Author: root

RBI’s CBDC project may need it to act like Apple or Google, BFSI News, ET BFSI

Banking & Finance

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In many ways, the Covid-19 pandemic has accelerated mankind’s journey into the future. The adoption of technology and internet use have skyrocketed in such a manner that it has compressed years of growth into just one. Companies are shedding the fat accumulated from years of ‘business-as-usual’ attitude, and consumers are fast adapting to their new environment.

In a way, the government, too, has shown adaptability in the face of a crisis, and seems prepared to launch itself into the higher echelons of the technology world with the proposed cryptocurrency bill.

While the proposed bill has got a rap for the proposed restrictions on private cryptocurrencies like Bitcoin, Ethereum et al, the other part of it is fascinating — India’s own central bank digital currency (CBDC) project.

India has been a laggard in this space considering the number of years that China has spent developing the digital yuan. But better late than never.

Developing a CBDC is no mean task and will require several far-reaching changes in the way the central bank goes about its business. While no one will say that the Reserve Bank of India is averse to change, it is likely fair to say that it is a slow starter in some aspects.

The central bank has stated that its internal panel is working on a model for a digital rupee and may soon launch a trial run for the digital currency. CBDC, however, may require a change in approach from the central bank.

Currently, there is a dual monetary system that exists around the world wherein the public money (say rupee) acts as a backbone for private money (like credit cards, debit cards) issued by banks.

One can assume that once a digital rupee is available, there will no longer be a need for banks to issue a private form of money. Everything can be done digitally via a centralised authority, that is the RBI. The role of the private players then will become limited to providing wallet services.

Tobias Adrian and Tommaso Mancini-Griffoli of the International Monetary Fund, however, argue that the current dual monetary set-up can exist in the digital age.

“Central bank digital currencies are akin to both a smartphone and its operating system. At a basic level, they are a settlement technology, allowing money to be stored and transferred, much like bits sent between a phone’s processor, memory and the camera. At another level, they are a form of money, with specific functionality and appearance, much like an operating system,” Adrian and Mancini-Griffoli said in a IMF blog recently.

The duo believe to manage digital currency, central banks will have to act like Apple or Microsoft in order to ensure that the sovereign digital currency remains the pre-eminent choice of citizens.

As the digital currency gains prominence, the technology around it will evolve rapidly and so will the requirements of consumers, who will demand more convenient ways of handling payments and money transfer.

Acting as a provider of an operating system means the RBI can foster innovation by allowing the private sector to build on the foundation created by it. This could be similar to how app developers bring in newer functionality on top of existing operating systems in our mobile phones. Think of how Instagram was made possible because Steve Jobs provided the platform of the Apple iOS, or Google provided Android, for it to exist in the first place.

In this manner, perhaps, both the private and public money can co-exist in the digital age of the monetary system. It will require the central bank to adopt and innovate technology like it has never done before. One hopes it is up for the challenge.



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UAE central bank issues new anti-money laundering guidance for banks, BFSI News, ET BFSI

Banking & Finance

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The United Arab Emirates central bank has issued new guidelines to financial institutions on anti-money laundering practices, it said on Monday, the latest of a number of measures launched by the Gulf state to combat illicit financial flows.

Banks will be required to develop internal procedures and put in place indicators to identify suspicious transactions and report them to the central bank’s Financial Intelligence Unit, the bank said in a statement.

They will also need to regularly screen their databases and transactions against names on lists issued by the United Nations Security Council or by the UAE government before conducting deals or entering into a business relationship with individual and corporate clients.

They have one month from Tuesday to demonstrate compliance with the central bank’s requirements, the central bank said.

“The guidance aims to promote the understanding and effective implementation by licensed financial institutions of their statutory anti-money laundering and combatting the financing of terrorism obligations”, it said.

In February the UAE government created an Executive Office for Anti-Money Laundering and Counter Terrorism Financing and last month Dubai set up a money laundering court.

The Financial Action Task Force, an intergovernmental anti-money laundering monitor, said last year that “fundamental and major improvements” were needed to avoid it placing the UAE on its “grey list” of countries under increased monitoring.

The country has emerged as one of the fastest-growing corporate tax havens, according to a study earlier this year by the Tax Justice Network, documenting countries that attract companies seeking to shrink their tax bills.



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Banks call on government to ease pressure on India’s Vodafone Idea, BFSI News, ET BFSI

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By Nupur Anand and Aftab Ahmed

MUMBAI: Banks led by State Bank of India (SBI) have called on the Indian government to give debt-laden Vodafone Idea more time to clear its tax dues and spectrum fees, two bankers and a government official familiar with the matter said.

