Author: Smr123

Kotak Bank starts Innovation Lab, open to investing in startups

The fourth largest private sector bank has put together a seven-member core team which is working with the startups
Private sector lender Kotak Mahindra Bank has started an ‘Innovation Lab’ in Bengaluru to tap into the best technology that impacts its operations, and is open to investing in startups, a senior company official has said.“We started an ‘Innovation Lab’ recently which is right now a dedicated space from where we are partnering with startups in the fintech space to test concepts and launch them into commercial products,” Kotak Bank’s Chief Digital Officer Deepak Sharma told PTI.The fourth largest private sector bank has put together a seven-member core team which is working with an equal number of startups in the artificial intelligence, analytics, biometric or iris scanning and machine learning space.

A bulk of the startups are Bengaluru-based, while two are from the US and Australia, Sharma said.

Domestic lenders, especially those in the private sector, have been increasing their engagement with the fledgling fintech startup community to tap into the technologies of the future which will help them stay relevant.

The initiatives being undertaken by them include launching dedicated funds to invest in startups, starting incubation centres, organising ‘hackathons’ and ideation contests.

Sharma said the bank’s lab located in its office on MG Road in the garden city is not an incubation centre, but added that the bank is open to investing in other startups as well.

“We are open to investments in other startups as well but do not have a dedicated fund now,” he said.

The bank will keep evaluating possibilities on investing, partnering and incubating startups through this initiative and will also hire more people for the lab in the next three to six months, he said.

Sharma described it as an asset-light and agile model where it is working with specially chosen partners.

“It is about validating proof of concepts and the lab helps us in doing it in a dedicated way,” he said.

source: http://indianexpress.com/article/business/banking-and-finance/kotak-bank-starts-innovation-labopen-to-investing-in-startups-2974889/

At Hyderabad Job Fair 3,500 Youth Get the Job in Single Day

Among all cities in India, Hyderabad stands on the scale of employability. Recently conducted survey at the mega job fair organized by the NICs (National Institute of Career Services). A total of 10,000 intermediate and undergraduate students got themselves. A total of 10,000 intermediate and undergraduate students got themselves registered at the fair. The job expo, where moreover 75 companies from IT, ITes and manufacturing sectors participated, employed 3,500 of those who registered for grand meet on dingle day.

 

The NICS Job Mela, which was earlier held in Noida, Uttar Pardesh, had registered around 8,000 jobseekers. Supported by Union and State governments, the fair is organized to help employable jobseekers and prospective employers. Only 2.4 percent of employable workforce has skill, adding that union projects, including Skill India and Make in India can facilitate better this ground reality. India’s poor performance in the ability is in stark contrast with high percentage of skilled workforce in Germany 75%, Japan 80% and China 90%.

 

The Union Government will set up 8,000 new commercial training institutes to support development of skilled workforce in the country. The Union government will set up 8,000 new industrial Training Institutes to support development of skilled workforce. 2 lakhs students graduate from engineering colleges in Hyderbad and surrounding areas alone. We need to generate jobs for them. At the same time, we cannot disregard ITIs. The centre will grant Rs. 100 crore for setting up and maintenance of it is in Telangana. Job seekers from the country who emigrate to Germany, Australia and Japan can in the future attend skill establishment and training sessions of their choice in ITIs.  Students and young graduates, who assembled to the job fair, could not have desired for anything better, as they got a gamut of companies knocking at their doorstep. If such Job Melas are held in each of the districts, the youth will benefit much.

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