Category: Personal Finance

Will Gold Prices Fall Anytime Soon?

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Kuntala Sarkar

|

Gold prices have been experiencing uncertainty in the MCX since last month. The market is obviously quite down than it was eight to nine months ago.

On 4th August, in MCX (FUTCOM) the gold market opened with Rs. 47920 (per 10 grams). The scale went highest to Rs. 47950. It has seen a 0.17% change in the price. Besides gold, silver started with Rs. 67956 and last traded with Rs. 68156. These fluctuations are impacting the prices of gold in every city in India.

How spot gold prices are moving?

The spot market price of gold is on the other hand trading low at Rs. 47842 per 10 grams. Indian spot gold prices are actually showing a flat scale since July. It is quite down from last year’s up-turning curve. Global economic crisis, investors’ fear regarding the oil and US dollar helped gold to reach its peak back then. But the situation has changed now.

Will Gold Prices Fall Anytime Soon?

This happened ahead of US jobs data that is to be released soon this week. The expectations locked the price range tight. Investors are also buoyed by worries due to the spread of the coronavirus delta variant and low bond yields. The Federal Reserve is about to take strong decisions regarding the country’s employment scenario and economy. As the Fed takes decisions about bond yields and interest rates the gold prices will again see its pace.

In a meeting earlier on June 16, Fed Governor Jerome Powell elevated the forecast of economic growth and inflation in the states. The Fed additionally projected two likely hikes in interest rates. This tight monetary policy was not expected for all investors; it was a sudden change for some of them. They became skeptical one way or another.

On the other hand, federal banks in other parts of the globe, like in European countries or in Japan, did not think about interest rate hikes in their countries. This certainly says that the US, unlike other countries, is quite focussed to give US dollar a better and stronger hold in the global market.

The economic slowdown of the USA in the last year has triggered the US Fed and their think tanks. This is influencing the gold prices directly. Growing valuation of the US dollar this year is indicating the current trend of falling gold prices in the long term.
But in the currency exchange the valuation of the US dollar did not show much change today (4th August). It actually helped the gold mcx in India to get a better outlook.

The gold market is now overall showing a muted reaction in daily gold prices for both futures and spot. The monthly reactions are prominent though. From January the monthly rates have been falling in big numbers. Certainly it is a good time to invest in gold; but not to sell the gold in reserve.

A larger picture says that gold prices fell (4% in Q1 2021) due to a drop in financial investment demand due to rising US real yields.

A report titled ‘Commodity Markets Outlook – April, 2021’ states, “The yield on 10-year treasury Inflation-Protected Securities rose from -1% in January to -0.66% in March – its highest level since June 2020. Higher real yields make gold less attractive to investors. Gold-backed exchange-traded funds holdings have also fallen sharply in recent months, and central banks have reduced gold purchases.”

Gold prices thrive when the news is negative?

Gold rates tend to outperform when there is pessimism and the world can be full of that. From a Covid third wave to rising inflation, there are more triggers for gold to go up, then down. Gold is a precious metal and identified as a hedge against inflation. Keeping in mind the higher inflation rates likely across the globe, the yellow metal might rise again soon. Beside the physical demand of gold, investments in SGB and through ETF are having promising views. So, time will only be able to tell if gold will continue to glitter this year or not. Investors are certainly hopeful for the long term.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Post-IPO, Nykaa founder Falguni Nayar will remain in the saddle, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Omnichannel beauty retailer Nykaa will not only be the first woman-led Indian unicorn to launch an Initial Public Offering (IPO), but Falguni Nayar, its founder and CEO, is also expected to have strong control over the company compared to founders of other startups such as Paytm, PolicyBazaar, Zomato, Mobikwik and CarTrade.

Including Nykaa, six Indian startups have filed their draft prospectus with markets regulator, the Securities and Exchange Board of India (Sebi). Food delivery app Zomato has already made a stellar stock market debut.

