Category: Personal Finance

2 SBI Mutual Funds Ranked 1 By CRISIL With 1 Year Returns Around 87%

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oi-Vipul Das

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SBI Funds Management Private Limited (SBIFMPL) is one of the largest fund houses of India having a joint venture with State Bank of India and AMUNDI. Investors can choose from around 147 plans offered by SBI Mutual Fund. SBI Mutual Funds’ retail category has seen a 41 percent CAGR over the previous five years, from FY 2016 to FY 2021. Profitability at SBIMF has increased at a higher pace in comparison to the overall profit of the company the five-year CAGR is 39 percent.

Currently, SBIFMPL has 9 Market Cap Oriented schemes, 9 Thematic/Sector funds, 8 Duration Bases funds, 6 hybrid schemes, 12 Passive Strategies funds, 6 solution-oriented funds, 5 money market funds, 2 credit oriented funds, 1 FoF Domestic Fund, 1 FoF Overseas Fund, 87 Closed Ended Funds, including SBI Resurgent India Opportunities Scheme, 9 Equity Closed Ended Schemes and 78 Debt Closed Ended Schemes. The company also announced a dividend payment of Rs 3 per equity share of Rs 1 each for FY 2021 on March 23, 2021, and its net worth climbed to Rs 2,57,460 lakh as of March 31, 2021 from Rs 1,98,518 lakh at the end of the previous year.

As of March 31, 2021, the firm was holding total assets of around Rs 12,72,284 Crores, up from Rs 12,72,284 Crores in the previous year. Although SBIFMPL provides investors with a broad selection of alternatives according to their risk appetite and investment goals, we have selected two SBI Mutual funds based on CRISIL’s ranking of 1 or 5 as of 30th June 2021.

SBI Contra Direct Plan Growth

SBI Contra Direct Plan Growth

This fund is a Value-Oriented mutual fund scheme launched by the fund house SBI Mutual Fund in the year 2013. CRISIL has given the SBI Contra Direct Plan-Growth scheme a one-star rating and Value Research has given it a four-star rating, indicating that the fund’s potential to produce good returns in the same category. According to Value Research, SBI Contra Direct Plan-Growth returns over the last year have been 88.62 percent, with an average annual return of 15.17 percent since commencement. The Financial, Construction, Services, Energy, and Automobile sectors account for the majority of the fund’s equity sector allocation.

ICICI Bank Ltd., TI Financial Holdings Ltd., HCL Technologies Ltd., Carborundum Universal Ltd., and Sun Pharmaceutical Inds. are the fund’s top five holdings. Ltd.. The fund’s expense ratio is 2.21 percent, which is much higher than the expense ratio charged by most other funds in the same category. The fund’s Net Asset Value (NAV) is Rs 193.40, and its Asset Under Management (AUM) is Rs 2,823.38 Cr as of September 22, 2021. The fund charges an exit load of 1% if units purchased are redeemed within 1 year of investment. SIP in this fund can be started in this fund with a minimum monthly contribution of Rs 500.

SBI Exchange Traded Fund Sensex

SBI Exchange Traded Fund Sensex

The fund’s Net Asset Value (NAV) is Rs 620.85, and its Asset Under Management (AUM) is Rs 56,617.60 Cr as of September 22, 2021. The fund has been rated 1 or 5 star by CRISIL and 4 star by Morningstar. The fund has its equity sector allocation across Financial, Technology, Energy, FMCG and others.

The fund’s top 5 holdings are Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., Housing Development Finance Corporation Ltd., and ICICI Bank Ltd.. The fund has a lower expense ratio of 0.07% and 1 to 5-year returns of the fund are pretty good if compared to the category average returns. The fund has no exit load and a Long-term capital gain (LTCG) tax of 10% would be levied to returns of more than Rs 1 lakh if units are sold after one year of the investment. Short-term capital gain tax will apply if units are sold within one year of the purchase date.

2 SBI Mutual Funds Ranked 1 By CRISIL In 2021

2 SBI Mutual Funds Ranked 1 By CRISIL In 2021

These two SBI Mutual Funds can be a part of your portfolio based on ratings provided by reputable organisations and historical performance.

