Month: October 2021

Now, Greater Noida banks to also monitor escrow accounts, BFSI News, ET BFSI

Banking & Finance

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GREATER NOIDA: The Greater Noida Authority has decided to now include financial institutions and banks, which are associated with group housing projects, in the escrow account management procedure.

Until now, the authority has been setting up escrow accounts with private developers but did not allow participation of the banks that had provided funds to the developer for the project.

Issuing an order recently, the Authority paved the way for the banks concerned to become a stakeholder in the operating and monitoring of escrow accounts. Introduced in May 2016, along with RERA, the escrow account system was touted as the remedy to prevent the diversion of funds.

The amount deposited in the escrow account has to be used for specific purposes such as the construction of apartm-ent complexes. Also, the funds deposited in the escrow account are to be used for further construction activities.

The financial institutions and banks had asked the Authority to allow their participation in the monitoring of the escrow accounts. “It is similar to having another class monitor to discipline the students. The banks, which have provided funds to the developer, will be able to see that the money taken from the buyers is used for further construction activity of the same project,” said an officer.

The authority had mooted the changed structure of the escrow account in the recently held board meeting that took place on September 25. Following that, an order was issued to this effect on October 18, said officials.

In Greater Noida, around 1 lakh units in housing projects are in various stages of construction. Officials said that the same procedure will be followed while dealing with commercial and IT/ITes projects to avoid diversion of funds and ensure timely completion.



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What Is 15-15-15 Rule In Mutual Fund Investment?

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Planning

oi-Roshni Agarwal

|

Mutual funds have emerged as the go to option during the outbreak with surplus funds to multiply their wealth and the momentum remains intact amid the current bull run we are into. While the current times, throw a number of questions in the minds of mutual fund investors whether they should book profits, discontinue with their current SIPs, bull or bearish sentiment in the market should never provoke you to redeem or offload your investments.

What Is 15-15-15 Rule In Mutual Fund Investment?

What Is 15-15-15 Rule In Mutual Fund Investment?

Now as you very well know mutual funds can help you multiply your wealth be also put a simple rule that will help you ascertain 3 aspects related to your investment into mutual funds including:

1. Amount you would need to save on a month on month basis to reach your desired financial goal.

2. For how long you would need to invest.

3. At what rate you would likely see your money growth say to reach a target goal of Rs. 1 crore.

Understanding 15-15-15 rule in mutual fund investment

The rule uses figure 15 thrice reflecting all the 3 variables discussed above i.e. growth rate, number of years of investment and growth rate. So for accumulating a corpus of Rs. 1 crore, the annualized growth of 15 percent and investment for 15 years i.e. 15*12 months and a sum of Rs. 15000 per month shall help in reaching the target gold.

So, here on the investment of 27 lakhs made over the tenure of 15 years one can gain up to Rs. 73 lakhs. For a better realization of your targeted goal, you are advised to discount in the inflation aspect and target the inflation adjusted amount for that specific goal.

Story first published: Saturday, October 30, 2021, 13:02 [IST]



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Will Gold Be A Good Buy This Dhanteras?

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Planning

oi-Roshni Agarwal

|

The festival of Dhanteras is falling on November 2, 2021 this year and is a time when people consider buying into gold and other investments such as real estate as highly auspicious. Here we will delve on whether current pricing of gold and its outlook going ahead making it a good or worthwhile investment this Dhanteras.

Will Gold Be A Good Buy This Dhanteras?

Will Gold Be A Good Buy This Dhanteras?

Current gold pricing:

Gold prices have been hovering lower and in the international markets saw a big crash on the last trading day of October by as much as 0.82 percent to again below key psychological level of $1784.3 per ounce. The crash is seen amid global bankers’ policy stance. In the futures market too gold futures for December slipped by Rs. 354 to Rs. 47607 per 10 gm. Likewise, silver prices also tumbled by over Rs. 400 to Rs. 64,540.

Likely prospects for gold going ahead

The US Fed is slated to meet for a meet on November 2 and November 3 wherein it shall provide for its bond buying timeline. In a case if it begins tapering its asset purchases, thereby impacting liquidity. The stance will weigh on gold prices and the future rate hike shall even further be more detrimental for the bullion.