Falguni, a banker-turned-entrepreneur, will have – as a promoter of the company – the right to nominate up to “50% of the number of directors on the board as well as nominate at least one such nominee director as member on each statutory or other committee constituted by the board…,” according to the IPO draft papers.

The option of exercising such rights comes at a time when most startup entrepreneurs are often left with less than 10% stake in their ventures by the time they list publicly.

This will be valid as long as Nykaa’s promoters hold more than 25% in the company.

As long as Falguni Nayar, husband Sanjay Nayar – the chairman of private equity major KKR India, the Nayar Family Trust and Sanjay Nayar Family Trust continue to be classified as promoters, they can nominate up to one-third of the board of directors as well as nominate at least one such nominee director as a member on a committee constituted by the board.

Falguni, Sanjay and their children own over 53% stake in Nykaa parent FSN E-commerce Ventures.

Nayar, a source told ET, will retain majority control even after the IPO.

The company will continue to be an inventory-led ecommerce platform as well. Foreign-owned ecommerce platforms are not allowed to have inventory models in the country and have to operate as a marketplace, like Walmart-owned Flipkart and Amazon India.

Further, Nykaa’s promoters will have the right of first refusal when a shareholder with less than 3% stake sells shares.

These rights are an outcome of the majority shareholding Nayar and her family hold as promoters.

“For a majority stakeholder, these broad rights can be accorded as per the laws. However, she is the only founder among the top-tier founders to have such a stake in the firm going into the IPO,” a senior industry executive who has worked with startups on IPO regulations said.

“In addition to the above, Sanjay Nayar and Falguni Nayar, as long as each of them is a director, is not liable to retire by rotation for as long as their total number does not exceed one-third of the total number of directors, excluding independent directors, or such other limit as may be permitted under applicable law,” the draft prospectus added.

Revival in sales
Meanwhile, Nykaa has made a full sales recovery to pre-Covid-19 second wave levels at the end of last month, a person aware of the matter said.

The overall impact on monthly sales was relatively less during the second wave compared to the first.

Last year, Nayar had told ET that being an omni-channel retailer helped it during the Covid-19 outbreak even as online sales recovered faster. She told ET that 85%-90% of its customers were registered in Nykaa database and that it was able to cater to them through hyperlocal, and in some cases by taking orders over the phone as well.

“By the end of last month, sales were back to pre-second wave levels. Overall, the expectation is that this year would be another good year for growth,” the person said.

Nykaa sells several third-party beauty and personal care brands but is also building its own set of private labels across categories.

Its fashion business is now about 20% of overall sales, sources aware of the matter said.

For now, Nykaa’s in-house labels are relatively a smaller vertical.

“Nykaa is seeing recovery across the board but there is a sharp rebound in tier 2 and tier 3 cities. Non-metros seem to be less impacted in terms of consumption for Nykaa users,” this person added.

In the DRHP, Nykaa said sales from tier 2 and tier 3 cities contributed 64% in FY21 compared to 59% in FY20.

It has also cited current draft ecommerce proposals as a risk-factor as the proposals could impact its operations.

Nykaa clocked total revenue of Rs 2,452.6 crore in FY21 compared to Rs 1,777.8 crore in FY20, a growth of 38%.

Its net profit stood at Rs 61.96 crore in FY21 compared to a net loss of Rs 16.34 crore in FY20.

Its gross merchandise value jumped by over 50% to almost Rs 4,046 crore in FY21.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

Buy These 3 Stocks For Robust Returns, Says Sharekhan

Personal Finance

[ad_1]

Read More/Less


Buy Castrol India, says Sharekhan

The brokerage is optimistic on the stock of lubricant major Castrol. The firm has set a price target of Rs 172 on the stock, as against the current market price of Rs 140.

According to Sharekhan, the alliance with Jio-BP will help gain market share and focus on new revenue streams (focus to launch vehicle care products in collaboration with 3M) and drive long term volume growth is good.

