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Dvara KGFS acquires digital financial services platform TransactNow

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Dvara KGFS, a non-deposit taking NBFC, announced that it has acquired ‘TransactNow’, a digital platform from early phase tech start-up Transact Nexus Tech Private Limited, for an undisclosed sum.

TransactNow offers digital financial services to the unbanked and underserved population. The current transaction will help the rural-focussed Dvara KGFS to strengthen its digital platform and take its financial services offerings closer to the rural customers.

“With this, Dvara KGFS is starting a new Channel – KGFS Digital — which will foray into the agent driven business model providing an array of financial services to rural customers through Agent Touch Points located in close proximity to the villages in line with the Omni-Channel Strategy envisaged by Dvara KGFS,” the company said in a press release.

“We are excited about the acquisition of TransactNow. The team and technology will help us to scale up our Digital channel – a network of agents offering all our products with a great amount of transaction convenience to customers in the close proximity of their village. We are hoping that this initiative would help customers avoid travel during the pandemic and avail all financial services in their village,” Joby CO, CEO, Dvara KGFS said in the release.

According to the company website, TransactNow empowers retailers and Farmers Producers Organisations (FPOs) with CRM-based – Super point-of-sale (POS) that works on cloud computing to carry out the banking digital services and commerce. Its service offerings also include domestic money transfer, Aadhar Banking, mobile recharge services, micro-ATMs among others.

“There is a huge potential for financial services in rural India which remains untapped. We decided to help Dvara KGFS to tap that by developing a software which will help the rural population carry out all their financial transactions on digital mode through the agent network,” Sathiskumar, CEO of Transact Nexus Tech Pvt Ltd was quoted in the release.

Sathiskumar will lead the KGFS Digital channel and will foresee the scaling up of the agency network.

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JM Financial Q1 consolidated profit jumps 117% to ₹203 crore

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JM Financial consolidated net profit surged by 117.01 per cent to ₹203.14 crore for the first quarter ended June 30, 2021 led by a sharp rise in its total income.

Its consolidated net profit was ₹93.61 crore in the corresponding period a year ago.

“This is the highest-ever quarterly operating net profit reported,” JM Financial said in a statement on Wednesday.

Its total income rose by 43.62 per cent to ₹992.55 crore from ₹ 691.11 crore a year ago.

The consolidated loan book grew by 1.7 per cent to ₹11,014 crore as on June 30, 2021 compared to ₹10,833 crore as of June 30, 2020.

Gross non-performing assets and net NPA stood at 3.46 per cent and 1.89 per cent, respectively, as of June 30, 2021 compared to 1.8 per cent and 1.22 per cent, respectively, as of June 30, 2020.

Gross provisions

“We have made additional gross provisions (including fair value loss) of ₹132 crore on account of the uncertainties around Covid-19 for the quarter ended June 30, 2021, thereby taking the total provisions to ₹515 crore on account of the pandemic,” it said.

During the quarter ended June 30, 2021, the underlying businesses of the reportable segments have been reclassified to investment bank, mortgage lending, alternative and distressed credit and asset management, wealth management and securities business, JM Financial further said.

“Our diversified business model has demonstrated time and again resilience through economic and market volatility. This new realignment of business segments will facilitate seamless execution of our strategy,” said Vishal Kampani, Managing Director, JM Financial Group.

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Foreign banks lose card market share, BFSI News, ET BFSI

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Foreign banks have seen their share of credit cards come down by a third in the last three years. In terms of value of transactions, their share has halved as that of private and public sector banks have grown.

According to data released by the RBI, foreign banks had 57 lakh credit cards outstanding as of March 2018. At that time, there were 3.8 crore credit cards in India, which gave the multinationals a market share of 15%. However, despite losing market share, the foreign banks had significant clout because of the higher value of transactions by their customers who spent more than the average cardholder. In 2018, the foreign banks had monthly card spends of Rs 10,380 crore — a 23.4% share.

Fast forward to March 2021, when the total market expanded to 6.2 crore cards while the number of cards issued by foreign banks stood at 66 lakhs, reflecting a market share of nearly 11%. It is not just in the number of cards that the multinationals have been losing ground. In terms of value of transactions too, foreign banks have a market share of 11.8% in the Rs 72,372-crore monthly volume.

