound. It has been the FII flows that did the trick and pushed the Sensex above 16,000 last week. For the week, FIIs were net buyers in the tune of Rs 695 crore. For quite sometime now the Sensex is doing a see-saw following the uncertainty over the Euro-zone crisis and lack of trigger in the domestic market. It's not a runaway market as uncertainties surrounding the market aren't going away anywhere soon. Though liquidity easing in the Euro-zone and US may see some money coming to emerging market like India in the coming months, it will only be the developmental reform that will help our markets move upwards and that today seems to be in a limbo. In such a scenario investors will be better-off to stay on sidelines, as market could correct after last week's sharp recovery. Bear markets are the best time to build a portfolio and for investors this is the opportune time to pick ones desired blue-chip stocks that they may have missed in the previous bull-run.
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Picture This: A pleasant November evening, with the cream of the Indian banking industry — in the shape of the chief executive officers and their senior colleagues — the best and brightest among the non-bank financial services industry (and some of their clients), CEOs from the corporate world, Finance Minister Pranab Mukherjee as the guest of honour for the evening, all assembled in the Trident Hotel in Mumbai's Bandra Kurla Complex. Welcome to the third edition of the Businessworld Best Bank Awards.Managing director and CEO of the ABP (Anandabazar Patrika) Group — which publishes Businessworld — D.D. Purkayastha applauded the nation's banks on successfully navigating a global crisis that felled their bigger western contemporaries.Businessworld editor Prosenjit Datta underscored a few key challenges: higher non-performing assets, slowing credit demand, rising inflation and stricter capital standards. But, he pointed out, the Businessworld-PricewaterhouseCoopers Best Banks Survey 2011 showed that our banks were up to the task of meeting them. This year's winners were conferred their titles by a four-member jury with decades of experience in financial sector behind them: B. Sambamurthy, director of the Institute for Development and Research in Banking Technology (IDRBT) and former chairman and managing director of Corporation Bank; Y.M. Deosthalee, chairman and managing director of L&T Finance Holdings; Ajay Srinivasan, chief executive, Aditya Birla Financial Services; and Mihir Doshi, managing director and country head, Credit Suisse.In his address, the finance minister — who was presenting the awards for the third year in a row — said the awards lauded growth of the Indian banking sector and the role they play in the development of the Indian economy. Collective measures need to be taken, the finance minister pointed out, to emerge from the present crisis. "We have the fundamentals to take our economy on a sustained growth ladder," he said to the august assembly. "The Indian banking system is well-capitalised with moderate levels of leverage compared with their global counterparts." However, he observed, there remains significant scope for the growth of banking assets from the current levels of 30 per cent of GDP. The prudent risk practices that our banks follow make them far safer than their global peers. The Businessworld Best Bank Awards 2011 are the result of a survey conducted by BW in association with its knowledge partner PricewaterhouseCoopers (PwC), and is based on four key parameters: growth, size, sustainability of operations and risk. This year's awards celebrated steady and consistent growth. As one of the jury members pointed out, "It was good to be fast, but not furious".Karur Vysya Bank, last year's winner of the Best Small Bank Award continued its winning spree, by bagging the same award again. It also won the Fastest Growing Small Bank trophy. Managing director and CEO K. Venkataraman received both the awards. Yes Bank won the award for the Fastest Growing Mid-Size Bank, a winner for three years in a row, while Bank of Baroda won the Fastest Growing Large Bank Award. Bank of Baroda's chairman and managing director M.D. Mallya, who accepted the award, was also crowned the Banker of the Year. In the Best Bank category, HDFC Bank's managing director Aditya Puri was felicitated in the large bank segment, while IndusInd Bank's Romesh Sobti bagged the award in the Mid-Size category. He was also commended for turning the bank around. The Most Socially Responsive Bank was Punjab National Bank, and executive director Usha Ananthasubramanian received it on behalf of K.R. Kamath, chairman and managing director. ICICI Bank made it second in a row by winning this year's award for the Most Tech-Friendly Bank. The lifetime achievement award went to Narayanan Vaghul, former ICICI Bank chairman, and one of the most storied bankers of the past three decades. Unfortunately, he couldn't be there to accept the award and ICICI bank's Pravir Vohra accepted the trophy on his behalf. These awards, recognising excellence in banking, would not have been possible without our sponsors: presenting sponsor —Videocon Group; associate sponsor — Apollo Munich Health Insurance Company; partner — The Glenlivet; and television partner — NDTV Profit. We owe them our thanks.Click to view a slideshow on the Best Bank Awards 2011(This story was published in Businessworld Issue Dated 12-12-2011)
