Tag: India

Leading crypto exchanges scout entry into India despite potential ban

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Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies.

Opponents of the potential ban say it would stifle the economic power of a tech-savvy, young nation of 1.35 billion people. There is no official data, but industry analysts reckon there are 15 million crypto investors in India holding over 100billion rupees ($1.37 billion).

Three cos scouting market

According to four sources, who declined to be identified as they were not authorised to comment on private discussions,U.S.-based Kraken, British Virgin Islands-based Bitfinex and rival KuCoin are actively scouting the market, which analysts say would only get bigger if it was given a free rein. “These companies have already begun talks to understand the Indian market and the entry points better,” said one source directly involved with an exchange that had begun due diligence for an Indian firm it was considering acquiring.

Also read: The cryptocurrency game: India and the world

The other two exchanges, he said, were in the initial stages of deciding whether to enter India and weighing their options,which effectively come down to a choice between setting up asub sidiary or buying an Indian firm, as Binance, the world’s biggest exchange, did two years ago.

Bitfinex declined to comment while Kraken and KuCoin did not respond to an email seeking comment.

All three exchanges are ranked in the world’s top ten by data platform Coin Market Cap, based on their traffic, liquidity and trustworthiness of their reported trading volumes. “The Indian market is huge and it is only starting to grow, if there was more policy certainty by now Indian consumers would have been spoilt for choice in terms of exchanges, because everyone wants to be here,” said Kumar Gaurav, founder of digital bank Cashaa.

Proponents of cryptocurrencies say they would be the most cost-efficient way for Indians abroad to remit funds home.

But authorities worry that rich people and criminals could hide their wealth in the digital world, and speculative flows of funds through digital channels, ungoverned by India’s strict exchange controls, could destabilise the financial system.

Bill delayed, fate unknown

Hitherto, India has had no rules specifically for cryptocurrency exchanges wishing to set up in the country. Instead they could register themselves as tech companies to obtain a relatively easy entry path.

In 2019, Binance acquired WazirX, an Indian cryptocurrency startup which has allowed users to buy and sell crypto with rupees on the Binance Fiat Gateway.

U.S. based exchange, Coinbase, has announced plans for a back office in India.

But with the regulatory environment for cryptocurrencies taking a turn for worse globally, Indian authorities are exercising greater scrutiny.

In China, authorities have forbidden banks and online payment companies from providing services related to cryptocurrency transactions.

And the Indian government was set to present a bill to parliament by March that proposed a ban on cryptocurrencies, making trading and holding them illegal. But the government has held it back, and conflicting statements since have fuelled uncertainty over the bill’s fate.

Meantime, major Indian banks have begun to sever ties with cryptocurrency exchanges and traders, amid Reserve Bank of India’s concerns about the financial stability risks posed by the volatile asset.

The RBI is looking at launching its own digital currency,but Governor Shaktikanta Das in February described those plans as a “work in progress”.

For all the uncertainty over what India will end up doing, some digital currency exchanges clearly reckon it would be better to gain entry rather than miss out. “It’s clear that the rewards outweigh the perceived risks,which is luring these global firms to the Indian market,” said Darshan Bathija, chief executive officer of Vauld, a foreign crypto exchange with a presence in India.

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DBS tops Forbes ‘World’s Best Banks’ list in India, BFSI News, ET BFSI

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DBS has been named by Forbes in their list of World’s Best Banks 2021. DBS was ranked #1 out of 30 domestic and international banks in India for the second consecutive year. This is the third edition of the ‘World’s Best Banks’ list by Forbes, conducted in partnership with market research firm Statista. Over 43,000 banking customers across the globe were surveyed on their current and former banking relationships. The customer survey rated banks on general satisfaction and key attributes like trust, digital services, financial advice, and fees.

“This year’s list includes a record number of award winners, reflecting consumers’ increasing confidence in their banks,” revealed Forbes in its official announcement. Commenting on the recognition, Surojit Shome, Managing Director and CEO, DBS Bank India, said, “We are humbled and proud to be featured on the ‘World’s Best Banks’ list for the second consecutive year. Over the years, we have built a strong customer-centric franchise, and this recognition shines the light on the resilience and a strong sense of purpose demonstrated by our employees to support customers amid the global crisis. We will continue to deepen customer relationships and build journeys that proactively address their needs.”

Felix Kapel, Lead Analyst at Statista for the World’s Best Banks project, said, “DBS India excels in multiple sub-dimensions. The general satisfaction and customer recommendation of DBS is great. These factors have helped DBS retain the No.1 spot in India.”

