Month: May 2021

Airtel Payments Bank launches gold investment platform in partnership with SafeGold, BFSI News, ET BFSI

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NEW DELHI: Airtel Payments Bank Thursday launched gold investment platform ‘DigiGold’ in partnership with SafeGold, a provider of digital gold, as part of its growing bouquet of digital services,

The DigiGold investment platform will enable Airtel Payments Bank’s saving account customers to invest in 24K gold using the Airtel Thanks App, and they will also be able to gift DigiGold to their family and friends, who have a savings account with Airtel Payments Bank.

The gold purchased by customers is stored securely by SafeGold free of cost and can be sold through the Airtel Thanks app at any time conveniently, the payments bank said in a statement and added that there is no minimum investment value requirement and customers can start with as low as one rupee.

“DigiGold is the latest addition to our neo-banking proposition of simple, secure, and value-driven products. Our customers can now invest in gold through a seamless digital journey on our app. We also plan to introduce Systematic Investment Plans to enable customers to invest regularly,” said Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank.

“Gold has seen a resurgence over the past year as the instrument of the savings of choice, and we are proud to have partnered with Airtel Payments Bank to offer customers a range of digital gold-related products in the manner and value of their choice,” added Gaurav Mathur, MD, SafeGold.

Airtel Payments Bank recently increased its savings deposit limit to Rs 2 lakhs in line with RBI guidelines. It now offers an increased interest rate of 6% on deposits between Rs 1-2 lakhs.



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RBI cancels licence of West Bengal-based United Cooperative Bank, BFSI News, ET BFSI

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The Reserve Bank of India on Thursday said it has cancelled the licence of United Co-operative Bank Ltd, Bagnan, West Bengal, as it does not have adequate capital and earning prospects. Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 13, 2021, the Reserve Bank of India said in a statement.

“As per the data submitted by the bank, all the depositors will receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC),” it said.

On liquidation, every depositor would be entitled to receive deposit insurance claim amount in respect of his/her deposits up to a monetary ceiling of Rs 5 lakh from the DICGC subject to the provisions of the DICGC Act, 1961.

Giving details, the RBI said the bank does not have adequate capital and earning prospects. Also, the bank with its present financial position would be unable to pay its present depositors in full, it added.

United Co-operative Bank has been prohibited from conducting the business of ‘banking’ which includes acceptance of deposits and repayment of deposits with immediate effect.

The RBI has requested the Registrar of Cooperative Societies, West Bengal to issue an order for winding up the bank and appoint a liquidator.



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Asirvad Microfinance plans to rope in partner; may go public in due course

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Manappuram Finance took over the Chennai-based company in February 2015 and at present has a 94.78% stake.

Asirvad Microfinance is considering options of bringing in a financial partner and going public in due course, a top official of the company said. However, its is not in a hurry given the current environment and is adequately capitalised at present to meet its growth, VP Nandakumar, chairman of Asirvad Microfinance, told FE.

Manappuram Finance took over the Chennai-based company in February 2015 and at present has a 94.78% stake.

“Manappuram Finance is very well capitalised today and we don’t have requirement for growth capital. But, our capital allocation policy formulated by the board stipulates that the incremental capital allocation for unsecured lending should not exceed 10% of the total allocation. This decision has been taken from a risk management perspective. It is in this context that we have considered raising fresh equity capital in Asirvad by bringing in a financial or strategic partner and listing on the stock exchange in due course,” Nandakumar said.

“The fact is that the microfinance business has very high growth potential and therefore a larger appetite for growth capital. Asirvad’s AUM has multiplied manifold since our acquisition in 2015,” he added. The microfinance company’s current capital adequacy is over 25% and its net worth exceeds Rs 1,000 crore.

Assets under management (AUM) grew 17 times in five years to touch Rs 5,500 crore by the end of FY20. In February 2015,when Manappuram had acquired the company, the AUM was around Rs 300 crore.

In FY21, the pandemic-induced slowdown impacted growth and there was a marginal erosion in AUM to Rs 5,357 crore as of Q3FY21.

