BENGALURU: Tally Solutions Pvt Ltd, India’s leading business automation software provider, introduces its latest release, TallyPrime 6.0, designed to simplify financial operations for small and medium enterprises (SMEs) and make it seamless via a Connected Banking experience. This advanced upgrade revolutionizes bank reconciliation, banking automation, and financial management for businesses and accountants. Building on its expertise in delivering connected services such as e-invoicing, e-way bill generation, and GST compliance, Tally takes another significant step towards empowering SMEs with integrated banking capabilities. This new release reinforces Tally’s commitment to connecting businesses with their ecosystems and enabling them to operate with unparalleled simplicity.

Keeping with its vision of making the business network seamless, TallyPrime’s Connected Banking feature takes integration to the next level by bringing banks inside Tally. Unifying accounting and banking into a single system, with secure login and real-time connectivity through partnerships with Axis Bank and Kotak Mahindra Bank. Users can access live bank balances and transaction updates directly within the platform, ensuring they always have the most updated information and insights about their working capital, empowering businesses to make smarter financial decisions. With the ability to process payments, instantly reconcile transactions, and monitor bank balances within Tally, businesses can stay agile, optimize resources, and maintain full control over their financial operations.

While launching TallyPrime 6.0, Tejas Goenka, Managing Director, Tally Solutions, said, “Our mission has always been to build technology that helps simplify business operations for SMEs. With TallyPrime 6.0, we’re addressing a critical need by integrating banking directly within the Tally platform, empowering businesses to focus on growth and innovation without the distraction of operational complexities, enabling them to save 30-50% of their time. This release comes with multiple other features like enhanced bank reconciliation, working capital optimization through financial institution linkages, further strengthening the existing capabilities of GST compliance with connected e-invoicing and e-way bill generation.”

TallyPrime’s smart bank reconciliation transforms how SMEs and accountants manage their books by seamlessly aligning financial records with banking transactions. Enabling faster reconciliation, timely account finalization for audits, and real-time operational insights—all within a unified, intuitive platform. Additionally, the integration of UPI payments and payment links simplifies collections, ensuring smoother cash flow.

Commenting on the launch, Neeraj Gambhir, Group Executive & Head – Treasury, Markets & Wholesale Banking Products, Axis Bank said, “Axis Bank has always been at the forefront of innovation by introducing pioneering solutions for its customers for a seamless banking experience. We are committed to empowering our SME clients by integrating technology into financial solutions. The SME Business Banking landscape is evolving rapidly, and there is a need for a comprehensive solution for all their Banking and Beyond Banking requirements. With this ‘connected banking solution’, customers can integrate their bank accounts inside TallyPrime and streamline their banking operations by improving efficiency and agility in financial decision-making. This initiative is a continuation of our ongoing efforts to significantly enhance the digital experience of our clients.”

Security remains a cornerstone of TallyPrime 6.0, incorporating end-to-end encryption, multi-layered access controls, and real-time fraud detection to ensure safe banking transactions.  This launch reaffirms the company’s commitment to ensuring the complete security and privacy of its customers’ financial data.

Tally continues to enhance business management with advanced technology, offering a seamless and holistic experience through TallyPrime 6.0. From connected GST and e-invoicing to WhatsApp-based alerts (WABA), cloud access, and integrated financing, Tally empowers businesses with simplified, efficient, and connected solutions for smoother operations.

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MUMBAI: All professionals, and especially accountants, need to gather and use insights to better understand the relationship between sustainability-related matters and business activities if businesses are to survive, according to Making Information Connections for Sustainable Value Creation, the latest release in ACCA’s sustainability reporting research series.

Those that fail to do so are at risk of not being alert to challenges impacting their resilience and future survival, and could also miss good opportunities, says ACCA.

Unfortunately, connectivity for sustainability-related matters is not common practice among organizations in their corporate reporting activities, including the publication of annual reports. Frequently the connections are not communicated – risking poor-quality decision-making by all stakeholders. A survey of over 1,000 finance professionals from around the world (see notes to editors) revealed that only half (49%) of their organizations explain how sustainability is reflected in their operations and only 38% explain how they manage sustainability risks.