Recently, DBS Bank India was recognised as ‘India’s Best International Bank 2021’ by Asiamoney. DBS was named ‘Safest Bank in Asia’ for the 12th consecutive year by New York-based trade publication Global Finance in 2020. The bank was also Global Finance’s pick for ‘Best Bank in the World’ in the same year, making it the third consecutive global Best Bank accolade received by DBS. Previously, DBS was named ‘World’s Best Bank’ by leading financial publication Euromoney in 2019. DBS Bank has been present in India for 26 years and has grown consistently by strengthening its small and medium-sized enterprise business and consumer lending operations to build scale and become a full-service bank. Further, it has showcased a long-term commitment to India with the establishment of its local wholly-owned subsidiary, DBS Bank India Limited (DBIL) and the recent acquisition of Lakshmi Vilas Bank.

The amalgamation of Lakshmi Vilas Bank with DBIL in November 2020 bolstered the bank’s physical presence in the country. DBS now has a network of nearly 600 branches across 19 states in India. To view the complete Forbes list, visit https://www.forbes.com/worlds-best-banks/#5c1a16312951 About DBS DBS is a leading financial services group in Asia with a presence in 18 markets. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Banks of the Year” by The Banker and “Best Bank in the World” by Global Finance.

DBS was also ranked No 1 in India by Forbes in its 2020 list of the World’s Best Banks. DBS Bank has been present in India for 26 years, having opened its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides an entire range of banking services for large, medium and small enterprises and individual consumers in India. In 2016, DBS launched India’s first mobile-only bank – digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited.

The bank now has a network of nearly 600 branches across 19 states in India. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities through supporting social enterprises as it banks the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. In 2020, DBS introduced the “Towards Zero Food Waste” initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 30,000+ staff representing over 40 nationalities.



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Top rupee-bond banker says time for Indian firms to issue, BFSI News, ET BFSI

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Indian companies should use the current yields which are at multi-year lows to raise long-term funding, according to the nation’s biggest rupee bond arranger since 2007.

“The market levels are absolutely fantastic, absolute yields are quite low at multi-year lows, spreads are quite tight,” Neeraj Gambhir, group executive and head – treasury, markets and wholesale banking products at Axis Bank Ltd., said in an interview with Bloomberg Television. “Our suggestion to borrowers is that current market scenario is very good and if they need long-term funding they should be accessing the markets.”

Companies borrowed an unprecedented 9.8 trillion rupees ($134.4 billion) through domestic bonds in the fiscal year ended March as they build up cash buffers to tide over the pandemic. The average yield on top-rated two-year rupee corporate notes fell 15 basis points on Tuesday to 4.63 per cent, the biggest decline since May 17. Notes touched a record low of 3.84 per cent in April.

India’s central bank will probably need to buy 3-4 trillion rupees of sovereign bonds this fiscal year to support the government’s borrowing program, Gambhir said. He expects the benchmark 10-year yield to remain near the 6 per cent mark in the ‘foreseeable future.’

The rupee is likely to remain around current levels and unlikely to depreciate immediately, Gambhir said.

“The strength of the rupee is reflective of the dollar weakness particularly against EM currencies and I don’t expect it to reverse in a meaningful way anytime in the near term,” he said.

The rupee was trading down 0.2 per cent to 73 a dollar on Wednesday.



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Leading crypto exchanges scout entry into India despite potential ban

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Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies.

Opponents of the potential ban say it would stifle the economic power of a tech-savvy, young nation of 1.35 billion people. There is no official data, but industry analysts reckon there are 15 million crypto investors in India holding over ₹100 billion ($1.37 billion).

China blocks several cryptocurrency-related social media accounts amid crackdown

According to four sources, who declined to be identified as they were not authorised to comment on private discussions, US-based Kraken, Hong Kong-based Bitfinex and rival KuCoin are actively scouting the market, which analysts say would only get bigger if it was given a free rein. “These companies have already begun talks to understand the Indian market and the entry points better,” said one source directly involved with an exchange that had begun due diligence for an Indian firm it was considering acquiring.

The other two exchanges, he said, were in the initial stages of deciding whether to enter India and weighing their options, which effectively come down to a choice between setting up a subsidiary or buying an Indian firm, as Binance, the world’s biggest exchange, did two years ago.

Cybercriminals go after cryptocurrency: Report

Bitfinex declined to comment while Kraken and KuCoin did not respond to an email seeking comment.

All three exchanges are ranked in the world’s top ten by data platform CoinMarketCap, based on their traffic, liquidity and trustworthiness of their reported trading volumes.

“The Indian market is huge and it is only starting to grow, if there was more policy certainty by now Indian consumers would have been spoilt for choice in terms of exchanges, because everyone wants to be here,” said Kumar Gaurav, founder of digital bank Cashaa.

India must take a holistic view on cryptos

Proponents of cryptocurrencies say they would be the most cost-efficient way for Indians abroad to remit funds home.