“Our collection efficiencies improved significantly over the past few months, going above 100% of billings, as past dues are also getting collected. It had reached 99% in December 2020. However, with India now in the midst of a difficult second wave of the pandemic, we may have to wait before we can make an accurate assessment of where we stand,” Nandakumar said.

Regarding expansion, he said in line with risk management policy, the company has capped portfolio concentration at the state level to below 10% and at 1% for the district-level exposure. “Currently, Asirvad has more than 1,047 branches in 24 states. We are now present in most locations with business potential. We continue to add locations as and when warranted. Our focus is on achieving profitable, diversified and sustainable growth,” Nandakumar said.

The company reported a net profit of Rs 17.7 crore for the third quarter of FY21 as against a net profit of Rs 71.21 crore in the year-ago period.

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Power Grid InvIT IPO To List On Bourses On May 17: Here’s What To Expect From Its Listing

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Investment

oi-Roshni Agarwal

|

The first InvIT (Infrastructure Investment Trust) IPO by a state owned entity, Power Grid, will see the listing of its shares on the bourses on May 17. The IPO offer of Power Grid InvIT ran between April 29 and May 3, 2021 included a fresh issue of shares worth Rs 4,993.48 crore and an offer for sale (OFS) to the tune of Rs 2,741.50 crore by selling shareholders. It was sold in the price band of Rs 99-100 per unit. The issue received robust response owing to government backing.

First State-Owned InvIT To List On May 17: Here's What To Expect

Power Grid InvIT IPO To List On Bourses On May 17: Here’s What To Expect From Its Listing

On the last day of subscription, the Power Grid InvIT issue was subscribed 4.83 times. The Rs. 7735 crore IPO received bids to the tune of 205 crore units as against 42 crore units that were on offer. The portion reserved for the institutional investors was subscribed 4.63 times and other investors 5.07 times.

The Powergrid infrastructure Investment Trust is newly set up and as such it does not have any established operating history which makes it difficult to analyse the future growth prospects, told an analyst to a leading business daily.

What to expect from Power Grid InvIT IPO Listing?

Even though the Indian stock market in the days to come will more or less mirror the trend in the global stock market which fears rollback of stimulus by the US amid high inflation, Abhay Doshi, founder of UnlistedArena.com that deals in IPO and unlisted shares told a leading business daily that “the instrument being suitable for long term investors may not see considerable gains/losses on listing”. “However, the sponsor has a ‘Maharatna’ status from GoI. Also, PGIT has stable credit ratings from leading agencies”, he added.

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One Share Of Each Of These Bluechip Companies Every Investor Should Hold In His DP

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Investment

oi-Roshni Agarwal

|

List of Bluechip Stock every Indian Investor should hold is:

1. Adani Enterprises Rs. 1285
2. AB Capital Rs. 119
3. Axis Bank Rs. 691
4. Biocon Rs. 385
5. Glenmark Pharma Rs. 623
6. HDFC Bank Rs. 1399
7. ICICI Bank Rs. 594
8. Info Edge Rs. 4354
9. Kotak Mahindra Bank Rs. 1718
10. Larsen & Toubro Rs. 1385
11. Reliance Industries Rs. 1913
12. State Bank of India. Rs. 368
13. Tata Motors Rs. 326

One Share Of Each Of These Bluechip Companies Every Investor Should Hold

One Share Of Each Of These Bluechip Companies Every Investor Should Hold In His DP

The above stock list is suggested on the basis of the underlying value of assets being created by their subsidiaries which are likely to enter the capital market in the near future via the IPO Route.

