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IFC’s investment in Federal Bank to promote green recovery, improve access to finance for SMBs, BFSI News, ET BFSI

Banking & Finance

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IFC and two investment funds managed by IFC Asset Management Company, IFC Financial Institutions Growth Fund, LP, and IFC Emerging Asia Fund, LP have made an equity investment for a 4.99 percent stake in Federal Bank Limited.

The $126 million (₹916 crores) equity investment is expected to increase financing for climate-friendly projects as well as more financing for small businesses to help accelerate India’s economic recovery from COVID-19.

The investment is expected to support FBL’s commitment to environmental, social, and governance standards with increased green portfolio financing for projects including energy efficiency, renewable energy, climate-smart agriculture, green buildings, and waste management.

The investment also aims to strengthen its Tier 1 capital adequacy ratio (CAR) and expanding its micro, small, and medium-sized enterprises (MSME) and climate finance portfolios – key for growth opportunities as the country recover from the pandemic.

Shyam Srinivasan, MD & CEO of Federal Bank said, “After the Bank’s board approved the issuance of shares to the IFC group to an extent of 4.99 percent of the bank’s paid-up capital, IFC has become a significant shareholder of the bank. The addition of this marquee name to the list of our prominent shareholders reinforces the trust and confidence reposed by the IFC group in the bank and its management. The infusion of quality capital further strengthens Tier 1 and overall CAR of the bank.”

IFC will also consult with the bank on developing a new Environmental and Social Management System (ESMS) that will be applied to its entire portfolio. IFC will also implement an E&S technical advisory program.

Roshika Singh, Acting Country Manager for IFC in India, said, “This move is in line with IFC’s strategy to support green growth by spurring investments to build back better and greener, seizing the opportunities to help India meet its climate goals and build a greener, resilient future.”

Additionally, India’s MSMEs have faced increasing difficulty gaining access to the financing they need. Around 63 million MSMEs typically contribute nearly 30 percent to GDP, but about 11 million MSMEs remain fully or partially excluded from India’s formal financial system with an estimated financing gap of around $400 billion. The COVID-19 pandemic has further hampered the availability of funding for MSMEs.

India ranks third globally in terms of greenhouse gas (GHG) emissions, with the country needing substantial investments to meet its goals under the Paris Agreement to reduce GHG emissions by 2030. IFC estimates a total climate-smart investment opportunity of $3 trillion in India by the year 2030.



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Top 10 Banks Promising Best Returns On FDs For Senior Citizens In 2021

Personal Finance

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Investment

oi-Vipul Das

|

In the current low-interest-rate scenario where interest rates on fixed deposits of banks are at an all-time low of around 5.5 per cent, investors especially senior citizens are hunting for other instruments under the debt category. When it comes to secure investments for senior citizens there is a range of instruments such as Senior Citizen Saving Scheme (SCSS), Pradhan Mantri Vaya Vandana Yojana (PMVVY), Post Office Monthly Income Scheme (POMIS), or Floating Rate Savings Bonds.

These instruments have a long maturity period which purely implies that senior citizens having long-term financial goals can step out to invest in. However, for varying investment goals investing in fixed deposits is always preferred to senior citizens as they have a maturity period ranging from 7 days to 10 years. So, keeping the guaranteed returns, flexible tenure, and deposit cover up to Rs 5 lakhs by DICGC in mind, here we have compiled the top 10 banks that are currently promising the best interest rates on fixed deposits (below Rs 2 Cr) for senior citizens.

Top 10 Small Finance Banks Promising Higher Returns On FDs For Senior Citizens

Top 10 Small Finance Banks Promising Higher Returns On FDs For Senior Citizens

According to recent changes made under DICGC Act, depositors can claim the amount deposited in a bank within 90 days of the moratorium. Keeping this factor in mind here we have compiled the top 10 small finance banks that are currently offering higher returns on fixed deposits to senior citizens.

