HCLTech and MIT Technology Review Insights Stress Importance of Implementing Responsible AI Principles
NEW YORK and NOIDA, India, Jan 23, 2025—A study by HCLTech, a leading global technology company, and MIT Technology Review Insights has revealed that while 87% of business executives believe that responsible AI principles are critical to adopt, 85% of all the executives say they are not well prepared to implement them.
The findings reveal that despite the recognized importance of responsible AI, a significant gap exists between the acknowledgment of its importance and the ability to implement it effectively.
The challenges attributed to the adoption vs preparedness gap include:
On a more optimistic note, the study revealed that business executives plan to increase investments in building responsible AI in the next twelve months.
The report — Implementing Responsible AI in the Generative AI Age — was released at the sidelines of the World Economic Forum’s Annual Meeting in Davos. It outlines the key challenges faced by enterprises as they integrate responsible AI, with major concerns including bias and fairness, data privacy and security, compliance with regulations, operational disruptions and user adoption. The report also details how organizations can integrate responsible AI effectively and sustainably following best practices to enhance readiness.
The quantitative study is based on a survey of senior business leaders across multiple industries globally.
Some of the key report findings:
GenAI and AI-driven transformation are progressing from proof of concept to wider adoption, with executives acknowledging AI’s potential to drive productivity and innovation in key business functions like customer service, software development and marketing.
Responsible AI can provide competitive advantage. Most executives say their business will increase investments in building responsible AI in the next twelve months.
Agentic AI, which operates autonomously with minimal human involvement, is being adopted and gaining traction in lower-risk areas, such as IT operations, where it can work alongside humans.
While half of respondents are confident in managing operational risks, less than a quarter feel prepared to handle issues related to user adoption, change management and bias.
Steven Hall, President of Europe and Chief AI Officer of ISG, whose advisory firm covers the AI space and who was interviewed for the report, said that although we all know AI is the most influential change in technology today, there is still a huge disconnect on how to embrace it. “Everybody understands how transformative AI is going to be and wants strong governance, but the operating model and the funding allocated to responsible AI are well below where they need to be given its criticality to the organization.” Hall said.
According to Vijay Guntur, CTO & Head of Ecosystems, HCLTech, “AI can be a tremendous force of positive change in businesses and society at large, but its full potential can only be realized when it can be trusted.”
Guntur continued that to support responsible AI adoption, the ethical use of technology and to close the “readiness gap” to widespread adoption and implementation, HCLTech has several key recommendations.
First, companies should architect a robust responsible AI set of enterprise-guiding frameworks and capabilities that provide guardrails for trustworthiness, ethics, responsibility, safety and security, sustainability, regulatory compliance, change management and user empowerment.
Second, organizations should lean into their tech partner ecosystems to pilot, test and learn to bring the most appropriate technologies and best practices together to move at pace.
Third, establishing a dedicated team (or Center of Excellence) is advisable to act in a cross-functional driving role across the organization.
HCLTech recently established an Office of Responsible AI and Governance led by SMEs with experience on NIST frameworks, the Europe AI Act, ISO, risk and compliance, ethics and bias mitigation. This office drives co-innovation and the development of consulting capabilities and intellectual property solutions, with a focus on Responsible AI and partnerships.
Agilus Launches 3-Day Myeloid Malignancies Genomic Test
Delhi, 23nd January 2025: Agilus Diagnostics, India’s largest and most trusted diagnostic network, announces a ground-breaking achievement in genomic testing with its industry-leading 3-day turnaround time (TAT) for test results in myeloid malignancies.
The genomic testing market in India is experiencing rapid growth, driven by advancements in technology, increasing awareness, and the rising demand for personalized medicine. Currently valued at approximately USD 150 million, the market is projected to grow at a CAGR of over 15% in the next five years. Genomic testing is transforming cancer diagnostics by revolutionizing targeted therapy and personalized medicine. By providing actionable insights into an individual’s unique genetic profile, it enables clinicians to identify specific mutations, tailor treatment plans, and select therapies that offer the highest efficacy. As the future of cancer diagnostics, genomic testing empowers early detection, precise interventions, and better disease management, marking a significant shift in how cancer care is delivered. With these advancements, Agilus Diagnostics’ cutting-edge offerings place it at the forefront of this expanding market. By delivering unparalleled speed and precision, the company is well-positioned to capitalize on the growing demand for genomic testing in India, establishing itself as a leader in the space.
