Reserve Bank of India – Press Releases
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Ajit Prasad Press Release: 2021-2022/1067 |
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CoinDCX launches crypto trading facility for institutional investors
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Crypto exchange CoinDCX launched its over-the-counter (OTC) Desk facility on Wednesday aimed at letting institutional investors trade in cryptocurrencies. Through the OTC Desk facility, institutional clients will be able to execute bulk orders for crypto assets like Bitcoin (BTC) and other popular cryptocurrencies seamlessly.
The facility also offers these clients to purchase or sell their holdings at a particular price without worrying about price volatility caused by market fluctuations.
Sumit Gupta Co-Founder at CoinDCX, said, “The average ticket size for such services start at above INR 30 Lakh plus investments. With this our target audience lies with an entity/person who trades in and out of crypto for large quantities. This segment is more concerned about price certainty and wants to minimize slippages.”
He added, “Corporations wanting to allocate some amount of balance to crypto assets have shown interest. Newly funded startups and their founders too are showing interest in broadening their portfolio by allocating some serious amount into this asset class. Among others we have also seen, small proprietary firms or individuals to make money trading across exchanges utilising price differential to make arbitrage profits.”
The facility supplements CoinDCX’s existing trading platforms, CoinDCX and CoinDCX Pro. With the dual benefit of ample liquidity and ability to place limit orders for large trading volumes, CoinDCX is poised to make inroads into this relatively untapped market and further expand its trading footprint, the company said.
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SoftBank, Amazon, Accel invest $108 mln in banking platform Pismo, BFSI News, ET BFSI
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SAO PAULO, – Brazilian banking and payments tech platform Pismo raised $108 million in an investment round led by Japan’s SoftBank Group Corp, Amazon.com Inc and global venture capital firm Accel, it announced on Tuesday.
According to Pismo, which was founded in 2016, its second funding round is aimed at fueling the company’s global expansion and accelerating the development of banking technologies.
Brazilian stock exchange operator B3, Falabella Ventures, PruVen and existing investors Redpoint eventures and Headline also joined the round, Pismo said, without disclosing its valuation.
“Pismo is now ready for a new phase of growth. On the back of this funding round, we will build further on the momentum and scale we already have in Latin America, and accelerate international expansion,” Pismo Chief Executive and co-founder Ricardo Josua said in a statement.
Pismo said its cloud-native platform for financial institutions hosts more than 25 million accounts and transacts more than $3 billion a month, adding that firms like Brazilian banks Itau Unibanco Holding SA and Banco BTG Pactual SA are among its customers.
The company expects to launch offices in Austin, Texas, Bristol, England, and Singapore following the funding round.
“(Pismo is) uniquely positioned to reinvent the technology behind banking, payments, fintech, and commercial transactions. The founders have great ambitions to make Pismo a truly global company,” SoftBank’s head of Brazil and operating partner Alex Szapiro said. (Reporting by Gabriel Araujo; Editing by Sandra Maler)
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Extension of Bid Submission and Bid Opening Date – Appointment of Consultant for Manpower Assessment of the Department of Supervision on Zero-Based Budgeting basis in terms of numbers and skill sets, Mumbai
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NIT: RBI/Central Office/DBS/1/21-22/ET/168 It has been decided with the approval of competent authority to extend bid submission end date and bid opening date. Accordingly, Important Bidding Information Summary stands modified/amended as under:
2. All other terms and conditions of the tender remain unchanged. 3. The above clarifications/modifications/amendments shall be part of the Tender / Bid document for all purposes. All applicants are requested to apply well in advance to avoid any last-minute technical issue in MSTC portal. Chief General Manager-in-Charge |
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These 3 Small Finance Banks Offering Interest On FD Up To 7.25%, Long Term And Short Term Comparison, Is There Any Risk?
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Comparison in long term
According to recent interest rates by, Ujjivan Small Finance Bank, on FD for 3 Years and 1 Day to 5 Years, giving 6.25% interest to public and 6.25% interest to the senior citizens. However, the State Bank of India (SBI), is offering 5.40% interest to the general public and 6.20% interest to senior citizens on FDs for 5 years and up to 10 years. On the other hand, for FD up to 5 years to 10 years, Axis Bank’s interest rate for the public is 5.75%, while the rate for a senior citizen is 6.50%. But, Ujjivan Small Finance Bank is giving interest rates for senior citizens for 5 years to 10 years FD, at 6.50%.
