Author: root

Kotak Mahindra Bank partners Pine Labs to expand point-of-sale services

Banking & Finance

[ad_1]

Read More/Less


Kotak Mahindra Bank has tied up with Pine Labs to expand its point-of-sale (PoS) services to more merchants, especially retailers.

“Through this tie-up, merchants in India will now be able to get the advantage of Kotak Mahindra Bank’s PoS payment solutions bundled with Pine Labs’ technology stack to help grow their business,” it said in a statement on Thursday.

Pine Labs has a network of over 2,45,000 merchants across Asia.

Strong growth in digital payments indicates a lasting shift in consumer payment behaviour

Noting that retail and large merchants as well as customers are moving towards digital payments, Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “Pine Labs is a leading player with customised solutions for retailers and B2C service providers, and this collaboration with them opens up a significant market opportunity for Kotak to onboard new merchants and offer them an integrated PoS-plus suite of digital payments and banking products proposition.”

PhonePe transactions grew 33.6% between July and September

Nitish Asthana, President and COO, Pine Labs, said, “We are delighted to partner a leading private sector bank like Kotak Mahindra Bank to offer an integrated PoS product that will help the bank acquire new merchants.”

The number of PoS terminals in the country before demonetisation was about 13 lakh and it had grown to nearly 47 lakh by August 2021.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

Kotak Mahindra Bank partners Pine Labs to expand point-of-sale services

Banking & Finance

[ad_1]

Read More/Less


Kotak Mahindra Bank has tied up with Pine Labs to expand its point-of-sale (PoS) services to more merchants, especially retailers.

“Through this tie-up, merchants in India will now be able to get the advantage of Kotak Mahindra Bank’s PoS payment solutions bundled with Pine Labs’ technology stack to help grow their business,” it said in a statement on Thursday.

Pine Labs has a network of over 2,45,000 merchants across Asia.

Strong growth in digital payments indicates a lasting shift in consumer payment behaviour

Noting that retail and large merchants as well as customers are moving towards digital payments, Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, said, “Pine Labs is a leading player with customised solutions for retailers and B2C service providers, and this collaboration with them opens up a significant market opportunity for Kotak to onboard new merchants and offer them an integrated PoS-plus suite of digital payments and banking products proposition.”

PhonePe transactions grew 33.6% between July and September

Nitish Asthana, President and COO, Pine Labs, said, “We are delighted to partner a leading private sector bank like Kotak Mahindra Bank to offer an integrated PoS product that will help the bank acquire new merchants.”

The number of PoS terminals in the country before demonetisation was about 13 lakh and it had grown to nearly 47 lakh by August 2021.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


