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After India, US regulators to mull over crypto risks in 2022, BFSI News, ET BFSI

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San Francisco/New Delhi, The banking regulators in the US have announced a plan to clarify the rules and regulations around how banks can use cryptocurrencies over the next year, at a time when governments the world over, including India, are weighing the risks associated with cryptocurrencies and safeguard investors.

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency said in a statement that they recognise that the emerging crypto-asset sector presents potential opportunities and risks for banking organisations, their customers and the overall financial system.

“As supervised institutions seek to engage in crypto-asset-related activities, it is important that the agencies provide coordinated and timely clarity where appropriate to promote safety and soundness, consumer protection, and compliance with applicable laws and regulations, including anti-money laundering and illicit finance statutes and rules,” the regulators said in a joint statement on Wednesday.

Throughout 2022, the US agencies plan to provide greater clarity on whether certain activities related to crypto-assets conducted by banking organisations are legally permissible, and expectations for safety and soundness, consumer protection, and compliance with existing laws and regulations.

The agencies said that they continue to monitor developments in crypto-assets and may address other issues as the market evolves.

Further, the agencies will continue to engage and collaborate with other relevant authorities, as appropriate, on issues arising from activities involving crypto-assets.

In India, the upcoming Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private cryptocurrencies in India.

It, however, allows for certain exceptions to promote the underlying technology of cryptocurrency and its usage.

With the Indian government seeking to ban all private cryptocurrencies in the Crypto Bill 2021, experts and leading industry players have said that provisions relating to “banning” private cryptocurrencies would have to be looked at very carefully.

Several high-profile meetings have been held to discuss the regulation of cryptocurrencies in recent days. The Parliamentary Standing Committee had also called for the regulation on cryptocurrencies and its ecosystem.

Prime Minister Narendra Modi had earlier said that all democratic countries need to work together on cryptocurrency and ensure that it does not end up in the wrong hands.

Giving an example of the virtual currency, he had said: “Take cryptocurrency or Bitcoin for example. It is important that all nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.”

–IANS

na/dpb



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India to consider allowing crypto trading for some investors, BFSI News, ET BFSI

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India is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors, according to people familiar with the matter.

The discussions come as authorities race to finalize a bill Prime Minister Narendra Modi’s government wants to present to parliament in the session starting Nov. 29. The legislation may stipulate a minimum amount for investments in digital currencies, while banning their use as legal tender, the people said, asking not to be identified as no final decision has been taken.

Policy makers left themselves some wiggle room when they posted a description of the bill on parliament’s website late Tuesday, by saying the bill seeks to prohibit all private cryptocurrencies except “certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

The uncertainty triggered a sell-off on Wednesday in cryptocurrencies including Shiba Inu and Dogecoin, which were at one point down more than 20 per cent in trading on the WazirX platform, one of India’s leading cryptocurrency exchanges. They were far less affected on trading platforms such as Binance or Kraken.

A spokesman for the finance ministry couldn’t be immediately reached for a comment.

The Reserve Bank of India wants a complete ban on digital currencies as the central bank feels it could affect the nation’s macroeconomic and financial stability. While the government is considering taxing gains from cryptocurrency in the next budget, Governor Shaktikanta Das last week said the country needs much deeper discussions on the issue.

The Prime Minister’s Office is actively looking at the issue, and once the contents of the bill are finalized it would be taken to the Cabinet for its approval, the people said.

Earlier this month, Modi held a meeting on cryptocurrencies, after which officials said India wont let unregulated crypto markets become avenues for money laundering and terror financing. Later, in a speech last week, he urged democratic nations to cooperate in regulating private virtual currencies failing which they could land up in the “wrong hands”.



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Cryptocurrency: Indian Govt Should Create Framework For Exchanges And Investors

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Personal Finance

oi-Sunil Fernandes

By Hitesh Malviya

|

The USA has one of the best policies in place for usage, and trading or cryptocurrency. Cryptocurrency exchanges are regulated in the same way as conventional AML/CFT facilitators, financial firms, and capital transmitters in the United States, and are subject to the same rules, including those outlined in the Bank Secrecy Act amendments of 2021.

