Reserve Bank of India – Press Releases
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The Result of the auction of State Development Loans for Seven State Governments held on May 11, 2021.
Rupambara Press Release: 2021-2022/194 |
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Month: May 2021
Reserve Bank of India – Press Releases
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The Reserve Bank of India (RBl) has imposed, by an order dated May 10, 2021, a monetary penalty of ₹3.50 lakh (Rupees Three Lakh Fifty Thousand only) on Siddheshwar Sahakari Bank Ltd., Latur, Maharashtra (the bank) for contravention of/non-compliance with the directions issued by RBI to Urban Cooperative Banks on Exposure Norms and Statutory/ Other Restrictions and Income Recognition and Asset Classification (IRAC) norms. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Background The inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, contravention of/ non-compliance with the directions issued by RBI on Exposure Norms and Statutory/ Other Restrictions and IRAC norms. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions. After considering the bank’s replies and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty. (Yogesh Dayal) Press Release: 2021-2022/192 |
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Latest Crypto News: Litecoin, Dogecoin, Bitcoin, Ethereum Prices After A rally
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Planning
oi-Sneha Kulkarni
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Millennials are becoming more interested in cryptocurrency. A cryptocurrency is a form of digital currency that can be used to buy things on certain websites. Because of how unpredictable cryptocurrencies can be, not everybody accepts them. Unlike conventional money, the value of cryptocurrency is calculated by the market. Although Bitcoin remains stuck in a predictable range below Binance Coin, Cardano, Litecoin, and Chainlink have developed bullish trends, implying that they will continue to rise. – As the price of cryptocurrencies continues to fluctuate, let’s take a closer look at what’s going on in the crypto sector.
Litecoin
This week, Litecoin (LTC) prices soared by up to 35% to a one-year high versus Bitcoin (BTC), leading analysts to forecast further upside momentum for the remainder of the month.
Ether
Ethereum on Tuesday rose after slipping from record high and was seen trading at $4,070at the time of press.
Bitcoin
During the sell-off, the bitcoin price had dropped by more than 5% in the previous 24 hours. As of press time, it had recovered to just over $55,993.
Doge
DOGE most recently made a 10x rise in the last week, rallying to $0.74. On Tuesday, Doge was trading at $0.50. up 1.67% at the time of press.
Crypto Wallets
Cryptocurrency wallets, as well as account credentials from other apps like NordVPN, Telegram, Discord, and Steam, are being targeted in a new ransomware attack. Trend Micro, a cybersecurity software firm, discovered the latest information-stealing malware (also known as infostealer for short) dubbed “Panda.”
On Sunday, the Winklevoss brothers’ crypto exchange Gemini announced that Dogecoin holders could earn 2.5 percent APY via Gemini Earn.
China
The “DOGE killer” is a new digital token that is trending (and price-pumping) in Chinese cryptocurrency circles. The new SHIB token has blatantly appropriated the name of the Shiba Inu dog breed, whose logo has become synonymous with the joke cryptocurrency dogecoin.
South Korea
The Korea Federation of Banks has expressed concern about the rise in altcoin trading volumes across the country’s crypto exchanges. The banking association has asked member banks to conduct an audit on the altcoins provided by their crypto exchange clients, according to a study published by The Korea Herald on Monday.
Nebraska
Nebraska legislators are working on a bill that would authorize state banks to provide cryptocurrency services.
Africa
A crypto exchange in Africa has reported $3.2 billion in transactions ahead of its global expansion.
Ellon Musk
Elon Musk has started a Twitter poll to see whether Tesla should consider dogecoin as a payment method.
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Finmin pitches PM Jeevan Jyoti Bima Yojana again
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The Finance Ministry has re-energised its effort to get more people, especially from lower-income group and vulnerable sections, to enrol under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a low-cost life insurance scheme. But bankers are not very enthused about this effort.
“In these testing times, let’s take a step towards security. Subscribe to PMJJBY and secure the safety of your loved ones. Available to people in the age group 18 to 50 years with a bank account who give their consent to join/enable auto-debit of premium,” the Financial Services Department (DFS) said in a tweet.