Next Generation Sequencing (NGS) is revolutionizing genetic testing by enabling precise, comprehensive analysis of genetic variations, empowering clinicians with actionable insights for personalized patient care. While genomic testing has traditionally been a lengthy process, often taking weeks to deliver results, Agilus Diagnostics has set a new benchmark by delivering individualized reports—meticulously crafted by expert molecular pathologists—in just three days (for myeloid malignancies). This rapid turnaround ensures faster clinical decision-making, ultimately improving patient outcomes and setting us apart as leaders in precision diagnostics.
The Myeloid Genomics Testing and Precision Assay is designed to offer faster, more precise insights into cancer and myeloid disorders. The Myeloid Genomics Testing covers 79 genes, including those linked to inherited risks, to detect key genetic changes like mutations and fusions. This enables personalized treatment recommendations for conditions like Acute Myeloid Leukemia (AML) and Myeloproliferative Neoplasms (MPN). Reports are reviewed by expert pathologists and include internationally recognized risk assessment tools and therapy suggestions tailored to the patient.
The Genomic Profiling Precision Assay provides comprehensive genomic profiling for cancers like lung, colon, breast, and melanoma by analyzing 50 critical genes. It identifies mutations, amplifications, and fusion genes, offering actionable insights for targeted treatments. With optimized panels for tissue and blood samples, the test ensures accurate results within 2 days for liquid biopsy samples and 7 days for tissue block samples, making it a powerful tool for precision medicine.
“Our 3-day genomic testing initiative for myeloid malignancies addresses one of the biggest challenges in precision oncology —Time. With this breakthrough, Agilus Diagnostics is not only setting a new industry standard but also transforming patient care by enabling faster diagnoses and treatment,” said Dr. Anand K, Managing Director & CEO of Agilus Diagnostics.
Currently, the labs in the genomic testing space often take up to 2 -3 weeks to deliver results for myeloid malignancies, which can delay critical clinical decisions. In contrast, Agilus Diagnostics’ rapid testing approach significantly shortens the diagnostic timeline, reducing hospital visits and enhancing the patient experience.
Driving Global Standards in Genomic Testing
Agilus Diagnostics’ commitment to speed and precision extends beyond technological advancements. The company ensures that every report is individualized, with expert molecular pathologists meticulously interpreting results. This personalized reporting approach ensures that physicians receive not just data but clinically actionable insights that support timely and effective patient management.
Agilus Diagnostics is setting new benchmarks in genomic testing, aligning with global standards in personalized medicine. The combination of advanced technology, rapid turnaround times, and expert oversight positions the company as a leader in precision diagnostics. By offering unparalleled speed, accuracy, and patient-focused care, Agilus Diagnostics reaffirms its commitment to bringing world-class diagnostic services to India.
“With our advanced genomic testing capabilities, we aim to provide clinicians with the tools they need to make timely, informed decisions. This not only improves outcomes but also sets a new benchmark for the healthcare industry in India,” added Dr. Anand K.
Tech for Automotive Circularity Takes Center Stage at SIAM’s 3rd International Conference
The Society of Indian Automobile Manufacturers (SIAM), the apex body representing the country’s leading automobile manufacturers, hosted the 3rd International Conference on Sustainable Circularity (ICSC) at Bharat Mandapam, New Delhi, on the sidelines of Bharat Mobility Global Expo 2025. Theme ‘Nature Positive Recycling – Systemic Transformation to Automotive Circular Economy in India’, the conference emphasised the need for systemic transformation through regulatory frameworks, technological advancements and collaborative efforts across stakeholders, underscoring India’s potential to lead global efforts in sustainable automotive practices.
Bhupender Yadav, Union Minister of Environment, Forest & Climate Change, Government of India, who was the Chief Guest during the inaugural session of the conference, launched the SIAM Strategy Paper ‘Towards Circular Future in the Indian Automobile Industry: Integrating EPR Regime in Waste Stream Regulations’ and said, “As the automotive industry observes a notable growth, it is imperative to reflect on our environmental obligations. Nature, with its innate capacity for regeneration, serves as an exemplar for our operational strategies. Our focus extends beyond mere waste management to stimulating economic development, diminishing emissions and cultivating societal advancements through the promotion of green jobs. Initiatives such as the Vehicle Scrappage Policy 2021 and the endorsement of electric vehicles manifest our commitment to sustainable practices. As we navigate towards a circular economy, our actions must be guided by a steadfast dedication to environmental integrity and ecological stewardship. SIAM has done an admirable job of initiating discussions on circularity which showcases its commitment to the growth of the automotive sector and promoting India’s green goals.”
SIAM organised panel discussions centred on the vital topic of ELV recycling, covering themes such as the Impact of EPR on ELV Recycling and Compliance, Regulatory & Policy Challenges in ELV Recycling, Harnessing Technologies and Business Models, and Closing the Loop on Automotive Materials. These sessions united policymakers, industry leaders, and technology experts to explore key aspects of ELV recycling, including regulatory frameworks and technological innovations, promoting dialogue for advancing sustainable circularity.
