Month: April 2021

Should you invest in IndiGrid NCD?

Personal Finance

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BL Research Bureau

IndiGrid Trust (IndiGrid), a power sector infrastructure investment trust (InvIT), is offering redeemable Non-convertible debentures (NCD) to the public from April 28 and will close on April 30, 2021.

The company is offering NCDs for 3-, 5-, 7- and 10-year timeframes with only non-cumulative option. The rates of interest offered for these time periods are 6.75 per cent, 7.6 per cent, 7.9 per cent and 8.2 per cent per annum respectively. These rates are in case of NCDs with annual interest pay-out schemes. The company also offers quarterly coupon payment option for 7- and 10-year NCDs, in which case the applicable interest rates are 7.69 per cent and 7.97 per cent respectively.

If you are a unitholders of the Trust as on the date of allotment, an additional incentive will be paid at the rate of 0.05 per cent, 0.10 per cent, 0.15 per cent, and 0.20 per cent per annum for 3-,5-,7- and 10-year NCDs respectively.

The amount required to be invested in each case is a minimum of ₹10,000 (10 NCDs), and in multiples of ₹1,000 thereafter. The NCDs in this issue are secured debentures. To put that in perspective, the claims of the NCD Holders shall be superior to the claims of any unsecured creditors of the company, subject to conditions.

The NCDs are proposed to be listed on BSE and NSE.

Oversubscribed?

The overall NCD issuance of ₹100 crore from IndiGrid has been oversubscribed by about 21 times. Amongst this, the retail category – where bids are for an amount not more than ₹2,00,000 – has been subscribed 9.7 times, at the time of publishing this.

The greenshoe option – option to retain over-subscription amount- of ₹900 crore allows total subscription under each category to go up to ten times.

Thus, retail investors still have an option to apply for the company’s NCD issue.

The allotment of the NCD is based on first come first serve basis. However, in case of over-subscription, full allotment of the NCDs to the applicants on a first come first basis will be made up to the date prior to the date of over-subscription and proportionate allotment thereafter.

Look before you leap

The interest rates on NCD offer from IndiGrid across timeframes is mixed compared to most of the debt options in the market now. These are higher than the rates of interest being offered by the banks for fixed-deposits (FDs) of 3-5 years and 5-10 years, which are in the range of 5.1-6.7 per cent and 5.4 to 6.7 per cent respectively, however it is not very attractive versus other debt investment options.

IndiGrid has obtained ‘AAA’/Stable rating from rating agencies – India Ratings and CRISIL. This rating implies that the company has high credit quality and low credit risk. The NCD interest rates offered on 3- and 5- year tenure is mixed compared to one of the top NBFCs (Non-Banking Financial Company) corporate Fixed deposits (FDs) with similar rating– Bajaj Finserv. This FD for a tenure of 36-60 months, offer an interest rate of 7 per cent for annual interest pay-out option. Compared to Indigrid’s NCD issue, the FD is attractive for 3-year tenure but not for 5-year’s.

Also some of the Small Finance Banks (SFBs) offer interest rates in the range of 6.25 per cent to 7.25 per cent in the three to five year deposits. While, these rates are slightly lower than what the NCD offers, it is commensurate to the risk as SFB deposits are covered by the Deposit Insurance and Credit Guarantee Corporation of India. Each depositor is insured up to ₹5 lakh for both principal and interest, while the NCDs are not.

Further, at 6.8 per cent, government-backed NSC (National Savings Certificate) offers a better return than the IndiGrid’s 5-year NCD, for those under the old tax regime. Tax benefits on initial investment of up to Rs 1.5 lakh and on the interest when reinvested under 80C, will imply an even higher yield, which makes NSC more attractive.

However, these rates are higher than those offered by listed NCDs in the secondary market with similar rating. For instance, AAA rated taxable bonds such as Tata Capital Finance and NTPC with residual maturity of 6.35 years and 3.93 years has YTM (yield to maturity) of 6.79 per cent and 5.67 per cent respectively.

