Srei promoters move Bombay HC

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Promoters of Srei Infrastructure Finance and Srei Equipment Finance have moved the Bombay High Court challenging the Reserve Bank of India’s decision to supersede the boards of the Kolkata-based NBFCs.

RBI supersedes boards of two debt-laden Srei companies

According to sources, the promoters have sought a stay on the proceedings. The case is expected to come up on Thursday.

Srei Infra and Equipment Finance have debt obligations of over ₹29,000 crore

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Reserve Bank of India – Tenders

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E-tender no.: RBI/Chandigarh/Estate/46/21-22/ET/60

Attention is invited to the captioned e-tender no. RBI/Chandigarh/Estate/46/21-22/ET/60. This e-tender was floated on July 30, 2021 under the “Tenders” link of RBI website (www.rbi.org.in) and MSTC portal (https://www.mstcecommerce.com).

2. The captioned tender stands cancelled due to unavoidable circumstances.

Regional Director
Reserve Bank of India
Chandigarh

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5 Best Popular NFT Games To WIN Crypto

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Axie Infinity

Axie Infinity is an NFT-based online video game created by Sky Mavis in Vietnam, which leverages the Ethereum-based cryptocurrency AXS and SLP. With over $42 million in sales in June 2021, it is currently the most expensive NFTs collection.

Additionally, while playing the game, players can acquire Axie Infinity Shards (AXS) tokens. AXS is the game’s governance token, which grants players the ability to vote on important issues. It can also be used as a form of payment on the Axie marketplace. Players will be able to stake AXS and earn extra tokens in the near future.

Sorare

Sorare

Sorare is a non-football fantasy game. You can go from standard fantasy football games to Sorare, where you can earn prizes by defeating other managers. You’ll have the opportunity to create and manage your own virtual team of digital playing card NFTs. The cards are legally licensed and depict a real-life football player for that season.

There are three levels of scarcity in this game: unique, ultra rare, and rare. You get complete ownership of a card when you gather it, and you can sell it to other players. In the SO5 game, you may also utilise a five-card squad to collect points based on the performance of the footballers in real life.

Gods Unchained

Gods Unchained

Gods Unchained is a free-to-play game that incorporates NFT components with a traditional card trading game. Players obtain cards by purchasing them from other players or by winning PVP matches, in which the quality of the cards and the players’ gaming ability often determine the winner. More emphasis is being placed on skills and tactics, for example.

Players must be strategic while designing a deck with a varied range of approaches in order to win games. You can gain Flux by winning games in Ranked, which you can use to make high-quality cards. The high-quality cards can then be traded for cryptocurrency on the platform’s marketplace.

F1 Delta Time

F1 Delta Time

F1 Delta Time is an Ethereum-based NFT game for Formula 1 aficionados. Players accumulate unique cars, drivers, and components that are available as in-game NFTs throughout the game. Each token contains a set of stats that influence the performance of the car or driver. In addition, REVV, an ERC-20 token, serves as the game’s in-game currency. Players can also earn REVV by staking their NFTs.

Evolution Land

Evolution Land

It’s a virtual simulation game called Evolution Land. Fire, land, gold, water, wood, and silicon are the basic elements on the world, which contains 26 continents. In activities such as construction, mining, scientific research, and PvP, players can play with or against one another. The Decentralized Autonomous Organization, which is one of the game’s fungible tokens, grants holders voting rights (DAO). In addition, players will receive 70% of the game’s earnings.

Disclaimer

Disclaimer

Dealing with cryptocurrencies has a high amount of risk, and it is not appropriate for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. Please visit the website and read all terms and conditions before you decide.



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Reserve Bank of India – Press Releases

