Month: July 2021

Crypto startup CoinSwitch Kuber appoints Sarmad Nazki as CFO, to expand hiring, BFSI News, ET BFSI

Personal Finance

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Cryptocurrency startup CoinSwitch Kuber has appointed Sarmad Nazki as its chief financial officer (CFO). The company’s chief executive officer (CEO) Ashish Singhal said that the company planned to add about a hundred and fifty new staff to its rolls in another six months’ time.

Nazki, the new CFO, was previously with mobility startup Bounce. He has also worked at Ola, Ernst & Young (EY) and KPMG earlier.

CoinSwitch Kuber is a cryptocurrency investment platform that lets users buy, sell and trade crypto coins like Bitcoin, Ethereum and Litecoin. The company claims to have 7.5 million users.

Singhal said that the company was also looking to fill in key senior leadership roles such as chief information security officer, chief legal officer and vice-presidents in data science, product and tech.

Singhal said that he would want staff to come to work for at least six months once things normalise so that they could build a better rapport with each other. “We have grown from a team of 20 to 120 in the pandemic.” he said. Once the team got to know each other, Singhal said that the employees could work remotely.

CoinSwitch Kuber in April this year raised $25mn from Tiger Global Management at a valuation of over $500mn, according to reports.

The company in May this year had hired Zeeshan Ramlan as director and head of human resources.

Singhal said that the company has grown at a rapid clip during the pandemic as more people, especially millennials and Gen Z, are now interested in investing in cryptocurrencies.



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Mandatory Leave for Employees Posted in Sensitive Positions or Areas of Operation

Notifications

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RBI/2021-22/70
DoR.ORG.REC.31/21.06.017/2021-22

July 9, 2021

All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks)
All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks

Dear Sir,

Mandatory Leave for Employees Posted in
Sensitive Positions or Areas of Operation

Please refer to our circular DBR.No.BP.BC.88/21.04.048/2014-15 dated April 23, 2015, advising banks to implement a ‘Mandatory Leave’ policy for the employees posted in sensitive positions or areas of operation. It has been decided to update these instructions and repeal the circular dated April 23, 2015 ibid.

2. As a prudent operational risk management measure, the banks shall put in place a ‘mandatory leave’ policy wherein the employees posted in sensitive positions or areas of operation shall be compulsorily sent on leave for a few days (not less than 10 working days) in a single spell every year, without giving any prior intimation to these employees, thereby maintaining an element of surprise.

3. Banks shall ensure that the employees, while on ‘mandatory leave’, do not have access to any physical or virtual resources related to their work responsibilities, with the exception of internal/ corporate email which is usually available to all employees for general purposes.

4. Banks shall, as per a Board-approved policy, prepare a list of sensitive positions to be covered under ‘mandatory leave’ requirements and the list shall be reviewed periodically. Implementation of this policy shall be reviewed under the supervisory process.

5. The revised instructions shall be applicable to all the banks and they shall comply with these instructions within six months from the date of issue of this circular.

Yours faithfully,

(Sunil T S Nair)
Chief General Manager

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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Kanpur invites e-tender for ‘Civil Renovation Works of corridor in 1st floor of MOB, RBI Kanpur’

The e-tendering shall be done through the e-tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). All eligible and interested companies / agencies / firms must register themselves with MSTC Ltd through the above-mentioned website to participate in the e-tendering process. The Schedule of e-tender is as follows:

E-Tender No. RBI/Kanpur/Estate/20/21-22/ET/22
a) Estimated cost ₹7,05,772/- (Rupees Seven Lakhs Five Thousand Seven Hundred Seventy-Two only) (Including GST @18%)
b) Mode of e-tender e-Procurement System (Online Bid through www.mstcecommerce.com/eprochome/rbi
c) Type of e-tender Limited (Only for firms empaneled with RBI, Kanpur under more than 5 Lakh and upto 50 Lakh category of Civil Works)
d) Date of NIT available to parties to download July 09, 2021 from 05.00PM
e) Pre-bid meeting (Offline) August 13, 2021 at 11.00 AM
Venue: Estate Department, 2nd Floor, Reserve Bank of India, Mall Road, Kanpur, Uttar Pradesh-208001
f) EMD through NEFT Only successful bidder shall deposit only 2% of the contract value.
To be paid through NEFT / Net banking to A/c No. 186003001, IFSC RBIS0KNPA01
g) E-Tender Fees NIL
h) Date of Starting of e-tender for submission of on-line Bid at http://mstcecommerce.com/eprochome/rbi August 13, 2021 from 05.00 PM
i) Last date of submission of EMD Within 10 working days after intimation provided by the Bank.
j) Date of closing of online e-tender for submission of Bid August 25, 2021 till 01.00 PM
k) Date & time of opening of online Bid August 25, 2021 from 03.15 PM
l) Validity of the e-tender 90 days from the date of opening of online bid
m) Transaction Fee (Non-refundable) (To be paid separately by the tenderers to MSTC vide MSTC E-Payment Gateway for participating in the e-tender) As charged by MSTC Ltd.