An Indian court last year ordered the mobile carrier, a joint venture between the Indian unit of Britain’s Vodafone Group and Aditya Birla Group’s Idea Cellular, to pay just over $8 billion to the government to settle long-standing dues. Vodafone has a stake of about 44% in the company and Aditya Birla owns nearly 27%.

In June, Vodafone Idea’s then non-executive chairman Kumar Mangalam Birla warned that without a government reprieve the Indian mobile carrier’s “financial situation will drive its operations to an irretrievable point of collapse”.

Vodafone Idea’s gross debt as of June 30 was 1.9 trillion rupees, comprising of deferred spectrum payment obligations of 1.06 trillion rupees and an adjusted gross revenue liability of 621.8 billion rupees, its latest stock exchange filing in June showed.

The adjusted gross revenue is the usage and licensing fee that telecom operators are charged by the Indian government.

The mobile operator also reported that it owes 234 billion Indian rupees ($3.18 billion) to financial institutions.

Senior SBI officials and representatives of the Indian Banks’ Association (IBA) met finance and telecom department officials this month and proposed an immediate breather on the repayment of spectrum dues, the two bankers and the government official, who requested anonymity, told Reuters.

“We’ve had these discussions with the banks but the issue is the finance ministry needs to be comfortable with the measures,” the government official said.

SBI, IBA, and the finance and telecom departments did not respond to Reuters requests seeking comment.

The government is also evaluating whether to take a small stake in financially struggling Vodafone Idea, in order to allay investor concerns regarding the future of the telco.

The company is facing a repayment of 5-10 billion rupees of non-convertible debentures around January, one of the bankers said.

Vodafone Idea declined to comment. Vodafone Group did not immediately reply to an email seeking comment. An Aditya Birla Group spokesman declined to comment.

Vodafone Idea had cash and cash equivalents of 9.2 billion rupees at the end of June, a transcript of a company conference call published on its website said.

“All eyes are on New Delhi right now as banks are getting increasingly nervous,” another banker with exposure to Vodafone Idea said.

The bankers have also proposed providing some relief to Vodafone by restructuring its dues, one government official and two bankers said.

Birla stepped down as chairman early last month after appealing for the government bailout.

The government has been considering a broader package to help a telecom industry disrupted by the 2016 entry of Mukesh Ambani-controlled Reliance Jio, which shook up the market with its free voice and cut-price data plans.



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Gold eases as investors eye US inflation data, BFSI News, ET BFSI

Personal Finance

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Gold prices edged lower on Tuesday as a stronger dollar crimped bullion’s appeal ahead of US inflation data that could offer cues on the possible timeline for the Federal Reserve‘s tapering.

FUNDAMENTALS
Spot gold fell 0.2% to $1,790.74 per ounce by 0138 GMT.

US gold futures eased 0.1% to $1,792.10.

The dollar index was steady after hitting a two-week high on Monday, making gold more expensive for holders of other currencies.

US consumer price data is due at 1230 GMT. Economists expect core CPI, an index which strips out volatile energy and food prices, to have risen 0.3% in August from July.

Expectations of US consumers for how much inflation will change over the next year and the coming three years rose last month to the highest levels since 2013, according to a survey released on Monday by the New York Federal Reserve.

Inflation in the euro area will “in all likelihood” ease as soon as next year but the European Central Bank is ready to act if it does not, ECB policymaker Isabel Schnabel said on Monday.

A city in China’s southeastern province of Fujian has closed cinemas and gyms, sealed off some entries and exits to highways and told residents not to leave town as it battles a local COVID-19 outbreak.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 1,000.21 tonnes on Monday from 998.17 tonnes on Friday.

Silver fell 0.1% to $23.70 per ounce, platinum was down 0.1% at $959.71 and palladium rose 0.3% to $2,092.64.



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No a/c freeze till Dec for want of KYC, BFSI News, ET BFSI

Banking & Finance

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MUMBAI: The RBI on Monday reiterated that until December 2021, banks cannot freeze accounts if the customer has not done a periodic KYC (know your customer) update. The central bank said this while cautioning the public not to fall prey to fraudulent messages seeking bank details for KYC updation purposes.

The RBI said it has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updation. The RBI asked the public not to share key information like account details or passwords with unidentified persons or agencies under threat of account freeze. Many customers have avoided visiting branches during the pandemic, which has provided fraudsters an opportunity to use KYC as a reason to engage with customers.“The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails urging him/her to share certain personal details, account / login details/ card information, PIN, OTP, etc or install some unauthorised/ unverified application for KYC updation using a link provided in the communication,” it said.

