New Delhi, July 1 (IANS) As multiple customers juggled to validate their Groww portfolio on mutual fund transfer agencies CAMS and Kfintech amid concerns, the financial services platform on Monday said some of the customers are not able to see all their investments because there are different registrar and transfer agents (RTAs) for different funds.

To verify all their mutual fund investments, customers should verify their holdings both with CAMS and KFintech or can either check MFCentral (investor services hub) or get a consolidated account statement for both RTAs, the company informed.

Groww came under backlash on social media last month after a customer’s relative alleged in a social media post (now deleted) that her sister faced fraud after investing via the financial services platform.

Groww replied, saying the customer never made the said investment and no money was deducted from her bank account.

“The customer was seeing a different entry which was folio details of another transaction. This folio did not belong to that customer. There was no debit from the customer’s account. When the issue was flagged to us, we reconciled the entry, found the issue with the duplicate Order ID handling and revised the customer’s folio,” the company clarified.

Groww said it does not create any folio numbers and all folios are created by the fund house/RTAs when an investment is made and the Groww app aggregates this information to show customers their portfolio.

Groww serves more than 1.5 crore customers across the country.

The trading platform said it is not involved in the payment process for investments.

“Money moves directly from our MF customers’ bank accounts to the exchange’s clearing houses, who then pass it on to the fund house. Since Groww does not hold any money in this entire process, we have nothing to gain from delaying orders,” it further clarified.

Even though no money was debited from the customer’s account, “the amount was sent to the customer only to allay any fears that the customer had”, it added, reassuring its customers that their investments on Groww are safe.

–IANS

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New Delhi, July 1 (IANS) The government-run Open Network for Digital Commerce (ONDC) on Monday announced empowering 300 sellers and 400 women entrepreneurs, by adding them to its e-commerce network.

The 300 sellers were from six clusters across India, including Lucknow (Chikankari), Moradabad (Brassware), Kanchipuram (Kanchipuram sarees), Varanasi (Benarasi Sarees), Khurja (Pottery), Bargarh (Sambhalpuri sarees), and were activated on the digital network with partnership from the Small Industries Development Bank of India (SIDBI).

While most sellers are first-time digital players, they made a significant milestone in their digitalisation journey. An example is the 9 Kanchipuram sellers, who within 10 months of onboarding, made sales of Rs 21 lakh, from 180+ orders collectively, which was previously 10-12 orders monthly, ONDC said.

“If the majority of participating artisans, women entrepreneurs, and social enterprises are getting into the digital e-commerce ecosystem for the first time ever, it simply points out the gaps in the existing infrastructure and its opportunities that are accessible to only a few,” said T. Koshy, MD & CEO of ONDC.

The Open Network also made concerted efforts to empower women entrepreneurs by onboarding approximately 400 women-led businesses across India. These businesses collectively support livelihood opportunities for over 50 lakh women.

These include some home-grown brands like Kudumbashree, Jharcraft, UBUNTU Consortium, SEWA Federation, Mann Deshi Foundation, Tea Trunk, Cinnamon Closet, Tamul, Creyo, Shwet India, Anubhuthi Experiences, Sarmaya, Satmya, Amrutam, and Rangasutra support women artisans.

In addition, individual artisan clusters like the Kanchipuram cluster from Tamil Nadu and the Chikankari Cluster from Lucknow, Uttar Pradesh, also joined the Network.

Recognising the importance of social enterprises in promoting sustainable development, ONDC Network also onboarded over 30 social organisations in the last year, including Itokri, Okhai, Rangsutra, Gulaab Jaipur, Very Much India, Gaon Se, Kalapuri, and Iraaloom among others.

Further, 50 Geographical Indication (GI) tagged social sector sellers from the GI pavilion at the India International Fair Trade have been integrated into the ONDC Network, further amplifying the reach and impact of these socially conscious businesses.

“The Open Network taps such gaps effectively by creating a level playing field for all sellers, regardless of their size or background. We are driving economic empowerment with equitable distribution of growth opportunities as our anchor,” Koshy said.

–IANS

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New Delhi, July 1 (IANS) Australia’s High Commissioner to India, Philip Green, on Monday said that India offers immense investment opportunities for “our green companies” as the word about the country as a favourable investment destination grows in Australia.