ACCA is recommending corporate disclosures built on the rules already laid down by the International Sustainability Standards Board (ISSB). This research has identified an opportunity for sustainable value creation by expanding the ISSB definition of connectivity and connected information to provide better information that will create more resilient business models.

Report author Sharon Machado, head of sustainable business at ACCA said: ‘Successful organisations have always worked to make connections but if we’re to make the progress on sustainability that the world needs then we’re calling on businesses to supercharge those connections. Currently, there is a real risk that progress will not be swift enough. Professional accountants are uniquely placed to connect sustainability-related information to financial information.’

The ISSB and some of ACCA’s network of business experts shared their valuable insights to help connect information for quality decision-making and sustainable value creation. Many of their recommendations call for professionals to leverage core ‘business as usual’ activities – but incorporate sustainability-related insights central to the organization’s survival.

The research was launched in the same month that ACCA was recognized with a special nomination in the international category of the UN Trade and Development (UNCTAD) International Standards of Accounting and Reporting (ISAR) Honours 2024. The award recognized ACCA’s 360-degree approach to building capacity for sustainable business through high-quality, connected sustainability and financial information. 

ACCA has shared the research and guidance it has produced on a range of sustainability issues at the COP29 climate summit in Azerbaijan.

The research includes real-life examples and suggested activities to help professional accountants become the connectors that organizations need to create sustainable value. Read the research on the ACCA website.

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MUMBAI: Since the Maharashtra State Government launched the Majhi Ladki Bahin Yojana in July 2024, Airtel Payments Bank has successfully enrolled over 4.5 lakh women in the initiative. Among these, 3.57 lakh accounts are linked to the Direct Benefit Transfer (DBT) system, with 2.75 lakh women already receiving their notified benefits. This achievement highlights the program’s substantial impact on financial inclusion for women across the state.

With its over 37,000 banking points across Maharashtra, including over 16,500 located in underserved and unbanked areas, Airtel Payments Bank is committed to ensuring that women from all walks of life can access essential banking services. Before the launch of the scheme, the average quarterly number of accounts opened for women users stood over 51,000. This surge in account openings since the scheme’s inception highlights the increasing engagement and empowerment of women in the financial sector.

The network of over 5,600 women banking correspondents (BCs) in Maharashtra has played a crucial role in reaching out to women, providing them with the support needed to open and maintain their bank accounts. By facilitating access to banking services, Airtel Payments Bank aims to empower women economically and socially.

Commenting on the success achieved so far, Ganesh Ananthanarayanan, Chief Operating Officer, of Airtel Payments Bank said, “Our commitment to empowering women financially aligns with our mission to promote inclusivity and self-reliance. We are dedicated to enhancing financial literacy and access for women across Maharashtra. At Airtel Payments Bank, we reaffirm its dedication to supporting women’s empowerment and contributing to the overall economic development of the State.”

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MUMBAI: Bank of Baroda, one of India’s most trusted banks with a wide international presence, today announced that the Bank has signed cricketing legend Sachin Tendulkar as the Bank’s Global Brand Ambassador. The strategic partnership between Sachin Tendulkar and the Bank of Baroda is built on a profound alignment of core values like excellence & trust. The partnership comes at an opportune time with the Bank of Baroda poised to script the next phase of its transformation journey as it pursues a faster growth trajectory, leveraging Sachin’s brand aura.

Bank of Baroda is launching its first campaign featuring Sachin called “Play The Masterstroke”. The campaign encourages people to play a masterstroke and score big to realize their financial aspirations by choosing a Bank that is trusted by millions and backed by a legacy of over a century.

With his mass appeal cutting across all corners of the country and encompassing India’s diverse demographics, Sachin will be positioned as Bank of Baroda’s Brand Ambassador featuring in all the Bank’s branding campaigns, consumer education & awareness programs on financial literacy & fraud prevention and customer & employee engagement programs. Bank of Baroda is present across 17 countries and Sachin as a global sporting icon will help elevate the Bank of Baroda brand in the international arena as well.

