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Rohanjeet Singh Juneja, Karan Desai from Dhanvarsha Finvest Ltd share their journey of empowering & funding underserved Indian entrepreneurs

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Karan Desai & Rohanjeet Singh Juneja
Karan Desai & Rohanjeet Singh Juneja

Rohanjeet Singh Juneja and Karan Desai, joint MDs at the Dhanvarsha Finvest Limited spoke to NewsX in its special segment, NewsX A-List. Their company aims to provide timely, affordable and sustainable access to credit to the country’s almost 500 million under-served borrowers.

Karan Desai started off by talking about their venture, “We are a very young company which started about three and a half years ago. We are an independent institution under the aegis of the 80-year-old Wilson Group of Mumbai. We started with a very simple premise aiming to empower the underserved and unserved entrepreneurs or individuals of India and give them access to timely and institutional credit.”

Talking about their vision, Desai said, “The mission here is not just to focus on financial inclusion where we want to provide for social capital. Our main achievement today is the funding that we provide to our small customers in the community. We are of the view that it’s a very rare occasion that a small institution like us gets to make such a big social impact and help our clients out. And this is achieved by providing timely and affordable finance to people in the MSME segment.”

Elaborating on the observation of the market scenario especially in times like this, Rohanjeet Singh Juneja started off by quoting Mark Twain, “History doesn’t repeat itself, but it often rhymes. In our view, the situation in India today is very similar to what it was in the late 90s. Not just in India, but globally, that in good times, often, many people take on excessive debt, without knowing the commensurate risks that come with it or without appreciating the commensurate risks. Once the cycle dawns, if you recall back in the late 90s, in India, it was a very similar scenario when you had excessive debt, and changing regulation that eventually led to a shakeout in the sector. Now, a very similar situation has played out in India, which has led to a complete credit crunch for the sector and a commensurate slowdown in economic growth. Therefore, we believe that this time is no different from the late 90s. In India, another similar situation to the late 90s is from 2014 to 2018, there was a proliferation of many different  NBFS that came into doing business, not just because they had a good business model, but they came in search of exploration.”

“What happens at a time like that when there is excessive competition and high growth is, balance sheets get levered up, and if there’s any hiccup in asset quality due to dilution and norms for lending or in pricing, because of excessive competition, any hiccup in asset quality will lead to a disproportionate impact on profitability, and that is exactly what has happened with where we are today. Therefore, we believe that you know going forward just like it happened in the late 90s in India, there will be consolidation in the sector. But at the same time history has proven that in times like this if you can build a good business model, you will be successful. That is exactly where we are today for small and nimble organizations like us who have very governance, a strong foundation of trust or unendurable, like this, we feel that we will do very well.” Juneja further added explaining the mantra of their success so far.

Highlighting how Dhanvarsha is different from its competitors, Desai shared a few insights. He said, “Focusing extensively on the MSME segment, there is a specialized or more than one art than a science actually, where you need to take into account a variety of factors when you look at the businesses. So traditional banks typically do not do much business in this category because they will tend to focus on the larger ticket size loans, where the underwriting data is a lot more easily available.”

Further talking about how Dhanvarsha aims to help the Indian entrepreneurs and help them establish their very own businesses, Desai said, “We are essentially trying to chase those 500 odd million unsolved borrowers where we feel that using a specialized underwriting methodology, we can make a huge difference. I think our biggest differentiator is that we try to enable businesses and we want to be that catalyst to entrepreneurs of India by not just becoming the preferred financial partner, but also their partners in business and social growth. So a number of small customers that we funded have actually gone on to establish new factories, create employment.”

“Our mission is to empower these entrepreneurs, not just by lending a hand to them, but also lending them mind space and heart, which is trying to help them become social capital for all the stakeholders in the ecosystem. Largely, I think, it is also important to note that we are also very technology-focused. So while we call ourselves a FinTech company, we are trying to use technology increasingly, to mitigate risks in our underwriting. And also to reduce our turnaround time substantially,” added Desai.

Adding to this Juneja said,  “We believe in making a difference by building a strong partnership ecosystem. In that effort, we’ve collaborated with multiple partners across various segments that shaped our borrower profile. So we’re making significant strides in collaborating with these partners and stakeholders for future periods. Because our belief is that going forward, collaboration is going to be the key, rather than competition. Because when you have people that collaborate and build good businesses together, leveraging off each other’s strengths, establishes a stronger foothold for you on the market.”

Taking pride in Dhanvarsha’s achievements as an organization, Juneja stressed, “We take pride in ourselves for being able to constantly innovate to diversify our revenue streams, minimize risk, and use our assets and infrastructure more prudently. Therefore, we do not just underwrite on our own balance sheet but we also have a focus loan, retail distribution business, which generates a very strong income for us. And again, that is due to our collaboration with multiple partners.”

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UNRULY TOURISTS THRONGING CASINOS AS IF IT WERE A CARNIVAL TIME: GOA BJP MLA

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A ruling BJP legislator in Goa on Tuesday criticised unruly tourists thronging the state’s offshore casinos as if it were a carnival time, thus foregoing social distancing norms and other Covid-related SOPs.