While private banks have consolidated their market share in the card space, increasing their share from 63% to 66%, public sector banks have grown from 21.6% to 23.2% in three years. State Bank of India accounts for almost 80% of all public sector banks. Overall, SBI has 19% of the credit card market, which is still behind the 24% share of HDFC Bank.In global banks, four dominate the credit card space — Citi, Amex, StanChart and HSBC. These MNC banks have also played a pioneering role in the card business in India and they dominated the market in the ’90s. Citi’s decision to exit its retail business in India could further reduce share of foreign banks, should the portfolio be taken by a local player. Additionally, American Express faces a freeze on on-boarding new customers due to data-localisation norms even as more private banks are stepping in.

In 2018, American Express had 3% of the credit card market in terms of number of customers. But it accounted for 10% of all spending by credit card customers in India. In 2021, their share of cards shrunk to 2.5%, while the share of spending declined to 4%. Citibank, which had a 7% share of cards and 9% share of spend, saw these fall to 4% and 6%, respectively. HSBC has held ground better than others with a market share of 1.4% as of March 2021 (1.5% in ’18) and retaining its 1% share of total spend.



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HDFC Bank Offers Senior Citizens Up To 6.25% Returns On FD: Check Current Rates Here

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Investment

oi-Vipul Das

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HDFC Bank, India’s leading private sector bank, has modified its fixed deposit interest rates with effect from May 21, 2021. Following the most recent modification, HDFC Bank now offers a 2.50 percent interest rate on deposits maturing in 7 to 29 days and a 3 percent interest rate on deposits maturing in 30 to 90 days. 3.5 percent from 91 days to 6 months, and 4.4 percent from 6 months 1 day to less than one year. On one-year FDs, the bank offers 4.9 percent and offers 4.9 percent on deposits maturing in 1 to less than 2 years. Fixed deposits maturing in 2 to 3 years will yield 5.15 percent, while those maturing in 3 to 5 years would return 5.30 percent. Deposits with maturities ranging from 5 to 10 years will earn 5.50 percent interest.

HDFC Bank Offers Senior Citizens Up To 6.25% ROI On FD: Check Current Rates Here

Senior folks would get interest rates that are 50 basis points higher than the regular citizens. Senior people can earn interest rates ranging from 3% to 6.25 percent on FDs maturing in 7 days to 10 years from the bank. As the name implies, HDFC Bank offers Senior Citizen Care Fixed Deposit specifically for senior persons. According to the official website of the bank “An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 30th Sep’21. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.”

HDFC Bank FD Rates

Here are the most recent interest rates on fixed deposits of HDFC Bank which are applicable on a deposit amount of less than Rs 2 Cr.

Tenor Bucket Interest Rate (per annum) Senior Citizen Rates (per annum)
7 – 14 days 2.50% 3.00%
15 – 29 days 2.50% 3.00%
30 – 45 days 3.00% 3.50%
46 – 60 days 3.00% 3.50%
61 – 90 days 3.00% 3.50%
91 days – 6 months 3.50% 4.00%
6 months 1 day – 9 months 4.40% 4.90%
9 months 1 day to less than 1 Year 4.40% 4.90%
1 Year 4.90% 5.40%
1 year 1 day – 2 years 4.90% 5.40%
2 years 1 day – 3 years 5.15% 5.65%
3 year 1 day- 5 years 5.30% 5.80%
5 years 1 day – 10 years 5.50% 6.25%
Source: Bank Website

Story first published: Wednesday, July 28, 2021, 17:11 [IST]



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7 Personal Finance Changes To Come Into Effect From August 2021

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1. NACH will enable you to get salary and other credits even on banking holidays:

National Automated Clearing House will now be available 24*7 irrespective of the bank holiday or weekend and hence people will be able to get their salary, pension as well as other debits in relation to various investments can be made even on bank holiday. In the current regime, NACH is only available on the bank working days.

2. ATM transactions to become expensive:

2. ATM transactions to become expensive:

The banks as per the recent ruling of the Reserve Bank of India may increase the interchange charge at ATMs by as much as Rs. 2. The interbank charge can be increased from Rs. 15 to Rs. 17 in respect of financial transactions as well as to Rs. 6 from Rs. 5 for non-financial transactions. This interbank fee is charged by banks to merchants that process payments using the debit or credit card.