“Volumes started recovering in June 2021 and further gained traction in July 2021. Castrol has gained 200 basis points market share in the Bazaar segment. Calibrated price actions (taken three price hikes since Jan’21) to protect margin from high base oil price,” the brokerage has said.

Current market price of Castrol India Rs 140
Target price Rs 172

“Valuation of 14.7 times its CY2022E EPS is attractive (41% discount to historical level) despite strong earnings growth outlook, FCF/dividend yield of 8%, 5%, and Return on Equity of 55%. We retain Buy on Castrol India with a revised target price of Rs. 172,” the brokerage has said.

Buy Kajaria Ceramics for an upside of Rs 1,202

Buy Kajaria Ceramics for an upside of Rs 1,202

Sharekhan likes the stock of tiles company Kajaria Ceramics and has suggested a buy on the stock for a target price of Rs 1,202.

According to the brokerage firm, the management is confident of achieving 20% y-o-y revenue growth in tiles led by 15-16% y-o-y volume growth for FY2022. However, operating profit margin guidance was reserved due to higher gas prices.

“Brownfield capex plan of Rs 250 crore is on track. Strong net cash position and healthy free cash flow generation to aid in capital expenditure plans without leveraging balance sheet,” the brokerage has said.

Current market price of Kajaria Ceramics Rs 1,031
Target price Rs 1202

The company also sees retained strong net cash position as a big positive. “We introduce FY2024E earnings in this note. We expect revenue/operating profit/net profit to rise at a 17%, 20% and 26% CAGR over FY2021- FY2024E. We retain our Buy rating on the stock with a revised price target target price of Rs 1,202,” the brokerage has said.

Vinati Organics

Vinati Organics

The last of the stock picks from the recent reports of Sharekhan is the stock of Vinati Organics. The brokerage says that the likely higher ATBS margin (tight demand-supply situation) and ramp-up of butyl phenol capacities to drive a 29% PAT CAGR over FY2021-FY2024E, while potential incremental earnings contribution from integration of Vinati Organics would further aid earnings growth. The management has guided for 40-45% y-o-y revenue growth and margin of 30-35% for FY2022E.

Current market price of Vinati Organics Rs 1,951
Target price Rs 2,350

“We upgrade our rating on Vinati Organics to Buy with a revised target price of Rs. 2,350 given our expectation of strong earnings recovery across segments supported by dominant market share in ATBS and ramp-up capacities while return profile remains strong with RoE/RoCE of 23%/30%,” the brokerage has said.

Disclaimer

Disclaimer

Investing in stocks 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. Investors should take care because the markets are near record highs.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Rajya Sabha nod: DICGC Bill to help small depositors, says FM Nirmala Sitharaman

Personal Finance

[ad_1]

Read More/Less


The Bill proposes to give customers access to their deposits up to Rs 5 lakh within just 90 days if their stressed banks are placed under moratorium.

The Deposit Insurance Credit Guarantee Corporation (DICGC) Amendment Bill, which was approved by the Rajya Sabha on Wednesday amid Opposition uproar, will help small depositors, including those of the crisis-ridden PMC Bank, finance minister Nirmala Sitharaman said.

The Bill proposes to give customers access to their deposits up to Rs 5 lakh within just 90 days if their stressed banks are placed under moratorium. The Bill covers all banks, including co-operative banks.

Similarly, the Upper House also cleared the Limited Liability Partnership (Amendment) Bill 2021, which seeks to decriminalise a dozen offences and enable such entities to enjoy the same benefits as large companies. Hundreds of start-ups, chartered accountant firms and others that are registered as LLPs are expected benefit from this move.

The DICGC (amendment) Bill will cover 98.3% of depositors and 50.9% of deposit value in the banking system, way above the global level of 80% and 20-30%, respectively, Sitharaman had said last week.