There are a lot of uncertainties around because we see different reports almost everyday. It’s an environment of FUD, we need to wait and watch when the cryptocurrency regulation bill goes on the table in the upcoming winter session.

The Indian government should create a regulatory framework for both exchanges, and investors who are dealing in cryptocurrency-based trading, and services. A well-defined regulation will also accelerate the growth of the cryptocurrency and blockchain ecosystem in India, more foreign investment will get attracted after such implementation of policies. For investors, the government should work on creating awareness about the usage, and risk of cryptocurrency by leveraging media and communication. Government should also be working towards investor protection by creating cybercrime laws, and resources to deal with cryptocurrency-based scams.

The Blanket ban on cryptocurrencies would be the worst-case scenario, I doubt it won’t happen. But if it happens then the one possible reason could be the launch of CBDC. China implemented a blanket ban on cryptocurrency trading and mining to create a safe passage for the adoption of their CDBC. India may follow the same route. Chances are low though.

Nothing will happen to the cryptocurrency market, because it’s a global market, and investors would have plenty of options available to move their crypto assets and trade on decentralized and international exchanges. It’s hard to stop the crypto movement now, no government can stop it. It will grow more even if a ban comes into place.

Cryptocurrency: Indian Govt Should Create Framework For Exchanges And Investors

(Hitesh Malviya, the author of the article is founder of itsblockchain.com, India’s First & Oldest Blockchain Cryptocurrency Publication. The comments are that of the author and do not reflect the opinion of Greynium Information Technologies Pvt Ltd).

Story first published: Friday, November 26, 2021, 8:30 [IST]



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Banning cryptocurrencies could lead to more unlawful usage, says BACC, BFSI News, ET BFSI

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A blanket ban on cryptocurrencies will encourage usage by non-state players, which will further increase unlawful usage, said Blockchain and Crypto Assets Council (BACC), part of the Internet and Mobile Association of India (IAMAI), in a statement on Thursday.

This statement comes days after the government listed the Cryptocurrency Bill in the Parliament for introduction. The Bill urges ban on all private cryptocurrencies, with some exceptions.

There would be several negative outcomes of a ban such as zero accountability and traceability of the origin and end usage of the cryptocurrencies; besides a complete evasion of taxes, IAMAI said.

A ban will also adversely impact retail investors, it added.

BACC has always been in favour of prohibiting the usage of private cryptocurrencies as a currency in India by law since usage as currency is likely to interfere with monetary policy and fiscal controls, it said. However, BACC has also advocated their use only as an asset.

The Council believes that ‘smartly regulated crypto assets business’ will protect investors, help monitor Indian buyers and sellers, lead to better taxation of the industry, and limit illegal usage of cryptos.

The Blockchain and Crypto Assets Council (BACC) represents crypto exchanges based in India and includes companies like CoinDCX, WazirX, and Coinswitch Kuber.

The Council believes that the efforts of the exchanges should be supported by law, which should enable them to provide safer services to investors and fair taxes to the government.



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DBS says banking services back to normal after two-day outage, BFSI News, ET BFSI

Banking & Finance

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SINGAPORE, – Singapore’s DBS Group said its online banking services had been fully restored after suffering disruptions for about two days in its biggest outage since 2010, prompting the central bank to consider taking supervisory action.

In a Facebook post late on Thursday, Southeast Asia’s biggest lender said customer logins and transaction activities have returned to normal pre-disruption levels since Thursday morning.

The bank’s services, including its payment app, were disrupted on Tuesday and Wednesday DBS said its systems remain secure and were not a target of a cyber-attack.

“We will continue to monitor and review the events of this week and are taking steps to prevent future recurrences,” the bank said.

The disruption drew the ire of thousands of customers just hours after the bank, Singapore’s largest, announced a fix after the first day of the outage on Tuesday. (Reporting by Anshuman Daga; Editing by Muralikumar Anantharaman)

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Union Bank of India extends chief risk officer’s tenure by 3 months, BFSI News, ET BFSI

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New Delhi, Union Bank of India on Thursday said it has extended the tenure of its chief risk officer B S Venkatesha by three months from mid December. The decision was taken in a meeting of the board of directors, it said.

