Month: May 2021

RBI issues guidelines for amalgamation of district central co-op banks with state co-op banks, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


MUMBAI: The Reserve Bank said it will consider amalgamation of District Central Co-operative Banks (DCCBs) with State Cooperative Banks (StCBs) subject to various conditions, including that a proposal should be made by the state government concerned.

The Banking Regulation (Amendment) Act, 2020 has been notified for the StCBs and DCCBs with effect from April 1, 2021. Amalgamation of such banks need to be sanctioned by the Reserve Bank of India.

RBI has come out with the guidelines after a few state governments approached it for amalgamation of DCCBs with StCBs as a two-tier Short-term Co-operative Credit Structure (STCCS).

As per the guidelines, RBI will consider proposals for amalgamation “when the state government of the state makes a proposal to amalgamate one or more DCCB/s in the state with the StCB after conducting a detailed study of the legal framework”.

Besides, there should be a an additional capital infusion strategy, assurance regarding financial support if required, projected business model with clear profitability and proposed governance model for the amalgamated bank.

The scheme of amalgamation has to be approved by the requisite majority of shareholders. Also, NABARD has to examine and recommend the proposal of the state government.

“The proposal for amalgamation of DCCBs with the StCB will be examined by Reserve Bank in consultation with NABARD and the sanction/ approval will be a two-stage process,” the guidelines said.

In the first stage, an ‘in-principle’ approval will be accorded subject to fulfilment of certain conditions, following which the processes for amalgamation may be initiated by all concerned.

After completion of the first stage, NABARD and RBI may be approached for final approval along with compliance report, as per the guidelines.

The guidelines also said that if as a result of share swap ratio based on net worth, shareholders of some DCCBs cannot be allotted any shares, then the state government should infuse sufficient capital in such lenders to ensure that the shareholders are allotted at least one share each.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

PSBs are on an upswing, but have they really buried the past?, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


The stock market has turned bullish on public sector banks amid growing expectations that their asset quality woes have hit the trough.

The State Bank of India results announcing a reduction in bad loan pile has fuelled the euphoria. But experts say public sector banks are still wobbly despite the outlook as Covid stress has brought renewed challenges for them.

What’s up?

Traders have mounted derivative bets on state-owned banks encouraged by the recent run-up in share prices. The outstanding positions in futures contracts of public sector lenders such as SBI,

Punjab National Bank and Bank of Baroda have shot up, especially after strong March quarter results from SBI last week.

The open interest in Bank of Baroda futures by number of shares is at a lifetime high and in SBI it is at the highest since September 2020. SBI shares touched a lifetime high of Rs 427.70 on February 18 this year are near that mark.

Nifty PSU Bank index gained 2% to close at 2,398.15 on Monday, with Punjab National Bank, Central Bank and Union Bank and SBI gaining 2-5%.

In the ongoing May series, SBI’s shares are up 14.6% while Bank of Baroda’s shares have risen nearly 22%. Punjab National Bank’s shares are up 13.5% during the same period.

The red flags

While the banks have cleaned up their books, mostly on the basis of write-offs, and posting robust numbers they may be staring at a renewed stress.

Banks are facing greater stress in smaller towns, more so the public sector banks as they have a bigger presence there.

The special mention accounts of public sector lenders are increasing, showing a rise in new stress as Covid buffets smaller businesses.

SBI’s SMA accounts where repayments are overdue more than a month totalled Rs 11,500 crore, while Bank of Baroda and Punjab National Bank had also reported build-up of these accounts for the December quarter during in QIP documents.

Credit growth has been falling for the last few years and totalled 5.58% for FY21 as against 6.02% for FY20. This credit growth is mostly cornered by the private banks, with PSBs seeing a sharper fall in credit growth

While PSU banks have reduced their bad loan pile mostly through write-offs, the recovery from such accounts is abysmal at less than 30%. In FY20, about 25% bad loans were written off. SBI wrote off Rs 32,000 crore in FY21, which is 23% of its total bad loans.