Also, as per the extant system, customers of a fallen bank could lay their hands on the insured deposit amount only after the bank’s liquidation, which would take even 8-10 years. So, the amendments were brought in to ensure that customers, especially the small ones, have time-bound access to the insured amount to meet financial exigency. Last year, the government had raised the limit of bank deposits insured under the DICGC Act to Rs 5 lakh from Rs 1 lakh.

The DICGC is a wholly-owned arm of the Reserve Bank of India (RBI), which offers deposit insurance. If a customer’s deposit amount crosses Rs 5 lakh in a single bank, only up to Rs 5 lakh, including the principal and interest, will be paid by the DICGC if the bank turns bankrupt.

Before the hike last year, the government had kept the deposit cover unchanged at Rs 1 lakh since May 1993, when it was raised from Rs 30,000 after the security scam in 1992 had led to the liquidation of Bank of Karad in Maharashtra.

As for decriminalising certain offences, once the LLP (amendment) Bill is cleared by both the houses of Parliament, only 22 penal provisions, seven compoundable offences and non-compoundable offences will remain.

After the Cabinet approval to this Bill last week, Sitharaman said: “Between large companies that are well-regulated and small proprietorships, LLPs did not have benefit of either simplified regulation or ease of practice under proprietorship. With Wednesday’s Cabinet decision, we are bridging the gap and making LLPs more attractive, easy to handle.”

The corporate affairs ministry has said that the objective of this move is to remove criminality of offences from business laws where no mala-fide intentions are involved.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,

RBI New Rule- Be Extra Careful When Issuing Cheque For Payment Or Else Bear Penalty

Personal Finance

[ad_1]

Read More/Less


Planning

oi-Roshni Agarwal

|

As per the RBI rules, NACH or National Automated Clearing House has been made available on all days from August 1, 2021. Consequently, NACH will be available on all 7 days of the week.

RBI New Rule: Be Careful When Issuing Cheque Or Else Bear Penalty

The central bank on June 4 said, “In order to further, enhance customer convenience, and leverage the 24×7 availability of RTGS, NACH which is currently available on bank working days, is proposed to be made available on all days of the week effective from August 1, 2021”

What is NACH?

NACH is the National Payments Corporation of India (NPCI) initiative for banks, financial entities, corporates and government for enabling interbank, high-volume, digital transactions that are repetitive as well as periodic in nature. The system can be used both ways i.e. for making bulk payments such as dividend, salary, pension etc. as well as for bulk transactions that involve collection of funds against telephone bill, investment in mutual funds, insurance premium etc.

National Automated Clearing House (NACH) is a centralised system, launched with an aim to consolidate multiple ECS systems running across the country and provides a framework for the harmonization of standard & practices and removes local barriers/inhibitors. NACH system will provide a national footprint and is expected to cover the entire core banking enabled bank branches spread across the geography of the country irrespective of the location of the bank branch.

What you should note or be mindful about in view of the new NACH rules?

Now as NACH shall be running or will be available on all days, you need to be extra careful when making a payment via cheque as it can go for clearing and get encashed even on non-working days and holidays. So, here in the care that is needed from your end is that you need to ensure that the bank account has sufficient balance especially when the cheque is being deposited for payment. If the cheque bounces, you will be charged a penalty amount.

Notably, NACH in the current pandemic time has enabled transfer of government subsidies in a transparent and timely manner. Also it is the most adopted and prominent method in the DBT or direct benefit transfer scheme.

GoodReturns.in

Story first published: Wednesday, August 4, 2021, 22:27 [IST]



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Sharekhan Has A “Buy” On These 2 Stocks For A Decent Upside

Personal Finance

[ad_1]

Read More/Less


Inox Leisure: Buy The Stock, as fresh content to bring hope

Sharekhan believes that the stock of Inox Leisure can rally to levels of Rs 400, as fresh content offers hope.

Current market price Rs 314
Target price Rs 400

“We expect meaningful recovery in box-office collections during 2HFY2022 given strong content pipeline, higher pace of vaccination, and closure of some single screens,” the brokerage has said.

