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Network International, NPCI International sign MoU

Banking & Finance

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NPCI International Payments has signed a Memorandum of Understanding with Network International to discuss their collaboration on acceptance of the Unified Payments Interface (UPI) in the United Arab Emirates.

“With travel restrictions between India and the UAE recently relaxed, the proposed collaboration will benefit Indian travellers visiting the UAE by allowing them to make payments through UPI-based mobile applications leveraging Network’s trusted payment infrastructure and network strength as the UAE’s largest merchant acquirer,” they said in a statement on Thursday.

Rollout slated for 2022

The proposed rollout of UPI mobile payment solutions on Network International’s merchant network in the UAE is expected to start in the first quarter of 2022 across the company’s key retail merchant partner outlets, including those in sectors such as jewellery, supermarkets, and duty free retailers, the statement added.

Also see: PM Modi exhorts banks to support startups, invest in ideas

Network International is a leading enabler of digital commerce across the Middle East and Africa while NPCI International Payments Ltd (NIPL) is the international arm of the National Payments Corporation of India.

“We are confident that our proven product capabilities, combined with the vast merchant network of Network International, will enable UPI QR-based payment acceptance and scale-up in the UAE. We look forward to working with Network International to empower Indian travellers and the large Indian community in the UAE,” said Ritesh Shukla, CEO, NIPL.

RuPay acceptance

Earlier this year, Network International also announced its acceptance of India’s payment scheme – RuPay – to enhance the range of payment schemes acceptance and business for UAE merchants.

Nandan Mer, Group Chief Executive Officer, Network International, said, “The UAE is among the most favoured destinations for Indian visitors and the availability of a trusted and familiar mobile payment option such as UPI will enable visitors to pay for their purchases in the UAE safely and with ease.”

Also see: India received $87 billion in remittances in 2021; US is the top source

India has been working on popularising the use of UPI in other countries as well.

In September this year, the Reserve Bank of India and the Monetary Authority of Singapore had announced a project to link their respective fast payment systems — UPI and PayNow.

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Reserve Bank of India – Press Releases

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April 14, 2015




Dear All




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.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Pre-bid Meeting – Supply, Installation, Testing & Commissioning of 12V, 120Ah & 200Ah SMF batteries having FR/FL casing for 2 sets of 2×120 KVA UPS system at Central Office Building, RBI Mumbai

Tenders

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A pre-bid meet for the captioned tender was conducted at 11:30 hrs on November 10, 2021 at Premises Department as per the schedule of tender in order to clarify the doubts in respect of terms and conditions of the tender.

The following were present at the meeting along with the undersigned:

1. Shri. Ashutosh Singh (AGM)

2.  Shri. Sunil Sahare (AGM)

3.  Rashmi Gehani (Manager, COBM)

4.  Santosh Katarnavare (AM)

5.  Subhash Pawar (AM)

6.  Arundhati Shinde (Asst)

7.  Bhavna Yadav, M/s Weartech Engineers Pvt. Ltd.

8. Chintan Patel, M/s Activolt Tech Solutions Pvt. Ltd.

9.  Rahul Kulkarni, M/s Activolt Tech Solutions Pvt. Ltd.

Shri Ashutosh Singh, AGM explained in detail the scope of work to all the participants. The participants were informed that the eligibility criteria is minimum 5 years of experience in this field. They were also explained in detail that there would be no relaxation in the EMD amount to be paid by the vendors. The requirement that the batteries supplied should have FR/FL casing was also discussed.

Few queries regarding the mode of payment of EMD, submission time limit were answered satisfactorily by the team COBM cell.

The bidders were also advised to contact us in case of any doubts regarding the filing of quotation.

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PM Modi, BFSI News, ET BFSI

Banking & Finance

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Underlining the reforms made by the Centre to improve the financial health of banks, Prime Minister Narendra Modi on Thursday said the banking sector of India is currently in a major milestone phase that can give a great push to the country’s economy.

Addressing the concluding session of the conference on “Creating Synergies for Seamless Credit Flow and Economic Growth” Prime Minister Modi said, “The reforms made by the government in the banking sector in the last 6-7 years led the banking sector of the country towards a very strong position today. The financial health of banks is now in a much-improved condition. We brought reforms like IBC, reformed many laws, empowered Debt recovery tribunal.”

He said a dedicated Stressed Asset Management Vertical was also formed in the country during the COVID period.

