Author: root

Clix HFL ties up with IMGC for Mortgage Guarantee Backed Home Loans, BFSI News, ET BFSI

Personal Finance

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India Mortgage Guarantee Corporation (IMGC), on Tuesday announced its partnership with Clix Housing Finance Limited (Clix HFL). The partnership plans to offer innovative Mortgage Guarantee backed home loan products for salaried and non-salaried customers in the Affordable Housing segment.

Mortgage Guarantee backed home loans will broaden Clix HFL’s coverage of home loan products and customer segments enabling more business while also supporting the flagship mission of Government of India of “Housing for All by 2022”.

“With the rising demand in the affordable housing segment, this strategic partnership would support to fulfill “Early Home Ownership” dreams of the first-time homebuyers and enable Clix to enhance its penetration in the Low & Mid-market segment besides mitigating the credit risk in case of default,” said Gaurav Pawra, CEO, Clix Housing Finance.

The program between IMGC and Clix HF has been designed in a manner to address the needs of a wide range of customers through varied products like ‘Term Extension Product for Salaried Customers’ and Documented Income Product for Self Employed Customers. A regular home loan is typically given till retirement age however with this product, the tenure is extended to additional 10 to 15 years depending upon the borrower profile.

IMGC is providing various surrogate products for self-employed customers like Banking Product, Low LTV Product, Assessed Income Product to cater to the needs of varied customers.

Mahesh Misra, CEO, IMGC said,” We are very pleased to partner and work with Clix in strategically identified segments and are confident that this will be a hugely successful partnership in the months to come. We have a defined execution roadmap with emphasis on driving financial inclusion through this partnership with Clix”.



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Rupee inches 4 paise higher to 73.25 against dollar in early trade

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The Indian rupee appreciated 4 paise to 73.25 against the US dollar in opening trade on Tuesday, tracking a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 73.26 against the dollar, then inched higher to 73.25, up 4 paise over its previous close.

The Fed is fighting the last war on inflation

On Monday, the rupee had settled at 73.29 against the US dollar.

Nifty to top 16,600 on US Fed member’s conciliatory tone

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was down 0.12 per cent at 92.54.

A strong rally in the domestic equity markets and a weak American currency in the overseas markets also supported the rupee sentiment.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the rupee, which has appreciated nearly 100 paise since Friday, has been gaining on bountiful corporate inflows.

“RBI has been present intermittently and equity inflows have also been aiding the rupee after Fed rhetoric on Friday,” he added.

The US Fed chief Jerome Powell’s speech at Jackson Hole Symposium was ‘dovish’ and expressed hope that the Fed will keep supporting the market with low interest rates, traders said.

Global oil benchmark Brent crude futures fell 0.48 per cent to $73.06 per barrel.

On the domestic equity market front, BSE Sensex was trading 87.09 points, or 0.15 per cent higher at 56,976.85, while the broader NSE Nifty advanced 21.55 points, or 0.13 per cent, to 16,952.60.

Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth ₹1,202.81 crore, as per exchange data.

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Depositors of stressed 23 cooperative banks including PMC to get up to Rs 5 lakh back, BFSI News, ET BFSI

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Depositors of stressed banks like Punjab & Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act.

Parliament earlier this month passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing moratorium on the banks.
The amount of Rs 5 lakh would be provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
The government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021.

“In exercise of the powers conferred by sub-section (2) of section 1 of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021 (30 of 2021), the Central Government hereby appoints the 1st day of September, 2021, as the date on which the provisions of the said Act shall come into force,” it said.

Effective date

Consequently, 90 days from the effective date is November 30, 2021 for depositors to get their funds back.

The first 45 days are meant for the bank, which has come under stress, to collect all the details of the accounts where the claims will have to be made. This will then be forwarded to the insurance company, which in real-time will check it all up, and nearer the 90th day, depositors will get the money, Finance Minister Nirmala Sitharaman had said.
The benefit will also accrue to the depositors of 23 cooperative banks which are in financial stress and on which the Reserve Bank of India (RBI) has imposed certain restrictions.

DICGC, a wholly-owned subsidiary of the RBI, provides insurance cover on bank deposits. At present, it takes 8-10 years for the depositors of a stressed bank to get their insured money and other claims.

Cooperative bank failures

Though the RBI and the Centre keep monitoring the health of all banks, there have been numerous recent cases of lenders, especially cooperative banks, being unable to fulfil their obligations towards the depositors due to the imposition of a moratorium by the RBI.

