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The Reserve Bank of India releases monthly data on India’s international trade in services with a lag of around 45 days. The value of exports and imports of services during the month of January 2021 are given in the following Table:
Monthly data on services are provisional and would undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis. Ajit Prasad Press Release: 2020-2021/1244 |
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RBI/2020-21/107
DPSS.CO.RPPD.No.SUO 21102/04.07.005/2020-21
March 15, 2021
The Chairman and Managing Director / Chief Executive Officer
All Scheduled Commercial Banks including Regional Rural Banks /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks / Local Area Banks / Payment Banks /
Small Finance Banks / National Payments Corporation of India
Madam / Dear Sir,
Extension of Cheque Truncation System (CTS) across all bank branches in the country
Please refer to the Statement on Developmental and Regulatory Policies dated February 5, 2021 wherein Reserve Bank of India (RBI) had announced pan-India coverage of CTS by bringing all branches of banks in the country under image-based CTS clearing mechanism.
2. The CTS is in use since 2010 and presently covers around 1,50,000 branches. All the erstwhile 1219 non-CTS clearing houses (ECCS centres) have been migrated to CTS effective September 2020. It is, however, seen that there are branches of banks that are outside any formal clearing arrangement and their customers face hardships due to longer time taken and cost involved in collection of cheques presented by them.
3. To leverage the availability of CTS and provide uniform customer experience irrespective of location of her/his bank branch, it has been decided to extend CTS across all bank branches in the country. To facilitate this, banks shall have to ensure that all their branches participate in image-based CTS under respective grids by September 30, 2021. They are free to adopt a model of their choice, like deploying suitable infrastructure in every branch or following a hub & spoke model, etc. and concerned banks shall coordinate with the respective Regional Offices of RBI to operationalise this.
4. Banks are advised to inform us (helpdpss@rbi.org.in) the roadmap to achieve pan-India coverage of CTS and submit a status report before April 30, 2021.
5. This directive is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Yours faithfully
(P Vasudevan)
Chief General Manager
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Life Insurance Corporation of India has introduced LIC’s Bachat Plus, which is a non-linked, participating individual savings plan with a combination of protection and savings.
“This plan provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders,” said LIC in a statement, adding that the proposer can choose to pay the premium either as lumpsum (single premium) or for a limited period of five years.
The minimum basic sum assured is ₹1 lakh with no upper limit.
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The National Payments Corporation of India (NPCI) has gone live with ‘UPI-Help’ on BHIM UPI as part of efforts to enable better and hassle-free resolution mechanism for users.
“UPI-Help will enable BHIM UPI users to use their app to check status for pending transactions, raise complaints for transactions that have not been processed or money not credited to the beneficiary, and raise complaints for merchant transactions,” said NPCI in a statement on Monday.
Further, it can resolve complaints online for person-to-person (P2P) transactions. Additionally, in case of pending transactions where the user does not take any action, the UPI-Help shall also proactively attempt to auto update the final status of the transactions on the app, said NPCI.
The move is in line with the Reserve Bank of India’s vision of having a customer friendly and transparent dispute redressal mechanism, and is expected to give users more confidence in making digital payments.
To start with, NPCI has gone live on the BHIM app for the customers of State Bank of India, AXIS Bank, HDFC Bank and ICICI Bank. Customers of Paytm Payments Bank and TJSB Sahakari Bank will also be able to use UPI-Help soon.
“Users of other banks participating in UPI will be able to enjoy the best of UPI-Help in the coming months,” said NPCI, adding that other banks are also gearing up to implement UPI-Help.
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Paytm Payments Bank, on Monday, announced that its @Paytm UPI handle has been approved by the Securities and Exchange Board of India (SEBI) to enable payment mandates for IPO applications.
“This move benefits millions of users to invest in capital markets through various brokerage platforms using their @Paytm UPI handle,” it said in a statement.
Paytm Payments Bank has also entered into a partnership with Paytm Money to enable payment mandates for IPO applications.
