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Swiggy to engage 2,000 women for food delivery

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Bengaluru, Nov 13: Leading food ordering and delivery start-up Swiggy on Tuesday said it would engage about 2,000 women as delivery personnel by March 2019.

“About 2,000 women will join our delivery team by March next year. Over the last few months, we have been working on training women for opportunities in this growing food delivery sector,” the city-based online food delivery platform said in a statement here.

By deploying more women as delivery personnel across the country, the company said it aimed to create an inclusive workforce.

The company engages around a lakh personnel daily to deliver food across 45 Indian cities it operates in.

Currently, about 60 women are tied up with Swiggy across 10 cities, including Ahmedabad, Kochi, Kolkata, Mumbai, Nagpur and Pune, to deliver food.

World over, the employment of women as delivery personnel has been meagre.

“We are creating a women-friendly work environment with a dedicated helpline for any concern, as well as appointing more women in managerial roles,” the company said.

Swiggy is identifying ‘safe zones’ for women delivery personnel to operate in and will allow them to complete their deliveries by 6 p.m., it added.

“Since inception, we have seen the potential in investing in logistical prowess, which has helped us in having end-to-end control over the food delivery experience,” Swiggy Vice President (Operations) Sachin Kotangale said in the statement.

Set up in 2014, the food delivery platform claims to receive about 20 million orders a month across 45,000 restaurants in 45 cities, including New Delhi, Hyderabad, Mumbai, Bengaluru, Chennai, Kolkata, Gurugram and Pune.

It raised $210 million (around Rs 1,500 crore) from multiple investment firms, and has so far raised over $460 million (around Rs 3,350 crore).

The company, which has over 4,000 employees, reported an operating revenue of Rs 442-crore for the fiscal 2017-18.

IANS

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63 moons to challenge SEBI order on STP Gate Services

63 moons said it has always had the utmost faith in the judiciary and will be taking appropriate legal action in the higher judiciary forum.

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New Delhi: 63 moons technologies on Friday said it would challenge the SEBI order, which rejected its renewal application for providing STP Gate Services, and take appropriate legal action in the higher judiciary forum.

Expressing disbelief at the SEBI order rejecting the approval for providing STP Gate Services on the basis of ‘Fit & Proper’ order passed by FMC seven years ago, the company said the Fit and Proper order passed against 63 moons in 2014 specifically deals with barring persons or entities from holding an equity stake in any exchange platform and has no bearing on providing technology services.

In an order passed by the SEBI last night, the application for renewal (for the period June 30, 2016 to June 29, 2019) by 63 moons technologies, earlier known as Financial Technologies India Limited, to act as STP Service provider under the SEBI (STP Centralised Hub and STP Service Providers) Guidelines, 2004 has been rejected. It held that 63 Moons has been providing the STP services to brokers, custodians, and fund houses without the approval of SEBI.

63 moons said it has been almost seven years since the order of Fit and Proper has been passed and has already been challenged by 63 moons in the court of law. “The matter is, therefore, sub judice.”

The latest order of SEBI is with regards to STP gate service only and it has nothing to do with any other technology services by the group, it added.

Notably, since 2003 till date, 63 moons technology has been the pioneer and market leader as well as most stable and credible technology service provider for all segments of the market. While it holds more than 75 per cent market share in all segments including its service offerings to MCX and MSEI, it has the distinction of having 97 per cent market share in STP gate.

In the backdrop of NSE withdrawing its trading platform ‘NOW’, 63 moons’ ODIN remains the best solution available across multiple asset classes in the market. In this condition, the company said, the intention of SEBI’s present order is unexplainable.

SEBI coming out with such an order after over seven years, especially when the issue of Fit & Proper is still sub-judice will be disturbing the smooth functioning of the market. The timing and intent of the SEBI order is totally in contradiction to the purpose for which SEBI exists for fair and transparent regulation and growth and stability of the market.

In a statement, the company said the management of 63 moons is completely professional, having eminent administrators, judges, bankers among others on its board. “It is being run with a high standard of governance as envisaged in the rule book. The allegation of undue influence of the promoter is unfounded and is to be dismissed,” it added.

63 moons said it has always had the utmost faith in the judiciary and will be taking appropriate legal action in the higher judiciary forum.

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RBI to come up with guidelines for dividend distribution by NBFCs

RBI has decided to carry out consultation with stakeholders before finalising the revised regulatory framework.

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Reserve Bank of India RBI

Mumbai: The Reserve Bank of India (RBI) has decided to come out with guidelines for dividend distribution by NBFCs.

Unlike banks, currently there are no guidelines in place with regard to distribution of dividend by NBFCs.

RBI Governor Shaktikanta Das on Friday announced that keeping in view the increasing significance of NBFCs in the financial system and their interlinkages with different segments, it has been decided to formulate guidelines on dividend distribution by NBFCs.

Different categories of NBFCs would be allowed to declare dividend as per a matrix of parameters, subject to a set of generic conditions.

A draft circular in this regard will be issued shortly for public comments.

He further said that the contribution of NBFCs as a supplemental channel of credit intermediation alongside banks is well recognised.

Regulatory regime governing the NBFC sector is built on the principle of proportionality such that adequate operational flexibility is available to the sector through calibrated regulatory measures.

However, there are rapid developments in the last few years, which have led to significant increase in size and interconnectedness of the NBFC sector.

“There is, therefore, a need to review the regulatory framework in line with the changing risk profile of NBFCs. It is felt that a scale-based regulatory approach linked to the systemic risk contribution of NBFCs could be the way forward,” said the RBI’s statement on developmental and regulatory policies.

RBI has decided to carry out consultation with stakeholders before finalising the revised regulatory framework.

A discussion paper in this regard will be issued before January 15, 2021 for public comments.

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RBI allows settlement files of payment systems on all days of year

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Shaktikanta Das

Mumbai: The RBI has proposed to allow settlement files of payment systems viz., AePS, IMPS, NETC, NFS, RuPay, UPI to be posted to the apex bank on all days of the year.

The measure will reduce build-up of settlement and default risks and enable better management of funds by member banks.

It will also enhance overall efficiency of the payments ecosystem.

Presently, the facility of posting settlement files of payment systems, operated by authorised payment system operators, to the Reserve Bank is available only on RTGS working days.

With round the clock availability of eKuber (core banking system of RBI) and RTGS (to be operationalised soon), it is proposed to allow settlement files of payment systems on all days of the year, the RBI said in a statement.

Instructions in this regard will be issued by the pax bank shortly.

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