Comparison with private lenders

PSU bank shares have mostly been underperformers vis-à-vis their private-sector peers in the past decade because of high nonperforming loans (NPLs) and loss of market share. The superior performance by private sector banks pushed their valuations to record levels.

The Nifty PSU Bank index is down 11.6% in the past three years, while the Nifty Private Bank Index is up 23%. The Nifty index is up 43.1% in the same period.

PSU banks including Bank of India, Punjab National Bank, Bank of Baroda and UCO Bank among others are trading at a Price to Book (P/B) of around 0.55-0.7 times. SBI is trading at P/B ratio of 1.6 times.

In comparison, private lender HDFC Bank is trading at 4.1 times and Kotak Mahindra Bank at 5.5 times.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

Pradhan Mantri Suraksha Bima Yojana: Here’re The 6 Things To Know About

Personal Finance

[ad_1]

Read More/Less


Eligibility

The below are the criteria for enrolling in the Pradhan Mantri Suraksha Bima Yojana:

  • The PMSBY scheme is open to all individual bank account holders between the ages of 18 and 70, regardless of whether they have a single or joint account.
  • If an individual has multiple accounts with different banks, he would only be able to enter the scheme with one of them.
  • In the case of joint accounts, both account holders would be eligible to participate in the scheme.

Premium amount

Premium amount

The annual insurance premium for each member of the PMSBY scheme is Rs.12. Every June, the policyholder’s premium will be deducted via auto-debit from his or her bank savings account. Aadhaar card must be provided as a KYC document to be enrolled under the scheme. If the policyholder hits the age of 70, the bank savings account does not have the required minimum balance to cover the premium through auto-debit, or the policyholder has more than one policy under the same scheme, the PMSBY policy would be revoked. To maintain their insurance coverage active, holders must pay the premium in May. When you enter the scheme, you must allow the auto-debit option in your bank account for the annual premium to be deducted.

Coverage

Coverage

PMSBY has a death compensation of up to Rs.2 lakhs. The insurance cover is up to Rs.2 lakh in the event of complete disability, such as the loss of all hands or eyes. The sum assured in the event of partial disability, such as the loss of one limb or eyes, is Rs.1 lakh. If the subscriber dies in an accident or becomes completely disabled as a result of the accident, the nominee of the subscriber is entitled to up to Rs.2 lakh in coverage. The subscriber can also claim a deduction for the premium paid under Section 80C. Section 10(10D) of the Income Tax Act exempts the amount insured received up to Rs.1 lakh from taxation.

How to enroll for the scheme?

How to enroll for the scheme?

To participate in the PMSBY scheme, one must fill out an application and send it to the concerned bank. Individuals can also apply online by signing in to their bank’s net banking account. Applicant’s Aadhaar Card, Identity Card, Bank Account Passbook, Age Certificate, Income Certificate, Mobile Number, and Passport Size Photograph are required to open an account under the Pradhan Mantri Suraksha Bima Yojana. Public Sector General Insurance Companies (PSGICs) and other general insurance firms, in partnership with active banks, provide and manage the scheme. Subscribers can also send a message to the toll-free numbers of banks and insurance providers using their registered mobile number. Individuals can enrol by contacting an associated bank or insurance provider, or by downloading the form from https://www.jansuraksha.gov.in/Forms-PMSBY.aspx. The enrollment period is one year, beginning on June 1st and ending on May 31st of the subsequent year. Every year, by May 31, the bank will provide the auto-debit instruction. Since it is a yearly scheme, the person must agree to auto-debit by May 31 of the ensuing years.

How to raise a claim?

How to raise a claim?