Notably, on Thursday the ECB stood pat on interest rate and its move to maintain favorable financing conditions is in contrast with other central banks.

Suggestions to investors

Experts continue to suggest a ‘buy on dip’ strategy which can see further softening in price going ahead owing to liquidity narrowing and interest rate hike. Nonetheless concerns around inflation, uncertain outlook and still prevalent coronavirus situation will continue to support gold prices. As for gold purchase on Dhanteras, gold can be purchased in a staggered way on Dhanteras in may be digital form to cut down on storage, making or other charges as it is believed to last for lifetime if the purchase is made on this specific day of importance.

Gold price outlook for the near term

“Gold prices traded under pressure on a stronger dollar and mixed global cues. The precious metals may keep a steady trading range ahead of the US FOMC meeting next week. ECB President Christine Lagarde acknowledged higher inflation, she pushed back against market bets that inflationary pressures would trigger an interest rate hike as soon as 2022”, said Tapan Patel- Senior Analyst (Commodities), HDFC securities.
Patel expects gold prices to trade sideways to down with COMEX spot gold resistance at $1,810 and support at $1,785 per ounce. MCX Gold December support lies at Rs 47,700 and resistance at Rs 48,200 per 10 gram.

GoodReturns.in

Story first published: Saturday, October 30, 2021, 12:40 [IST]



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LIC Nav Jeevan: Insurance Policy With Flexible Premiums: Should You Choose?

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Term period and PPT

The USP of this policy is either you can pay the premium as Single Premium or as Limited Premium with a premium payment term of 5 years. Hence, if you are choosing the term premium option, even in that case you can avail a very short term for that, unlikely in other plans offered by LIC. You can pay the term period on a Single or Yearly, Half-yearly, Quarterly, or Monthly (ECS) basis.

The term period for LIC Nav Jeevan is 10 to 18 Years. The Premium Paying Term (PPT) has been fixed at 5 Years for Limited Premium Option. This policy has 2 options, namely Sum Assured on Death is 10 times the Annualised Premium, and Sum Assured on Death is 7 times the Annualised Premium.

Policy benefits and sum assured

Policy benefits and sum assured

Under the LIC Nav Jeevan policy, you will have to pay at least Rs. 1,00,000 as the Minimum Sum Assured. However, there is no limit on the Maximum Sum Assured, depending upon your income. You can avail of the Maximum Accidental Death and Disability Benefit Rider up to your age of 70 years.

The death benefits under the LIC Nav Jeevan have been designed to benefit the subscribers at best. In case of death, during 5 years (Before the date of commencement of risk), the subscriber will get the refund of premium(s) paid without interest. On the other hand, in case of death during 5 years (after the date of commencement of risk), the policyholder will get the Sum Assured on Death. And lastly, in case of death after 5 years, the policyholder will get the Sum Assured on Death, along with the Loyalty Addition.

This is a calculation done considering different premium paying options, age and sum assured.

Premium paying option Policy term Basic sum assured (INR) Death Sum Assured Death Sum Assured before 5 years Death Claim after 5th policy year but before 12th policy year Maturity after 12 Years Age
Single 12 years 200000 1138000 1138000 1138000+ Loyalty Addition (LA) 200000 + Loyalty Addition (LA) 27 years
“Limited Premium Option-1
(Premium paying term: 5 years)” 15 years 500000 584000 584000 584000+ Loyalty Addition (LA) 500000 + Loyalty Addition (LA) 24 years
“Limited Premium Option-2
(Premium Paying Term: 5 Years)” 10 years 400000 425040 425040 425040+ Loyalty Addition (LA) 400000 + Loyalty Addition (LA) 45 years

Calculation of sum assured

Calculation of sum assured

Sum Assured on Death for Single Premium will be your Basic Sum Assured or 10 times Tabular Single Premium for the chosen Basic Sum Assured. Sum Assured on Death for Limited Premium (option-1) will be your Basic Sum Assured or 10 times Annualised Premium for the chosen Basic Sum Assured. Sum Assured on Death for Limited Premium (option-2), will be your Basic Sum Assured, or 7 times Annualised Premium for the chosen Basic Sum Assured. Basic Sum Assured is the money you initially subscribed to the policy with. On the survival of the policyholder after the maturity of the plan, he/she will be Basic Sum Assured, along with the Loyalty Addition.

