Month: March 2021

Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has imposed, by an order dated March 26, 2021, a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on Shri Janata Sahakari Bank Ltd., Halol (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’ and ‘Loans and advances to directors etc. – directors as surety/guarantors – Clarification’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank based on its financial position as on March 31, 2019, revealed, inter alia, contravention of/ non-compliance with the directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’, ‘Loans and advances to directors etc. – directors as surety/guarantors – Clarification’ and Reporting of ‘Advances Granted to Directors and their Relatives by the Primary (Urban) Co-operative Banks’ to RBI. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the RBI directions.

After considering the bank’s reply and oral submissions made during the personal hearing, RBI came to the conclusion that the charges regarding non-compliance with “RBI directions on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’ and ‘Loans and advances to directors etc. – directors as surety/guarantors – Clarification’”, were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1318

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Push e-mandate rules to June for smooth transition, say experts

Banking & Finance

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The deadline for implementing the Payment Aggregators and Payment Gateways (PAPG) guidelines should be extended till June to enable smooth transaction, according to Aruna Sharma, member, RBI Digitisation Committee.

The Reserve Bank of India has imposed a March 31 deadline for banks to putin place a security measure called Additional Factor Authentication (AFA), which could disrupt services since banks are not ready fully.

“My fear is that the progress we have made so far will be eradicated. Going from the digital economy to the cash economy and then coming back to the digital economy will be extremely tedious,” said Sharma while speaking at a webinar organised by The Dialogue.

Industry body Internet And Mobile Association of India (IAMAI), too, had warned that millions of such transactions could fail as most big banks are yet to comply with the RBI’s new mandate. Its request was, however, turned down. Later, IAMAI had written a letter to Niti Aayog to present its case to the RBI.

Sharma, who has been a member of the digital committee for the past two years now, said it was important that there was a level-playing field for all financial players. “While the RBI’s regulations are not being questioned and nor are its intentions to protect the data of Indians, however, it was important that the players were heard and their issues addressed.”

She further argued that while the data protection was important, it was also important to make one umbrella law for data protection. Currently, there is the FTP, IT Act, Criminalisation under the IBC, along with RBI regulations, but all of this is overlapping and not on the same page. “Coordination, and consistency is imperative between all agencies, and authorities. This, along with the fact that, there needs to be one law which implements all these acts, and together is important.”

Avimukt Dar, Co-founder IndusLaw was of the opinion that “the RBI’s stance not to extend the e-mandate timeline is likely to derail the vision of Digital Bharat and significantly disrupt the services to the consumer. India’s journey towards emerging as a $5-trillion digital economy will be hit hard during the next couple of weeks, and consumers will again bear the brunt of micro regulatory approach of policymakers. This will impact the industry and cashless transactions, which has been a huge push by the current govt and is largely enabled by the digital payments industry.”

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Reserve Bank of India – Tenders

Tenders

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Minutes of Pre-bid meeting

This is with reference to our captioned tender notice dated March 16, 2021. Please refer to page 37, 43(B) in the tender document and note the following changes:

Previous Change made
The Bank will scrutinize the offers and evaluate the technical Bids based on the evaluation matrix given in Section V-C The Bank will scrutinize the offers and evaluate the technical Bids based on the evaluation matrix given on page 40 (Section V-A).

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Now You Can Soon Buy 1, 2gms Gold Coins Under New Indian Gold Coin Scheme

Personal Finance

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Personal Finance

oi-Roshni Agarwal

|

The Indian Gold Coin Scheme is the Government of India’s first ever gold offering. The scheme is among the three gold schemes launched by the Prime Minister in the year 2015 and is currently being run by MMTC. Recently, the centre has approved several changes in the Indian Gold Coin Scheme.

Now You Can Soon Buy 1, 2gms Gold Coins Under New Indian Gold Coin Scheme

Now You Can Soon Buy 1, 2gms Gold Coins Under New Indian Gold Coin Scheme

So with the changed rules, there is expected that the scheme shall gain popularity and the gold coins will be easily available to buyers through the various marketing channels such as e-commerce portals, jewellers, banks, post office and via MMTC.

Changes in Indian Gold Coin Scheme

1. The centre has allowed the Security Printing and Minting Corporation of India (SPMCIL) to mint Indian Gold Coin (IGC) in smaller denomination of 1 gm and 2 gm. Earlier they were minted in denominations of 5, 10 and 20 gms only.

2. Indian Gold Coin is the first ever national Gold Coin and is loaded with sophisticated security features. Also, it is the only BIS hallmarked gold coin in the country.

Other amendments to the IGC scheme that you should know:

1. SPMCIL will also engage in the minting and selling of Indian Gold coin via e-commerce platforms and other channels including airports.

2. SPMCIL will also service export orders for IGCs via its e-commerce gateway at prices agreed as per the Board approved policy.