Sr No. Banks Interest Rate Tenure W.e.f.
1 North East Small Finance Bank 7.50% 777 days April 19, 2021
2 Ujjivan Small Finance Bank 7.25% 2 years to 5 years March 5, 2021
3 Jana Small Finance Bank 7.25% 3 years to 5 years 07.05.2021
4 Utkarsh Small Finance Bank 7.25% 700 Days July 1, 2021
5 Fincare Small Finance Bank 7.25% 59 months 1 day – 66 months July 29, 2021
6 ESAF Small Finance Bank 7.00% 365 days & 366 days 02.05.2021
7 Equitas Small Finance Bank 7.00% 5 years 1 day to 10 years June 1, 2021
8 Suryoday Small Finance Bank 6.75% Above 3 Years to less than 5 Years June 21, 2021
9 Capital Small Finance Bank 6.75% 900 Days June 3, 2021
10 AU Small Finance Bank 6.75% 60 Months 1 Day to 120 Months June 23, 2021
Source: Bank Websites

Top 10 Private Banks Offering Higher Returns On FDs For Senior Citizens

Top 10 Private Banks Offering Higher Returns On FDs For Senior Citizens

Here are the most recent interest rates on fixed deposits provided to senior citizens by the top 10 leading private sector banks of India.

Sr No. Banks Interest Rate Tenure W.e.f.
1 Yes Bank 7.25% 5 years to less than equal to 10 years June 3, 2021
2 RBL Bank 7.00% 60 months to 60 months 1 day July 2, 2021
3 DCB Bank 7.00% 36 months to More than 60 months to 120 months May 15, 2021
4 IndusInd Bank 6.50% 1 Year to below 1 Year 6 Months to Above 3 years upto 61 months July 23, 2021
5 IDFC First Bank 6.50% 3 years 1 day – 5 years May 1, 2021
6 Axis Bank 6.50% 5 years to 10 years 22.06.2021
7 ICICI Bank 6.30% 5 years 1 day to 10 years October 21, 2020
8 HDFC Bank 6.25% 5 years 1 day – 10 years May 21, 2021
9 Bandhan Bank 6.25% 1 year to 18 months to less than 3 years June 7, 2021
10 Kotak Mahindra Bank 5.75% 5 years and above upto and inclusive of 10 years July 23, 2021
Source: Bank Websites

Top 10 Public Sector Banks Providing Higher Returns On FDs For Senior Citizens

Top 10 Public Sector Banks Providing Higher Returns On FDs For Senior Citizens

For deposits of less than Rs 2 Cr here are the top 10 government banks offering the best interest rates on fixed deposits for senior citizens.

Sr No. Banks Interest Rate Tenure W.e.f.
1 Bank of Baroda 6.25% 5 years to 10 years 16 November 2020
2 State Bank of India 6.20% 5 years and up to 10 years 08.01.2021
3 Union Bank of India 6.10% 5 years to 10 years 09.07.2021
4 Canara Bank 6.00% 3 years to 10 years 08.02.2021
5 Punjab & Sind Bank 5.80% 3 years to 10 years 16.05.2021
6 Punjab National Bank 5.75% 3 years to 10 years 01.05.2021
7 Indian Bank 5.75% 3 years to 5 years 05.02.2021
8 IDBI Bank 5.80% 3 years to 5 years July 14, 2021
9 Indian Overseas Bank 5.70% 444 days to 3 years and above 09.11.2020
10 Central Bank of India 5.50% 5 years to 10 years 10.07.2021
Source: Bank Websites



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FamPay ties up with Visa to roll out doodle cards for GenZ, BFSI News, ET BFSI

Personal Finance

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FamPay has launched India’s first Visa Prepaid Card for teenagers with personalized doodles on it. The card will allow teens to make NFC-enabled contactless payments on the Visa network in India. The card will be available in two different designs – the FamCard and FamCard Me.

With FamPay, teens can make online and offline payments using the FamCard and the FamPay App. FamPay crossed 2 million registered users within 8 months of its launch and recently raised a Series A funding of $38 Million with Elevation Capital and Sequoia Capital as lead investors.

The FamCard Me will be the first doodle card in India. It will also be the first time Visa forays into numberless cards. Users can select from a range of 200+ doodles and signature fonts to create unique designs on their FamCard Me.

TR Ramachandran, Group Country Manager, India and South Asia, Visa said, “We are delighted to partner with FamPay as they seek to innovatively solve for digital payments for young adults and teenagers who are digital natives, adept at using novel payment methods with ease. These youngsters today are seeking user experiences that are unique and personalized, with card products they can identify with. FamCard Me caters to this growing segment of discerning consumers and we see strong potential in the Indian market. These innovative, numberless payment cards with personalized doodles will appeal to a generation that is seeking the best of innovation and convenience for its payment experience.”