Eligibility Of LIC Nav Jeevan

Eligibility Of LIC Nav Jeevan

The entry age under the LIC Nav Jeevan policy varies on the above-mentioned 2 options. For Single Premium, the minimum entry age is 90 days completed. On the other hand, the minimum entry age for a limited premium under the 1st option is 90 days completed, while the minimum entry age for a limited premium under the 2nd option is 45 years.

The maximum entry age similarly depends on the above-mentioned 2 options. The maximum entry age for Single Premium is 44 years. On the other hand, the maximum entry age for a limited premium under the 1st option is 60 years completed, the maximum entry age for a limited premium under the 2nd option is 65 years.

Maturity, surrender, loan, and tax benefits

Maturity, surrender, loan, and tax benefits

The minimum maturity age is 18 years completed. The maximum maturity age for Single Premium is 62 years, while the Limited Premium under the 1st option is 75 years, and the maximum maturity age for Limited Premium under the 2nd option is 80 years.

If you are not comfortable with the policy, you can surrender the policy at any time, during the policy term. However, under the Limited Premium Payment, the policy can be surrendered at any time during the policy term, provided at least 2 full years’ premiums have been paid to LIC. The loan is available under the LIC Nav Jeevan policy. You can also have the tax benefit under this LIC policy under section 80c.



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KPMG India appoints Yezdi Nagporewalla as new CEO, BFSI News, ET BFSI

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NEW DELHI: Financial services firm KMPG on Friday appointed Yezdi Nagporewalla as its new chief executive officer (CEO) for the India division, the company said in an official release.

Nagporewalla has been appointed for a term of over 4 years – from February 7, 2022 to December 31, 2026.

Nagporewalla succeeds Arun M Kumar, the current chairman and CEO of KPMG India, who completes his 5-year term on February 6, 2022.

Nagporewalla has been working with KMPG India for over 21 years and has headed its industrial markets and automotive sector. He has also served as a member of the KPMG India board for 6 years.

His key areas of experience include manufacturing, infrastructure and construction.

Expressing gratitude on his appointment, Nagporewalla said: “My endeavour as the CEO will be to do my best to serve the organisation by helping our leaders and teams to fulfill their dreams and passions and make a difference.”

KPMG India has seen brisk growth in revenues and its workforce strength has grown by 70 per cent in the past four years. The firm has introduced many new offerings and inducted over 90 partners to broaden its skill-base and strengthen its delivery capabilities.

In a departure from the past, KPMG has split the roles of chairman and CEO.

While Nagporewalla’s announcement as the next CEO has been confirmed by the firm, it is yet to announce a chairman.

Sharing his views on the appointment, Bill Thomas, global chairman and CEO of KPMG said: “Yezdi’s deep understanding of our business in the Indian market, proven track record in serving clients and strong leadership skills make him the clear choice to lead the India firm. He is an inclusive leader who inspires trusted relationships at the highest levels of our clients and stakeholders.”

KPMG entered India in August 1993 and has offices across Ahmedabad, Bengaluru, Chandigarh, Chennai, Gurugram (Delhi), Hyderabad, Jaipur, Kochi, Kolkata, Mumbai, Noida (Delhi), Pune, Vadodara, and Vijayawada.



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Coin ATM Radar, BFSI News, ET BFSI

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NEW DELHI: According to data released in October by Coin ATM Radar, a major cryptocurrency data compiling site, crypto ATMs have increased astronomically this year, Bitcoin.com reports.

Over 30,000 Bitcoin ATMs are currently functional around the world. The number of bitcoin ATMs have just doubled since January and nearly 80 countries now have crypto ATMs for exchanging cryptocurrencies with fiat money.

