August 2021 – Page 4 – IFSCCodeof.in

Is another bitcoin crash inevitable?, BFSI News, ET BFSI

August 31, 2021 root Personal Finance

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There is one simple thumb rule to investing in assets, Bitcoin included, and it is – learning to take volatility in your stride. Given the fickle nature of the investment world where the graph swings wildly, it takes a strong heart to ride the wave. Trading in Bitcoins is no exception.

A lot has happened since the mysterious Satoshi Nakamoto gave the first Bitcoin specification with proof of concept in 2009. Two years later, on February 9, 2011, the cryptocurrency (or crypto) reached parity with the US Dollar at a 1:1 ratio. This means you could buy a Bitcoin for just one dollar. Since then, Bitcoin has been on a roller coaster ride touching $62,006.92 on April 17, 2021. To put things into perspective, between Feb 9, 2011 and April 17, 2021, the value of the Bitcoin has gone up by nearly 62,00,600 percent. Yes, the figure could boggle your mind, but that’s what it is. As of August 29, the crypto was trading at $48,616.15. The $1,00,000 mark predicted by optimists is yet to happen though.

Nakamoto, in setting a 21 million cap, created a distinct identity for the world’s foremost cryptocurrency. With a circulating supply of around 18 million Bitcoins against the above maximum cap, the fluctuation is only expected to increase. Regulatory statements coming out from Russia and China and idiosyncrasies of investors such as Elon Musk and Michael Saylor only add to the edge-of-the-seat excitement in the Bitcoin world.

History of Bitcoin crash
Bitcoin has witnessed several small and big ‘Boom and Bust’ cycles ever since it arrived on the investment horizon. Here are two significant crashes that are still talked about.

Between April 10 and 12, 2013, the cryptocurrency shed more than 80 percent of its value.
In December 2017, the cryptocurrency’s value peaked at around $20,000, and after this high, it considerably collapsed.

When it comes to Bitcoins, everyone’s opinions stand divided. Warren Buffett had termed Bitcoin as a risky and speculative asset. On the other end of the trading spectrum, support from critic-turned-fan Saylor makes Bitcoin investors hum Yeh Dil Maange More.

The unpredictability notwithstanding, what makes investing in Bitcoins interesting is that, unlike the institutional investors who buy it in large numbers, individuals too can own a fraction of this crypto down to the eighth decimal point. It thus makes sense when Saylor tweeted last year that he holds 17,732 Bitcoins that he bought for $9,882 apiece. This declaration came much before the business analytics platform – MicroStrategy that he heads did so. More and more institutional investors are pouring money into Bitcoins as compared to retail ones.

Will we see another Bitcoin crash?
Any investment is done primarily for returns. The higher the returns, the higher would be the investment. Backing exactly this sentiment, Saylor and his ilk preferred Bitcoins over gold. In 2020, Bitcoin outdid every other asset to give 318 percent returns.

Over the last year or so, there has been a steady influx of positive stories on the Bitcoin front:

In September 2020, MicroStrategy acquired a total of 38,250 bitcoins valued at $425 million and subsequently announced its intentions to raise another $537.2 million to buy even more bitcoin
In October 2020, PayPal allowed their customers to buy, sell, and hold bitcoin using their online wallets.
In February this year, electric car manufacturer Tesla announced that they had bought $1.5 billion in Bitcoins. The company added that they are also likely to accept the cryptocurrency as payments.
Recently, El Salvador has adopted Bitcoin as legal tender and the Argentinian President also said that he is open to the idea of treating cryptos as legal currency.

These stories have boosted the sentiment around Bitcoins.
However, going back to what we mentioned at the start of the story. Bitcoin and other cryptocurrencies are highly volatile. Their prices will touch highs and lows all the time, so it’s tough to predict a rise or crash. Nobody can say that with any guarantee or certainty. But what you can do as an investor is be prudent when it comes to investing in Bitcoins.

One approach that you can follow is rupee-cost averaging. Instead of buying Bitcoins for a lump sum amount in one go, what you can do is spread your investment over a period of time. This will shield you from Bitcoin’s volatility upto a certain extent and also give you better returns.

The best time to buy Bitcoin was 2009 and the next best time is today. Helping you invest in Bitcoins in a safe, secure and simple manner is ZebPay. With ZebPay, you can begin your cryptocurrency journey for as little as Rs 100. Start now and get ready to ride the crypto wave!

Bitcoin’s recent report card

December 16, 2020: Bitcoin touches $20,000/coin for the first time ever
April 13, 2021: Bitcoin touches a record high of $63,375
June 22, 2021: Bitcoin slips under $30,000 for the first time in five months
August 2, 2021: Bitcoin rally takes it to the highest level since May at $40,000
August 23, 2021: Bitcoin returns to above the $50,000 mark

Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.