2. Applicants intending to apply will have to satisfy the Bank by furnishing documentary evidence in support of their possessing required eligibility and in the event of their failure to do so, the Bank reserves the right to reject their bids.

3. The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part any tender. The Bank also reserves the right to reject any or all the tenders, either in whole or in part, without assigning any reason thereof.

4. Any amendments / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website as given above and will not be published in the newspaper.

Regional Director
Reserve Bank of India
Kanpur

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Tata AIG hopeful to cross ₹10,000 crore premium mark in FY 22

Banking & Finance

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Private sector Tata AIG General Insurance is hopeful of expanding its footprint this fiscal despite challenges from the ongoing Covid-19 pandemic. The insurer is eyeing a premium of at least ₹10,000 crore and is set to launch new products in coming months.

“We are looking to cross about ₹10,000 crore mark overall this fiscal,” said Parag Ved, President and Head, Consumer Lines, Tata AIG General Insurance.

The company had gross direct premium underwritten of ₹8,402 crore in 2020-21 and a market share of 4.05 per cent.

Its gross premium underwritten grew by 15.29 per cent in the first three months of the current fiscal to ₹2,074.01 crore by June 30, 2021 compared to ₹1,798.97 crore a year ago.

“Despite the disruption from the pandemic, last year was a good year for us. Prior to the pandemic, we had made certain strategic investments and identified key areas two years back. Health was clearly identified as a very focussed product for us,” Ved said in an interaction with BusinessLine.

The insurer has worked out a strategy of creating a standalone health insurance kind of a set up, which has boosted its customer acquisition in the segment.

Expansion

Ved said the company has also invested in its distribution expansion in Tier 2 and 3 towns. It is now present in about 750 to 800 locations across the country from about 250 locations about four years ago.

“Now we have a resident representative either through an office or virtual office, which has helped us sustain our growth,” he said.

The insurer is also targeting the younger customer base through new products.

“We are planning to launch slightly digital first products for this segment of millennials and Gen Z, Ved said.

It is also planning to launch high sum insured products as well as disease specific products focussed at cancer care.

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You Would Need To Incur More Towards Your Group Health Insurance: Here’s Why

Personal Finance

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Planning

oi-Roshni Agarwal

|

More and more employers in the country extend health insurance policies to their employee which is paid for either on a monthly basis or can even be paid once every year. Now if you have opted for the employer extended group health insurance scheme, it is highly likely that you would now have to shell a higher amount.

You Would Need To Incur More Towards Your Group Health Insurance: Here's Why

You Would Need To Incur More Towards Your Group Health Insurance: Here’s Why

As per the leading business dailies report, this is because most of the insurers have raised the premium charges of Group health policies by 25-30 percent.

The increase in the cost for the health coverage has been implemented in order to mitigate a higher number of claims due to the coronavirus pandemic. Also, another reason for increasing the premium for the group health insurance business is the burgeoning loss for the sector.

It is to be noted that for bringing about a hike in the premium of group health insurance, insurers do not need to take the approval of the insurance regulator IRDAI or Insurance Regulatory and Development Authority of India. Now, amid the Covid 19 wave, it has been seen that most big companies are increasing the health cover value for their employees.

Interestingly, it is always a good idea to supplement the group health cover with a personal health insurance policy if your pocket allows the same.

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Fall in outward remittances good news for India’s current account, BFSI News, ET BFSI

Banking & Finance

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India’s outward remittances fell by as much as $6 billion in FY21 as the pandemic put brakes on ordinary overseas travel and student traffic to campuses abroad, partly contributing to the current account surplus of $24 billion.

