Latest news with #Bajpai
Mint
14-07-2025
- Business
- Mint
GN Bajpai: The Insure India 2047 plan may need a few tweaks to achieve its aim
G.N. Bajpai The insurance regulator's programme has the worthy aim of coverage for all by 2047, but we should adjust its strategic approach. As insurance is a 'push product,' it demands a market-specific strategy. Here are a few ideas that will help the mission succeed. Insure India has been in the works for nearly three years. Gift this article The Insurance Regulatory and Development Authority of India (IRDAI) has embraced a laudable and ambitious goal of spreading the canopy of insurance cover over every insurable head, including risks to property. Its Insure India programme rightly lays emphasis on the insurance industry's three pillars: customers, providers and distributors. The processes it outlines aim to deliver the right products to the right customers, while enabling regulatory redesign, promoting innovation and ensuring a robust grievance redressal mechanism. The Insurance Regulatory and Development Authority of India (IRDAI) has embraced a laudable and ambitious goal of spreading the canopy of insurance cover over every insurable head, including risks to property. Its Insure India programme rightly lays emphasis on the insurance industry's three pillars: customers, providers and distributors. The processes it outlines aim to deliver the right products to the right customers, while enabling regulatory redesign, promoting innovation and ensuring a robust grievance redressal mechanism. The sector's regulator aims to achieve its objective of complete coverage by 2047 through the insurance trinity of Bima Sugam, Vistar and Vahak. Bima Sugam is a one-stop digital marketplace for the seamless sale and purchase of insurance. Bima Vistar is a comprehensive policy incorporating life, health, property and accident cover, with defined benefits for each category of risk to ensure quick settlement of claims without validation by third-parties (like surveyors). Bima Vahak is a proposed women-centric network of distributors at the Gram Sabha level. The role of a 'bima vahak' or distributor will be to educate and convince women in particular about the benefits of comprehensive insurance. Insurance continues to be a push product. Notwithstanding increasing awareness of financial products, the significance of human intervention has not diminished. Even pure digital insurance companies have had to hire 'feet on the street' to sign up customers. This is an abstract product—a promise that is redeemable on the occurrence of a specified event (or 'moment of truth') and so it requires careful marketing. Insurance penetration in India is low. Opening the industry to private participation does not seem to have made much of a difference. In 2006, total premiums as a proportion of GDP reached 4.8% (life 4.1% and non-life 0.6%), but in 2021, life policies were down to 3.2% and non-life up marginally to 1%. Since then, the life segment has declined to 2.8% of GDP and non-life has stayed flat at 1%. By this measure of penetration, coverage has shrunk. Also Read: Healthcare for all: Don't rely on insurance alone Insure India has been in the works for nearly three years. The first phase of Bima Sugam is expected to be launched shortly. It would, however, be a good idea to pause and think if a special 'push product' like insurance can be promoted like in any other business. India's avowed objective of financial inclusion began former prime minister Manmohan Singh, but it did not take off until the ministry of finance and Reserve Bank of India (RBI) under Prime Minister Narendra Modi's regime launched the revised Banking Correspondence (BC) model for the opening of bank accounts. Over 1 million BCs across the country have helped widen out people's access to banking, direct benefit transfers and credit. This model has already demonstrated its viability in servicing millions under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana. Leveraging this human network and the public trust created can be of great help. As for bima vahaks, a commission of ₹ 10-15 per policy under the proposed model will be inadequate to secure the desired results, as this compensation is too low for a push product that requires specialized salesmanship. Even under the PMSBY, a premium of ₹ 436 yields ₹ 32 as commission. The National Pension System (NPS) was a non-starter until the intermediation fee was enhanced. For deeper penetration of services, we need a 'low margin, high volume' model. Asking BCs to take on NPS and insurance sign-ups will allow a viable cross-selling proposition that keeps distribution costs low. Allowing corporate bima vahaks can help reach out and achieve volumes too. Also Read: Heath insurance in India ought to cover preventive care as well Further, having one insurer per state runs the risk of monopolistic dominance, reduced service quality and even low penetration. The Pradhan Mantri Jan Dhan Yojana's 'sub-service area' model uses multiple service providers, which creates healthy competition, enhances outreach and assures better accountability. It has fared well and needs to be followed. The country has over 1.3 billion bank account holders with know-your-customer norms met and verified through Aadhaar, PAN or other RBI-approved identities. This should be used, rather than repeating KYC verification. Whereas a single fixed premium limit has merit, its validity is questionable, given the variation in risk profiles. The pricing of a policy must correspond to the risk covered. Else, Peter would be financing Paul. If limits are necessary, it may be better to use a range of risk-based premium brackets, with bima vahaks trained to use risk-profile guidelines. While retaining simplicity, it will bring down cross-subsidization. The need to enhance insurance coverage is urgent. It calls for a massive awareness campaign with innovative approaches. Media advertising alone may not yield the desired results. Roadshows with well-aimed short films and engaging NGOs, self-help groups, schools and colleges would help. Since a window for tweaking India's approach is still open, the IRDAI should consider these suggestions on merit. Well begun is half done, as goes the saying. The author is former chairman, Life Insurance Corporation of India and Securities and Exchange Board of India. Topics You May Be Interested In