Meanwhile, bankers are not very excited with the renewed thrust on the scheme as they feel this will put additional pressure on already overworked staff. Also, this could lead to crowding in bank branches.
“The government issues advisory, but it soon becomes a kind of important task for bank management. Who will have to work extra now? Besides, the staff available is in limited number as positive cases are here too,” a senior public sector bank official said on condition of anonymity. Another bank official was equally critical, saying how can one expect any additional work by bank staff at this moment.
Launched on May 9, 2015, the scheme offers a renewable one-year term life cover of ₹2 lakh to all subscribing bank account holders in the age group of 18 to 50 years. It covers death due to any reason, including suicide and murder. The rate of annual premium is ₹330 per subscriber. Life Insurance Corporation (LIC) administers the scheme. Anyone with a bank account in a Scheduled Commercial Bank can enrol for the scheme. She/he needs to give instructions regarding auto debit before May 31 every year. Cover is available for the period starting June 1 and ending on May 31.
Fear target pressure
Another bank official expressed fears that soon some target might be out and the need to achieve it in a given period of time.
“Our worst fear is crowding in any branch. Given security concerns, many people are still not very comfortable with using online banking and they prefer to visit the branch for any banking requirement. This could be so in the case of people willing to subscribe to a new insurance scheme,” he said.
As on April 28, the total number of subscribers under the scheme was 10.32 crore. The Finance Ministry also claimed that over 2.39 lakh claims have been settled since the inception of the scheme.
However, data as on March 31 shows that weekly enrolment has come down. For example, during the week starting March 17 and ending March 24, total enrolment was 4.91 lakh, which dropped to 3.60 lakh during the March 24-31 week.
However, Finance Ministry officials believe it that it is a temporary phase and things will improve.
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J&K Bank defers board meet on proposed Rs 500 cr-capital infusion from state govt, BFSI News, ET BFSI
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Jammu & Kashmir Bank (J&K Bank) has postponed its board meeting to discuss the proposal of Rs 500 crore capital infusion from the state government.
The meeting of the board of directors of the bank scheduled for Wednesday, May 12, 2021 to consider/discuss the proposal of capital infusion by the government of Jammu & Kashmir to the tune of Rs 500 crore in the bank stands postponed, the bank said in a regulatory filing.
The bank has not given the reason behind the postponement.
The new date for the said meeting shall be communicated separately, it added.
Stock of J&K Bank traded at Rs 26.10 apiece on BSE, up 2.76 per cent from previous close.
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KFintech acquires 17 per cent stake in Artivatic.ai for undisclosed sum
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Private equity giant General Atlantic-backed KFin Technologies, a Hyderabad-based registry services firm, has acquired a 17 per cent stake in insurtech startup Artivatic.ai for an undisclosed sum. The acquirer also has an option to increase its stake to majority holding in Artivatic.ai.
The investment will help KFintech venture into the insurtech space as it looks to diversify beyond offering registry services to mutual funds, corporate, pensions and other asset classes. Artivatic.ai will utilise the funding to broaden the product portfolio, explore new business horizons and expand its footprint across India and other global markets with the help of KFin.
Sreekanth Nadella, Chief Executive Officer of KFin Technologies, said, “Expanding our portfolio of services into insurance has been in the works, and our investment into Artivatic.ai is the first step in that direction. We enormously value the techpreneur community and the value they add to the industry”.
“Access to capital aside, KFin will contribute to Artivatic.ai with access to clientele, geographic expansion, thought leadership and technology and process frameworks,” he added.
Artivatic provides risk-based personalised automated solutions catering to the underwriting, claims, risk and fraud intelligence, embedded distribution, new-age product design, sales intelligence, and more to ease insurance operations benefiting both the insurers and customers.
Layak Singh, Co-Founder, Artivatic.ai, said, “This investment will help Artivatic focus on building and strengthening new-age solutions in insurance and healthcare services to provide unified, risk-based, personalised technologies enable end-to-end digital adoption. Through the partnership with KFintech and General Atlantic, Artivatic will leverage domain expertise, network, and financial support to become one of the preferred solutions providers for insurance and scale faster in India and the South-East Asia region. This partnership will allow Artivatic to focus on growth, scale, expanding to various geographies, through the backing of Kfintech”.