Subsidiaries of the above listed bluechip companies that are expected to come up with the IPO are specified below:

1. Adani Wilmar
2. Aditya Birla AMC, Aditya Birla Life.
3. Axis AMC other subsis,
4. Biocon Biologics,
5. Glenmark Life Sciences
6. HDB Finance, HDFC Securities,
7. ICICI AMC
8. Policy Bazaar, Zomato
9. Kotak AMC, Kotak Securities,
10. L&T Defence Division & Other Subsis,
11. Various subsidiaries of Reliance Group including Reliance Retail
12. SBI General Insurance, SBI Capital Markets, YONO & others.
13. Tata Techno

Total investments in these 13 stocks estimates to be Rs. 15,160 based on the closing market price of May 12, 2021 (Wednesday). By investing Rs 15,160 your chances of getting allotment in the IPO’s of above mentioned list increases via shareholders quota.

This is recommended so on the basis of reserved category of subscriptions available to all continuously holding investors at the time of New IPO for their subsidiary companies as per the SEBI Listing Norms and Guidelines.The parent company has sole discretionary power to announce any shareholder quota for the existing shareholders of the parent company. Earlier companies to announce reserved portion for existing shareholders were HDFC Group for HDFC AMC IPO in 2018 and SBI in case of SBI Life Insurance Company Limited in the year 2017 and for SBI Cards and Payments Services Limited in the year 2020

So do try to buy and keep holding of at least 1 share of above mentioned shares in your demat account.

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Airtel Payments Bank launches Digigold

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Airtel Payments Bank on Thursday launched DigiGold, a digital platform for customers to make investments in gold. This has been rolled out in partnership with SafeGold, a provider of digital gold.

With DigiGold, Airtel Payments Bank’s saving account customers can invest in 24K gold using the Airtel Thanks app. Customers can also gift DigiGold to their family and friends, who have a savings account with Airtel Payments Bank.

The gold purchased by customers is stored securely by SafeGold at no additional cost and can be sold through Airtel Thanks app at any time in a matter of few clicks. There is no minimum investment value requirement and customers can start with as low as one rupee.

Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said in a statement : “DigiGold is the latest addition to our neo-banking proposition of simple, secure, and value-driven products. Our customers can now invest in gold through a seamless digital journey on our app. We also plan to introduce Systematic Investment Plans to enable customers to invest regularly.”

Airtel Payments Bank recently increased its savings deposit limit to ₹2 lakh in line with RBI guidelines. It now offers an increased interest rate of 6% on deposits between ₹1-2 lakh.

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Cryptocurrency investors stuck as banks block transactions

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Cryptocurrency exchanges and investors are facing a new challenge with most banks unwilling to process such transactions.

According to sources, the issue had started cropping up in late February and in recent weeks some banks have directed payment gateways not to process cryptocurrency-related transactions.

Advertisements by cryptocurrency exchanges during the Indian Premier League as well as booming trading volumes are understood to be the cause of concern even though the Supreme Court had lifted the ban on them in March 2020.

Over the last few weeks, some cryptocurrency exchanges have been facing problems in processing transactions even as many investors complained that they were unable to invest though cryptocurrency prices were on the rise.

“Most banks are not working with cryptocurrency exchanges and investors because the Reserve Bank of India had informally indicated that they should not to work with them,” said a person familiar with the development.

An e-mail query to the RBI by BusinessLine on the issue did not elicit any response.

Banking access

“There seems to be confusion among the banking industry because they are not giving banking access to the crypto industry in India despite the Supreme Court verdict. We request banks in India to update their compliance teams about the Supreme Court ruling that set aside the RBI circular against crypto,” said Nischal Shetty, CEO and Founder, WazirX, noting that NPCI has refused to block fund movement for crypto trades.

WazirX has, however, removed the UPI option because banks are not providing UPI to crypto exchanges, Shetty said.However, not all exchanges seem to be impacted.

According to Sathvik Vishwanath, co-founder of cryptocurrency exchange Unocoin, the problem has arisen because some banks have decided not to permit their payment gateways to process these transactions.

“There were always some banks, which never processed cryptocurrency-related transactions. Some banks have changed their stance now, which is creating the problem,” he said, adding that Unocoin has not faced any such problem.

Ashish Mehta, co-founder, Digital Techlab Private Limited (DigitX), said his exchange has not faced any banking issues but said such issues scare away investors from an alternative asset class that crypto.