“We have found ways to solve problems and challenges that were there before 2014. We addressed the problem of Non-Performing Assets (NPA). We recapitalized the banks and increased their strength. Today the capacity of the banks of India has increased so much that they can play a great role in giving new energy and a great push to the economy of the country and making it self-reliant. I consider this phase as a major milestone in the banking sector of India,” he added.

The Prime Minister further said banks should adopt the model of partnership leaving the traditional approver-applicant system.

The two-day conference is being organised by the Ministry of Finance from November 17. The conference has been attended by top officials from Ministries, Banks, Financial institutions and Industry representatives. (ANI)



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BoM opens 2,000th branch at Tirumala

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Bank of Maharashtra (BoM) on Thursday opened its 2,000th branch at the temple town of Tirumala in Andhra Pradesh.

Hemant Tamta, Executive Director, BoM, said the milestone branch at the hill town will extend new-age banking convenience to a diverse customer base.

BoM’s branch in Tirumala, where the shrine of Sri Venkateswara Swamy is located, was inaugurated by AV Dharma Reddy, Additional Executive Officer, Tirupati Tirumala Devasthanams (TTD).

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Reserve Bank of India – Press Releases

Press Releases

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Auction Results 6.10% GS 2031 GOI FRB 2034 New GS 2061
I. Notified Amount ₹13000 Crore ₹4000 Crore ₹7000 Crore
II. Underwriting Notified Amount ₹13000 Crore ₹4000 Crore ₹7000 Crore
III. Competitive Bids Received      
(i) Number 233 87 126
(ii) Amount ₹33995 Crore ₹12866 Crore ₹22893 Crore
IV. Cut-off price / Yield 98.25 99.25
(YTM: 6.3441%) (YTM: 4.8827%) 6.95%
V. Competitive Bids Accepted      
(i) Number 62 24 16
(ii) Amount ₹12999.243 Crore ₹3999.917 Crore ₹6988.481 Crore
VI. Partial Allotment Percentage of Competitive Bids 93.94% 47.61% 59.28%
(21 Bids) (8 Bids) (15 Bids)
VII. Weighted Average Price/Yield 98.25 99.25 100.07
(WAY: 6.3441%) (WAY: 4.8827%) (WAY: 6.9450%)
VIII. Non-Competitive Bids Received      
(i) Number 2 2 6
(ii) Amount ₹0.757 Crore ₹0.083 Crore ₹11.519 Crore
IX. Non-Competitive Bids Accepted      
(i) Number 2 2 6
(ii) Amount ₹0.757 Crore ₹0.083 Crore ₹11.519 Crore
(iii) Partial Allotment Percentage 100% (0 Bids) 100% (0 Bids) 100% (0 Bids)
X. Amount of Underwriting accepted from primary dealers ₹13000 Crore ₹4000 Crore ₹7000 Crore
XI. Devolvement on Primary Dealers 0 0 0

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1222

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Buy Ador Welding With Upside Potential Up to 26%: ICICI Direct

Personal Finance

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Ador Welding: Q2FY22 Results

AWL announced positive performance during the second quarter of fiscal year 22.

  • Revenues totaled Rs 159.5 crore, growing 66.2 percent year over year and surpassing pre-Covid levels.
  • EBITDA increased to Rs 13 crore (from Rs 4.8 crore in Q2FY21), owing to lower losses in the flares and process equipment sector.
  • As a result, adjusted PAT came in at Rs 9.6 crore.

Target Price and Valuation

“Going forward, better consumables volumes, rebound in equipment sales and projects business turnaround to drive growth, profitability. Considering strong growth outlook, margin revival, we maintain BUY rating Target Price and Valuation: We value AWL at Rs 945 i.e. 23x P/E on FY23E EPS,” the brokerage has said.

Key triggers for future price performance

Key triggers for future price performance

  • To regain growth and increase profitability, AWL intends to focus on core welding business, decrease legacy expenses, and streamline project operations.
  • Domestic welding and automation companies will focus on cost rationalization, enhancing advanced product portfolio, improving strike ratio of order wins, and optimizing product mix to improve margins and realisations.
  • Overall, we anticipate a 20.8 percent sales CAGR in FY21-23E, with margins returning to 12 percent.

Alternate Stock Idea

Apart from AWL, Esab India is a stock that the brokerage believes in.