Kfintech serves corporates, mutual funds, venture funds, private equity, the national pension system, wealth managers, and exchange-traded funds, both domestically and globally.
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SBI Salary Account: Here’s All You Need To Know About
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Types of SBI salary account
SBI provides eight different types of salary account packages to appeal to the individual needs of organisations according to (sbi.co.in):
Corporate Salary Package (CSP): Employees of corporate institutions, including service organisations such as hospitals, hotels, and transport companies, can benefit from Salary Accounts under the CSP. The eligibility for Package Variants is determined by Net Monthly Salary such as PLATINUM: Above Rs 1,00,000/-, DIAMOND: Above Rs 50,000/- and up to Rs 1,00,000/-, GOLD: above Rs 25,000/- and up to Rs 50,000/-, SILVER: Between Rs 10,000/- and up to Rs 25,000/-.
Central Government Salary Package (CGSP): Employees of Ministries and Departments under the Central Government, RBI and NABARD can apply for this account. Net Monthly Salary determines eligibility for Package Variants such as SILVER: Between Rs 10,000 and Rs 25,000/-, GOLD: Between Rs 25,000 and Rs 50,000/-, DIAMOND: Between Rs 50,000 and Rs 1,00,000/-, and PLATINUM: Above Rs 1,00,000/-.
State Government Salary Package (SGSP): Employees of the State Government and Union Territories, as well as permanent employees of Corporations/Boards, etc. in States and Union Territories, including teachers/professors of aided schools, colleges, and universities, are eligible for State Government Salary Accounts (SGSP). The package variants according to salary are SILVER: Between Rs 10,000/- and up to Rs 25,000/-, GOLD: Above Rs 25,000 and up to Rs 50,000/-, DIAMOND: Above Rs 50,000 and up to Rs 1,00,000/- and PLATINUM: Above Rs 1,00,000/-.
Railway Salary Package (RSP): RSP Salary Accounts are available to employees of Indian Railways, Kolkata Metro, Konkan Railway Corporation, Mumbai Metro, Delhi Metro Rail Corporation Ltd., and Bangalore Metro Rail Corporation. The variants according to one’s salary are SILVER: Between Rs 10,000/- and up to Rs 25,000/-, GOLD: Above Rs 25,000 and up to Rs50,000/-, DIAMOND: Above Rs 50,000 and up to Rs 1,00,000/- and PLATINUM: above Rs 1,00,000/-.
Defence Salary Package (DSP): Under the Defence Salary Package, employees of the Army, Navy, Air Force, Assam Rifles, Rashtriya Rifles (RR), and GREF [Border Road Organisation (BRO)] can apply for DSP salary accounts. Retired employees can also open or upgrade their accounts to DSP – Pension and receive all the benefits with the exception of insurance, overdraft, and Xpress Credit. Gold, Diamond, and Platinum are three variations based on the rank of personnel in the Army, Navy, Air Force, Assam Rifles, RR, and GREF (Border Road Organisation). Officers are classified as Diamond or Platinum Variants, while PBORs are classified as Gold Variant.
Central Armed Police Salary Package (CAPSP): Salary Accounts are available to personnel of the Central Armed Police Forces (CAPFs) under the Central Armed Police Salary Package. Retired employees can also open or convert CAPSP accounts. Except for Insurance, Overdraft, and Xpress Credit, they will enjoy all the benefits of the account.
Police Salary Package (PSP): Employees of Central Police Organizations (other than Central Armed Police Forces and Railway Protection Force), Civil Police, Armed Police, and Reserve Police of all States, Police Forces of The Union Territories (Under The Control Of The Central Government), Government Railway Police (GRP) – (part of State Police Force) can use the Police Salary Package to get a salary account. There are a variety of package options based on the personnel designation such as SILVER : Net monthly salary RS. 10,000 to RS. 25,000, GOLD : Net monthly salary RS. 25,001 to RS. 50,000, DIAMOND: Net monthly salary RS. 50,001 to RS.1,00,000 & Officers of SP AND Higher Rank and PLATINUM: Net monthly salary above RS. 1,00,000 & officers of DIG and higher rank.
