Month: April 2021

Investor group calls for banks to set tougher climate targets, BFSI News, ET BFSI

Banking & Finance

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By Simon Jessop and Ross Kerber

LONDON – A group of investors managing $11 trillion in assets has called on banks to set tougher emissions targets ahead of a meeting of world leaders aimed at accelerating efforts to fight climate change.

The group, which includes Pimco, the world’s biggest bond investor, and Britain’s biggest asset manager, Legal & General Investment Management, said they wanted lenders to set ‘enhanced’ pledges to decarbonise their lending books.

While a number of the world’s biggest banks have already said they have an ‘ambition’ to reach net zero greenhouse gas emissions by 2050, many have yet to specify how they plan to do so and continue to fund heavy emitting activities.

“The problem we face today is that too many banks are failing to consider climate harm when they make financing decisions, and too much money is being ploughed into carbon-intensive activities that we so desperately need to move away from,” said Natasha Landell-Mills, Head of Stewardship at Sarasin & Partners.

As the United States gears up to host the April 22-23 Leaders Summit on Climate, the investor group said it wanted banks to speed up their efforts, including by setting interim targets to get to net-zero emissions by mid-century or sooner.

Bank remuneration committees should also ensure that variable pay is tied to hitting the targets, they added, while material climate risks should be included in the lenders’ published accounts.

A number of banks have already said they plan to increase investment in green energy and other activities that will help in the transition to a low-carbon economy, but the investor group said more was needed and the spend should not be considered as offsetting lending to dirtier projects.

Crucially, the investors said banks also needed to set “explicit criteria” for the withdrawal of financing to “misaligned” activities that run counter to the net zero pathway of sectors and industries.

The group of 35 investors, operating through the Institutional Investors Group on Climate Change, said it had opened talks with 27 of the world’s largest banks and expected to expand the list over time.

(Reporting by Simon Jessop; Editing by Kirsten Donovan)



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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India, in public interest, had issued Directions to United Co-operative Bank Limited, Bagnan, West Bengal in exercise of its powers vested in it under Sub-Section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) from the close of business on July 18, 2018, as modified from time to time which was last extended upto April 18, 2021. Reserve Bank of India has now, in public interest, further extended the Directions for a period of two months from April 19, 2021 to June 18, 2021. A copy of the Directive is displayed at bank’s premises for perusal of public.

The issue of the above Directions by Reserve Bank of India should not per se be construed as cancellation of banking licence. The bank will continue to undertake banking business with restrictions till its financial position improves. Reserve Bank of India may consider modifications of these Directions depending upon circumstances from time to time.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/72

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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) 6,447.15 3.15 0.75-3.50
     I. Call Money 404.15 2.70 2.40-3.09
     II. Triparty Repo 3,015.00 2.93 0.75-3.50
     III. Market Repo 0.00   –
     IV. Repo in Corporate Bond 3,028.00 3.43 3.37-3.45
B. Term Segment      
     I. Notice Money** 10,614.44 3.25 1.90-3.50
     II. Term Money@@ 146.00 – 3.25-3.42
     III. Triparty Repo 346,116.30 3.23 3.00-3.40
     IV. Market Repo 112,379.81 3.03 0.01-3.40
     V. Repo in Corporate Bond 0.00 – –
  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 Fri, 16/04/2021 3 Mon, 19/04/2021 464,632.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Fri, 16/04/2021 3 Mon, 19/04/2021 210.00 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 (-)]*		       -464,422.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 09/04/2021 14 Fri, 23/04/2021 200,017.00 3.48
  (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$       27,122.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -90,812.94  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -555,234.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 16/04/2021 561,141.02  
     (ii) Average daily cash reserve requirement for the fortnight ending 23/04/2021 537,119.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 16/04/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 26/03/2021 808,301.00  
@ 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.
Rupambara
Director    
Press Release : 2021-2022/71

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Coinbase hangover rattles crypto assets with bitcoin in free fall, BFSI News, ET BFSI

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The mania that drove crypto assets to records as Coinbase Global Inc. went public last week turned on itself on the weekend, sending Bitcoin tumbling the most since February.

The world’s biggest cryptocurrency plunged as much as 15% on Sunday, just days after reaching a record of $64,869. It subsequently pared some of the losses and was trading at about $56,440 at around 8:25 a.m. in Tokyo Monday.

Ether, the second-biggest token, dropped as much as 18% to below $2,000 before also paring losses. The volatility buffeted Binance Coin, XRP and Cardano too. Dogecoin — the token started as a joke — bucked the trend and is up 7% over 24 hours, according to CoinGecko.

The weekend carnage came after a heady period for the industry that saw the value of all coins surge past $2.25 trillion amid a frenzy of demand for all things crypto in the runup to Coinbase’s direct listing on Wednesday. The largest U.S. crypto exchange ended the week valued at $68 billion, more than the owner of the New York Stock Exchange.