Speaking to IANS, Philip Green said we have investors who are already deeply engaged in the Indian hydrogen sector and in the solar panel sector.

“As India grows, the word about India as a place to invest is equally growing in Australia,” he added.

Green, who is leading the Australian delegation to the ‘India Energy Storage Week (IESW) 2024, also said that there is no more important priority for “Australia in the economic domain than to engage with India in the green energy supply chain”.

“I’m delighted that the largest number of foreign companies here at this conference are from Australia. 41 of them across a range of disciplines, and we’ve had a range of announcements,” he told IANS.

In addition, the Australian envoy said that a larger number of Australian companies are getting involved in investment in solar, wind, and across the whole green energy supply chain.

In May, Green described India as an “indispensable partner” and “top-tier security partner”.

Speaking at Ananta Centre, the High Commissioner to India highlighted India’s pivotal role in Australia’s supply chain resilience strategy.

Emphasising India’s capabilities in producing electric vehicles (EVs) and solar panels at scale, he noted, “India is a key part of our diversification agenda and supply chain resilience.”

–IANS

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New Delhi, July 1 (IANS) The Confederation of Indian Industry (CII) and Nassom on Monday joined hands to provide digital skills to youth in sectors other than IT, with an aim to reskill and upskill 1 lakh youth in the coming two years.

Seven target sectors have been identified to begin with, including banking, financial services and insurance (BFSI), manufacturing, logistics, healthcare, green jobs, hospitality and live sciences, the top industry chambers said in a statement.

“Our partnership will equip non-IT professionals with the skills they need to succeed in the digital age,” said Chandrajit Banerjee, Director General, CII.

“CII will leverage its over 10,000 direct corporate members and over 3 lakh enterprises from affiliated national and regional sectoral industry associations to facilitate digital re-skilling and up-skilling,” Banerjee added.

The initiative will also help build digital fluency on emerging technologies by providing micro-learning content. Both free and paid competency programmes including foundation and deep skilling courses in emerging technology areas will be implemented.

“For India to continue its global competitive advantage, we must ensure our workforce is equipped with future-ready skills for the digital era,” said Debjani Ghosh, President, Nasscom.

The agreement aims to build a digital learning culture through the mass dissemination of cross-sectoral digital content.

The intervention would equip working professionals from non-IT sectors to be updated with key trends and challenges in the evolving digital ecosystem and help them make their organisations more relevant and productive.

CII recently launched its 12th Centre of Excellence on skills, which will impact 10 million youth over the next five years through the scaling up of its on-ground skill initiatives.

–IANS

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New Delhi, July 1 (IANS) The green energy sector in India has taken off well under Prime Minister Narendra Modi’s government and Australian companies, with their top-notch technologies and research and development (R&D) expertise, can seamlessly fit into the Indian green supply chain and help it grow at scale, Australia’s High Commissioner to India, Philip Green OAM, said on Monday.

Speaking to IANS on the sidelines of the ‘India Energy Storage Week (IESW) 2024’ event in the national capital, Philip Green said Australian firms are well aware of the Indian opportunity in the green energy sector and are taking big notice of the overall growth.

“The Indian economy is growing very fast, which means a huge demand for new energy, and a large amount will have to be found from renewable sources,” said the Australian envoy.

“We are the producers of some of the most important minerals and metals for the green energy supply chain. Particularly, Australia is one of the biggest producers of critical minerals on the planet,” he told IANS.

The High Commissioner to India also said there is a growing synergy between the two countries, especially in the area of green energy supply chain.

PM Modi has set a target to install 500 GW renewable energy capacity by 2030.

Abundant solar energy and local technology are aiding in achieving this target while reducing carbon emissions, according to the government.

Australia and India have joined forces to accelerate the production and deployment of renewable energy technologies that will create new economic opportunities, diversify global clean energy supply chains, and help reduce global emissions.

The focus is on scaling up the manufacturing and deployment of solar photovoltaic (PV) technologies, and clean hydrogen technologies, including electrolysers.

On May 24, 2023, India and Australia reiterated a shared ambition on green hydrogen with the exchange of the agreed terms of reference for the India-Australia Green Hydrogen Taskforce.

(Satyam Kaushik can be reached at satyam.k@ians.in)

–IANS

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