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In the underwriting auctions conducted on February 18, 2021 for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:
Rupambara Press Release: 2020-2021/1123 |
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Depositors of Urban Co-operative Banks (UCBs), under Directions, may not have to sweat it out to get back their savings up to the ₹5 lakh insured amount, going by the amendments being considered to the Deposit Insurance and Credit Guarantee Act (DICGC), 1961.
The Government and the Reserve Bank of India (RBI) are believed to be examining the feasibility of allowing depositors of banks, especially UCBs, under regulatory Directions to withdraw up to the ₹5 lakh insured amount to alleviate their misery.
At present, when a bank is placed under Directions, deposit withdrawals are capped — it ranges from ₹1,000 to ₹1 lakh of the total balance held by a depositor. This withdrawal cap is applicable for the entire period that a bank is under Directions.
Given that depositors of UCBs under Directions are finding it difficult to get by due to the severe restrictions on withdrawal of their savings, the Finance Ministry and RBI seem to be wanting to address this issue by allowing withdrawal up to the insured amount of ₹5 lakh, according to bankers in the co-operative sector.
The possibility of allowing deposit withdrawal up to the insured amount has brightened with the Deposit Insurance Fund (DIF) swelling to ₹1,10,380 crore at March-end 2020 from ₹93,750 crore of March-end 2019.
Further, following the deposit insurance limit being hiked five-fold to ₹5 lakh with effect from February 4, 2020, the deposit insurance premium rate per ₹100 deposit has also been increased to ₹0.12 (or 12 paise) with effect from April 1, 2020 against ₹0.10 (10 paise) earlier.
Since April 1, 2015, 52 UCBs have been placed under All Inclusive Directions by the Reserve Bank, per RBI’s Report on Trend and Progress of Banking in India 2019-20.
Out of the total claims settled by DICGC since inception, around 94.3 per cent of claims pertained to co-operative banks that were liquidated, amalgamated, or restructured.
Section 35A of the Banking Regulation Act, 1949, empowers RBI to give Directions to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a way prejudicial to the interests of the banking company; or to secure the proper management of any banking company.
A Bank under Directions cannot, without prior RBI approval, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, among others.
If such a bank’s license is cancelled by RBI, triggering the commencement of liquidation proceedings, it is only then that depositors are entitled to repayment of their deposits from DICGC up to the ₹5 lakh monetary ceiling.
So far, very few banks under Directions have been revived. The time lag between a UCB first being placed under Directions till its license cancelled is fairly long.
For example, in the case of Mumbai-based CKP Co-operative Bank, it was six years. During this entire period, deposit withdrawal was capped at ₹10,000 per depositor.
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WazirX is India’s most successful crypto exchange, which started trading on 8 March and aims to become India’s most trustworthy cryptocurrency exchange. The platform provides its customers with peer-to-peer transaction capabilities and manages a technology that is capable of processing millions of transactions and can scale up the framework to satisfy rising demands.
WazirX provides a smooth and efficient trading experience across all platforms-web, Android & iOS mobile, Windows, and Mac applications. The exchange has an innovative KYC system in which identity verification takes place within a few hours of registration.
BuyUcoin is another pioneer in the crypto-currency market in India. It provides a convenient and trustworthy forum for several cryptocurrencies such as Bitcoin, Ethereum, Ethereum Classic, List, NEM, Civic, Litecoin, Bitcoin Cash, and many others to purchase, exchange.
The functionality of periodic transactions has now been introduced to Buy You Coin so that users can participate in crypto as a SIP. To stop the risk of a blanket ban on cryptos in India, BuyUcoin has created and proposed a “sandbox” system to monitor cryptocurrencies in India. To have unhackable protection, the platform stores 95% of your funds offline.
It was launched on April 7, 2018, with the goal of offering a user-friendly experience where users can access a wide variety of financial products and services enabled by industry-leading security and insurance protection processes.
Other than bank transfers, different payment strategies such as UPI and IMPS are also approved.
Bitbns is a peer-peer (P2P) sharing site to offer and take bitcoins. The P2P model allows users to purchase and sell cryptocurrency without the intervention of a third party. Bitbns lets you automate your orders with advanced tools & features. With 98+ cryptocurrencies currently listed, Bitbns allows users to purchase and sell cryptocurrencies at the best available rates and provides ease of trading like no other cryptocurrency exchange.
Zebpay is the business of cryptocurrencies since the year 2014, reaching great heights of over 3 million customers and $2 billion in fiat transactions. It offers to buy Bitcoin and a range of Altcoins instantly with guaranteed execution and minimal slippage.
