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Amazon India steps up to help small businesses amid Covid surge
New Delhi: As the country battles the devastating onslaught of the novel Coronavirus, Amazon India has rolled out a slew of measures for small and medium businesses to help them wade through the crisis.
The e-commerce major said it will waive 50 per cent of the ‘sell-on-amazon’ or ‘referral fee’ from 1-31 May for sellers who have had an average monthly gross merchandise sale (GMS) of Rs 10,000 or below across January, February, and March 2021. It will also reimburse storage fees and long-term storage fees charged for keeping sellers’ products at its warehouses for merchants based out of non-serviceable pin codes.
“Never has it been more important to stand with small businesses and we wanted to do our part to help our sellers tide through these tough times. We hope our initiatives, which include fee waivers, policy relaxations, and vaccination support, will be of help to our sellers at this time,” tweeted Amazon India vice president Manish Tiwari.
Amazon India has over 8.5 lakh sellers on its platform. It has recently announced its decision to cover the Covid2019 vaccine costs for its eligible sellers and their dependents.
The etailer said it will temporarily relax the claim windows for various types of reimbursements that the sellers file for 30 days. It will also take steps to mitigate any negative impact on sellers’ performance metrics due to defaults caused by the pandemic and the resulting restrictions in several states, on the sellers’ account health.
“We are also working to relax our policies regarding late shipment rate, order cancellation, and returns to better support our sellers during this period,” said Tiwari in a blog post.
India on Sunday recorded a massive surge of 3.92 lakh new Covid2019 cases and as many as 3,689 deaths from across the country. While the government has announced the beginning of phase-3 of the vaccination drive, the process remained suspended in several states due to a shortage of vaccines for the 18-44 years age group.
Amazon India said the lockdowns and curfews announced in different states to tackle the situation continues to impact its businesses, even though the e-commerce companies have been allowed to operate. The government has allowed the delivery of only essential items like groceries and medicines.
Amazon India works with more than 10 lakh small and mid-size businesses (SMBs) including sellers, delivery and logistics partners, neighbourhood stores, enterprises, developers, content creators, and authors in the country.
“Our number one priority right now is to help save lives and extend support communities across the nation including our employees, sellers, delivery associates, other partners, and their dependents in this time of crisis,” said Tiwari.
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HSBC names Gautam Anand to head global India private banking unit
The bank taps a 25-year veteran to run its franchise as the war for wealthy NRI clients heats up
MUMBAI: HSBC has handed Gautam Anand the keys to its global India private banking business, betting that a seasoned operator can squeeze more out of one of the world’s most lucrative pools of offshore wealth.
Anand, who joined HSBC Private Bank in December 2023 as global co-ordinator for Global India, the Middle East, North Africa and Europe, steps up to lead the franchise outright. He will run the operation across India and its key international outposts in Dubai, Hong Kong, Singapore and the United Kingdom, putting him squarely in the middle of the corridors through which Indian money flows abroad.
The appointment is a signal of intent. HSBC only launched its global private banking business in India in 2023, pitching hard at high-net-worth and ultra-high-net-worth clients as part of a broader assault on Asian wealth management. The bank now wants Anand to turn that beachhead into a fortress.
He comes well-armed. Before HSBC, Anand clocked time at UBS, Credit Suisse, ANZ and ABN Amro, a CV that reads like a roll-call of the banks that have long competed to manage the fortunes of India’s affluent diaspora.
With Indian wealth exploding at home and spreading fast across global financial centres, the race to capture it is only getting fiercer. HSBC is backing Anand to make sure it does not finish second.
