September 2021 – Page 126

Shanti Lal Jain takes charge as MD & CEO of Indian Bank

September 2, 2021 root Banking & Finance

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Shanti Lal Jain has assumed charge as Managing Director and Chief Executive Officer of Chennai-headquartered Indian Bank from today.

Prior to this, he served as Executive Director of Bank of Baroda since September 2018, according to a statement.

A Post-graduate in Commerce, and a qualified Chartered Accountant, Company Secretary and CAIIB, Jain joined Allahabad Bank in 1993 in middle management cadre. In a career spanning more than 25 years in banking, he handled critical portfolios. Previously, he had worked in a range of industries for over six years.

He has served as Chief Financial Officer, Chief Risk Officer and headed IT department of Allahabad Bank.

Later, he led team Mumbai as Field General Manager (West) and was responsible for Maharashtra, Gujarat and Goa operations having business of about ₹50,000 crore.

Earlier to this, he has served in several branches and administrative offices of the Bank, pan India. Prior to joining Allahabad Bank, he worked in various industries for about 6 years.

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Axis Bank joins green finance rush with first ESG bonds in India, BFSI News, ET BFSI

September 2, 2021 root Banking & Finance

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Axis Bank has raised $600 million from offshore investors by selling sustainable additional tier-1 (AT1) bonds at a coupon of 4.1 per cent said.

The bank will be using the proceeds towards eligible green and social project categories, as per the term sheet. The bonds will be listed on bourses, including NSE IFSC and India INX IFSC.

The lender launched the issue of the perpetual bonds earlier in the day with the initial pricing guidance at 4.4 per cent, looking to raise up to USD 1 billion.

Axis Bank raised USD 600 million from its GIFT City branch. The issue saw the order book peaking at USD 2.3 billion, as per the sources.

The major investors in the issue included Bluebay, Blackrock, Fidelity and HSBC Asset Management Company, they said.

This was only the third environment, social and governanc-themed bond issue by any lender globally and the first one in India.

The Axis Bank bonds were rated Baa3 (negative) by Moody’s Investors Service, BB+ (stable) by Standard & Poor’s and BB+ (negative) by Fitch Ratings.

HSBC deposits

Last month UK-based Hong Kong and Shanghai Banking Corp (HSBC) has raised $400 million of green deposits in India and identified financing opportunities to use those funds. Under its strategy, the bank first finds avenues to finance before raising the resources. The loans are extended for renewable projects, biodiversity linked initiatives, clean transportation and pollution control. Once the loans are sanctioned they are matched with deposits.

HDFC issue

HDFC, India’s largest private-sector mortgage financier, too announced last month the launch of a new green deposit plan to attract environmentally conscious depositors.

The company plans to raise these deposits from individuals to lend to projects by retail borrowers.

It plans to use these funds to lend to standalone homes which use environment-friendly practices, like putting up solar panels and water recycling, or even to women borrowers or self-help groups.

AT1 bonds

The bank is the third lender in quick succession to raise money from the AT1 route after HDFC Bank raised USD 1 billion from overseas investors last month, and SBI raised Rs 4,000 crore earlier in the day from domestic investors.
The AT1 capital instrument had received a setback after Yes Bank’s investors lost over Rs 8,400 crore of bets after a write-off in the RBI-led bailout.

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Reserve Bank of India – Press Releases

September 2, 2021 root 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 03, 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
4.26% GS 2023	3,000	72	72
6.10% GS 2031	14,000	334	334
6.76% GS 2061	9,000	215	215

The underwriting auction will be conducted through multiple price-based method on September 03, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 09:00 A.M. and 09:30 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: 2021-2022/798

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3 Listed REITs Stocks In India 2021

September 2, 2021 root Personal Finance

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Brookfield India Real Estate Trust REIT

Brookfield India Real Estate Trust REIT is a commercial real estate vehicle established in India. The Company’s goal is to offer its unitholders with risk-adjusted total returns. During the quarter ended June 30, 2021, Brookfield India Real Estate Trust recorded a 3.8 percent increase in net operating income to 169.6 crores. It also announced a 181.7 crore payout to unitholders.

