Neelkanth Safe Deposit

A Message from Lord Pickles and Lord Blunkett, followed by Neelkanth Safe Deposit's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Neelkanth Safe Deposit is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Blunkett signature Rt Hon The Lord David Blunkett
Pickles signature Rt Hon The Lord Eric Pickles

neelkanthsafedeposit.com

THE PARLIAMENTARY REVIEW
Highlighting best practice
THE PARLIAMENTARY REVIEW
Highlighting best practice
24 | NEELKANTH SAFE DEPOSIT
Director Kumar Pujara and
the late Chandrakant Pujara
The late Chandrakant Pujara and his nephew Kumar Pujara
opened Neelkanth Safe Deposit, an affordable safe deposit
locker facility in the heart of Southall, west London, in
2014. Having set up a similar business, Bank House Lockers, in
Wembley some years before, they were keen to build on their
experience and expand the service. In their vision, Kumar says,
the family wanted to build a series of safe deposit centres around
London, providing local communities with secure facilities where
they could keep their valuables safe at affordable rates.
The philanthropic zeal at the heart of our ideology led us to direct any profit from the
businesses to the community by donating to the Sarjudas Foundation, a charity that
supports diverse community initiatives. Our family’s close affiliation with the foundation is
testament to the integrity and trust that underpins the service we provide to customers.
In 2014, our family enlisted the services of Anant Barchha as senior executive
adviser. Anant was tasked with taking the business from a single proprietary unit to
a multi-branch corporate structure. Anant came with 30 years of senior experience
in international banking, 20 years of which were spent working with large global
custodians in a variety of senior roles. He has been the driving force behind the
development of Neelkanth Safe Deposit into a leading institution within the industry.
The need for a modern-day safe deposit business
From fortified safes in the mid-17th century to modern-day graded vaults with
state-of-the-art security, there has long been a need to keep valuables safe. Banks
have dominated the market since the start of the 20th century. Rising costs and the
introduction of online banking, however, has resulted in banks closing branches or
exiting the safe-keeping service completely. These reduced options in the marketplace
have led to the emergence of specialist safe deposit centres.
Historically, customers have stored documents such as wills, share certificates and title
deeds, as well as high-value jewellery, coins and other artefacts. Although the rise of
digitisation and electronic securitisation has reduced the need for documents to be
stored, demand for safe-keeping jewellery and precious artefacts has increased over
the last 20 years.
What sets us apart
In 2014, we opened our first branch in Southall – Neelkanth Safe Deposit. With a
capacity of 15,000 lockers, it is now one of Europe’s largest safe deposit centres.
In September 2019, a second branch opened in Croydon with a capacity of 7,000
lockers to support South London communities, with further branches planned.
We understand that London is home to diverse communities, many of which have
long traditions of accumulating jewellery, precious stones and other items with high
financial and sentimental value. With burglaries continuing in London – there were
AT A GLANCE
NEELKANTH SAFE DEPOSIT
»Director: Kumar Pujara
»Established in 2012
»Based in Southall, Middlesex
»Services: Deposit lockers for
safekeeping valuables
»No. of employees: 15
»NSDL Southall is one of the
largest safe deposit centres in
Europe by locker capacity
»First branch, Southall, opened
in October 2014
»Second branch, Croydon,
opened in September 2019
Neelkanth Safe
Deposit
BEST PRACTICE SPONSOR 2020
THE PARLIAMENTARY REVIEW
Highlighting best practice
24 | NEELKANTH SAFE DEPOSIT
Director Kumar Pujara and
the late Chandrakant Pujara
The late Chandrakant Pujara and his nephew Kumar Pujara
opened Neelkanth Safe Deposit, an affordable safe deposit
locker facility in the heart of Southall, west London, in
2014. Having set up a similar business, Bank House Lockers, in
Wembley some years before, they were keen to build on their
experience and expand the service. In their vision, Kumar says,
the family wanted to build a series of safe deposit centres around
London, providing local communities with secure facilities where
they could keep their valuables safe at affordable rates.
The philanthropic zeal at the heart of our ideology led us to direct any profit from the
businesses to the community by donating to the Sarjudas Foundation, a charity that
supports diverse community initiatives. Our family’s close affiliation with the foundation is
testament to the integrity and trust that underpins the service we provide to customers.
In 2014, our family enlisted the services of Anant Barchha as senior executive
adviser. Anant was tasked with taking the business from a single proprietary unit to
a multi-branch corporate structure. Anant came with 30 years of senior experience
in international banking, 20 years of which were spent working with large global
custodians in a variety of senior roles. He has been the driving force behind the
development of Neelkanth Safe Deposit into a leading institution within the industry.
The need for a modern-day safe deposit business
From fortified safes in the mid-17th century to modern-day graded vaults with