In case of 7-year time frame, Floating Rate Savings Bonds, 2020 (Taxable) is a comparable product. Interest rate on this instrument is 35 basis points above the NSC rate and thus, currently offers 7.15 per cent. Though, it currently looks lower than the offer by IndiGrid, as the interest rates on NSC bonds will be reset every six months, the interest rate may go up with interest rates in the economy going up.

Considering the low interest rate cycle, investors looking for some diversification, and with an appetite for risk, can invest in the three-year NCD offered by IndiGrid. Investors are recommended to park only a portion of their surplus in this as other options may come up sooner than later, considering that the interest rate cycle would be on its way up sometime in future given inflation concerns in global and domestic markets . The differential between rates offered on bank FDs and other AAA rated corporate /NBFC deposits vis-à-vis IndiGrid’s NCD may narrow down going ahead. Hence, you are likely to get opportunities to reinvest the money you now put in the three-year NCD, in less risky instruments at attractive rates down the line.

About the company

India Grid Trust (IndiGrid) is the country’s first listed power sector infrastructure investment trust (InvIT), set up in 2016. Sponsored by the global investment firm KKR and private power transmission company Sterlite Power Transmission, IndiGrid was set up to own and operate power transmission and renewable energy assets in India. Revenue to the company depends on the transmission systems being available for transmitting electricity, most of the time. IndiGrid has been acquiring power transmission assets at a healthy pace over the past few years. From owning five power transmission projects comprising 3,361ckm of transmission lines and 6,000 MVA of transformation capacity to start with, this has gone up to 13 operational power transmission projects comprising 7,570 ckm of transmission lines and 13,350 MVA of transformation capacity, between March 2018 and 2020. Accordingly, revenue (power transmission income) multiplied nearly 2.8 times from ₹448 crore to ₹1,243 crore during the same period. IndiGrid’s assets under management stand at about ₹20,000 crore today. The proceeds from the NCD are expected to be used for onward lending to the portfolio assets, financing and for repayment /prepayment of interest and principal of existing borrowings and for other corporate purposes.

The current consolidated debt-to-equity ratio (before NCD) stands at about 0.6 times.

The government’s focus on strengthening the country’s power transmission infrastructure should also provide ample growth opportunity for players in the Indian power transmission sector.

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SBI Research cuts India’s GDP estimates for FY22, sees peak of Covid 2.0 in May, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Economists at India’s largest bank have cut the FY22 GDP growth projection for the economy by 60 basis points, and said India could have done better to tackle the second wave of the Covid-19 pandemic.

The downgrading of growth projections was triggered largely due to restrictions being imposed by different states.

“India managed the first wave of pandemic well. However, the country is now facing an unprecedented second wave. There is no doubt India could have done better,” said economists at SBI.

The second wave of Covid-19 pandemic has shattered all records. The number of active cases crossed the 30 lakh mark for the first time since the beginning of the pandemic. In the past 24 hours, 3.79 lakh fresh cases and 3,596 deaths were reported in the country, highest for a single day.

With rising cases, the recovery rate of Covid-19 patients has also plummeted sharply from 97 per cent at the beginning of the second wave to 82.5 per cent now. This 14.5 per cent drop in recovery rate has happened over the past 69 days.

However, SBI is sensing “good news amidst all the gloom” and believes the peak of the pandemic is near.

“Given that every 1 per cent reduction in recovery rate takes around 4.5 days, it translates into around 20 days from now. Also, our estimate shows every 1 per cent reduction in recovery rate increases active cases by 1.85 lakhs. Thus we believe the peak of the second wave would come around mid-May with active cases reaching around 36 lakh at that point,” the economists wrote.

The economists say they have started noticing some deeper impact of the second wave on economic activity in the country. Its business activity index in April dipped to a new low level of 75.7, a level last attained in August 2020.

This indicates the disruption caused by increased restrictions imposed in various states. All the indicators, except for labour participation and electricity consumption have declined significantly during April.

“Given the current circumstances of partial/local/weekend lockdowns in almost all states, our growth forecast is now revised downwards. SBI’ revised FY22 growth projection now stands at 10.4 per cent for real GDP and 14.2 per cent for nominal GDP,” the economists said.

Earlier, SBI had projected real GDP growth for FY22 at 11 per cent (RBI:10.5 per cent) and nominal GDP at 15 per cent (Union Budget: 14.4 per cent) on the back of a low base effect and renewed economic momentum.