“This is a bank-related issue due to lack of understanding and could be at an entity level or a momentary pause as they try to bring in regulations for more transparency for KYC or anti-money laundering,” Mehta said.

Regulatory uncertainties

Sources in cryptocurrency exchanges, as well as banks, point out that there continues to be regulatory uncertainty, which is causing most of the problem.

“While the Supreme Court has lifted the ban a long time ago, but the Finance Ministry and the Reserve Bank of India have not been in favour of private cryptocurrencies. This has been leading to a lot of confusion even though the trading volumes and investor interest has been picking up,” said a player.

Even prior to this, most lenders had been wary of processing cryptocurrency-related transactions.

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Reserve Bank of India – Press Releases

Press Releases

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Today, the Reserve Bank of India (RBI) has, vide order dated May 10, 2021 cancelled the licence of United Co-operative Bank Ltd., Bagnan, West Bengal. Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 13, 2021. The Registrar of Cooperative Societies, West Bengal has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

The Reserve Bank cancelled the licence of the bank as:

  1. The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of section 11(1) and section 22 (3) (d) read with section 56 of the Banking Regulation Act, 1949.

  2. The bank has failed to comply with the requirements of section 22 (3) (a), 22 (3) (b), 22 (3) (c), 22 (3) (d) and 22 (3) (e) read with section 56 of the Banking Regulation Act, 1949;

  3. The continuance of the bank is prejudicial to the interests of its depositors;

  4. The bank with its present financial position would be unable to pay its present depositors in full; and

  5. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

2. Consequent to the cancellation of its licence, United Co-operative Bank Ltd., Bagnan, West Bengal is prohibited from conducting the business of ‘banking’ which includes acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.

3. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of United Co-operative Bank Ltd., Bagnan, West Bengal as per the DICGC Act, 1961 will be set in motion. As per the data submitted by the bank, all the depositors will receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC). On liquidation, every depositor would be entitled to receive deposit insurance claim amount in respect of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees Five lakh only) from the DICGC subject to the provisions of the DICGC Act, 1961.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/204

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Akshaya Tritiya 2021: 3 Quick Ways To Buy Gold Via Payment Wallets

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Buying gold over Paytm

– Paytm offers gold buying via its Paytm Gold platform which is a simple, safe and transparent way to invest in 24K gold.

– Paytm’s 99.99% 24K pure gold is being offered from MMTC-PAMP i.e. accredited by the London Bullion Market Association (LBMA)

– Gold on Paytm can be bought for as less as Rs. 1 and maximum for Rs. 1,99,000. In grams selling of gold starts from 0.0005 gm.

– As per the FAQs on gold buying over Paytm, the live price at which you choose to buy gold will be valid for 7 minutes from the time when you click on the option to buy.

– For the payment mode, the wallet company accepts the following modes which include Paytm wallet, debit card, net banking, ATM card or any other payment mode as Paytm may make available on their platform

– After your buy order is accepted by MMTC-PAMP, you will receive and invoice and the said quantity will show in your Paytm Gold account under Locker balance.

– Storage: Customers can buy and store gold over the Paytm platform for a 5-year period from the purchase date. Storage charges shall be 0.04% per annum of your gold holding. Note if you continue to hold your gold with the payments company even after the custody period of 5 years, additional charges, as applicable at that point in time will apply.

– Redemption of gold from paytm:

When you redeem your gold positions, you need to give your bank account details including IFSC code and money will be credited within 72 hours into your account.

– Selling price on any given day is less than the buying price which as per the FAQs is the standard bullion industry and trade practice. This is also because some of the costs are involved including taxes, bank charges etc.

– For the delivery of gold to your address you should be holding gold of at least the value of coin you want to get delivered. Gold coin in denomination of 1,2, 5 or 10 gm are being delivered against your gold holdings in Paytm.

– Also redemption of Paytm gold can be done as jewellery as the payments company has tied up with various jeweler entities such as PC Jewellers, among others.