A handbook on “Automotive Circularity in India: Unlocking a Sustainable Future” co-created by SIAM and Recykal was unveiled by Mr Mahmood Ahmed, Additional Secretary, Ministry of Road Transport & Highways in the presence of Mr Prashant K Banerjee, Executive Director, SIAM, Mr Timo Unger, Chairperson, ACEA, Mr Sanjay Mehta, President, Material Recycling Association of India, Mr A L N Rao, Circularity Head, Recykal, Mr Rajesh Menon, Director General, SIAM, Mr Arvind Kumar Nautiyal, Joint Secretary & Member Secretary, CAQM, Mr Vikram Kasbekar, Executive Director & CTO, Hero MotoCorp, and Mr Anandkumar M S, Senior General Manager & Head, TVS Motor Company. The handbook outlines a visionary approach to reimagining the automotive value chain. It offers practical insights and sustainable innovations, addressing challenges like material procurement and end-of-life vehicle management. It also provides a strategic roadmap for transitioning India’s mobility sector from linear to circular models, paving the way for a more sustainable future.
Rajendra M Petkar, President and CTO, Tata Motors Ltd and Chairperson, SIAM Sustainable Mobility Group, R K Goyal, Director, Saarloha Advanced Materials and Managing Director, Kalyani Steel, Sonal Choithani, Vice President and Head of Market Development, Vedanta, Sosho Kitajima, Chairman, Japan Automobile Recycling Alliance (JARA), R Mukhopadhyay, Director (R&D), J K Tyres, David Nolan, Executive Director, Auto Recycler Association of Australia, Sarvesh Tomar, General Manager, BPCL, Prabhjot Sodhi, Sr Programme Director, CEE, Sujit Kumar Bajpayee, Member, Commission for Air Quality Management (CAQM), Ashim Sharma, Senior Partner, NRI Consulting & Solutions, Vinod Babu, Director, CPCB, Masaru Akaishi, Managing Director, Maruti Suzuki Toyotsu India Pvt Ltd, Kartick Nagpal, President, Rosmerta, Nitin Chitkara, CEO, Meta Material Circular Markets (MMCM), Prabhakar Bhangare, CEO, Global PCCS, Anant Bhargava, IFP Petro, Ved Prakash Mishra, Joint Secretary – HSM, MoEFCC, Government of India, Kiran Sarkar, Co-Chairperson, SIAM Recycling and Material Groups and Head – Sustainability, Mahindra & Mahindra, Likith Koundinya, Consulting Specialist, S&P Global, Anand Kumar, Director, CPCB, Sumit Agrawal, Director, BigMint Technologies Pvt Ltd (SteelMint), Dr Rashi Gupta, Founder & MD, Vision Mechatronics, V Manjunath, Regional Standards Manager – South Asia and Sub-Saharan Africa, UL Standards & Engagement Inc. (ULSE) also participated in the conference addressing the challenges and potential solutions for the adoption of formal circular economy practices.
NMIT Teams Triumph at Eco-Avengers 2025, A National Sustainability Competition, Securing First Place and Multiple Top Rankings
Bengaluru, 23rd January — Students from Nitte Meenakshi Institute of Technology (NMIT) have clinched first place at Eco-Avengers 2025, a prestigious National Level Sustainability Pitch Battle competition. The event, organized by Mount Carmel College and EIMR Business School, Bengaluru, was held recently, showcasing innovative solutions for environmental challenges.
The winning team, TEAM BOREAS, comprising Tanush SN, Kevin Joseph, Abhay PS, Jeevan S, and Sathvi Nagaraj, impressed the panel of distinguished judges, including Supriya Panchangam, CEO at The Future Founders Co. and Rohan Subash, Sustainability Education at The Futures Founders Co. with their innovative project: a low cut-in speed Eco-Friendly Dual-Axis Wind Turbine (DAWT). Their innovation stands out for its sustainable design, incorporating recyclable materials and advanced features that maximize energy output while minimizing environmental impact.
Under the exceptional guidance of Dr. L. Harish Kumar, Associate Professor, Department of Mechanical Engineering, NMIT, three teams from the institution qualified for the finals, with all three securing positions in the top five. The other two finalist teams, TEAM HORUS and TEAM TRYDAN presented innovative projects on solar electric vehicles and eco-friendly automobile body panels, respectively.