The RBI also said that it has made the process of KYC updation much simpler. The directions on simplified process comes in the wake of banks asking customers to fill multiple sheets of all-in-one document merely to get a periodic proof of address and identity. The central bank on Monday said that NBFCs and payment system operators seeking to obtain Aadhaar e-KYC authentication licence can submit the application with the RBI.

In May 2019, the finance ministry had come out with a detailed procedure for processing of applications (under the PML Act) for use of Aadhaar authentication services by entities other than banking companies.

“Accordingly, non-banking finance companies (NBFCs), payment system providers and payment system participants desirous of obtaining Aadhaar Authentication license — KYC User Agency (KUA) ;icense or sub-KUA license (to perform authentication through a KUA), issued by the UIDAI, may submit their application to this department for onward submission to UIDAI,” the RBI said in a circular. The RBI has also provided the format of the application.



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4 Pharma Stocks To Buy That Can Generate Returns Up To 32%

Personal Finance

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Top stocks to buy from the pharma sector, according to Emkay Global

Name Current market price Target price Gains%
Aurobindo Pharma Rs 735 Rs 935 27%
Cipla Rs 950 Rs 1140 20%
Lupin Rs 984 Rs 1300 32%
Dr Reddy’s Rs 4932 Rs 5755 17%

Growth momentum in pharma picks-up

Growth momentum in pharma picks-up

According to Emkay Global total sales data from IMS, IPM grew 18.3% yoy in Aug’21 vs. 15.4% yoy in Jul’21, aided by improving traction in the non-Covid products portfolio. On a MAT basis, IPM grew 17.5%, driven by volume growth of 8.2%, new product growth of 5.3% and pricing growth of 4%.

“Within our coverage, Dr. Reddy’s grew at the fastest pace at 26% yoy, followed by Ipca at 25%. Cipla, Lupin and Sun grew in the range of 13% and 19%. Cadila grew at the slowest pace at

13.3%. Other notable outperformers were Emcure (28%), Alkem (27%) and Macleods (25%),” Emkay Global has said.

Domestic revenues to see decent growth

Domestic revenues to see decent growth

“We expect domestic revenue growth for our coverage companies to be in the mid to high teens in FY22. However, IPM’s growth momentum is expected to moderate in the coming months due

to the relatively stronger base of H2FY21,” the brokerage has said.

P/E FY 22 (E) P/E FY 23 (E)
Aurobindo Pharma 13.0 11.6
Cipla 27.8 20.9
Lupin 24.9 20
Dr. Reddy’s Lab 28.4 19.7

Based on the above, Aurobindo Pharma at the moment looks cheapest in terms of potential price to earnings ratio in the next couple of years. While recommending stocks from brokerage reports, we would like to also warn our readers that the markets are extremely expensive at the current levels on the Sensex and the Nifty and therefore please do exercise some caution. The risk of the markets falling from highs is always possible, though pharma stocks to some extent can be more of a defensive play.

Disclaimer

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article.



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People are adopting cryptocurrency in Vietnam, India the most, BFSI News, ET BFSI

Personal Finance

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By Manpreet Kaur

The rate of cryptocurrency adoption has jumped by 880 percent in the last year, with bitcoin being the most popular coin followed by Ripple and Ethereum.

The popularity of cryptocurrency is gaining pace, with people using it as a prefered investment option. Five countries – Vietnam, India, Pakistan, Ukraine and Kenya – have ranked the highest in cryptocurrency adoption, according to Chainalysis‘ 2021 Global Crypto Adoption Index.

The report, titled “Geography of Cryptocurrency”, compared the countries’ cryptocurrency adoption based on three main parameters – on-chain retail value transferred, cryptocurrency value received, and peer-to-peer exchange trade volume between June 2020 and June 2021.

The index ranked 154 countries to measure the level of cryptocurrency adoption and usage between July 2020 and June 2021, with every country being ranked between 0 and 1. The closer the score is to 1, the higher the rank.

Country Rank
Vietnam 1
India 0.37
Pakistan 0.36
Ukraine 0.29
Kenya 0.28

China and the US both dropped in the rankings, because peer-to-peer trading volume declined. Last year, China ranked fourth and the US sixth. This year, the US is eighth and China 13th.

“In emerging markets, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions,” Chainalysis said.

Although cryptocurrencies are not authorised in Vietnam, the country ranked first with 20% claiming to have purchased Bitcoin, according to a survey by US-based firm Finder.