The growth of Bitcoin ATMs tracked by Coin ATM Radar in some of the countries is as follows:

* There were 14,016 registered locations supporting automated teller services for leading cryptocurrencies on January 1.

* The total Bitcoin ATMs have increased to a good 30,011 by October 2021.

* Both Bitcoin ATMs and other crypto teller machines are spread across 76 countries and run by 628 operators.

* The United States of America(US) leads with crypto ATMs in 26,000 locations.

* Canada has a little less than 2,000, and the entire European Union hosts only 1,353 units.

* Colombia has the highest number of crypto ATMs in Latin America. It has 46 machines and accounts for 0.7 per cent of the world’s crypto ATMs.

* The number of crypto teller devices have increased to 155 in Spain.

* Crypto ATMs have expanded in Switzerland as well to 130.

* However, few other countries saw a decline in crypto ATMs since last year.
– In Austria, the number of teller machines decreased from this year’s high of 156 in June to 140 now.

– The number of ATMs in UK fell from 229 on January 1 to 98 on October 27, 2021.

These ATM machines may support different cryptocurrencies but most of them have the facility for purchasing Bitcoin (BTC). The other services offered by crypto ATMs are :

* Some crypto ATMs sell one or more of the other major coins such as bitcoin cash (BCH), ether (ETH), and litecoin (LTC).

* Other crypto ATMs offer stablecoins like tether (USDT) or popular altcoins like dogecoin (DOGE).

* The two-way teller machines, where one can bothe buy and sell cryptocurrencies, are also growing

Among the Crypto ATM operators, Bitcoin Depot, which has been expanding its network in the US, is the largest and accounts for 17.7 per cent of ATMs which means 5,314 units.

Bitcoin Depot is followed by Coincloud with 4,028 units and Coinflip has the third largest share of less than 10 per cent with 2,953 devices.

(For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.)



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Understanding forks and Bitcoin variants, BFSI News, ET BFSI

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NEW DELHI: Bitcoin enjoys incomparable popularity, with a market capital of $1.24 trillion on October 21 after the all-time high value of $66,000, according to CoinMarketCap.

But there are also cryptocurrencies such as Bitcoin Cash and Bitcoin SV, which belong to the same Bitcoin family, with some fundamental similarities and differences.

What led to the emergence of these newer versions? How are they different from each other? We start by first trying to understand Bitcoin forks that are responsible for the creation of Bitcoin variants.

Forks and their types:

A blockchain fork is simply an upgrade in the network initiated either by developers or the crypto community.

* A soft fork has a minor upgrade and needs only a majority of nodes to upgrade to the latest version.

– It is ‘backwards-compatible’, which means that the upgraded chain can successfully share and use data from earlier versions of the network.

– Soft forks bring small changes and do not separate from their parent chain.

* Hard forks bring major changes and require all the nodes to upgrade to the new rules.

* Mostly they lead to permanent separation from the old chain, making newer versions incompatible to the older version like in Bitcoin Cash.

A Bitcoin fork was created through a hard fork, as a result of disagreement within the Bitcoin community over speed, transaction fees and block size or to add more features to the existing Bitcoin. So far, there have been 100 BTC forks, out of which 74 versions have survived and are still functional.

Bitcoin variants: Bitcoin Cash and Bitcoin SV:

Bitcoin Cash (BCH)

Origin:

* It emerged as a result of a hard fork in August 2017.

* The upgrade Segwit2x was proposed by a fraction of the Bitcoin community to scale up the blockchain by increasing the block size and lowering transaction fees.

* However, Segwit2x would also burden the miners and full-node operators to store excessive data.

* The proposal led to the creation of a hard fork, Bitcoin Cash (BCH).

* BCH is the second largest fork of the network and considered electronic cash.

* Its block size is 32 MB while BTC has a block size of just 1 MB.

* The transaction cost is substantially lower and a faster transaction rate of 200 TPS than 5-7 TPS of BTC.

* Bitcoin Cash further forked and bifurcated into Bitcoin Cash ABC and Bitcoin Cash Node (BCN).

Bitcoin Satoshi Vision (BSV)

Origin:

* In November 2018, BSV was created by the efforts of the Australian Computer scientist Craig Wright who persuaded the community to increase the block size of BCH to 128 MB.