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Key factors driving the market, BFSI News, ET BFSI

August 31, 2021 root Personal Finance

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NEW DELHI: All-round buying led by IT and pharma stocks lifted benchmark indices to their fresh all-time highs on Monday. Sensex climbed 57,500 mark for the first time ever while Nifty scaled 17,100 level.

A distinguishing feature of this bull market, which started in April 2020, is that it has been remarkably stable without any major correction. Now, with the Fed giving a commentary favourable to bulls, momentum is likely to continue, said an analyst.

“This market has proved skeptics wrong till now. Even while enjoying the party, investors should be prepared for a sharp correction. Partial profit booking is never a bad idea. IT stocks have turned a bit weak perhaps due to dollar appreciation. But experience tells us that the performance of IT companies depends more on the deal wins than the exchange rate. So dips can be used to buy,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

How are the bluechips doing?
After opening in the green, benchmark indices maintained their lead. At 3.18 pm, BSE flagship Sensex was up 674 points or 1.19 per cent to 57,564.71. NSE benchmark Nifty rose 207 points or 1.23 per cent to 17,138.50. The index managed to reach the 17,000 mark from the 16,00 level in just 28 days.

In the 50-share pack Nifty, Bharti Airtel was the biggest gainer, up 2.19 per cent. HCL Tech, Tech Mahindra, Divi’s Labs, TCS, Britannia, Kotak Mahindra Bank and Dr Reddy’s Labs were among other gainers.

Tata Motors was the top loser in the pack, down 0.84 per cent. M&M, ONGC, Hindalco, L&T, SBI, Reliance Industries, IndusInd Bank, and HDFC were among those that traded in the red.

FACTORS DRIVING MARKETS
Good news
Dollar down: The dollar hovered near two-week lows against a basket of currencies, steadying from falls after Fed chief Jerome Powell gave no signal regarding the central bank’s tapering timeline except that it could be “this year.”

Bad news
China growth slows: China’s factory activity expanded at a slower pace in August as coronavirus-related restrictions and high raw material prices pressured manufacturers in the world’s second largest economy.

Broader markets
Broader market indices were trading higher, outperforming their headline peers. Nifty Smallcap was up 0.62 per cent, while Nifty Midcap added 0.44 per cent. Broadest index on NSE, Nifty 500 was up 0.24 per cent.

India Energy Exchange, Affle India, Rossari Biotech, IndiaMart InterMesh, Bombay Burmah and Fortis Healthcare were gainers from the space while PI Industries, Bharat Forge, Jindal Steel, Sterling Wilson Solar, SPARC and Kalpataru Power were under selling pressure.

Global markets
MSCI’s gauge of Asia Pacific stocks outside Japan slipped 0.25 per cent, while Japan’s Nikkei 225 fell more than 0.3 per cent.

Hong Kong’s Hang Seng Index and China’s benchmark CSI300 Index opened down 0.1 per cent and 0.2 per cent, respectively.

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Reserve Bank of India – Press Releases

August 31, 2021 root Press Releases

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The Reserve Bank of India vide directive UBD.CO.BSD-I/D-28/12.22.2018/2012-13 dated February 21, 2013 had placed the Rupee Co-operative Bank Ltd., Pune, Maharashtra under Directions from the close of business on February 22, 2013. The validity of the directions was extended from time-to-time, the last being up to August 31, 2021.

2. It is hereby notified for the information of the public that, Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank till November 30, 2021 as per the directive DOR.MON/D-31/12.22.218/2021-22 dated August 27, 2021, subject to review.

3. All other terms and conditions of the Directive under reference shall remain unchanged. A copy of the directive dated August 27, 2021 notifying the above extension is displayed at the bank’s premises for the perusal of public.

4. The aforesaid extension and /or modification by Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/780

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India’s lending market doubles in last five years on personal loans boom, BFSI News, ET BFSI

August 31, 2021 root Personal Finance

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India’s loan market has doubled in the last five years — fiscal 2017 to 2021 — to Rs 156.9 lakh crore, according to a report.

“Over the last five years, retail, microlending and commercial lending portfolios have witnessed an increase by 91%, 157% and 93%, respectively. Retail and commercial lending contribute 49% each to total lending in India and microfinance contributes to 2% of the overall lending pie,” CRIF High Mark, a credit bureau, said its How India Lends, FY 2021 report.

