Month: September 2021

BoB launches revamped mobile banking app ‘bob World’

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Bank of Baroda (BoB) has launched its revamped mobile banking application ‘bob World’ to provide all-inclusive virtual banking experience, encompassing all its digital banking services under one roof, for its customers.

BoB’s mobile banking application was earlier known as M-Connect Plus.

This digital banking platform will be rolled out in phases, under its four key pillars of “save, invest, borrow, shop”, the public sector bank said in a statement.

The app will offer a wide repertoire of over 220 services converged into a single app, covering nearly 95 per cent of all retail banking service offerings, which can be accessed by customers, both, domestically and globally, it added.

Sanjiv Chadha, Managing Director & CEO, BoB, said, “The new corporate sub-brand for digital is testimony to our commitment to serve the customers across the world, digitally and 24*7 in a seamless manner.

“…Embedded finance is a big theme across the ‘bob World’ application as is the enriching loyalty programme, which underlies all digital interactions with the bank”.

The Bank said since the pilot launch of ‘bob World’ on August 23, 2021, the app is already being used by more than 50 lakh users.

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Neeraj Chopra, Olympic gold medalist signs first brand endorsement with Tata AIA Life

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Tata AIA Life Insurance on Wednesday announced the signing of a multi-year brand partnership with Indian athlete and Olympic gold medallist Neeraj Chopra, as its brand ambassador. This association also marks the very first brand partnership to be signed with the champion javelin thrower, post his historic win at the recent Tokyo Olympics.

Commenting on the partnership, Venky Iyer, Executive Vice President and Chief Distribution Officer, Tata AIA Life Insurance, said in a statement, “As a VSM awardee in the Army and a National Icon today, Neeraj symbolises incredible passion for excellence and a great commitment to serving the nation. For us at Tata AIA, his sports journey echoes greatly with our vision of enabling dreams and inspiring healthier and happier lives. And quite like we observe in Neeraj’s journey, Passion for Excellence, and an Obsession to do the best for our consumers, the people of India, are among the core values at Tata AIA. We are delighted to partner with Neeraj and welcome him warmly into the Tata AIA family.”

Neeraj Chopra, said, “Joining the Tata AIA family was a logical step for me. I firmly believe that there is a need to educate Indians, especially the youth, about the need for life insurance and to help them plan for their financial goals, at the right time. Further, the pandemic has made us realise the key need to pursue physical and emotional wellbeing in our day to day life. Tata AIA’s protection and health and wellness solutions offer distinct and significant benefits to consumers. I am happy be a part of the brand’s vision and look forward exciting times ahead.”

Embodying the vision

Neeraj Chopra closely embodies Tata AIA’s vision of enabling dreams and inspiring healthier and happier lives and its core value of passion for excellence. He has consistently set high benchmarks and pioneered change through dedication to his sport. Over the next few years, Neeraj will support Tata AIA’s efforts in offering solutions to its consumers across the country.

The ongoing Covid-19 pandemic has also underlined the need for life and health insurance, more emphatically than ever. With a premium-to-GDP penetration of less than 3.5 per cent in India, there is a clear and urgent need to fast-track the insurance journey in the country.

Neeraj’s association with Tata AIA stems from his own experience and understanding of the need for adequate life and health cover and timely planning for one’s key life milestones. It is his firm belief that life insurance helps individuals plan for their protection related needs as well as cater to their health, wellness and wealth creation needs. This forms the basis of his choosing to partner with Tata AIA.

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Fisdom forays into tech-led HNI wealth space

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Wealth-tech startup Fisdom on Wednesday announced the launch of its new venture — Fisdom Private Wealth — which will cater to the investment needs of high networth individuals (HNIs).

It has roped in wealth management industry veteran, Abhijit Bhave, as the chief executive officer to head Fisdom Private Wealth, the company said in a statement.

Over two-and-a-half decades across the financial services industry in India, UAE and Vietnam, Bhave has held leadership roles in large global organisations like Deutsche Bank and HSBC.

He has also had stints with Karvy Private Wealth, ICICI Bank and Unit Trust of India in various roles and functions across diverse verticals such as asset management, cash management, corporate and retail banking.

Catering to HNIs

Fisdom said it has entered the technology-led wealth management space to cater to the investment needs of HNIs.