* Bitcoin SV expanded its block size to 1 TB, obviously much larger than Bitcoin.

* BSV’s transaction cost is the lowest among the three variants of Bitcoin, and is at a high transaction speed of 9000 TPS due to its large block size.

* BSV uses the scaling platform Bitcoin Scaling Test Network (STN) to achieve the desired scalability.

* Educational platforms such as Bitcoin SV Academy and banking application Gravity give the biggest use cases for the adoption of BSV.

* BSV’s supporters hail it as the genuine peer-to-peer financial infrastructure, true to the vision of Satoshi Nakamoto (the famed pseudonymous person who created Bitcoin).

* It is priced at $170.80 on October 27, according to CoinmarketCap.

Other leading Bitcoin hard forks include Bitcoin Gold, Bitcoin Cloud, Bitcoin Classic and Bitcoin Private.

Key similarities in BTC, BCH and BSV

* All three Bitcoin variants have the same stock supply of 21 million coins, and the total supply of the three coins is expected to be exhausted by 2140.

* Both BCH and BTC work on the PoW (Proof-of-Work) model.

* Just like Bitcoin, the BCH blockchain ensures transparency, is publicly accessible and cannot be modified by a single entity.

(For the latest crypto news and investment tips, follow our Cryptocurrency page and for live cryptocurrency price updates, click here.)



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Cryptocurrency ether hits all time high of $4,400, BFSI News, ET BFSI

Personal Finance

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HONG KONG -Ether, the world’s second largest cryptocurrency, hit an all-time high on Friday, a little over a week after larger rival bitcoin set its own record.

As cryptocurrency markets have rallied sharply in recent weeks, ether is up more than 60% since its late September trough.

The token, which underpins the ethereum blockchain network, rose as much as 2.6% to $4,400 in Asian hours, breaching the previous top of $4,380 set on May 12.

“It wouldn’t surprise me if we go blasting through in European and U.S. trade,” said Chris Weston, research head at Melbourne-based broker Pepperstone. “This is a momentum beast at the moment, and it looks bloody strong.”

A recent technical upgrade to the Ethereum network seemed to have helped, he added.

“A lot of the time, with these technological upgrades and bits and pieces, this is news that fuels the beast, it’s fodder for people to say, ‘This is what we bought in for,’ and as soon as it starts moving, it’s like a red rag to a bull, people just go and buy.”

Bitcoin, which hit its record high of $67,016 on Oct. 20, was last up 1.4% at $61,457, for an increase of about 50% since late September.

Among the biggest recent movers in cryptocurrencies, however, is meme-based cryptocurrency shiba inu, whose price has rocketed about 160% this week, and is the world’s eighth largest token.

Shiba inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has barely any practical use.

(Reporting by Alun John in Hong Kong and Kevin Buckland in Tokyo; Editing by Clarence Fernandez)



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Check the full list here, BFSI News, ET BFSI

Banking & Finance

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In the upcoming week starting November 1, all private and government banks will remain closed for five days next week amid festivals such as Diwali and Bhai Dooj.

Banks will be closed for up to 17 days in the entire month.

According to the RBI list of holidays of November 2021, all banks across the country, except those in Bengaluru, will remain closed on Diwali, which falls on November 4.

Leaves on the second and fourth Saturdays of the month, and on Sunday would be uniformly applicable to all banks across the country.

Here is the complete list of bank holidays:

November 1 (Monday): Kannada Rajyostsava/Kut; banks in Karnataka and Manipur Kannada will be closed

November 3 (Wednesday): Naraka Chaturdashi; banks will be closed in Karnataka

November 4 (Thursday): Diwali Amavasaya (Laxmi Pujan)/Deepavali/Kali Puja; banks will be closed in all states except Karnataka

November 5 (Friday): Diwali (Bali Pratipada)/Vikram Samvant New Year Day/Govardhan Pooja; banks will be closed in Gujarat, Karnataka, Uttar Pradesh, Uttarakhand, Sikkim and Himachal Pradesh

