Month: March 2021

Beginning of the end? Covid cases in India may top 25 lakh in ongoing second wave, BFSI News, ET BFSI

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A total 25 lakh cases are expected pan India in the second Covid wave that began in India in February 2021 based on trends till March 23.

Considering the number of days from the current level of daily new cases to the peak level during the first wave, India might reach the peak in the second half of April, according to SBI Research.

The entire duration of the second wave might last up to 100 days counted from February 15.

Notably, Maharashtra alone accounts for the majority of the daily new cases currently.

Localised lockdowns/restrictions have not resulted in controlling the spread of infection, it said, adding, “This is visible in the case of many states including Maharashtra and Punjab.”

Vaccines

Though the global COVID-19 experience shows a second wave is much higher in intensity than the first wave, the presence of the vaccine makes the difference currently. Thus India will be able to manage the situation better, it said.

District wise analysis reveals that cases have again started increasing in top 15 districts, mostly urban, while the spread in rural districts is almost stable: Shift in rural penetration from Kerala in January 21 to Maharashtra in March 2021 cases are largely localised and concentrated, it said in a report, ‘Second wave of infections: The beginning of the end?’

The research house added it thought it will never have to put together slides documenting the second wave.

Certain states like Rajasthan, Gujarat, Kerala, Uttarakhand, Haryana have vaccinated more than 20% of their elderly
population (above 60 years)

Several states with a higher elderly population (>60 years) including Punjab, Tamil Nadu, Andhra Pradesh, Maharashtra and West Bengal have vaccinated less percentage of their elderly population and must increase their pace of inoculation, it said

If we assume more number of people are willing to take vaccines and the daily vaccine inoculation increases to 40-45 lakh from the current maximum level of 34 lakh, then with this capacity we can vaccinate our population above 45 years in four months from now.

There has also been a study in the past of the Great Pandemic flu of 1918-19 by Hatchett, Mecher and Lipsitch (2007) whose findings support the hypothesis that rapid implementation of multiple non-pharmaceutical interventions (NPIs) including the closure of schools, churches, and theatres can significantly reduce influenza transmission, but that viral spread will only be renewed upon relaxation of such measures, it said.

Other countries

Daily cases during the second wave peak witnessed in other countries has been multiple times the peak daily cases during the first wave: But at that time there was no vaccination. For instance, France witnessed peak daily cases of around 11.7 times the daily peak of new cases witnessed during its first wave.

But India might be able to handle well as vaccine is now available, it said.

“If we consider the days required to reach the current level from the lowest level of daily new cases witnessed in Feb’21, overall number of days that India took during the second wave is similar to what was during the first wave,” it said.

However, the difference lies in the speed of spread of infection in certain States like Gujarat, MP, Maharashtra, Punjab and Chhattisgarh, where the cases have increased at a much faster pace during the current second wave, it said.



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3 Special FD Schemes For Senior Citizens That Will End On March 31 March

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HDFC Special FD Scheme

HDFC Senior Citizen Care is a special FD scheme offered by HDFC Bank for senior citizens. On these deposits, the bank gives a 75 basis point higher interest rate. The interest rate on a fixed deposit made by a senior citizen under the HDFC Bank Senior Citizen Care FD will be 6.25 per cent. These rates are effective as of November 13th.

HDFC Bank FD Rates For Senior Citizens

Below listed fixed deposit rates are for senior citizens for an amount below Rs 2 Cr.

Tenure Senior Citizen Rates
7 – 14 days 3.00%
15 – 29 days 3.00%
30 – 45 days 3.50%
46 – 60 days 3.50%
61 – 90 days 3.50%
91 days – 6 months 4.00%
6 months 1 days – 9 months 4.90%
9 months 1 day < 1 Year 4.90%
1 Year 5.40%
1 year 1 day – 2 years 5.40%
2 years 1 day – 3 years 5.65%
3 year 1 day- 5 years 5.80%
5 years 1 day – 10 years 6.25%
Source: Bank Website

ICICI Special FD Scheme

ICICI Special FD Scheme

ICICI Bank Golden Years is a special FD scheme for senior citizens offered by ICICI Bank. On these deposits, the bank gives an 80 basis point higher interest rate. The ICICI Bank Golden Years FD scheme provides a 6.30 per cent annual interest rate to senior citizens. These rates are effective from 21 October 2020.