3. They will be available for sale at duty free counters at all International Airports in India through partners.

4. IGC will also be available in 995 fineness. At present it is manufactured in 24K of 999 fineness only. So, with the new rules in place, IGCs shall be available in 24K of both 999 and 995 purity or fineness.

5. SPMCIL Mumbai has been given the flexibility to mint commemorative gold coins, order gold coins for temples, trusts etc, as well as launch variants of IGCs on special occasions.

GoodReturns.in



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Muthoottu Mini offers coupon rates of 9%–10.25% on NCD issue

Banking & Finance

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Muthoottu Mini Financers Ltd, the non-deposit taking NBFC, has announced the opening of its public issue of Secured and Unsecured Debentures of the face value of ₹1,000 each.

The 14th NCD Issue aggregates to ₹125 crore, with an option to retain over-subscription up to ₹125 crore, aggregating up to a total of ₹250 crore. The 14th NCD Issue offers various options for subscription of NCDs with coupon rates ranging from 9 per cent – 10.25 per cent p.a.

The 14th issue opened on March 30 and closes on April 23 with an option of early closure or extension.

As on September 30, 2020, MMFL had 3,69,019 gold loan accounts, predominately from rural and semi urban areas, aggregating to ₹1,825.55 crore, which accounted for 97.27 per cent of its total loans and advances. Its net Non-Performing Assets for six-month period ended September 30, 2020 stood lower at 0.59 per cent against the net NPA of 1.34 per cent reported for the period ended March 2020..

The company, erstwhile part of a family business enterprise that was founded by Ninan Mathai Muthoottu in 1887 is now spearheaded by Nizzy Mathew, Chairwoman & Whole-time Director and Mathew Muthoottu, Managing Director.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has imposed, by an order dated March 26, 2021, a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on Akhand Anand Co-operative Bank Ltd., Surat (Gujarat) (the bank) for contravention of directions issued by RBI on (i) ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’ read with ‘Loans and advances to directors etc. – directors as surety/guarantors – Clarification’, (ii) ‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’ and (iii) ‘Declaration of dividend by UCBs’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspections of the bank based on its financial position as on March 31, 2018 and March 31, 2019, revealed, inter alia, contravention of/ non-compliance with the above mentioned directions issued by RBI. Based on the same, notices were issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.

After considering the bank’s reply and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charges regarding non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1317

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PayPal launches crypto checkout service

Banking & Finance

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PayPal Holdings Inc will announce later on Tuesday that it has started allowing US consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce.

Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets, will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said.

The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months, the company said.

“This is the first time you can seamlessly usecryptocurrencies in the same way as a credit card or a debitcard inside your PayPal wallet,” President and CEO Dan Schulman told Reuters ahead of a formal announcement.

Checkout with Crypto builds on the ability for PayPal users to buy, sell and hold cryptocurrencies, which the San Jose, California-based payments company launched in October.

The offering made PayPal one of the largest mainstreamfinancial companies to open its network to cryptocurrencies and helped fuel a rally in virtual coin prices.

Bitcoin has nearly doubled in value since the start of thisyear, boosted by increased interest from larger financial firmsthat are betting on greater adoption and see it as a hedge against inflation.

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Reserve Bank of India – Press Releases