According to it, big-budget movie producers will start announcing the release dates of their movies in the coming weeks as they have been waiting to release their movies in theatres post reopening.

Inox Leisure: Price target of Rs 400 on the stock

Inox Leisure: Price target of Rs 400 on the stock

Inox Leisure has indicated that it will be resuming operations at 113 properties having 459 screens in the coming days in a staggered manner.

“We expect the state governments of Maharashtra and Tamil Nadu would allow to reopen cinema halls soon as COVID vaccination gains pace. We believe Inox Leisure has done a commendable job in keeping fixed expenses under control during Q1FY2022. Given the strong content pipeline across languages, announcement of release date of fresh big-budget content, robust consumer demand, and higher pace of vaccinations, we expect a meaningful recovery in Indian multiplex industry in the second half of FY2022,” the brokerage has said.

Carborundum Universal

Carborundum Universal

Sharekhan also has a buy call on the stock of Carborundum Universal with a target price of Rs 854 on the stock.

Current market price Rs 706
Target price Rs 854

The company says that the strong domestic operations led by core user industries along with improving overseas operations aided by capacity expansion, success of new products, and being an alternative global supplier are likely to aid domestic and exports growth.

“Strong balance sheet, healthy return ratios and consistent dividend paying record are key salient features,” the brokerage says.

Carborundum Universal: To benefit from multiple factors

Carborundum Universal: To benefit from multiple factors

According to Sharekhan the company stands to benefit from multiple factors such as a broad-based recovery in industrial capex, China +1 strategy, strong initiatives of the Government of India to support domestic manufacturing and healthy demand prospects for regular and specialty products.

“The company is currently trading at a price to earnings multiple of 30 times and 27 times on FY2023E/FY2024E earnings, which we believe is reasonable, considering its strong earnings growth outlook and robust balance sheet. Hence, we recommend a Buy on Carborundum Universal with a revised target price of Rs 854,” the brokerage has said.

Disclaimer

Disclaimer

The above stocks are based on the report of Sharekhan. Investing in stocks is risky and investors should do their own research. The author, the brokerage firms or Greynium Information Technologies are not responsible for any losses incurred due to a decision based on the above article. Investors should hence exercise due caution as are at record peaks. Please consult a professional advisor.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Top 10 Banks Offering Best Returns On 3 To 5 Year Fixed Deposits In 2021

Personal Finance

[ad_1]

Read More/Less


Investment

oi-Vipul Das

|

Savings accounts, liquid funds, short-term funds, fixed deposits, fixed maturity plans, treasury bills, post office time deposit account, direct equity, recurring deposits, arbitrage funds, and so on are the most favored alternatives for short-term financial objectives of 3 years or longer. To achieve the highest results, we recommend that investors and our readers stay invested in short-term instruments for 3 to 5 years; as a consequence, we have not considered the liquidity aspect here. However, we have considered here assured returns, deposit safety up to Rs 5 lakhs offered by DICGC, additional returns to senior citizens, and picked up fixed deposit instruments for investors with risk-free appetite. As a result, here we have compiled the top 10 banks that are now offering the best interest rates on fixed deposits (below Rs 2 Cr) of 3 to 5 years to both regular and senior citizens.

Top 10 Small Finance Banks Offering Good Returns On 3 To 5 Year Fixed Deposits

Top 10 Small Finance Banks Offering Good Returns On 3 To 5 Year Fixed Deposits

For opening a fixed deposit account for 3 to 5 years, here are the top 10 small finance banks offering the best returns to both regular and senior citizens.