Operating lease rental collections remained strong at nearly 99 percent. Operating lease rental income increased by 7.3 percent to 161.6 crores in the April-June quarter, up from 150.7 crores in the previous year’s quarter.

During the first quarter of this fiscal year, total revenue was 222.67 crore, with a profit of 73.83 crores, according to the company.

Embassy REIT

Embassy REIT owns and runs a 42.4 million square foot (“msf”) portfolio of eight infrastructure-like office parks and four city-center office buildings.

Embassy REIT, sponsored by Embassy and Blackstone, is Asia’s first and largest REIT (by area). The corporation owns and operates 42.4 million square feet of space (million square feet). It has eight office parks, two hotels, and a 100 megawatt solar power facility. Embassy Office Parks REIT reported a 12 percent increase in net operating income to Rs 2032 crore for the fiscal year ended March 2021, compared to the preceding financial year.

India’s first listed Real Estate Investment Trust (REIT) and Asia’s largest also recorded a 10% growth in revenues for FY2021 to Rs 2,360 crore, up from Rs 2144 crore in FY19-20, according to the company.

Mindspace REIT

K Raheja Corp Group is the sponsor of Mindspace REIT. With a total leasable area of 30.2 msf, it has a solid portfolio of office spaces across Mumbai, Pune, Hyderabad, and Chennai. Mindspace Business Parks REIT, which is sponsored by K Raheja Corp and Blackstone Group, has announced a net operating income of over Rs 358 crore, with a portfolio size of 30.2 million sq ft, up from 29.5 million sq ft.

It has raised Rs 375 crore in market-linked debentures at a rate of 6.65 percent per annum, as well as Rs 75 crore in non-convertible debentures at a rate of 6.69 percent per annum. As of March 31, the REIT’s average cost of debt was 7.1 percent.

3 Listed REITs Stocks In India 2021

REITs Stocks	BSE	NSE
Brookfield India Real Estate Trust REIT	267.51	267.34
Embassy REIT	361.95	361.25
MINDSPACE BUSINESS REIT	290.44	290.00

How do REITs generate returns for investors?

Any investment should aim to build wealth for investors and/or provide a steady stream of income. REITs provide unitholders with both of these advantages. Investors can get monthly dividends and/or interest payouts, providing consistent income, while also receiving capital gains through the sale of REIT units on stock exchanges.

REITs use their Net Rental Income to pay out dividends and interest. After deducting some important expenses connected to management and maintenance of the facilities, this is the income that a REIT obtains from renting out and leasing Commercial Real Estate.

Because REITs are listed on stock exchanges and traded, the price of individual units fluctuates based on their performance and market demand. A REIT’s outstanding performance, like that of Equity Stocks and Mutual Funds, leads to an increase in the price of REIT units, which can then be sold for a profit and deliver Capital Gains to the investor.

Disclaimer

Investing in stocks is risky and investors should do their own research. The author, the brokerage firms or Greynium Information Technologies are not responsible for any losses incurred due to a decision based on the above article. Investors should hence exercise due caution as are at record peaks. Please consult a professional advisor.

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3 Stocks For Gains Up To 23% In The Short Term By HDFC Securities

September 2, 2021 root Personal Finance

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Indiamart Intermesh:

The B2B company as per HDFC Securities is in intermediate uptrend as it has been making higher tops and higher bottoms for the last several months. Over the last several weeks, the stock has been consolidating in a range between the 6650-7844 levels. On Monday, the stock has broken out of this range on the back of above average volumes.

Technical indicators positive

Technical indicators are giving positive signals as the stock is trading above the 20 and 50 day SMA. Weekly momentum indicators like the 14-week RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue. With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy. The stock has suggested a target price of Rs. 9715, against its current price of Rs. 7870, implying an upside of 23 percent.

