Reserve Bank of India – Press Releases
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Month: August 2021
Big B 1st Indian star to roll out NFT collection, BFSI News, ET BFSI
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Talent management company Rhiti Sports and decentralised NFT exchange platform GuardianLink.io have jointly launched a first-of-its-kind NFT platform in India – BeyondLife.club – which will list celebrities, athletes and brands from across Southeast Asia. NFTs, or non-fungible tokens, transform digital artworks into unique verifiable digital assets that are tradable on the blockchain.
Actor Amitabh Bachchan will be the first Indian celebrity to roll out his NFT collection through BeyondLife.club, Rhiti Group chairman Arun Pandey told ET. The collectibles will represent Bachchan’s work and will mark the opening of the exchange. “I have joined Rhiti Entertainment, Singapore and will be launching NFTs soon on the platform,” the Bollywood superstar said.
The financial details of the collaboration were not disclosed.
“The platform, enabled by GuardianLink, will revolutionise digital storing of creative properties including art, collectibles, collages, and other forms of digital assets for gaming and trading that can be easily accessible by stakeholders,” Keyur Patel, chairman of the decentralized no-code NFT exchange platform, told ET.
He said GuardianLink.io will allow users to upload, mint, publish, price protect and auction to create value for the owner.
BeyondLife.club will allow collectors to buy NFT using Indian currency through digital payments and credit cards, complying with local laws, while allowing overseas buyers to transact using virtual currencies such as Bitcoin or Ethereum.
NFTs are used to represent ownership of digital goods like images, videos, or songs. They are rapidly gaining in popularity among artists, singers and sportspersons.
Last week, Argentine soccer star Lionel Messi launched his own collection of NFT crypto art called Messiverse. Globally, celebrities such as Paris Hilton, musicians Eminem, Grimes, Lindsay Lohan and actor Kate Moss have their own NFT collections.
In March, India-born but Singapore-based blockchain entrepreneur and coder Vignesh Sundaresan revealed that he was the mystery buyer – ‘Metakovan’ – behind the landmark NFT art piece by digital artist Beeple, which was sold for $69.3 million. Till date, Beeple is the most expensive NFT ever sold.
The platform exchange will enable artists and brands to create financial value for their work, manage transactions including receiving payments, transfer of NFTs, settlements and swaps, and is accessible globally for enthusiasts who are early adopters of the NFT wave as well as collectors.
Compared to global artists, Indian ones have only now started participating in NFTs, with the digital asset space so far being limited to crypto millennials and tech savvy audiences, Patel said.
“We are bridging the gap between crypto-savvy users and art collectors by eliminating the complexity of participation in the space.” He said.
The idea of BeyondLife.club and GuardianLink is to create a system that is compliant with regulations, inclusive, and unique to help in long-term value creation. “That’s the model we are presenting,” he said.
Pandey of Rhiti Sports said NFTs are a hot favourite among artists across the world to create financial value for their content.
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Former Reliance Capital CEO Sam Ghosh plans to set up a small finance bank, BFSI News, ET BFSI
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Former Reliance Capital CEO Soumen (Sam) Ghosh has applied for a small finance bank license through a recently set up firm called Cosmea Financial Holdings.
The Maharashtra-based firm was incorporated in November last year.
Cosmea aims to involve in activities auxiliary to financial intermediation, except insurance and pension funding. Directors of the company are Soumen Ghosh, Suresh Thiruvananthapuram Viswanathan and Amit Agrawal.
Former Reliance Capital CEO Soumen (Sam) Ghosh along with his wife Caroline Ghosh bought this company from Amit Agarwal and Luv Chaturvedi who had incorporated the company as a part of management buy-out from Reliance Securities.
This company has no linkage with ADAG group at present and is owned by the Ghoshes in individual capacity, Sam Ghosh confirmed the matter.
Cosmea and fintech firm Tally Solutions have applied for a small finance bank licence, the Reserve Bank of India (RBI) announced on Monday.
Cosmea and Tally thus joined VSoft Technologies, Calicut City Service Co-operative Bank, Dvara Kshetriya Gramin Financial Services and Akhil Kumar Gupta in the race to set up small finance banks under the central bank’s on-tap licensing policy.
Gupta, the vice chairman at Bharti Enterprises, applied for the licence in his personal capacity.
In March, the banking regulator formed a five-member standing external advisory committee under former deputy governor Shyamala Gopinath for evaluating the applications.
RBI’s central board director Revathy Iyer, former executive director B Mahapatra, former Canara Bank chairman TN Manoharan, and former State Bank of India managing director Hemant G Contractor are members of the committee.
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Dollar near 2-week low as investors look to US jobs data, BFSI News, ET BFSI
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TOKYO: The dollar hovered near two-week lows against a basket of currencies on Tuesday with trade seen driven by month-end flows as investors looked ahead to US jobs figures later in the week.
The US currency steadied from falls after Federal Reserve Chair Jerome Powell on Friday offered no signal on when the central bank plans to cut its asset purchases beyond saying it could be “this year.”