Apart from Paytm Money, @Paytm UPI will soon be activated across all brokerage platforms, it further said.
“By enabling @Paytm UPI to apply for IPO we are giving millions of investors the ease of seamless, secure, and rapid payments to help enhance their financial portfolio,” said Satish Gupta, Managing Director and CEO, Paytm Payments Bank.
It is the largest UPI beneficiary bank and has one of the best technology infrastructures for processing UPI transactions. As per the latest NPCI report, Paytm Payments Bank registers the lowest technical decline rate of 0.02 per cent compared to all UPI remitter banks and 0.04 per cent compared to all UPI beneficiary banks.
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The United Forum of Bank Union (UFBU), an umbrella body of nine bank unions, called for a two-day nationwide strike starting today against the privatisation of Public Sector Banks and retrograde banking reforms.
C.H. Venkatachalam, General Secretary, All India Bank Employees’ Association (AIBEA) said to IANS, “On an average, about 2 crore cheques/instruments worth about Rs 16,500 crore are held up for clearance. Government treasury operations and all normal banking transactions have been affected.”
He added, “About 10 lakh bank employees struck work signalling their negation of the government’s decision to privatise its banks. As per reports reaching us from various states, banking operations have been affected and paralysed in all centres. Most of the Branches could not be opened. Clearing of cheques could happen since branches are not accepting cheques for clearance as branches are closed.”
Venkatachalam said, “the strike would continue on Tuesday to save the banks from being taken over by private vested interests. The strike to save the savings of our people. The strike is to ensure more loans to priority and weaker sections.”
He said the banks are making operational profits and they are showing net loss owing to provisions because the corporate borrower’s defaults, during 2019-20 the operating profits of government banks were Rs 1,74,336 crore, provision for doubtful debts Rs 2,00,352 crore and the net loss stood at Rs 26,016 crore.
(With Inputs from IANS)
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Mortgage loan rates will start at 7.95 per cent and education loans at 6.75 per cent, the bank said in a statement.
“This reduction in BRLLR makes our loans more affordable for customers. We hope that our efforts towards the digital processes help customers avail quick and smooth loans at the most competitive interest rates,” the bank’s General Manager (mortgages and other retail assets) Harshadkumar Solanki said. HV MR
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Regional Director, Reserve Bank of India, Chennai invites sealed tenders from reputed and experienced contractors for Removal of scrap (Wooden Materials, Steel Strapping, Plastic Strapping and Waste Carton Boxes) for a period of one year from 01-04-2021 to 31-03-2022. Contractors may apply in the prescribed tender/application forms available, along with other General Terms and Conditions for above mentioned contract which can be downloaded from our website www.rbi.org.in “Tenders”. The prescribed Tender Form/s duly filled in quoting the amount(excluding GST-if applicable) may be submitted in a sealed envelope super scribing as “Tender for Removal of Scrap (Wooden Materials, Steel Strapping, Plastic Strapping and Waste Carton Boxes)” (as applicable) and addressed to General Manager, Reserve Bank of India, Issue Department, Chennai – 600 001, so as to reach this office not later than 05:00 p.m. on April 05, 2021. The tender will be opened at 3.00 p.m. on April 08, 2021 For any queries regarding the tender, please contact Issue Department, Reserve Bank of India, Chennai. Contact telephone no:044-2539 9891/9151. The Bank reserves the right to reject any or all the tenders received without assigning any reason. Regional Director |
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Paytm Payments Bank had processed 340 million UPI transactions in February 2021. (File image)
Traders will now be able to use Paytm’s UPI handle @Paytm to invest in capital markets through different brokerage platforms. Paytm Payments Bank on Monday announced that capital market regulator Securities and Exchange Board of India (SEBI) has approved its UPI handle to ‘payment mandates for IPO application’. Paytm Payments Bank had processed 340 million UPI transactions amounting to Rs 38,493 crore in February 2021 while PhonePe led the UPI tally with 975 million transactions followed by 827 million transactions recorded by Google Pay, as per NPCI data. However, Paytm had registered the lowest technical decline rate of 0.05 per cent in January 2021 among other UPI remitter banks.