ICICI Bank Fixed Deposit Rates For Senior Citizens

Below listed fixed deposit rates are for senior citizens for an amount below Rs 2 Cr.

Tenure Senior Citizen Rates
7 days to 14 days 3.00%
15 days to 29 days 3.00%
30 days to 45 days 3.50%
46 days to 60 days 3.50%
61 days to 90 days 3.50%
91 days to 120 days 4.00%
121 days to 184 days 4.00%
185 days to 210 days 4.90%
211 days to 270 days 4.90%
271 days to 289 days 4.90%
290 days to less than 1 year 4.90%
1 year to 389 days 5.40%
390 days to < 18 months 5.40%
18 months days to 2 years 5.50%
2 years 1 day to 3 years 5.65%
3 years 1 day to 5 years 5.85%
5 years 1 day to 10 years 6.30%
5 Years (80C FD) 5.85%
Source: Bank Website

Bank of Baroda Special FD Scheme

Bank of Baroda Special FD Scheme

Senior citizens can get a 100 basis point higher rate on these deposits of Bank of Baroda. On fixed deposit under the special FD scheme (for a period of more than 5 years and up to 10 years), the interest rate will be 6.25 per cent. These rates are in effect from 16 November 2020.

Bank of Baroda Fixed Deposit Rates For Senior Citizens

Below listed fixed deposit rates are for senior citizens for an amount below Rs 2 Cr.

Tenure Senior Citizen Rates
7 days to 14 days 3.30%
15 days to 45 days 3.30%
46 days to 90 days 4.20%
91 days to 180 days 4.20%
181 days to 270 days 4.80%
271 days & above and less than 1 year 4.90%
1 year 5.40%
Above 1 year to 400 days 5.50%
Above 400 days and up to 2 Years 5.50%
Above 2 Years and up to 3 Years 5.60%
Above 3 Years and up to 5 Years 5.75%
Above 5 Years and up to 10 Years 6.25%
Above 10 years (for MACT/MACAD – Court Order schemes only) 5.10%
Source: Bank Website

Note

Note

The Reserve Bank of India’s Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary, insures all bank deposits, including savings, fixed, current, and recurring deposits, up to a limit of Rs 5 lakh. This means that if the bank goes bankrupt, both senior and non-senior citizens will get an insurance cover up to Rs 5 lakh including principal and interest against their deposits. DICGC insures depositors of all commercial banks and overseas banks, state, central, and urban co-operative banks, and regional rural banks that have acquired DICGC insurance policy.



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ICICI-Videocon PMLA case: HC grants bail to Deepak Kochhar

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The Bombay High Court on Thursday granted bail to Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in a money laundering case registered by the Enforcement Directorate (ED).

Kocchar had approached the high court after a special court in the city rejected his bail in December last year.

Also read: ICICI Bank launches instant EMI facility on net banking for high value transactions

Justice PD Naik of the high court granted bail to him on merits on Thursday.

Kocchar was arrested by the ED in September last year under the Prevention of Money Laundering Act (PMLA) in the alleged ICICI Bank-Videocon money laundering case.

The ED registered the money laundering case following an FIR registered by the Central Bureau of Investigation (CBI) against the Kochhar couple, Videocon Group promoter Venugopal Dhoot, and others for allegedly causing loss to ICICI Bank by sanctioning loans to the Videocon Group of companies in contravention to the policies of ICICI Bank.

Kochhar had argued that the ED had taken note of all the alleged proceeds of crime in the case, so there was no chance of him creating any third party rights, or interfering with the probe if out on bail.

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Economic activity to continue unabated: RBI Governor

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The revival of economic activity, which has restarted, should continue unabated going forward, according to Reserve Bank of India (RBI) Governor Shaktikanta Das.

“Our preliminary analysis shows that next year’s estimated growth rate at 10.5 per cent would not require a downward revision,” Das said at the India Economic Conclave.

Also read: New RBI norms: Uni-State UCBs can convert to multi-State UCBs via amalgamation

To a specific question on whether the ‘V-shaped’ growth could become ‘U-shaped’ growth, the Governor observed that the central bank has never given its forecast for growth in terms of alphabets.