Total loss due to the second wave lockdowns is estimated at Rs 1.86 lakh crore, of which Maharashtra, Madhya Pradesh, Karnataka and Rajasthan account for 75 per cent. Maharashtra’s loss alone stands at 43 per cent.

Vaccine as public good
SBI advocated declaring Covid-19 vaccine as a public good, which it believes is the only way to fight this dreadful pandemic. In economic parlance, ‘public goods’ are defined as non-excludable and nonrival in nature.

“The primary idea of a public good is that agents must cooperate and not be combative, and then only all the players will have the opportunity to get a better payoff…When both Centre and state government cooperate with each other, both will receive benefit in the form of more vaccination, better medical facilities, and less number of cases. When both [are non-cooperative], the payoffs will be zero for both,” said SBI economists.

In the last couple of months, there have been instances when some states and central government have tussled over managing the pandemic, with each blaming the other for any mishaps.

The bank said for the 20 states it analysed, the cost of vaccines is almost 10-15 per cent of their health expenditure budget, assuming half of the population in these states will get vaccinated by the central government.

This cost is, however, only 0.1 per cent of GDP and much lower than the economic loss if restrictions occur to control the spread of pandemic which is already around 0.8 per cent of GDP.

SBI Research cuts India’s GDP estimates for FY22, sees peak of Covid 2.0 in MaySBI also cast doubt on the criticism that elections were responsible for faster spread of the virus. Many analysts and epidemiologists believe that the elections were one of the major factors behind the record cases in election states.

“In some states like Maharashtra, Delhi and Chhattisgarh, even as mobility has declined significantly, cases increased and they have shown some stabilization only recently, indicating the transmission may not be possible only through humans, but it is airborne. This makes a strong case mass sanitisation of public places for disinfection,” said SBI.



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Reserve Bank of India – Press Releases

Press Releases

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A meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held today (April 29, 2021) in virtual format. Shri Shaktikanta Das, Governor, Reserve Bank of India, chaired the meeting.

The Sub-Committee undertook an extensive review of the major developments in the global and domestic economy as well as in various segments of the financial system and discussed the assessments of the members of the scenario emerging from the second wave of the COVID-19 pandemic. It also discussed various inter-regulatory issues and reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states / UTs. The members resolved to remain vigilant and proactive to ensure financial markets and financial institutions remained resilient in the face of fresh challenges brought on by the resurgence of the pandemic.

The meeting was attended by the members of the Sub-Committee – Shri Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI); Dr. Subhash Chandra Khuntia, Chairman, Insurance Regulatory and Development Authority of India (IRDAI); Shri Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA); Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority (IFSCA); Shri Ajay Seth, Secretary, Department of Economic Affairs; Shri Debasish Panda, Secretary, Department for Financial Services; Shri Tarun Bajaj, Secretary, Department of Revenue; Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs; Shri Ajay Prakash Sawhney, Secretary, Ministry of Electronics and Information Technology; Dr. Krishnamurthy Subramanian, Chief Economic Adviser; Dr. Shashank Saksena, Secretary, Financial Stability and Development Council; Deputy Governors of the Reserve Bank – Shri Mahesh Kumar Jain, Dr. Michael Debabrata Patra and Shri M. Rajeshwar Rao; and Dr. O. P. Mall, Executive Director of the Reserve Bank. Shri Sudhaker Shukla, Whole Time Member attended on behalf of the Insolvency and Bankruptcy Board of India (IBBI).

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/133

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SBI earmarks Rs 30 crore to set up makeshift hospitals for COVID patients, BFSI News, ET BFSI

Banking & Finance

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As part of the CSR initiative, the country’s largest lender State Bank of India has decided to set up makeshift hospitals with ICU facilities for COVID-19 patients in some of the worst affected states. The bank has already earmarked Rs 30 crore and is engaging with non-governmental organisations (NGOs) and hospital management for setting up medical facilities on an emergency basis for the treatment of COVID-19 patients, SBI Chairman Dinesh Kumar Khara told .

He said the bank intends to put in place 1,000 beds with 50 ICU facilities in the states that are the worst affected.