The loan matrix

The overall personal loans portfolio witnessed 2.3X growth in originations by value and 3.8X by volume from FY17 to FY21 while the same for small-ticket personal Loans is 3X growth in originations by value and 11.5X by volume, it said

Credit Cards witnessed 2.4X growth in New Card originations from FY17 to FY20 followed by a drop in FY21.

Auto loans

Two-wheeler loan books saw 1.8X growth in originations by value and 1.2X growth in originations by volume.

Auto loans portfolios recorded 23% growth in originations by value from FY17 to FY19 followed by a de-growth in FY20 and FY21.

For the same period, home loans portfolio observed 32% growth in originations by value and 15% growth. Affordable Home loans grew by 17% in originations by value and 6% by volume

Business loans witnessed 17% growth in originations by value from FY17 to FY20, followed by almost 2X Y-o-Y growth in originations by volume from FY20 to FY21.

Navin Chandani, MD & CEO, CRIF High Mark, said, “Our report, How India Lends – FY21, is an attempt to highlight the credit trends in India, from FY17 to FY21. Lending Institutions and the policymakers could benefit from the report and collaborate to promote a favourable lending environment. As the development of credit spurs economic growth, we are committed to study and publish reports that will benefit the lending ecosystem.

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Reserve Bank of India – Tenders

August 31, 2021 root Tenders

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E-tender no. RBI/Guwahati/HRMD/11/21-22/ET/123

Reserve Bank of India, Guwahati invites tenders for the above mentioned work.

The tender forms can be downloaded from https://www.rbi.org.in and https://www.mstcecommerce.com. Your tender, duly filled-in and e-signed, should be submitted by e-tendering only through https://www.mstcecommerce.com up to 14:00 hours on September 22, 2021.

Estimated cost: – ₹ 70,00,000/-
Earnest Money: – ₹ 1,40,000/-
Event View date & time: – 31.08.2021 from 11:00 hours.
Date of pre-bid meeting: – From 11:00 hours to 14:00 hours on 07.09.2021.
Event start date & time: – 31.08.2021 at 11:00 hours.
Event close date & time: – 22.09.2021 at 14:00 hours.
TOE start time: – 22.09.2021 at 15:30 hours.

Bank reserves the right to accept or reject any or all the tenders, either in whole or in part, without assigning any reasons for doing so.

Regional Director
Reserve Bank of India
North Eastern States

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City Union Bank Revises Fixed Deposit Interest Rates: Check Current Rates Here

August 31, 2021 root Personal Finance

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Documents required to open a fixed deposit account

According to the official website of City Union Bank, following is the list of KYC documents required for opening an account.

ID proof:

Passport
PAN card
Voter’s Identity Card
Driving license
Identity card /confirmation from the employer/other bank (subject to branch’s satisfaction)
ID card issued by recognised Educational Institutions
ID issued by Postal Authorities
Letter from a recognised public authority or public servant (not below the rank of the Tahsildar) verifying the identity and residence of the customer to the satisfaction of the bank
Job card issued by NREGA duly signed by an officer of the State Government
Letter issued by the Unique Identification Authority of India containing details of name, address & Aadhar number

Address proof:

Passport
Voter’s Identity card
Driving licence
Telephone bill (not older than two months – installation should be at least before 6 months)
Bank account statement
Letter from a recognized public authority or public servant (not below the rank of the Tahsildar) verifying the identity and residence of the customer to the satisfaction of the bank.
Electricity bill (latest)
Ration card
Letter from employer (subject to satisfaction of the bank)
ID issued by Postal Authorities
Job card issued by NREGA duly signed by an officer of the State Government
Letter issued by the Unique Identification Authority of India containing details of name, address & Aadhar number.
Consumer Pass Book issued by Gas Agency
A rent agreement indicating the address of the customer duly registered with the State Government or similar registration authority.

City Union Bank Domestic Term Deposit Interest Rates

The following domestic term deposit interest rates are effective as of 01.08.2021. For NRO deposits, only the rates listed under the General category will apply; the senior citizen rate will not apply.

Period	General	Senior Citizens	Bulk Deposit (Rs.2.00cr & above)
7 days to 14 days	3.00%	3.00%	3.00%
15 days to 45 days	3.00%	3.00%	3.00%
46 days to 90 days	3.25%	3.25%	3.00%
91 days to 180 days	3.50%	3.50%	3.00%
181 days to 270 days	3.75%	3.75%	3.00%
271 days to 364 days	4.75%	4.75%	3.00%
365 days	5.00%	5.50%	5.25%
366 days to 550 days	5.00%	5.50%	3.25%
551 days to 2 years	5.25%	5.75%	3.30%
Above 2 years and up to 3 years	5.00%	5.50%	3.00%
Above 3 years and upto 5 years	5.00%	5.00%	2.50%
Above 5 years and upto 10 years	5.00%	5.00%	2.00%
Source: Bank Website, Tax Saver Schemes (both for General category and Senior Citizens) ROI p.a 5.25%

City Union Bank NRE Term Deposits Rates (Senior citizen rate not applicable)

If you close your NRE deposit before one year is over, you won’t get any interest. Preclosure of an account after 1 year but before maturity will result in a penalty, as determined by the bank’s existing policy.

