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Yes Bank has co-opted Sharad Sharma as Non-Executive Director on its board of directors.
The appointment is with effect from November 1 and will help broad base the board, it said in a statement on Monday.
Sharma is a career banker with forty years of banking experience. He was the Managing Director of State Bank of Mysore from August 2012 to April 2016, where he was seconded from State Bank of India.
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We are indeed grateful for this opportunity,” said Chandra Shekhar Ghosh, managing director and chief executive officer.
The Reserve Bank of India (RBI) has authorised private sector lender Bandhan Bank as its agency bank for undertaking government businesses. The appointment would allow the Kolkata-based lender to undertake government businesses on behalf of the RBI. With this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as agency banks of the RBI, the lender said in a release on Monday.
As an agency bank of the RBI, authorised to undertake government business, the bank will be able to handle transactions related to collection of state taxes and revenue receipts such as the GST and VAT; collection of stamp duty and pension payments on behalf of the central and state governments.
“The bank’s extensive branch network, especially in rural and semi-urban areas; state-of-the art products and services; and digital banking capabilities will help it discharge its duties effectively by bringing governments and citizens closer to each other,” the release said.
“Since its launch six years ago, Bandhan Bank has been dedicated towards bringing millions of Indians into the fold of formal financial services and catalysing the creation of sustainable livelihoods. The RBI’s decision to authorise Bandhan Bank to undertake government business as an agency bank will further help us contribute to nation building; and we thank the RBI for this approval. Bandhan Bank enjoys the trust of over 2.4 crore customers, and now, we have the opportunity to serve the government with our banking services. We are indeed grateful for this opportunity,” said Chandra Shekhar Ghosh, managing director and chief executive officer.
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The Reserve Bank of India (RBI) has authorised Bandhan Bank as an agency bank for undertaking government business. With this, the bank joins ranks with a few other scheduled private sector banks to be empanelled as agency banks of the RBI.
The announcement comes close on the heels of a RBI guideline earlier in May this year that authorises scheduled private sector banks as agency banks of the regulator for the conduct of government business.
The guidelines were revised by the Central bank following the lifting of embargo put in place by Department of Financial Services, Ministry of Finance in 2012 on further allocation of government business to private sector banks through a communication dated February 24, 2021.
As an agency bank of the RBI, Bandhan Bank will be able to handle transactions related to collection of State taxes and revenue receipts such as GST and VAT, collection of stamp duty and pension payments on behalf of the Central and the State governments.
The bank’s extensive branch network, especially in rural and semi-urban areas, and its digital banking capabilities would help bring governments and citizens closer to each other, the bank said in a press statement.
“The RBI’s decision will further help us contribute to nation-building and we thank the RBI for this approval. Bandhan Bank enjoys the trust of over 2.4 crore customers. We now have the opportunity to serve the government with our banking services,” Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank said in the statement.
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State Bank of India (SBI) has launched a Video Life Certificate (VLC) facility for pensioners.
With this facility, pensioners can schedule a video call with SBI staff at their convenience and complete the process of life certificate submission without having to visit the bank branch, India’s largest bank said in a statement.
Pensioners have to log on to www.pensionseva.sbi, click on ‘Video LC’ and enter their SBI pension account number. They will have to submit the OTP received on their registered mobile numbers.
After reading the terms and conditions, pensioners can click on ‘Start Journey’.
“Pensioners will have to keep their original PAN card in place, click on ‘I am ready’ and grant permission to start the video call,” the Bank said.
Dinesh Khara, Chairman, SBI said, “We believe this facility will digitally empower pensioners and enable them to submit their life certificates without any hassle of visiting the branch amid Covid-19. ”
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The value of exports and imports of services during September 2021 is given in the following Table.
Monthly data on services are provisional and are likely to undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis. Ajit Prasad Press Release: 2021-2022/1132 |
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Unity Small Finance Bank Limited has commenced operations as a small finance bank with effect from November 1, 2021. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Centrum Financial Services Limited, the promoter of the Unity Small Finance Bank Limited was granted an ‘in-principle’ approval to set up a small finance bank, as announced in the press release on June 18, 2021, under “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector” dated December 5, 2019. (Yogesh Dayal) Press Release: 2021-2022/1131 |
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The Reserve Bank of India on Monday said Unity Small Finance Bank (Unity SFB) Ltd has commenced operations as a small finance bank (SFB) with effect from November 1.
Unity SFB, which has been jointly established by the Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe) to carry on SFB business in India, was granted banking licence by RBI on October 13.
“The bank, which will be a digital first bank, commences operations with Centrum’s MSME and micro finance businesses and teams that has a capital infusion of about ₹1,100 crore, total assets worth ₹2,400 crore, active customer base of over 2 lakh, 145 offices including a branch in Centrum House, Mumbai,” said Centrum Group and BharatPe in a joint statement.
Jaspal Bindra, Executive Chairman, Centrum Group, said, “We aim to make it a truly new age bank. The bank is well capitalised, significantly higher than the minimum regulatory requirement (of ₹200 crore), giving us the platform to build a robust technological infrastructure, hire the best talent and work with credible vendor partners.”
Ashneer Grover, Co-Founder and Managing Director, BharatPe, said that with the capitalisation and approvals in place, Unity SFB will now focus on building tech-first products. RBI had accorded “in-principle” approval to CFSL, a wholly owned subsidiary of Centrum Capital, on June 18 to set up a SFB.