Indian Coast Guard Salary Package (ICGSP): Serving employees of the Indian Coast Guard who have SBI salary accounts can take advantage of the Indian Coast Guard Salary Package (ICGSP). Retired employees can also open or upgrade their accounts to ICGSP – Pension and receive all the benefits, with the exception of insurance, overdraft, and Xpress Credit. Based on the classification of the employees, there are three variants: Gold, Diamond, and Platinum.
Benefits of SBI salary package account
Customers can choose from a variety of rewards and services for each Salary Package account. The below are some of the advantages of our Salary Package Account according to (sbi.co.in).
- Zero Balance Account
- No Monthly Average Balance charges
- Employee Reimbursement Account
- Auto Sweep Facility
- Lifetime Free Debit Card with exclusive benefits
- Free unlimited transactions across any Banks’ ATMs
- Free Demand Draft
- Free Multi City Cheques
- Free NEFT/ RTGS
- Free SMS Alerts
- Complimentary Personal/ Air Accident Insurance
- Best Interest Rates on Personal Loans, Car Loans, Home Loans and Pension Loans
- Overdraft facility as per eligibility
- Concessions in Locker Charges as per eligibility
- Also comes with bundled SBI Credit Card
Documents required to open a salary account with SBI
The following documents are required for an individual to open a salary account according to (sbi.co.in).
- 2 Passport size photographs
- Proof of Identity and Address as per standard account opening process
- Proof of Employment
- Salary slip
- Joint Accounts: For joint accounts, Proof of Identity & Proof of Address are required for both the applicant and the joint applicant(s).
- Lesser known facts of SBI salary account
The below are some of the advantages of using an SBI salary account according to (sbi.co.in):
- All Salary Package customers have access to the Public Provident Fund (PPF). Remittance can be made by cash deposit at any SBI branch or by Internet Banking transfer.
- All Salary Package customers have access to the National Pension System (NPS). Remittances can be made by cash deposit at any SBI branch or by Internet Banking transfer.
- A Salary Package customer is entitled to an unlimited number of free ATM transactions each month at other banks’ ATMs.
- NEFT/RTGS facilities are free through all platforms for Diamond and Platinum variant customers, but only through online platforms for Silver and Gold variant customers.
- A Salary Package customer is entitled to an infinite number of free ATM transactions each month at SBG ATMs.
- A customer with a Salary Package can get an infinite number of free Drafts.
- Salary Package customers can receive a discount of up to 25%, depending on the account’s variant. Please contact your branch for more details.
- As of today, only pre-selected Diamond and Platinum variant customers have access to an overdraft via Internet Banking.
- All Salary Package Account holders receive complimentary Personal Accident Insurance (PAI) and Air Accident Insurance (AAI). The maximum coverage amount is determined by the Salary Package account’s type and variant.
- Accidental death insurance of up to Rs. 20 lakh is available to SBI salary account holders.
- According to the official SBI website SBI salary account holders are entitled to Air Accidental Insurance (Death) coverage of up to Rs. 30 lakh in the event of an air accident death.
- An SBI salary account holder is entitled to a 50% processing fee for any type of loan.
- SBI provides its salary account holders with up to a 25% concession on locker fees.
Note: For any assistance or concern related to your salary account, you can get in touch with SBI at 1800 425 3800/1800 11 22 11 (Toll Free)/ 080 26599990 or write to citu@sbi.co.in
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Wilful defaults near Rs 2.5 lakh crore mark during pandemic, BFSI News, ET BFSI
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Banks have tagged 662 borrowers with loans of Rs 38,976 crore as wilful defaults during the last calendar year.
With this, the total wilful defaults have reached Rs 244,602 crore from 12,917 accounts as of December 2020, from Rs 205,606 crore from 12,255 accounts in December 2019, according to a report.