Fisdom Private Wealth will be offering differentiated investment products to its clients — mutual funds, portfolio management schemes (PMS), alternative investment funds (AIFs), unlisted private equity, bonds, FDs, structured products, Insurance as well as international products.

This new arm of Fisdom also plans to launch various other proprietary products in the due course.

Fisdom Private Wealth aims to bridge the gap of underserved HNI markets in the country with a robust tech-platform augmented with dedicated support by experienced wealth managers.

The start-up company has pioneered a unique bank partnership-led wealth management model that provides access to high quality services to customers in tier 2 and tier 3 locations.

Fisdom Private Wealth has started-off its business with 50 people at 10 locations such as Mumbai, Delhi NCR, Lucknow, Chandīgarh, Kolkata, Bangalore, Surat, Pune, Baroda and Bhopal, with an objective of widening its reach to serve HNIs across the country and even overseas.

“With Fisdom Private Wealth, which is one of our major strategic initiatives, we aim to transform the way HNIs experience their wealth management journey. Through our robust and secure technology infrastructure, we endeavour to provide best-in-class wealth management solutions backed by comprehensive research and capabilities,” Subramanya SV, Co-Founder and CEO, Fisdom said.

Bhave said that India is a relatively under-penetrated market for the private wealth segment, especially in tier 2 and 3 cities.

He further said that this scenario gives an opportunity to expand the reach of its technology-led products and services, thereby making Fisdom Private Wealth accessible to the Indian affluent class not only in the untapped domestic markets but also internationally.

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Reserve Bank of India – Press Releases

Press Releases

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Auction Results 91 Days 182 Days 364 Days
I. Notified Amount ₹9000 Crore ₹4000 Crore ₹4000 Crore
II. Competitive Bids Received      
(i) Number 95 86 103
(ii) Amount ₹44725.3 Crore ₹22870 Crore ₹21014.05 Crore
III. Cut-off price / Yield 99.1867 98.3282 96.5700
(YTM: 3.2889%) (YTM: 3.4098%) (YTM: 3.5616%)
IV. Competitive Bids Accepted      
(i) Number 28 18 9
(ii) Amount ₹8997.282 Crore ₹3999.708 Crore ₹3999.724 Crore
V. Partial Allotment Percentage of Competitive Bids 17.18% 51.88% 99.94%
(3 Bids) (1 Bid) (1 Bid)
VI. Weighted Average Price/Yield 99.1892 98.3330 96.5916
(WAY: 3.2787%) (WAY: 3.3998%) (WAY: 3.5384%)
VII. Non-Competitive Bids Received      
(i) Number 5 1 2
(ii) Amount ₹2902.718 Crore ₹0.292 Crore ₹1030.276 Crore
VIII. Non-Competitive Bids Accepted      
(i) Number 5 1 2
(ii) Amount ₹2902.718 Crore ₹0.292 Crore ₹1030.276 Crore
(iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids)

Ajit Prasad
Director   

Press Release: 2021-2022/827

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Amazon Pay also set to help users book deposits, even as GPay service under RBI watch

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Amazon Pay India, the American e-commerce major’s payments app, is also set to offer deposit booking services for its customers, even as rival Google Pay’s similar facility has invited regulatory attention within days of its launch.

Amazon Pay India on Wednesday announced a tie-up with investment platform Kuvera.in through which the former’s customers will be able to invest in mutual funds and fixed deposits, a statement said.

“Kuvera will provide its services, products and technology know-how to create an exclusive experience for Amazon Pay’s users to facilitate investments into mutual funds, fixed deposits, and more over time,” it said.

Google Pay has tied up with Equitas Small Finance Bank for allowing its users to book deposits. Details surrounding the banks where Amazon Pay customers’ deposits will be made were not immediately known.

Following Google Pay’s announcement, there have been reports that the deal between the big tech company and the bank is under RBI’s watch for its implication on the broader financial landscape.

RBI’s stance

In the past, the RBI has made it clear that it is wary of ‘Big Tech’ firms like Google, Amazon, Facebook, Apple and Microsoft, and flagged it as among the risk factors for financial stability in the half-yearly Financial Stability Report released in July.

“At Amazon Pay, our vision is to simplify lives and fulfil aspirations by solving payment and financial needs of every Indian. For our most engaged customers, growing their wealth and investments is a large need, here is where, we think Kuvera can help our customers with their unique offering,” Amazon Pay India’s director Vikas Bansal was quoted as saying in the statement.