The insured or nominee (in the case of death) must notify the bank as soon as possible after the accident occurs of the account holder. The claim form can be downloaded from the website of banks or designated insurance agencies and must be filled out correctly with the required details. Within 30 days of the date of the accident, the completed claim form must be submitted to the bank branch along with the required documents. The claim can be lodged by the nominee mentioned on the enrollment form, or by the legitimate heirs if there is no nominee. The individual’s disability claim will be credited to his or her bank account. It will be credited to the nominee’s/legal heir’s bank account in the event of death. The claim form is available for download at https://www.jansuraksha.gov.in/Forms-PMSBY.aspx.

The claim will be issued within 30 days of the bank receiving the application form along with the required documents.

When the premium is debited from the account?

When the premium is debited from the account?

All Pradhan Mantri Suraksha Bima Yojana’s applicants will be required to pay an annual premium of Rs 12 that will be deducted automatically from their bank accounts. The deduction of the premium amount will be notified to the beneficiaries via SMS. Those that have registered in the insurance scheme have a Rs 12 annual premium deducted automatically from their accounts. Beneficiaries are notified of this via SMS, which is usually performed between May 25 and May 31 every year.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less




April 14, 2015





Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.





With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


Next

[ad_2]

CLICK HERE TO APPLY

Leave a comment

NCLAT stays NCLT order on DHFL

Banking & Finance

[ad_1]

Read More/Less


In a relief to the ongoing resolution process of Dewan Housing Finance Corporation Ltd, the National Company Law Appellate Tribunal (NCLAT) has stayed an order by the National Company Law Tribunal (NCLT), which had directed the lenders to consider the offer made by Kapil Wadhawan.

The NCLAT heard the plea by the Committee of Creditors of DHFL challenging the May 19 order of NCLT on Tuesday.

Also read: DHFL lenders appeal against NCLT order on Wadhawan offer

Both the Committee of Creditors of DHFL as well as the Administrator had filed separate applications challenging the NCLT order to consider the offer made by its former promoter Kapil Wadhawan within the next 10 days.

Meanwhile, the Piramal Group on Tuesday also filed a separate appeal in the NCLAT challenging the NCLT order on DHFL.

The lenders termed Wadhawan’s proposal as flimsy, replete with misrepresentations, falsehoods, without financial backing or commitments, and tendered in disregard of the scheme of the insolvency code.

The administrator questioned the NCLT order’s timing given that the Bench is to retire in June and any delay could lead to a situation where the case would have to be re-argued before a new Bench. The application sought a direction from the NCLAT to the NCLT to pass an order on the offer by the Piramal Group within one week.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

HDFC Bank sees stress emanating from loans restructured during Covid 1.0, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


HDFC Bank has warned of a rise in loan delinquencies as business and collection efficiencies have been hit by the Covid wave.

The second wave has accentuated problems for the people hit by the first wave and there will be stress emanating from borrowers who took the moratorium or restructuring, its chief executive Sashidhar Jagdishan said in an investor call.

“For the first time in as many years, we don’t have visibility on what is going to happen and, hence, near-term expectations are tepid,”Jagdishan said.

“There will be incremental slippages if this continues for a while longer.”The pace of vaccination is crucial for both clarity and visibility on likely delinquencies. he said.

He stressed that vaccinating more citizens, within the shortest period of time, was the only way of returning to normalcy.

“Unfortunately, the availability of vaccines is still a blind spot. A lot of people are struggling to get vaccinated, but as soon as this is smoothened, positivity should return to the future outlook,” he said. The bank has also asked its collection agents and door-to-door staff to function digitally.

Collections hit

“The impact of Covid 2.0 is much more than what we saw in the first wave, and the health of our staff is paramount,” he said. “So long as they are able to engage with customers digitally and secure business digitally, including collections, we will be alright.

Because we have also directed our collection agents not to step out, among the stressed borrowers we expect to see a higher amount of delinquency but these accounts should get resolved in the coming quarters.”

“As things stood in March, we would have had a very buoyant FY22, but as things stand now, our performance is on a best-effort basis,” he said. “But the platform is so good that we will be in a position to bounce back when things return to normalcy.”

