Author: root

Everything you want to know about Bitcoin mining, BFSI News, ET BFSI

Personal Finance

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Currency or money, the central instrument in trade – local, national or global – always came in physical form. While their transmission with the advent of technology has gone digital, they continue to be rooted in the diktats of the respective central banks that issue them. The advent of cryptocurrency in 2009 has given the global economy digital currency that is not regulated by any central bank or a single administrator.

Unlike regular currency that is printed, cryptocurrencies including Bitcoins are ‘mined’. This ‘mining’, unlike the normal activity associated with the term, is more of an intellectual pursuit than a physical one. The only similarity to real-world mining is that the more Bitcoins you mine, their supply dwindles (only 21 million bitcoins can be mined) and the more precious they become. And this bitcoin mining requires some serious hardware.

Bitcoin mining in other words is a process where one adds transaction records to the crypto’s public ledger or blockchain, which has past transactions. It is a decentralized computational process. The term blockchain comes from the chain of blocks that this ledger of earlier transactions contains. This chain is a confirmation to the rest of those networked to it that a particular transaction has taken place.

Bitcoin nodes use the chains to help differentiate an attempt to re-spend coins that have been used somewhere else already with a legitimate transaction.

Blockchain prioritizes fraud prevention. The mining process ensures any transaction is added to the blockchain only after validation and helps prevent fake or fraudulent transactions. Due to steady growth in the number of miners and the increasing complexity of calculations, mining is no longer seen as just a means to make money. It has become a competition as only the first person to solve a block on the network receives cryptocurrency as a reward.

The entire mining process has deliberately been designed to be resource-intensive. This level of difficulty in arriving at the number of blocks that are found each day ensures miners are at a steady level. With proof of work a must to be considered valid, each block must have such proof. Other Bitcoin nodes verify the proof of work when they receive a block and use the hashcash proof-of-work function.

The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. While mining allows the introduction of Bitcoins into the system, those involved in it receive transaction fees as well as a ‘subsidy’ of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner and also motivates people to provide security for the system and prevents hacking.

The average time taken to mine a new bitcoin is 10 minutes, but it also depends on the kind of mining power that one possesses. Given this challenge, competition among bitcoin miners is also intense. If this mining power is say five or ten ASICs (application-specific integrated circuit), a person might be able to mine 0.01 Bitcoin a day and would require 100 days to have mined a full Bitcoin. It is this level of difficulty that spurs each miner to give it his or her best in the process.

While mining Bitcoins is definitely time and resource-intensive, trading in them is simple and secure, thanks to ZebPay. ZebPay lets you buy and sell cryptocurrencies, including Bitcoin, instantly and in a hassle-free manner.

For the latest crypto news, investment tips and real-time price updates, follow our Cryptocurrency page.

Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.



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Retail banking a growth story whose potential hasn’t been unearthed fully: IDBI Bank

Banking & Finance

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IDBI Bank is readying an “API (Application Programming Interface)-Banking” platform that will act as a bridge between third party entities such as account aggregators, payment service providers and fintechs, and its core banking solution platform to create a connected ecosystem, enhance customer experience and open up new revenue streams, according to Suresh Khatanhar, Deputy Managing Director (DMD).

In an interaction with BusinessLine, Khatanhar emphasised that retail banking is a growth story whose potential has not been unearthed fully. Excerpts:

Now that you are out of the prompt corrective action (PCA), will your bank re-balance its advances portfolio?

We came into difficulty because of the high provisioning arising from the Asset Quality Review (AQR) exercise (initiated by the Reserve Bank of India for banks in 2015). This had an impact on our capital. We had a little extra problem because of our Development Finance Institution (DFI) status in the past, whereby we had chunky exposure to infrastructure and core sectors. We addressed this by taking a few measures. Firstly, by de-risking the loan portfolio. Secondly, we revisited our risk management policies. Thirdly, we worked on the risk appetite framework, whereby we adopted a capital light business, so that we are future-ready.

Tumultuous journey of a development bank

Actually, during the PCA period (from early May 2017 till early March 2021), we could deep-dive into our process, products, risk management policies and also re-balance the portfolio. We were skewed in favour of corporate banking, where the risk is concentrated. Though we were not allowed to lend to corporates under PCA, we saw in it an opportunity to grow retail advances. So, our corporate to retail loans ratio is today at 38:62 (57:43 when PCA was imposed).

