Newsletter dated 23rd September, 2015

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“There is only one corner of the universe you can be certain of
improving, and that's your own self…”
Law Updates:
 IT officials threatened to go on a half-day strike on October 1 and then
on a full-day strike on October 8. Thereafter, they plan to stop searches
and surveys if their demands on vacant positions, infra aren't met.
 Make in India version 2.0 to be launched to boost
manufacturing. Taking a cue from countries such as Japan and
Germany, known for their top-quality manufacturing, New Delhi is
starting an investor-outreach programme with several countries to
bring global best practices in India.
 The country's healthcare sector has come under the competition
watchdog's radar. The Competition Comission of India is set to appoint
an external agency to carry out a study on the practices in the
healthcare sector, its Chairman Ashok Chawla said.
PROFESSIONALS INPUTS:
 Vide Central Order No. 2559 (E) notified Extension of validity in
respect of pulses, edible oils and edible oilseeds for a further period of
one year, from 1st October, 2015 to 30th September 2016.
 Vide Notification Institute of Cost Accountants of India notified
Statement showing date of mandatory application of Cost Accounting
Standards for being applied for preparation and certification of the
General Purpose Cost Statements.
 Vide DIPP Press Note No. 10 (2015 Series) dated 22 September, 2015
notified regarding Streamlining Procedure for Grant of Industrial
Licenses under which the initial validity of Industrial License for
Defence Sector is being revised to 15 years, further extendable upto 18
years for existing as well as future Licenses.
 Vide DIPP File No. 12/15/2009-FC-1 issued Clarification on FDI Policy
on Facility Sharing Arrangements between Group Companies.
MARKET WATCH:
SENSEX: 25578.86 -72.98 NIFTY: 7772.30 -39.70
SILVER: 35225.00 -42.00 GOLD (MCX): 26295.00 57.00
USD/INR: 66.08 0.18 CRUDE OIL: 3066.00 35.00
CS Rajiv Bajaj
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Bajajr66@gmail.com
youtube.com/csrajivbajaj
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Date: 23rd September, 2015

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DARPAN SAINI
Co-Founder & CTO, Cloud Lending Solutions
It is very difficult to focus when you have distractions glaring at you from all
around. An IT company has a plethora of options to venture into and saying
no becomes hard with every opportunity (read- distraction) that is passed on.
Darpan Saini, Co-founder and CTO of Cloud Lending Solutions did exactly the
same when he decided to focus only on microfinance.
Early life and education
Darpan spent his childhood in Bengaluru watching businesses grow. His father was working as a site
engineer in Shapoorji Pallonji Engineering and Construction Ltd and had helped set up the company’s
office in Bengaluru. In the first few years the office was running from home, giving Darpan a good insight
into how businesses function. Today, his father is the CEO of Shapoorji Pallonji Engineering and
Construction Pvt Ltd.
Career
The only attachment Darpan had with computers was playing games. Though he wanted to study
electronics engineering, his CET rank didn’t let him. Darpan opted for computer science instead and this
proved to be a blessing in disguise. Soon his interest in the subject skyrocketed and he wrote his first
massively used programme. The BMTC trip planner, it was used by BMTC on their website. During his
engineering degree, Darpan took interest in programming languages and functioning of compilers. He
went through an internship at IBM and then got placed there. At IBM, he was working on code generators.
After working a year there, he went to the US to pursue his masters in software engineering and language
design at Carnegie Mellon University. While there, he discovered his interest in languages and decided to
pursue a PhD. Darpan joined UCLA for a PhD programme but dropped out of it and joined Oracle. Life
was good at Oracle but as time passed he started to find his corporate job boring. There were bigger teams
and he didn’t have much stake in the game.
During his stint at Oracle, Darpan kept in touch with Snehal, his old roommate at Carnegie Mellon.
Darpan and Snehal did a course in social entrepreneurship at Carnegie Mellon. They had started a
microfinance venture at Carnegie Mellon known as 30df.org(USD 30 fund). This would help people by
getting others to contribute USD 30 each and provide help to underprivileged. Though the project didn’t
succeed, they got to meet with a lot of microfinance institutions and this propelled Darpan’s thought
process in that direction. One of the major issues he came across while meeting so many microfinance
institutions was most had their operations running on pen and paper, with no proper system in place.
Darpan and Snehal wanted to help solve this problem. They started Cloud Lending to provide cloud-based
solutions to micro-financial institutions- “Darpan says”. Though Darpan was interested in learning
programming languages, it was unusual to see him get directly into microfinance technology. Darpan says
he wanted to use technology to impact people’s lives. Building a company is not an easy task and Darpan
had to face his own challenges.
Cloud Lending follows an agile, iterative process to implement the solution for clients. We regularly
prototype various configurations and customizations which allow us to incorporate client feedback from an
early stage. The agility of our delivery process combined with the flexibility in our software can often lead
to further sparks of innovation from our clients. Our experience from dozens of previous implementations
helps us to guide our clients in how best to sequence enhancements in future releases of their
marketplaces- “says Darpan”.