“Remittance payments may have played a significant role in these numbers, with cryptocurrency an option for migrants who want to send money home and avoid exchange fees,” Chainalysis said.

India ranked second in cryptocurrency adoption, with a user base of 7.3 million and more than $21.8 billion in trading volumes this year.

India’s “huge expatriate population” makes it the world’s number one remittance recipient in the crypto space, Finder said. India had 18 million people from the country living outside their homeland last year, the largest expatriate population in the world, according to a report by the United Nations released in January.

Smaller towns are leading in adopting cryptocurrency. Last week, WazirX, the largest crypto exchange in the country by trading volume, said that it had seen more than 2.5% growth in user sign-ups from tier II and tier III cities in India.

The interest is mostly driven by referrals, said Naimish Sanghvi, who has been running crypto information platform Coin Crunch since 2018.

Pakistan, which came in third, has seen a recent boom in trading and mining cryptocurrency, with interest picking up on social media and transactions on online exchanges.

While cryptocurrency is not illegal in Pakistan, the global money laundering watchdog Financial Action Task Force (FATF) has asked the government to regulate the industry. FATF monitors terror financing and money laundering, and Pakistan is on its grey list.

“Half the members have no clue what it was and didn’t even want to understand it,” Ali Farid Khwaja, chairman of KASB Securities, a stock brokerage in Karachi told reporters. “But the good thing is someone set up this committee. The relevant bodies in the government who need to get things done are supporting it, and the promising thing is nobody wants to stand in the way of technical innovation,” he added.

Ukraine, ranked fourth, is the latest country to legalise cryptocurrency. The daily turnover of virtual assets in the country stands at $37,000, according to the government.

By 2022, the country plans to open a cryptocurrency market to businesses and investors, according to the Kyiv Post. Top state officials have also been touting their crypto street cred to investors and venture capital funds in Silicon Valley.

Kenya, ranked fifth, is well ahead of the other 154 countries surveyed in terms of peer to peer to exchange trade. Kenyans are directly trading cryptocurrencies with each other more than elsewhere in the world.

The index has also made adjustments for purchasing power parity per capita and the internet-using population.

Residents of other African countries are also jumping into the opportunity to cushion remittances and cross-border businesses from costly transfer fees and the risks of weakening currencies.



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Reserve Bank of India – Press Releases

Press Releases

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Government of India (GOI) has announced the sale (re-issue) of three dated securities for a notified amount of ₹26,000 crore as per the following details:

Sr No Security Date of Repayment Notified Amount
(₹ crore)		 GoI specific Notification Auction Date Settlement Date
1 4.26% GS 2023 May 17, 2023 3,000 F.No.4(3)-B(W&M)/2021 dated September 13, 2021 September 17, 2021
(Friday)		 September 20, 2021
(Monday)
2 6.10% GS 2031 July 12, 2031 14,000
3 6.76% GS 2061 Feb. 22, 2061 9,000
  Total   26,000      

2. GoI will have the option to retain additional subscription up to ₹ 6,000 crore against above security/securities.

3. The securities will be sold through Reserve Bank of India Mumbai Office, Fort, Mumbai – 400001. The sale will be subject to the terms and conditions spelt out in the ‘Specific Notification’ mentioned above and the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018.

4. The auction will be conducted using uniform price method for 4.26% GS 2023, 6.10% GS 2031 and multiple price method for 6.76% GS 2061. Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on September 17, 2021 (Friday). The non-competitive bids should be submitted between 10.30 a.m. and 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. The result will be announced on the same day and payment by successful bidders will have to be made on September 20, 2021 (Monday).

5. Bids for underwriting of the Additional Competitive Underwriting (ACU) portion can be submitted by ‘Primary Dealers’ from 9.00 a.m. up to 9.30 a.m. on September 17, 2021 (Friday) on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

6. The Stocks will be eligible for “When Issued” trading for a period commencing from September 14, 2021 – September 17, 2021.

7. Operational guidelines for Government of India dated securities auction and other details are given in the Annex.

Ajit Prasad
Director   

Press Release: 2021-2022/856

ANNEX

Type of Auction

1. For multiple price-based auction, successful bids will get accepted at the respective quoted yield/price for the security. For uniform price-based auction, bids will get accepted at the cut off yield/price accepted in the auction.

2. The auction will be yield based for new security and price based for securities which are re-issued.

3. In case of a Floating Rate Bonds (FRB), the auction will be spread-based for new security and price based for securities which are reissued. At the time of placing bids for new FRB, the spread should be quoted in percentage terms.