November 6 (Saturday): Bhai Duj/Chitragupt Jayanti/Laxmi Puja/Deepawali/Ningol Chakkouba; banks will be closed in Sikkim, Manipur and Uttar Pradesh

November 10 (Wednesday): Chhath Puja//Surya Pashti Dala Chhath (Sayan ardhya); banks will be closed in Bihar and Jharkhand

November 11 (Thursday): Chhath Puja; banks will be closed in Bihar

November 12 (Friday): Wangala Festival; banks will be closed in Meghalaya

November 19 (Friday): Guru Nanak Jayanti/Karthika Purnima; banks will be closed in many states such as Maharashtra, Delhi, Uttar Pradesh, Jharkhand, Jammu and Kashmir and more

November 22 (Monday): Kanakadasa Jayanthi; banks will be closed in Karnataka

November 23 (Tuesday): Seng Kutsnem; banks will be closed in Meghalaya



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Bandhan Bank posts whopping Rs 3,009-crore loss in Q2 as bad loans surge

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During the period under review, the bank made an accelerated provision on NPA accounts of around Rs 1,500 crore. It also provided an additional standard assets provision amounting to Rs 2,100 crore and provision on restructured assets amounting to Rs 1,030 crore.

Private sector lender Bandhan Bank on Friday reported a whopping net loss of Rs 3,008.59 crore for the second quarter this fiscal, on the back of Rs 5,577.92-crore provisions as the lender saw a huge surge in bad loans.

In absolute terms, non-performing assets (NPAs) of the bank, which had posted a net profit of Rs 920 crore in the second quarter last fiscal, soared 10-fold year-on-year to Rs 8,763.60 crore in the second quarter this fiscal from Rs 873.97 crore in the year-ago period. On a quarter-on-quarter basis, NPAs grew 36% from Rs 6,440.38 crore in the first quarter.

During the period under review, the bank made an accelerated provision on NPA accounts of around Rs 1,500 crore. It also provided an additional standard assets provision amounting to Rs 2,100 crore and provision on restructured assets amounting to Rs 1,030 crore.

Addressing a virtual press meet, Bandhan Bank MD & CEO Chandra Shekhar Ghosh said, “It was a very critical quarter. But not just for us, everyone is undergoing the same. We recognised this reality and strengthen our balance sheet to be prepared for the future business. All stresses are assessed and finalised in this moment. And then, the bank made a one-time additional provision. This quarter total provisioning was Rs 5,578 crore. Due to such provisioning, the bank has reported a loss of around Rs 3,000 crore in this quarter…it is not a loss, it is like taking some break comfortably, so that from today, we can only focus on business growth and quality of the portfolio.”

Ghosh said the bank believed that this provisioning should be “sufficient” to take care of any previous asset quality issues on account of the ongoing pandemic as well as protect it against the disruptions caused by any potential third wave.

During the second quarter this fiscal, the bank’s gross NPAs as a percentage of total loans increased 964 basis points on year-on-year basis to 10.82% from 1.18% during the same quarter last fiscal. On a quarter-on-quarter basis, the gross NPA ratio soared 264 bps from 8.18% in Q1FY22.

Net interest income (NII) for the quarter stood at Rs 1,935.41 crore, against Rs 1,923.09 crore in the year-ago period. Net interest margin (NIM) stood at 7.6%, down 4 bps from 8% for Q2FY21.

Ghosh informed that collection efficiencies improved in the September quarter and credit growth came back to nearly the pre-Covid situation. Growth in loan and advances for the bank in this quarter was 7%.

“For the EEB segment (erstwhile microbanking segment), collection efficiency was 83% in June, and now it is 129%, which is a very strong message to the bank from the customers on how they are coming back to the pre-pandemic situation. In the EEB segment, around 9% of our customers had not paid any instalment in June, while in September this number was only 4%. Now, around 79% of our customers are paying full instalments, while the number was 62% in June. September onward, it will gradually improve. We hope that in the future it will be better for the bank. We remain hopeful that if things continue to improve in the country from here now, we would reach our pre-Covid efficiency in the next couple of quarters,” Ghosh added.

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