Speaking about the student’s achievement Dr. L. Harish Kumar, NMIT said, “This achievement reflects our institution’s commitment to promoting sustainable innovation. “Our students have demonstrated exceptional creativity and technical expertise in developing solutions that address critical environmental challenges.”
The winning project demonstrated several notable sustainable features. It incorporated recyclable materials in its key components, while achieving enhanced energy efficiency even at low wind speeds. The design successfully reduces its carbon footprint and employed a modular approach that facilitates easy maintenance. During operation, the project maintained minimal environmental impact, making it an environmentally responsible solution.
This victory marks a significant milestone for NMIT, highlighting the institution’s dedication to sustainability and innovation in engineering education. The comprehensive eight-month mentorship provided by Dr. Harish Kumar, which included technical guidance, training sessions, and pitch preparation, played a crucial role in the teams’ success.
Adani Says No To Star-Studded Wedding
Prayagraj: 23nd January, 2025: Industrialist Gautam Adani today scorched soaring speculation and buzzing social media rumours that his son Jeet’s upcoming wedding is going to be an extravagant spectacle.
Responding to a media question at Prayagraj if the wedding were going to be a “Maha Kumbh of celebrities,” the billionaire said, “Definitely not!”
In recent days, social media has been awash in reports that a pantheon of global stars and celebrities would be attending Jeet Adani’s wedding with Diva Shah, daughter of Surat diamond merchant Jaimin Shah. The guest names included Elon Musk, Bill Gates, Mark Zuckerberg, Daniel Craig, Taylor Swift, Justin Bieber, Kanye West, the Kardashian sisters, Rafael Nadal, Diljit Dosanjh, Sundar Pichai, Satya Nadella, Billie Eilish, Coldplay and even King Charles and the Pope. Some social media users also said that the India-England ODI at the Motera stadium had been moved to accommodate the wedding, which was expected to feature 1,000 super cars, hundreds of private jets and chefs from 58 countries at a cost of over Rs 10,000 crore.
Speaking after performing the Ganga Aarti with his family at Prayagraj’s Triveni Sangam, Adani said, “My upbringing and our way of doing things are that of a common person from the working class. Jeet too is here for Ma Ganga’s blessings. The wedding will be a simple and traditional family affair.”
Gautam Adani’s announcement that his son’s wedding on 7 February would be a low-key private ceremony in Ahmedabad came during his visit to the Maha Kumbh Mela in Prayagraj. He was accompanied by his wife Dr Priti Adani, sons Karan and Jeet, daughter-in-law Paridhi and granddaughter Kaveri. At the Maha Kumbh, the Adani family offered prayers at the Lete Hanuman Temple after participating in the Mahaprasad Seva at ISKCON, where Adani is supporting the distribution of over one lakh free meals daily. Adani is also giving away one crore prayer books printed by the renowned Gita Press of Gorakhpur.
Calling the Maha Kumbh Mela “an indescribable experience,” the industrialist lavished praise on the Modi and Yogi governments for the arrangements, especially policing and sanitation, and said that the Mela’s successful administration should be studied by management institutes and corporate houses.
Milann Fertility Center Bengaluru Successfully Manages Safe Delivery for High-Risk Pregnancy
Pregnancy causes stress on the heart and circulatory system because the blood volume rises from 30% to 50%, which puts more strain on the heart valve. In India, congenital heart disease and rheumatic heart disease are the most prevalent forms of heart illness during pregnancy. Preeclampsia, anaemia, premature labour, and intrauterine foetal development restriction are among the obstetric problems that frequently affect pregnant women with heart disease.
“Mrs. Sohini (Name Changed), a 35-year-old woman who had been married for ten years, had a history of rheumatic heart disease. In 2006, she had to have a prosthetic valve placement because of blockage of a heart valve. Although this valve replacement saved her life, there were still concerns, such as the possibility of infection and clot development. She had to be on high-dose of blood thinners for that. She consulted Infertility specialist for pregnancy. While being evaluated for fertility concerns, she became pregnant naturally. Unfortunately, 10 weeks into her natural pregnancy, she miscarried. She underwent minor surgery for termination of pregnancy. Even after carefully following her cardiologist’s advice, she had valve obstruction, which required a second replacement procedure,” shared Dr. Varini N, Senior Consultant – Obstetrician and Gynaecologist, Milann Fertility Center, Bengaluru.
“Due to her cardiac disease and the usage of blood thinners, Mrs. Sohini’s current pregnancy was deemed high-risk. This presented two-fold challenges: managing the risk of bleeding that could endanger the baby while preventing clots to protect her heart. She was sent to the Milan Maternal-Fetal Medicine (MFM) department for specialized care at 10 weeks,” added Dr. Varini.