While the renewed surge in Covid-19 cases in many parts of the country is a matter of concern, Das said this time around, compared to where India was last March or April, the country has some additional insurance — vaccine and Covid-19 protocol — against the impact of Covid-19 pandemic.

“The first is that there are two vaccines which are being rolled out. And the speed of roll-out is very fast, with about five crore people being vaccinated.

“The second aspect is that overall, people are by and large used to the Covid-19 protocol. It appeared that people had lowered their guard. But I am sure they will step up their guard against the spread of the pandemic,” the Governor said.

“And the third aspect is that, at this point in time, the country is unlikely to see the kind of lockdown which it experienced last year,” he added.

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SEBI orders attachment of Rana Kapoor’s assets to recover ₹1-cr dues

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To recover its pending dues from YES Bank founder Rana Kapoor, market regulator SEBI has directed the attachment of his assets.

SEBI had imposed a fine of ₹1 crore on Kapoor in September 2020 and he has failed to pay it. The fine was levied on Kapoor for not making disclosures regarding a transaction of Morgan Credit, which was an unlisted promoter entity of YES Bank. Kapoor had created an opaque layer between him and stakeholders and violated the provision of the LODR (Listing Obligations and Dislcosure Requirements) Regulation, Securities and Exchange Board of India had said in the order.

Also read: SEBI seeks ‘discretion’ in prosecutions

SEBI had sent a demand notice to Kapoor in February this year but he did not clear the dues. The pending dues, totalling ₹1.04 crore, include an initial fine of ₹1 crore, interest of ₹4.56 lakh and recovery cost of ₹1,000, the attachment notice says. SEBI has asked banks, depositories and mutual funds not to allow any debit from the accounts of Kapoor. However, credits have been permitted. Also, the regulator has directed the banks to attach all accounts, including lockers, held by the defaulter.

The Enforcement Directorate (ED) had arrested Kapoor in a fresh money-laundering case linked to an alleged ₹4,300-crore fraud at the Punjab and Maharashtra Cooperative (PMC) Bank in Maharashtra. Kapoor has already been in judicial custody after he was arrested by the central probe agency in March last year in connection with alleged financial irregularities and purported kickbacks paid to him and his family members in lieu of certain loans provided by YES Bank to a number of high-profile borrowers.

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SBI Customers Can Now Get Free Insurance Cover Up To Rs 2 Lakh: Here’s How

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Insurance

oi-Vipul Das

|

Customers with State Bank of India debit cards can now get accidental insurance coverage by applying for an SBI Rupay Platinum card which is no doubt a significant benefit for the cardholders. With the SBI Rupay Platinum card, SBI customers can take advantage of exclusive benefits such as Accidental Insurance Cover up to Rs 2 lakh, earn SBI Rewardz points by shopping and so on. To be eligible for accidental insurance, SBI customers must make one minimum financial transaction at any PoS/e-commerce within 45 days of the date of the accident. The State Bank of India accidental insurance cover benefit will be available to SBI Rupay Platinum debit cardholders without the need to pay a premium. The SBI Rupay Platinum card is an international debit card that comes with issuance fees of Rs 300 plus GST and annual maintenance fees of Rs 250 plus GST. To know more about the card, check out the details listed below:

SBI Customers Can Now Get Free Insurance Cover Up To Rs 2 Lakh: Here’s How

Key benefits of SBI Rupay Platinum Debit Card

  • With the SBI Rupay Platinum debit card, you can shop at over 52 lakh merchant outlets in India and over 30 million overseas.
  • SBI Rupay Platinum debit card can be used to buy movie tickets, pay bills, travel, and make online purchases.
  • Using an SBI Rupay Platinum debit card, you can withdraw funds from ATMs in India and overseas.
  • You can use the SBI Rupay Platinum debit card to get free access to an airport lounge.
  • For every Rs 200 spent on shopping, dining out, fuel, booking a flight, or spending online with your SBI Rupay Platinum debit card, you will receive 2 SBI Rewardz points. Customers who use their SBI Rupay Platinum debit card to make their first three purchases will receive 200 bonus points.
  • The SBI Rupay Platinum debit card also provides a reward bonus for occasions like birthday.
  • The issuance fee for the SBI Rupay Platinum debit card is Rs 300 plus GST, and the annual maintenance fee is Rs 250 plus GST.
  • Customers who hold a quarterly balance of Rs. 50,000 are eligible for a free card.
  • You will get a 5% cashback for paying utility bills using RuPay Platinum Card
  • You will get reward points for every transaction that can be redeemed for discount vouchers.
  • The reward point value is 1 point = 1 rupee
  • The charges applicable for replacing a card is Rs. 300 plus GST for each card.