But authorities worry that rich people and criminals could hide their wealth in the digital world, and speculative flows of funds through digital channels, ungoverned by India’s strict exchange controls, could destabilise the financial system.

Caution across globe

Hitherto, India has had no rules specifically for cryptocurrency exchanges wishing to set up in the country. Instead they could register themselves as tech companies to obtain a relatively easy entry path.

In 2019, Binance acquired WazirX, an Indian cryptocurrency start-up which has allowed users to buy and sell crypto with rupees on the Binance Fiat Gateway.

US based exchange Coinbase has announced plans for a back office in India.

But with the regulatory environment for cryptocurrencies taking a turn for worse globally, Indian authorities are exercising greater scrutiny.

In China, authorities have forbidden banks and online payment companies from providing services related to cryptocurrency transactions.

And the Indian government was set to present a Bill to Parliament by March that proposed a ban on cryptocurrencies, making trading and holding them illegal. But the government has held it back, and conflicting statements since have fuelled uncertainty over the Bill’s fate.

Meantime, major Indian banks have begun to sever ties with cryptocurrency exchanges and traders, amid Reserve Bank of India’s concerns about the financial stability risks posed by the volatile asset.

The RBI is looking at launching its own digital currency, but Governor Shaktikanta Das in February described those plans as a “work in progress”.

For all the uncertainty over what India will end up doing, some digital currency exchanges clearly reckon it would be better to gain entry rather than miss out.

“It’s clear that the rewards outweigh the perceived risks, which is luring these global firms to the Indian market,” said Darshan Bathija, chief executive officer of Vauld, a foreign crypto exchange with a presence in India.

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RBI nod for Ghosh’s re-appointment as Bandhan Bank MD and CEO for three years, BFSI News, ET BFSI

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Bandhan Bank has received RBI nod to re-appoint Chandra Shekhar Ghosh as its MD and CEO for three years, lower than the five-year tenure approved by the company’s board in November last year. “The Reserve Bank of India vide its communicated dated June 8, 2021, has granted approval for re-appointment of Chandra Shekhar Ghosh, Managing Director & Chief Executive Officer (MD&CEO) of the bank, for a period of three years, with effect from July 10, 2021,” the lender said in a regulatory filing on Tuesday.

On November 2, 2020, the board of the bank had approved re-appointment of Ghosh as the MD and CEO for a period of five years with effect from July 10, 2021, subject to approval of the RBI and shareholders.

Ghosh’s current term comes to an end on July 9, 2021.

With 30 years of experience in microfinance and development, Ghosh had set up Bandhan as an NGO in April 2001 and it was converted into an NBFC later.

Subsequently, it was established as a universal bank in August 2015 after getting licence from the RBI.

The Kolkata-headquartered lender earlier in September 2018 was barred by the RBI from expanding its branch network. The RBI had also freezed Ghosh’s remuneration as the lender failed to comply with a licensing condition that required cutting down promoters’ stake to 40 per cent, from close to 82 per cent, within three years of commencing operations.

The restrictions on expansion were lifted in February 2020 by the RBI even as the bank was not in compliance with the licensing condition, given the efforts made by the lender to comply with the guidelines. It had reduced the promoters’ stake to 62 per cent by then.

RBI had lifted the regulatory restriction on branch opening, on the condition that the bank ensured that at least 25 per cent of the total number of banking outlets opened during a financial year were in unbanked rural centres.

The curbs on Ghosh’s remuneration were lifted in mid-August 2020.

According to RBI’s bank licence norms, a private sector bank’s promoter will need to pare holding to 40 per cent within three years, 20 per cent within 10 years and to 15 per cent within 15 years.

Bandhan had merged with mortgage lender HDFC’s low-value home loan company Gruh Finance in order to reduce the promoter ownership to the 60 per cent level from the earlier 82 per cent.

Bandhan is the first bank in India which has been transformed from a microfinance institution.

As of March 31, 2021, the promoter and promoter group shareholding in Bandhan Bank stands reduced to 39.99 per cent, as per data on BSE.



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ICICI gets 2 million customers of other banks on iMobile Pay, BFSI News, ET BFSI

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‘iMobile Pay’ is ICICI Bank’s mobile banking application whose revamped version is now being used by two million customers of other banks pan India. The bank has reached this figure in a span of just five months after making ‘iMobile Pay’ open to all, including customers of other banks.

ICICI Bank opened its mobile banking platform ‘iMobile Pay’ to customers of all banks in December 2020. It was a first-in-the-industry initiative that provided the significant convenience of interoperability, as it enabled users of any bank to link their account to the app and begin transacting digitally. It also offered them access to an entire range of ICICI Bank services including savings account, home loan, credit card, personal loan among others.