(Amount in Crore of ₹)
  SCHEDULED COMMERCIAL BANKS
(Including RRBs and SFBs)		 ALL SCHEDULED BANKS
09-Oct-20 24-SEP-2021* 08-OCT-2021* 09-Oct-20 24-SEP-2021* 08-OCT-2021*
I LIABILITIES TO THE BKG.SYSTEM (A)            
  a) Demand & Time deposits from bks. 210483.02 166914.25 166196.73 215493.1 171131.42 170498.54**
  b) Borrowings from banks 50311.7 42383.43 46502.71 50315.22 42446.8 46502.71
  c) Other demand & time liabilities 15439.08 18644.94 23553.2 15636.28 18934.46 23855.21
II LIABILITIES TO OTHERS (A)            
  a) Deposits (other than from banks) 14301947.24 15598947.56 15755752.56 14717968.33 16019389.27 16173790.94
  i) Demand 1469978.63 1823739.26 1786334.63 1505420.4 1862811.78 1825168.04
  ii) Time 12831968.61 13775208.3 13969417.96 13212547.93 14156577.5 14348622.93
  b) Borrowings @ 255244.75 245898.05 253398.88 259589.9 251043.48 258359.83
  c) Other demand & time liabilities 519762.29 583385.02 584167.2 531162.5 594425.5 594603.37
III BORROWINGS FROM R.B.I. (B) 117466.7 92381.81 94399.47 117466.7 92416.84 94399.47
  Against usance bills and / or prom. Notes            
IV CASH 82613.26 98702.51 99431.28 84485.16 100793.63 101529.89
V BALANCES WITH R.B.I. (B) 439497.31 638826.02 637545.1 452113.52 655608 654327.91
VI ASSETS WITH BANKING SYSTEM            
  a) Balances with other banks            
  i) In current accounts 14388.2 19142.45 22568.95 16444.84 21548.39 24720.39
  ii) In other accounts 136744.5 125448.37 134002.03 169058.24 158297.52 166861.67
  b) Money at call & short notice 11125.08 7061.71 12553.48 32926.97 21958.76 27848.59
  c) Advances to banks (i.e. due from bks.) 21807.4 24278.02 24221.52 22272.87 24659.76 24606.13£
  d) Other assets 31187.77 25078.13 25287.57 36042.08 27925.39 28195.35
VII INVESTMENTS (At book value) 4461110.04 4663318.47 4689311.87 4593312.8 4804691.03 4832607.41
  a) Central & State Govt. securities+ 4459740 4662056.11 4688228.98 4585563.33 4797270.5 4825456.94
  b) Other approved securities 1370.04 1262.36 1082.89 7749.47 7420.54 7150.47
VIII BANK CREDIT (Excluding Inter Bank Advance) 10343494.78 10956816.89 11013458.2 10677181.3 11295261.19 11354180.59
  a) Loans, cash credits & Overdrafts $ 10176002.4 10754999.37 10798780.2 10507675.23 11091410.21 11137509.12
  b) Inland Bills purchased 21602.67 31812.04 33686.51 21885.75 31826.34 33719.57
  c) Inland Bills discounted 98792.7 118694.29 127504.71 99823.88 120032.67 128810.63
  d) Foreign Bills purchased 18185.98 19844.06 20340.63 18436.84 20016.21 20494.9
  e) Foreign Bills discounted 28911.02 31467.11 33146.15 29359.62 31975.75 33646.37
NOTE
* Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
(A) Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
** This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
@ Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
(B) The figures relating to Scheduled Commercial Banks’ Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo/ Term Repo/MSF are reflected under “Borrowings from RBI”.
£ This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
+ Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
$ Includes advances granted by Scheduled Commercial Banks and State Co-operative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).

Food Credit Outstanding as on
(₹ in Crore)
Date 09-Oct-20 24-Sep-21 08-Oct-21
Scheduled Commercial Banks 63393.08 62341.83 62408.14
State Co-operative Banks 30402.9 35817.79 35817.5

The expression ‘ Banking System ‘ or ‘ Banks ‘ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

No. of Scheduled Commercial Banks as on Current Fortnight:135

Ajit Prasad
Director   

Press Release: 2021-2022/1073

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Citibank Today Revised Its Interest Rates On FD: Here’s What You Can Get Now

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Vipul Das

|

Citibank India or Citi India has updated its fixed deposit interest rates today. Following the bank’s latest interest rate adjustment, the general public will now get the highest rate of 3.50 percent, while senior citizens will receive the highest rate of 4.00 percent on deposits maturing in 732 days to less than 1096 days. On deposits of less than Rs 2 crore, the interest rate on tax saver deposits maturing in five years would be 3.50 percent for the general public and 4.00 percent for senior citizens. Following the modification made today, Citi Bank is now providing an interest rate of 2.75 percent on recurring deposits of less than Rs 2 crore maturing in 365 days to less than 540 days and 3.00 percent on deposits maturing in 541 to 731 days to the general public. Here are the latest interest rates on fixed deposits, recurring deposits, and senior citizens’ deposits of Citi Bank for a deposit amount of less than Rs 2 Cr.

Citibank Time Deposit Interest Rates

Citibank Time Deposit Interest Rates

For a deposit amount of less than Rs 2 Cr, here are the latest interest rates on fixed deposits for the regular depositors.

Period (In Days) Interest Rate Per Annum Annualised Yield
7-10 Days 1.85% –
11-14 Days 1.85% –
15-25 Days 1.90% –
26-35 Days 1.90% –
36-45 Days 2.55% –
46-60 Days 2.55% –
61-90 Days 2.55% –
91-120 Days 2.55% 2.55%
121-150 Days 2.55% 2.55%
151-180 Days 2.55% 2.56%
181-270 Days 2.60% 2.61%
271-364 Days 2.75% 2.77%
365-400 Days 2.75% 2.78%
401-540 Days 2.75% 2.78%
541-731 Days 3.00% 3.06%
732 – 1095 Days 3.50% 3.61%
>=1096 days 3.50% 3.67%
Source: Bank Website, effective from October 21, 2021

Citibank Recurring Deposits Interest Rates

Citibank Recurring Deposits Interest Rates

Citibank is providing the following interest rates to the general public on recurring deposits of less than Rs 2 Cr maturing in 365 to 731 days.