Robust security mechanisms include controls to block all outgoing transactions with the Disable Outgoing Transactions feature.
CoinSwitch Kuber is a stable and user-friendly crypto trading site for users in India. Its users can access the combined liquidity of India’s leading cryptocurrency exchanges to get the best offer and trade instantaneously after finishing KYC/AML procedures. CoinSwitch Kuber software is the best cryptocurrency exchange for Indians, offering a smooth user experience with a clear user interface. The platform is ideal for beginners as well as daily doers.
Giottus Cold wallets are protected by 100% cyber-theft insurance. They have also collaborated with the global custodial service pioneer, Bitgo, to provide insurance coverage for your savings. It provides 24 x 7 free instant deposit & withdrawal of Rupees processed within 10 seconds.
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The article is not a solicitation to buy, sell cryptocurrency in any exchanges mentioned in the article. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and the author do not accept culpability for losses and/or damages arising based on information in this article.
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The company, whose Chief Executive Officer Michael Saylor is one of the most vocal proponents of bitcoin, said proceeds of the offering will be about $879.3 million.
MicroStrategy said on Tuesday it will borrow $600 million to buy more bitcoin, as the cryptocurrency surged past $50,000 in a rally fueled by wider acceptance among investors.
Elon Musk’s Tesla Inc bought $1.5 billion of the currency earlier this month and major firms such as BNY Mellon , asset manager BlackRock Inc and credit card giant Mastercard Inc have backed certain cryptocurrencies in recent weeks.
MicroStrategy, the world’s largest publicly traded business intelligence company, spent last year steadily amassing more bitcoin after making its first investment in August as the cryptocurrency soared in value.
The company already owns close to 72,000 bitcoin, according to a regulatory filing on Feb. 8, acquired at an aggregate purchase price of $1.15 billion and an average price of about $16,109 per bitcoin.
MicroStrategy’s bitcoin holding is valued at about $3.67 billion, based on Wednesday’s price of $51,721, according to a Reuters calculation.
The company bought nearly 25,000 bitcoin for $250 million in August last year, when it made a foray into the digital currency. Saylor at the time called bitcoin an attractive investment asset, with more long-term appreciation potential than cash.
MicroStrategy said last week it views its bitcoin coffers as long-term holdings and does not plan to regularly trade in the currency, hedge or enter into derivative contracts.
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Market regulator Securities and Exchange Board of India (Sebi) had given them time till February 18, 2021, to make the remaining payment.
The promoters of IndusInd Bank are paying Rs 1,709 per share to redeem warrants, a premium of 65% to Wednesday’s closing price.
lnduslnd International Holdings (IIHL), the promoter entity, had paid Rs 673.82 crore for the warrants or 25% of the total price.
Market regulator Securities and Exchange Board of India (Sebi) had given them time till February 18, 2021, to make the remaining payment.
Post the conversion of the warrants into shares, the promoter holding will increase by 1.7% to about 15%, the company said.
Analysts point out the lender needs capital and believe much of the Rs 2,021 crore would be used for provisioning against sub-standard assets. The gross npas (non-performing assets) at the end of the December 2020 quarter at 1.74% were lower than in the September 2020 quarter.
However, the pro forma gross NPAs were 2.93% as the bank has not declared fresh NPAs following the Supreme Court’s orders. Consequently, the lender increased provisions and contingencies for the nine months to December by 175% to Rs 6,077 crore. For this period, the bank’s net profits fell 52% year-on-year (y-o-y) to Rs 2,004 crore. The company’s capital adequacy ratio at the end of December 2020 was 16.34%, slightly lower than the 16.55% at the end of the September 2020 quarter. The IndusInd stock has lost 32% since the time the warrants were issued in July, 2019.
IIHL said it has raised debt by pledging some shareholding of lnduslnd Bank for acquisition/strategic investment to convert IIHL into a listed operating entity outside India by the first week of September 2021.The promoters of IndusInd Bank have pledged 4.27 crore shares, amounting to a 5.6% stake in the bank.
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period December 28 – January 01, 2021.
Rupambara Press Release: 2020-2021/1121 |
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period December 21 – December 24, 2020.
Rupambara Press Release: 2020-2021/1120 |
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period December 14 – December 18, 2020.
Rupambara Press Release: 2020-2021/1119 |
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period December 07 – December 11, 2020.
Rupambara Press Release: 2020-2021/1118 |
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