FamPay Co-founder, Sambav Jain says, “We’ve had a user-first approach since day one. Our team is closely connected with our teen community to understand their lifestyle and what they love the most. As GenZs are super unique and quirky – we wanted them to express their story through their card and hence chose doodles. We are calling it the FamCard “Me” as it’s not just personalised, it is their personality.”



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ABSL Mutual Fund spots digitalization and sustainability among top trends for future, BFSI News, ET BFSI

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Aditya Birla Sun Life Mutual Fund has come up with their annual trendspotting report. The report analyses the big trends that have played out over the last couple of decades, and have identified the key enablers of any big structural trend. Based on these enablers, the fund house has identified the key trends of the future and its potential beneficiary sectors. The five important segments that the fund house is looking at are- Manufacturing, Digitalization, Sustainability, Cyclical Revival in Real Estate and Revival in Mid & Small Caps.

The Alternate Assets Equity Investments team of the ABSL AMC has done the study capturing insights on key sectoral trends over the last two decades and applying the insights from this research to arrive at the Five Big Trends for the Future.

The fund house said that, looking at the past market data, one can decipher the interplay of various macro and micro factors coming together to create a market cycle that favours a set of industries.

“At Aditya Birla Sun Life AMC Limited, we believe that key to successful investing over a long period is an ability to spot trends. Looking at data since 2002, the top five performing sectors vary greatly in each market cycle. The variation in returns among the best and worst performing industries during a cycle is too large, again underscoring the importance of picking the right themes. Through this annual research initiative, we will bring forward some of the key market insights and dynamics at play, which we believe will be important enablers in investment decisions,” said A. Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC Limited.

The research suggests that a mix of push and pull factors to drive manufacturing in India like Atmanirbhar Bharat & Vocal for Local Initiatives by the GOI, along with diversification of global supply chains will push the manufacturing segment up in the coming years. Similarly, digitalization in India is fast tracked due to low cost of data, government initiatives like Aadhar, UPI, and increased adoption by the Corporate sector to improve productivity.

On the other hand, rising risks from Environment are pushing governments & companies to adopt a more sustainable way of doing business through green fuel, green technologies, and green mobility, hence pushing the sustainable assets up.

Low interest rates, COVID-19 induced WFH trend and Industry consolidation induced by RERA & availability of capital to larger players should lead to revival in real estate and ancillary sectors like building materials. Also, Mid and Small caps after 3 years of underperformance should outperform large caps, led by economic recovery, lower interest rates, and increased representation in emerging sectors like chemicals, digital platforms, etc.



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India Stack to accelerate growth in digital financial services, BFSI News, ET BFSI

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India’s digital finance has the capabilities to transform the emerging economy and has built a state-of-the-art digital financial infrastructure, India Stack, for public welfare. India Stack empowers India’s financial inclusion, open banking initiatives, digital innovation, and digital transformation for businesses and the country.

Built upon an open application programming interface (API), the biometric-enabled Aadhaar system, the India Stack creates a gateway for the digital ecosystem around a uniquely identifiable individual. India Stack aims to create a modern India with a payment system and transition to a cashless economy. It promotes paperless systems with billions of artifacts and a unique digital biometric identity accessible to billions of users, such as Aadhar, eKYC, eSign and DigiLocker.

India Stack consists of three layers of open APIs: identity, payments, and data-sharing.

Potential to transform the financial services

Indian financial services have moved to digital payments through the UPI infrastructure for a less-cash economy. Financial processes such as loan approvals have become fast and paperless through adoption of eKYC and digital signatures.

This infrastructure is available to industry participants, with a few restrictions to ensure financial stability and regulatory monitoring. The objective is to make financial services easily accessible for customers and digitally competent. It enables the innovation at scale.

It digitizes instantaneous payments and collections and empowers users to have control over data. It enables the real-time transfer of government subsidies and support into citizens’ Aadhaar-linked bank accounts.

Moreover, it makes delivering financial services easy and cost-efficient for enterprises of all sizes. India Stack reimagines an ecosystem where service providers can seamlessly offer their services with confidence to customers whose identities are well established. It can be a fintech-enabled credit marketplace, for example, where say a loan service provider enables the end-to-end digitization of cash flow-based lending for small businesses.