Last year, the government increased the insurance cover on deposits by five times to Rs 5 lakh. The enhanced deposit insurance cover of Rs 5 lakh came into effect from February 4, 2020. Every bank used to pay 10 paise as an insurance premium per Rs 100 of deposit.



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Ami Organics IPO Opens Tomorrow: Should you Subscribe?

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Investment

oi-Roshni Agarwal

|

Ami Organic, a speciality chemicals firm will open its Rs. 570 crore IPO issue on Wednesday (September 1, 2021). In an exclusive interview, the company’s chief managing director said partly the proceeds from the IPO will be used to pay off the debt amounting to Rs. 140 crore.

Ami Organics IPO Opens Tomorrow: Should you Subscribe?

The IPO is a mix of both fresh share issuance as well as an Offer for sale by company’s promoters. The price band for the issuance is Rs. 603-610 per share.

Within a few months time, 3 specialty chemicals company, including the likes of Clean Science and Technology, Tatva Chintan Pharma Chem and Chemplast Sanmar hit the primary market. Nonetheless, Chemplast Sanmar failed to make a strong listing on the exchanges, unlike the two others.

Ami Organics is a R&D focused company engaged in manufacturing of specialty chemicals. The company manufactures varied types of advanced pharmaceutical intermediates and active pharmaceutical ingredients (API) for new chemical entities, and material for agrochemicals and fine chemicals.

Other aspects, the company is working to reduce its dependence on countries from where it is procuring raw material, say for instance from China.

Should you subscribe to Ami Organics IPO?

Ahead of the opening of the IPO issue, the GMP or grey market premium of the stock has soared immensely that as of signals good listing gains for the scrip as and when it hits or debuts on the stock exchanges. As per the markets who track the scrip in unlisted market see the stock trading at a premium of Rs. 60 as on August 30, 2021.

The prime consideration other than the grey market premium is the company has been posting robust financials and its revenue as well as profit has surged between 2019-2021.

Angel Broking views on the IPO of Ami Organics

Yash Gupta, Equity Research Analyst, Angel Broking Ltd, said, “Ami organics deal in different types of Advanced Pharmaceutical Intermediates and Active Pharmaceutical ingredients (API) and materials for agrochemical and fine chemicals. Ami Organics has 3 manufacturing facility with aggregate installed capacity of 6060 Mtpa. The company has developed over 450 pharma intermediates across 17 key therapeutic areas i.e. anti-retroviral, anti-inflammatory, anti-psychotic, anti-cancer, anti-Parkinson, anti-depressant, and anti-coagulant. The company sells its product in India as well as in the international market. Ami organic reported revenue growth of 41% in FY2021 at ₹342 crores and profit after tax growth of 96% in FY2021 at ₹54 crores. We have a neutral outlook for Ami organics IPO.”
This chemical manufacturing firm was born in 2004. The company is well known for holding multiple types of Advanced Pharmaceutical Intermediates and Active Pharmaceutical ingredients (API) in its diversified product portfolio. Apart from this, Ami Organics is known for exporting medicines to various countries like USA, China, Israel, Japan, Latin America, etc.

Story first published: Tuesday, August 31, 2021, 11:12 [IST]



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AU Small Finance Bank Makes Revision On FD Interest Rates: Check Latest Rates Here

Personal Finance

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Investment

oi-Vipul Das

|

AU Small Finance Bank offers fixed deposit schemes with a plethora of benefits such as flexible tenure ranges from 7 days to 120 months, higher interest rates than public and private sector banks, deposit insurance cover up to Rs 5 lakh provided by DICGC, additional interest rates for senior citizens, tax benefits and much more. The bank offers three types of term deposit schemes i.e. Regular Fixed Deposits, 5-Year Tax Saving Fixed Deposits, and Sweep-In Facility to both regular and senior citizens. The bank has recently revised interest rates on domestic & NRE/NRO retail fixed deposits which are in force from 25th August 2021. Check the most recent interest rates on fixed deposits of the bank here.