“ICICI Bank has always believed in introducing innovations that simplify banking for customers. In line with this philosophy, the ICICI Bank was the first to introduce a mobile banking app in the country in 2008, called ‘iMobile’. The Bank has transformed the app and renamed it ‘iMobile Pay’ five months ago to offer interoperability so that anyone, including customers of other banks, can experience the benefits of hassle-free payments and digital banking of ICICI Bank through this app. This was made possible by leveraging NPCI’s interoperable infrastructure.” said Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank in a statement.

“Many customers are entering into a new relationship with the Bank after downloading the app. They are opening savings accounts and applying for a credit card, home loan and personal loan among others.” he added.

The ‘pay to contact’ feature enables the customers to send money either to a mobile number or a UPI ID of their contacts, who are registered on any payment app or a digital wallet. In addition to this, features like ‘scan to pay’, bill payments, ‘check balance’ have seen maximum usage, as quoted by the bank. It has also added bill payment services on the app, to enable payments for DTH, utility services such as electricity, gas and water, FASTag recharge (including that of other banks), insurance and mobile postpaid among others.



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Raghuram Rajan moots global credit incentive fund to reduce carbon emissions, BFSI News, ET BFSI

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Former RBI governor Raghuram Rajan has mooted a global carbon incentive to balance national-level priorities with global needs of protecting the environment.

Mooting a gl0boal credit incentive fund, Rajan said every country that emits more than the global average of around five tons per capita would pay annually into the fund, with the amount calculated by multiplying the excess emissions per capita by the population and the GCI. If the GCI started at $10 per ton, the US would pay around $36 billion, and Saudi Arabia would pay $4.6 billion.

Meanwhile, countries below the global per capita average would receive a commensurate payout (Uganda, for example, would receive around $2.1 billion), he wrote. “This way, every country would face an effective loss of $10 per capita for every additional ton that it emits per capita, regardless of whether it started at a high, low, or average level, he said.

Fairness problem

The GCI also would address the fairness problem as the low emitters, which are often the poorest countries and the ones most vulnerable to climatic changes they did not cause, would receive a payment with which they could help their people adapt. “If the GCI is raised over time, the collective sums paid out would approach the $100 billion per year that rich countries promised to poor countries at COP15 in 2009. That would far exceed the meagre sums that have been made available thus far. Better still, the GCI would assign responsibility for payments in a feasible way, because big emitters typically are in the best position to pay,” Rajan wrote in a column.

Moreover, the GCI would not snuff out domestic experimentation. “Instead of levying a politically unpopular carbon tax, one country might impose prohibitive regulations on coal, another might tax energy inputs, and a third might incentivize renewables. Each one charts its own course, while the GCI supplements whatever moral incentives are already driving action at the country level,” Rajan wrote.

The problem

The least costly way to reduce global emissions would be to give every country similar incentives. While India should not keep building more dirty coal plants as it grows, Europe should be closing down the plants it already has. But each country will want to reduce emissions in its own way – some through taxation, others through regulation. The question, then, is how to balance national-level priorities with global needs so that we can save the one world we have.



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HSBC appoints Hitendra Dave as India CEO

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HSBC on Monday announced that Hitendra Dave will be appointed as Chief Executive Officer of HSBC India on receipt of regulatory approval. He has been appointed interim Chief Executive Officer, with effect from June 7.

“Dave succeeds Surendra Rosha who, after three years, is moving to Hong Kong as the Co-Chief Executive of HSBC, Asia-Pacific,” the bank said in a statement.

HSBC India partners with Google Pay for tokenisation on its credit card portfolio

Dave, formerly Head of Global Banking and Markets of HSBC India, has almost 30 years’ work experience in the Indian financial markets, of which the last 20 have been with HSBC.

A post graduate in Business Administration, Dave joined the bank in 2001 in the Global Markets business.

HSBC India’s digital banking for corporate customers

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Kotak Mahindra introduces Pandemic Benevolent Policy for its 73,000 Employees

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Kotak Mahindra Group has announced the introduction of a Pandemic Benevolent Policy for its close to 73,000 employees.

Under this policy, family members or nominees of deceased employees from April 1, 2020 and subsequent cases up to March 31, 2022 will receive full monthly fixed salary for a two year period, starting June 2021.

“This policy is applicable to families or nominees of all deceased employees, irrespective of the cause of death – whether pertaining to Covid-19 or any other cause not related to the Covid-19 pandemic,” it said in a statement.

Family members or nominees of deceased employees eligible for annual bonus will also receive the annual year-end bonus for 2020-21. Additionally, Kotak’s Mediclaim Insurance will cover the spouse and minor children of the deceased employee for the current fiscal year.

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