Encourage digitization of business processes

This digital evolution or evolution of fintech aims to establish a digital-first economy. It pushes business leaders to deploy emerging technologies to ease up the gap between customers and financial companies. The financial services industry has successfully developed layered platforms that can deliver these functionalities to various stakeholders.

Moving forward, Forrester’s Ashutosh Sharma, VP and research director, further elaborates the five key lessons for the business planning to leverage India Stack.

Design for scale and plan for contingencies. On one hand India-stack enables businesses to pursue a high-volume low-margin business model, on the other Aadhaar-based eKYC has been a subject of litigation in the past causing uncertainties. Altering processes as per India’s Supreme Court orders is costly and time-consuming. Hence, it is advisable, for example, to use a combination of the Aadhaar-based eKYC process and a contingent process.
Ensure digitization of business processes to the extent possible. Business leaders can digitize the maximum of their business processes using India Stack. Digital business leaders must seek the best practices around the India stack and ensure that they are able to use India Stack’s capabilities as per industry standards.

In India, data-sharing extends to more classes of data than in Europe and the UK. This data is outside the sharing perimeter but can nonetheless inform financial decisions such as credit assessments, giving an edge to tech giants.
Obtaining relevant data in the context of opening banking and digitally streamlined lending there are trust issues associated with the data available from account aggregators. The lack of data sanitization and validation will limit potential innovation and the ability to make informed credit decisions.

Firms must not rely solely on India Stack for business outcomes, the model in self is still evolving and has gaps. There are limitations with Aadhaar or eSignature due to the lack of a legal mandate for businesses and users.

To elaborate more upon the topics like above and the evolution of digital banking in India, Forrester is hosting its annual “India Financial Services Webcast Week 2021” scheduled for August 10-13 at 2:00-3:00pm IST daily. The webcast will focus on how Financial Services firm can leverage emerging technologies, adopt an adaptive tech architecture, and retire their technical debt and become future fit in the process.

Join us in this webcast series and hear from Forrester’s analysts as they share their latest research on how financial services firms can become future fit.

Register here: https://forr.com/3hR0nfo

Explore latest research findings and best practice guidance on how banks can make the most of their technology investments in an environment of unprecedented uncertainty and change.



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5 IPOs That Doubled Or Nearly Doubled Investors’ Money On Listing Day Recently

Personal Finance

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1. Tatva Chintan Pharma IPO:

The specialty chemicals manufacturing company that issued an IPO to mobilize Rs. 500 crore as against the issue price of Rs. 1086, listed with gains of 95% at a price of Rs. 2111 per share on the listing and still gained further to a price of Rs. 2318.

The stock’s day high and low price are Rs. 2534.2 and Rs. 2111, 85. The top high made during the day indicated a gain of 133%. The IPO of Tatva Chintan is the second most subscribed IPO for the CY 2021.

2. GR Infraprojects:

2. GR Infraprojects:

This is another real estate company that on listing doubled investors’ wealth. The company on the NSE debuted at a price of Rs. 1715.85 per share as against the issue price of Rs. 837 per share. The company launched an IPO to mop up Rs. 936-crore. Last the scrip of GR Infraprojects traded at a price of Rs. 1760.

3. Happiest Minds:

3. Happiest Minds:

The mid tier IT firm that made its listing last year made a robust listing at a premium of 111% percent against the issue price of Rs. 166. Prospects of the digital segment as well as strong fundamentals, management propelled the listing gains for the scrip. Listing price was at Rs. 351. As of last trade, the firm commands a market cap of Rs. 19,730 crore.

4. Clean Science:

4. Clean Science:

The Maharashtra Pune-based fine chemical manufacturing and exporting company of India also nearly doubled investors’ money on the listing day. The scrip listed at a premium of 98% at a price of Rs. 1784.4. The company’s financials are robust in the segment. Others positives that drove listing gains include its ESG focus as well as diversified product line up.

5. Burger King:

5. Burger King:

This is a QSR company that also nearly doubled investors’ money on the listing day by listing at a premium of 92%. The scrip listed in December 2020 at a price of Rs. 115.4 per share on BSE, up 92% from the issue price of Rs. 60 per share.