What is Rheumatic heart disease?
As a result of rheumatic fever, the heart valves become permanently damaged, leading to rheumatic heart disease. In the early stages of the disease, rheumatic heart disease usually shows no symptoms. Shortly after a childhood streptococcal infection that is either untreated or inadequately treated, heart valve damage may begin. Of greater significance, rheumatic heart disease continues to rank among the world’s most common causes of maternal cardiac problems during birth. Pregnant patients who have received inadequate or no treatment are at a greater risk of developing heart failure, and abortion is strongly advised.
Fever, lumps under the skin (nodules), a raised red rash, weakness, exhaustion, shortness of breath, chest pain, and swollen, tender, and painful joints—especially in the knees and ankles—are all typical indications and symptoms of rheumatic heart disease. Sudden cardiac death could result if treatment is not received for an extended length of time.
Rheumatic Heart Disease and Pregnancy Risks
During pregnancy, the blood volume increases which puts extra strain on heart valves. In women with rheumatic heart disease, this heightened pressure on damaged valves raises the risk of severe complications, including maternal and fetal death, preterm delivery, and heart failure around delivery.
Because she needed blood thinners and was at risk for pre-eclampsia, Mrs. Sohini’s pregnancy was high risk. The hazards associated with stopping or continuing the medicine were substantial, requiring careful monitoring of the fetal growth and the mother’s heart health. To control bleeding risks, an elective C-section was carefully arranged at 37 weeks. Blood components were ready, and twelve hours before surgery, her blood thinners were stopped. Six hours after the surgery, she resumed taking blood thinners, and the baby, weighing 2.8 kg, was born healthy. She spent 24 hours in the high-dependency unit before moving to the ward and was released on the fourth day. Mother and child had a full and trouble-free recovery.
Viva Brings India’s First Pre-Coated Solid Aluminium Panels for Hassle-Free Installation
Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP), a pioneer in innovative building materials, proudly unveiled SOLID X—India’s first pre-coated ready-to-install solid aluminium panels—at the prestigious BAU Expo in Germany. This groundbreaking product marks a new era in architectural design, combining unmatched strength, versatility, and sustainability to redefine modern facades and interiors. With decades of expertise in the building materials industry, Viva continues to push the boundaries of innovation, offering a product that not only elevates durability and aesthetic appeal but also champions eco-conscious manufacturing.
SOLID X aluminium panels are engineered to deliver exceptional performance, setting new benchmarks in architectural materials. With a fire rating of A1, the highest classification for non-combustible materials, and a weather-resistant PVDF coating, these panels ensure long-lasting beauty and safety. Designed with parallel flatness to minimize internal stress, they provide sleek aesthetics and superior load-bearing capacity, making them ideal for wider spans and greater design flexibility. The lightweight yet strong composition facilitates easy installation, while customizable textures and colors cater to diverse architectural visions.
The panels are a testament to sustainability, produced using eco-friendly practices that result in a low carbon footprint. Viva’s commitment to durability is backed by a 15-year warranty, offering long-term performance and peace of mind. Features like scratch resistance, antimicrobial silver-ion coating, and self-cleaning properties further enhance the value of SOLID X, making it a perfect choice for both functional and aesthetic applications.
Mr. Mayank Jain, Director of Viva Composite Panel Pvt. Ltd., said, “The launch of SOLID X at BAU marks a significant milestone for Viva as we introduce India’s first pre-coated ready-to-install solid aluminium panels to the global stage. SOLID X reflects our commitment to innovation, sustainability, and excellence, offering architects and designers a revolutionary material that combines unmatched durability, aesthetic versatility, and eco-conscious manufacturing. This is not just a product—it’s a promise to redefine the future of facades and interiors worldwide.”
Viva SOLID X panels are versatile and can be seamlessly integrated into various spaces, including commercial environments like corporate offices, retail stores, and malls; residential properties such as high-rise buildings, apartments, and villas; and public infrastructure, including airports, metro stations, and stadiums.
With SOLID X, Viva has introduced a product that redefines facades and interiors while setting a benchmark for sustainable architecture. By launching this transformative innovation at BAU, Viva underscores its position as an industry leader committed to driving the future of building materials.
HDFC Bank’s Indian GAAP Financial Results for the Quarter and Nine Months Ended December 31, 2024
The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2024, at its meeting held in Mumbai on Wednesday, January 22, 2025. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.