Time of India
07-07-2025
- Health
- Time of India
Record 1.29 million beauty treatments in India: Call for stricter regulations amid safety concerns
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Indians submitted themselves to 1.29 million beauty and cosmetic treatments in 2024, according to the US based International Society of Aesthetic Plastic Surgery (ISAPS), prompting some experts to call for stringent safety protocols to protect people from harm during Botox treatments and socalled vampire ISAPS listed procedures such as 'brow lift, dimple creation, scar revision and facial bone contouring' in its report. Non-surgical procedures such as 'injectables and facial rejuvenation' alone touched 610,000 in India, the data showed, a 7% increase over the previous year. It said the total number cited, 1.29 million, was a record for India, without giving further details. The ISAPS report noted that India ranked among the top 10 countries using aesthetic and cosmetic procedures overall.'A lot of such products and services are untracked and being sold at salons and over the counter without prescriptions, leading to serious consequences,' said Dev Bajpai, advisor, Hindustan Unilever Ltd (HUL), which makes dozens of beauty products including Lakme and Pond's.'There is an urgent need for separate regulation, to delink cosmetics from drugs, to ensure quality and consumer safety,' Bajpai said. Bajpai is a former HUL director. Cosmetics in India are regulated under the Drugs and Cosmetics Act (1940).'The problem is that the manufacturers take approval and use it for the purpose which is other than intended,' said a senior government official. 'The off label use is an issue. For example, botulinum toxin (Botox) is approved in India for therapeutic and cosmetic purposes but the way people are promoting and misleading consumers is worrisome.'Along with the proliferation of social media influencers peddling treatments and procedures, there's been an explosion in the number of people wanting to experiment with the latest trends. Beauty and cosmetic treatments have come under increased scrutiny after the death last month of actress and model Shefali Jariwala, reportedly following anti-ageing injections. A woman in Kerala is said to have lost her fingers and toes in February after a liposuction procedure.A man died in Kanpur, reportedly after a hair transplant went awry. 'As on date, there is no intravenous (IV) drip/treatment which has been approved for use by the US FDA (Food and Drug Administration) or by Indian authorities for skin health and enhancement,' said Nitin Passi, managing director of cosmetics maker Lotus Herbals, which also has strategic stakes in dermaceutical company FixDerma and clean beauty label Conscious Chemist. 'Due to growing consumer interest, there is a critical need to regulate IV services in skin clinics, salons, medi-spas and wellness centres.'In scar revision, India was ranked second after the US, according to the ISAPS report. For rhinoplasty, India was ranked second after Brazil. In liposuction, India was at five and at nine for eyelid surgery. While penalties for cosmetics violations exist, they are not a sufficient deterrent.'Weak enforcement and lenient penalties are not preventing violations and protecting public health,' said a person aware of the and untrained personnel are administering treatments such as Botox, said Dr Smriti Naswa Singh, consultant, dermatology and cosmetology, Fortis Hospital, Mulund, Mumbai.'Botox is a muscle-paralysing agent,' she pointed out. 'If injected into the wrong muscle group, it can lead to facial asymmetry, like a drooping eyebrow or uneven smile. Under normal circumstances, when Botox is administered by a trained dermatologist, it is generally safe and effective. However, in the hands of untrained individuals, it can lead to serious consequences.'Precautions is a mustIn some cases, Botox in doses that are 20 to 30 times higher than recommended has caused botulism, which can lead to death, she said. Not following aseptic precautions can result in infections. Injectionsite issues such as hematoma, bleeding, pain and bruising can also occur, she sales, the anti-ageing market in India alone grew to $2.5 billion in 2024 and is estimated to touch $4 billion by 2033, said a report by research firm IMARC. The report attributed the growth to 'consumer awareness of skincare, influence of social media, and the rising popularity of cosmetic procedures'.Passi of Lotus Herbals called for regulation and licensing of those who conduct procedures.'Any intravenous product or service needs to be approved with proven efficacy and safety backed by robust data by regulatory authorities, administered by qualified and licensed medical practitioners in a facility which is fully equipped to handle any adverse effects/complications,' he vampire facelift referred to above involves injecting part of the customer's blood — platelet-rich plasma (PRP) — back into the gaining popularity for skin rejuvenation and wrinkle reduction, serious complications have been reported when it goes wrong. In one such incident, PRP was injected too close to the orbital area (around the eyes) and the material accidentally entered a vein, causing blindness, Singh said.