BJP MLA Atanasio Monserrate also expressed concern about increasing number of Covid-19 cases traced to Goa’s offshore casinos, while urging Health Minister Vishwajit Rane to direct his officials to conduct an inspection to see whether SOPs are being followed in the offshore casinos of Goa.

“They (tourists) come here to have fun, but Goans should not be infected by Covid-19 because of this. I will be speaking to the Chief Minister and the Health Minister to see what can be done to check if SOPs are being followed,” Monseratte said, commenting on the large unruly crowds outside the six offshore casinos operating in the Mandovi river off Panaji.

“No one is wearing masks. It is like a carnival. Goans may end up paying dearly for this. Maharashtra has even made testing compulsory for Goans. But here, it is free for all. According to the guidelines, they cannot allow operations like this,” Monserrate said.

Carnival is a popular Catholic event which marks the beginning of the holy lent season. On Monday, after photos of thousands of tourists milling on beaches and outside casinos without masks and in violation of the social distancing norms, were published in the local media, Chief Minister Pramod Sawant had announced an increase in penalty for not wearing masks from Rs 100 to Rs 200.

With IANS inputs

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MAHAGATHBANDHAN FIELDS RJD MLA FOR SPEAKER’S POST IN BIHAR

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RJD leader Tejashwi Yadav

The Mahagathbandhan (Grand Alliance) in Bihar on Tuesday fielded five-time Rashtriya Janata Dal (RJD) MLA Awadh Bihari Choudhury as its candidate for the post of Assembly Speaker. The election for the Speaker’s post is due on Wednesday.

Choudhury, an MLA from Siwan, is directly pitted against National Democratic Alliance (NDA) nominee and three-time BJP MLA Vijay Kumar Sinha.

RJD leader Tejashwi Yadav on Tuesday said Choudhury has filed his nomination for the Speaker’s post on behalf of the Opposition Grand Alliance. Confident of Choudhury’s victory, he said that the post of Speaker in the Legislative Assembly is an eminent and responsible post held by a leader who can take the ruling party and the Opposition along and listen to the views of all party leaders. The Speaker’s chair must be held by someone who has immense political experience, Tejashwi added.

Asked about seeking support from the All India Majlis-e-Ittehadul Muslimeen (AIMIM), Tejashwi said he would appeal to all the Opposition MLAs to vote for a veteran leader as Speaker of the Assembly. The RJD leader said Choudhury became an MLA for the first time in 1985 and has been elected an MLA five times.

Choudhury said the Grand Alliance has nominated him as the candidate for the post of Assembly Speaker. The Siwan MLA assured all the MLAs that if elected as Speaker he would run the House following all rules and perform his task without any prejudice.

Meanwhile NDA candidate Vijay Sinha said that normally the post of Speaker goes to the ruling party as it has the majority in the House. “The post of Speaker is elected with mutual understanding of ruling and opposition parties and it is based on numbers. Our alliance has projected me on the basis of seniority and we are fully confident about it,” Sinha said.

Tarkishore Prasad, the Deputy Chief Minister of Bihar and BJP leader said: “We have the numbers to elect the Speaker in the House and we will prove our majority. Traditionally, it goes to the ruling alliance.”

Meanwhile, the RJD’s Tejashwi Yadav urged pro-tem Speaker Jitan Ram Manjhi to conduct the oath-taking ceremony of every candidate of his alliance.

Yadav was hinting at Bahubali MLA Anant Singh of the RJD and Amarjeet Kushwaha of the CPI (ML). The former was elected from Mokama and is currently lodged in jail. Kushwaha has been elected from Ziradei and is lodged in Siwan jail. Both of them are facing criminal charges.

The opposition Mahagathbandhan has 110 seats in the Assembly and there is reportedly a big chance of 5 AIMIM, 1 BSP and one independent candidate voting in its favour. The ruling NDA has 125 seats. In such a situation every vote is important for both the sides.

With IANS inputs

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Hold Punjab, Haryana Chief ministers liable for stubble burning: AAP

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Senior Aam Aadmi Party (AAP) leader Atishi Marlena said on Monday that the Environment Committee of the Delhi Assembly, of which she is the chairperson, met the Air Quality Commission and demanded strict action against Punjab and Haryana governments for burning stubble.

She said the commission has been requested to fix the accountability of the Chief Ministers of Punjab and Haryana on the issue of burning stubble and take strict action against them by filing a case.

The AAP leader said the commission has also been requested to order the governments of Punjab and Haryana to resolve the stubble burning issue with bio-decomposer technology.

She said, “We presented the commission with two major agendas. The first is to give orders to the governments of Punjab and Haryana to implement the bio-decomposer developed by the Pusa Research Institute in cooperation with Delhi government with immediate effect. This is an effective as well as an efficient alternative to this problem. Secondly, we have also requested the commission to take stringent action against the Chief Ministers of Punjab and Haryana as they have failed to curb stubble burning. The Air Quality Commission has the power to take legal actions and can order jail term to anyone causing pollution.”