Minimum Bid Size

4. The Stocks will be issued for a minimum amount of ₹10,000/- (nominal) and in multiples of ₹10,000/- thereafter.

Non-Competitive Segment

5. In all the auctions, Government Stock up to 5% of the notified amount of sale will be allotted to the eligible individuals and institutions under the Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities.

6. Each bank or Primary Dealer (PD) on the basis of firm orders received from their constituents will submit a single consolidated non-competitive bid on behalf of all its constituents in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

7. Allotment under the non-competitive segment to the bank or PD will be at the weighted average rate of yield/price of the successful bids that will emerge in the auction on the basis of the competitive bidding.

Submission of Bids

8. Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

9. Bids in physical form will not be accepted except in extraordinary circumstances.

Business Continuity Plan (BCP)-IT failure

10. Only in the event of system failure, physical bids will be accepted. Such physical bids should be submitted to the Public Debt Office, Mumbai through (email; Phone no: 022-22632527, 022-22701299) in the prescribed form which can be obtained from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends.

11. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516).

12. For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Multiple Bids

13. An investor can submit more than one competitive bid in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system.

14. However, the aggregate amount of bids submitted by a person in an auction should not exceed the notified amount of auction.

Decision Making Process

15. On the basis of bids received, the Reserve Bank will determine the minimum price up to which tenders for purchase of Government Stock will be accepted at the auctions.

16. Bids quoted at rates lower than the minimum price determined by the Reserve Bank of India will be rejected.

17. Reserve Bank of India will have the full discretion to accept or reject any or all bids either wholly or partially without assigning any reason.

Issue of Securities

18. Issue of securities to the successful bidders will be by credit to Subsidiary General Ledger Account (SGL) of parties maintaining such account with Reserve Bank of India or in the form of Stock Certificate.

Periodicity of Interest Payment

19. Interest on the Government Stock will generally be paid half-yearly other than in case of securities with non-standard maturities. The exact periodicity of coupon payment is invariably mentioned in the specific notification for the issue of security.

Underwriting of the Government Securities

20. The underwriting of the Government Securities under auctions by the ‘Primary Dealers’ will be as per the “Revised Scheme of Underwriting Commitment and Liquidity Support” announced by the Reserve Bank vide circular RBI/2007-08/186 dated November 14, 2007 as amended from time to time.

Eligibility for Repurchase Transactions (Repo)

21. The Stocks will eligible for Repurchase Transactions (Repo) as per the conditions mentioned in Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 (Reserve Bank) Directions, 2018 as amended from time to time.

Eligibility for ‘When Issued’ Trading

22. The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

Investment by Non-Residents

23. Investments by Non-Residents are subject to the guidelines on ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities and Investment by Foreign Portfolio Investors (FPI) in Government Securities: Medium Term Framework (MTF).

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SoftBank walks away from negotiations to pick a stake in ‘pricey’ PharmEasy

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SoftBank Group has walked away from negotiations to acquire a stake in IPO-bound PharmEasy due to disagreement over valuation. API Holdings Pvt Ltd, which owns the Indian online pharmacy chain PharmEasy, was seeking a valuation of at least $5.6 billion in a new funding round.

SoftBank was in talks with API Holdings to invest $150-200 million but a deal has not resulted, said sources close to the development.

SoftBank in early talks to invest in PharmEasy

Another source said that SoftBank was interested in the company because it had a good network, however, “the valuation that PharmEasy is seeking is too high for SoftBank for the stake in return.”

It was reported in July that PharmEasy had approached SoftBank for a stake sale after the former acquired diagnostics laboratories chain Thyrocare for $611 million.

An email query to PharmEasy remained unanswered while SoftBank declined to comment.

IPO listing

According to recent reports, PharmEasy is likely to file draft prospectus with SEBI for an IPO in October. API has commissioned JM Financial and Kotak Investment Banking for the DRHP (draft red herring prospectus) process. In May, PharmEasy acquired rival Medlife. In June, it also acquired Thyrocare. API has already integrated ‘lab tests’ on its portal.

PharmEasy was founded in 2015 by Dharmil Sheth and Dhaval Shah as a subsidiary of Ascent Health. Since its inception, it has managed to deliver in over 1,000 cities and towns covering 22,000+ pin codes.

Over the last few months, SoftBank has been scouting the Indian healthcare space for making investments. In July, BusinessLine had reported that SoftBank was in preliminary talks to acquire a stake in Apollo Hospitals Enterprise Ltd’s pharmacy arm, Apollo HealthCo, as part of the Japanese company’s focus on India’s healthcare market. But this deal has also not fructified.

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Reserve Bank of India – Press Releases

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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