Tenure Interest Rate Per Annum Annualised Yield
365 – 400 Days 2.75% 2.78%
401 – 540 Days 2.75% 2.78%
541 – 731 Days 3.00% 3.06%
Source: Bank Website, effective from October 21, 2021

Citibank Senior Citizens Deposits Rates

Citibank Senior Citizens Deposits Rates

Citibank is currently offering elderly people the following interest rates on fixed deposits of less than Rs 2 crore.

Tenure Interest Rate Per Annum Annualised Yield
7-10 Days 2.35% –
11-14 Days 2.35% –
15-25 Days 2.40% –
26-35 Days 2.40% –
36-45 Days 3.05% –
46-60 Days 3.05% –
61-90 Days 3.05% –
91-120 Days 3.05% 3.05%
121-150 Days 3.05% 3.05%
151-180 Days 3.05% 3.06%
181-270 Days 3.10% 3.11%
271-364 Days 3.25% 3.28%
365-400 Days 3.25% 3.29%
401-540 Days 3.25% 3.30%
541-731 Days 3.50% 3.58%
732 – 1095 Days 4.00% 4.14%
>=1096 days 4.00% 4.23%
Source: Bank Website, effective from October 21, 2021

Story first published: Thursday, October 21, 2021, 17:46 [IST]



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Trade credit insurance: Firms likely to be ready by early next year

Banking & Finance

[ad_1]

Read More/Less


Companies are gearing up for trade credit insurance covers, the guidelines for which will come into effect from November 1, and believe that this will improve liquidity for micro, small and medium enterprises.

A number of insurance companies are understood to be already working on draft agreements and products and they are expected to be fully prepared by early 2022.

“Acting on the regulatory changes governing credit insurance, we are making revisions to conventional credit insurance to further enhance our trade credit insurance (TCI) solution. By early next year, we will also be ready to offer digital solutions for credit platforms and support MSME needs with new insurance features. The security of insurance will be available from Tata AIG for banks, financial institutions, factoring companies and TReDS platforms,” said Sushant Sarin, President and Head – Commercial Lines, Tata AIG General Insurance.

Tata AIG is the largest private sector credit insurer in the country and it plans to provide insurance for specialised risks such as long term projects, buyer rejection (pre and post-delivery) with the ability to customise terms based on clients’ needs.

Previously, Receivables Exchange of India (RXIL) had initiated a TCI-backed transaction with Tata AIG General Insurance as the insurer and ICICI Bank and Yes Bank as the financiers in a sandbox environment.

“The new TCI guidelines have come at the right time. The Factoring Regulation (Amendment) Act, 2021 allows NBFC as Factors. Once RBI amends TReDS guidelines to allow NBFCs as financier on the platform, it will increase the liquidity on the platform and the financiers will have a risk-sharing partner,” said Ketan Gaikwad, Managing Director and CEO, RXIL.

Gaikwad said that RXIL has already applied to the Reserve Bank of India for approval and will also take board approval soon.

IRDAI guidelines

The Insurance Regulatory and Development Authority of India, in September, had announced guidelines for trade credit insurance cover to enable general insurance companies to offer these covers to suppliers as well as licensed banks and other financial institutions to help businesses manage country risk, open up access to new markets and to manage non-payment risk associated with trade financing portfolio.

General insurers can also offer trade credit insurance with customised covers to improve businesses for SMEs and MSMEs, considering the evolving insurance risk needs of these sectors.

Arun Poojari, CEO, Cashinvoice, which is a digital supply chain finance marketplace, noted that a lot of pilots are taking place on these covers.

“There is a testing which is happening with an insurance company on the Cashinvoice platform. By nature this is a very powerful proposition and is bound to be accepted in a big way in the coming days,” he said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

RBI may be looking at changing its reserve management strategy, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


RBI may be internally exploring shedding its traditional approach to foreign exchange reserve management amidst falling global yields adding to the fiscal costs of managing the reserves. A research paper by RBI economists suggests that the central bank should be more active in its forex assets management including looking beyond SDR currencies and active management of its gold reserves.