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(Amount in Crore of ₹)
  SCHEDULED COMMERCIAL BANKS
(Including RRBs and SFBs)
ALL SCHEDULED BANKS
25-Sep-20 10-SEP-2021 * 24-SEP-2021 * 25-Sep-20 10-SEP-2021 * 24-SEP-2021 *
I LIABILITIES TO THE BKG.SYSTEM (A)            
  a) Demand & Time deposits from bks. 215992.57 167191.41 166873.31 221020.09 171398.26 171090.48 **
  b) Borrowings from banks 45238.39 42684.78 42430.93 45238.39 42733.29 42494.3
  c) Other demand & time liabilities 15841.11 18289.1 18674.56 16042.02 18573.66 18964.08
II LIABILITIES TO OTHERS (A)            
  a) Deposits (other than from banks) 14262403.47 15574687.77 15595037.19 14674707.23 15994684.64 16015478.9
  i) Demand 1576060.44 1753582.19 1822971.76 1611291.55 1792843.54 1862044.28
  ii) Time 12686343.02 13821105.64 13772065.44 13063415.68 14201841.16 14153434.64
  b) Borrowings @ 256216.55 243399.99 245898.05 260780.3 248510.49 251043.48
  c) Other demand & time liabilities 551057.2 616672.78 591509.12 563248.89 632055.73 602549.6
III BORROWINGS FROM R.B.I. (B) 121495 92419.81 92381.81 121530 92454.84 92416.84
  Against usance bills and / or prom. Notes            
IV CASH 87600.84 96595.7 98702.71 89701.02 98509.56 100793.83
V BALANCES WITH R.B.I. (B) 429914.82 631651.6 638826.02 442254.46 652916.23 655608
VI ASSETS WITH BANKING SYSTEM            
  a) Balances with other banks            
  i) In current accounts 14410.25 17530.45 19038.41 16664.75 19964.35 21444.35
  ii) In other accounts 138624.24 124313.09 125495.87 170927.24 156879.74 158345.02
  b) Money at call & short notice 11399.44 7160.05 7061.71 33822.8 21041.84 21958.76
  c) Advances to banks (i.e. due from bks.) 21373.54 23657.6 24278.02 21840.32 24055.78 24659.76 £
  d) Other assets 32214.17 24746.84 25078.37 37291.87 27565.92 27925.63
VII INVESTMENTS (At book value) 4439092.01 4709738.6 4663119.6 4571332.73 4850416.6 4804492.16
  a) Central & State Govt. securities+ 4437463.45 4708234.02 4661857.24 4563197.25 4842878.81 4797071.63
  b) Other approved securities 1628.56 1504.55 1262.36 8135.48 7537.75 7420.54
VIII BANK CREDIT (Excluding Inter Bank Advance) 10271581.01 10912705.16 10956792.18 10603062.25 11252214.51 11295236.48
  a) Loans, cash credits & Overdrafts $ 10110780.16 10704063.96 10754974.14 10440240.52 11041510.82 11091384.98
  b) Inland Bills purchased 20266.23 31959.14 31812.04 20537.55 31972.46 31826.34
  c) Inland Bills discounted 94174.15 125165.15 118694.7 95213.96 126546.96 120033.08
  d) Foreign Bills purchased 18356.6 19494.33 19844.05 18607.68 19659.64 20016.2
  e) Foreign Bills discounted 28003.87 32022.59 31467.26 28462.53 32524.64 31975.9
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 25-Sep-20 10-Sep-21 24-Sep-21
Scheduled Commercial Banks 66426.85 69738.3 62341.83
State Co-operative Banks 30403.77 35817.79 35817.79

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:134

Ajit Prasad
Director   

Press Release: 2021-2022/995

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Buy This Gas Distribution Company Stock, It Can Gain 35% From Current Levels

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Buy the stock for an upside target of 35%

The brokerage sees an upside target of nearly 35% on the stock of Gujarat Gas from the current levels of around Rs 630.

Estimates on financials of Gujarat Gas, Rs in Billion

FY 2022 (e) FY 2023 (e)
Revenues 124.9 Rs 187
Net profits Rs 13.8 Rs 19.7
EPS Rs 20 Rs 28.6
Book value per share Rs 83.1 Rs 108.80
RoE 27.00% 29.80%

Target price of Rs 850 on the stock of Gujarat Gas

Target price of Rs 850 on the stock of Gujarat Gas

The sharp hike in gas prices by Gujarat Gas clearly indicates the company would try to protect its margins even in adverse situations, Motilal Oswal has said in its report. “On the contrary, since CNG impacts the lower strata of the economic population, we expect margin contraction in the CNG segment for all city gas distribution. Gujarat is home to five industrial clusters, classified as ‘severely/critically polluted’ in terms of air pollution. As we emerge from the COVID pandemic, we expect to see stricter norms implemented in these industrial clusters, which may raise Gujarat Gas’ volume prospects,” the brokerage has said.

“Gujarat Gas trades at 22 times FY23 EPS. On strong volume prospects, we value the company at 28x Sep’23 EPS; we re-iterate Buy, with target price of Rs 850,” Motilal Oswal has said in its report.