“The board of directors, at its meeting held on November 25, 2021, approved the extension of tenure of B S Venkatesha, General Manager and Chief Risk Officer of the bank for a further period of three months with effect from December 18, 2021,” Union Bank of India said in a regulatory filing.

Stock of the bank closed at Rs 45.80 apiece on BSE, down 1.29 per cent over previous close.

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Yes Bank partners Amazon Pay for UPI, chooses AWS for payment processing, BFSI News, ET BFSI

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Mumbai: Yes Bank has partnered with Amazon Pay and AWS to offer UPI payment to users. In FY21, Yes Bank recorded a market share of around 40% by volume in the UPI ecosystem and around 30% by volume in the UPI merchant acquiring business thanks to the integration with PhonePe.

The integration with Amazon Pay will enable the US e-commerce giant, which is a late entrant into the payment space, to issue UPI IDs with the @yapl handle. The tie-up will further expand Yes Bank’s presence in UPI with its payment processing platform hosted on AWS.

Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through the Amazon Pay platform, adding to its existing merchant network.

The private lender said it has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods like festivals or annual sales.

“With this collaboration, we will be able to offer our customers more control, flexibility and choice for a vast range of purchases and peer-to-peer transactions — through UPI-based payments,” said Prashant Kumar, MD & CEO, Yes Bank.

According to Mahendra Nerurkar, CEO and VP, Amazon Pay, the company plans to expand its digital payment network by making it more rewarding for customers. “UPI is one of the most convenient and popular ways to pay in India. With a cloud-native architecture we hope to keep raising the bar on availability, speed and customer experience using UPI through the Amazon app,” said Nerurkar.



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‘Public’s money in PMC, had impact on economy’, BFSI News, ET BFSI

Banking & Finance

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The special PMLA court recently said no evidence was required to hold that Punjab and Maharashtra Co-op Bank’s (PMC) money was of the public and that it had a direct impact on the nation’s economy.

“There is abundant material to hold that the applicant and his father connived with Waryam Singh (former chairman of PMC), raised huge loans in utter disregard to Reserve Bank of India (RBI) norms. In this way, proceeds of crime is generated, same was layered through bogus companies and ultimately offence of money laundering was committed by applicant (Sarang Wadhwan) and his father, HDIL promoter, Rakesh,” the court said.

Rakesh is also in jail in the case.

Sarang (48) was arrested in October 2019. His earlier attempts for bail were rejected by the court.

“There is absolutely no exceptional strong prima facie case nor change in circumstance for granting bail in this economic offence, wherein huge public money Rs 6117.93 crore had been laundered,” the court reasoned.

Special public prosecutor for Enforcement Directorate, Kavita Patil, had opposed Wadhawan’s plea for bail. In a 26-page order, the court said the defence arguments that since two years, the father and son are in jail without a trial, can neither be capitalized nor can be a grounds for granting bail. The court said restrictions due to Covid-19 were inevitable and no one could be blamed.

It said it was crystal clear that since the rejection of the first bail order in July 2020 until filing of the present plea, time was consumed in dealing with additional bail and other applications. “At the cost of repetition it has to be noted that it is the applicant (Sarang Wadhawan) and his father who are responsible for the same,” the court said.

It held that granting bail in economic offences of this nature would be against the larger interest of public.



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Cleaning up legacy book top priority; aim to grow gold loans, says Murali Ramakrishnan, MD & CEO, South Indian Bank

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Secondly, we made an additional provision of Rs 160 crore. We needed to clean up the legacy portfolio.

South Indian Bank (SIB) is on the path of recovery despite reporting a net loss of Rs 187.06 crore for Q2, says Murali Ramakrishnan, MD & CEO. He tells Rajesh Ravi in an interview that cleaning up the legacy book is the top priority and the book size may go down for a while before bouncing back. Excerpts.