Funds 1-month returns 6-month returns 1-year returns 3-year returns 5-year returns Rating by CRISIL Rating by Value Research Rating by Morningstar
SBI Contra Direct Plan Growth 9.79% 26.36% 87.36% 21.43% 14.57% 1 4 star NA
SBI Exchange Traded Fund Sensex 6.54% 19.13% 57.63% 18.15% 16.67% 1 NA 4 star

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks, gold, currency, or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates, and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in



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5 Best Conservative Hybrid Mutual Fund SIPs To Consider In 2021 For Risk Averse Investors

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Canara Robeco Conservative Hybrid Fund

Canara Robeco Conservative Hybrid Fund Direct-Growth manages assets of Rs. 817 crores (AUM). The fund currently has a 22.96 percent equity allocation and a 70.17 percent debt allocation.

Canara Robeco Conservative Hybrid Fund Direct-Growth returns have been 18.07 percent during the last year. It has returned an average of 10.63 percent per year since its inception.

National Bank For Agriculture & Rural Development, GOI, Housing Development Finance Corpn. Ltd., Tamilnadu State, and Rural Electrification Corpn. Ltd. are the fund’s top five holdings.

Canara Robeco Conservative Hybrid Fund’s NAV on September 21, 2021, is 82.39. The fund aims to create income by primarily investing in debt securities, with minor exposures to equity and money market instruments of varying maturities and risk profiles. The fund has a 5-star rating from Value Research.

ICICI Prudential Regular Savings Fund

ICICI Prudential Regular Savings Fund

The ICICI Prudential Regular Savings Fund Direct-Growth manages assets of 3,339 crores (AUM). The fund currently has a 19.42 percent equity allocation and a 55.95 percent debt allocation.

The returns on the ICICI Prudential Regular Savings Fund Direct-Growth Fund during the last year have been 16.05 percent.

The equity element of the fund is predominantly invested in the financial, energy, fast-moving consumer goods, communication, and engineering industries. It has returned an average of 11.25 percent per year since its inception. GOI, HDFC Bank Ltd., Tata Motor Finance Ltd., Gujarat State, and Uttar Pradesh State are the fund’s top five holdings.

The scheme invests in money market and debt securities in order to create long-term financial appreciation. For September 21, 2021, the NAV of ICICI Prudential Regular Savings Fund is 58.4. The fund has 5-star rating from Value Research.

SBI Debt Hybrid Fund Direct

SBI Debt Hybrid Fund Direct

The SBI Debt Hybrid Fund Direct-Growth manages assets of 3,890 crores (AUM). The fund now has a 23.98 percent equity allocation and a 66.79 percent debt allocation.

The 1-year returns for SBI Debt Hybrid Fund Direct-Growth are 21.63 percent. It has returned an average of 10.18 percent every year since its inception. Andhra Pradesh State, GOI, Tata Steel Ltd., Uttar Pradesh State, and Tamilnadu State are the fund’s top five holdings. The programme aims to give investors the option of investing primarily in debt and money market securities, with a secondary focus on equities and equity-related instruments. SBI Debt Hybrid Fund’s NAV on September 21, 2021 is 55.52.

HDFC Hybrid Debt Fund

HDFC Hybrid Debt Fund

The HDFC Hybrid Debt Fund-Growth manages assets of Rs 2,605 crores (AUM). The fund currently has a 23.52 percent equity allocation and a 66.71 percent debt allocation.

HDFC Hybrid Debt Fund’s 1-year growth returns are 22.28 percent. It has had an average yearly return of 10.48 percent since its inception. Tata Housing Devp. Co. Ltd, Vedanta Ltd., National Bank For Agriculture & Rural Development, Pipeline Infrastructure (India) Pvt. Ltd., and Reliance Ports and Terminals Ltd are the fund’s top five holdings. The scheme invests largely in debt securities, money market instruments, and a moderate amount of stocks in order to create income and capital appreciation.

Kotak Debt Hybrid Fund

Kotak Debt Hybrid Fund

The HDFC Hybrid Debt Fund-Growth manages assets of Rs 2,605 crores (AUM). The fund currently has a 23.52 percent equity allocation and a 66.71 percent debt allocation.