This is the first time annual remittance outflows contracted since 2015 when the Reserve Bank of India (RBI) doubled the annual limit for sending money abroad to $250,000 and allowed more current account transactions under the Liberalised Remittance Scheme (LRS).

Total outflows contracted 32% in FY21 as major heads like travel, overseas studies and maintenance of close relatives saw a sharp dip. But outflows under permissible capital account transactions like investment in overseas deposits picked up.

“The fall is largely due to complete restrictions on travel. Nil MICE (meetings & incentive) movements, and there are no trade fairs and exhibitions due to Covid,” said Harsh Kumar Bhanwala, executive chairman of Capital India Finance, which makes outward remittances under the RemitX brand.

Curbs on leisure travel contributed to this trend while outbound student traffic was almost nil last year as overseas universities moved online to check the spread of the pandemic, Bhanwala said.

Outward remittances fell to $12.7 billion during FY21, from $18.7 billion in FY20, RBI data showed. Under the LRS started in 2004, all resident individuals, including minors, are allowed to remit up to $250,000 per financial year for any permissible current or capital account transaction or a combination of both.

These include private visits to any country (except Nepal and Bhutan), gift or donation, going abroad for employment, emigration, maintenance of close relatives abroad, travel for business, or for meeting medical expenses, or for studies abroad or any other current account transaction which is not covered under the definition of current account in FEMA 1999.

Two heads — travel and remittance for studies abroad – accounted for about 56% of outward remittance during the year as the pandemic induced lockdown globally even restricted essential travel forcing students to defer their travel plans for overseas studies. While travel outgo dipped 53% to $3.2 billion, expenses for studies abroad dipped 23% to $3.8 billion during the year.

Significantly, capital account transactions like resident individual investments in overseas financial markets rose during the year, albeit on a small base, with investors likely eying the combined benefit of rising yields and dollar strength over a period of time. Investment in overseas equity and debt rose 9.4 per cent to $472 million and investment in overseas deposits rose per 9.1 cent to $680.4 million.



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GIFT-IFSC can be the hub for ‘internationalisation of Rupee’: IFSCA Chairman

Banking & Finance

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In order to cater to the global demand for financial products such as non-deliverable forwards in Rupee, the International Financial Services Centres Authority (IFSCA) looks to make GIFT-IFSC as the hub for internationalisation of rupee derivatives.

IFSCA Chairman Injeti Srinivas, informed that rupee derivatives is one of the most traded currencies globally and that the recent measures by the Reserve Bank of India (RBI) will help India tap the offshore rupee derivatives market.

“On an average about $50 billion of daily volumes in offshore derivatives market show there is a lot of international demand for non-deliverable forwards (derivatives) in Rupee,” Srinivas said at a panel discussion on ‘The Future of Global Financial Centres: GIFT IFSC’ organised by Bloomberg LP on Thursday.

Rupee derivative trades

While acknowledging that India is still making baby steps in offshore rupee derivatives, Srinivas mentioned that there can be “finite internationalisation of Rupee, as the country is still not mature to achieve full internationalisation.” RBI has already given its nod for trading rupee derivatives at the GIFT-IFSC.

With $150-200 m daily volumes, a rousing startto India INX’s Rupee-Dollar derivatives trade

The exchange-traded derivatives to be allowed at GIFT-IFSC will provide international players such as Foreign Portfolio Investors, Indian companies, IFSC banking units, global banks and NRIs investors and custodians to hedge in the currency.

India’s domestic regulator RBI finds it feasible to allow offshore Rupee derivatives, hence, Srinivas believes that, India can host rupee derivative trades for foreign investors through the IFSC.

The growing interest for rupee derivatives is evident from the data, which shows that the value of Rupee derivatives traded in offshore exchanges such as Dubai, Singapore and Chicago is on par with the transactions in domestic exchanges such as the BSE, NSE and MSE.

On the other hand, the value of non-deliverable Rupee forwards traded in offshore markets far exceeds the value transacted onshore. At this juncture, this makes it a fit case to tap the international investors.