Interest Rates On Domestic & NRE/NRO Retail Fixed Deposits (for amounts less than INR 2 Crore)

Interest Rates On Domestic & NRE/NRO Retail Fixed Deposits (for amounts less than INR 2 Crore)

Tenure Bucket Interest Rates Interest Rates (Annualized)
7 Days to 1 Month 15 Days 3.50% –
1 Month 16 Days to 3 Months 4.00% –
3 Months 1 Day to 6 Months 4.35% 4.42%
6 Months 1 Day to 12 Months 4.85% 4.94%
12 Months 1 Day to 15 Months 5.85% 5.98%
15 Months 1 Day to 18 Months 5.75% 5.88%
18 Months 1 Day to 24 Months 5.75% 5.88%
24 Months 1 Day to 36 Months 6.00% 6.14%
36 Months 1 Day to 45 Months 5.75% 5.88%
45 Months 1 Day to 60 Months 5.75% 5.88%
60 Months 1 Day to 120 Months 6.00% 6.14%
Source: Bank Website, w.e.f. 25th August 2021

Non-callable rates for Retail Fixed Deposits of Rs >=1 Crore to < 2 Crore

Non-callable rates for Retail Fixed Deposits of Rs >=1 Crore to

Below listed interest rates are not applicable to Non-Resident Indians (NRI).

Tenure Bucket ROI Annualized Rate
12 Months 1 Day – 15 Months 5.95% 6.08%
15 Months 1 Day – 18 Months 5.85% 5.98%
18 Months 1 Day – 24 Months 5.85% 5.98%
24 Months 1 Day – 36 Months 6.10% 6.24%
Source: Bank Website, w.e.f. 25th August 2021

For Senior Citizens (for amounts less than INR 2 Crore)

For Senior Citizens (for amounts less than INR 2 Crore)

The rates shown below are only available to resident Indian Senior Citizen customers who have a banking relationship with AU Small Finance Bank.

Tenure Bucket Interest Rates Interest Rates (Annualized)
7 Days to 1 Month 15 Days 4.00% –
1 Month 16 Days to 3 Months 4.50% –
3 Months 1 Day to 6 Months 4.85% 4.94%
6 Months 1 Day to 12 Months 5.35% 5.46%
12 Months 1 Day to 15 Months 6.35% 6.50%
15 Months 1 Day to 18 Months 6.25% 6.40%
18 Months 1 Day to 24 Months 6.25% 6.40%
24 Months 1 Day to 36 Months 6.50% 6.66%
36 Months 1 Day to 45 Months 6.25% 6.40%
45 Months 1 Day to 60 Months 6.25% 6.40%
60 Months 1 Day to 120 Months 6.50% 6.66%
Source: Bank Website, w.e.f. 25th August 2021

For Domestic & NRE/NRO Retail Monthly Payout Fixed Deposits (for amounts less than INR 2 Crore)

For Domestic & NRE/NRO Retail Monthly Payout Fixed Deposits (for amounts less than INR 2 Crore)

Tenure Bucket Resident / NRE / NRO Interest Rates for Monthly payout p.a.(%) Senior Citizen Interest Rates for Monthly payout p.a.(%)
7 Days to 1 Month 15 Days – –
1 Month 16 Days to 3 Months – –
3 Month 1 Day to 6 Months 4.33% 4.83%
6 Months 1 Day to 12 Months 4.83% 5.33%
12 Months 1 Day to 15 Months 5.82% 6.32%
15 Months 1 Day to 18 Months 5.72% 6.22%
18 Months 1 Day to 24 Months 5.72% 6.22%
24 Months 1 Day to 36 Months 5.97% 6.47%
36 Months 1 Day to 45 Months 5.72% 6.22%
45 Months 1 Day to 60 Months 5.72% 6.22%
60 Months 1 Day to 120 Months 5.97% 6.47%
Source: Bank Website, w.e.f. 25th August 2021

Story first published: Tuesday, August 31, 2021, 10:37 [IST]



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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) 4,19,770.90 3.14 1.95-3.40
     I. Call Money 5,497.86 3.21 1.95-3.40
     II. Triparty Repo 3,19,258.00 3.12 2.96-3.37
     III. Market Repo 93,196.04 3.16 2.00-3.32
     IV. Repo in Corporate Bond 1,819.00 3.39 3.32-3.40
B. Term Segment      
     I. Notice Money** 339.07 3.18 2.40-3.40
     II. Term Money@@ 387.75 – 3.05-3.50
     III. Triparty Repo 2,000.00 3.15 3.15-3.16
     IV. Market Repo 382.32 3.29 3.00-3.43
     V. Repo in Corporate Bond 550.00 3.60 3.42-5.35
  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 Mon, 30/08/2021 1 Tue, 31/08/2021 5,58,539.00 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 Mon, 30/08/2021 1 Tue, 31/08/2021 0.00 4.25
4. On Tap Targeted Long Term Repo Operations€ Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
5. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
6. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -5,58,489.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Fri, 27/08/2021 13 Thu, 09/09/2021 6,574.00 3.75
    (iv) Special Reverse Repoψ Fri, 27/08/2021 13 Thu, 09/09/2021 611.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 27/08/2021 13 Thu, 09/09/2021 3,00,027.00 3.42
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
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
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$       28,295.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,94,624.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*    