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RJD will hit the streets if NDA doesn’t meet 19L job promise, says Tejashwi

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RJD leader Tejashwi Yadav

Rashtriya Janata Dal (RJD) leader Tejashwi Yadav said in Patna on Monday that his party would hit the streets if the NDA doesn’t meet its poll promise of providing 19 lakh jobs in the next one month.

Tejashwi, reached the Bihar Assembly on day one to take oath as an MLA along with his elder brother Tej Pratap Yadav.

“The Assembly election was fought on the issues of unemployment and corruption. We had promised to provide 10 lakh jobs in the first cabinet meeting. The NDA, in the joint Sankalp Patra, also claimed to provide 19 lakh jobs. Now, they have formed the government in Bihar through conspiracy. As real representatives of people of Bihar, we will not let them go scot-free without implementing their poll promise,” said Tejashwi.

“In the last 15 years, Nitish Kumar has turned into the Bhishma Pitamah of corruption. Around a dozen of his cabinet ministers are either involved in corruption or facing criminal charges. As many as 60 scams took place during his government in last 15 years,” alleged Tejashwi.

“These scams are investigated by many IPS and IAS officers and some of them have written letters to the authorities for proper investigation,” said Tejashwi, alluding to letters written by Amitabh Kumar Das, a retired IPS officer, who has written letters against Mewalal Choudhary and Manju Verma.

“The selection of ministers is the only decision of Chief Minister. Didn’t he know the criminal charges on tainted Mewalal Choudhary? He has been an absconder in the past. The governor of Bihar had sacked him from the post of Bihar Agriculture University Vice chancellor. Still Nitish Kumar gave the important education ministry to him. Now, Nitish Kumar has given the education ministry to Ashok Chaudhary whose wife is involved in multi-crore scam. The CBI had registered a case against her and matter in pending in Supreme Court,” Tejashwi said.

“Over the last few years, Nitish Kumar used to claim that elections were fought on his face. The people of Bihar rejected him in the 2020 assembly election. That’s why his party came at third position. Despite being at third position, he has become CM. They conspired against the RJD in this election, still it became the single-largest party in the assembly with 75 seats and 23.5 percent to votes,” added Tejashwi.

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Former Assam CM Tarun Gogoi shows some improvement but still critical

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The health of former Assam Chief Minister Tarun Gogoi has slightly improved after deteriorating on Saturday, the Superintendent of Gauhati Medical College and Hospital, where he is admitted, said on Sunday. His condition, however, is still critical.

“Last evening former Assam Chief Minister Tarun Gogoi’s health deteriorated so we intubated him, he was critical yesterday. His AGB (arterial blood gas) test and parameters are slightly better today,” hospital Superintendent Dr Abhijit Sarma told ANI here.

Gogoi’s heath had deteriorated on Saturday. He was “critical” and on ventilator support following post-Covid complications. There were also reports that Gogoi is suffering from multi-organ failure.’

The 86-year-old Congress leader had become “completely unconscious” on Saturday afternoon after difficulty in breathing, Assam Health Minister Himanta Biswa Sarma said. He also suffered multiple organ failure, the minister confirmed.

Since Saturday, Gogoi has been on mechanical life support at the Gauhati Medical College and Hospital, where a team of doctors is monitoring his health and efforts are being made to revive his organs with medicines and dialysis.

The GMCH doctors are in constant touch with experts from Delhi’s premier All India Institute of Medical Sciences who have ruled out the possibility of shifting Gogoi outside the state in this condition.

Tarun Gogoi’s son, Congress leader and MP Gaurav Gogoi, is at the hospital.

The three-time former Assam CM had tested positive for Covid-19 in August. On 26 October, he had thanked the medical team at Guwahati Medical College and Hospital including the specialists, doctors, nurses, staff, for their “excellent care for the past two months” and had said that he looked forward to continuing his recovery at home under medical supervision.

With agency inputs

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Bharti Singh, her husband sent to judicial custody till 4 December

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On Sunday, a court in Mumbai sent comedian Bharti Singh and her husband Haarsh Limbachiyaa to judicial custody till 4 December. The two were arrested by the Narcotics Control Bureau (NCB) in connection with the alleged consumption of cannabis.

Before producing the couple in the court, the NCB took them to the hospital for medical examination.

Bharti Singh was held on Saturday while Haarsh Limbachiyaa was arrested a day later on Sunday.

“Charges of consumption of drugs have been invoked against them,” said Sameer Wankhede, Zonal Director of the NCB, Mumbai.

NCB on Saturday raided the production office and house of comedian Bharti Singh and recovered 86.5 grams of ganja (cannabis) from both places.

The NCB had earlier raided a place in Khar Danda area and nabbed a trafficker aged 21 years with various drugs including 15 blots of LSD (commercial quantity), ganja (40 grams), and Nitrazepam (psychotropic medicines). In follow up and in corroboration with previous inputs, the NCB raided the production office and house of comedian Bharti Singh.

This comes as the probe, which began from the drug case in connection with the death of actor Sushant Singh Rajput, continues to expand to the alleged drug abuse by Bollywood celebrities.

Recently, a raid was also conducted at the residence of actor Arjun Rampal, after which he and his girlfriend were summoned by the NCB for questioning in the matter.

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