“The payroll data will be the next highlight given the focus on the Fed’s taper. A strong reading will boost expectations the Fed will give markets prior notice in September before a formal decision in November,” said Yukio Ishizuki, senior strategist at Daiwa Securities.
Weaker jobs numbers could instead cement a case for later action – a pre-announcement in November with a formal decision in December.
Trade on Tuesday, however, is likely to be driven more by month-end flows from various businesses for their import and export transactions.
In early trade, the euro held firm at $1.1799, near Monday’s three-week high of $1.1810.
The euro zone’s consumer price data due at 0900 GMT is expected to show that inflation in the currency bloc has gathered pace in August.
Sterling fetched $1.3762 while the yen was little changed at 109.98 yen to the dollar.
The dollar index stood at 92.698, near Monday’s two-week low of 92.595.
In Asia, China’s official PMI due around 0200 GMT is being closely watched for clues on the extent of the impact caused by the outbreak of the Delta variant in the country.
The offshore Chinese yuan stood at 6.4648 per dollar , not far from a three-week high of 6.4595 touched on Friday.
The Australian dollar, often seen as a proxy bet on the Chinese economy, stood at $0.7292, having peaked on Friday at $0.7317.
The Canadian dollar fetched C$1.2610, having reached a two-week high on Monday, thanks in part to the Canadian current account surplus widening more than expected due to robust oil prices.
Oil prices strengthened to three-week highs as US Gulf Coast platforms, refineries and pipelines grappled with uncertainty on restart timelines after Hurricane Ida wreaked havoc on the region.
Emerging market currencies also held firm, with the MSCI emerging market currency index hitting a three-week high of 1,733.33 on Monday. It last stood at 1,732.54.
In cryptocurrencies, bitcoin eased to $47,626 while ether held slightly firmer at $3,277.
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BOB mobile app has a 95% bank branch in it, BFSI News, ET BFSI
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Bank of Baroda through its BOB World application is offering a host of benefits and services such as Times Prime subscription to people who are stuck at home due to the pandemic.
“Our customers spending more time at home. So we don’t really want to be offering them mixers and grinders. So we thought about what it is that they would like to spend their time on and I would like the time on probably 42 platforms,” Akhil Handa, CDO, Bank of Baroda, said at the ETBFSI Summit.
“So we gave them a range of odd benefits. Without the food tech benefits, in fact, we are offering the Times Prime subscription to customers,” he said.
Under one platform
Bank of Baroda has brought 95% of services that the customer can do in a bank branch under its BOB world application. “This application really brings the world of banking and beyond to the customer. And of course, goes without saying Bank of Baroda satisfies us there is always a Bank of Baroda branch that is working at any given point in time across the board, Handa said.
He said platform banking is the one thing that the bank putting a lot of energy into. “This is what we’ve been working on for the last couple of years of work is one that you see now. And we are rolling out a lot of new propositions across the different product segments, he said.
Platform vertical
Handa said in the organisation, the bank now has three verticals, and one of them is dedicated to platforms. “So when they were talking about globally, some of the banks have designated a chief platform officer, I think we are on the same track as well as ahead of platforms. On the asset side, we also have platforms of deposits and payments, we are no different,” he added.
Stating that the emergence of platform banking is rooted in the whole shift of commerce from physical to electronic and the rise of e-commerce, he said the pandemic has really pushed the e-commerce shift in terms of channel metrics by about 10-15 years in some geographies.
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Yes Securities , BFSI News, ET BFSI
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Yes Securities has buy call on Axis Bank with a target price of Rs 822. The current market price of Axis Bank Ltd. is Rs 783.75.
Time period given by analyst is Intra Day when Axis Bank Ltd. price can reach defined target. Axis Bank Ltd., incorporated in the year 1993, is a banking company (having a market cap of Rs 240332.38 Crore).
Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 20285.41 Crore, down -3.53 % from last quarter Total Income of Rs 21028.45 Crore and up 4.23 % from last year same quarter Total Income of Rs 19461.77 Crore. The bank reported net profit after tax of Rs 2356.91 Crore in latest quarter.
Investment Rationale
The stock has resumed the uptrend after breaking out of a Triangle pattern resistance on good volumes. Technical indicator RSI has turned upwards after forming a positive divergence, confirming the bullishness.
Promoter/FII Holdings
Promoters held 11.4 per cent stake in the company as of June 30, 2021, while FIIs held 53.7 per cent, DIIs 23.7 per cent and public and others 11.3 per cent.
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Gold firms on softer dollar, investors await US jobs data, BFSI News, ET BFSI
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Gold prices were underpinned by a subdued dollar on Tuesday, with investors looking ahead to US non-farm payrolls data, which could be key to the Federal Reserve‘s tapering decision.
FUNDAMENTALS
Spot gold rose 0.1% to $1,812.27 per ounce by 0116 GMT.