Rain Industries:

The brokerage is bullish on the world’s leading producer of calcined petroleum coke, coal tar pitch as well as other high quality advanced materials. HDFC Securities has set out a target price of Rs. 270, implying gains of 20.53% from the current price of Rs. 224. The investment horizon or time horizon is a short term of 3 months.

As per the brokerage firm, “the stock has also breached above downward sloping trend line We observe a formation of bullish pattern on daily and weekly time frame. Momentum oscillators like RSI and MACD are giving bullish indication suggesting bullish movement for the stock for few more weeks. The overall chart pattern of RAIN indicates long trading opportunity.” “One may look to create positional long as per the levels mentioned above”, adds the brokerage report. HDFC Securities for the ‘Buy’ of Rain Industries recommends at stop loss of Rs. 193.

Shriram Transport:

The company has suggested a target price of Rs. 1580, implying gains of 18% from the current price level of Rs.1340 per share.

Technical indicators paint a positive outlook for the scrip.

The stock after being in a range between the 1216-1320 levels for the last few sessions, the stock has broken out of this range on Monday on the back of healthy volumes. “Technical indicators are giving positive signals as the stock is trading above the 20 day SMA. Daily momentum indicators like the 14-day RSI have bounced back from oversold levels and are in rising mode now. This augurs well for the uptrend to continue. With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks and therefore recommend a buy”, says the brokerage report.

Disclaimer:

Stock markets investments are subject to risk. Investors should not construe the above report for investment advice. Please do your own study and analysis before making equity or equity related bets.

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Google Pay Join Hands With Equitas SFB To Offer Digital FD: Check Details

September 2, 2021 root Personal Finance

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Investment

oi-Vipul Das

|

Published: Thursday, September 2, 2021, 9:47 [IST]

For the investors who want to open a fixed deposit account from the convenience of their home just with some simple taps, Equitas Small Finance Bank has taken a move to provide its customers with the option to open a fixed deposit account through Google Pay. The bank has partnered with Google Pay (G Pay) to enable Google Pay (only Android) users to book an FD account without having or opening a savings account. Once the FD matures, the principal including the interest amount would be transferred to the Google Pay user’s existing or linked bank account, which means that starting from opening an account till maturity proceeds, the entire process will be done digitally and the collaboration undoubtedly will have a positive impact on senior citizens.

The partnership is timed to coincide with the bank’s 5th anniversary, which will take place on September 5th, 2021. Equitas Small Finance Bank currently offers up to 6.50% interest on FD, but apart from the higher interest rate compared to that of the leading public and private sector bank, customers who book an FD account with the bank will also get an insurance cover benefit up to Rs 5 lakh provided by the Deposit Insurance and Credit Guarantee Corporation which is nothing but a subsidiary of Reserve Bank of India.

Equitas Small Finance Bank Fixed Deposit

Equitas SFB allows you to open a fixed deposit account for a maturity period ranging from 7 days to 10 years. This flexible tenure will result in you covering your both short-term and long-term financial goals. By offering higher yields on fixed deposits and a digital account maintaining approach through Google Pay, the bank is now the industry-first to join hands with Google Pay. To meet the needs of your investment and wealth creation, you can pick a term according to your goal and enjoy guaranteed returns by investing with Equitas FD through Google Pay. According to the official website of the bank, the benefits of opening a fixed deposit account are:

Idle funds can be used
Best in class Interest Rates
Attractive FD interest rates up to 6.5% p.a. for senior citizens
Partial and full premature withdrawal allowed
No premature withdrawal penalty for all FDs booked for senior citizens on or after 2nd December 2019 (Not applicable for grouping)
No penalty on premature withdrawal above 6 months
Nomination facility available
Interest frequency available – reinvestment, quarterly payout, and monthly payout.