Transaction and daily cash withdrawal limit

With SBI Platinum International Debit Cards, you can indulge the luxury of cashless shopping while also earning SBI Rewardz points on your transactions. You can access your account anytime and anywhere you want with your SBI Platinum International Debit Card. You can use it to make purchases at merchant outlets, make online payments, and withdrawal in India and around the world. Please see the table below for details on the daily cash withdrawal and transaction limit of the card:

SBI Gold International Debit Card Domestic International
Daily Cash Limit at ATMs Minimum Rs. 100/- Varies from ATM to ATM
Maximum Rs. 1,00,000/- Varies from country to country, subject to a maximum of foreign currency equivalent of Rs. 1,00,000/-
Daily Point of Sales/ Online Transaction Limit Minimum No such limit No such limit but subject to local regulation
Maximum Rs. 2,00,000/-

PoS Transaction Limit : Varies from country to country, subject to a maximum of foreign currency equivalent of Rs. 2,00,000/

Online Transaction Limit : Maximum per transaction and per month limit of foreign currency equivalent of Rs. 50,000/-, available only at select international online websites.



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6 Factors That Can Drive Gold To Bounce Back To Fresh Record Highs

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1. Rising number of coronavirus cases across the globe including India:

On Wednesday, the health ministry in an update said a new Covid 19 variant has been found in as many as 18 states. Besides, in the last 24 hours, India recorded over 50000 new Covid 19 cases, the highest one-day rise this year, taking the total tally to 1.17 crore, the third highest case tally only after the US and Brazil.

As per the data from John Hopkins University (March 22, 2021) total deaths due to Covid 19 around the globe have reached 2.7 million and confirmed cases are at 123.2 million. This is the statistics across close to 200 countries. Further the report highlighted after the US, Brazil and India, Russia, the UK and several European countries have reported the highest number of Covid 19 cases.

2. Fresh lockdowns again:

2. Fresh lockdowns again:

In some of the countries partial lockdown is being put in place and this is making investors jittery and reducing their risk appetite. On Saturday, countries like France, Poland and Ukraine implemented new lockdowns to curb rising coronavirus infection. And any lockdown measures will dent the economic recovery across the globe and in times of economic unrest, the yellow metal gains appeal as a safe-haven.

3. Central bank's accommodative stance and fresh stimulus:

3. Central bank’s accommodative stance and fresh stimulus:

Globally central banks have been infusing liquidity to support the economies still under the recovery phase from the pandemic led downturn. This scenario doesn’t augurs well for the economy as it tends to increase debt and impact inflation, nonetheless it would be beneficial for the bullion market.

4. Low interest rates:

Interest rates are unlikely to head northwards in the near to medium term and gold shares an inverse relationship with interest rates. Meaning to say that in low interest regime, the opportunity cost of holding the bullion reduces and hence people tend to buy the bullion aggressively which pushes demand and hence the price of gold.

5. Low prices are pushing demand for physical gold:

5. Low prices are pushing demand for physical gold:

After the price of gold has corrected sharply from its all time high, there has been a pickup in demand for physical as well as paper gold in India. Investors looking at gold as a long term investment are betting on SGBs that earn regular interest income, while ahead of the wedding season there is seen demand for physical gold. This increase in demand could also support metal prices.

6. Inflationary expectations:

6. Inflationary expectations:

On higher liquidity there are surfacing concerns over inflation. And in times of inflationary distress, while the value of currency erodes, usual investment avenues fail to deliver inflation-beating returns and hence people tend to park their funds in gold. Moreover, gold acts as a perfect hedge against inflation as it is not impacted by variations in the value of currency.

