Depositors of the Madgaum Urban Co-operative Bank Ltd, Margao, which has been placed under liquidation, have been asked to submit their claims against the bank, if any, within two months.
A public notice to that effect has been issued under provisions contained in the Goa Cooperative Societies Rules 2003 by the liquidator appointed for the bank.
The claims for submission have to be duly filled in the ‘Depositor’s Claim’ forms at the respective branch of the bank, as per the notice.
“The claims received shall be investigated and decided on the basis of the account books of the said bank and as per Deposit Insurance and Credit Guarantee Corporation (DICGC) general terms and conditions,” the notice reads.
Also, through the same notice, all locker holders have been asked to arrange for the surrender of lockers and to take custody of their valuables on or before September 30.
The bank’s licence was cancelled by the Reserve Bank of India by an order dated July 27 following which it stopped functioning with effect from the close of business on July 29.
Bank credit grew at a slower pace of 6 per cent in June compared to 6.4 per cent in the year-ago period mainly due poor offtake in metros, RBI data showed on Tuesday. Year-on-year growth in credit by private sector banks at 10.1 per cent was much higher than that for public sector lenders at 3.1 per cent, as per the data.
“Bank credit recorded 6.0 per cent growth (y-o-y) in June 2021 (6.4 per cent growth a year ago): bank branches in urban, semi-urban and rural centres recorded double-digit credit growth but it moderated for metropolitan branches to 2.7 per cent (5.1 per cent a year ago),” according to the RBI’s ‘Quarterly statistics on deposits and credit of SCBs: June 2021’.
The aggregate deposits growth (y-o-y) stood at 10 per cent in June 2021 compared to 11.5 per cent a year ago.
In this case too, deposit accretion in private sector banks grew at a faster pace vis-a-vis their public sector counterparts.
RBI also said the share of current account and savings account (CASA) deposits in total deposits increased further to 43.8 per cent in June 2021 as against 42 per cent in the year-ago period.
Also, as deposit growth outpaced credit growth, the all-India credit-deposit (C-D) ratio moderated to 70.5 per cent in June 2021. The C-D ratio declined for all bank groups, except for regional rural banks.
Resident Indian individuals invested in overseas assets for a record sum since the central bank opened up the avenue through the Liberalised Remittance Scheme (LRS).
Indians have invested $1.53 billion in debt, equities and bank deposits through the LRS since the pandemic-induced lockdown in March 2020, the highest since 2004-05 when the window was introduced, data on outward remittances released by the central bank showed.
Investment advisors say this trend could accelerate with brokerages such as ICICI Direct and HDFC Securities facilitating direct investments, and mutual funds offering schemes that buy overseas stocks such as Facebook, Alphabet (Google) or Amazon.
“A combination of factors triggered interest among resident Indians to invest in global securities during the pandemic,” said Vijay Chandok, managing director at ICICI Securities. “While diversification of assets prompted them to look overseas, the growth story of new-age companies too was a draw-card. Moreover, investors drew comfort from the familiarity of investing into companies whose platforms they have been using or reading about – like Google, Facebook or Amazon.”
Under the LRS, all resident individuals, including minors, are allowed to freely remit up to $ 250,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both. These include capital account transactions such as investment in debt/equity instruments, deposits and purchase of properties. The permitted remittances also include most current account transactions like expenses on travel, studies, maintenance of relatives, gifts and donations.
“A lot of Indian brokers have started to offer the easy facility of investing abroad through tie-ups. The new class of investors post the pandemic beginning has seen the way tech stocks abroad (mainly US- Nasdaq) have performed and want to participate in that up-move,” said Deepak Jasani, head of retail research – HDFC Securities.
As global economic activity started picking up, so have the investments in equities and debt securities. They more than doubled to $171 million during April-June’21 compared to $84 million in the same period a year ago. Also, investments in deposits rose sharply during the period.
Financial players have launched technology initiatives to take outward remittance services to the country’s micro-markets. Emkay Global Financial Services recently tied up with Stockal – a global investment platform – to help its clients invest in US-listed stocks and securities.
“Diversification is critical as it reduces risk and helps optimise the gains,” said Ashish Ranawade, Head of Products, Emkay Wealth Management. “The US markets, through equities and exchange-traded funds, offer one of the most interesting avenues to diversify.”
Punjab National Bank on Tuesday said it has waived all service charges and processing fee on retail products as part of its festival season offering. Punjab National Bank (PNB) has launched a festival bonanza offer to enhance the availability and affordability of credit to customers, it said in a release.
PNB now offers an attractive interest rate starting from 6.80 per cent on home loans and 7.15 per cent on car loans, it said.
In the festive offer, the bank will waive all service charges/processing fees and documentation charges on its retail products like home loans, vehicle loans, myProperty loans, personal loans, pension loans and gold loans, PNB said.
Besides, PNB is offering personal loans starting from 8.95 per cent, which is one of the lowest in the industry, it added.
It also announced offering home loan top-up at an attractive rate of interest. PNB said customers can avail these offers till December 31, 2021.
The Delhi-headquartered lender said it is confident of seeing an encouraging revival in overall consumer spending, which will help boost its credit portfolio.
Africa Finance Corporation (AFC), the leading infrastructure solutions provider on the continent, has received a US$100 million credit line from the Export-Import Bank of India (India Exim Bank) to develop critical infrastructure required for the revival of Africa’s economies in the wake of the Covid-19 pandemic.