Sr No. Banks Regular FD Rates Senior Citizen FD Rates Tenure W.e.f.
1 North East Small Finance Bank 7.25% 7.75% 3 years to 5 years April 19, 2021
2 Ujjivan Small Finance Bank 6.75% 7.25% 3 Years and 1 Day to 5 Years March 5, 2021
3 Jana Small Finance Bank 6.75% 7.25% 3 Years to less than 5 Years 07.05.2021
4 Suryoday Small Finance Bank 6.75% 6.75% Above 3 Years to less than 5 Years June 21, 2021
5 Fincare Small Finance Bank 6.25% 6.75% 36 months to 59 months 29 July 2021
6 Equitas Small Finance Bank 6.25% 6.75% 3 years to 5 years June 1, 2021
7 Utkarsh Small Finance Bank 6.00% 6.50% 701 Days to 3652 Days 1 July 2021
8 Capital Small Finance Bank 6.00% 6.50% 1 Year to less than 5 Years June 3, 2021
9 AU Small Finance Bank 6.00% 6.50% 36 months to 60 months June 23, 2021
10 ESAF Small Finance Bank 5.75% 6.25% 3 Years to less than 5 Years 01.08.2021
Source: Bank Websites

Top 10 Private Sector Banks Providing Best Interest Rates On 3 To 5 Year Fixed Deposits

Top 10 Private Sector Banks Providing Best Interest Rates On 3 To 5 Year Fixed Deposits

On fixed deposits of 3 to 5 years, here are the top 10 private sector banks providing higher interest rates to both regular and senior citizens.

Sr No. Banks Regular FD Rates Senior Citizen FD Rates Tenure W.e.f.
1 DCB Bank 6.50% 7.00% More than 36 months to 60 months May 15, 2021
2 RBL Bank 6.30% 6.80% 36 months to less than 60 months July 2, 2021
3 Yes Bank 6.25% 7.00% 3 years to less than 5 years June 3, 2021
4 IndusInd Bank 6.00% 6.50% Above 3 years upto 61 months July 23, 2021
5 IDFC First Bank 6.00% 6.50% 3 years 1 day – 5 years May 1, 2021
6 Axis Bank 5.40% 5.90% 3 years to less than 5 years 22.06.2021
7 ICICI Bank 5.35% 5.85% 3 years 1 day to 5 years October 21, 2020
8 HDFC Bank 5.30% 5.80% 3 year 1 day- 5 years May 21, 2021
9 Bandhan Bank 5.25% 6.00% 3 years to less than 5 years June 7, 2021
10 Kotak Mahindra Bank 5.20% 5.70% 3 years to less than 5 years July 23, 2021
Source: Bank Websites

Top 10 Public Sector Banks Promising Higher Interest Rates On 3 to 5 Year Fixed Deposits

Top 10 Public Sector Banks Promising Higher Interest Rates On 3 to 5 Year Fixed Deposits

For a deposit amount of less than Rs 2 Cr, here are the top 10 government banks promising higher returns on 3 to 5 year fixed deposits to both regular and senior citizens.

Sr No. Banks Regular FD Rates Senior Citizen FD Rates Tenure W.e.f.
1 Union Bank 5.50% 6.00% 3 years to 5 years 09.07.2021
2 Canara Bank 5.50% 6.00% 3 years & above to less than 5 years 08.02.2021
3 State Bank of India 5.30% 5.80% 3 years to less than 5 years 08.01.2021
4 Punjab & Sind Bank 5.30% 5.80% 3 Years – 5 Years 16.05.021
5 IDBI Bank 5.30% 5.80% 3 years to less than 5 years July 14, 2021
6 Bank of Baroda 5.25% 5.75% Above 3 Years and upto 5 Years 16.11.2020
7 Punjab National Bank 5.25% 5.75% Above 3 year & upto 5 years 01.08.2021
8 Indian Bank 5.25% 5.75% 3 years to less than 5 years 05.02.2021
9 Indian Overseas Bank 5.20% 5.70% 3 Years and Above 09.11.2020
10 Central Bank of India 5.00% 5.50% 3 years to less than 5 years 10.07.2021
Source: Bank Websites

Story first published: Wednesday, August 4, 2021, 16:56 [IST]



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Parliamentary panel suggests capping ‘haircuts’ after furore over Videocon, Siva settlements, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


A parliamentary panel has suggested having a benchmark for the “quantum of haircut” in an insolvency process amid instances of financial creditors taking steep haircuts on their exposure to stressed companies.