The portfolio composition shift happened because we were not doing corporate loans. But now that we have started doing corporate loans, this ratio, in all probability, will shift. But then this year, I don’t think retail advances go below 60 per cent (of total advances). We have decided that we will not go below 55 per cent in retail.

IDBI Bank net profit soars 318% to ₹603 crore in Q1 FY22

And then we had a lot of high-cost borrowing. Bulk term deposits were at about 36 per cent of total deposits. This has come down to about 8 per cent. Our CASA (current account, savings account) was about 32 per cent of total deposits. This is now at 52 per cent. So, this has helped us to improve our cost of funds and cost of deposits.

We would like to further consolidate and strengthen our balance sheet, which we have been doing for the last two-three years, and grow. It is now time to grow the loan book from here on.

Stress seems to be building up in banks’ retail portfolio. Isn’t retail lending becoming a bit risky?

Having decided to become a retail bank, we put in place a reorganised structure…And today, we have separate verticals for structured retail assets, micro, small and medium enterprises, agriculture, and recovery as well as collection. We have separate processing centres. We have centralised operations. All these are very progressive steps, ensuring that risk is properly addressed…So, this way our operations have been segregated. And more importantly, this business model is a scalable one because retail is a volume game.

The retail banking story is a growth story. I don’t think the potential has been unearthed fully. It is a growing market. Today, the service sector is growing. People working in the sector want car loan, housing loan, personal loan, place deposits, make investments, and want various services…So, retail banking has the potential to grow.

Now in such a severe pandemic, which comes once in a century, anything under the sun can come under stress.

Our bank’s retail portfolio composition is a little different from other banks. We are not into unsecured loans and 93 per cent of our retail loan book is mortgage book, which is secured. Ninety per cent of the borrowers are salaried employees with credit score of above 700. While stress is there because of the pandemic, given this kind of borrower composition, revival is very much possible and easy. And today, even after the second wave of Covid, our collection efficiency is at pre-Covid level, which is 94-94.5 per cent….So, our retail banking model is well set and we have a committed sales force.

You mentioned being future-ready. Can you throw some light on this?

As soon as economic activity improves further, we would like to do more business, give more services to our customers…But simultaneously, our focus this year will be on digital penetration. We are working on various digital products. So, having made our balance sheet strong and robust, we would also like to make our infrastructure robust.

Now our API-Banking is also getting ready. This will help us integrate lot many apps so that we can onboard many fintechs, going forward.

API-banking will be integrated with our core banking solution platform. This will enable us to connect a lot of applications for cross-selling third party products, paying utility bills and credit card issuance, among others.

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China to target biggest payment app Alipay in tech crackdown, BFSI News, ET BFSI

Personal Finance

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Beijing: Chinese regulators have ordered sweeping changes to the country’s biggest payment app Alipay, as the ruling Communist Party attempts to rein in “the unruly growth” of the tech giants.

Alipay—with more than one billion users in China and other Asian nations including India—was told to spin off its profitable micro loan business, the Financial Times reported Monday, citing a person with knowledge of the matter.

Currently, the app allows users to pay with a traditional credit card linked to their bank or offers small unsecured loans to buy anything from toilet paper to laptops.

“The government believes big tech’s monopoly power comes from their control of data,” the source close to financial regulators told the newspaper. “It wants to end that.”

Alipay’s parent company Ant Group is China’s biggest payments services provider.

Regulators pulled the plug on the fintech conglomerate’s record $37 billion stock market launch in November after founder Jack Ma criticised officials for stifling innovation.

Ma’s business empire has been targeted in a wider crackdown on tech firms aimed at breaking monopolies and strengthening data security, which has wiped billions off companies’ valuations.

The outspoken billionaire has largely remained out of the limelight since the crackdown began.

After separating its payment and loan businesses Alipay will have to hand over customer data used to make its lending decisions to a new credit scoring joint-venture that is partly state-owned, two sources familiar with the arrangement told the Financial Times.

Alipay did not immediately respond to AFP’s questions on how the order would affect its business.