So, he said, it could be 120 beds at some places, while 150 at others with adequate healthcare facilities, depending on a hospital’s capacity to scale up.

It is to be noted that the Ministry of Corporate Affairs last week permitted makeshift hospitals and temporary COVID care facilities to be treated as an eligible Corporate Social Responsibility (CSR) activity.

India is reeling under the impact of the second wave of COVID-19 with over 3 lakh cases being reported for the past 8 days in a row. With each passing day, the death toll is rising.

The country witnessed a record single-day rise of 3,79,257 new coronavirus infections pushing the total tally of COVID-19 cases to 1,83,76,524, while active cases crossed the 30-lakh mark, according to the Union Health Ministry data updated on Thursday.

Speaking about various initiatives taken by the country’s largest lender in its fight against COVID-19, Khara said SBI is also collaborating with hospitals and NGOs to provide oxygen concentrators for the patients.

“We have put in place an action plan. We have earmarked Rs 70 crore plus out of which we are giving Rs 21 crore to 17 circles for COVID-19 related initiatives,” he said.

Last year, the bank had donated to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund. SBI had contributed 0.25 per cent of annual profit, while employees collected over Rs 100 crore for the fund. In addition, Rs 11 crore contribution was towards supporting vaccination drive.

For the safety of employees and their families, he said, the bank has tied up with hospitals across the country to facilitate treatment of those who have fallen sick on a priority basis.

“We are also ensuring the supply of important medicines etc. so that the staff are not put to inconvenience. Various teams of medical officers are active at Local Head Offices and Zonal Offices, to oversee and coordinate COVID-19 support activities in the area under their jurisdiction,” he said.

A quick response team (QRT) headed by a general manager at the corporate centre is monitoring the COVID position at the entire bank-level and providing assistance at the shortest possible timeframe, he added.

With regard to vaccination, Khara said, the bank has collaborated with various hospitals for the jab.

“So far, 70,000 staff have been vaccinated out of 2.5 lakh. We are closely monitoring this number and this is expected to go up post-May 1 when it will be opened for all beyond 18 years,” he said.

The bank has decided to bear the cost of vaccination for its employees and their dependent family members. In case of unfortunate death of employees, he said, it is very difficult to replace the loss but some assistance is being provided immediately.

“We have also liberalised appointments on compassionate ground as part of assistance to dependents of those who have lost their life due to this pandemic,” he said.

The bank pays an ex-gratia lump sum amount of Rs 20 lakh to the family of the employee who dies due to COVID-19 infection.

At the same time, Khara said, the bank is sensitive to the health of its customers.

The bank has been doing customer awareness campaigns on digital banking amid pandemic, he said, adding local level engagements of distributing hand sanitisers, masks, PPE kits, donation of ambulances, etc are being undertaken.



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Reserve Bank of India – Tenders

Tenders

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The captioned advertisement for inviting applications for “Empanelment of Tailors for Stitching of Liveries and Supply of Liveries items” at Reserve Bank of India, Bhopal was published on March 17, 2021 on website www.rbi.org.in.

It has been decided to extend the last date for download / submission of tender form till 11:00 a.m. of May 19, 2021. The bids will be opened at 3:00 a.m on May 19, 2021.

All other terms and conditions mentioned in the tender remain unchanged.

Regional Director
Reserce Bank of India
Bhopal

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Interest on interest refunds: Lenders make provisions in Q4FY21

Banking & Finance

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Post the announcement of fourth quarter results by banks and finance companies, it has come to light that many have made provisions for refunding the interest on interest on the loan moratorium to all borrowers.

Private sector lender HDFC Bank has kept aside ₹500 crore for interest on interest provisions while ICICI Bank said it has provided ₹175 crore for the purpose. For Axis Bank, the estimated impact of the interest on interest refund is ₹160 crore.

Mahindra Finance has kept aside ₹32 crore for this purpose.

In its fourth quarter results, PNB Housing Finance had said that the methodology for calculation of the amount of such ‘interest on interest’ has been recently circulated by the IBA.

“The company is in the process of suitably implementing this methodology and has created a liability towards estimated interest relief and reduced the same from the interest income for the year ended March 31, 2021,” it had said.