IPOs That Have Doubled Investors' Money On Listing

IPOs That Have Doubled Investors’ Money On Listing

Scrip Issue price Listing gains Listing price Last traded price as on July 29, 2021
Tatva Chintan Rs. 1086 95% Rs. 2111 Rs. 2275.55
GR Infraprojects Rs. 837 105% Rs. 1715.85 Rs. 1763.05
Happiest Minds Rs. 166 111% Rs. 351 Rs. 1356.55
Clean Science Rs. 884.4 98% Rs. 1784.4 Rs. 1625.45
Burger King Rs. 60 92% Rs. 115.4 Rs. 182.4

Conclusion:

Conclusion:

Ideally though IPO listing gains in recent time as listed above can be overwhelming to the tune of 100% or even higher, none can with certainty ensure such high returns. The factors that determine listing gains for a scrip are intrinsic to the company as well as depend on the market momentum. Even a good company with sound fundamentals may see a weak listing owing to weak market momentum. And even if you make some mind boggling returns on the first day of the company hitting the Indian bourses and are not sure of its outlook going ahead, you may even book partial profits in the scrip.

GoodReturns.in



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FamPay partners Visa to woo teenagers with personalised doodle cards

Banking & Finance

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FamPay, a fintech start-up focused on online and offline card payments for teenagers, has launched India’s first Visa prepaid card — FamCard Me — for teenagers with personalised doodles on it.

“This launch of FamCard Me marks yet another innovation in the fintech and card industry, being the first ever doodle card in India,” Sambhav Jain, Co-Founder, FamPay told BusinessLine. It will also be the first time Visa forays into numberless cards. Teens can select from a range of 200+ doodles and signature fonts to create unique designs on their FamCard Me.

With FamPay and its numberless pre-paid card, teens can make online and offline payments using the FamCard and the FamPay App and without the need to set up a bank account, Jain added.

FamPay was founded in 2019 by two Indian Institute of Technology (IIT) Roorkee Graduates, Kush Taneja and Sambhav Jain while in college.

Over 2 million registered users

FamPay crossed 2 million registered users within eight months of its launch and in June 2021 raised one of India’s biggest Series A funding of $38 Million with Elevation Capital and Sequoia Capital as lead investors.

Also read: FamPay raises $38 million in funding from Elevation Capital, others

FamPay rolled out their virtual Visa Cards in May 2021, and more than 2,00,000 users have adopted it in just the first few weeks.

Starting on Thursday, teens can order the FamCard once their account is set up on the FamPay app. In addition to being doodled and personalized, the FamCard Me also gives exclusive offers and subscriptions to its teen users. They can immediately start using their virtual FamCard for online payments, while they wait for their physical cards to arrive, Jain added.

T R Ramachandran, Group Country Manager, India and South Asia, Visa said these innovative, numberless payment cards with personalised doodles from FamPay will appeal to a generation that is seeking the best of innovation and convenience for its payment experience.

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Google updates policy for personal loan apps; adds new norms for India, Indonesia

Banking & Finance

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Google has updated its financial services policy for developers to include clarifications related to personal loan apps, as also new requirements for such apps in India and Indonesia.

“We’re updating the Financial Services policy to clarify the definition of the total cost of the loan and require all personal loan apps be properly tagged under the Finance category. We are also adding new requirements for personal loan apps in India and Indonesia,” Google said on its support page.

The changes will be effective from September 15, 2021.

As per the policy, “Apps that provide personal loans, including but not limited to apps which offer loans directly, lead generators, and those who connect consumers with third-party lenders, must have the App Category set to “Finance” in Play Console.”

The apps will have to disclose a range of information in the app metadata including minimum and maximum period for repayment, the maximum annual percentage rate (APR), which generally includes interest rate plus fees and other costs for a year, or other similar rate consistent with local law.

“A representative example of the total cost of the loan, including the principal and all applicable fees,” explains the policy.

The apps will also be required to include a privacy policy that “comprehensively discloses the access, collection, use and sharing of personal and sensitive user data”.

Google publishes first transparency report in accordance with the new IT Rules

Google also specified additional requirements for personal loan apps in India and Indonesia. Apps must complete the additional proof of eligibility requirements in these countries.

In India, such apps will have to complete the personal loan app declaration, and provide documentation to support their declaration. For instance, for platforms licensed by the Reserve Bank of India (RBI) to provide personal loans, they must submit a copy of their licence for review.

RBI received complaints against over 1,500 loan apps: Thakur

Platforms not directly engaged in moneylending, and only facilitating lending by registered non-banking financial companies (NBFCs) or banks, will have to accurately reflect this in the declaration.