Regulators have also asked Ma’s e-commerce platform Alibaba and other internet firms to stop blocking links to rival services, Zhao Zhiguo, a spokesman for the ministry of industry and information technology, said at a briefing on Monday.

China’s market regulator last month announced rules to bring down so-called “walled gardens” built by tech companies that aim to lock users into their services.

“It is unreasonable to restrict.. access of website links, which not only affects the user experience but also damages rights and interests of users and disrupts the market order,” Zhao said.

“Users have responded strongly against this.”



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Insolvency and bankruptcy matters must be decided in 330 days, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: The Supreme Court on Monday said that 330 days deadline for resolution plan has to be strictly adhered to and NCLT and NCLAT must decide insolvency and bankruptcy matters keeping in mind the sanctity of the deadline provided by legislature.

A SC bench headed, by Justice D Y Chandrachud, said that earlier bankruptcy code failed mainly because of long delays in litigation in judicial forums and promised that the present IBC will not be allowed to meet the same fate

“Once the Committee of Creditors submits a resolution plan for a stressed assets under Insolvency and Bankruptcy Code, it cannot be modified or withdrawn by resolution applicant,” the SC said.

Meanwhile, addressing a question on the high haircuts taken by banks in resolution to some bankruptcy cases, RBI governor Shaktikanta Das last week had said that the Insolvency and Bankruptcy Code(IBC) process needs some improvement which will include some legislative changes as well.

“Yes, I agree that there is scope for the improvement in the functioning of the IBC and framework. There is perhaps need to certain legislative amendments also,” he said.

The RBI has certain suggestions which it has flagged to the government, he said, citing an example of the time taken before a case is admitted in a National Company Law Tribunal (NCLT) and comes up for resolution through court-directed measures and suggested that the same can be dealt with through legal amendments.

He said the overall recoveries from the IBC process used to be at 45 per cent at the aggregate level four years ago and have come down to 40 per cent in the pandemic year, and also acknowledged that in some cases, lenders have had to take deep haircuts of up to 90 per cent.

“There is scope for some improvement and the time taken in the entire process I entirely agree needs to be reduced by simplifying certain procedures and wherever necessary by carrying out legislative change,” Das said.

(With inputs from agencies)



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Moody’s, BFSI News, ET BFSI

Banking & Finance

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SINGAPORE: Wide adoption of central bank digital currencies (CBDCs) in cross-border payments and settlements will be credit negative for banks because of lower fees and commissions, Moody’s Investors Service said on Monday.

This is particularly for those banks that are active in foreign-currency payments, clearing and remittances, it said in its latest credit outlook report.

It is the first time that the Bank of International Settlements (BIS) and various central banks are testing multiple CBDCs in a single platform for cross-border settlements.

This is an important step if CBDCs are to be adopted beyond domestic transactions. Earlier in 2021, the Singaporean and French central banks successfully tested dual-CBDC cross-border transactions, said Moody’s.

On September 3, the BIS together with central banks of Singapore, Australia, Malaysia and South Africa started testing CBDCs for cross-border settlements.

The project called Dunbar aims to build a prototype platform for settlement in multiple CBDCs with the target being faster, cheaper and more secure cross-border payments and settlements between financial institutions.

Moody’s said the revenue that banks generate from cross-border transactions is significant. Globally, banks generated about 230 billion dollars in revenue from cross-border transactions in 2019, based on data from consulting firm McKinsey.

Banks in Asia Pacific made up 100 billion dollars of this amount, the largest share globally, with most revenue coming from commercial transactions such as bank-to-bank.

According to McKinsey, banks globally generated about 60 billion dollars in revenue in consumer business in 2019 for cross-border transactions such as remittances, where the banks charge hefty fees.

Banks on average charge 6.4 per cent on outward remittances, based on World Bank data, with Nigerian, South African and Thai banks charging some of the highest fees globally. These fees will be reduced with the wider adoption of CBDCs.

It is uncertain if the platform prototypes developed under the Dunbar project will be adopted by other central banks. However, the BIS expects that the results of this project will guide the development of global and regional platforms for more efficient cross-border payments.