The statement said only 30-40 million of the 600 million internet users in India have access to quality investment products.

“Through this arrangement with Amazon Pay India, we seek to add value to the investors’ journey. Our goal is to accelerate the democratisation of investing and wealth management in India,” Kuvera’s founder and chief executive Gaurav Rastogi said.

Kuvera has more than 10 lakh users and ₹28,000 crore in assets under advice since starting in 2017.

Alokik Advani, the managing partner of Fidelity International Strategic Ventures, an early investor in Kuvera, said the tie-up will bring “best in class saving and investing products to a much wider base of users across the country.”

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JPMorgan to acquire majority stake in Volkswagen’s payments business, BFSI News, ET BFSI

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London: JPMorgan has struck a deal to buy a majority stake in German car giant Volkswagen‘s payments business ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls.

The US bank has agreed to buy close to 75% of Volkswagen Payments S.A. for an undisclosed sum, subject to regulatory approvals.

The Luxembourg-based business was founded in 2017 and operates across 32 countries. It offers car purchase and leasing, in-vehicle payments, fuelling and electric vehicle charging and subscription services such as insurance and in-vehicle entertainment.

JPMorgan said it plans to invest in and rebrand the payments business and expand its mobility-focused payments to other industries.

“One of the fastest-growing platforms is the connected car marketplace, whereby the car acts like a wallet for purchasing goods, services or subscriptions,” Shahrokh Moinian, EMEA head of wholesale payments at JPMorgan, told Reuters.

Non-finance companies, including car manufacturers, have stepped up expansion into financial services in recent years.

Volkswagen’s financial services division will retain a 25.1% stake in the payments business, JPMorgan said. The deal is expected to close in the first half of 2022.

Volkswagen Group did not provide a breakdown of earnings for the payments business in its half-year results in July, but said sales at its financial services arm were 22.6 billion euros ($26.77 billion), up 18% on the prior year.



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Union Bank of India Revises Interest Rates On Fixed Deposit: Check New Rates Here

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Union Bank of India Interest Rates On Regular Deposits

Following the most recent revision, the bank is now offering an interest rate of 3.00% on deposits maturing in 7 to 45 days. For deposits maturing in 46 days to 90 days and 91 days to 120 days, the bank is providing an interest rate of 3.50% and 3.75% respectively. Union Bank of India is offering an interest rate of 4.30%, 4.40%, 5.00%, and 5.10% on deposits maturing in 121 to 180 days, 181 days to less than 1 year, 1 year, and 1 year to less than 2 years. On deposits maturing in 2 years to 3 years and 3 years to 5 years, regular customers will get an interest rate of 5.30% and 5.40%. On long-term deposits maturing in 5 years to less than 10 years, the bank is now offering an interest rate of 5.50% respectively.

Period Interest Rate
7 – 14 Days 3.00%
15 – 30 Days 3.00%
31 – 45 Days 3.00%
46 – 90 Days 3.50%
91 – 120 Days 3.75%
121 to 180 Days 4.30%
181 Days to less than 1 Year 4.40%
1 Year 5.00%
>1 Year to 2 Years 5.10%
>2 Year to 3 Years 5.30%
>3 Years to 5 Years 5.40%
>5 Years to 10 Years 5.50%
Source: Bank Website, W.e.f 1.09.2021

Union Bank of India Interest Rates On FD For Senior Citizens

Union Bank of India Interest Rates On FD For Senior Citizens

Senior citizens will continue to get an additional card rate of 0.50% on their deposits. For a deposit amount of less than Rs 2 Cr, the following are the most recent interest rates on fixed deposits of Union Bank of India.

Period Interest Rate
7 – 14 Days 3.50%
15 – 30 Days 3.50%
31 – 45 Days 3.50%
46 – 90 Days 4.00%
91 – 120 Days 4.25%
121 to 180 Days 4.80%
181 Days to less than 1 Year 4.90%
1 Year 5.50%
>1 Year to 2 Years 5.60%
>2 Year to 3 Years 5.80%
>3 Years to 5 Years 5.90%
>5 Years to 10 Years 6.00%
Source: Bank Website, W.e.f 1.09.2021

Note

Note

Union Bank of India has mentioned the following important points on its website which is a must-read by the investors.