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If you see Mukesh Ambani, Chairman and Managing Director of Reliance Industries or Ratan Tata, Chairman of Tata Sons, in a realty show soon, don't' be surprised. The National Innovation Council, under Prime Ministers' Office will launch a reality show to attract big business houses, personalities and venture capitalists, which is scheduled to go on air by January 26, 2012. Effort is on to attract people with innovative ideas that will help them to get not just an entry into the reality show, but also find venture capitalists and top business houses to fund those ideas.If all goes well, the council hopes to fix the missing puzzle in converting ideas and innovations, into a commercial success in the country. Venture capital and marketing support will be available to all the ideas and innovations that people can come up with.In order to get mass-based viewership for this reality show, the council has already tied up with Doordarshan. A senior director in Prasar Bharti said, DD has been approached to provide support to launch this reality show, but it is a non exclusive arrangement."The council has thus left open the opportunity to reach out to all segments using the visual media. "We have joined hands with DD and are also discussing it with a few private channels," said Sam Pitroda, Chairman of the National Innovation Council. "We cannot share the details of the reality show, but can assure you that it will be a big hit," says Saurabh Srivastava, member of the council. Pitroda said that council cannot give a guarantee that an idea/innovation will be a commercial success and the money invested by the company or VC will bring major returns to them. "I am sure if 10 ideas are seeded, at least one could be a commercial success."The National Innovation Council's first report was unveiled by Prime Minister Manmohan Singh on Tuesday. The idea of an India Inclusive Innovation Fund (IIIF) was proposed to Finance Ministry to support the efforts of the council.Finance Minister Pranab Mukherjee announced Rs 100-crore seed money to set up an India Inclusive Innovation Fund in the financial year 2012-13. This fund will be capitalized to an eventual target size of Rs 5,000 crore over a number of years. Pitroda says: "We wanted the government to bless it, now we will actively look for anyone willing to invest on the ideas/innovations."IIIF also aims to increase skills, productivity and competitiveness of micro, small and medium enterprises through innovation, develop communications and advocacy for innovation, develop an institutional framework for innovation, set up challenge funds for innovations, especially that have solutions for inclusive participation and to nurture innovation through education.The most attractive step that council has taken to nurture innovations through education is to soon set up a Meta University, the first such university in the world that will allow students to simultaneously pursue different subjects from different universities in the country. India dreams to become an innovation hub. It certainly has a long road to travel before the dream can be achieved. Setting up Meta University is one of the series of steps that government plans to start over the next fewyears.Pitroda said, information technology and broadband will play a critical role in helping convert ideas and innovations into a commercial success. The council plans to launch an ideas and innovation portal, where anyone with an idea can post their ideas.|"Rest assured if the idea is good, it will find takers, if it does not get a taker, it must not be a good idea," says Pitroda.Currently 19 states have set up State Innovation Councils and 19 ministries have set up Sectoral Innovation Councils. This, the report said will help to develop the innovation roadmap for the decade. The Government has declared 2010-2020 as the ‘Decade of Innovation'.
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Microsoft and Nokia joined hands recently to launch two Windows-based handsets. The first of that series was unveiled in India on Monday. Nokia Lumia 710 and 800 will be available by mid-December. The company plans to offer this product in 5,000 retail outlets with specialized sales team. The handset maker hopes to regain some of the market share it had lost to new handset companies like Micromax.Nokia had been under pressure to innovate keeping in the demand of consumers. "It did well, but others did better," says Gautam Balakrishnan, Mumbai-based telecom analyst. However, the dual Sim-based phones for the entry level segment at less than Rs 2,000, and the smart phones for less than Rs 5,000 have given the company some hope, at least in India."We are the leaders in India and will continue to be leader," says D Shivakumar, Managing Director Nokia India. His confidence is backed by number that the company wants to keep it under wraps. The only give away is "India contributes to 15 per cent of the global revenues of Nokia," says a senior company executive. Shivakumar refuses to dent or accept this per cent.But the company's strategy to offer both Symbian and Windows-based phones should deliver the desired results in India in the next two quarters, according to a senior company executive. Nokia's calculation that operators would launch 3G services early failed, as most of the operators are struggling with their 3G services.The handset maker is now betting on new products supported by service, both online and offline. Its recent moves to attract back the consumers who had moved to smart phones is yielding results, claims the company. Despite that, Nokia's market share is pegged by various independent research and studies at about 38-40 per cent.Nokia has not yet lost hope, but the challenge of being a leader despite a lower market share is not a comfortable zone.
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