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 0.00 – –
     I. Call Money 0.00 – –
     II. Triparty Repo 0.00 – –
     III. Market Repo 0.00 – –
     IV. Repo in Corporate Bond 0.00 – –
B. Term Segment      
     I. Notice Money** 0.00 – –
     II. Term Money@@ 0.00 – –
     III. Triparty Repo 0.00 – –
     IV. Market Repo 0.00 – –
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Sun, 12/09/2021 1 Mon, 13/09/2021 2,513.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Sun, 12/09/2021 1 Mon, 13/09/2021 3.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -2,510.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Sat, 11/09/2021 2 Mon, 13/09/2021 12,062.00 3.35
  Fri, 10/09/2021 3 Mon, 13/09/2021 67,472.00 3.35
  Thu, 09/09/2021 4 Mon, 13/09/2021 4,81,121.00 3.35
    (iii) Special Reverse Repo~ Thu, 09/09/2021 15 Fri, 24/09/2021 6,937.00 3.75
    (iv) Special Reverse Repoψ Thu, 09/09/2021 15 Fri, 24/09/2021 2,513.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Thu, 09/09/2021 15 Fri, 24/09/2021 3,50,015.00 3.41
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 07/09/2021 7 Tue, 14/09/2021 50,008.00 3.38
3. MSF Sat, 11/09/2021 2 Mon, 13/09/2021 279.00 4.25
  Fri, 10/09/2021 3 Mon, 13/09/2021 527.00 4.25
  Thu, 09/09/2021 4 Mon, 13/09/2021 13.00 4.25
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
  Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
  Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
  Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       26,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -8,58,271.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -8,60,781.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 12/09/2021 6,21,643.80  
  11/09/2021 6,23,960.41  
  10/09/2021 6,31,651.59  
     (ii) Average daily cash reserve requirement for the fortnight ending 24/09/2021 6,25,660.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 09/09/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 27/08/2021 11,40,445.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/849

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Suryoday Small Finance Bank, Clix Capital in merger talks, deal reaches advanced stage, BFSI News, ET BFSI

Banking & Finance

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Clix Capital Services, a digital lending platform, has been in merger talks with Suryoday Small Finance Bank, according to reports.

Today, shares of Suryoday SFB locked in 20% upper circuit band at Rs 179.40 on the Bombay Stock Exchange after the merger buzz. The deal is said to be mediated by Centrum Capital.

The deal is in advanced stages, and due diligence is already on for the proposed merger, sources told Business Standard, adding that the deal is expected to close soon.

The non banking financial company is run by fomer GE Capital head Pramod Bhasin and former DE Shaw & Co managing director Anil Chawla.

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7 Stocks Available On A Bonus Basis, Should You Buy These Stocks?

Personal Finance

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List of companies whose stocks are available on cum bonus basis

Name of Company Ex-Bonus Date Record Date
Sportking India Sept 23 Sept 24
GEE Ltd Sept 21 Sept 22
TPL Plastech Sept 16 Sept 18
APL Apollo Sept 16 Sept 18
Kanpur Plast Sept 15 Sept 16
Apollo Tricoat Sept 16 Sept 18
ACE Integrated Oct 7 Oct 8

Bonus shares does not mean you should buy the stocks

Bonus shares does not mean you should buy the stocks

Bonus shares does not make the stock an automatic buy. The stock is likely to fall proportionately once the stock goes ex-bonus. For example, if company A has declared a bonus of 1:1 and the stock is quoting at Rs 100, the stock is likely to fall to Rs 50 once it goes ex-bonus. Having said that it may not fall by the exact amount, but, more or less it does.

Also, it is extremely important to remember that you need to analyze the fundamentals of a company before you invest. For example, do not invest purely on the basis of bonus issue. In the above, what we are highlighting is the fact that the above companies are purely available on a bonus basis and we are not in any way recommending these stocks.

Markets look expensive

Markets look expensive

Irrespective of the bonus shares, we are telling investors to book profits and not to buy shares, including any of the above, purely because the markets are over valued. The Nifty and the Sensex have just zoomed in the last 2-months powered by massive liquidity flowing into domestic institutions, particularly mutual funds. Fundamentally things look expensive at the moment. According to a recent report by broking firm Motilal Oswal, the Sensex is looking expensive compared to long term averages. The Nifty moved from 16,000 points to 17,000 points within 19 trading days, one of the fastest 1000 point milestone in its journey. HDFC Bank, RIL, and TCS contributed 50% of the 1000 points move from 16,000 to 17,000 points.