Equitas Small Finance Bank Fixed Deposit Interest Rates

With effect from 1st June 2021, fixed deposit rates for domestic/NRE/NRO (for INR) deposits of less than Rs 2 Cr are as follows.

Tenure	Regular FD Rates	Interest Rates For Senior Citizens
7 – 14 days	3.50%	4.00%
15 – 29 days	3.50%	4.00%
30 – 45 days	3.50%	4.00%
46 – 62 days	4.00%	4.50%
63 – 90 days	4.00%	4.50%
91 – 120 days	4.75%	5.25%
121 – 180 days	4.75%	5.25%
181 – 210 days	5.25%	5.75%
211 – 270 days	5.25%	5.75%
271 – 364 days	5.25%	5.75%
1 year to 18 months	6.35%	6.85%
18 months 1 day to 2 years	6.25%	6.75%
2 years 1 day to 887 days	6.35%	6.85%
888 days	6.50%	7.00%
889 days to 3 years	6.35%	6.85%
3 years 1 day to 4 years	6.25%	6.75%
4 years 1 day to 5 years	6.25%	6.75%
5 years 1 day to 10 years	6.50%	7.00%
Source: Bank Website

How to open Equitas SFB Fixed Deposit Account On Google Pay?

Open Google Pay app on your mobile phone and head to the ‘Businesses and bills’ section.
Tap on the logo of Equitas SFB or you can directly search for the same.
Now select the amount you want to deposit and then select the tenure for which you want to maintain your deposit through the Equitas Bank Spot.
Now enter your personal details and complete the KYC procedure by entering your PAN and Aadhaar number.
Now complete the transaction using your existing bank account through Google Pay UPI.
Customers can also track their existing deposits as well as open a new one online. They can also make premature withdrawals by following some simple in-app steps. Upon which the maturity proceeds will be directly transferred to the bank account linked with Google Pay on the same business day;

Story first published: Thursday, September 2, 2021, 9:47 [IST]

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Reserve Bank of India – Press Releases

September 2, 2021 root Press Releases

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(Amount in ₹ crore, Rate in Per cent)

Volume
(One Leg) Weighted
Average Rate Range

A. Overnight Segment (I+II+III+IV) 3,95,759.78 3.09 1.95-5.30

     I. Call Money 7,572.61 3.19 1.95-3.40

     II. Triparty Repo 2,94,846.15 3.07 3.03-3.13

     III. Market Repo 93,271.02 3.13 2.00-3.25

     IV. Repo in Corporate Bond 70.00 5.30 5.30-5.30

B. Term Segment

     I. Notice Money** 262.05 2.97 2.50-3.35

     II. Term Money^@@ 166.00 – 3.10-3.45

     III. Triparty Repo 0.00 – –

     IV. Market Repo 187.01 3.19 3.00-3.40

     V. Repo in Corporate Bond 861.00 3.55 3.45-5.35

Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate

C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)

