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Sunday,19-September-2021

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Home Credit India supports underprivileged affected by Covid-19

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Homeless-stand

In an attempt to provide aid to the underprivileged section of the society, Home Credit India pledges to lend support to the impacted communities.

Home Credit India, a local arm of the international consumer finance provider with operations spanning over Europe and Asia, has partnered with Don Bosco Network and Earth Saviours Foundation to ignite the ray of hope as the company is providing medical & hygiene kits to around 10,000 affected people.

The beneficiaries include slum dwellers, daily wage earners, migratory population, old and poor, and abandoned people in home for destitute. As prescribed by AIIMS, each medical & hygiene kit provided to a family consists of Pulse oximeter, Digital thermometer, N95 face masks, Hand sanitizer essential medicines like Paracetamol, Vitamin C, Zinc etc.

Commenting on this contribution, Ondrej Kubik, CEO, Home Credit India said; “We are saddened by the magnitude of humanitarian crisis at this hour. We are at this juncture where the COVID-19 pandemic has taken a toll on human lives and has turned out to be devastating. Our heart goes out to those affected and we are committed to aid recovery from the pandemic induced loss to humanity.

During this challenging phase of C0VID-19, we stand united to overcome this health crisis together. I am happy to partner with Don Bosco Network and Earth Saviours foundation, who have been tirelessly working for the betterment of the vulnerable section. The endeavour is to ensure that the impacted are safe, healthful and are able to restore their livelihoods at the earliest.”

Home Credit is making its earnest efforts and has stepped up to provide tangible assistance to meet real needs on the ground. In partnership with Don Bosco Network and to assist the needy, Home Credit is providing medical and hygiene kits to people affected with COVID-19.

Earth Saviours Foundation, home to several people abandoned by the society is conducting a medical camp for its residents with support from Home Credit. The camp is aimed to address the general health problems faced by the residents. They shall be provided medicines and support for lab investigations wherever needed. The idea is to bring these people back in good mental and physical health and enable them to restore their livelihood.

Commenting on the aid received from HCIN, Father Noel Maddhichetty, Director, Don Bosco Network South Asia said, “The second wave of COVID-19 had a devastating impact on the lives of people across the country. Don Bosco Network launched its COVID relief program ‘Save and Sustain in Solidarity’ to support the vulnerable sections of the society. Home Credit India’s COVID relief intervention has propelled our act of giving for people to sustain with dignity and to alleviate the suffering of the affected people in these pandemic times. Don Bosco Network is confident to fulfill its mission with a partner like Home Credit, who is keen to take forward our mission for the people in dire need.”

On association with Home Credit India, Ravi Kalra, Founder & President, The Earth Saviours Foundation said, “We feel privileged to partner with Home Credit India for the outreach to support COVID affected people. The medical camps have proved to be a life saviour for many underprivileged people who cannot afford COVID testing and struggle to get proper diagnosis. I would once again like to thank Home Credit India for all its support rendered towards our foundation, to serve the community at this hour when the world is reeling under the second wave of COVID.”

Recently, Home Credit India introduced a spree of activities for the wellness of their employees during the COVID-19 lockdown. Under the campaign #TogetherWeWin, a plethora of activities like mindfulness sessions, online doctor consultations, COVID-19 awareness drive, and welfare sessions for employees’ children are being organized.

Business

Cryptocurrency Hyper Fund under govt scanner

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Bitcoin

The government is keeping a close eye on cryptocurrency floating in the market based out of the country folowing alert that agencies responsible to check financial fraud are watching a company called Hyper Fund.

Sources said Hyper Fund, a DEFI by Hyper Tech Group has come under the radar recently. The Group claims to have launched the Hyper Fund to provide a decentralized financial infrastructure. Hyper Fund was announced in mid-2020.

As per the company website it is led by Ryan Xu, however, with the Multi-Level Marketing (MLM) model Hyper Fund has been luring investors with higher returns and such offerings, a common practice under Ponzi Schemes, that got the authorities alerted in the first place.

According to sources, complaints against such Funds have started pouring in several states. In India, the RBI, Union Finance Ministry and SEBI had warned people against cryptocurrency trading. The RBI is planning to launch India’s official digital currency- E Rupee soon.

The Finance Ministry has clarified that Virtual currencies are also not legal tender. Hence, VCs are not currencies. The RBI has also clarified that it has not given any licence/ authorization to any entity/ company to operate or deal with Bitcoin or any virtual currency.

In June 2018, Amit Bhardwaj was arrested at the Delhi Airport by Pune police along with his brother Vivek Bhardwaj in connection with an alleged Ponzi scheme. Bhardwaj, started his own bitcoin mining operations and allegedly cheated more than 8,000 people to the tune of Rs 2,000 crore from across the country.