HDFC Hybrid Debt Fund’s 1-year growth returns are 22.28 percent. It has had an average yearly return of 10.48 percent since its inception. Tata Housing Devp. Co. Ltd, Vedanta Ltd., National Bank For Agriculture & Rural Development, Pipeline Infrastructure (India) Pvt. Ltd., and Reliance Ports and Terminals Ltd are the fund’s top five holdings. The scheme invests largely in debt securities, money market instruments, and a moderate amount of stocks in order to create income and capital appreciation. The NAV of Kotak Debt Hybrid Fund for Sep 21, 2021, is 46.47.

5 Best Conservative Hybrid Mutual Fund To Consider For Low Risk

5 Best Conservative Hybrid Mutual Fund To Consider For Low Risk

Fund name 1-year Return Rating
Canara Robeco Conservative Hybrid Fund 18.38%
  • CRISIL: 5-Star
  • Value Research: 5-Star
  • Morningstar: 5-Star
ICICI Prudential Regular Savings Fund 15.24%
  • CRISIL: 3-Star
  • Value Research: 5-Star
  • Morningstar: 5-Star
SBI Debt Hybrid Fund Direct 22.21%
  • CRISIL: 3-Star
  • Value Research: 4-Star
  • Morningstar: 5-Star
HDFC Hybrid Debt Fund 22.81%
  • CRISIL: 3-Star
  • Value Research: 3-Star
  • Morningstar: 4-Star
Kotak Debt Hybrid Fund 23.01%
  • CRISIL: 4-Star
  • Value Research: 5-Star
  • Morningstar: 5-Star

Who should consider?

Who should consider?

Before investing in conservative hybrid funds, make sure you know what your financial goals are, and only invest if the scheme has the potential to help you accomplish them. The conservative hybrid fund invests in the stock market. They invest in equities, even if it is only a little component of their portfolio. And, as we all know, profits on stock investments are never assured. As a result, keep track of your fund’s performance at regular intervals and rebalance your portfolio as appropriate. Check the past performance of any plan before investing. Check the fund’s expenditure ratio and whether it is operated by a respected asset management company.

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks, gold, currency, or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles.



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Indian Gold Rates Drop By Rs 60 On Sept 23, Post US FOMC Meeting

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oi-Kuntala Sarkar

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In India gold rates on Sept 23, have dropped marginally, as the US Fed Chairman Jerome Powell sounded optimistic at the end of the Federal Open Market Committee (FOMC) meeting about the USA’s economic recovery. 22 carat gold price is quoted at Rs. 45,300 and 24 carat gold is quoted at Rs. 46,300 per 10 grams. Both 22 carat and 24 carat gold have fallen by Rs. 60/10 grams. The international gold market is not going through a good time, reflecting the same trend in India. Today the Comex gold future dropped by 0.40% at $1771, while the spot gold market gained by only 0.12% at $1771/oz, at 4.25 EDT. US dollar index, on the other hand, fell by 0.29% today. The Mumbai MCX gold in October future also fell by 0.65% at Rs. 46,370/10 grams today till noon.

Indian Gold Rates Drop By Rs. 60 On Sept 23, Post US FOMC Meeting

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 45,300/- 46,300/-
Delhi 45,750/- 49,900/-
Bangalore 43,600/- 47,560/-
Hyderabad 43,600/- 47,560/-
Chennai 43,880/- 47,870/-
Kerala 43,600/- 47,560/-
Kolkata 45,900/- 48,600/-

Today US Fed Chair Jerome Powell commented to the press that they might start tapering but the timeline will be mentioned in the net meeting. The next FOMC meetings will be organized in November and then the timeline will be published. He said a very gradual taper can start that will conclude in the middle of next year, in 2022. Regarding the employment data, Powell sounded optimistic again as he said, “For me, it wouldn’t take a knock-out (August) employment report. It would take a reasonably good employment report for me to feel like that test is met. I don’t personally need to see a very strong employment report. Again it’s not to be confused with the test for (rate) liftoff, which is so much higher.”

The central bank also stated that they are keeping the interest rate the same now, at near zero. But this can increase to 1.8% in 2024. The impacts of the Covid pandemic on the economy are expected to mitigate by then. It proves that the Fed is not very certain about the interest rate hike very soon. But they are thinking seriously about tapering, which will negatively impact gold rates. Hence, after 2 months, gold rates can fall again globally and in the Indian cities. It will be a good time for buyers to invest then.