In a recent note, ICICI Securities had said that the waiving ‘interest on interest’ on loans above ₹2 crore during the moratorium period on all loans will lead to a fresh burden of ₹11,200 crore on the industry. This will include about ₹3,200 crore for private banks and small finance banks, ₹5,500 crore for public sector lenders and ₹2,000 crore for all NBFCs and housing finance companies, it had said.

IBA finalises methodology

While some lenders have sought clarifications, the IBA has recently finalised the uniform methodology for refund or adjustment as per the Supreme Court judgement.

Under the norms, borrower accounts which were standard as on February 29, 2020 including SMA-0, SMA-1 and SMA-2 will be eligible for the refund. All loans, working capital, trade products, which had outstanding during the moratorium period shall be considered.

The Supreme Court, in its judgement in March, had ruled that all borrowers will be eligible for waiver of interest on interest for the loan moratorium due to the Covid-19 pandemic.

On April 7, the Reserve Bank of India had asked all lenders to compensate borrowers for the interest on interest during the moratorium whether they had taken the moratorium or not. Earlier, the Centre had picked up the tab for waiver of interest on interest for loans up to ₹2 crore.

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Reserve Bank of India – Press Releases

Press Releases

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On a review of current liquidity and financial conditions, the Reserve Bank of India has decided to conduct simultaneous purchase and sale of Government securities under Open Market Operations (OMO) for an aggregate amount of ₹10,000 crore each on May 06, 2021.

2. Accordingly, the details of securities for the simultaneous purchase and sale of Government securities under Open Market Operations (OMOs) are as under:

Purchase

The Reserve Bank of India will purchase the following securities using the multiple price auction method:

Sr. No ISIN Security Date of Maturity Aggregate Amount
1 IN0020160035 6.97% GS 2026 06-Sep-2026 ₹10,000 crore
(There is no security-wise notified amount)
2 IN0020170174 7.17% GS 2028 08-Jan-2028
3 IN0020200294 5.85% GS 2030 01-Dec-2030

Sale

The Reserve Bank of India will simultaneously sell the following securities using the multiple price auction method:

Sr. No ISIN Security Date of Maturity Aggregate Amount
1 IN002021Y031 182 DTB 21102021 21-Oct-2021 ₹10,000 crore
(There is no security-wise notified amount)
2 IN002021Y049 182 DTB 28102021 28-Oct-2021

3. The Reserve Bank reserves the right to:

  • decide on the quantum of purchase/sale of individual securities.

  • accept bids/offers for less than the aggregate amount.

  • purchase/sell marginally higher/lower than the aggregate amount due to rounding-off.

  • accept or reject any or all the bid/offers either wholly or partially without assigning any reasons.

4. Eligible participants should submit their bids/offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system between 10:00 am and 11:00 am on May 06, 2021. Only in the event of system failure, physical bids/offers would be accepted. Such physical bid/offer should be submitted to Financial Markets Operations Department (email; Phone no: 022-22630982) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before 11:00 am.

5. The result of the auctions will be announced on the same day and successful participants should ensure availability of funds/securities in their Current account/SGL account, as the case may be, by 12 noon on May 07, 2021.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/132

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AAA 8.2% India Grid Trust NCD Opens: Should You Invest?

Personal Finance

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1. Issue details:

Through the issue the company aims to gather Rs. 1000 crore initially and will close on May 5.

2. Eligibility:

2. Eligibility:

The issue can be subscribed by 4 different category of investors including financial institutions, companies, high net worth individuals and retail investors.

3. Rating:

3. Rating:

The issue has been rated AAA with a stable outlook by Crisil Ltd and India Ratings, which is the highest rating for an investment instrument. Here another factor that favours the company are its sponsors, KKR and Sterlite Power.

“Yes, it is an AAA-rated issue, but in the past as well, such highly rated firms have created issues for investors. Since it is in the power sector, the company might come across tough times. Investors need to adopt a cautious stance,” said Harshad Chetanwala, a Sebi-registered investment adviser and co-founder of MyWealthGrowth.

4. Returns:

4. Returns:

The return from the NCDs shall be a minimum of 6.75% and maximum 8.2 percent.

