Author: root

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

Personal Finance

[ad_1]

Read More/Less


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.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Coin ATM Radar, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


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.)



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Understanding forks and Bitcoin variants, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


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.)



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

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

Personal Finance

[ad_1]

Read More/Less


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)



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Check the full list here, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


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



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

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

Personal Finance

[ad_1]

Read More/Less


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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Equitas SFB net declines 60% on higher provisioning

Banking & Finance

[ad_1]

Read More/Less


Total income stood at Rs 991 crore, against Rs 852 crore, an increase of 16%.

Equitas Small Finance Bank (Equitas SFB) on Friday reported a 60% decline in its net profit to Rs 41 crore for the second quarter, compared with Rs 103 crore in the corresponding quarter of the previous fiscal, mainly on account of provisions made on restructured accounts. Total income stood at Rs 991 crore, against Rs 852 crore, an increase of 16%.

The gross NPA was at 4.64% in Q2FY22, compared with 4.58% in the previous quarter and 2.39% in Q2FY21. Net NPA stood at 2.37% in the quarter under review, as against to 2.29% in Q1FY22 and 1.09% in Q2FY21, The provision coverage ratio was at 50.09%, said a release by the bank.

PN Vasudevan, MD & CEO, said, “With no lockdowns and spread of virus largely under control, the bank saw an improved performance. While the overall GNPA remained steady compared to the first quarter, there was improved collection efficiency, leading to reduction in overdue cases between one and 90 days.”

Advances as of Q2FY22 was at Rs 18,978 crore, a growth of 13% YoY and around 81.44% of advances were secured loans. Strong revival of credit demand witnessed across products. The bank had the highest quarterly disbursement of Rs 3,145 crore in Q2FY22, it said.

Total advances restructured stood at Rs 1,401 crore, which forms around 7% of gross advances, and the bank carried a provision of Rs 196 crore towards the restructured book.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


The rate of interest on Government of India Floating Rate Bonds, 2034 (GOI FRB 2034) applicable for the half year October 30, 2021 to April 29, 2022 shall be 4.68 percent per annum.

It may be recalled that FRB, 2034 will carry a coupon, which will have a Base rate equivalent to the average of the Weighted Average Yield (WAY) of last 3 auctions of 182 Day T-Bills, plus a fixed spread (0.98%).

Ajit Prasad
Director   

Press Release: 2021-2022/1122

[ad_2]

CLICK HERE TO APPLY

Leave a comment
1 … 143 144 145 146 147 … 16,278