“With hindsight it was inevitable,” Galaxy Digital founder Michael Novogratz said in a tweet Sunday. “Markets got too excited around $Coin direct listing. Basis blowing out, coins like $BSV, $XRP and $DOGE pumping. All were signs that the market got too one way.”

Dogecoin, which has limited use and no fundamentals, rallied last week to be worth about $50 billion at one point before stumbling Saturday. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site a few times Friday, the online exchange said in a blog post.

There was also speculation Sunday in several online reports that the crypto plunge was related to concerns the U.S. Treasury may crack down on money laundering carried out through digital assets. The Treasury declined to comment, and its Financial Crimes Enforcement Network (FinCEN) said in an emailed response on Sunday that it “does not comment on potential investigations, including on whether or not one exists.”

‘Price to Pay’
“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Dogecoin’s 100% Friday rally was ‘peak party,’ after the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually in the crypto world, there’s a price to pay when that happens.”

Besides the “unsubstantiated” report of a U.S. Treasury crackdown, Trenchev said factors for the declines may have included “excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China’s Xinjiang province hitting Bitcoin miners.”

Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifting other tokens to record highs. Bitcoin’s most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.

Interest in crypto went on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley moved toward providing access to the tokens to some of the wealthiest clients.

Volatility
That’s despite lingering concerns over their volatility and usefulness as a method of payment. Moreover, governments are inspecting risks around the sector more closely as the investor base widens.

Federal Reserve Chairman Jerome Powell last week said Bitcoin “is a little bit like gold” in that it’s more a vehicle for speculation than making payments. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.”

Turkey’s central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses.



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Days after a record high, bitcoin plunges in biggest intraday drop since February, BFSI News, ET BFSI

Personal Finance

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Bitcoin plunged the most in more than seven weeks, just days after reaching a record.

The biggest crypto coin fell 10.1% to $54,743.57 as of 7:30 a.m. in New York on Sunday, after declining as much as 15.1% to $51,707.51 in the Asian day. Ether, the second-largest token, dropped almost 18% before paring losses.

Several online reports attributed the plunge to speculation the U.S. Treasury may crack down on money laundering that’s carried out through digital assets.

Bitcoin hit a record high of $64,869.78 last week ahead of the debut trade for the cryptocurrency exchange Coinbase Global Inc. on the Nasdaq exchange Wednesday. Coinbase ended its first trading week on a high note after bullish reviews from Wall Street analysts.

Dogecoin, a token created as a joke and which has been boosted by the likes of Elon Musk and Mark Cuban, rallied more than 110% Friday before dropping the next day. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site, the online exchange said in a blog post Friday.

“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Dogecoin’s 100% Friday rally was ‘peak party,’ after the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually in the crypto world, there’s a price to pay when that happens.”

Besides the “unsubstantiated” report of a U.S. Treasury crackdown, Trenchev said factors for the declines may have included “excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China’s Xinjiang province hitting Bitcoin miners.”

Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifted other tokens to record highs. Interest in crypto went on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients. That’s despite lingering concerns over their volatility and usefulness as a method of payment.

Governments are inspecting risks around the sector more closely as the investor base widens.

Federal Reserve Chairman Jerome Powell last week said Bitcoin “is a little bit like gold” in that it’s more a vehicle for speculation than making payments. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.”

Turkey’s central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses. India will propose a law that bans cryptocurrencies and fines anyone trading or holding such assets, Reuters reported in March, citing an unidentified senior government official with direct knowledge of the plan.

Crypto firms are beefing up their top ranks to shape the emerging regulatory environment and tackle lingering skepticism about digital tokens. Bitcoin’s most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.



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New modus operandi by fraudsters to withdraw money from ATMs, BFSI News, ET BFSI

Banking & Finance

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In view of increasing incidents of Man in the Middle (MiTM) attacks on ATMs, all banks have been asked to enhance their safety norms for ATMs through end-to-end encryption in the network, officials said.

In a recent communication to all banks, the central government has said the MiTM attacks have been increasing under which messages sent by ‘ATM Switch‘ to ‘ATM Host‘ are altered by attackers to withdraw cash fraudulently.

Investigations by security agencies have found that cyber fraud gangs have started adopting a new modus operandi to withdraw money from ATMs, a security official aware of such incidents said.

According to the investigators, the fraudsters first tamper with the network (LAN) cable of the ATM. Declined messages from ‘ATM Switch’ are altered to successful cash withdrawal transaction responses, and subsequently cash is withdrawn from the ATM.

The attacker first inserts a device between the ATM machine and the router or switch in the ATM premises.

This device has the capability to modify the responses back from authorisation host (ATM Switch) which is connected to ATM through network. The attacker then uses restricted cards (or blocked cards) to submit a withdrawal request.