PERIOD	Rate of Interest % p.a
365 days to 550 days	5.00%
551 days to 2 years	5.25%
Above 2 Years and up to 10 Years	5.00%
Source: Bank Website, W.e.f. 01-08-2021

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Rupee inches 4 paise higher to 73.25 against US dollar, BFSI News, ET BFSI

August 31, 2021 root Personal Finance

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MUMBAI: The Indian rupee appreciated 4 paise to 73.25 against the US dollar in opening trade on Tuesday, tracking a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 73.26 against the dollar, then inched higher to 73.25, up 4 paise over its previous close.

On Monday, the rupee had settled at 73.29 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.12 per cent at 92.54.

A strong rally in the domestic equity markets and a weak American currency in the overseas markets also supported the rupee sentiment.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee which has appreciated nearly 100 paise since Friday, has been gaining on bountiful corporate inflows.

“RBI has been present intermittently and equity inflows have also been aiding the rupee after FED rhetoric on Friday,” he added.

The US Fed chief Jerome Powell’s speech at Jackson Hole Symposium was ‘dovish’ and expressed hope that the Fed will keep supporting the market with low interest rates, traders said.

Global oil benchmark Brent crude futures fell 0.48 per cent to USD 73.06 per barrel.

On the domestic equity market front, BSE Sensex was trading 87.09 points or 0.15 per cent higher at 56,976.85, while the broader NSE Nifty advanced 21.55 points or 0.13 per cent to 16,952.60.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 1,202.81 crore, as per exchange data.

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PhonePe receives insurance broking licence

August 31, 2021 root Banking & Finance

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PhonePe has received an insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI). Last year, PhonePe entered the insurtech sector with a limited ‘corporate agent’ licence, which allowed the company to partner with only three insurance companies per category. With the new ‘direct broking’ licence, PhonePe can distribute insurance products from all insurance companies in India.

It also allows PhonePe to offer personalised product recommendations to its 300-million user base, and a bigger portfolio of insurance products for Indian consumers.

Digital transactions grew 80% in last 250 days: Razorpay report

PhonePe forayed into the insurance segment in January 2020 as a ‘corporate agent’ and has since launched offerings in general insurance, term insurance and health insurance.

On the direct broking licence, PhonePe’s Vice-President and Head of Insurance Gunjan Ghai said, “This licence is a big milestone in our insurance journey. We are building a full-service platform through innovative products in partnership with insurers. This move will lead us closer to our goal of becoming a one-stop destination for insurance needs.”

Government notifies law to shed holding in public sector general insurance company

PhonePe is a digital payments platform where users can send and receive money, recharge mobiles, DTH, data cards, pay at stores, make utility payments, buy gold, and make investments. PhonePe forayed into financial services in 2017 with its product Gold, which allows users to buy 24-karat gold securely on its platform.

PhonePe has since launched several mutual funds and insurance products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a Covid-focused insurance product, among others. PhonePe also launched its Switch platform in 2018; customers can place orders on over 600 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus and so on, from the PhonePe app. PhonePe is accepted at 20-plus million merchant outlets across India.

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Northern Arc Capital raises $50 mn via ECB

August 31, 2021 root Banking & Finance

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Northern Arc Capital, a debt financing platform, today announced that it has successfully concluded a $50 million external commercial borrowing (ECB) transaction with the Japanese International Cooperation Agency (JICA).

The funds will be used to cater to the credit demands of women borrowers or towards products that disproportionately benefit women, the Chennai-based non-banking finance company (NBFC) said in a press statement.

“This transaction is proof of Northern Arc’s ability to forge partnerships with and attract funding from reputed global DFIs. We are excited to partner with JICA to further our mission of catering to the diverse credit requirements of underserved households and businesses,” Kshama Fernandes, MD & CEO of Northern Arc Capital was quoted in the statement.

JICA is Japan’s governmental agency that works towards promoting economic and social growth in developing countries.

“We expect more Indian women to have access to financial services through this partnership with Northern Arc,” Keiichiro Nakazawa, Senior Vice President of JICA said in the release.

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