The aforementioned approval was in specific pursuance to CFSL’s February 2021 offer in response to the scam-hit Punjab and Maharashtra Co-operative (PMC) bank’s November 2020 Expression of Interestnotification.
The grant of banking licence to Unity SFB and commencement of its operations sets the stage for RBI to place in the public domain a draft scheme of amalgamation of PMC Bank with the SFB. The last step will be the government’s sanction for the scheme.
Bindra expects the amalgamation to be complete by next month-end. This development should warm the distressed hearts of PMC bank depositors. They have been struggling to get their deposits back for more than two years amid the Covid-19 pandemic.
Once CFSL takes over PMC bank, it would get a ready-made branch network of about 100 branches in Mumbai and in a few States. CFSL provides credit to small and mid-size companies.
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“Varun Beverages revenues was 10-13% ahead of our/Street estimates. Adjusted for Rs 408 million one-off tax penalty in top-line, margins were in line with estimates. Op. leverage, led by 2-year volume CAGR of 11%, helped offset the 200bps gross margin decline due to PET price increase,” Emkay Global has said.
Except for the Covid-impacted May-Jun’21 period, Varun Beverages has seen strong double-digit volume CAGR in rest of YTD CY21. Category-wise, Water/Juices saw a healthy 7-9% CAGR and Carbonates saw a higher 12% CAGR on strong traction in energy drink Sting.
Varun Beverages indicated Rs 4.8 billion capital expenditure for a bottling plant in Begusarai (Rs2.9bn) to better service the under-penetrated Bihar market and a pre-form plant in J&K (Rs1.9bn) to build back-end efficiencies, in the next two quarters.
“Varun Beverages has reduced its debt by Rs 6 billion in CY21 to date. Potential market share gains, led by Varun Beverages operational excellence and lower per-capita spending on hydration in India, drive our long-term growth confidence in Varun Beverages.
“The focus on growth leads to an improvement in our long-term growth expectations, albeit at the cost of a slight moderation in our profitability estimates. We maintain Buy with a target price of Rs 1,120 (35x Dec’23E EPS vs. Sep’23E earlier). Our multiple is backed by a 2-stage growth model,” the brokerage has said.
Investing in equities 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.
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An insurance claim can be rejected if the policy has lapsed on account of non-payment of premium, said the Supreme Court which stressed that the terms of an insurance policy have to be strictly interpreted.
The apex court observation came while setting aside an order of the National Consumer Disputes Redressal Commission (NCDRC) that ordered additional compensation in a road accident case.
A bench of Justices Sanjiv Khanna and Bela M Trivedi said it is a well-settled legal position that in a contract of insurance there is a requirement of Uberrima fides i.e. good faith on the part of the insured.
“It is clear that the terms of insurance policy have to be strictly construed, and it is not permissible to rewrite the contract while interpreting the terms of the policy,” the bench said.
The top court was hearing an appeal filed by the Life Insurance Corporation (LIC) against the judgement of the NCDRC that had set aside the order passed by the State Commission.
In the case, the woman’s husband had taken a life insurance policy under the Jeevan Suraksha Yojana from the Life Insurance Corporation under which a sum of . ₹3.75 lakh was assured by LIC.
Besides this amount, in case of death by accident an additional sum of ₹3.75 lakh was also assured.
The insurance premium of the said policy was to be paid six-monthly, however, there was a default in payment.
On March 6, 2012, the husband of the complainant met with an accident and succumbed to the injuries on March 21, 2012.
The complainant after the death of her husband filed a claim before LIC and was paid a sum of ₹3.75 lakh to her. However, the additional sum of ₹3.75 lakh towards the Accident claim benefit was denied.
The complainant, therefore, approached the District Forum by filing a complaint seeking the said amount towards the Accident claim benefit. The District Forum allowed the appeal of the woman and directed the payment of an additional sum of ₹3.75 lakh towards the Accident claim benefit.
The State Consumer Disputes Redressal Commission set aside the order which was further challenged in the National Consumer Disputes Redressal Commission.
The NCDRC set aside the order passed by the State Commission.
The apex court said in the instant case, condition no. 11 of the policy stipulated that the policy has to be in force when the accident takes place.
“In the instant case, the policy had lapsed on October 14, 2011, and was not in force on the date of accident i.e. on March 6, 2012. It was sought to be revived on March 9, 2012, after the accident in question, and that too without disclosing the fact of the accident which had taken place on March 6, 2012,” the apex court said in its October 29 order.
The top court said apart from the fact that the complainant had not come with clean hands to claim the add on/extra Accident benefit of the policy, the policy in question was not in force on the date of the accident as per condition no. 11 of the policy, the claim for extra Accident benefit was rightly rejected by the Corporation.
“Since clause 3 of the said terms and conditions of the policy permitted the renewal of the discontinued policy, the appellant-Corporation had revived the policy of complainant by accepting the payment of premium after the due date and paid ₹3,75,000 as assured under the policy, nonetheless for the Accident benefit, the policy had to be in force for the full sum assured on the date of accident as per the said condition no. 11,” the bench said.
The apex court said the accident benefit could have been claimed and availed of only if the accident had taken place after the renewal of the policy.
“The Court, therefore, is of the opinion that the impugned order passed by the NCDRC setting aside the order passed by the Commission and reviving the order passed by the District Forum was highly erroneous and liable to be set aside,” the bench said.
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