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Indian Gold Rates Drop By Rs 60 On Sept 23, Post US FOMC Meeting

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Personal Finance

oi-Kuntala Sarkar

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In India gold rates on Sept 23, have dropped marginally, as the US Fed Chairman Jerome Powell sounded optimistic at the end of the Federal Open Market Committee (FOMC) meeting about the USA’s economic recovery. 22 carat gold price is quoted at Rs. 45,300 and 24 carat gold is quoted at Rs. 46,300 per 10 grams. Both 22 carat and 24 carat gold have fallen by Rs. 60/10 grams. The international gold market is not going through a good time, reflecting the same trend in India. Today the Comex gold future dropped by 0.40% at $1771, while the spot gold market gained by only 0.12% at $1771/oz, at 4.25 EDT. US dollar index, on the other hand, fell by 0.29% today. The Mumbai MCX gold in October future also fell by 0.65% at Rs. 46,370/10 grams today till noon.

Indian Gold Rates Drop By Rs. 60 On Sept 23, Post US FOMC Meeting

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 45,300/- 46,300/-
Delhi 45,750/- 49,900/-
Bangalore 43,600/- 47,560/-
Hyderabad 43,600/- 47,560/-
Chennai 43,880/- 47,870/-
Kerala 43,600/- 47,560/-
Kolkata 45,900/- 48,600/-

Today US Fed Chair Jerome Powell commented to the press that they might start tapering but the timeline will be mentioned in the net meeting. The next FOMC meetings will be organized in November and then the timeline will be published. He said a very gradual taper can start that will conclude in the middle of next year, in 2022. Regarding the employment data, Powell sounded optimistic again as he said, “For me, it wouldn’t take a knock-out (August) employment report. It would take a reasonably good employment report for me to feel like that test is met. I don’t personally need to see a very strong employment report. Again it’s not to be confused with the test for (rate) liftoff, which is so much higher.”

The central bank also stated that they are keeping the interest rate the same now, at near zero. But this can increase to 1.8% in 2024. The impacts of the Covid pandemic on the economy are expected to mitigate by then. It proves that the Fed is not very certain about the interest rate hike very soon. But they are thinking seriously about tapering, which will negatively impact gold rates. Hence, after 2 months, gold rates can fall again globally and in the Indian cities. It will be a good time for buyers to invest then.



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Sensex skyrockets 958 pts; Nifty tops 17,800, BFSI News, ET BFSI

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Equity benchmark Sensex zoomed 958 points to end at a fresh lifetime high on Thursday, tracking gains in index majors Reliance Industries, HDFC twins and ICICI Bank amid a positive trend in global markets. Similarly, the broader NSE Nifty soared 276.30 points or 1.57 per cent to its new closing peak of 17,822.95. It touched an intra-day record of 17,843.90.

After scaling a new peak of 59,957.25 during the day, the 30-share Sensex settled 958.03 points or 1.63 per cent up at an all-time high of 59,885.36.

Bajaj Finserv was the top gainer in the Sensex pack, rising over 4 per cent, followed by L&T, HDFC, Axis Bank, SBI, Reliance Industries and IndusInd Bank.

On the other hand, Dr Reddy’s, ITC, Nestle and HUL were the laggards.

Domestic equities witnessed sharp recovery with benchmarks Nifty and Sensex both recording fresh all-time highs, said Binod Modi, Head-Strategy at Reliance Securities.

Favourable FOMC meeting outcome and ease of concerns from possible default of Evergrande aided market rally. Financials and Reliance Industries have dominated market rally, followed by metals, IT and auto, he added.

US Federal Reserve Chair Jerome Powell said the Fed plans to announce as early as November that it will start to taper its monthly bond purchases, should the job market maintain its steady improvement.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended with gains, while Seoul was in the red. Japanese market was closed for holidays.

Stock exchanges in Europe were also trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude slipped 0.12 per cent to USD 76.10 per barrel.