CONSOLIDATED FINANCIAL RESULTS:
The Bank’s consolidated net revenue was ₹ 652.8 billion for the quarter ended December 31, 2024. The consolidated profit after tax for the quarter ended December 31, 2024 was ₹ 176.6 billion. The consolidated PAT adjusted for trading & mark to market gains, prior year one-off provisions and prior year tax credits, grew by 13.1%. The consolidated PAT for the nine months ended December 31, 2024 was ₹ 519.6 billion. Earnings per share for the quarter ended December 31, 2024 was ₹ 23.1 and book value per share as of December 31, 2024 was ₹ 656.6.
STANDALONE FINANCIAL RESULTS:
Profit & Loss Account: Quarter ended December 31, 2024
The Bank’s net revenue grew by 6.3% to ₹ 421.1 billion for the quarter ended December 31, 2024 from ₹ 396.1 billion for the quarter ended December 31, 2023.
Net interest income (interest earned less interest expended) for the quarter ended December 31, 2024 grew by 7.7% to ₹ 306.5 billion from ₹ 284.7 billion for the quarter ended December 31, 2023. Core net interest margin was at 3.43% on total assets, and 3.62% based on interest earning assets.
Other income (non-interest revenue) for the quarter ended December 31, 2024 was ₹ 114.5 billion as against ₹ 111.4 billion in the corresponding quarter ended December 31, 2023. The four components of other income for the quarter ended December 31, 2024 were fees & commissions of ₹ 81.8 billion (₹ 69.4 billion in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 14.0 billion (₹ 12.1 billion in the corresponding quarter of the previous year), net trading and mark to market gain of ₹ 0.7 billion (gain of ₹ 14.7 billion in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend of ₹ 17.9 billion (₹ 15.2 billion in the corresponding quarter of the previous year).
Operating expenses for the quarter ended December 31, 2024 were ₹ 171.1 billion, an increase of 7.2% over ₹ 159.6 billion during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 40.6%.
Provisions and contingencies for the quarter ended December 31, 2024 were ₹ 31.5 billion as against ₹ 42.2 billion for the quarter ended December 31, 2023.
Profit before tax (PBT) for the quarter ended December 31, 2024 was at ₹ 218.5 billion. Profit after tax (PAT) for the quarter was at ₹ 167.4 billion. PAT, adjusted for trading & mark to market gains, prior year one-off provisions and prior year tax credits, grew by 13.6% over the quarter ended December 31, 2023.
Balance Sheet: As of December 31, 2024
Total balance sheet size as of December 31, 2024 was ₹ 37,590 billion as against ₹ 34,926 billion as of December 31, 2023.
The Bank’s average deposits were ₹ 24,528 billion for the December 2024 quarter, a growth of 15.9% over ₹ 21,171 billion for the December 2023 quarter, and 4.2% over ₹ 23,540 billion for the September 2024 quarter.
The Bank’s average CASA deposits were ₹ 8,176 billion for the December 2024 quarter, a growth of 6.0% over ₹ 7,711 billion for the December 2023 quarter, and 1.1% over ₹ 8,084 billion for the September 2024 quarter.
Total EOP Deposits were at ₹ 25,638 billion as of December 31, 2024, an increase of 15.8% over December 31, 2023. CASA deposits grew by 4.4% with savings account deposits at ₹ 6,056 billion and current account deposits at ₹ 2,671 billion. Time deposits were at ₹ 16,911 billion, an increase of 22.7% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 34.0% of total deposits as of December 31, 2024.
The Bank’s advances under management, on an average basis, were ₹ 26,276 billion for the December 2024 quarter, a growth of 7.6% over ₹ 24,414 billion for the December 2023 quarter, and a growth of 2.5% over ₹ 25,639 billion for the September 2024 quarter.
Gross advances were at ₹ 25,426 billion as of December 31, 2024, an increase of 3.0% over December 31, 2023. Grossing up for transfers through inter-bank participation certificates, bills rediscounted and securitisation / assignment, advances under management grew by 6.1% over December 31, 2023. Retail loans grew by 10.0%, commercial and rural banking loans grew by 11.6% and corporate and other wholesale loans were lower by 10.4%. Overseas advances constituted 1.8% of total advances.
Nine months ended December 31, 2024
For the nine months ended December 31, 2024, the Bank earned a total income of ₹ 2,566.6 billion as against ₹ 2,179.4 billion in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2024 were ₹ 1,242.1 billion, as against ₹ 1,105.3 billion for the nine months ended December 31, 2023. Profit after tax for the nine months ended December 31, 2024 was ₹ 497.3 billion, up by 12.3% over the corresponding nine months ended December 31, 2023.
Capital Adequacy:
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 20.0% as on December 31, 2024 (18.4% as on December 31, 2023) as against a regulatory requirement of 11.7%. Tier 1 CAR was at 18.0% and Common Equity Tier 1 Capital ratio was at 17.5% as of December 31, 2024. Risk-weighted Assets were at ₹ 25,305 billion.