Commenting on the association, Shri Debadatta Chand, Managing Director & CEO, of Bank of Baroda said, “It is a moment of great pride for Bank of Baroda to announce Sachin Tendulkar, one of India’s sporting legends, as our global brand ambassador. Sachin is a global icon who has always led by example, inspiring us through his actions both on and off the field. Just as he has galvanized a nation through his remarkable career, the Bank of Baroda has been a trusted partner for millions across the country, enabling them to achieve their financial aspirations. Sachin represents the epitome of Leadership, Excellence, Trust, Consistency, and a Legacy that transcends generations – values that form the bedrock of Bank of Baroda’s century-long journey. We are excited to partner with Sachin and bring this association to life.”

The Bank also announced the launch of the ‘Bob Masterstroke Savings Account’, an exclusive savings bank account designed especially for clients desiring premium services. The ‘Bob Masterstroke Savings Account’, emphasizes best-in-class features, reliability, and long-term financial planning in its product construction and design.

Augmenting the Bank’s offerings for its high-end customers, the Bob Masterstroke account comes with several features such as a higher interest rate on account balances through the Flexi Fixed Deposit facility, concessional ROI on retail loans, the Bob World Opulence Visa Infinite Debit Card (Metal Edition) and a lifetime-free Eterna Credit Card (subject to eligibility). bob Masterstroke account holders will also receive priority banking/ wealth management consultations, higher cash withdrawal limits, and other exclusive perks. Customers have to maintain a Quarterly Average Balance of Rs 10 lakh in the account. 

Sharing his thoughts on the partnership, Sachin Tendulkar said, “I am happy to partner with Bank of Baroda, an organization which has evolved and continues to be relevant with the times. From its modest beginnings over a century ago, the Bank of Baroda has grown into a leading banking institution, built on the principles of excellence, integrity, and innovation. These values resonate with me, and I believe they are crucial for success in any endeavor. I look forward to a meaningful collaboration with Bank of Baroda.”

“Our aspiration is that every citizen of the country “Plays The Masterstroke” by choosing Bank of Baroda as their preferred banking partner,” added Shri Chand.

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MUMBAI: YES BANK, India’s sixth-largest private sector bank, has achieved a notable 20.9% year-on-year (Y-o-Y) growth in total deposits, reaching INR 2,65,072 crore as of Q1FY25. This significant growth reflects the strong trust and confidence that customers place in the Bank, emphasizing the successful turnaround that the Bank has scripted in the last four years. It also highlights the solid financial foundation and customer-focused strategies, that the Bank has implemented.

Amidst a challenging environment where the banking industry faces the task of balancing deposit growth with increasing credit demand, YES BANK has not only kept pace but has exceeded industry averages. This success aligns with the broader industry’s focus on deposit growth, as emphasized by recent regulatory guidance aimed at bolstering the financial resilience of the banking sector.

A key driver of YES BANK’s success has been its strategic emphasis on enhancing its low-cost deposit base. The Bank has seen a substantial improvement in its CASA (Current Account Savings Account) ratio, which increased to 30.8% in Q1FY25 from 29.4% in the same quarter of the previous year. This improvement is the result of the Bank’s focus on granular CASA deposits, leading to the addition of approximately 17 lakh new CASA accounts during FY2023-24. A 23% increase in CASA balances further strengthens the Bank’s low-cost deposit base, showcasing the effectiveness of its customer acquisition and retention efforts.

This strong performance is also supported by strategic investments in expanding the Bank’s distribution network. In FY2023-24, YES BANK opened 133 new branches in CASA-rich clusters, bringing its total to 1,453 outlets across various states and union territories. This expansion has allowed the Bank to offer a broad range of financial products, deepening customer engagement and driving deposit growth. As a result, the Bank has achieved a Compound Annual Growth Rate (CAGR) of 22.3% in branch banking-led deposits over the past two years, significantly outpacing the industry average of 11.9% and the 17.4% CAGR among private banks.

The Bank’s outperformance in deposit growth can be attributed to three key factors:

• Productivity Gains: Enhancing efficiencies within its existing and expanding franchise
• Acceleration in Customer Acquisition: A strong focus on acquiring high-value customers
• Rise in New Acquisition Value (NAV): Improving the quality and value of the deposit base

As YES BANK continues to build on this momentum, its focus remains on sustaining this growth by deepening customer relationships, expanding its product offerings, and ensuring that its deposit growth strategy stays aligned with evolving regulatory requirements and market conditions.