Tech issues

Jagdishan also said the bank management was hard at work to solve the tech issues plaguing the lender in recent years. The bank faced three major digital outages in the last three years, prompting the central bank to direct curbs, including a standstill on launching new digital initiatives and onboarding credit card customers.

“A fair amount of work has happened though we still need some time before we can control the issues on resilience,” Jagdishan said. “We have done a fair amount of work on our IT systems, security, infrastructure, and our recovery timeline is something we are working on.

The strictures imposed by the RBI have given us a window to work faster. We are impacted, it is a blot on the bank that we are unable to source cards but I take this positively and build our technology that is better than that of anyone else in the system.”

HDFC Bank first saw a spurt in cheque bounce cases in April, coinciding with the second lethal Covid wave in the country.

Check bounce rates for HDFC Bank were improving up to March 2021. However, bounce rates increased in April, returning to January 2021 levels. Maharashtra, Madhya Pradesh, Punjab, and Telangana were seeing higher check bounce rates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Risks To Understand When Investing In IPOs

Personal Finance

[ad_1]

Read More/Less


Key Risks To Know when investing in IPOs

1. Shares may or may not be allotted in the IPO issuance:

After you apply, if you are eligible or fall within the reserved quota set out for your investor category type, you will be allotted the shares, else not. So, there is no guarantee of you being issued shares as part of the IPO.

Typically when there is over-subscription for an issue there are less chances of issuance of the shares.

2. Valuation:

Like for a stock, the right pricing at entry in the IPO is also crucial, and for this the valuation of the issue is highly crucial. As is the case now, there is a flurry of IPOs in the primary market when the liquidity is high and the indices are notching new highs and it is at this time that the offerings are made at high valuations. This does not augurs well for the retail investors as in such cases the issue under-performs the index in the long run.

Now after the stellar listing gains seen in the recent past for most offerings, this thing also has faded, now let’s wait and watch how will the IPOs in pipeline will perform in respect of their listing as well as long term gains.

3. To make the complete analysis, there can be insufficient information available:

For some of the first-timers in the industry, it shall be hard to determine how would the company perform or how its peers have been doing. This is despite the financials being available in the Draft Red Herring Prospects (DRHP) with the SEBI. Say for instance:

4. Regulatory issues also need to be factored:

Say for instance in the last year concluded IPO offer of CAMS, these shares got listed on the NSE after 7 months of their entry into the capital market. This was because as at that time CAMS was being backed by NSE’s subsidiary firm.

5. Volatility:

These IPOs may see sharp volatility in the first few days of their trade and also there is no limit in respect of when the trades in such stocks can be frozen.

Points to remember when investing in IPOs

Points to remember when investing in IPOs

1. Like for stocks, leveraging should not be taken on to for investing in IPOs i.e. an individual or an HNI should not borrow funds to invest in IPO.

2. Also, investors in IPO should not be unrealistic about their expectations of the IPO returns.

3. Retail investors should not get into illegal trades i.e. in the grey market.

4. When investing in IPOs it shall always be in the interest of investors to remain in the stock for a long run as with the company growth, your share in the company as shares will also see an growth.

5. For IPO investment, one needs a good economy, company and industry understanding to fairly narrow down on the IPO which shall be good for them.

6. Investors need not be lured by the newness of the company or industry instead should do adequate company and industry profiling together with its financial analysis as well as figure out the key risks as well as the areas that it may be exposed to across economic and business cycles.

7. If the investor invested for making listing gains, but an IPO disappointed on that front, it may be wise to rather exit that investment early.

8. Financials that need to be watched out include double digit return for Return on Equity as well as Return on capital employed. Also, earnings growth as well as its leverage position together with debt on the company’s balance sheet need to be definitely given a heed before investing in the offer. Positive cash flow should be another factor that needs to be kept in mind.

Conclusion:

Conclusion:

The IPO investment is a high risk-high reward investment option and can be indeed avoided by retail investors and only after a sound understanding of the company’s performance in the secondary market, its management as well as corporate governance the investor may get into the stock.