GoodReturns.in



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 3,90,166.06 3.27 0.50-5.30
     I. Call Money 16,292.32 3.27 1.90-3.60
     II. Triparty Repo 2,61,436.00 3.26 2.91-3.40
     III. Market Repo 1,11,732.74 3.30 0.50-3.50
     IV. Repo in Corporate Bond 705.00 3.62 3.45-5.30
B. Term Segment      
     I. Notice Money** 203.75 3.30 2.65-3.35
     II. Term Money@@ 115.00 – 3.30-3.50
     III. Triparty Repo 207.00 3.27 3.27-3.27
     IV. Market Repo 161.00 3.17 2.90-3.35
     V. Repo in Corporate Bond 120.30 5.50 5.50-5.50
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Wed, 24/03/2021 1 Thu, 25/03/2021 3,62,996.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Wed, 24/03/2021 1 Thu, 25/03/2021 43.00 4.25
4. Long-Term Repo Operations –   –   –
5. Targeted Long Term Repo Operations – – – – –
6. Targeted Long Term Repo Operations 2.0 – – – – –
7. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -3,62,953.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 12/03/2021 14 Fri, 26/03/2021 2,00,007.00 3.51
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       32,387.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -85,537.94  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,48,490.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 24/03/2021 4,40,779.44  
     (ii) Average daily cash reserve requirement for the fortnight ending 26/03/2021 4,55,339.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 24/03/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 26/02/2021 8,64,316.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Ajit Prasad
Director   
Press Release : 2020-2021/1294

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Fidelity applies to launch a bitcoin ETF, BFSI News, ET BFSI

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– Fidelity applied on Wednesday to launch an exchange traded fund to track the performance of bitcoin, the latest move on Wall Street to embrace the digital currency.

Fidelity’s Wise Origin Bitcoin Trust would hold bitcoin and value its shares based on prices from major cryptocurrency exchanges, including Coinbase and Bitstamp, according to a preliminary filing to the Securities and Exchange Commission.

“The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” Fidelity said in an emailed statement.

Fidelity’s filing follows bitcoin’s surge to an all-time high of nearly $62,000 this month, the latest milestone in a meteoric rise partly fueled by bigger U.S. investors.

Earlier this week, former Trump administration White House communications director Anthony Scaramucci jumped into the fray for a bitcoin exchange-traded fund with his SkyBridge Capital joining forces with First Trust Advisors, according to a filing.

Coinbase Global Inc, the largest U.S. cryptocurrency exchange, said last week that recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing.



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Sebi orders attachment of bank, demat, MF accounts of Rana Kapoor, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Markets regulator Sebi on Wednesday ordered attachment of bank accounts as well as share and mutual fund holdings of Rana Kapoor, former MD and CEO of Yes Bank, to recover dues of over Rs 1 crore.

The decision has been taken after Kapoor failed to pay the fine imposed on him.

Sebi, in September 2020, had levied a fine of Rs 1 crore on Kapoor for not making disclosures regarding a transaction of Morgan Credit, which was an unlisted promoter entity of Yes Bank.

By not disclosing about the transaction to Yes Bank’s board of directors, Kapoor created an opaque layer between him and stakeholders and violated the provision of the LODR (Listing Obligations and Dislcosure Requirements) Regulation, Sebi had said in the order.

Further, the Securities and Exchange Board of India (Sebi) issued a demand notice to Kapoor in February this year, although he did not pay any dues.

The pending dues, totalling Rs 1.04 crore, include an initial fine of Rs 1 crore and an interest of Rs 4.56 lakh and a recovery cost of Rs 1,000, the attachment notice showed on Wednesday.

In the notice, Sebi has asked banks, depositories and mutual funds not to allow any debit from the accounts of Kapoor. However, credits have been permitted.

Further, the regulator has directed the banks to attach all accounts, including lockers, held by the defaulter.

“Whereas no amount has been paid by the defaulter (Kapoor).

“There is sufficient reason to believe that the defaulter may dispose of the amounts/ proceeds in the banks accounts held with your bank and realisation of amount due under the certificate would in consequence be delayed or obstructed,” Sebi said.

In a notice to all banks in the country, the regulator ordered to “attach with immediate effect…all accounts by whatever name, including lockers of the defaulter, held either singly or jointly with any other person, in your bank”.

The regulator has also asked banks, depositories and mutual funds to provide details of all accounts held by Kapoor, including copy of account statements for the past one year. It has also sought complete information of all loan accounts and advances.



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