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LIC Urges Customers To Link PAN With LIC Policies: Check How

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oi-Kuntala Sarkar

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The union government of India is stressing the Permanent Account Number (PAN) of the Indians immensely and has also extended the deadline for PAN-Aadhaar linking till March 31, 2022. PAN is now a mandatory tool for any investment, saving, or online transaction, and keeping that in mind, LIC Ltd. has urged the customers to link the PAN with LIC policies as soon as possible.

LIC Urges Customers To Link PAN With LIC Policies: Check How

How to Link the PAN with LIC Policies

The investors can log in to LIC Ltd.’s official website (licindia.in.) to link PAN with the policies. LIC has kept the procedure easy that all of the customers and agents can get accustomed to the process fast. The procedure follows:

To link your PAN with LIC policies, you need to log in to the official website of LIC at licindia.in.
Select the ‘Online PAN Registration’ window on the homepage.
You should keep the PAN card with all the policy details ready to link.
After the Online PAN Registration window, you need to click on the ‘Proceed’ button.
Put your E-mail ID, PAN, mobile number, and the correct policy number.
Then enter the correct Captcha.
Then request to get the OTP which will come to the mobile number, linked with your policy.
After receiving the OTP on your mobile number, put it correctly on the portal.
Submit the filled-up form, and the page will show a window stating the success of your registration request.

This is the easy procedure to link PAN with LIC policies online.

Why is it important?

In line with the union government’s lookout towards PAN, now LIC is also being concerned with the customer’s authenticity and repeatedly stating that they can link the PAN with the policies online. New LIC policies are also being signed in after linking with PAN. PAN is a number that helps the government to track all your investments, income, and expenses transparently. LIC policies are tax-saving policies, and PAN has significance in the taxation system largely. So, LIC is urging their customers to link PAN with the policies that all the insurance policies and investments stay transparent and clear to each side – the investor and the government.

LIC offers affordable endowment and term insurance policies that are designed to secure the policy holder’s and the nominee’s future in the long term. The most popular LIC policies are Jeevan Labh, Jeevan Lakshya, Jeevan Umang, Saral Pension Plan, etc. LIC is a public sector insurance corporation in India.

Story first published: Thursday, September 23, 2021, 16:14 [IST]



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US Fed’s Assessment On Economic Recovery: Impact On Indian Gold Rates

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oi-Kuntala Sarkar

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Jerome Powell, the US Fed Chair indicated a gradual tapering at the end of the Federal Open Market Committee (FOMC) meeting that impacted the international gold market immediately again. “If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted”, the FOMC statement said. As an immediate reaction gold rates fell again, and Comex gold future dropped by 0.90% at $1762, while the spot gold market fell by 0.12% at $1766/oz, at 2.30 EDT on September 23. A nearly 1% drop in gold rates is now concerning because this might plunge again. The international gold market was struggling hard with lowering rates since August, this year, Comex gold future went below $1740 at that time. This happened mostly due to promising non-farm payroll data published in the first week of August.

US Fed's Assessment On Economic Recovery: Impact On Indian Gold Rates

In the present situation, the gold rates are subdued and expected to fall again as the US Fed Chair pointed towards tapering. Tapering will mean a halt in the Quantitative Easing (QE) that will directly lead investors to take shelter under government bonds. This will again tighten gold prices, impacting Indian gold rates similarly. India imports gold from foreign markets and is the second-largest importer globally. Hence the fall in international gold prices will be reflected here. Today Indian gold rates in the MCX October future fell by 0.71% at Rs. 46,341/10 grams. IBJA is having close eyes on the US Fed decision regarding tapering.

However, the Fed has kept the interest rate the same at zero to 0.25% for the time being now, and they will continue the purchase of treasuries and mortgage-backed securities at $120 billion/month. In addition to that, the US Fed has also indicated a rate hike around 6 to 7 seven times by the end of 2024, at 1.80%. This shows that the Fed officials are quite optimistic about the economic recovery in the country during the post-Covid period. Now, the 5-year treasury rates also inflated because the ‘traders expected an aggressive path once benchmark increases begin’. Although the jobs data could not meet expectations at the start of September, the Fed’s assessment on that is quite positive now. The retail inflation rate is also under control now.