I. Today’s Operations

1. Fixed Rate

    (i) Repo

    (ii) Reverse Repo Wed, 01/09/2021 1 Thu, 02/09/2021 6,62,871.00 3.35

    (iii) Special Reverse Repo^~

    (iv) Special Reverse Repo^ψ

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo

3. MSF Wed, 01/09/2021 1 Thu, 02/09/2021 0.00 4.25

4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£

5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]* -6,62,871.00

II. Outstanding Operations

1. Fixed Rate

   (i) Repo

    (ii) Reverse Repo

    (iii) Special Reverse Repo^~ Fri, 27/08/2021 13 Thu, 09/09/2021 6,574.00 3.75

    (iv) Special Reverse Repo^ψ Fri, 27/08/2021 13 Thu, 09/09/2021 611.00 3.75

2. Variable Rate^&

  (I) Main Operation

     (a) Reverse Repo Fri, 27/08/2021 13 Thu, 09/09/2021 3,00,027.00 3.42

  (II) Fine Tuning Operations

     (a) Repo

     (b) Reverse Repo

3. MSF

4. Long-Term Repo Operations^# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15

Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15

Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15

Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15

5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40

Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40

Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40

Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40

6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40

7. On Tap Targeted Long Term Repo Operations^€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00

Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00

Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00

8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00

Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00

Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00

Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00

D. Standing Liquidity Facility (SLF) Availed from RBI^$ 28,295.80

E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* -1,94,574.20

F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* -8,57,445.20

G. Cash Reserves Position of Scheduled Commercial Banks

     (i) Cash balances with RBI as on 01/09/2021 6,19,275.94

     (ii) Average daily cash reserve requirement for the fortnight ending 10/09/2021 6,28,268.00

H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥ 01/09/2021 0.00

I. Net durable liquidity [surplus (+)/deficit (-)] as on 13/08/2021 11,32,933.00

^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).

– Not Applicable / No Transaction.

** Relates to uncollateralized transactions of 2 to 14 days tenor.

^@@ Relates to uncollateralized transactions of 15 days to one year tenor.

^$ Includes refinance facilities extended by RBI.

^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.

* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.

^# As per the Press Release No. 2020-2021/287 dated September 04, 2020.

^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.

^€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.

^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.

^£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.

^~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.

^ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.

Ajit Prasad
Director

Press Release: 2021-2022/797

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SGX Nifty up 10 points; here’s what changed for market while you were sleeping, BFSI News, ET BFSI

September 2, 2021 root Personal Finance

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Domestic stocks are likely to open on a tepid note on Thursday amid a lack of directional cues from global markets. Asian peers were trading mostly higher in morning trade. Wall Street stocks settled mixed. The dollar was trading around a multi-week low ahead of US jobs data while oil prices declined on concerns over rising supply. Here’s breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty signals a flat start
Nifty futures on Singapore Exchange traded 10 points, or 0.06 per cent, higher at 17,109.50, signaling that Dalal Street was headed for a tepid start on Thursday.

Tech View: Nifty50 on Wednesday formed a bearish candle on the daily scale. Analysts said the index is likely to see short-term consolidation and advised traders to buy on dips.

India VIX: The fear gauge eased over 2 per cent to 14.18 level on Wednesday over its close at 14.52 on Tuesday.

Asian stocks gain in early trade
Asian markets opened mostly higher on Thursday in cautious trade after a mixed close on Wall Street, with investors looking ahead to US jobs data due this week. MSCI’s broadest index of Asia-Pacific shares outside Japan was up by 0.28 per cent.

Japan’s Nikkei added 0.05%

China’s Shanghai gained 0.15%

Hong Kong’s Hang Seng up 0.86%

Korea’s Kospi declined 0.52%

Australia’s ASX200 shed 1.06%

US stocks settled mixed
The Nasdaq closed Wednesday at a record high, with the S&P 500 ending near its previous peak, as September kicked off with renewed buying of technology stocks and private payrolls data, which supported the case for dovish monetary policy.

Dow Jones shed 0.14% to 35,312.53

S&P500 inched up 0.03% to 4,524.09

Nasdaq zoomed 0.33% to 15,309.38

Dollar hovers at multi-week low
The dollar loitered around multi-week lows on Thursday, pressured by softer-than-expected US labour data as traders awaited a fuller jobs readout, which is expected to guide the timing of Federal Reserve’s pullback in bond buying.

Dollar index fell to 92.497

Euro gained to $1.1857

Pound edged up to $1.3770

Yen rose to 109.97 per dollar

Yuan at 6.4613 against the greenback

Oil falls as OPEC+ sticks to raising supply
Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many US refiners, a key source of crude demand, remained offline. Brent crude was down by 52 cents, or 0.7 per cent, at $71.07 a barrel. US oil fell 56 cents, or 0.8 per cent, to $68.03 a barrel.FPIs buy shares worth Rs 667 crore
Net-net, foreign portfolio investors (FPIs) turned buyers of domestic stocks to the tune of Rs 666.66 crore, data available with NSE suggested. DIIs were sellers to the tune of Rs 1,287.87 crore, data suggests.