SIB has reported a loss in Q2, compared to a net profit of Rs 65 crore in the year-ago period. How do you review the quarter?

The loss is basically due to two reasons. One, change in accounting due to the RBI direction. Other income came down this quarter, with the depreciation of investment now being shown in other income. Recovery in written-off accounts is now shown in provisions and contingencies instead of other income, and these also led to reduction in other income. Secondly, we made an additional provision of Rs 160 crore. We needed to clean up the legacy portfolio.

What is the outlook for the current quarter and guidance for the fiscal?

I am sticking to my stand that it will be as bad as last year. The total slippages I am expecting for the fiscal is Rs 2,300-2,500 crore. We had slippage of Rs 879 crore in Q1 and Rs 531 crore in Q2. The good news is we have done a good recovery and upgrade in the first half stood at around Rs 600 crore. In the second half, I am expecting recovery of Rs 600-900 crore.

Do you see the total book size coming down this fiscal?

We have done a complete rearrangement and revamping of doing things. And we have seen traction in various businesses since July. We are creating a better bank with a good book. The incremental portfolio is of higher quality. I am addressing the legacy issue and recovering more. My total asset book was Rs 58,309 crore as of September 30, 2021, which came down YoY from Rs 65,349 crore. My book size will depend on the incremental growth of new loans and slippages from my legacy book. From April to October, we lent close to Rs 10,000 crore.

Do you see further growth in the gold loan portfolio?

We did 11% year-on-year growth in gold and I believe we can do more with the revamped structure. My total asset book is Rs 58,309 crore, of which total gold in Q2 was Rs 9,737 crore, compared to Rs 8,500 crore in the year-ago period. Gold loan is 16.7% of the total book, compared to 13% in Q2FY21. I am aspiring it to be 20-25% of the total loan book. There is hardly any NPA in gold for us. We have tied up with a fintech for co-lending and have appointed dedicated officers for the portfolio. The average LTV of the portfolio is 71%.

Are you looking at branch expansion?

The priority is to make branches more productive and accountable. The future of banking is digital and we are looking at consolidating branches. We will open branches in places where we don’t have much presence.

How is the response to the credit card? Any more collaboration with fintech?

We have given 5,000 cards in tie up with FPL. Traction is happening in cards. We are looking at tie-ups with fintech for gold and retail loans.

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Reserve Bank of India – Tenders