According to the brokerage the volume potential for Gujarat Gas remains the best among the city gas distribution companies owing to its highest exposure in the Industrial segment. “The recent Supreme Court order in favor of the company for Ahmedabad rural further presents the prospect of 0.8-1mmscmd over the next 2-3 years,” the brokerage has said.

Disclaimer:

Disclaimer:

The above report is prepared from the recommendations of Motilal Oswal Institutional Equities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies Pvt Ltd, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article. The above article is for informational purposes only.



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Reserve Bank of India – Press Releases

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The Reserve Bank of India (RBI) has, by an order dated October 05, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on The Kheda People’s Co-operative Bank Ltd., Kheda (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms/ concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by the RBI with reference to the bank’s financial position as on March 31, 2019, the Inspection Report pertaining thereto and examination of all related correspondence revealed, inter alia, non-compliance with aforesaid directions issued by the RBI. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the aforesaid directions issued by the RBI. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, the RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/994

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Visa launches CoF tokenisation service for Grofers, BigBasket and MakeMyTrip

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Visa has launched a Card-on-File tokenisation service for e-commerce players Grofers, BigBasket and MakeMyTrip. The Reserve Bank of India’s CoF tokenisation guidelines mandate replacing the actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions.

“Card-on-File (CoF) tokenisation provides two key benefits — consumer and ecosystem security and an enhanced checkout experience. Launched in partnership with Juspay, India’s first CoF tokenisation service is now available across e-commerce leaders such as Grofers, BigBasket and MakeMyTrip,” it said in a statement on Wednesday.

Secure payments

“Having launched CoF tokenisation services in over 130 countries globally, we are confident of the technology’s ability to build a safe, secure and seamless environment for digital payments. This will be critical in building consumer trust on merchant platforms and reassure them of the safety of their payment credentials on these platforms,” said TR Ramachandran, Group Country Manager, India and South Asia, Visa.

Also see: ADIF is hopeful of further consultation with RBI on tokenisation

Visa has enabled all its banking partners for tokenisation and is working closely with merchants, payment aggregators and gateways to ready the ecosystem for CoF tokenisation rollout, he added.

Tokenisation guidelines have to be met by January 1, 2022.

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Reserve Bank of India – Press Releases

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Moody’s raises rating outlook to stable for 18 corporates, banks, BFSI News, ET BFSI

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Moody’s Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to ‘stable’ from ‘negative’. This follows the upgrade by the US-based rating agency in India’s sovereign rating outlook to ‘stable’ from ‘negative’ on Tuesday. The agency had affirmed the sovereign rating at ‘Baa3’.

The nine companies whose rating outlook has been revised upwards are RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL).

The agency also affirmed the rating on privatisation-bound Bharat Petroleum Corporation (BPCL), but maintained the ‘negative’ outlook.

The nine banks whose outlook has been revised to ‘stable’ are SBI, Axis Bank, Bank of Baroda, Canara Bank, Axis Bank, HDFC Bank, ICICI Bank, PNB, Union Bank and EXIM Bank.

“Stabilization in asset quality and improved capital are the main drivers of this rating action,” Moody’s said.

Also, the rating outlook has been revised to ‘stable’ from ‘negative’ on 10 Indian infrastructure issuers, including NTPC, NHAI, PGCIL, Gail, Adani Transmission and Adani Ports and Special Economic Zone Limited (APSEZ). PTI JD ABM ABM



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Moody’s raises rating outlook to stable for 18 corporates, banks, BFSI News, ET BFSI

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Moody’s Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to ‘stable’ from ‘negative’. This follows the upgrade by the US-based rating agency in India’s sovereign rating outlook to ‘stable’ from ‘negative’ on Tuesday. The agency had affirmed the sovereign rating at ‘Baa3’.

The nine companies whose rating outlook has been revised upwards are RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL).

The agency also affirmed the rating on privatisation-bound Bharat Petroleum Corporation (BPCL), but maintained the ‘negative’ outlook.

The nine banks whose outlook has been revised to ‘stable’ are SBI, Axis Bank, Bank of Baroda, Canara Bank, Axis Bank, HDFC Bank, ICICI Bank, PNB, Union Bank and EXIM Bank.

“Stabilization in asset quality and improved capital are the main drivers of this rating action,” Moody’s said.

Also, the rating outlook has been revised to ‘stable’ from ‘negative’ on 10 Indian infrastructure issuers, including NTPC, NHAI, PGCIL, Gail, Adani Transmission and Adani Ports and Special Economic Zone Limited (APSEZ). PTI JD ABM ABM



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