Time of India
02-07-2025
- Business
- Time of India
NTT DATA Appoints Alok Bajpai as Managing Director, India, Global Data Centers
NTT DATA , a global leader in digital business and technology services, today announced the appointment of Alok Bajpai as Managing Director, India, for its Global Data Centers division. In this expanded leadership role, Bajpai will drive the company's growth strategy in one of its most dynamic and rapidly evolving markets. Previously serving as CFO of NTT Global Data Centers India, Bajpai played a pivotal role in advancing strategic initiatives and establishing a strong financial foundation for scalable growth. As Managing Director, he will now oversee business operations and lead market expansion efforts across the region. 'India is a fast-growing and important market in our overall global growth strategy, and Alok's appointment ensures we will continue to deliver world-class infrastructure with agility and speed,' said Doug Adams, CEO and President, NTT Global Data Centers. 'His strategic leadership will help guide our next phase of development in the region and support our commitment to sustainable innovation around the globe.' 'India's data center market is at a pivotal moment, driven by the rising demand for scalable, secure, and high-performance infrastructure to power the nation's digital evolution,' said Bajpai. 'NTT Global Data Centers is already the leading data center provider in the region, and my goal is to ensure we not only maintain, but also strengthen, this leadership as the market evolves. My vision is to help build a future-ready ecosystem that addresses today's enterprise needs while contributing to India's broader economic and technological progress.' Bajpai brings over three decades of global leadership experience across diverse industries. With deep expertise in operational restructuring, financial strategy, and mergers and acquisitions, he has held senior executive roles at companies including AdaniConneX, CSS Corp, Intelligroup, and Infosys. He is a Chartered Accountant in India, a Certified Public Accountant in the U.S., and holds a graduate degree in management from Alliance Manchester Business School. He is also a four-time recipient of the CFO100 Roll of Honor and was named Most Influential CFO by CiMA. Accelerating Data Center Growth in India Under Bajpai's leadership, NTT Global Data Centers is accelerating the expansion of its data center footprint across key Indian metros to meet surging demand for enterprise and AI-ready infrastructure. As one of the world's fastest-growing digital economies, India presents a critical opportunity for NTT Global Data Centers to scale high-performance computing capabilities and deliver specialized support for AI workloads. The company is pioneering advanced infrastructure solutions in the region, including next-generation cooling technologies designed specifically for AI applications. At its Navi Mumbai facility, NTT Global Data Centers deployed liquid immersion cooling (LIC) and direct contact liquid cooling (DLC), improving energy efficiency by nearly 30%. The hybrid-cooled facility now operates at a PUE of 1.27, marking a significant step forward in energy-efficient operations tailored for high-performance computing. The company's data centers in Mumbai and Bengaluru already support over 100 MW of operational renewable energy, reinforcing its commitment to reliable and sustainable infrastructure. As the world's third-largest data center provider, NTT Global Data Centers is backed by more than $10 billion in capital development to drive future expansion of its data center business in current and new markets.