Global interest rates which have been on declining over the last four decades in advanced economies, touched their historic lows in 2020. “This low yield environment has made it an arduous task for the reserve managers to generate reasonable returns on their foreign assets” said a paper by Ashish Saurabh and Nitin Madan of RBI’s department of External Investments and Operations.

” Reserve managers can deal with the low yield environment by increasing the duration of their portfolios, investing in new asset classes, new markets and more active management of their gold stocks” they said adding that the choice of strategy, however, would require to be tailored to suit the risk appetite, investment priorities, skill sets and operational capabilities of individual institutions.

In its latest annual report, the central bank said that its agenda for 2021-22 was to “Continue to explore new asset classes, new jurisdictions/ markets for deployment of foreign currency assets (FCA) for portfolio diversification and in the process tap advice from external experts, if required”

RBI is fast accumulating dollars during the pandemic which is $639 billion dollars as of October 08 and more than $100 billion piled up since the pandemic, which adds to the challenge of foreign exchange reserves management.

Low returns on reserve deployment impacts RBI’s income . The surplus or profits that RBI makes in year is transferred to the government, which in to helps it to manage fiscal deficit. But at the same time the foreign investor from whom RBI buys the dollar ends up earning much more from the local investments. Also, a pile of reserves adds to the liquidity management challenge for the central bank. Income from foreign sources dipped 47 per cent in FY’20-21 to Rs 25, 469 crore, despite a strong pile-up in reserves. The central bank managed higher surplus transfer to the government on account of lower provisioning during the year, though it was a truncated accounting year for the central bank.

According to a survey by central banking portal ” Centralbanking.com”, reserve managers have found the reduction in yields since March 2020 as the most challenging aspect of their work. Most of the participants in this survey conducted in February-March’21 accepted that the low yield environment, notably in major reserve currencies, has changed the reserve management policies and practices in favour of investments in new markets, investments in new asset classes, investment in more currencies and changes in minimum credit rating accepted.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Bank of Maharashtra net profit jumps 103 % to Rs 264 cr in Sept quarter, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


(Eds: Adding details) Mumbai, State-owned Bank of Maharashtra on Thursday reported a 103 per cent jump in its standalone net profit to Rs 264 crore in the September 2021 quarter, helped by healthy growth in net interest income.

The lender had reported a standalone profit after tax of Rs 130 crore in the same quarter of the previous fiscal.

The bank’s performance in the July-September 2021 period was good despite the pandemic, the bank’s Managing Director and CEO A S Rajeev said.

“One major reason for higher profit is growth of 34 per cent in NII (net interest income). Our core performance has improved,” he told reporters.

The bank’s recovery from written-off accounts stood at Rs 340 crore, including Rs 258 from the DHFL resolution, in the quarter, and this also resulted in higher profit.

During the April-September period of this fiscal, the bank reported a 104.11 per cent jump in the net profit at Rs 472 crore as against Rs 231 crore for HYFY21.

In Q2 FY2022, NII grew 33.84 per cent on a year-on-year basis to Rs 1,500 crore as against Rs 1,120 crore in the year-ago quarter.

Non-interest income rose 22.61 per cent to Rs 493 crore.

Net interest margin (NIM) improved to 3.27 per cent as on September 30, 2021.

Gross non-performing accounts (NPA) declined to 5.56 per cent from 8.81 per cent in the corresponding quarter of the previous fiscal. Net NPA also reduced to 1.73 per cent as against 3.30 per cent.

Provision coverage ratio improved to 92.38 per cent as against 87.15 per cent. It holds a cumulative COVID-19 provision of Rs 973 crore as of September-end.

Banks‘ recovery and up-gradation stood at Rs 645 crore from Rs 556 crore in the year-ago period.

Fresh slippages in the quarter were Rs 553 crore.

The lender said Srei Infrastructure, where it has an exposure of Rs 550 crore, was identified as an NPA in the quarter and the account is fully provided for.

Total basel-III capital adequacy ratio improved to 14.67 per cent with common equity tier-1 ratio of 11.38 per cent for Q2 FY22.