When the ‘ATM Switch’ sends a declined message, the attacker in the middle alters the response to approve the transaction and subsequently withdraws cash, the official

In view of this modus operandi, the banks have been directed to ensure end-to-end encryption in the communication between the ‘ATM Terminal’ or PC and the ‘ATM Switch’, another official said.

Network cables, input/output port within the ATM premises should be concealed and physically secured or protected, the banks have been told.

A similar advisory has also been issued by the Reserve Bank of India.

As per the information reported to and tracked by the Indian Computer Emergency Response Team (CERT-In), altogether 1,59,761 cyber security incidents pertaining to digital banking were reported in 2018, a total of 2,46,514 incidents in 2019 and 2,90,445 incidents were reported in 2020.

These incidents include phishing attacks, network scanning and probing, viruses and website hacking.

There has been a 46 per cent rise in digital transactions in 2019-20 in comparison to 2018-19.

The Ministry of Home Affairs holds regular interactions with state governments and Union Territory administrations and advises them to expedite the disposal of cyber crime incidents, with a special emphasis on those relating to women and children, the official said.

The CERT-In is the national technology arm to combat cyberattacks and guard the Indian cyberspace.



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Airtel Payments Bank increases day-end balance limit to Rs 2 lakh, BFSI News, ET BFSI

Banking & Finance

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New Delhi: In line with the Reserve Bank of India‘s (RBI) guidelines, Airtel Payments Bank on Sunday announced that it has become the first payments bank in the country to enable Rs 2 lakh day-end balance account limit.

The bank has increased the day-end balance limit to Rs 2 lakh from Rs 1 lakh.

“The RBI’s decision to increase the balance limit is an endorsement of the role Payments Banks have in furthering financial and digital inclusion in India. We are glad to enable this increased day-end balance limit for our customers,” Anubrata Biswas, MD and CEO, Airtel Payments Bank, said in a statement.

“At Airtel Payments Bank, we have always believed that higher balance limits would enhance consumer usage of payments banks, as well as enable large sections of informal India, such as small merchants and traders, to access formal banking easily,” Biswas added.

The bank deposits are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) which is a wholly owned subsidiary of the RBI.

Airtel Payments Bank has 55 million engaged users and serves them through technology and a retail-based distribution network.

The bank has built a strong network of over 500,000 neighborhood banking points, which is bigger than the total number of bank branches and ATMs in India.

These neighbourhood banking points take services closer to the customer and have even reached deep rural pockets that never had access to banking services.



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Wall Street banks beat earnings estimates, see a boom ahead, BFSI News, ET BFSI

Banking & Finance

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From just a year ago when they provisioned for billions of dollars anticipating huge loan defaults due to pandemic, Wall Street banks are now an ebullient lot.

On Wednesday, executives at Goldman Sachs, JPMorgan Chase and Wells Fargo posted a huge jump in earnings in the January-March quarter and delivered a bullish economic forecast.

Goldman and JPMorgan reported profits roughly five times as high as in the first three months of 2020, thanks to a combination of strong business results and a reduction in the amount of money they had put aside to cover losses on loans. Wells Fargo reported profits that were seven times as high.

JPMorgan

JPMorgan earnings skyrocketed 477% to $4.50 a share. Revenue climbed to $33.12 billion. But earnings got a big boost from JPMorgan releasing $5.2 billion from credit loss reserves.

Consumer banking revenue fell 10% to $6.7 billion. Investment banking revenue more than tripled to $2.9 billion. Fixed income trading revenue grew 15% to $5.8 billion, and equities trading revenue jumped 47% to $3.3 billion. Commercial banking rose 11% to $2.4 billion. Asset management revenue swelled 20% to $4.1 billion.

Goldman Sachs

EPS of $18.60 on revenue of $17.7 billion. Investment banking revenue jumped 73% to $3.77 billion. Fixed income trading revenue climbed 31% to $3.89 billion, and equities trading revenue surged 68% to $3.69 billion. Asset management revenue shot up to $4.61 billion vs. a negative $96 million a year ago. Wealth management revenue grew 16% to $1.74 billion.

Provision for credit losses was a net benefit of $70 million, compared with net provisions of $937 million a year ago.

Wells Fargo

EPS of $1.05 on revenue of $18.06 billion. Provision for credit losses decreased $5.1 billion. Consumer banking revenue was flat at $8.65 billion. Commercial banking revenue fell 12% to $2.2 billion. Corporate and investment banking revenue grew 7% to $3.6 billion. Wealth management revenue rose 8% to $3.5 billion.

The boom ahead

Wall Street banks now see consumers tanked up on stimulus money spending huge and companies rushing to expand by buying or building new businesses, as the US emerges from the Covid-19 pandemic

“It is clear to me that the U.S. is poised for a strong recovery this year, led by consumer spending that is rebounding to pre-Covid levels,” David M Solomon, chief executive of Goldman Sachs, told analysts.