“We believe that every Indian has a right to access capital markets and benefit from the burgeoning list of successful companies which are listing in the stock market. This presents a big opportunity,” Satish Gupta, MD & CEO – Paytm Payments Bank said in a statement. The company added that it has partnered with its mutual funds investment platform Paytm Money to enable payment mandates for IPO applications and aimed to bring 10 million people to equity markets by FY22. It targetted to open “over 3.5 lakh demat accounts by year-end and expects 60 per cent of users to be from small cities,” the company said. The UPI handle will soon be activated across all brokerage platforms.
“Based on this year’s IPO data, it can be conveniently said that India represents a huge appetite for IPOs. From FY 2021, the country’s stock exchanges (both NSE and BSE combined) witnessed around 24 IPOs and raised proceeds worth Rs.48,493 crores in total from the capital markets,” it added. Paytm Payments Bank Limited had reported an increase in its profit after tax to Rs 29.8 crores in FY20 from Rs 19.2 crores in FY19 largely led by its higher customer acquisition in smaller cities. The annual revenue for the company also crossed Rs 2100 crores. The bank had facilitated over 485 crore transactions worth Rs. 4.6 lakh crores during the year while domestic money transfers accounted for around Rs 29,000 crores.
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In the post Covid-19 world, life insurers are now looking to ride on changed consumer preference to guaranteed income products. They have now realised that the masses, especially in interior India, have turned risk averse and want to be shielded from market and interest rate volatility, thereby favouring products that assure guaranteed income, according to industry players.
For instance, Canara HSBC Oriental Bank of Commerce Life Insurance, whose new business from guaranteed products for FY 19-20 and April-December 2020 stood at healthy 35 per cent for both years, has recently rolled out its fifth guaranteed product, Guaranteed Income4Life.
It is a non-linked, non-par individual life insurance savings-cum-protection plan which not only offers an individual the opportunity to secure his/her life but also allows one to have regular income to take care of both long-term and short-term financial goals, said Akshay Dhand, Appointed Actuary, Canara HSBC Oriental Bank of Commerce Life Insurance.
“Guaranteed Income4Life has been specially designed to offer life insurance coverage and benefits of a savings product under one umbrella. Over the last few years, customers have favoured guaranteed products. As insurers expand to tier-2 and tier-3 cities, there is a movement to guaranteed products and therefore insurers are now moving to such products,” Dhand said.
For life insurers, providing guaranteed products is the most risky one and despite this they are ready to manage this risk and offer these products to customers, he said.
Most of the earlier variants of guaranteed products that Canara HSBC Oriental Bank of Commerce Life Insurance were giving lump sum benefits (endowment or annual income). “Our latest Guaranteed Income4Life focusses on income benefit much more and allows you to take income for short term, medium term or even life long. So the key pitch is this is typical income product where you can get income up to 99 years. The product has lot of flexibility too,” he said.
Sameer Joshi, Chief Agency Officer, Bajaj Allianz Life Insurance Council Co Ltd, said: “Guaranteed income products from life insurance companies bring in a financial certainty in terms of returns as they are not dependent on market movements. They are suitable for risk-averse individuals who are looking for a guaranteed fixed rate of return throughout their investment tenure, irrespective of pandemics like Covid-19 or volatility in markets. With these products, individuals can receive a fixed and assured regular income to continue with the same lifestyle. At the same time, they can also provide a back-up for their family’s life goals through the life insurance cover available under the plan.”
Casparus Kromhout, MD & CEO, Shriram Life Insurance, said: “Non-linked non-par individual life insurance plans have the dual benefit of life cover combined with savings. These traditional endowment plans provide a guaranteed return to the customer at the end of the policy term; thus making them well suited for risk-free financial planning for specific future goals. The combined life cover further helps secure the savings for the family. Thus, these plans have a good uptake especially amongst customers who prefer to be risk averse.”
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