Buying Gold on PhonePe:

Buying Gold on PhonePe:

How to buy gold on PhonePe?

-For buying gold on PhonePe, go to the ‘My Money’ link on the menu bar below on the app.

– Now go to investment section, under which you will find ‘Gold’

-To start with your Gold Savings over PhonePe that is trusted by 60 lakh plus customers, you need to select one of the 2 providers i.e. MMTC-PAMP or Safegold. Both of them are offering 24Karat 99.99 percent pure gold.

-The real time price of gold being displayed for a gm for your gold purchase will remain valid for 5 minutes. And includes GST, custom duty etc. Also, the rates differ by the two providers owing to the difference in gold in terms of fineness.

– You can start your investment in gold at PhonePe for as less as Rs. 1 or 0.001 grams. For selling you need to have minimum gold of Rs.5. Also, you cannot buy and sell your gold holdings on the same day.

– For the payment mode, the wallets company is accepting BHIM UPI, debit card and credit card.

– Investor can invest in gold up to Rs. 2 lakh at any point. And beyond that you would need to fulfill KYC requirements.

– Digital PhonePe gold can be redeemed as coins or pendant starting from 1 gram. For the same, you will be charged both making and delivery charges.

Is buying digital gold an expensive and risky route?

Google Pay/GPay:

Google Pay/GPay:

How to buy Gold over G-Pay?

1. Open Google Pay

2. Under the Finance section, you will find the tab saying ‘Gold’ click there.

3. Then tap on the buy option. Here the live buying price for your purchase shall remain valid for 5 minutes.

4. Enter the amount of gold you want to buy or specify the amount (INR) for which you wish to buy gold.

5. Next tap on the check mark

6. Choose your preferred payment mode

7. Tap proceed to pay. Note after the transaction is completed successfully, the gold purchase should reflect in your locker within a few minutes.

Importantly, your Gold locker is linked to your SIM and phone number. In case you happen to change your phone number, G-Pay would verify your identity to enable you to access your account.

Features of gold purchased on GPay

• On G-Pay you can digitally buy and sell gold via MMTC-PAMP.

• MMTC-PAMP offers 24K 99.99% pure gold that is stored in a Gold Accumulation Plan (GAP)

• Herein MMTC-PAMP acts as a custodian and maintains your gold in the physical form as long as you own it.

• Your gold purchases via MMTC-PAMP are fully insured that ensures the security of your gold.

• There is no overall limit on the total value of gold you can buy over GPay. Nonetheless, the daily gold purchase limit is capped at maximum Rs. 50,000.

• Minimum purchase amount is Rs. 1. But GAP accounts that hold gold over Rs. 49,999 need to comply with KYC norms for making additional purchase.

• Note the buying price on GPay flashes in per milligram and includes tax or GST as applicable

GoodReturns.in



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JPMorgan, others discuss issuing credit cards to people with no credit scores, BFSI News, ET BFSI

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– JPMorgan Chase & Co, Wells Fargo , U.S. Bancorp and other banks plan to share data on customers’ deposit accounts to extend credit to people who have traditionally been barred from getting them, the Wall Street Journal reported.

The plan, part of a government-backed initiative, will factor in information from applicants’ checking or savings accounts at other financial institutions to increase their chances of approval for getting credit cards, the report said on Thursday, citing people familiar with the matter. (https://on.wsj.com/3w3L6fK)

The move is aimed at customers who do not have credit scores but are financially responsible, the report said, adding that the lenders would consider applicants’ account balances over time and their overdraft histories.

The banks did not immediately respond to Reuters’ requests for comment.

The banks are discussing using credit-reporting firms, such as Equifax, Experian PLC and TransUnion , as well as fintech company Early Warning Services LLC, for this data sharing, the WSJ report said.

The new plan marks a significant contrast to the strategy generally adopted by lenders, who traditionally rely on credit scores to determine eligibility for a loan. Reforming credit scores is one of U.S. President Joe Biden’s many priorities as he tries to repair the financial wreckage caused by the COVID-19 pandemic.



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