The exact timeline regarding tapering will probably come out in the next month. In early November and mid-December, the FOMC will again organize its meetings. Chair Powell yesterday commented on the taper timeline, “could come as soon as the next meeting.” Powell also added, “The timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest-rate liftoff.” David Zervos, Chief Market Strategist at Jefferies has shared his opinion about Powell’s present status and optimism. Zervos said, “I sense just something a little more hawkish in Jay than usual, especially coming after his Jackson Hole speech which was extremely dovish.”

Now, if the US Fed starts tapering from December, the gold prices will be down again and the yearly growth in gold prices will underperform. However, this will be a preferable time for Indians to buy gold.



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Bitcoin fever reaches Honduras with first cryptocurrency ATM, BFSI News, ET BFSI

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The first cryptocurrency ATM in Honduras opened this week as bitcoin backers sought to spur demand for virtual assets after neighboring El Salvador became the first country to establish bitcoin as legal tender.

The machine, locally dubbed “la bitcoinera,” allows users to acquire bitcoin and ethereum using the local lempira currency and was installed in an office tower in the capital of Tegucigalpa by Honduran firm TGU Consulting Group.

Juan Mayen, 28, chief executive of TGU, led the effort to bring the ATM to Honduras in hopes of educating people about virtual assets through first-hand experience.

Until now, there was no automated way to buy crypto-currencies, he said.

“You had to do it peer-to-peer, look for someone who … was willing to do it, meet in person and carry X amount of cash, which is very inconvenient and dangerous given the environment in Honduras,” he said.

On Friday, one ethereum was trading at $3,237, and bitcoin; $48,140. If the service is popular, Mayen said he hoped to install more units.

To make a purchase, users have to scan official identification and input personal data such as a phone number.

Many software developers in Honduras are already paid in cryptocurrencies, Mayen said, adding that it will also be a cheaper option to send remittances.

In 2020, Hondurans living abroad – mainly the United States – sent $5.7 billion, about 20% of the country’s gross domestic product (GDP), in remittances.

The Congress of El Salvador approved in June a proposal by President Nayib Bukele to make the country the first in the world to adopt Bitcoin as legal tender.

Elsewhere in the region, lawmakers presented draft bills in Panama that regulate the use of bitcoin and its status as a legal tender.

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US treasury department sanctions crypto exchange Suex over ransomware attacks, BFSI News, ET BFSI

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NEW DELHI: The US treasury department launched sanctions against Suex, a crypto exchange, for money laundering related to ransomware payments.

The exchange is alleged to have facilitated transactions from illegitimate proceeds of 8 ransomware variants accounting to 40 percent of the company’s transaction.

Ransomware is a type of malware that uses encryption to disable access to key applications and databases.

Then the fraudsters ask the victims for ransom in lieu of not leaking the stolen data. This is the first time that the US government has resorted to such an action against a cryptocurrency or any virtual asset for that matter.

Going ahead, the treasury department will designate the exchange that will make it tough for it to do business with other companies, cnbc.com reports.

According to a Bloomberg report, the Biden administration is cracking down on cryptocurrency fraudsters by imposing sanctions on dubious companies and has asked crypto companies and victims to report cybercrimes to authorities.

The treasury department added that cryptocurrency transactions being decentralized cannot be traced easily as compared to those involving traditional financing.



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US treasury department sanctions crypto exchange Suex over ransomware attacks, BFSI News, ET BFSI

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NEW DELHI: The US treasury department launched sanctions against Suex, a crypto exchange, for money laundering related to ransomware payments.

The exchange is alleged to have facilitated transactions from illegitimate proceeds of 8 ransomware variants accounting to 40 percent of the company’s transaction.

Ransomware is a type of malware that uses encryption to disable access to key applications and databases.

Then the fraudsters ask the victims for ransom in lieu of not leaking the stolen data. This is the first time that the US government has resorted to such an action against a cryptocurrency or any virtual asset for that matter.

Going ahead, the treasury department will designate the exchange that will make it tough for it to do business with other companies, cnbc.com reports.

According to a Bloomberg report, the Biden administration is cracking down on cryptocurrency fraudsters by imposing sanctions on dubious companies and has asked crypto companies and victims to report cybercrimes to authorities.

The treasury department added that cryptocurrency transactions being decentralized cannot be traced easily as compared to those involving traditional financing.



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