GoodReturns.in



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less




April 14, 2015





Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.





With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


Next

[ad_2]

CLICK HERE TO APPLY

Leave a comment

France’s banks are the greenest, JP Morgan makes most from fossil fuels, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


French banks are known for dominating their home market, but they’re considered also-rans on the global stage when compared with US lenders. That’s not the case in the world of green banking. Credit Agricole is the leading underwriter of green bonds, three places ahead of the much larger JPMorgan since the end of 2015, according to an analysis on activity from almost 140 banks around the world by Bloomberg. Two other Paris-based banks, BNP Paribas and Societe Generale, rank in the top 10 in the league table.

French banks were early in identifying green lending as a way to differentiate themselves from their rivals, said Maia Godemer, a London-based researcher at BloombergNEF, a clean-energy think tank. Green debt offerings have been steadily increasing for the past five years, and 2021 is shaping up to be the biggest yet. Issuers have sold more than $187 billion of green bonds so far in 2021, almost triple the pace from the year-earlier period.

Global banks surge

Since the clinching of the Paris Agreement, the global banking sector has underwritten more than $3.6 trillion of bonds and loans for the fossil-fuel industry. No bank has done more–or taken more in fees–than JPMorgan Chase in the past five-plus years.

The same constellation of banks has originated more than $1.3 trillion of green bonds and loans to support climate-friendly projects over the same period. No bank has done less than Wells Fargo, which has arranged the lowest proportion of green financing relative to fossil fuel among the world’s largest lenders.

But the biggest surprise of all is that high finance may have just shifted into a new era. Led by underwriting from firms including JPMorgan and Citigroup, green bond sales and loans this year are outpacing new fossil finance activity for the first time since the Paris Agreement was announced at the very end of 2015.

The transformation in the capital markets–if it lasts–indicates that the world’s largest banks may finally be getting behind the movement towards a low-carbon future. It also may be a sign that financial giants are seeing an advantage to green projects from a profit-and-loss standpoint.

JPMorgan’s fossil fuel windfall

The largest bank in the U.S. is also the most entangled in the fossil-fuel industry. JPMorgan has pocketed an estimated $900 million in fees from helping arrange loans and bond sales for energy companies since the start of 2016. That’s 14% more than Citigroup, 40% more than Bank of America and 60% more than Wells Fargo, its closest competitors.

JP Morgan’s dominant position in this part of the investment banking business has attracted criticism from not only climate activists but also from its own shareholders. In response, the New York-based company unveiled a new round of steps designed to lower its exposure to corporate polluters by 2030. Among other initiatives, the giant bank pledged to reduce the carbon emissions of its lending portfolios for the oil and gas, electric power and auto manufacturing sectors.

Wells Fargo’s green footprint
In the fossil-fuel arena, Wells Fargo is a standout–and not in a good way.

The San Francisco-based bank ranks as the world’s second-largest arranger of bond sales and loans for fossil-fuel companies, and No. 4 by fees earned. For green bonds and loans, in contrast, Wells Fargo is the 50th biggest underwriter since the Paris climate deal, according to Bloomberg data. That disparity puts Wells Fargo in the position of the bank making the smallest effort to support the climate transition relative to its fossil finance. Wells Fargo said it’s committed to sustainable finance and has helped fund 12% of all wind and solar energy capacity in the U.S. over the past 10 years. In March, the company announced plans to deploy $500 billion to sustainable businesses and projects by 2030.

A renewable energy market

The underwriting market for renewable-energy companies is minuscule when compared with the funds that fossil-fuel companies are raking in. Since the start of 2016, renewable-energy producers have raised less than $160 billion in the debt markets, compared with the $3.6 trillion for non-renewable energy producers, according to Bloomberg data. This year, when one would expect the spread to be narrowing, green energy providers have received less than $10 billion from bond sales and loans, while fossil-fuel companies got almost $190 billion.The leading lenders to renewable-energy companies since 2016 include Japan’s Mitsubishi UFJ Financial Group, BNP Paribas and Australia & New Zealand Banking Group. Bank of America was the top U.S. bank, placing 11th in the league table.

