Category: Banking & Finance

APSEZ raises ₹1,000 crore via NCDs

Banking & Finance

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Adani Ports and Special Economic Zone (APSEZ) on Monday said the company has raised ₹ 1,000 crore by allotment of secured, redeemable, and non-convertible debentures (NCD) on the private placement basis.

APSEZ in a BSE filing said that NCDs will be listed on the Wholesale Debt Market segment of BSE Limited.

“With reference to above, we would like to inform that the company has raised ₹ 1,000 crore (Rupees One Thousand Crore only) today by allotment of 10,000 rated, listed, secured, redeemable, Non-Convertible Debentures (NCDs) of the face value of ₹ 10,00,000/- each on private placement basis,” it said.

Adani Ports and Special Economic Zone, the flagship transportation arm of the diversified Adani Group, is India’s largest private ports and logistics company.

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RBI imposes penalty of Rs 1.95 crore on Standard Chartered Bank, BFSI News, ET BFSI

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The Reserve Bank of India has imposed a penalty of Rs 1.95 crore on Standard Chartered Bank – India, for non-compliance with the directions on customer protection, cyber security, credit card operations, among others, the central bank said in a circular.

Customer Protection – Limiting Liability of Customers in Unauthorised Electronic Banking Transactions, Cyber Security Framework in Banks, Credit Card Operations of banks and Creation of a Central Repository of Large Common Exposures – Across Banks – were the norms the bank failed to comply with, according to the RBI.

A Statutory Inspection for Supervisory Evaluation of the bank had been conducted with reference to its financial position as on March 31, 2020, and the examination of the risk assessment report, inspection report and all related correspondence pertaining to the same revealed the non-compliance with the above-mentioned directions to the extent of failure to credit the amount involved in the unauthorised electronic transactions, not reporting cyber security incident within the prescribed time period, authorising direct sales agents to conduct KYC verification, and failure to ensure integrity and quality of data submitted.

Based on this, the RBI had issued an notice to the bank advising it to show cause as to why penalty should not be imposed on it.

After receiving the bank’s replies to the notice, the RBI came to the conclusion that it would charge a fee for the non-compliance.



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Kerala Finance Minister holds talks with CSB MD ahead of employees strike, BFSI News, ET BFSI

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Thiruvananthapuram, Ahead of the three-day strike from October 20 called by the employees of the CSB bank, Kerala Finance Minister K N Balagopal on Monday held discussions with the bank’s Managing Director C V Rajendran. The CSB employees have planned to go on strike from October 20-22 and in support of this stir, all Bank employees in the state have planned a one-day strike on October 22.

The meeting was attended by Finance Secretary Rajesh Kumar Singh also.

The MD has agreed to hold a discussion with the United Forum of CSB bank unions today itself, the Finance Minister’s office said in a release.

The CSB employees are demanding wage revision and halting ‘anti-labour’ policy. PTI RRT BN BN

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Kerala Finance Minister holds talks with CSB MD ahead of employees strike, BFSI News, ET BFSI

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Thiruvananthapuram, Ahead of the three-day strike from October 20 called by the employees of the CSB bank, Kerala Finance Minister K N Balagopal on Monday held discussions with the bank’s Managing Director C V Rajendran. The CSB employees have planned to go on strike from October 20-22 and in support of this stir, all Bank employees in the state have planned a one-day strike on October 22.

The meeting was attended by Finance Secretary Rajesh Kumar Singh also.

The MD has agreed to hold a discussion with the United Forum of CSB bank unions today itself, the Finance Minister’s office said in a release.

The CSB employees are demanding wage revision and halting ‘anti-labour’ policy. PTI RRT BN BN

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Paytm allots ₹100 crore to marketing campaigns during festival season

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Digital payments platform Paytm on Monday announced that the company and its partners will allocate ₹100 crore for marketing activities during the festive season in a major push planned for the company and its partners.

These campaigns will be aligned to promote digital payments in India and educate users about Paytm UPI for money transfers, Paytm Wallet and Paytm Postpaid (Buy Now, Pay Later) for spends, to drive financial inclusion across the country.

The company has also announced “Paytm Cashback Dhamaka”, a cashback festival starting from October 14, where users can win cashback for money transfers, online, offline payments or recharges done through the app.

Also read: Paytm brings DigiLocker to its mini app store

The idea behind the cashback festival is to encourage the adoption of Paytm’s digital payment instruments through offers, driving adoption of digital payments among more users across the country. The programme will be rolled out across all districts in India from merchant partners’ stores to large retail outlets, as well as online platforms. There will be a special focus on the states of Gujarat, Maharashtra, Andhra Pradesh, Telangana and Karnataka.

Users can avail cashback by using Paytm for their mobile, broadband DTH recharges, utility bill payments, money transfer, booking travel (flight/bus/train) tickets, paying credit card bills, booking movie tickets, FASTag payments, transactions at online and offline kirana stores, etc.

During the peak festive season (October 14-November 14), everyday 10 lucky winners will win ₹1 lakh each, 10,000 winners will get ₹100 cashback, while another 10,000 users will win ₹50 cashback as part of the offers.