While wilful defaults have doubled since 2017, the recovery from top borrowers remains negligible.
The country’s top 100 wilful defaulters owe Rs 84,632 crore to banks as of March 2020, with the top 10 including Winsome Diamonds & Jewellery and accounting for 32% of it, data from the Reserve Bank of India shows. While banks wrote o nearly three-fourth of it to clean their balance sheet and get tax benefits, the default borrowers continue to appear in RBI‘s internal CRILC database till they clear the default.
Top 100 wilful defaulters
The total size of the top 100 wilful defaults rose 5.34% in FY20 from Rs 80,344 crore as of March 2019.
Mehul Choksi-owned Gitanjali Gems topped the wilful defaulters’ list with Rs 5,693 crore dues, followed by Jhunjhunwala brothers’ REI Agro with Rs 4,403 crore and Jatin Mehta’s Winsome Diamonds & Jewellery with Rs 3,375 crore.
The top 10 wilful defaulters include another jewellery maker Forever Precious Jewellery, and Vijay Mallya’s Kingfisher Airlines Punjab National Bank had the highest exposure to Gitanjali Gems with Rs 4,644 crore of non-performing assets (NPA) as on March 2020. PNB also had Rs 1,447 crore exposure to Gili India and Rs 1,109 crore to Nakshatra Brands.
Write-offs
State Bank of India had Rs 1,875 crore dues from top 10 wilful defaulter ABG Shipyard with the bank writing o the entire amount. Uco Bank had Rs 1,970 crore exposure to REI Agro with half of it being written off.
Write-offs are accounting entries for shifting NPAs from active balance sheet to off-balance sheet accounts. These are backed by 100% provision and therefore any recovery from these accounts adds to net profit.
RBI collects credit data from banks monthly, with data on defaults being collected on a weekly basis. The regulator has mandated banks to provide fully against NPAs older than four years and allowed to write these old NPAs.
The reduction in NPAs during FY20 was largely driven by write-os, RBI had said in its report on Trend & Progress of Banking in India. Banks’ total gross NPA reduced to 8.2% at the end of March 2020 from 9.1% a year earlier.
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Reserve Bank of India – Press Releases
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The Reserve Bank of India (RBl) has imposed, by an order dated May 10, 2021, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on Shankar Nagari Sahakari Bank Limited, Nanded, Maharashtra (the bank) for contravention of/non-compliance with directions issued by the RBI to Urban Co-operative Banks on Exposure Norms and Statutory/ Other Restrictions – UCBs. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Background The inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, contravention of/non-compliance with directions issued by the Reserve Bank of India on Exposure Norms. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions. After considering the bank’s replies and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty. (Yogesh Dayal) Press Release: 2021-2022/193 |
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Groww to acquire Indiabulls MF for ₹175 cr
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Groww, one of the leading investment platforms, has signed a definitive agreement with Indiabulls Housing Finance to acquire Indiabulls Mutual Fund for ₹175 crore (including cash and cash equivalent of ₹100 crore).
The sale of Indiabulls Asset Management Company will be limited only to the Mutual Fund part of the business, while the Alternate Investment Fund will be demerged and retained by Indiabulls Housing Finance. It plans to grow the Real Estate Asset Management business through AIF structures in line with its asset-light strategy.
Indiabulls MF has asset under management of ₹66,369 crore as of March -end.
A mere 2-3 per cent of India’s population invest in equities, while over 20 crore people have investable income. Groww wants to increase retail participation in equity. It has over 1.5 crore customers on its platform that offers users to invest in mutual funds, stocks and exchange-traded funds.
SEBI recently allowed fintech companies to facilitate innovation, and increase investors reach with technology-based offerings.
Lalit Keshre, CEO, and co-founder of Groww said the plan is to make mutual funds even more accessible by making them simpler, more transparent and lowering the cost further.
Gagan Banga, Vice Chairman and Managing Director, Indiabulls Housing Finance said the decision to divest interest in the retail mutual fund business was taken to consolidate capital and provide greater focus in building the real estate asset management business by way of Alternate Investment Fund.
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