  • Interest rates are subject to change. Hence depositors will ascertain the rates as on the date of placement from the website.
  • Aggregate value of deposits placed by a depositor on the day for an identical tenor will be taken for deciding the applicable interest rate.
  • For interest rates for deposits of Rs. 2 Crores and above, please contact the nearest branch.
  • Interest is calculated on a daily product basis and is credited on a quarterly basis in the months of April, July, October and January every year.



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Reserve Bank of India – Press Releases

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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on September 09, 2021.

As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:

(₹ crore)
Security Notified Amount Minimum Underwriting Commitment (MUC) amount per PD Minimum bidding commitment per PD under ACU auction
5.63% GS 2026 11,000 262 262
GoI FRB 2034 3,000 72 72
New GS 2035 10,000 239 239
6.67% GS 2050 7,000 167 167

The underwriting auction will be conducted through multiple price-based method on, September 09, 2021 (Thursday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9.00 A.M. And 9.30 A.M. on the date of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities.

Ajit Prasad
Director   

Press Release: 2021-2022/826

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CollegeDekho raises $26.5 million funding from Winter Capital, ETS, Man Capital

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CollegeDekho, a college admissions and education services platform, on Wednesday said it has raised $26.5 million (about ₹200 crore) in an ongoing funding round, led by Winter Capital Partners, ETS Strategic Capital and Calega. Existing investors, Man Capital and Rajeev Chaba also participated in the series B round, a statement said.

The company had last raised $8 million in May 2019.

ETS Strategic Capital is the private equity investment arm of ETS, creator of TOEFL and GRE tests.

Fund deployment

The company plans to use the proceeds of the funding to further improve its offerings for students and colleges, increase its investment in product and technology, expand internationally and “grow new verticals like Ed-Fin-Tech and Student Accommodation”, the statement said.

CollegeDekho operates a Common Application Form (CAF) platform that enables students to apply to multiple colleges with a single click.

For studying abroad, CollegeDekho offers a range of services across profile building, test preparation, application assistance, university selection and visa assistance.

“The tremendous response we are seeing from students, parents and colleges continues to energise us to build world class products and services for them. All of this would not have been possible without the passion and commitment of the CollegeDekho family,” Ruchir Arora, Founder and CEO of CollegeDekho, said.

He added that with this fund raise, the company plans to invest in making “its products and services even more lovable for our students and colleges, as well as expand into new geographies and business verticals”.

This series B funding round has been advised by IBIS Capital and Cilix Capital.

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Former YES Bank chief ignored warnings of investment decisions from officials, chargesheet reveals, BFSI News, ET BFSI

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Former YES Bank managing director and chief executive officer Rana Kapoor ignored warnings fromt the treasury and risk management teams, which led to huge losses, the latest charge sheet by the Central Bureau of Investigation showed.

The charge sheet was made public last week, and was reviewed by The Hindustan Times. “Investigation revealed that Rana Kapoor had shown undue personal interest in aforesaid investment and took premeditated decision of investment without discussing the matter with concerned officials, who were having adverse view against such investments,” said the supplementary charge sheet filed by CBI on July 13.

The CBI and Enforcement Directorate (ED) are investigating the loans issued by YES Bank when Kapoor was its MD and CEO (till January 2019).

Furthermore, Kapoor had misled the board through a false declaration on May 17, 2018, to enhance the exposure limit of DHFL from Rs 2,100 crore to Rs 4,000 crore, the chargesheet said. As a result, the board approved investment of Rs 2,000 crores and Rs 700 crore in a public issue of non-convertible debentures of DHFL. This was despite the investment team advising against the issue.

According to the CBI, Kapoors were paid huge bribes by Dewan Housing Finance Corp (DHFL) in lieu of favours extended by the bank. It alleged that a total of Rs 600 crore was paid in the form of investment.

The ED has alleged that loans worth around Rs 30,000 crore, when Rana Kapoor headed the bank, have turned into bad loans and Rs 20,000 crore have become non-performing assets.

So far, the ED has attached assets worth Rs 2,400 crore in the case, which include Rs 900 crore from Kapoors and Rs 1,411 crore from DHFL’s Kapil and Dheeraj Wadhawan.



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