3. Free ATM transactions capped:

3. Free ATM transactions capped:

From one’s own bank’s ATM, the number of free ATM transactions have been capped at 5. At other bank’s ATM, the number of free ATM transactions vary depending on the city, in case of a metro city the free transactions allowed using other bank’s ATM is 3 and that at a non-metro city is decided at 5.

4. Loan and fixed deposit rates may see a change:

4. Loan and fixed deposit rates may see a change:

As growth is on the radar of the RBI and the centre, it is unlikely that the interest rates shall be tinkered with in the upcoming monetary policy scheduled from August 4-August 7, nonetheless nothing can be said with certainty till we get to hear the policy statement by the RBI’s Governor.

5. ICICI Bank's new rules on ATM transactions as well as chequebook:

5. ICICI Bank’s new rules on ATM transactions as well as chequebook:

For up to 4 transactions, ICICI Bank charges no fee and post this on each of the transaction there shall be levied a fee of Rs. 150 after the free limit is exhausted. In a year, one can avail ICICI Bank’s cheque book with 25 leaflets for free but thereafter for every cheque book with 10 leafs there shall be a charge of Rs. 20.

6. LPG prices may be revised:

6. LPG prices may be revised:

LPG prices are revised on a month on month basis and it is likely that LPG cooking gas rates may trend higher in the new month.

7. Form 15CA/15CB filing deadline extended:

7. Form 15CA/15CB filing deadline extended:

Amid the coronavirus pandemic, the CBDT has allowed relief to taxpayers and extended the deadline for filing form 15CA/15CB, the deadline of which is ending on August 15. Form 15CA/Form 15CB are the IT department mandated filing requirement for any foreign remittances made.

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RBI announces Digital Payments Index, BFSI News, ET BFSI

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The Reserve Bank of India had earlier announced the construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country.

The index for March 2021 stands at 270.59 as against 207.84 for March 2020, announced while launching the index on January 1, 2021.

The RBI-DPI comprises of 5 broad parameters that enable measurement of deepening and penetration of digital payments in the country over different time periods. These parameters are – (i) Payment Enablers (weight 25%), (ii) Payment Infrastructure – Demand-side factors (10%), (iii) Payment Infrastructure – Supply-side factors (15%), (iv) Payment Performance (45%) and (v) Consumer Centricity (5%). Each of these parameters have sub-parameters which, in turn, consist of various measurable indicators.

The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years.

The RBI-DPI has been constructed with March 2018 as the base period, i.e. DPI score for March 2018 is set at 100. The DPI for March 2019 and March 2020 work out to 153.47 and 207.84 respectively, indicating appreciable growth.

The index series since its inception is as under:

March 2018 (Base) : 100
March 2019 : 153.47
September 2019 : 173.49
March 2020: 207.84
September 2020: 217.74
March 2021: 270.59



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Yes Bank, Indiabulls Housing Finance sign co-lending agreement

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Yes Bank and Indiabulls Housing Finance have entered into a co-lending agreement for home loans.

“The partnership aims at synergising capabilities to provide an efficient and seamless experience to retail home loan customers,” said a joint statement on Wednesday, adding that the Reserve Bank of India’s co-lending framework provides a collaboration tool to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank.

Rajan Pental, Global Head, Retail Banking, Yes Bank said, “The partnership is in line with Yes Bank’s strategy of expanding its retail franchise through a mix of organic and partnership-led origination models. The bank is looking forward to further build a profitable and quality home loan portfolio through this partnership.”

Home loans constitute about 10 per cent of Yes Bank’s retail banking assets as on June 30, 2021.

Gagan Banga, Vice Chairman and CEO, Indiabulls Housing Finance said, “We can now leverage Yes Bank’s deposit-led franchise and complement that with our technology-led distribution to provide efficient solutions around home loans to a wide gamut of customers across geographies, ticket-sizes and yield spectrum, to give us balance-sheet light growth and profitability.”

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Worldline ties up with STAAH to offer seamless payment experience, BFSI News, ET BFSI

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Wordline has partnered with STAAH, to integrate its NextGen Payment Gateway solution to enhance the customer experience in India by offering comprehensive payment options for both domestic and international payment acceptance.

Worldline is incorporating its fully integrated payment product suite, Next Gen Payment Gateway to provide an end-to-end seamless payment experience to STAAH’s 12,000 partners.