Gross advances increased 11.44 per cent to Rs 115,235 crore and total deposits were up by 14.47 per cent to Rs 181,572 crore.

Rajeev said the bank expects 14-15 per cent credit growth during the current fiscal.

The bank’s scrip was trading at Rs 21.90 apiece, up 4.53 per cent on the BSE. PTI HV HRS hrs



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

HDFC Bank, Mastercard, 2 others launch $100-mln credit facility for MSMEs, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


HDFC Bank, Mastercard USAID, and DFC today announced a $100-million credit facility for micro, small and medium enterprises, which will help promote small businesses in India to digitise and recover from the economic impacts of the pandemic, Mastercard said in a statement.

“HDFC Bank is proud to join hands with Mastercard, USAID, and DFC in the endeavor to support small businesses in India”, said Rahul Shukla, Group Head, HDFC Bank.

HDFC Bank will reach beyond its current customer base to make at least 50% of this credit facility available to new small business borrowers and women entrepreneurs, while Mastercard will provide skills training and education on digitisation options, and DFC and USAID will facilitate the extension of the credit facility by de-risking HDFC Bank’s lending to small business owners.

Furthermore, the credit facility will be made available exclusively to new credit customers, with a goal of at least 50% being women entrepreneurs.

“At USAID, we believe gender equality and women’s empowerment are not just a part of development but are its core”, said Veena Reddy, mission director, USAID India.

The new credit facility aims to expand lending to small businesses that need financing to maintain and expand their operations, and enable recovery through digitisation. It also aims to support women-led businesses.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

Banks may set up central repository to tackle gold loan frauds

Banking & Finance

[ad_1]

Read More/Less


Banks are exploring whether a centralised repository for reporting frauds in gold loans should be set up to tackle rising incidents of frauds amidst robust demand for these loans since the outbreak of Covid-19 pandemic.

The repository could help prevent/minimise gold loan frauds as lenders will be able to cross-check prospective borrowers’ record on the quality of gold they pledged for their earlier borrowings, said a senior public sector bank official.

Rise in gold loans

Loans against gold jewellery (LAGJ) portfolio of scheduled commercial banks (SCBs) soared by about 66 per cent year-on-yar (yoy) to ₹62,926 crore as at August 27, 2021, against ₹37,860 crore as at August 28, 2020, according to RBI data. SCBs LAGJ portfolio stood at ₹26,542 crore as at August 30, 2019.

Both internal and external frauds in gold loan business are the biggest risks, per an ICICI Securities report on gold loan.

“Banks are witnessing cases of these frauds in their gold loan portfolio in recent times.

“While specialised gold loan non-banking financial companies (NBFCs) are also seeing fraud cases in recent times, they are better placed in protecting themselves against such frauds,” said ICICI Securities Research Analysts’ Ansuman Deb, Kunal Shah and Vishal Singh.

The Analysts’ observed that internal fraud takes place when the company or bank’s own employees indulge in committing fraud. External fraud is a situation when a customer commits fraud by pledging fake collateral etc.

Banking expert V Viswanathan underscored that gold loan fraud can take place due to pledge of fake ornaments; and gold appraisers/valuers (either singly or in collusion with branch staff) getting their accomplices to take gold loans. Then there are cases of stolen ornaments being pledged.

“Aggressive expansion targets in gold loans puts pressure on branch officials. This leads to reliance on middle men to bring in borrowers or high dependence on appraisers or local staff. Accomplices are brought in by appraisers,” he said.

Further, if the appraiser/valuer knows that staff in a particular branch is not skilled in dealing with gold loans, word gets around fast locally, resulting in frauds.

Viswanathan noted that top performing branches get preferential treatment at head office or controlling office, resulting in fewer inspections. So, local staff are tempted to commit fraud.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on October 22, 2021, Friday, as under:

Sl. No. Notified Amount
(₹ crore)		 Tenor
(day)		 Window Timing Date of Reversal
1 4,50,000 12
(November 4 & 5, 2021 being holidays)		 10:30 AM to 11:00 AM November 03, 2021
(Wednesday)

2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

Ajit Prasad
Director   

Press Release: 2021-2022/1072

[ad_2]

CLICK HERE TO APPLY

Leave a comment
1 … 182 183 184 185 186 … 16,278