-7,53,113.20

  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 30/08/2021 6,19,803.99  
     (ii) Average daily cash reserve requirement for the fortnight ending 10/09/2021 6,28,268.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 30/08/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 13/08/2021 11,32,933.00  
@ 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: 2021-2022/779

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Big B 1st Indian star to roll out NFT collection, BFSI News, ET BFSI

Personal Finance

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Talent management company Rhiti Sports and decentralised NFT exchange platform GuardianLink.io have jointly launched a first-of-its-kind NFT platform in India – BeyondLife.club – which will list celebrities, athletes and brands from across Southeast Asia. NFTs, or non-fungible tokens, transform digital artworks into unique verifiable digital assets that are tradable on the blockchain.

Actor Amitabh Bachchan will be the first Indian celebrity to roll out his NFT collection through BeyondLife.club, Rhiti Group chairman Arun Pandey told ET. The collectibles will represent Bachchan’s work and will mark the opening of the exchange. “I have joined Rhiti Entertainment, Singapore and will be launching NFTs soon on the platform,” the Bollywood superstar said.

The financial details of the collaboration were not disclosed.

“The platform, enabled by GuardianLink, will revolutionise digital storing of creative properties including art, collectibles, collages, and other forms of digital assets for gaming and trading that can be easily accessible by stakeholders,” Keyur Patel, chairman of the decentralized no-code NFT exchange platform, told ET.

He said GuardianLink.io will allow users to upload, mint, publish, price protect and auction to create value for the owner.

BeyondLife.club will allow collectors to buy NFT using Indian currency through digital payments and credit cards, complying with local laws, while allowing overseas buyers to transact using virtual currencies such as Bitcoin or Ethereum.

NFTs are used to represent ownership of digital goods like images, videos, or songs. They are rapidly gaining in popularity among artists, singers and sportspersons.

Last week, Argentine soccer star Lionel Messi launched his own collection of NFT crypto art called Messiverse. Globally, celebrities such as Paris Hilton, musicians Eminem, Grimes, Lindsay Lohan and actor Kate Moss have their own NFT collections.

In March, India-born but Singapore-based blockchain entrepreneur and coder Vignesh Sundaresan revealed that he was the mystery buyer – ‘Metakovan’ – behind the landmark NFT art piece by digital artist Beeple, which was sold for $69.3 million. Till date, Beeple is the most expensive NFT ever sold.

The platform exchange will enable artists and brands to create financial value for their work, manage transactions including receiving payments, transfer of NFTs, settlements and swaps, and is accessible globally for enthusiasts who are early adopters of the NFT wave as well as collectors.

Compared to global artists, Indian ones have only now started participating in NFTs, with the digital asset space so far being limited to crypto millennials and tech savvy audiences, Patel said.

“We are bridging the gap between crypto-savvy users and art collectors by eliminating the complexity of participation in the space.” He said.

The idea of BeyondLife.club and GuardianLink is to create a system that is compliant with regulations, inclusive, and unique to help in long-term value creation. “That’s the model we are presenting,” he said.

Pandey of Rhiti Sports said NFTs are a hot favourite among artists across the world to create financial value for their content.



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Former Reliance Capital CEO Sam Ghosh plans to set up a small finance bank, BFSI News, ET BFSI

Banking & Finance

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Former Reliance Capital CEO Soumen (Sam) Ghosh has applied for a small finance bank license through a recently set up firm called Cosmea Financial Holdings.

The Maharashtra-based firm was incorporated in November last year.

Cosmea aims to involve in activities auxiliary to financial intermediation, except insurance and pension funding. Directors of the company are Soumen Ghosh, Suresh Thiruvananthapuram Viswanathan and Amit Agrawal.

Former Reliance Capital CEO Soumen (Sam) Ghosh along with his wife Caroline Ghosh bought this company from Amit Agarwal and Luv Chaturvedi who had incorporated the company as a part of management buy-out from Reliance Securities.

This company has no linkage with ADAG group at present and is owned by the Ghoshes in individual capacity, Sam Ghosh confirmed the matter.

Cosmea and fintech firm Tally Solutions have applied for a small finance bank licence, the Reserve Bank of India (RBI) announced on Monday.