Ramesh Narasimhan, Head – Digital Commerce, Worldline India, said “We are very proud to extend our partnership with STAAH, which is a clear sign of trust and appreciation. Our tailored payment offerings with comprehensive payment options for both domestic and international acceptance with the best success rate of our NextGen Payment Gateway will immensely benefit their customers. We look forward to continuing supporting STAAH with our 360-degree payment product suites for both online and offline payment acceptance in the future and to be their innovative and proactive partner for the accelerating digital transformation.”

Dhyey Sheth, Chief Business Development – India, STAAH said, “We are pleased to partner with a global leader, Worldline to avail tailored solutions to make payment experience seamless for our customers. The integration of NextGen Payment Gateway was a hassle-free process and we have observed a significant uptick in success rates. We look forward to working closely with team Worldline to further enhance our payment journey.”

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Yes Bank and Indiabulls Housing Finance enter into a co-lending partnership, BFSI News, ET BFSI

Banking & Finance

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YES BANK and Indiabulls Housing Finance Limited have entered into a strategic co-lending agreement to offer home loans to homebuyers at competitive interest rates.

The co-lending framework laid down by Reserve Bank of India provides a collaboration tool to benefit from the low-cost funding model of a bank and the cost-efficient sourcing and servicing capabilities of a non-bank.

Rajan Pental, Global Head – Retail Banking, YES BANK said, “We are pleased to partner with Indiabulls Housing Finance Limited. This is in line with YES BANK’s strategy of expanding its retail franchise through a mix of organic and partnership-led origination model. The Bank is looking forward to further build a profitable and quality home loan portfolio through this partnership.”

The partnership aims at synergizing capabilities to provide an efficient and seamless experience to retail home loan customers.

Gagan Banga, Vice Chairman & CEO, Indiabulls Housing Finance Limited said “We can now leverage YES BANK’s deposit-led franchise and complement that with our technology-led distribution to provide efficient solutions around home Loans to a wide gamut of customers across geographies, ticket-size and yield spectrum, to give us balance-sheet light growth and profitability.”



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Gold Rates Marginally Higher In Indian Cities, Check Rates For July 28

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oi-Sunil Fernandes

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Gold rates in the city of Mumbai, Kolkata, Delhi, Chennai, Bangalore, Hyderabad and Kerala were all trading higher, ahead of the key US Federal Reserve statement.

The statement due later today, could lead to gold prices being volatile in the days ahead. Should the US Fed statement hint at an aggressive monetary policy or away from the quantitative easing programme, we might see gold prices fall.

Gold prices per 10 grams on June 28 in major Indian cities

City 22 karats gold 24 karats gold
Chennai Rs 45210 Rs 49320
Bangalore Rs 44800 Rs 48880
Mumbai Rs 46840 Rs 47840
Delhi Rs 46950 Rs 51220
Kolkata Rs 47250 Rs 49950
Hyderabad Rs 44800 Rs 48880
Kerala Rs 44800 Rs 48880
Pune Rs 46180 Rs 49450

Gold in the international markets were lower

Gold prices in the global markets were once again lower and managed to stay below the $1800 an ounce mark. Gold prices were last seen trading at $1799 an ounce, as bond prices rallied. The Prices have been moving between gains and narrow losses for the last few days.

Gold Rates Marginally Higher In Indian Cities, Check Rates For July 28

The US Fed’s policy statement, which is due later at 1800 GMT later in the day followed by a news conference by Chairman Jerome Powell, would be important for the movement of gold. Investors will look for cues on when the central bank will begin to taper its monetary support.

Meanwhile, on the MCX gold prices dropped marginally by Rs 6 and was last seen trading at Rs 47,544, down about Rs 6 from the previous levels. Gold rates on the MCX were up in early morning trade.

Physical demand for gold has not been too great, while Gold ETFs had flat purchases. In Q1 of 2021 gold demand (excluding OTC) was 815.7 trillion, virtually on a par with Q4 2020, but down 23% compared with Q1 2020, according to the World Gold Council. The demand for the second quarter too is unlikely to be great, because the Indian consumption would have declined as many states in India had imposed lockdowns.

However, gold price movement these days does not depend much on physical demand. In fact, according to the WGC inflation and interest rates would play a key role in the movement of the precious metal in the days to come. For the time being all eyes are on the US Fed’s statement today.

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Story first published: Wednesday, July 28, 2021, 15:41 [IST]



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