Besides, the committee has pitched for measures to prevent protracted litigations with respect to an insolvency resolution process.

The Insolvency and Bankruptcy Code (IBC), which came into effect in 2016, provides for a market-linked and time-bound resolution of stressed assets.

Emphasising that the fundamental aim of the Code is to secure creditor rights which would lower borrowing costs as the risks decline, the panel said there is a need for greater clarity in purpose with regard to strengthening creditor rights through the mechanism devised in the Code.

On haircuts

The committee flagged that “the low recovery rates with haircuts as much as 95 per cent and the delay in resolution process with more than 71 per cent cases pending for more than 180 days clearly point towards a deviation from the original objectives of the Code intended by Parliament”.

The committee particularly mentioned about the “disproportionately large and unsustainable ‘haircuts’ taken by the financial creditors over the years”.

In some insolvency resolution processes, the haircuts taken by creditors were more than 90 per cent.

“As the insolvency process has fairly matured now, there may be an imperative to have a benchmark for the quantum of ‘haircut’ comparable to global standards,” it noted.

A haircut refers to losses incurred by creditors on resolution of a stressed asset.

The suggestions have been made by the Standing Committee on Finance in its report on the ‘Implementation of Insolvency and Bankruptcy Code – Pitfalls and Solutions’. The report was tabled in Parliament on Tuesday.

On delays

It is a matter of grave concern for the committee that the insolvency process has been stymied by long delays far beyond the statutory limits. It is disconcerting that even admission of cases in NCLT has been taking an unduly long time, which thus defeats the very purpose of the Code, the panel noted.

After about half a dozen amendments in five years, the IBC seems to have deviated from its original objectives, thanks to inordinate delay in resolution and the low recovery rate with haircuts running up to 95% in few cases, the Parliamentary Standing Committee on Finance said in a report.

As many as 13,170 insolvency cases involving claims of Rs 9 lakh crore are awaiting resolution before the National Company Law Tribunal (NCLT), the report tabled in the Lok Sabha on Tuesday said.

The committee also pointed out that there have been instances of frivolous appeals, which further drags the resolution/ recovery process leading to severe erosion of asset value.

Abuse of provisions

The panel said it would therefore recommend that misuse/ abuse of well-intended provisions and processes should be prevented by ensuring an element of finality within the statutory stipulated period without protracted litigation.

There have been six amendments to the Code so far.

According to the committee, any legislative enactment and implementation need to constantly evolve to meet the challenges in the ever-changing ecosystem.

However, the panel said it is of the opinion that “the actual operationalisation of amendments made so far may have altered and even digressed from the basic design of the statute and given a different orientation to the Code not originally envisioned”.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

Bitbns to award crypto SIPs for Indian winners at the Tokyo Olympics 2020, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Bitbns, the cryptocurrency exchange, has announced Bitcoin SIP awards for Indian winners at the Tokyo 2020 Olympic Games in its bid to recognise and celebrate Olympic champions where winners would be entitled to open cryptocurrency SIPs’ worth lakhs on the exchange.

The SIP will start onwards from Rs 2 lakh for gold, Rs 1 lakh for silver, and Rs 50k for bronze medalists. The company aims to begin with honoring Mirabai Chanu for bagging a silver medal in weightlifting in the 49 kg category and PV Sindhu, who won the bronze medal after defeating Bing Jiao of China in badminton to become the 1st Indian woman with 2 individual Olympic medals.