Trading of rupee derivatives in GIFT-IFSC will help tame the currency

IFSCA, Srinivas informed, is also working aggressively on channelizing green finance from global players into India through GIFT-IFSC. “Rough estimates suggest that in next 10 years, looking at the UN’s Sustainable Development Goals objectives and commitments at Paris climate agreement, the investments required will be around $4 trillion and about 50 per cent has to come as global capital inflows. IFSC will attract and channelize this global investments into India. This country has the ability to absorb that flow of money,” Srinivas said.

Meanwhile, besides the other financial activities, GIFT IFSC is also witnessing a growing traction from Alternate Investment Funds, which are lining up for the launch. Dipesh Shah, head development & international relations at IFSCA informed that about 25-30 AIFs are likely to come in the next 2-3 months. “About 25-30 AIFs are at very advanced stages of discussion. We expect about 25-30 such funds to come in the next 2-3 months,” Shah said.

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Inclusion of retail and wholesale trade in MSMEs to help UCBs achieve higher PSL target

Banking & Finance

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The classification of retail and wholesale trade as Micro, Small and Medium Enterprises (MSMEs) has come at an opportune time for urban co-operative banks (UCBs) as they are up against the challenge of a steep rise in priority sector lending (PSL) targets.

The Reserve Bank of India (RBI) had revised upwards the PSL target for UCBs in March 2020 from the then prevailing 40 per cent of net credit target.

So, UCBs had to achieve a PSL target of 45 per cent of net credit by March-end 2021. Further, they have to achieve PSL milestones of 50 per cent by March-end 2022, 60 per cent by March-end 2023, and 75 per cent by March-end 2024.

Bankers in the UCB sector were somewhat anxious whether they can achieve the 75 per cent PSL target by 2024. Now, with the inclusion of retail and wholesale trade within the ambit of MSMEs, this target seems attainable.

Under PSL, banks have to give loans to segments such as agriculture, micro, small and medium enterprises (MSEs), export credit, education, housing, social infrastructure, among others.

Employment opportunities

Satish Marathe, Founder-Member, Sahakar Bharati, and Director, Central Board, RBI, said UCBs will get a big relief as advances to retail and wholesale trade, and traders will now come under PSL.

He emphasised that this will promote self-employment and open up several other employment opportunities.

The classification of retail and wholesale trade as MSMEs was announced by the Government on July 2, 2021. Under the revised guidelines, loans to these segments will be classified as PSL.

Jyotindra Mehta, President, The National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB), said: “This is a good move. Most of the UCBs are mid and small-sized banks. Their loan exposure limit is less.”

“So, by default, the loans these banks give is classified as MSME only. Since retail and wholesale trading has now come under the ambit of MSME, it widens the scope of lending for UCBs.”

Mehta observed that UCBs are cut-out for lending to MSMEs.

As at March-end 2020, the share of PSL in UCBs total advances was 50.4 per cent against 44.2 per cent as at March-end 2019, as per RBI data.

Of the 1,539 UCBs as at March-end 2020, majority (71 per cent) had advances of less than ₹100 crore and about 57 per cent had deposits of less than ₹100 crore.

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3 Top Performing And Highly Rated Mid-cap Funds That Delivered Consistent Returns Over 1-5 Years

Personal Finance

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1. Kotak Emerging Equity- Growth:

The mid-cap fund from the house of Kotal mutual fund commands an NAV of 72.34. This fund is an 8 year old fund and benchmark of the fund is Nifty Midcap 100 TRI. Expense ratio of the fund is 0.61 percent. Return grade from the fund has been also above average.

The fund has major investment into sectors including financials, engineering, chemicals, construction and healthcare etc.

Top holdings of the fund include Supreme Industries, Coromandel International, Persistent Systems, The Ramco Cements, Thermax etc.

2. PGIM India Midcap Opportunities Fund - Direct Plan – Growth:

2. PGIM India Midcap Opportunities Fund – Direct Plan – Growth:

This is a CRISIL 5-star rated fund which has outperformed the benchmark with higher return of 99% over the 1 -year period. The fund was introduced in the year 2013 and carries an expense ratio of 0.41% i.e. sharply lower than the category average expenses.

Top 10 stocks in the portfolio of the fund include Coforge, Mindtree, Aarti Industries, Federal Bank, Sanofi India etc.