Looking ahead, this impressive deposit growth positions YES BANK for enhanced financial stability, increased lending capacity, and improved profitability will be the key drivers that will enable the Bank to capitalize on emerging opportunities and further strengthen its market presence in the years to come.

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INDIA: Tally Solutions, a leading name in the Business Management Software (BMS) industry, announces the launch of its new endeavor to educate over 6 lakh MSMEs in Pune and across Maharashtra about the benefits of the Account Aggregator (AA) Framework. The AA framework was launched by the Reserve Bank of India in the year 2016 to boost the open-banking ecosystem. Aligned with this, Tally launched its subsidiary, Tally Account Aggregator Services Pvt Ltd, with its product TallyEdge allowing users to effortlessly consolidate all their financial information from various financial entities in one place; with the capability to view or share that information securely, in real-time and only with their consent.

There are over 40 lakh MSMEs in Maharashtra registered with Udayam who can benefit from the account aggregator once on-boarded as part of their digital journey. Ensuring 100% secure digital data access, and consent-based data sharing with financial institutions, TallyEdge will help create easy access to the lending ecosystem and other financial services for these MSMEs. Industry projections indicate a significant credit gap of 25 trillion in the nation, with Maharashtra registering the highest debt demand at 20%. Tally aims to sensitise the MSME ecosystem and raise awareness about the benefits of AA, to mitigate this credit gap.

According to Samir Dixit, General Manager – West Zone, Tally Solutions, “As a key player in the Business Management Software (BMS) sector, we currently hold a 75% market share in the country and Maharashtra plays a significant role. With TallyEdge, our goal is to further extend our support to MSMEs facing challenges in accessing formal lending. In Pune, we are set to organize a series of awareness sessions in partnership with our allies and industry bodies in the coming months to promote an in-depth understanding of the AA framework and its potential for businesses”.

“With our commitment to further augment the MSME ecosystem, we aspire to onboard nearly 20 lakh businesses in India onto TallyEdge within the next 3 years. TallyEdge provides users with comprehensive control over their data, allowing them to effortlessly approve, reject, pause, or revoke any data-sharing requests. We are confident that through TallyEdge, we will not only strengthen the account aggregator ecosystem in the region but also empower more MSMEs to achieve their growth vision”, added Vikas Shetty, General Manager – Financial Services, Tally Solution.

In the initial phase, the awareness efforts will cascade through their extensive partner network in the region. Furthermore, the brand looks forward to partnering with large financial institutions to extend its reach. Through these efforts, Tally aims to make a substantial contribution to facilitating the formal lending journey of MSMEs.

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MUMBAI: Celebrating the newness of the year. DCB Bank, a new-generation private sector bank, is delighted to announce its latest offering, ’DCB Happy Savings Account.’ This innovative account is set to redefine the banking experience, making it both convenient and rewarding for its customers.

Account holders will now have the opportunity to enjoy cashback rewards on their eligible UPI debit transactions within India. The rewards can go as high as  Rupees 7,500 per financial year on eligible UPI transactions. UPI transactions are ubiquitous, therefore the more transactions an individual does via DCB Happy Savings Account, the more one stands to earn as cashback rewards. The minimum UPI transaction amount is just Rupees 500.

To keep the happiness flowing, account holders will need to maintain an average quarterly balance of Rupees 25,000 in their DCB Happy Savings Account.

The table below indicates the salient features of the scheme:

In addition to the enticing cashback rewards, DCB Happy Savings Account offers a host of benefits, including unlimited free access to all DCB Bank ATMs in India, free unlimited use of online RTGS, NEFT, and IMPS facilities, DCB Personal Internet Banking, and DCB Mobile Banking App.

“We are excited to introduce the DCB Happy Savings Account, a product that offers the best of both worlds—exciting cashback rewards and a seamless banking experience,” said Mr. Praveen Kutty, Head of Retail & Agri Banking at DCB Bank. “We believe this account will empower our customers to make the most of their everyday banking, with the potential to earn significant cashback while maintaining the required average quarterly balance. This is a testament to our commitment to providing innovative and rewarding banking solutions to our valued customers.“

It is important to note that the minimum Average Quarterly Balance (AQB) for the DCB Happy Savings Account is INR 10,000. To be eligible for cashback rewards, account holders must maintain an AQB of INR 25,000. Cashback for a specific quarter will be credited to the customer’s account in the first month of the following quarter, with a maximum cashback of INR 625 per month and INR 7,500 per year.

