Today's Tech Check- "India's Generative AI Surge, Conversion Rights Guide, Propelld's $25M Boost, RBI Approves IDFC FIRST Bank's New Director, and Vanguard's New CEO"
Today's Tech Check- "India's Generative AI Surge, Conversion Rights Guide, Propelld's $25M Boost, RBI Approves IDFC FIRST Bank's New Director, and Vanguard's New CEO"
17th May, 2024
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1. “India Leads In Generative AI Adoption: Deloitte's APAC Study Highlights”
Facts:**
India leads Asia Pacific in Generative AI (GenAI) adoption.
93% of Indian students and 83% of employees use GenAI.
GenAI increases productivity, enhances output quality, and fosters creativity.
Indian users save an average of 7.85 hours per week using GenAI.
Personalities:**
Chris Lewin, Deloitte Asia Pacific's AI & Data Capability Leader
Anjani Kumar, Partner, Consulting, Deloitte India
#AI #employee #News
2. “Ultimate Guide to Conversion Rights: Understanding Every Aspect for Maximum Benefit”
Conversion rights allow preferred shareholders to convert their shares into common shares.
Preferred shares offer benefits like fixed dividends and priority in liquidation.
Common shares have voting rights and potential for higher returns but no guaranteed dividends.
Conversion rights can be optional, mandatory, or automatic, with conditions like reaching a set price or date.
Feasible conditions for conversion include market price exceeding a threshold, maturity date, or company performance targets.
Potential risks include company performance decline, unfavourable conversion ratios, missed conversion opportunities, dilution risk, and forced conversions.
#company
3. “NBFC Revolution: Propelld's Edgro Secures $25M in Debt to Boost Student Loans”
Edgro, an NBFC arm of Propelld, secures $25M debt from Credit Saison, AU Bank, InCred, and Northern Arc.
Nikunj Agarwal, Propelld's Head of Debt and Lending Alliance, says the funds will enable them to expand loan options for students.
Founded in 2019, Propelld offers study now pay later products and income-sharing agreements.
The fintech has raised a total of $60M in funding, including a $35M Series B in February 2022.
#funding
4. “RBI Nods to Pradeep Natarajan's Appointment as IDFC FIRST Bank's Whole Time Director: A Strategic Move Forward”
RBI approves Pradeep Natarajan as Whole Time Director of IDFC FIRST Bank.
Appointment for three years, subject to shareholder approval.
IDFC FIRST Bank reported a net profit of Rs 724 crore in Q4 2024.
Gross NPAs reduced to 1.88% from 2.51%.
Net NPAs declined to 0.60% from 0.86%.
#crore #RBI #war
5. “Vanguard Welcomes Salim Ramji as Its New CEO: A Strategic Move for the US-Based Financial Giant”
Vanguard appoints Salim Ramji as CEO, effective July 8, 2024.
Ramji, a former BlackRock executive with 25 years of industry experience.
Tim Buckley to retire as CEO and Chairman, Mark Loughridge to become non-executive Chairman.
Greg Davis appointed to Vanguard's Board; expanded responsibility for regulatory affairs.
John Murphy, CFO of The Coca-Cola Company, joins Vanguard's Board on June 1, 2024.
#Article #News
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