Coal bankers make money in China

So far in 2021, only $6.6 billion of bonds and loans have been extended to coal companies, down from $19.3 billion in the same period a year ago. The data support the growing unease among lenders to work with producers of a fossil fuel that emits the most carbon dioxide for every unit of usable energy it generates.

One of the few places where coal bankers are generating fees is China. Of the 10 largest coal bond underwriters since the start of 2016, nine are based in China. This group is led by Beijing-based Bank of China and Industrial Bank. The sole non-Chinese lender on the list is Deutsche Bank.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Musk jolts Bitcoin higher with push to burnish miners’ image, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Elon Musk continued to toy with the price of Bitcoin Monday, taking to Twitter to indicate support for what he says is an effort by miners to make their operations greener.

Musk and Michael Saylor, another long-time Bitcoin booster, tweeted that they held a call with major North American miners, including Michael Novogratz’s Galaxy Digital and publicly traded Hut 8 Mining Corp., on Sunday to discuss “energy usage transparency.” Saylor said the group agreed to form the Bitcoin Mining Council “to standardize energy reporting.”

The world’s largest cryptocurrency advanced as much as 19% to trade around $39,944 following the tweets. It has slumped to as low as $31,132 on Sunday.

The latest was at least the fourth tweet by Musk that has sent Bitcoin prices running one way or another in the past two weeks. The volatility, almost unprecedented in an asset known for its wild swings, has raised concern among Wall Street veterans and regulators alike that Bitcoin might not be ready for the prime time its backers envision.

“If the market continues to see wild swings based on Elon Musk tweets, it’s going to be a big set back for this asset class. The fact that it sees such wild swings to the tweets from one person takes away the legitimacy of the asset class,” said Matt Maley, chief market strategist for Miller Tabak + Co.

A spokesperson from Galaxy confirmed that a company mining representative participated in the call. Hut 8 Mining tweeted that it also was on the call, and would be part of an effort to “educate the market that sustainable mining is possible and a priority.”

The timing is conspicuous. Two weeks ago, Musk roiled the crypto world when he said Tesla Inc. wouldn’t accept Bitcoin for cars because of its energy-intensive proof-of-transaction process. While the creation of a mining industry council might standardize energy-usage reporting, it will take years for many of the largest miners to recalibrate where they source their energy.

Pledges to make the industry more green picked up since Musk’s tweet, with several miners joining the Crypto Climate Accord, a private-sector initiative to decarbonize the crypto industry by 2030. The group was inspired by the Paris Climate Agreement.

Energy usage — a long-known problem — had not seemed to bother Musk as he hyped crypto and earlier this year plowed $1.5 billion of Tesla’s corporate cash into it. Miners use hundreds of computers that run around the clock to verify Bitcoin transactions in exchange for new coins. While some have hooked into energy sources powered by hydroelectric dams or solar and wind farms, much of the power comes from coal-fired plants.

Musk’s tweet criticizing the energy usage sent Bitcoin tumbling the most in years, wiping more than $500 billion from its market value. He later tweeted that he still believed in Bitcoin, helping the token recoup some of its losses. The volatility persisted through the weekend before a modest rebound Monday got supercharged by his latest online missive.

Saylor, CEO and founder of Microstrategy Inc., announced last week that his enterprise-software company bought more Bitcoin as prices fell, bringing its holdings to approximately 92,079 Bitcoins, which it says were acquired for about $2.25 billion at an average of about $24,450 per token.

A host of crypto bulls are lining up to hype the industry as it holds one of its biggest conferences of the year this week. Federal Reserve Governor Lael Brainard noted at the Consensus conference that a big issue for central banks with regard to a digital currency is the impact on the financial system.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,
1 … 22 23 24 25 26 … 100