state-of-the-art security, there has long been a need to keep valuables safe. Banks
have dominated the market since the start of the 20th century. Rising costs and the
introduction of online banking, however, has resulted in banks closing branches or
exiting the safe-keeping service completely. These reduced options in the marketplace
have led to the emergence of specialist safe deposit centres.
Historically, customers have stored documents such as wills, share certificates and title
deeds, as well as high-value jewellery, coins and other artefacts. Although the rise of
digitisation and electronic securitisation has reduced the need for documents to be
stored, demand for safe-keeping jewellery and precious artefacts has increased over
the last 20 years.
What sets us apart
In 2014, we opened our first branch in Southall – Neelkanth Safe Deposit. With a
capacity of 15,000 lockers, it is now one of Europe’s largest safe deposit centres.
In September 2019, a second branch opened in Croydon with a capacity of 7,000
lockers to support South London communities, with further branches planned.
We understand that London is home to diverse communities, many of which have
long traditions of accumulating jewellery, precious stones and other items with high
financial and sentimental value. With burglaries continuing in London – there were
AT A GLANCE
NEELKANTH SAFE DEPOSIT
»Director: Kumar Pujara
»Established in 2012
»Based in Southall, Middlesex
»Services: Deposit lockers for
safekeeping valuables
»No. of employees: 15
»NSDL Southall is one of the
largest safe deposit centres in
Europe by locker capacity
»First branch, Southall, opened
in October 2014
»Second branch, Croydon,
opened in September 2019
Neelkanth Safe
Deposit
25NEELKANTH SAFE DEPOSIT |
FINANCIAL SERVICES
almost 8,000 in November 2018 – our
customers use Neelkanth Safe Deposit
to ensure their valuables are secure with
convenient access when needed.
Building the reputation we
have today
Our greatest challenge to growing the
business lay in moving our structure from
a single proprietor management concept
to a multi-branch integrated business.
To reposition our business model, we
began by better understanding our vision
and values. An in-depth review of our
business practice resulted in an ambitious
but achievable objective of combining
high-security levels with excellent
customer service and affordable pricing.
To achieve this, a management team
was appointed to deal with the
challenges a changing business could
bring. This included appointing specific
branch managers and specialised security
staff and developing synergies within
the operational functions across the
business. We also invested significantly
in security systems. Our Grade X-EX-CD
vaults and high-quality lockers were built
by Robur AB of Sweden, a European
leader in vault and locker manufacturing.
After this, we invested in staff training
and development, using external
training courses and internal workshops
to improve staff professionalism and
communication with customers. This
significantly improved both customer
service and staff morale.
Finally, upgrading our IT and
communication systems ensured
leading edge security functionality for
customers and staff.
Industry challenges
Understandably, safe deposit centres
face many risks, notably security and
the prospect of burglary. The millions
of pounds worth of valuables stolen
in the Hatton Garden safe deposit
burglary in 2015 brought safe deposit
centres into sharp focus, specifically
securitymeasures.
There are also operational risks,
losses from inadequate processes or
systems, that need to be considered.
Following the Hatton Garden incident,
industry surveys found disparities in the
capabilities of safe deposit providers.
Many providers were housed in
outdated buildings, while the level of
investments in security infrastructures
and the types of operational processes
followed varied greatly.
The industry is governed by the FCA,
with regulations focusing heavily
on money laundering and terrorist
financing risks. Standards of physical
infrastructure to prevent burglaries and
for testing business owners’ suitability
receive minimal oversight. In general,
providers are free to follow their own
interpretation of standards. That said,
failure to follow industry regulations
can result in fines or even the loss of an
operating license.
Finally, the industry is faced with
the rising costs of maintaining
an infrastructure and adhering
to regulatory and compliance
requirements. It is vital that the industry
maintains standards under these
conditions. Cutting corners could pose
grave risks to the public and create
greater problems for law enforcement
in the future.
Our future as one of Europe’s
leading safe deposit centres
Our state-of-the-art, maximum security
deposit centres give our customers a
sense of security and safety: that they
can leave their valuables in our lockers.
Our robust compliance and operational
procedures are coupled with multiple
layers of security, including controlled
access, multi-alarm systems and 24-
hour surveillance monitoring.
Looking forward, we will continue to
price our lockers at an affordable level
for the community as we work to fulfil
our mantra of “securing your valuables
and serving the community”.
One of the largest
centres in Europe
Our Grade X-EX-
CD vaults and
high-quality
lockers were
built by Robur
AB of Sweden, a
European leader
in vault and
locker
manufacturing
“A high-quality
product at an
affordable price” –
Anant Barchha, CEO