Market cap to GDP ratio at highest since 2007

Market cap to GDP ratio at highest since 2007

According to India Strategy Report by Motilal Oswal Financial Services the Mcap-to-GDP ratio at 111%, is the highest since 2007. Nifty is currently trading at premium to LPA on P/E and P/B basis. IT and Consumer valuations are at 15-year highs.

According to the India Strategy Report report, the Nifty 12-month forward P/E of 21.8 times is at a premium of 21% v/s its long term average, of 18.0 times. At 3.3 times, 12-month forward P/B for the Nifty is at a 15% premium to its historical average of 2.6 times. We are advising investors to be careful and not jump onto the bandwagon.

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. We suggest that you consult a professional advisor. The article merely lists out companies that are offering bonus shares and should not be construed as a buy.



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5 Best Zero Balance Savings Account With Higher Interest Rates In India

Personal Finance

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IDFC First Bank

IDFC First Bank a leading private sector lender of India offers Pratham Savings Account to its customers with benefits like monthly interest credit on savings, zero balance savings account, quick transactions at micro ATM, interest rates of up to 5%, digital banking services.

This Basic Saving Bank Deposit Account (BSBDA) can be opened by customers who do not have any other savings account at IDFC First Bank. With free and unlimited ATM transactions at any bank anywhere in India, customers will be allowed to conduct daily ATM Withdrawal limit of Rs 40,000, daily POS limit of Rs 1 lakh, and get a free personal accidental insurance cover of Rs 2 lakhs using IDFC FIRST Bank Pratham Savings Account with Rupay Classic Debit Card.

On Balances In Rs Rate of interest (% p.a.)
4.00%
>1lac 4.50%
>10lac 5.00%
>2Cr 4.00%
>10Cr 3.50%
>100 Cr 3.00%
Source: Bank Website, W.e.f. 01/05/2021

Yes Bank

Yes Bank

Yes Bank offers three types of zero balance savings accounts to its customers such as Smart Salary Platinum account, Smart Salary Exclusive account, and Smart Salary Advantage account. All three accounts come with a range of benefits such as tax-free interest income up to Rs. 40,000 on savings account, personal accident death or insurance cover, free RTGS/NEFT payment facility, free IMPS facility through Mobile banking, YES ROBOT: 24*7 personal banking assistant, online recharge and bill payments facility, free demand drafts facility, SMS alerts and so on. Following are the most recent interest rates on savings accounts of Yes Bank.

Daily Balance in the Savings Account (INR) Applicable Interest Rates (p.a.)
4%
>1 Lac to 4.50%
>=10 lacs to 5.25%
Source: Bank Website, w.e.f. 13th May’2021

IndusInd Bank

IndusInd Bank

Customers going to open a zero balance savings account can witness a range of account types at IndusInd Bank such as Indus Easy Savings Account which is a Basic Savings Bank Deposit Account (BSBDA), Indus Maxima Savings Account, Indus Delite Savings Account, and Indus Small Savings Account.

Customers with BSBDA account of the bank i.e. Indus Easy Savings Account will get a free Rupay Debit Card having 10,000 ATM limit and 10,000 Point of Sale (PoS) limit. They can also get a plethora of services on their account such as internet banking, video chat with the bank, OmniPresent banking, e-Mandate set up option and much more. The most recent interest rates on Domestic / Non Resident (NRO/NRE) savings accounts of IndusInd Bank are as follows:

Savings Bank Account Interest Rate Rate p.a
a. Daily balance Upto Rs. 10 Lakh 4.00%
b. Daily balance above Rs.10 Lakhs* 5.00%
RFC savings Rate FCNR – 1 year rate applicable
Source: Bank Website

Axis Bank

Axis Bank

At Axis Bank, customers can open two types of zero balance savings account i.e. Basic Savings Account and Small Basic Savings Account. Both these account are a part of Pradhan Mantri Jan Dhan Yojana Scheme (PMJDY) and comes with a range of benefits such as a free Rupay Debit card with daily ATM withdrawal limit of Rs 40,000, free unlimited cash deposit & 4 free withdrawals per month, and much more. Both accounts can be opened online and customers will get the following interest rates on their savings account balance.