NETWORK
As of December 31, 2024, the Bank’s distribution network was at 9,143 branches and 21,049 ATMs across 4,101 cities / towns as against 8,091 branches and 20,688 ATMs across 3,872 cities / towns as of December 31, 2023. 51% of our branches are in semi-urban and rural areas. In addition, we have 15,196 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,10,219 as of December 31, 2024 (as against 2,08,066 as of December 31, 2023).
ASSET QUALITY
Gross non-performing assets were at 1.42% of gross advances as on December 31, 2024 (1.19% excluding NPAs in the agricultural segment), as against 1.36% as on September 30, 2024 (1.19% excluding NPAs in the agricultural segment), and 1.26% as on December 31, 2023 (1.11% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.46% of net advances as on December 31, 2024.
SUBSIDIARIES
Amongst the Bank’s key subsidiaries, HDFC Life Insurance Company Ltd and HDFC ERGO General Insurance Company Ltd prepare their financial results in accordance with Indian GAAP and other subsidiaries do so in accordance with the notified Indian Accounting Standards (‘Ind-AS’). The financial numbers of the subsidiaries mentioned herein below are in accordance with the accounting standards used in their standalone reporting under the applicable GAAP.
HDB Financial Services Ltd (HDBFSL), is a non-deposit taking NBFC in which the Bank holds a 94.5% stake. For the quarter ended December 31, 2024, HDBFSL’s net revenue was at ₹ 25.0 billion. Profit after tax for the quarter ended December 31, 2024 was ₹ 4.7 billion compared to ₹ 6.4 billion for the quarter ended December 31, 2023. Profit after tax for the nine months ended December 31, 2024 was ₹ 16.5 billion. The total loan book was ₹ 1,021 billion as on December 31, 2024. Stage 3 loans were at 2.25% of gross loans. Total CAR was at 19.2% with Tier-I CAR at 14.4%.
HDFC Life Insurance Company Ltd (HDFC Life), in which the Bank holds a 50.3% stake, is a leading life insurance solutions provider. Profit after tax for the quarter ended December 31, 2024 was ₹ 4.1 billion compared to ₹ 3.7 billion for the quarter ended December 31, 2023, a growth of 13.7%. Profit after tax for the nine months ended December 31, 2024 was ₹ 13.3 billion.
HDFC ERGO General Insurance Company Ltd (HDFC ERGO), in which the Bank holds a 50.5% stake, offers a range of general insurance products. Profit after tax for the quarter ended December 31, 2024 was ₹ 1.0 billion, as against profit after tax of ₹ 1.3 billion for the quarter ended December 31, 2023. Profit after tax for the nine months ended December 31, 2024 was ₹ 4.3 billion.
HDFC Asset Management Company Ltd (HDFC AMC), in which the Bank holds a 52.5% stake, is the Investment Manager to HDFC Mutual Fund, and offers a comprehensive suite of savings and investment products. For the quarter ended December 31, 2024, HDFC AMC’s Quarterly Average Assets Under Management were approximately ₹ 7,874 billion. Profit after tax for the quarter ended December 31, 2024 was ₹ 6.4 billion compared to ₹ 4.9 billion for the quarter ended December 31, 2023, a growth of 31.0%. Profit after tax for the nine months ended December 31, 2024 was ₹ 18.2 billion.
HDFC Securities Ltd (HSL), in which the Bank holds a 94.6% stake, is amongst the leading broking firms. For the quarter ended December 31, 2024, HSL’s total revenue was ₹ 7.9 billion. Profit after tax for the quarter ended December 31, 2024 was ₹ 2.7 billion, as against ₹ 2.3 billion for the quarter ended December 31, 2023, a growth of 16.0%. Profit after tax for the nine months ended December 31, 2024 was ₹ 8.7 billion.
BIMTECH Launches India’s First Blockchain Campus Currency
Greater Noida, 23nd January 2025:Birla Institute of Management Technology (BIMTECH), one of India’s leading business schools, proudly introduces its futuristic blockchain-based digital currency, ‘BIMCOIN.’ Specifically designed for BIMTECH’s ecosystem, BIMCOIN facilitates secure, transparent, and instant transactions among students, vendors, and administrators through a permissioned blockchain platform. Following IIT Madras, BIMTECH becomes India’s first business management institute to launch BIMCOIN—ushering fintech innovation in education. BIMTECH and Kalp Decentra Foundation joined forces to launch a cutting-edge Blockchain Learning Centre on campus.