This exciting cashback offer is available to new customers as well as existing account holders who request for transfer of their account(s) from any other savings bank account type to DCB Happy Savings Account.

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As a part of its ongoing festive campaign, Bank of Baroda has tied up with leading consumer brands across categories such as Electronics, Consumer Durables, Travel, Food, Fashion, Entertainment, Lifestyle, Grocery, and Health, offering a host of attractive offers and discounts on Bank of Baroda Debit and Credit Cards. The festive campaign will run up to 31st December 2023.

Shri Ravindra Singh Negi, Chief General Manager – Retail Liabilities & NRI Business, Bank of Baroda, said, “We are pleased to introduce the BON LITE Savings Account, with the twin objective of bringing banking within reach with an account that is light on charges, while also delivering more joy to our customers this festive season. The account opens the doors to the formal banking ecosystem for a new generation of aspiring Indians and is aimed at fulfilling their hitherto unmet banking needs.“

To open a BOB LITE Savings account, customers can visit the nearest Bank of Baroda branch or click on https://bit.ly/bobLITE for digital account opening through Video KYC. For more details on the BOB LITE Savings account, click here.

Bank of Baroda, founded in 1908, is one of the leading commercial banks in India, majorly owned by the Government of India. The Bank serves its global customer base of ~165 million through over 70,000 touchpoints spread across 17 countries in five continents and through its various digital banking platforms.

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In one of the largest ever studies across the accountancy profession, ACCA’s (the Association of Chartered Certified Accountants) new annual Global Talent Trends Survey 2023 provides a unique and vital view of how people feel about their life at work. 

Over 8000 professional accountants from 148 countries including India were asked about the concerns they held around work in the future as well as aspirations for their careers. The survey also assessed key workplace issues such as employee engagement, well-being, and attitudes to technology adoption.  

Our research highlights a talent crunch for employers as they struggle to retain staff with big career mobility ambitions and an eye on their next role. In India, 53% expect to move to their next roles in the next 12 months, and a further 28% over the next two years. Meanwhile, the biggest worry for employees globally is workplace stress, as well as the impact of inflation on salaries.  

At a time of significant workforce change and a challenging global economic climate, our survey indicates that a career in accountancy remains a smart choice for those seeking long-term career prospects and possibilities to continually acquire new skills. The opportunity to acquire a professional qualification that affords cross-sectoral and international mobility further adds to the perception that choosing accountancy leads to a career with choices and flexibility. Seven key themes that emerged are:

1. The inflation crisis continues to fuel wage pressures and creates retention challenges. 
2. Hybrid working is a ‘work in progress’ in many countries, but India has adapted fast with 42% of respondents citing they have a hybrid working pattern. 
3. Addressing burnout has to be a priority with 62% of respondents in India wanting more help from their organizations to manage their mental health. 
4. Job mobility is driving a possible talent crunch for employers – globally 44% expect to move to their next role in 12 months, rising to 69% over the next two years. 
5. Technology is now seen to be empowering accountants to add value, but worldwide 42% suggest they feel overwhelmed by the sheer pace of change.  
6. Inclusion measures highly in India with 75% feeling their organizational culture is inclusive but concerns particularly by younger respondents are expressed on social mobility.
   1. Accountancy provides career security in turbulent times, with younger people prioritizing career development, financial reward, and money rather than broader ambitions to address wider social issues through the jobs they perform.  

Jamie Lyon, Head of Skills, Sectors, and Technology at ACCA said: “Employers are adapting and experimenting with new ways of working across the workforce. Career development and remuneration are the top two attraction factors to an organization, yet they’re also the two areas which have the most influence on employees’ decisions to leave.”  

Md. Sajid Khan, Director – India at ACCA said: “Attracting the next generation of talent to the accountancy profession is vital to healthy economies. ACCA’s inaugural annual talent trends survey ensures the voice of those studying and working in the profession in India is heard, and that the profession helps create a working environment where tomorrow’s talent wants to be.” 

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