He has lodged a complaint with the Delhi Police special cell, alleging that he received an extortion call and was asked to pay protection money on September 6, 2021. He had setup multi-level marketing (MLM) scam by luring investors to give him Bitcoins in return for promised higher returns, police had alleged.

Regulators in UK have issued warning against such fund and the Financial Conduct Authority (FCA) have warnings issued for both Hyper Fund and Fund Advisor.

On its website, which was first published on in March 23 ,2021 and later updated on August 31, the FCA said, “We believe this firm may be providing financial services or products in the UK without our authorisation. Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised or registered by us. This firm is not authorised by us and is targeting people in the UK.”

Warning investors about such fund, it further said: “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”

The Website used by these companies as per FCA ar http://thehyperfund.online, https://thehyperfund.com/

Decentralised Finance (DEFI) offering through blockchain technology by HyperTech Group, which is said to be based out from Hong Kong, as sources said Indian Regulators and Authorities have started monitoring the situation.

Following the measures taken by financial regulators such as the US Security and Exchange Commission and the UK’s Financial Conduct Authority, Indian regulators and enforcement authorities have started monitoring investment in Hyper Fund — a Decentralised Finance offering through blockchain technology by HyperTech Group.

Globally, Financial regulators acknowledge the fact that Ponzi scheme organizers often use the latest innovation, technology, product or growth industry to entice investors and give their scheme the promise of high returns. Potential investors are often less skeptical of an investment opportunity when assessing something novel, new or “cutting-edge.” On its website, Hyper Fund claims to be �The Strongest Rocket in Blockchain Finance’

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Business

Greed & Fear: Profit booking, global volatility to impact stock moves

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Sky-high valuations along with global tapering fears will impact stock market movements during the upcoming week.

Accordingly, market observers, pointed out high possibility of profit booking led slide on the back premium valuations and likely absence of positive domestic triggers.

Nonetheless, key indices — S&P BSE Sensex and NSE Nifty50 — are expected to reach new intra-day record highs of 60,000 points and 18,000-mark, respectively.

Last Friday, the Sensex closed at 59,015.89 points after making an intra-day record high of 59,700, while Nifty ended the day’s trade at 17,585.15 points.

It had breached the 17,790 level intra-day on last Friday.

“Broad market correction amidst high volumes gives the first hint of distribution,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“An adverse US Fed meet outcome next week could accelerate the correction that is typical in September, especially in the US markets.”

According to Motilal Oswal Financial Services’ Retail Research Head Siddhartha Khemka: “Valuations are not comfortable and hence could lead to bouts of profit booking. The weak global cues on account of worry over slower economic growth and rising Delta variant cases globally would keep market oscillating between greed and fear.”

“Nervousness would be seen in the market next week ahead of Federal Reserve and ECB meeting, which could provide some indications on when the central banks will start withdrawing their monetary stimulus and start raising interest rates eventually.”

Any timelines for tapering measures in the US can potentially drive FPIs (Foreign Portfolio Investors) away from emerging markets such as India.

Significantly, the recent sizeable inflow of FPI funds has been credited to have lifted the domestic markets to record high levels.

In addition, Geojit Financial Services’ Research Head Vinod Nair said: “In the coming week, the global focus will be on the policy meetings of a few central banks including the Fed.”

“With weak US job data and inflation increasing at a slower pace, Fed is not expected to hint on taper plans in the upcoming meeting.”

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Covid might shift India’s growth model

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 The Covid-19 pandemic could act as an inflection point to shift India’s growth model from being consumption driven to investments-led.

In its Ecoscope report, Motilal Oswal Financial Services, said: “With Covid-19 hurting India’s ‘Household’ (HH) and ‘Government’ sectors adversely, the continuity of strong consumption growth is in question.”

“On the contrary, with listed companies’ financial positions improving and an uptick in household investments in the Real Estate sector (called physical savings), the narrative of investment-led recovery is gaining momentum.”

The report prescribed that various economic participants – households, governments, listed companies, and unlisted corporates — to increase their fixed asset investments in the immediate future based on their financial position.

At present, the listed and unlisted corporate sector accounts for only about half of total investments in India.

The ‘HH’ sector including unincorporated enterprises accounts for 35-40 per cent in India’s investments, while the remaining 12-13 per cent is contributed by centre and states governments.

Besides, the report cited that demand environment is expected to remain subdued due to weak financial position of ‘HH’ and government sector.

“Despite household investments picking up strongly in 2HFY21, given that Indian households bore the maximum brunt of Covid-led losses in CY20 (and CY21), we believe household spending would remain subdued over the next few years.”

It further pointed out that unless ‘HH’, ‘Unlisted Corporate’, and government sectors can improve their financial positions — leading to a demand uptick — a strong revival in investments seems challenging.

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