Jamie Dimon, his counterpart at JPMorgan Chase, the country’s largest bank by assets, took a similar view. “We believe that the economy has the potential to have extremely robust, multiyear growth,” Dimon said in a statement. He attributed his outlook to government spending on stimulus and infrastructure, supportive policies from the Federal Reserve and high hopes for the end of the pandemic.

According to an executive, bank earnings reveal a dramatic shift from an unprecedented downdraft in growth to a V-shaped recovery in the economy.

Provisioning

The three banks are set to reduce the cushion they had set aside at the start of the pandemic to withstand continued losses from credit cards, mortgages and other loans they had made.

JPMorgan released $5.2 billion of that credit cushion, and Wells reduced its cushion by $1.6 billion. Wells also noted provisioning for bad loans was at a historic low. Goldman also reduced what it had set aside by about $200 million.



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Why Citi, the bank that never sleeps, failed in India, BFSI News, ET BFSI

Banking & Finance

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Citi has decided to shut its India retail banking business, which includes credit cards, savings bank accounts and personal loans, as part of a global decision to exit 13 markets as the US-based lender focuses on a few wealthy regions around the world.

But why did the lender, which is profitable and has the biggest balance sheet among foreign banks which operate on a branch model in India, shut shop abruptly.

“We believe our capital, investment dollars, and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia,” said Jane Fraser, CEO at Citi, while announcing the shutdown decision.

The reasons

Citi’s decision to exit the market is an impact of the accelerated disruption caused by the Covid 19 pandemic which has forced large banks to refocus management bandwidth and capital across the globe, according to experts.

The disruption caused by Covid has forced all banks to realign their strategy as building a localised retail model especially in India where phyigital is emerging, is tough. Also, there is competition from new lenders like Bandhan and IDFC First and small finance banks.

Also, due to regulations, the bank was not able to build scale in consumer banking. To be sure, RBI has allowed foreign banks to set up branches or acquisitions if they shift from the current branch model to wholly-owned subsidiary model. DBS India shifted to the subsidiary model and has expanded hugely with the acquisition of Lakshmi Vilas Bank.

Citi has expanded its retail business in the early 2000s and was among the pioneers of corporate sector salary business with its Suvidha accounts, but was hit after the 2008 financial crisis globally, which saw the break up of the bank. It was then steered out of the crisis by Indian born CEO Vikram Pandit.

Citi India, which operates as a branch of the global giant, has a balance sheet size of Rs 2.18 lakh crore. HSBC with a balance sheet size of Rs 2.11 lakh crore and Standard Chartered with Rs 1.84 lakh crore in 2019-20.

Global focus on a wealthy few

“As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth,” Fraser said. The move to focus on the remaining markets “positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs.”

Under the new CEO Jane Fraser, who took charge a month ago, Citigroup’s equities desks, undersized among Wall Street’s giants, are proving strong enough to lift the firm to a record quarterly profit just as a new chief executive officer takes the helm.

SPACs all the way

The bank reaped the most revenue from stock trading in the first quarter since 2009, while fees from underwriting shares quadrupled, helped by the firm’s dominance in taking blank-check companies known as SPACs to public markets. That offset a slump in revenue from Citigroup’s massive fixed-income trading division.

“It’s been a better-than-expected start to the year,” Fraser said as she credited the “strong performance” of the company’s Wall Street operations and said the firm is optimistic about its outlook for the economy.

Citigroup has raised more than any other bank for special-purpose acquisition companies this year, as managers of the vehicles set out to hunt unspecified takeover targets. That helped the firm reap $876 million in fees from equity underwriting. Quarterly stock-trading revenue, typically less than $1 billion at Citigroup, surged to $1.48 billion.



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FT’s six suspended debt plans got ₹1,536 cr in April 1st fortnight

Banking & Finance

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The six suspended debt schemes of Franklin Templeton have received ₹1,536 crore from maturities, coupons, sale and prepayments in the fortnight ended April 15.

The Supreme Court appointed liquidator SBI Funds Management had completed distribution of ₹2,962 crore to unit holders last week.

With this, investors in the debt schemes have received ₹12,084 crore in two tranche since it was suspended for trading last April.

The six schemes now have ₹447 crore as on April 15.

In all, the six schemes had received ₹17,312 crore till April 15 from maturities, coupons, sale and pre-payments since winding up.

The fund house had repaid the entire debt raised by the schemes to meet redemption pressure amid Covid pandemic breakout last April.

The NAVs of all the six schemes were higher compared to that of last April 23 when the decision to wind-up was taken.

As per the Supreme Court order, SBI Funds Management has started selling off the assets held in the schemes and returning the money to investors at the earliest, said the fund house.

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