They must also ensure that the developer account name reflects the name of the associated registered business name provided through their declaration.

Google in January this year had reviewed hundreds of personal loan apps in India and removed those that violated its policies.

The tech giant’s crackdown comes a day after the RBI announced that it has set up a working group to study all aspects of digital lending activities by both regulated and unregulated players, in a bid to put in place an appropriate regulatory approach.

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RBI to HC, BFSI News, ET BFSI

Banking & Finance

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In a revelation, the Reserve Bank of India (RBI) has clarified that banks all over the country are witnessing increasing incidents of fraud due to their failure to adhere to its directives issued from time to time. In an affidavit submitted to the Nagpur bench of Bombay high court, the apex bank further disclosed that it doesn’t have the power to conduct investigations in banking frauds, nor does it have the machinery to do it.

The affidavit was filed while hearing a suo moto PIL for Rs25 crore losses caused to UCO Bank. Rajnish Vyas has been appointed as amicus curiae in the PIL. The embezzlement had taken place due to alleged forgery committed by a bank officer at its Wardha and Hinganghat branches. A division bench comprising justices Vinay Deshpande and Amit Borkar adjourned the hearing by six weeks.

Filed by RBI’s counsel SN Kumar, the affidavit added that as a regulator of the banking system in the country, it issued ‘Master Circular of Frauds’ to sensitize banks against scams and to have deterrent systems. “In spite of guidelines issued from time to time, it was observed that the frauds perpetrated in banks showed an increasing trend, mainly on account of non-adherence or improper implementation of circular directives issued by us. To enable the banks to have all current instructions in one place, a master circular incorporating all guidelines, instructions and directives on the subject was issued on August 1, 2001,” the affidavit mentioned.

Moreover, to enable the Government of India to have the required information on frauds, a suitable reporting system was introduced. Though the circular of March 22, 2002, has prescribed the period of reporting of frauds, it was realized that the banks aren’t following it scrupulously, the apex bank said.

At the RBI governor’s instance, the Central Vigilance Commission (CVC) has set up a high-level group to study incidents of fraud and suggest measures to prevent them. “This group observed that banks are not adhering to the time frame stipulated by RBI for reporting fraud cases. It has suggested that suitable penal action should be taken against defaulting banks. The banks are supposed to report frauds within a week of their detection and then a detailed report needs to be submitted in the prescribed format in the next three weeks,” the affidavit said.

The top bank added that to minimize incidents of fraud in the banking system, it has been making continuous efforts and regularly issuing circulars directing the banks to initiate appropriate action to contain them. “The Banking Regulation Act doesn’t empower RBI to conduct any investigations. The action may be initiated only after the offence is established by the law enforcement agencies. It’s mandatory for the banks to lodge a complaint of frauds with the police,” Kumar said.



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Rupee Bank admins express merger hope after Bapat’s Parliament speech, BFSI News, ET BFSI

Banking & Finance

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The current administrators of the stressed Rupee Cooperative Bank have expressed hope of a resolution of the financial institution, including a possible merger after Lok Sabha member Girish Bapat raised the issue in Parliament during the monsoon session.

Bapat urged the government to intervene regarding Rupee Bank, which has been run by Reserve Bank of India (RBI)-appointed administrators following allegations against the bank’s erstwhile management of misappropriation of funds and has been placed by the central bank under severe restrictions regarding withdrawals and advances.

Bapat said due to the restrictions, deposits worth more than a thousand crores of rupee could not be accessed by its customers, many of whom were senior citizens. He requested the Centre to revive talks of the bank’s possible merger with the Bank of Maharashtra.

When approached by TOI, a Bank of Maharashtra official declined to comment on Bapat’s speech. A source familiar with the issue said talks between the banks went on till 2018 when the Bank of Maharashtra was scheduled to take over Rupee Bank’s assets and liabilities under a scheme formulated by the RBI. However, the talks cooled after that. Rupee Bank is currently awaiting clearance from the RBI to merge with the Maharashtra State Cooperative Bank (MSCB), which is largely involved in agricultural banking, rather than retail.

“Bapat’s speech sparks hope of some resolution to the situation of the bank. If the Centre or the RBI decides to revive Rupee Bank’s merger with Bank of Maharashtra, we are ready to take the necessary steps,” said Sudhir Pandit, the administrator of Rupee Bank.



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