Time of India
20-06-2025
- Business
- Time of India
Campus Fund launches $100 million third fund to back student founders
BENGALURU: Campus Fund, a venture capital firm focused on student and dropout-led startups, has announced a $100 million third fund, its largest to date. The fund has completed its first close with more than 50% of the capital already committed and has begun deploying capital with two investments already made. Founded by Richa Bajpai, Campus Fund is registered as a Sebi Category II AIF and exclusively invests in founders who are in university, have dropped out of college or graduated within the past three years. The firm evaluates over 7,000 startups annually through a network of over 100 student scouts and plans to back up to 60 startups through Fund III over the next four years. Initial cheque sizes will range from Rs 1 crore to Rs 8 crore, with half the fund reserved for follow-on investments. Bajpai, who co-founded Goodera, began Campus Fund as a thesis project at London Business School in 2020. 'This is a full-circle moment for me,' she said, referencing her own entrepreneurial journey that began during her final year of engineering. 'To now back students chasing bold ideas, that's the most meaningful chapter of my career.' Campus Fund has previously backed startups such as Digantara (space situational awareness), Sama (online dispute resolution), EtherealX (reusable rockets), and GreenGrahi (insect protein). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thị trường có dấu hiệu suy thoái không? IC Markets Đăng ký Undo Many of these have gone on to raise capital from firms such as Peak XV Partners, Accel, Andreessen Horowitz, AlphaWave and DST Global. The latest fund is backed by a mix of family offices, financial institutions, and individual investors including 360 One. Notable limited partners include Kanwaljit Singh (Fireside Ventures), Bharat Shah (HDFC Bank co-founder), Asha Jadeja Motwani (early Google investor), Jaimin Bhatt (former Kotak Group CFO) and Sameen Farooqui (Deutsche Bank). Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hindustan Times
19-06-2025
- Politics
- Hindustan Times
Delhi riots trial set to get back on track
The protracted trial in the 2020 northeast Delhi riots larger conspiracy case is expected to regain momentum after the Delhi high court on Wednesday notified the transfer of additional sessions judge (ASJ) Sameer Bajpai back to the Karkardooma court, where the case is being heard. ASJ Bajpai, who presided over the matter for over a year, was transferred out last month in a sweeping reshuffle of over 130 judges across Delhi's district courts. His replacement, ASJ Lalit Kumar, had only recently taken charge at Karkardooma. But with Wednesday's order, Kumar has now been posted to the Saket court as a fast-track court judge, with Bajpai returning to Karkardooma. In a report on June 3, HT highlighted that the reshuffle caused concern among prosecutors and defence lawyers, who warned that the trial, already delayed for years, may further be derailed. With a new judge in place, the entire process of presenting the Delhi Police's voluminous 17,000-page charge sheet and arguments on framing of charges would have had to restart, potentially pushing back the proceedings by several months. ASJ Bajpai had taken over the case in December 2023, succeeding ASJ Amitabh Rawat, and had heard arguments on charges against five of the 18 accused, including former municipal councillor Tahir Hussain, and activists Khalid Saifi, Gulfisha Fatima, Tasleem Ahmed and Safoora Zargar. With Bajpai's return, defence lawyers confirmed that the five accused will not have to present their arguments again. 'This effectively saves at least five months,' said a defence lawyer, requesting anonymity. 'In his last hearing before being transferred, Bajpai had fixed the date for the sixth accused, Shifa-ur-Rehman's arguments. That schedule can now continue,' the lawyer added. A second defence lawyer said: 'We hope the charge arguments can now be wrapped up quickly and the trial can finally begin, especially since delays in providing documents have already caused significant setbacks.' In the last hearing, ASJ Kumar had asked both the prosecution and the defence to propose a tentative timeline for completing arguments on charges, expressing concern about the prolonged pendency of the case. Of the 18 accused in the larger conspiracy case, six, including Pinjra Tod members Natasha Narwal and Devangana Kalita, are currently out on bail. The rest remain in judicial custody. Bail petitions filed by key accused Umar Khalid and Sharjeel Imam are still pending before the Delhi high court. The conspiracy case is among the most significant stemming from the February 2020 communal riots in northeast Delhi, which claimed 53 lives and injured hundreds. Prosecutors allege that the violence was the result of a premeditated conspiracy orchestrated by anti-CAA protest leaders—an allegation the accused and their lawyers strongly deny, calling it a bid to criminalise dissent. Background and delays To be sure, despite nearly five years having elapsed since the Delhi Police filed the main charge sheet in September 2020, the trial is yet to commence since penal charges have not been formally framed in the matter. The accused have been charged under the Unlawful Activities (Prevention) Act for allegedly orchestrating a 'larger conspiracy' behind the anti-CAA protests, which the police claim triggered the riots. In October 2023, the trial court directed that the arguments on charges be conducted on a day-to-day basis in an attempt to speed up the proceedings. While the prosecution has often blamed the defence for the delay, citing multiple applications under Section 207 CrPC (for the supply of documents), the defence maintains that prolonged pretrial detention and procedural lapses by the state are to blame. In April 2023, the prosecution handed over key case documents nearly a year after applications were filed, further stalling the trial. Meanwhile, the Delhi high court, in a September 2023 order, allowed the trial court to continue hearing arguments but restrained it from issuing final orders on charge. That restriction was imposed after student activist Devangana Kalita sought full access to case records. The matter is next scheduled to be heard on September 15.