Closer to Diwali (November 1-3) users can win upto ₹10 lakh daily. Users also stand a chance to win an iPhone 13, tickets for the T20 World Cup, shopping vouchers from top brands like Levi’s, Leaf headphones, among other rewards, Paytm said.

Also read: ‘Buy-now, pay-later’ loans help fuel India’s festive recovery

The offer will be applicable for payments made through all the major payment options offered by the company Paytm Wallet, Paytm UPI, Paytm Postpaid (Buy Now, Pay Later), credit cards/debit cards among others.

A Paytm spokesperson said, “Our aim is to drive financial inclusion in India by empowering more and more users with digital payments. Today, users come to Paytm for payments of their utility bills, recharges, money transfers among other services and enjoy a wide variety of payment instruments from Paytm Wallet, Paytm UPI, netbanking and Paytm Postpaid. The Paytm Cashback Dhamaka has been launched to celebrate the festive season with our users and offer them exciting cashback and rewards.”

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Equitas Small Finance Bank to raise Rs 1,000cr, BFSI News, ET BFSI

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New Delhi, Oct 18 (PTI) Equitas Small Finance Bank (SFB) on Monday said it will raise up to Rs 1,000 crore through a QIP in order to fulfil the regulatory norms regarding minimum public shareholding. “The board of directors in the meeting today has approved meeting the minimum public shareholding (MPS) requirements stipulated by Sebi by raising a sum not exceeding Rs 1,000 crore (including premium) through Qualified Institutions Placement (QIP),” Equitas SFB said in a regulatory filing.

As per the Sebi norms under Issue of Capital and Disclosure Requirements (ICDR), the SFB is also required to obtain shareholders‘ approval for meeting the MPS requirement. As per data on BSE, the promoter and promoter group have 81.75 per cent stake in Equitas SFB as on June 30, 2021. While the remaining 18.25 per cent is public shareholding.

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CoinDCX ropes Ayushmann Khurrana for its latest campaign

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Cryptocurrency exchange CoinDCX on Monday announced that it has signed actor Ayushmann Khurana as the face for its latest campaign ‘Future Yahi Hain’. The drive is launched to address key concerns surrounding crypto investments amongst the Indian audience.

The kickoff ad to be released during the festive season will feature the actor taking a humorous yet informative approach on crypto, busting myths around the subject.

Ramalingam Subramanian, Head of Brand, Marketing and Communications, CoinDCX said, “Ayushmann has always come across as being a friendly and credible personality who has a knack for connecting with both younger and older generations with his exemplary work. Our focus during this campaign will be to dispel the various myths surrounding crypto-based investing and breaking down the simple steps needed to enable anyone to start their crypto investment journey. We are delighted with our association with Ayushmann and look forward to a great association with one of India’s most-loved celebrities.”

“I’m delighted to be associated with CoinDCX’s ‘Future Yahi Hai’ Campaign which, in the truest sense, is an initiative to raise awareness about the rising asset class of crypto-based investments. I’m impressed with CoinDCX’s persistent endeavour to guide investors towards making educated and smart investments after thorough research,” Khurrana said.

With a career spanning over nearly decades Khurrana has proved to be quite a role model for regular Indians as a true achiever who’s known to be talented across spectrum of acting, singing, writing and television hosting.

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Nomura India Business Resumption Index rises to an all-time high

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The Nomura India Business Resumption Index rose to an all-time high of 108.8 for the week ending October 17 from 105 in the prior week (pre-pandemic level=100), with a broad-based rise across most sub-components.

Mobility indices rose sharply ahead of the festive season. The Apple driving index jumped 14.1 percentage points (pp) over the week, while Google workplace and retail & recreation indices rose by 2.7 pp and 3.1 pp, respectively.

The labour participation rate rose to 41.6 per cent from 40.4 per cent, while power demand fell 1.7 per cent w-o-w (sa) after rising 0.3 per cent in the prior week.

Pace of vaccination falls

The pace of vaccination has fallen in October, but India will cross the milestone of administering one billion vaccine doses this week. About 20.5 per cent of the population is fully vaccinated and 50.4 per cent have received at least one dose, which is enabling reopening and has boosted mobility. With domestic flights allowed to operate at full capacity from today, the transportation sector should get a further boost.

“Even as demand is recovering, supply bottlenecks have emerged as a bigger constraint. Coal shortages are resulting in supply disruptions to non-power customers, while chip shortages have hurt passenger vehicle sales during the festive season. As supply struggles to tango with demand, we see higher inflation as a bigger risk,” Nomura said

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KreditBee issues over 1 lakh cards within 60 days of launch

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Digital lending platform KreditBee has issued over 1 lakh cards within 60 days of its launch.

It aims to expand its portfolio by issuing over 10 lakh ‘KreditBee Cards’ by March 2022, it said in a statement on Monday.

KreditBee has provided these cards to all its customers.

Also see: UPI records 365 crore transactions worth ₹6.54-lakh cr in September

Over 75 per cent of the card customers acquired by the company are from metros and Tier 1 cities like Bengaluru, Mumbai, Hyderabad, Pune and Thane among others.

Almost 70 per cent of these card holders are below the age of 30 years.

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