MONEY MARKETS

Rupee: The rupee snapped its four-session winning run to close 8 paise lower at 73.08 against the US dollar on Wednesday as muted domestic equities and a strengthening greenback overseas weighed on the market sentiment.

10-year bond: India 10-year bond yield eased 0.26 per cent to 6.20 after trading in 6.20 – 6.23 range.

Call rates: The overnight call money rate weighted average stood at 3.18 per cent on Wednesday, according to RBI data. It moved in a range of 2.00-3.40 per cent.

DATA/EVENTS TO WATCH

IN Balance of Trade Prel AUG (5:50 am)

IN Exports Prel AUG (5:50 am)

IN Imports Prel AUG (5:50 am)

AU Balance of Trade JUL (7 am)

AU Home Loans MoM JUL (7 am)

AU Imports MoM JUL (7 am)

US Balance of Trade JUL (6 pm)

US Nonfarm Productivity QoQ Final Q2 (6 pm)

US Initial Jobless Claims 28/AUG (6 pm)

US Jobless Claims 4-week Average AUG/28 (6 pm)

US Continuing Jobless Claims 21/AUG (6 pm)

US Factory Orders MoM JUL (7:30 pm)

MACROS

Economic recovery on track
India’s economic recovery remained on track in August with goods and services tax (GST) collections staying in excess of Rs 1 lakh crore while automakers sold more cars than in the year earlier despite a semiconductor and parts shortage. Petrol and diesel demand increased 14% and 16%, respectively, the railways carried 16.9% more freight and electricity demand rose 18.6%, suggesting greater movement of goods and people in the just concluded month.

Confusion over crypto tax
The tax department as well as investors are in a quandary over how to calculate gains on cryptocurrency for taxation purposes, especially since tax laws flounder and conflict against certain regulations and tax is calculated on the value declared by the assessee. The main problem for taxation is that there is no clarity on what cryptocurrencies are. That is, whether they are currency, asset, commodity or something else. Till that is articulated, investors and traders will be able to get around taxation. The other problem is that tax rates may also differ for someone who is an investor and someone who trades for a living.

Sebi plans norms for digital gold trades
The Securities and Exchange Board of India (Sebi) plans to regulate online trades in digital gold now sold by various fintech firms and brokerages, two people with direct knowledge of the matter told ET. The capital-markets watchdog is seeking to fill the regulatory vacuum in an asset class that’s becoming increasingly popular with new-age investors.

RBI to set up panel on NUE licences
The Reserve Bank of India (RBI) will set up a committee to scrutinise applications and give recommendations on new umbrella entity (NUE) licences, ET reported. NUEs will establish their own payment infrastructure to compete with National Payments Corp. of India (NPCI).

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Equitas SFB launches digital FDs on Google Pay in tie-up with Setu

September 2, 2021 root Personal Finance

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According to a bank release, customers can through the Google Pay app, book high interest rate FDs fully digitally.

Equitas Small Finance Bank (SFB) has launched an initiative enabling customers to book fixed deposits (FDs) on Google Pay in under two minutes without having to open a bank account. The offering was made possible by connecting application programming interfaces (APIs) built by fintech infrastructure provider Setu. To start with, this functionality will be available for Google Pay users who access the app from Android.

According to a bank release, customers can through the Google Pay app, book high interest rate FDs fully digitally — without having to open a savings account with Equitas Bank on its own spot integrated with the Google Pay platform.

“Google Pay users can book FDs from the comfort of their homes ensuring an easy, safe and hassle-free experience. On maturity, principal and interest of the FD go directly to the Google Pay user’s existing bank account, which could be in any bank in India,” it said.

As an RBI scheduled commercial bank, deposits in Equitas are covered by a deposit guarantee of up to Rs 5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year.

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