Cosmea and Tally thus joined VSoft Technologies, Calicut City Service Co-operative Bank, Dvara Kshetriya Gramin Financial Services and Akhil Kumar Gupta in the race to set up small finance banks under the central bank’s on-tap licensing policy.

Gupta, the vice chairman at Bharti Enterprises, applied for the licence in his personal capacity.

In March, the banking regulator formed a five-member standing external advisory committee under former deputy governor Shyamala Gopinath for evaluating the applications.

RBI’s central board director Revathy Iyer, former executive director B Mahapatra, former Canara Bank chairman TN Manoharan, and former State Bank of India managing director Hemant G Contractor are members of the committee.



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Dollar near 2-week low as investors look to US jobs data, BFSI News, ET BFSI

Personal Finance

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TOKYO: The dollar hovered near two-week lows against a basket of currencies on Tuesday with trade seen driven by month-end flows as investors looked ahead to US jobs figures later in the week.

The US currency steadied from falls after Federal Reserve Chair Jerome Powell on Friday offered no signal on when the central bank plans to cut its asset purchases beyond saying it could be “this year.”

“The payroll data will be the next highlight given the focus on the Fed’s taper. A strong reading will boost expectations the Fed will give markets prior notice in September before a formal decision in November,” said Yukio Ishizuki, senior strategist at Daiwa Securities.

Weaker jobs numbers could instead cement a case for later action – a pre-announcement in November with a formal decision in December.

Trade on Tuesday, however, is likely to be driven more by month-end flows from various businesses for their import and export transactions.

In early trade, the euro held firm at $1.1799, near Monday’s three-week high of $1.1810.

The euro zone’s consumer price data due at 0900 GMT is expected to show that inflation in the currency bloc has gathered pace in August.

Sterling fetched $1.3762 while the yen was little changed at 109.98 yen to the dollar.

The dollar index stood at 92.698, near Monday’s two-week low of 92.595.

In Asia, China’s official PMI due around 0200 GMT is being closely watched for clues on the extent of the impact caused by the outbreak of the Delta variant in the country.

The offshore Chinese yuan stood at 6.4648 per dollar , not far from a three-week high of 6.4595 touched on Friday.

The Australian dollar, often seen as a proxy bet on the Chinese economy, stood at $0.7292, having peaked on Friday at $0.7317.

The Canadian dollar fetched C$1.2610, having reached a two-week high on Monday, thanks in part to the Canadian current account surplus widening more than expected due to robust oil prices.

Oil prices strengthened to three-week highs as US Gulf Coast platforms, refineries and pipelines grappled with uncertainty on restart timelines after Hurricane Ida wreaked havoc on the region.

Emerging market currencies also held firm, with the MSCI emerging market currency index hitting a three-week high of 1,733.33 on Monday. It last stood at 1,732.54.

In cryptocurrencies, bitcoin eased to $47,626 while ether held slightly firmer at $3,277.



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BOB mobile app has a 95% bank branch in it, BFSI News, ET BFSI

Banking & Finance

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Bank of Baroda through its BOB World application is offering a host of benefits and services such as Times Prime subscription to people who are stuck at home due to the pandemic.

“Our customers spending more time at home. So we don’t really want to be offering them mixers and grinders. So we thought about what it is that they would like to spend their time on and I would like the time on probably 42 platforms,” Akhil Handa, CDO, Bank of Baroda, said at the ETBFSI Summit.

“So we gave them a range of odd benefits. Without the food tech benefits, in fact, we are offering the Times Prime subscription to customers,” he said.

Under one platform
Bank of Baroda has brought 95% of services that the customer can do in a bank branch under its BOB world application. “This application really brings the world of banking and beyond to the customer. And of course, goes without saying Bank of Baroda satisfies us there is always a Bank of Baroda branch that is working at any given point in time across the board, Handa said.

He said platform banking is the one thing that the bank putting a lot of energy into. “This is what we’ve been working on for the last couple of years of work is one that you see now. And we are rolling out a lot of new propositions across the different product segments, he said.

Platform vertical
Handa said in the organisation, the bank now has three verticals, and one of them is dedicated to platforms. “So when they were talking about globally, some of the banks have designated a chief platform officer, I think we are on the same track as well as ahead of platforms. On the asset side, we also have platforms of deposits and payments, we are no different,” he added.

Stating that the emergence of platform banking is rooted in the whole shift of commerce from physical to electronic and the rise of e-commerce, he said the pandemic has really pushed the e-commerce shift in terms of channel metrics by about 10-15 years in some geographies.



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