Series Frequency Tenure Coupon rate
I Annual 3 years 6.75%
II Annual 5 years 7.6%
III Annual 7 years 7.89%
IV Quarterly 7 years 7.91%
V Annual 10 years 8.2%
VI Quarterly 10 years 8.21%

5. Conclusion:

5. Conclusion:

The NCDs in the current regime if the investor’s risk appetite allows should be invested in for a short to medium term as there can be a likely rate hike in the future course. Also, to avoid any credit risk kind of situation, investors need to continuosly monitor the company’s financial standing as accordingly there may be a rating change.

Also, there is tax implication on interest earnings on NCD which shall be charged as per the taxpayers’ slab rate.

“NCDs are fully taxable. On a five-year basis, 7.60% return is just less than a percentage point higher than what you get in a post office fixed deposit,” said Agarwal. “In my opinion, dynamic debt funds are a better option, as in NCDs there is a default as well as concentration risk. IndiGrid has done well and has good promoters, but from the investors’ point of view, it doesn’t make sense as returns are fully taxable, and the capital risk is there”, suggests Mrin Agarwal, founder, Finsafe India Pvt. Ltd, doesn’t recommend NCDs to investors.

At other instances as no other top rated company will offer such high interest rate, experts recommend locking 10% of the fixed income portfolio into Indigrid Trust NCD

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Reserve Bank of India – Tenders

Tenders

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The captioned advertisement for inviting applications for “Empanelment of Vendors for Supply of General Stationery, Printing Stationery, Computer Consumables and Rubber Stamp” at Reserve Bank of India, Bhopal was published on March 17, 2021 on website www.rbi.org.in.

It has been decided to extend the last date for download / submission of tender forms till 11:00 a.m. of May 19, 2021. The bids will be opened at 3:00 p.m. on May 19, 2021.

All other terms and conditions mentioned in the tender remain unchanged.

Regional Director
Reserve Bank of India
Bhopal

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Google Pay Users Can Make UPI Payments Over NFC; Here’s How

Personal Finance

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Planning

oi-Sneha Kulkarni

|

The Google Pay app is one of the most widely used payment applications in India right now. It’s basically a UPI-based payment app that’s gained popularity. Last year, at the Google for India gathering, Google announced the NFC-based payment system.
Google Pay is adding the NFC (Near Field Communication) feature to its payments app. Now, users can make contactless payments for UPI purchases on their phones using this technology. UPI enables instant inter-bank transfers between two users.

For initiating UPI payments, using NFC is unquestionably more intuitive than typing in a UPI ID or scanning a QR code, both of which require more effort.

According to the Google Pay Support page, UPI payments over NFC are currently only supported by Pine Lab terminals. However, more players will join the fray soon.

Google Pay Users Can Make UPI Payments Over NFC; Here's How

What is Near Field Communication (NFC)?

Near-Field Communication (NFC) is a series of communication protocols that allows two electronic devices to communicate over a short distance.

NFC systems can be used as electronic ID cards and keycards.

They’re used in contactless payment systems, and they let you pay with your phone instead of or in addition to credit cards and electronic ticket smart cards.

How to use NFC for Google Pay?

They’ll need a Google Pay account and a phone with an NFC chip. Customers who have an NFC chip on their phones will want to tap and turn it on in order for the payments to work…To make payments using NFC, follow the steps below:
Step 1: Unlock your phone
Step 2: Hold the phone close to the payment terminal
Step 3: Google Pay will open automatically
Step 4: Enter the amount
Step 5: Confirm the amount to be paid

In the following examples, NFC payments would not work:

  • If you haven’t been able to sign up for Google Pay yet,
  • If you don’t have a UPI account set up on Google Pay, you won’t be able to use it.

Once users have registered, they will be able to use the tap and pay method to make contactless payments using their smartphones at NFC-enabled terminals. Tap and pay (NFC), Bharat QR, and in-app merchants are the three types of payments that can be made with the card.

Google Pay recently introduced support for credit and debit cards as a payment tool, in addition to connected bank accounts. The payment platform currently only accepts Axis and SBI Bank cards, with more banks planned to join in the future.

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