Minimum SIP investment in the fund can be made from Rs. 1000. Also, in case of early redemption within a span of 90 days, there shall be charged 0.5% exit load for units more than 10% of the investment. Rs. 3.6 lakh investment in the fund via SIP route over the 3-year period is now valued at Rs. 6.94 lakh.

3. Axis Midcap Fund-Growth:

3. Axis Midcap Fund-Growth:

Of all the fund this mid cap fund from the Axis Mutual funds has offered the highest 5-year return. Value Research has accorded the fund a 5-star rating. The fund’s NAV as on July 8 is 61.76. SIP in the fund can be started or Rs. 500 and for lump sum one needs to put in a minimum of Rs. 5000 into the scheme.

This is a 10 year old fund with the benchmark S&P BSE Midcap TRI. The fund has been classified as carrying a high risk.

Top stock holdings of the fund include Voltas, Cholamandalam Investment & Finance, Astral Poly, PI Industries, Coforge, ICICI Bank etc.

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Disclaimer:

Disclaimer:

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advise to buy or sell stocks, gold, currency or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in

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RBI asks banks to shift from scam-tainted LIBOR to other rate benchmarks, BFSI News, ET BFSI

Banking & Finance

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The Reserve Bank of India has asked banks and financial institutions to use any widely accepted alternative reference rate (AAR) instead of LIBOR (London Interbank Offered Rates) as the reference rate for entering into new financial contracts.

The Reserve Bank‘s directive follows a decision of the Financial Conduct Authority (FCA), UK which on March 5, 2021, had announced that all LIBOR settings would either cease to be provided by any administrator or would no longer be representative.

The UK directive to phase out LIBOR came after a rate fixing scandal involving major global banks.

The RBI directive

In order to deal with the emerging situation, the RBI has asked banks and financial institutions to “cease entering into new financial contracts that reference LIBOR as a benchmark and instead use any widely accepted alternative reference rate (ARR), as soon as practicable and in any case by December 31, 2021.” The financial institutions, it suggested, should incorporate robust fallback clauses in all financial contracts that reference LIBOR and the maturity of which is after the announced cessation date of the LIBOR settings.

The RBI has also advised the financial institutions to cease using the Mumbai Interbank Forward Outright Rate (MIFOR), a benchmark which references the LIBOR, latest by December 31, 2021.

Board approved plan

The Reserve Bank of India (RBI) had in August 2020 asked banks to frame a board approved plan, outlining an assessment of exposures linked to LIBOR and steps to be taken to address risks arising from the cessation of LIBOR, including preparation for the adoption of the ARR.

While certain US dollar LIBOR settings will continue to be published till June 30, 2023, the extension of the timeline for cessation is primarily aimed at ensuring roll-off of USD LIBOR-linked legacy contracts, and not to encourage continued reliance on LIBOR.

“It is, therefore, expected that contracts referencing LIBOR may generally be undertaken after December 31, 2021, only for the purpose of managing risks arising out of LIBOR contracts (e.g. hedging contracts, novation, market-making in support of client activity, etc.), contracted on or before December 31, 2021,” the RBI said.

It has also asked banks and financial institutions to incorporate robust fallback clauses, preferably well before the respective cessation dates, in all financial contracts that reference LIBOR and the maturity of which is after the announced cessation date of the respective LIBOR settings.

The central bank also said it will continue to monitor the evolving global and domestic situation with regard to the transition away from LIBOR and proactively take steps to mitigate associated risks in order to ensure a smooth transition.

LIBOR scandal

The LIBOR Scandal was a highly-publicised scheme in which bankers at several major financial institutions colluded with each other to manipulate the LIBOR. The scandal sowed distrust in the financial industry and led to a wave of fines, lawsuits, and regulatory actions. Although the scandal came to light in 2012, there is evidence suggesting that the collusion in question had been ongoing since as early as 2003.

Many leading financial institutions were implicated in the scandal, including Deutsche Bank (DB), Barclays (BCS), Citigroup (C), JPMorgan Chase (JPM), and the Royal Bank of Scotland (RBS). As a result of the rate fixing scandal, questions around LIBOR’s validity as a credible benchmark rate have arisen and it is now being phased out. According to the Federal Reserve and regulators in the U.K., LIBOR will be phased out by June 30, 2023, and will be replaced by the Secured Overnight Financing Rate (SOFR).



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