Tenders

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Nov 26, 2021 Corrigendum – RFP for Engagement of IRDAI licensed Insurance Companies operating in India to manage the OPD (Annual Health Checkup) Programme for employees and their spouses of Reserve Bank of India, Mumbai Nov 28, 2021 165 kb Nov 26, 2021 Supply, Installation, Testing and Commissioning (SITC) of 64 Nos. Sealed Maintenance Free (SMF), valve regulated Lead acid batteries (12V, 65 AH) having Fire Retardant Casing at bank’s Office Building at WTC, Cuffe Parade, Mumbai Jan 06, 2022 PDF document 750 kb Nov 26, 2021 Conducting Electrical Safety Audit of Bank’s Office Building and Bank’s Staff Quarters (Avantika) at Bhopal Dec 27, 2021 PDF document 630 kb Nov 26, 2021 Replacement of Flooring of First floor Corridor, Main Office Building, Reserve Bank of India, Thiruvananthapuram Dec 10, 2021 PDF document 752 kb Nov 25, 2021 Minutes of Pre-bid Meeting – Service contract for Maintenance, Housekeeping and Catering arrangements at (Reserve Bank of India) Visiting Officers’ Flat (VOF), Transit Holiday Home (THH) and Medical Flats situated at Bhubaneswar Dec 06, 2021 PDF document 176 kb Nov 25, 2021 Corrigendum – Renovation of Civil & Electrical Works in RBI Ranchi Office Located at Zila Parishad Bhavan Dec 09, 2021 PDF document 171 kb Nov 25, 2021 FIRESPOT ® Self activating Automatic Fire Suppression System for Panel Protection with automatic heat/flame detecting polymer tube and UL Listed Clean Agent System certified by National Test House, Dept of Consumer Affairs, Govt. of India at Bank’s office RBI Chandigarh Dec 23, 2021 PDF document 782 kb Nov 24, 2021 Extension of Time – Design, Supply, Installation, Testing and Commissioning of Contraband Trace Detection System with all Accessories for Bank’s Central Office Building, Fort, Mumbai Dec 03, 2021 PDF document 159 kb Nov 23, 2021 Corrigendum – Operation and Routine Maintenance of Central Air Conditioning (HVAC) Plant, Installed at Main Office Building, RBI Chandigarh Dec 15, 2021 PDF document 111 kb Nov 23, 2021 Design, Supply, Installation, Testing, Commissioning of Thermal Camera System for Bank’s Offices at Fort, Byculla and BKC in Mumbai Jan 03, 2022 PDF document 831 kb Nov 22, 2021 Minutes of Pre-bid Meeting – Design, fabrication and installation of “Storage Compactor Units” on different floors of Bank’s Main Office Building, Fort, Mumbai Dec 02, 2021 PDF document 161 kb Nov 22, 2021 Design, Supply, Installation, Testing and Commissioning of Roof Top Grid Interactive SPV based Solar Power Systems (Mono PERC) with Solar Optimizer or Micro-inverter in the Bank’s residential colony at Hauz Khas, New Delhi Dec 23, 2021 PDF document 1182 kb Nov 22, 2021 Corrigendum – Supply, Fabrication and Installation of Mobile Storage Unit Compactors in Bank’s Office Building at Jaipur Dec 06, 2021 PDF document 144 kb Nov 19, 2021 Supply, Installation, Testing and Commissioning of Cooling Towers at Bank’s Main Office Building, Nagpur Dec 16, 2021 PDF document 1072 kb Nov 18, 2021 Supply, installation, testing and commissioning of one X-Ray baggage scanner system in Bank Premises, RBI, Chandigarh Dec 16, 2021 PDF document 832 kb Nov 17, 2021 Operation and Routine Maintenance of Central Air Conditioning (HVAC) Plant, Installed at Main Office Building, RBI Chandigarh Dec 15, 2021 PDF document 483 kb Nov 17, 2021 Supply of 5 No. IPCCTV Cameras including Lifetime Camera License for existing IPCCTV System at RBI Jammu Dec 02, 2021 PDF document 443 kb Nov 16, 2021 Electrical Safety Audit in Main office buildings of Reserve Bank of India, New Delhi Dec 08, 2021 PDF document 604 kb Nov 12, 2021 Printing and Supply of RBI Publications 2022, Mumbai Dec 03, 2021 PDF document 627 kb Nov 09, 2021 Printing and Supply of Bank’s House Journal “Without Reserve” by HRMD, RBI, Central Office, Mumbai for the calendar year 2022 Dec 02, 2021 PDF document 254 kb Nov 07, 2021 Empanelment of Suppliers for Issue Department stores, Guwahati Nov 29, 2021 PDF document 675 kb Nov 04, 2021 Service contract for Maintenance, Housekeeping and Catering arrangements at (Reserve Bank of India) Visiting Officers’ Flat (VOF), Transit Holiday Home (THH) and Medical Flats situated at Bhubaneswar Dec 06, 2021 PDF document 721 kb Nov 03, 2021 Empanelment of Suppliers for Supply of Archival Preservative materials (Archival Stationery), Pune Dec 01, 2021 PDF document 279 kb Oct 29, 2021 Annual Maintenance Contract for day-to-day operation and maintenance of Substation & various electrical installations at Main Office Building, Reserve Bank of India, Guwahati Nov 29, 2021 PDF document 1352 kb Oct 29, 2021 Supply, Installation, Testing and Commissioning of full height single lane turnstile gate at VIP Entry Bank’s Main Office Building, Mumbai Dec 13, 2021 PDF document 807 kb Oct 22, 2021 Design, fabrication and installation of “Storage Compactor Units” on different floors of Bank’s Main Office Building, Fort, Mumbai Dec 02, 2021 PDF document 1926 kb

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