Walking on the path towards the Viksit Bharat 2047 initiative draws inspiration from the Central Bank Digital Currency (CBDC) model and the growing need to merge blockchain technology into real-world plots. Unlike traditional systems, BIMCOIN operates on a blockchain, offering decentralization, transparency, and programmable features like smart contracts.
BIMCOIN streamlines payments, promotes transparency, and introduces advanced financial tools, ensuring enhanced security, fraud protection, and ethical practices. More than a payment solution, BIMCOIN serves as an educational tool, providing students with hands-on experience in blockchain technology, digital currencies, and real-world financial systems.
Dr. Prabina Rajib, Director, BIMTECH, said, “BIMCOIN is more than a payment solution, it is an educational instrument that facilitates our students with practical experience in blockchain technology and digital currencies, shaping their readiness for careers in fintech. This is a significant step in nurturing a culture of innovation and preparing future leaders to thrive in a digital economy. Aligning with Digital India Vision, the digital money leverages permissioned technology with advanced encryption, strict access controls, and data privacy protocols, ensuring the highest security standards.”
The pilot phase was a remarkable success, completing over 1,100 seamless transactions. Challenges, such as technical integration and user onboarding, were addressed through iterative testing and user training. The next phase includes additional rounds of close-net testing before campus-wide implementation. BIMTECH also plans to incorporate this technology into its academic syllabus through courses on blockchain, fintech, and digital innovation, further reinforcing its commitment to advancing education in financial technologies.
Inspired by its founders Late Basant Kumar Birla and Sarala Birla, BIMTECH pioneered innovative programs like PGDM, PGDM-International Business (IB), PGDM-Retail Management (RM), and PGDM-Insurance Business Management (IBM), nurturing individuals into global leaders. Also, BIMTECH is now AACSB accredited, joining the Ivy League of Top Globally Recognized B-Schools. Fostering a symbiotic relationship, the institute excels in management education, supported by its globally placed robust alumni network of over 8000 individuals.
Zydus Receives USFDA Orphan Drug Status for Usnoflast
Ahmedabad, India, January 23, 2025
Zydus, a leading, discovery-based, global pharmaceutical company today announced that the USFDA has granted Orphan Drug Designation (ODD) to Usnoflast, a novel oral NLRP3 inhibitor, for the treatment of amyotrophic lateral sclerosis (ALS). The USFDA’s Office of Orphan Drug Products grants orphan status to support development of medicines for the treatment of rare diseases that affect fewer than 200,000 people in the United States.
Speaking on the development, Chairman of Zydus Lifesciences Limited, Pankaj Patel, said, “This Orphan Drug Designation from the USFDA underlines the urgent need to develop Usnoflast to address Amyotrophic Lateral Sclerosis (ALS), which is a fatal neurodegenerative disease. Zydus is committed to unlocking new frontiers in neuroscience and develop Usnoflast for patients with ALS.”
People living with ALS have an average survival of approximately two to five years from diagnosis, with most ALS patients dying from respiratory failure. ALS patients experience neuroinflammation and rapid neurodegeneration. Axonal neurodegeneration leads to formation of neurofilaments which first accumulate in CSF of ALS patients, and then slowly these neurofilaments enter blood circulation. Owing to rapid neurodegeneration, steady loss of the ability to move, speak, eat, eventually breathe, paralysis and death have been reported in ALS patients. ALS affects approximately 32,000 people in the U.S.A and on an average 5,000 new patients are diagnosed every year with this disease in USA as per statistics from Centre for Disease Control and Prevention (CDC). More than 30,000 people are estimated to be living with ALS in Europe (European Union and United Kingdom), while India has an estimated 75,000 people living with ALS.
Usnoflast (ZYIL1) is a novel, oral small molecule NLRP3 inhibitor. Usnoflast has been studied in several pre-clinical models of neuroinflammation, Parkinson’s disease, Inflammatory Bowel Disease (IBD) and Multiple Sclerosis (MS). The USFDA has earlier granted Zydus an ‘Orphan Drug Designation’ for Usnoflast to treat patients with Cryopyrin Associated Periodic Syndrome (CAPS), a rare auto-inflammatory disease. Zydus has previously completed a Phase 2(a) randomized, double-blind, placebo controlled clinical trial in 24 ALS patients across 7 clinical trial sites in India. [ClinicalTrials.gov Identifier: NCT05981040]. It is planned to present this Phase 2(a) trial data in upcoming medical conference and publish in medical journal. Zydus has recently received approval from USFDA to initiate a randomised, double blind, placebo- controlled Phase 2(b) clinical trial for Usnoflast in patients with Amyotrophic Lateral Sclerosis (ALS).