Press Releases

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(Amount in Crore of ₹)
  SCHEDULED COMMERCIAL BANKS
(Including RRBs and SFBs)		 ALL SCHEDULED BANKS
13-Mar-20 26-FEB-2021* 12-MAR-2021* 13-Mar-20 26-FEB-2021* 12-MAR-2021*
I LIABILITIES TO THE BKG.SYSTEM (A)            
  a) Demand & Time deposits from bks. 225264.95 192925.2 190878.49 230353.77 197527.52 195477.70**
  b) Borrowings from banks 51594.1 39193.59 37792.85 51707.45 39369.61 37942.83
  c) Other demand & time liabilities 14926.77 17660.99 17882.28 15077.17 17881.37 18404.4
II LIABILITIES TO OTHERS (A)            
  a) Deposits (other than from banks) 13339149.43 14933580.25 14955789.77 13744720.23 15350583.35 15374886.74
  i) Demand 1457567.89 1703094.45 1696349.33 1491862.08 1738299.81 1733194.81
  ii) Time 11881581.54 13230485.71 13259440.5 12252858.16 13612283.45 13641691.98
  b) Borrowings@ 312512.35 244736.93 243287.75 317069.75 249469.14 247629.93
  c) Other demand & time liabilities 676170.52 624295.06 637370.67 688742.24 636300.09 649508.42
III BORROWINGS FROM R.B.I. (B) 105035 84650.68 84615.68 105035 84685.68 84615.68
  Against usance bills and / or prom. Notes            
IV CASH 79561.86 91536.62 91794.73 81700.59 93585.67 93802.15
V BALANCES WITH R.B.I. (B) 551020.37 462156.08 461182.2 567006.88 474863.19 473734.22
VI ASSETS WITH BANKING SYSTEM            
  a) Balances with other banks            
  i) In current accounts 14502.14 15044.05 14837.27 17310.67 17196.45 17183.34
  ii) In other accounts 132633.35 126713.1 125352.34 155184.11 158446.61 158398.51
  b) Money at call & short notice 14790.75 8074.7 8993.23 34594.79 31427.12 32986.1
  c) Advances to banks (i.e. due from bks.) 28965.4 17434.97 16635.1 36567.13 20544.23 19919.40£
  d) Other assets 52203.3 23954.71 24749.91 58617.13 27079.43 27738.8
VII INVESTMENTS (At book value) 3795013.3 4461323.15 4515011.06 3910670.14 4594742.61 4649447.66
  a) Central & State Govt. securities+ 3787015.88 4460125.68 4513933.42 3896183.53 4587123.95 4641929.8
  b) Other approved securities 7997.42 1197.49 1077.64 14486.61 7618.66 7517.86
VIII BANK CREDIT (Excluding Inter Bank Advance) 10140472.61 10774742.44 10798488.08 10472358.18 11122143.09 11139653.65
  a) Loans, cash credits & Overdrafts$ 9921609.01 10586842.14 10606728.24 10250231.24 10932251.12 10940981.93
  b) Inland Bills purchased 26204.81 26274.91 29235.26 26783.65 26561.74 29572.35
  c) Inland Bills discounted 141863.58 112204.3 112138.93 143437.31 113084.4 113053.75
  d) Foreign Bills purchased 20982.75 18674.78 19363.14 21459.11 18921.9 19652.6
  e) Foreign Bills discounted 29812.45 30746.31 31022.62 30446.88 31323.92 36393.12
NOTE
* Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
(A) Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
** This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
@ Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
(B) The figures relating to Scheduled Commercial Banks’ Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo/ Term Repo/MSF are reflected under “Borrowings from RBI”.
£ This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
+ Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
$ Includes advances granted by Scheduled Commercial Banks and State Co-operative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).

Food Credit Outstanding as on
(₹ in Crore)
Date 13-Mar-20 26-Feb-21 12-Mar-21
Scheduled Commercial Banks 60392.85 75205.98 69192.4
State Co-operative Banks 29122.48 30399.51 30398.49

The expression ‘ Banking System ‘ or ‘ Banks ‘ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

No. of Scheduled Commercial Banks as on Current Fortnight:133

Ajit Prasad
Director   

Press Release: 2020-2021/1316

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‘Claims of data breach being probed’

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Our Bureau

Mobikwik CEO Bipin Preet Singh, on Tuesday, said that the company is investigating the claims of some users that their data are available on the dark web. He said Mobikwik will get a third party to conduct a forensic data security audit.

Responding to reports of a massive data breach in Mobikwik’s servers, Singh came out with a detailed statement and said it is possible that any user could have uploaded the information on multiple platforms, and it would be incorrect to say it has been accessed from the company or any identified source. “When this matter was reported first last month, the company undertook a through investigation with the help of external security experts and did not find any evidence of a breach,” he stressed.

Security protocols

He further said the company is closely working with requisite authorities, and is confident that security protocols to store sensitive data are robust and have not been breached.

“For our users, we reiterate that all your Mobikwik account and balances are completely safe,” he said, adding that all financially sensitive data are stored in encrypted form in the company’s database.

According to independent cybersecurity researchers, the personal details of 3.5 million MobiKwik users seem to have been leaked and are available for sale on the dark web.

The breach was flagged by French cybersecurity researcher Elliot Alderson on March 29, but prior to that, it was raised by internet security researcher, Rajshekhar Rajaharia, in early March.

In his statement, Singh stressed that Mobikwik has robust internal policies and information security protocols, and is subject to stringent compliance measures, including annual security audits.

In a bid to assure users, he said that no misuse of credit card, debit card and wallet details is possible without a one-time password, which comes only on the registered mobile phone. He also urged them not to open any dark web or anonymous links for they own cyber safety.

Founded in 2009, Mobikwik’s payments network is one of the largest in India with more than 120 million users, three million merchants and over 300 billers. The company is also eyeing an IPO.

Experts’ view

However, experts said that it is only the data of Mobikwik customers that has been impacted in this breach. “I experienced that it was Mobikwik customers whose data have been impacted and not the customers of other companies. The personal data has been leaked and Mobikwik needs to take steps to address it,” said Prasad T, Chief Information Security Officer, Instasafe.

Experts advise that customers must change their passwords and caution that personal data can be used for purposes such as availing online bank loans.

“Globally, in many countries, there are rules that any company, which faces a data breach, must disclose it to the customers. We need to have such a law even in India as often customers are left unaware,” noted another expert.

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