New technologically advanced new product launches, as well as services and exports, will drive long-term growth in the future. It suggested a BUY with a target price of Rs 2850.

Outlook

Overall, an improved long-term demand prognosis for consumables and equipment, owing to predicted solid infrastructure spending and a focus on increasing local manufacturing. In the long run, margin gains can be achieved by focusing on the best product mix, value added items, technology advancements, and increased operating leverage.

Disclaimer

Disclaimer

The above stock was picked from the brokerage report of ICICI Securities. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.



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Reserve Bank of India – Press Releases

Press Releases

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    6.10% GS 2031 GOI FRB 2034 New GS 2061
I. Notified Amount ₹13,000 cr ₹4,000 cr ₹7,000 cr
II. Cut off Price / Implicit Yield at cut-off 98.25/6.3441% 99.25/4.8827% 6.9500%
III. Amount accepted in the auction ₹13,000 cr ₹4,000 cr ₹7,000 cr
IV. Devolvement on Primary Dealers Nil Nil Nil

Ajit Prasad           
Director (Communications)

Press Release: 2021-2022/1221

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The Do’s & Don’ts of Annual Information Statement (AIS) For Taxpayers

Personal Finance

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Taxes

oi-Vipul Das

|

The Income Tax Department has recently rolled out the new Annual Information Statement (AIS) on its compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc. As a result, the Income Tax Department has issued some dos and don’ts for the convenience of taxpayers. Through a Tweet, the department has reported that “Caveat! There are some Do’s & Don’ts which the taxpayer must follow to have a seamless experience in the AIS utility.”

The Do’s & Don'ts of Annual Information Statement (AIS) For Taxpayers

Do’s

  • Use the latest version of the AIS utility.
  • Give feedback on the information displayed in AIS.
  • Check your TIS to confirm the values used for pre-filing of return.
  • View your AIS regularly.
  • Use the AIS utility to view AIS and provide feedback if the transactions count is high.

Don’ts

  • Don’t use the old version of AIS JSON for preparing feedback through utility.
  • Don’t provide incorrect feedback on the AIS information.
  • Don’t share your e-filing credentials with anyone.

The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in).

A new facility has been made available for the taxpayer to offer online feedback if they believe the information is erroneous, or pertains to some other person/year, or is duplicate. For the same, the Income Tax Department through a recent Tweet has said that “Types of Feedback: Taxpayers may give feedback on the accuracy of the info displayed, modify information value & also give customized feedback on an info category. Click on link ‘AIS’ under ‘Services’ tab on http://incometax.gov.in.”

To know more in brief about the new AIS and if want to know how to access it on the e-Filing portal, then please click here.

Story first published: Thursday, November 18, 2021, 15:44 [IST]



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Democracies need to work together for safe cryptocurrency operations: PM

Banking & Finance

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Prime Minister Narendra Modi has called for global cooperation in ensuring that cryptocurrencies do not end up in the wrong hands.

The Prime Minister, speaking at the Sydney Dialogue on Thursday, also outlined five digital transitions taking place in India in the areas of public information infrastructure, digital identity, broadband connections, clean energy and telecom technology.

“It is important that all democratic nations work together on this (cryptocurrencies including bitcoins) and ensure it does not end up in wrong hands, which can spoil our youth,” Modi said. In India, we have created a robust framework of data protection, privacy and security, he added.

Also read: Crypto investments gaining currency

“India’s IT talent helped to create the global digital economy. It helped cope with the Y2K problem. It has contributed to the evolution of technologies and services we use in our daily lives,” the Prime Minister said.

Outlining India’s digital capabilities, Modi pointed out that there were five important transitions taking place in India. “One, we are building the world’s most extensive public information infrastructure. Over 1.3 billion Indians have a unique digital identity. We are on our way to connect six hundred thousand villages with broadband,” the Prime Minister said.

India’s industry and services sectors, even agriculture, are undergoing massive digital transformation. “We are also using digital technology for clean energy transition, conservation of resources and protection of biodiversity,” he pointed out.

Also read: RBI may pilot digital currency in Q1 of FY23

The country is also investing in developing indigenous capabilities in telecom technology such as 5G and 6G, Modi said. The Sydney Dialogue is an annual summit of cyber and critical technologies, initiated by the Australian Strategic Policy Institute, to discuss the impact of digital technologies on the world.

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