neelkanthsafedeposit.com

This article was sponsored by Neelkanth Safe Deposit. The Parliamentary Review is wholly funded by the representatives who write for it. The publication in which this article originally appeared contained the following foreword from Rt Hon Elizabeth Truss.

Rt Hon Elizabeth Truss's Foreword For The Parliamentary Review

By Rt Hon Elizabeth Truss

Even by the standards of the day –this has been one of the most exciting and unpredictable years in British politics.

The leadership election we’ve just seen marks a huge moment in our country’s history. This government is taking a decisive new direction, embracing the opportunities of Brexit and preparing our country to flourish outside the EU.

As international trade secretary, I’ll be driving forward work on the free trade agreements that are going to be a priority for the government. Free trade isn’t just an abstract concept bandied around by technocrats. It is crucial for a strong economy and for the ability of families to make ends meet. Free trade benefits people in every part of our country, as British firms export to new markets and people doing the weekly shop have access to a wider choice of goods at lower prices.

The essence of free trade is in the title: freedom. It’s about giving people the power to exchange their goods without heavy government taxation or interference. Commerce and free exchange are the engine room of prosperity and social mobility. I’m determined to tackle the forces who want to hold that back.

One of my priorities is agreeing an exciting new free trade deal with the US, building on the great relationship between our two countries and the Prime Minister and US President. But I’ll also be talking to other partners including New Zealand, Australia and fast-growing Asian markets.

And with the EU too, we want a friendly and constructive relationship, as constitutional equals, and as friends and partners in facing the challenges that lie ahead – a relationship based on a deep free trade agreement. Our country produces some of the world’s most successful exports, and the opportunity to bring these to the rest of the world should make us all excited about the future. It is this excitement, optimism and ambition which I believe will come to define this government.

For too long now, we have been told Britain isn’t big or important enough to survive outside the EU – that we have to accept a deal that reflects our reduced circumstances. I say that’s rubbish. With the right policies in place, we can be the most competitive, free-thinking, prosperous nation on Earth exporting to the world and leading in new developments like AI. To do that, we’ll give the brilliant next generation of entrepreneurs the tools they need to succeed. Since 2015, there has been a staggering 85 per cent rise in the number of businesses set up by 18 to 24 year olds – twice the level set up by the same age group in France and Germany. We’ll help them flourish by championing enterprise, cutting taxes and making regulation flexible and responsive to their needs.

As we do that, we’ll level up and unite all parts of the UK with great transport links, fibre broadband in every home and proper school funding, so everyone shares in our country’s success.

2019 has been the year of brewing economic and political revolution. 2020 will be the year when a revitalised Conservative government turbo charges the economy, boosts prospects for people across the country, and catapults Britain back to the forefront of the world stage.



Rt Hon Elizabeth Truss
Secretary of State for International Development