Gauarv Dahake, CEO, Bitbns said, “As India celebrates its 100-year journey with the biggest global sporting event, Bitbns is proud to associate and play its bit in honoring the Indian Olympic champions. Indian athletes winning medals at the Olympics are not just fulling their dreams but the dreams of billions of Indians while making the country proud on a global platform. I would like to convey my heartiest congratulations to Mirabai Chanu and P.V. Sindhu for bringing home the medals.”

“Bitcoins and Ethereum have been the best-performing assets in the last decade, and have given exceptional returns and we aim to get our winners to indulge in this rewarding journey. Our Olympians are the personification of sheer grit, valour, and commitment and the sense of pride they gift us is immeasurable. This is a small gesture from us to gratify them in our own way.” he added further.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

UPI Autopay for Recurring Payments; List of Banks And Apps Live On UPI AutoPay

Personal Finance

[ad_1]

Read More/Less


Benefits of UPI AutoPay

For Financial Services:

  • EMI payments (loans, insurance, mutual funds) can be made via UPI AutoPay without missing due dates or setting reminders.
  • Payments made on time avoid late fees and penalties.
  • In UPI recurring mandates, each customer can choose from a variety of payment modes (monthly, quarterly, etc.) and quantities (from Rs.1/- to Rs.2000+).
  • Recurring payments made in a secure and convenient manner.
  • Transacting without using cash.
  • There will be no long lines.
  • There is no paperwork required.

For Transit:

  • UPI offers a variety of passes on a daily, weekly, and monthly basis.
  • There will be no longer fines or penalties for travelling without a ticket.
  • There’s no need to be concerned about losing tickets.
  • It’s the epitome of convenience.

For Educational Services:

  • Education packages can be customized to meet specific needs.
  • Payments that are simple and quick gaining. information from the comfort of one’s own home.

For Ecom

  • The UPI AutoPay service allows you to buy now and pay later.
  • For retailers, it’s simple to deliver to their doorstep.
  • Convenience is right outside your door (No searching for change etc)
  • Modify, revoke, and pause tools are also provided for amending orders as needed.

How does UPI AutoPay work?

How does UPI AutoPay work?

A ‘Mandate’ option will be available in any UPI-enabled application, allowing customers to establish, approve, alter, stop, or revoke an auto-debit mandate. To use the UPI Autopay feature, follow this step-by-step guide.

Authenticate your account with a UPI PIN once, and subsequent monthly payments will be automatically debited from your account.

For transactions up to Rs. 2000, create an e-mandate using a UPI-enabled bank ID or a QR scan.

Every mandate will demand a UPI PIN authentication for transactions exceeding Rs. 2000.

One-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly mandates are all possible.

Live Aggregators on UPI AutoPay

Live Aggregators on UPI AutoPay

Sr. No. Live Aggregators on UPI AutoPay
1 Razorpay
2 Paytm
3 Cams Pay
4 PayG
5 Digio
6 PayU
7 Bill Desk

List of Apps Live On UPI AutoPay

Sr. No. Application
1 BHIM
2 Paytm
3 Indusind Bank App

List of Bank Live On UPI AutoPay

Sr. No. Bank Name
1 State Bank Of India
2 Paytm Payments Bank
3 HDFC BANK LTD
4 ICICI Bank
5 Bank of Baroda
6 Axis Bank Ltd.
7 Bank of India
8 INDUSIND BANK
9 IDFC FIRST Bank
10 Yes Bank Ltd
11 Federal Bank
12 IDBI Bank Limited
13 HSBC
14 Punjab and Sind Bank
15 Karur Vysya Bank
16 RBL
17 NSDL Payments Bank
18 Jio Payments Bank
19 Utkarsh Small Finance Bank
20 Saraswat Co-operative Bank
21 North East Small Finance Bank
22 Suryoday Small Finance Bank
23 Shivalik Small Finance Bank
24 Thane Janta Sahakari Bank
25 Punjab National Bank
26 Canara Bank
27 SBM



[ad_2]

CLICK HERE TO APPLY

Leave a comment
1 … 178 179 180 181 182 … 387