Tag: ₹5

CrossTower offers ₹5,000 credit to Indian users to learn crypto trading

Banking & Finance

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CrossTower on Friday announced a unique feature by offering free credit of ₹5,000 to each Indian user’s wallet for trading on cryptocurrency on its platform.

“Due to cryptocurrencies’ volatility, many users are still wary about investing in the crypto market,” it said in a statement, adding that CrossTower launched this feature to allow Indian users to learn crypto trading comfortably without investing a single rupee.

CrossTower users will learn and also earn profits that they can withdraw for personal use, after settling the full credit amount, the statement further said, adding that users can claim and use a free credit amount of ₹5,000 and trade with multiple currencies.

If the price of crypto decreases, CrossTower will bear the loss, it said.

“CrossTower is introducing this unique feature so that Indian users can experiment with their ability to engage in trading without spending,” said Vikas Ahuja, Chief Executive Officer, CrossTower India

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SBI net profit drops 7% to ₹5,196 crore

Banking & Finance

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State Bank of India (SBI) reported a 7 per cent decline in standalone net profit at ₹5,196 crore in the third quarter ended December 31, 2020, as against ₹5,583 crore in the year ago quarter.

Though bad loan provisions came down 72 per cent year-on-year to ₹2,290 crore, the bottomline was weighed down by increase in overall provisions, including additional provisioning towards the Covid-19 related impact, and rise in employee expenses arising out of 11th bipartite wage settlement.

Net interest income (difference between interest earned and interest expended) nudged up 4 per cent to ₹28,820 crore.

Other income comprising total fee income, dividend income, trading gains, recovery from technically written-off accounts, edged up about 1.5 per cent yoy to ₹9,246 crore.

Bad loans decline

GNPAs declined to 4.77 per cent of gross advances as at December-end 2020 against 6.94 per cent as at December-end 2020.

Net NPAs declined to 1.23 per cent of net advances as at December-end 2020 against 2.65 per cent as at December-end 2020.

With proforma slippages (adjusted for the Supreme Court’s interim order), Gross and Net NPA ratio would have been 5.44 per cent and 1.81 per cent, respectively.

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