US gold futures were up 0.2% at $1,816.00.
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.”
Gold is considered a hedge against inflation and currency debasement in the wake of massive stimulus measures.
Cleveland Fed President Loretta Mester said the US economy is recovering strongly but she is not yet convinced that recent inflation readings will be enough to satisfy the price stability goal the central bank revamped a year ago.
The US non-farm payrolls report for August is due on Friday. The market is expecting an increase of 728,000 jobs, unemployment to fall to 5.2% from 5.4% and average hourly earnings to rise 0.4% month-on-month.
China’s factory activity expanded at a slower pace in August as coronavirus-related restrictions and high raw material prices pressure manufacturers in the world’s second largest economy.
Roughly 28% of Brazilian gold exports in 2019 and 2020 likely came from illegal mines, a report by public prosecutors and the Federal University of Minas Gerais found, pointing to widespread forging of documents and lack of effective law enforcement.
Silver fell 0.1% to $24.03 per ounce, while platinum eased 0.3% to $1,003.89.
Palladium dropped 0.7% to $2,476.22, having risen 3.1% in the previous session.
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Q1 GDP growth seen at new high on recovery, BFSI News, ET BFSI
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NEW DELHI: The April-June GDP growth could turn out to be a record quarterly expansion as the economy recovers from the second wave of the pandemic and benefits from the low base of last year.
The country’s statistics office will release the quarterly GDP data on Tuesday and various estimates show that it could range from 10.5% to 31.6%, while the median forecasts of two polls show it at 20% and 21% in April-June, the first quarter in the 2021-22 fiscal year. The RBI had estimated the first quarter growth to be 21.4%. To put the numbers in perspective, the April-June quarter of last year had posted the sharpest contraction on record of 24.4% due to the impact of one of the strictest lockdowns imposed to prevent the spread of Covid.
“Essentially we are looking at a very strong doubledigit growth of 23% for this quarter and likely higher than RBI’s own assessment. A large part of this is because of a very favourable base from last year, when the nationwide lockdown had almost brought the economy to a standstill,” said Yuvika Singhal, economist at QuantEco Research.
“But nevertheless I think this double-digit growth is more of optics than anything else because we need to keep in mind that this was also the quarter when the second wave of the pandemic was extremely ferocious and April and May saw a large number of states getting into piecemeal restrictions, which by the end of May had almost become like a nationwide lockdown, though in a very staggered fashion at the state level,” said Singhal.
Since the April-June quarter of last year, the economy started scripting a robust recovery, but the second wave of the pandemic stalled the process. The unlocking and government spending has helped revive the recovery.
Economists say growth in the first quarter would be led by manufacturing, mining and construction sectors, while the agri segment will also lend strong support. The laggard will be the services sector, which has been hit hard by the two consecutive waves of the pandemic and is yet to recover from the bruising impact. The pace of vaccination, which has gathered momentum now, will also play a crucial role in determining the trajectory of growth in the quarters ahead.
“I think it would be a more broad-based story in the second half of the year unlike now where industry is leading the pack compared to services,” said Madhavi Arora, lead economist at Emkay Global Financial Services.
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Government extends the tenure of Canara Bank, Bank of India executive directors by two years, BFSI News, ET BFSI
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The government has extended the tenure of two executive directors of Canara Bank and Bank of India for two years, the state-run lenders said on Monday. Canara Bank in a regulatory filing said that the central government has extended the term of office of A Manimekhalai, Executive Director, for a period of two years beyond her currently notified terms that expires on 10 February 2022, or until further orders, whichever is earlier.
Bank of India in a separate filing said that the term of office of P R Rajagopal, Executive Director, has been extended for a period of two years, beyond his currently notified term or until further orders, whichever is earlier. His current term was to expire on February 28, 2022, the bank said.
The banks said the government informed them about the extension given to these executive directors through notifications on August 26, 2021.
The government last week extended the term of executive directors of various public sector banks. It also extended the terms of MD & CEOs of Punjab National Bank and Bank of Maharashtra.
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RBI issues direction on compensation of private banks’ top officials, BFSI News, ET BFSI
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The RBI said on Monday the fair value of the share-linked incentives paid to chief executive officers, whole-time directors and other key functionaries by the private banks should be recognised as an expense during the relevant accounting period. The RBI has also asked all banks, including local area banks, small finance banks and foreign banks to comply with its directions for all share-linked instruments granted after the accounting period ending March 31, 2021.
The central bank had issued guidelines on the compensation of whole-time directors/ chief executive officers/ material risk takers and control function staff in November 2019.
Issuing a clarification in this regard, the RBI said, “the fair value (of share-linked incentives) …should be recognised as expense beginning with the accounting period for which approval has been granted”.
In terms of the extant guidelines, share-linked instruments are required to be fairly valued on the date of grant using the Black-Scholes model.
The RBI issued the clarification saying “it has been observed” that banks do not recognise grants of the share-linked compensation as an expense in their books of account concurrently.
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