Balance Slabs Applicable Rate of Interest w.e.f. 01st Apr 2021
Less than Rs. 50 lacs 3.00% p.a.
Rs. 50 Lacs and up to less than Rs. 10 Crs 3.50% p.a.
Rs. 10 Crs and up to less than Rs. 100 Crs Repo + (-0.65%) Floor rate of 3.50% applicable
Rs. 100 Crs and up to less than Rs. 200 Crs Repo + (-0.50%)
Rs. 200 Crs and up to less than Rs. 2,500 Crs Repo + (-0.50%)
Source: Bank Website

Kotak Mahindra Bank

Kotak Mahindra Bank

With 811 Digital Bank Account of Kotak Mahindra Bank, customers can get an interest rate of up to 4% with attractive benefits such as zero charges on non-maintenance of balance, easy transfer of money, 811 Virtual Debit Card, digital banking solutions, and much more. One can open this account online and can manage his or her account through Kotak Mahindra Bank mobile banking app. The latest interest rates on savings accounts of Kotak Mahindra Bank are as follows:

Nature Rate of Interest (Normal) Senior Citizen
A. Domestic (W.e.f. Jun 19, 2021) 3.50% p.a. on balance up to Rs. 1 lakh 3.50% p.a.* on balance up to Rs. 1 lakh
4% p.a. on balance above Rs. 1 lakh upto Rs. 50 Lakh, 4% p.a.* on balance above Rs. 1 lakh upto Rs. 50 Lakh,
3.50% p.a.* on balance above 50 Lakh 3.50% p.a.* on balance above 50 Lakh
B. Basic Savings Bank Deposit Account/Small Account (W.e.f. Jun 19, 2021) 3.50% p.a.* on balance up to Rs. 1 lakh, 3.50% p.a.* on balance up to Rs. 1 lakh,
4% p.a.* on balance above Rs. 1 lakh upto Rs. 50 Lakh, 4% p.a.* on balance above Rs. 1 lakh upto Rs. 50 Lakh,
3.50% p.a.* on balance above 50 Lakh 3.50% p.a.* on balance above 50 Lakh
C. Non Resident (NRE/NRO) 3.50% p.a. 3.50% p.a.



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Pine Labs partners with OneCard

Banking & Finance

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Pine Labs, a merchant commerce platform, has partnered with OneCard, India’s first exclusive mobile-based credit card, to extend its equated monthly instalments (EMI) offering to all OneCard credit card holders.

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With this collaboration OneCard credit card holders will now be able to avail interest-free EMI on their credit card for mid and high-value purchases made at Pine Labs PoS terminals across the country.

Festive season ahead

Commenting on the partnership, Kush Mehra, Chief Business Officer, Pine Labs, said in a statement, “With the festive season in India fast approaching, we are delighted to now expand the scope of our EMI proposition to OneCard customers. This association with FPL will add more shoppers to the thriving interest-free EMI ecosystem we have on Pine Labs PoS terminals and give more customers the option to convert their regular purchases into interest-free EMIs in a matter of seconds.”

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Vibhav Hathi, Co-founder & CMO, OneCard, said, “With this partnership our customers can avail enhanced flexibility while managing their cash flow through the choice of EMI payments. Our partnership just ahead of the festive season will enable customers to enjoy hassle-free shopping through smart, easy and affordable instalments with just a swipe of their card.”

Targeting the tech-savvy

With this partnership, Pine Labs is aiming to target the tech-savvy population serviced by OneCard, while OneCard aims to solve the problem of short-term liquidity without burdening its customers with high interest fees.

The EMI integration is being rolled out at Pine Labs’ merchant partner outlets pan India, whereby all OneCard credit card holders will now be able to avail the EMI offering across more than 2.7 lakh Pine Labs PoS terminals in the country.

Pine Labs is expanding its instalment payment offering to international markets and recently partnered with Atome in Malaysia to enable affordable shopping options for customers in that region.

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