Proceeds from the 10-year loan will support AFC’s continued mission to bridge Africa’s infrastructure gap and drive the sustainable economic growth urgently required on the continent. India Exim Bank, the sovereign export credit agency of India, has actively sought opportunities to co-finance projects in Africa through credit lines to support infrastructure development. Africa Finance Corporation draws capital from a diverse range of international investors and lenders as part of its strategy to maintain Africa’s second highest investment grade credit ratings.
“As part of our mandate, India Exim Bank continues to foster a network of alliances and institutional linkages with multilateral agencies like Africa Finance Corporation, who have a strong credit profile and are at the forefront of changing the development landscape in Africa,” said Harsha Bangari, Deputy Managing Director of India Exim Bank. “We look forward to broadening the relationship between our institutions for the economic benefit of Africa.”
India Exim Bank provides credit lines to national governments, regional financial institutions, commercial banks and other overseas entities as part of its strategy to develop global partnerships.
AFC’s President and CEO Samaila Zubairu said, “The Covid-19 pandemic has set back Africa’s growth trajectory and compounded its development challenges. We at AFC, continue to execute our mandate to address Africa’s infrastructure needs, working with leading development partners such as India Exim Bank. These strategic partnerships help mobilise the urgently needed capital to rebuild Africa post-pandemic, with more resilient and sustainable infrastructure across key sectors including renewable energy, transportation and telecommunications.”
Africa Finance Corporation recently received a boost to its credit ratings outlook from Moody’s Investors Service, which assigned its A3 rating a “stable” outlook. The Corporation’s unique access to global capital markets drives development, integrates Africa’s economies, and transforms lives on the continent.
Bob van Dijk, group CEO at Prosus, said the regulatory clearances for the deal should be in place by February 2022. (Representative image)
Prosus, a global consumer internet group and one of the largest technology investors in the world, is acquiring local digital payments provider BillDesk in a $4.7-billion deal, one of the largest in the digital payments space.
Through this acquisition, Prosus plans to scale up it payments and fintech business PayU, which operates in more than 20 markets globally, as one of the leading online payment providers globally by total payment volume (TPV), aggregating $147 billion.
The deal, subject to the approval of the Competition Commission of India (CCI), will bring Prosus’s cumulative investment in Indian tech to over $10 billion, the company said in a statement on Tuesday.
The development comes amid rapid adoption of fintech services by Indian consumers. The Reserve Bank of India (RBI) expects more than 200 million new users to adopt digital payments over the next three years with the average annual transactions per capita rising tenfold from 22 to 220. In fact, India and China accounted for the highest fintech adoption rate in the world’s emerging markets, according to a joint report published by EY and IVCA earlier this year. India stood at an 87% adoption rate compared with the 64% global average as of March 2020.
Founded in 2000, BillDesk’s TPV stood at over $90 billion in FY21, the firm’s website showed. PayU India and BillDesk that run complementary businesses within India’s digital payment industry jointly expect to handle 4 billion transactions annually, four times that of PayU’s current level in the country.
“The ecosystem we are building through the acquisition of BillDesk provides the scale and growth opportunities to position PayU at the forefront of digital payments in India. The combination will allow us to gain scale, build market leadership across all payment verticals and establish a strong presence in the payment value chain serving merchants across all segments,” said Anirban Mukherjee, CEO at PayU India.
The deal marks PayU’s fourth fintech acquisition in India in less than five years, after CitrusPay, Paysense and Wibmo. “Together, PayU India and BillDesk will be able to meet the changing payments needs of digital consumers, merchants and government enterprises in India and offer state-of-the-art technology to even more of the excluded sections of society,” the companies said.
Bob van Dijk, group CEO at Prosus, said the regulatory clearances for the deal should be in place by February 2022.
The Indian fintech market is expected to grow at a CAGR of 22.7% during 2020-25, analysts said. Local fintech firms attracted some $2 billion in funding in the first half of the calendar year alone, almost nearing the total investments the space garnered in the whole of 2020, analysts at KPMG said in a recent study.
One of the largest technology investors in the world, Prosus has backed a slew of Indian internet firms, including Swiggy, Byju’s, Meesho and Urban Company.
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.
Today, the Reserve Bank released its quarterly house price index (HPI)1 (base: 2010-11=100) for Q1:2021-22, based on transaction-level data received from housing registration authorities in ten major cities (viz., Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai). Time series data on all-India and city-wise HPIs are available at the Bank’s Database of Indian Economy (DBIE) portal (https://dbie.rbi.org.in/DBIE/dbie.rbi?site=statistics > Real Sector > Price & Wages > Quarterly).
Highlights:
All-India HPI recorded 2.0 per cent annual growth (y-o-y) in Q1:2021-22 as compared with 2.7 per cent growth in the previous quarter and 2.8 per cent a year ago; HPI growth varied widely across the cities- it ranged from an expansion of 8.8 per cent (Ahmedabad) to a contraction of (-) 5.1 per cent (Chennai).
On a sequential (q-o-q) basis, the all-India HPI registered a 0.5 per cent growth in Q1:2021-22; Mumbai, Delhi, Chennai, Kanpur and Lucknow recorded a sequential decline in HPI, whereas it increased in other five cities.
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.
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.
Financial Express is now on Telegram.