One should remember, Ujjivan Small Finance Banks’ interest rate for 2 Years to 3 years FD, is higher for both public and senior citizens, at 6.50% and 7.00% respectively. But, Compared to these banks, Jana Small Finance Bank is offering 6.75% interest to the public and 7.25% to senior citizens for 3 years to 5 years FD. So, having an account in the Jana Small Finance Bank can be profitable for an investor who is thinking to invest in a long-term FD.
| Bank | Tenure | Interest for public | Interest for senior citizens |
|---|---|---|---|
| Ujjivan Small Finance Bank | 3 Years and 1 Day to 5 Years | 6.25% | 6.75% |
| Jana Small Finance Bank | 3 Year to less than 5 Years | 6.75% | 7.25% |
| Utkarsh Small Finance Bank | 701 Days to 3652 Days | 6.00% | 6.50% |
Comparison in short term
For the short term, FD, Ujjivan Small Finance Bank, and Jana Small Finance Bank both might not act very profitable, because they offer 2.50% to 6.00% interest. On the other hand, Utkarsh Small Finance Bank is offering 7.25% interest on 700 days FD (effective from August 11, 2021). For the senior citizens, the rate is 7.25%, while for the general public the rate is 6.75%. For a 364 day FD, the Utkarsh Small Finance Bank also gives 5.75% to the public, and 6.25% to the senior citizens.
Compared to other banks like Axis, small finance banks’ interest rates are better. Axis bank offers 5.10% interest to the public, and 5.75% interest to the senior citizens for 1 year 5 days FD, and the rates are around 4.65% for lower tenure.
| Bank | Tenure | Interest for public | Interest for senior citizens |
|---|---|---|---|
| Ujjivan Small Finance Bank | 180 Days to 364 Days | 4.75% | 5.25% |
| Jana Small Finance Bank | 181-364 days | 5.50% | 6.00% |
| Utkarsh Small Finance Bank | 181 Days to 364 Days | 5.75% | 6.25% |
Risk factor
If you are shying away from the FD investment in small finance banks, because you are afraid of the risk factor, then you can start investing with a smaller amount. The small finance banks like Utkarsh Small Finance Bank, Ujjivan Small Finance Bank, and Jana Small Finance Bank are completely regulated by the RBI. They maintain the cash reserve ratio (CRR) requirements, statutory liquidity ratio requirements like other banks. Also, they are certainly required to maintain capital adequacy of 15% of the risk-weighted assets. This makes a bank safe for your investment.
But if you are uncertain about it, then invest an amount less than Rs. 5 lakhs in an FD. This amount is insured under the deposit insurance program of DICGC, India. So, the money will not be at risk. If you have a larger amount to invest in FDs, then you can spread your investments in different banks, or multiple FDs, so the money will be less exposed to risks.
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Crypto users see the light at the end of the tunnel
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Banking troubles for crypto enthusiasts and investors in the country seem to have abated to some extent with at least a handful of banks permitting such transactions.
According to cryptocurrency exchange owners, there has been some easing in the stance by banks towards crypto transactions in the last three to four months. Smaller private sector banks as well as a few public sector banks are understood to be now permitting these transactions.
“Till three to four months ago, there were problems but the situation in terms of banking is now under control. All options are fully functional and one can do INR deposits through bank accounts,” said Sumit Gupta, co-founder and CEO, CoinDCX.
Also see: Millennials pull crypto out of the shadows
In an interaction with BusinessLine, he said that members of CoinDCX are not facing any banking related problems.
“Banks also have a reasonable understanding of cryptocurrency now. The progress on bank front is very encouraging. Smaller banks are opening up to crypto to get a larger market share,” Gupta said.
Relaxed positions
Another crypto exchange owner said that the position varies from bank to bank but it has significantly relaxed from the blanket ban towards cryptocurrency transactions that was seen earlier in the year.
Also see: Bitcoin hovers near 6-month high on ETF hopes, inflation worries
“It is not as if the industry doesn’t have any problem with banks. In most cases users are not facing the kind of problems they had earlier when they wanted to transact for crypto investments,” he said, adding that banks are no longer blocking accounts of crypto investors or warning of action.
Payment gateways
Apart from banks, crypto investors also have the option to use payment gateways and UPI, both of which are working well, industry experts said.
“Payment gateways are largely used by investors. Multiple payment gateways are working and plan to continue working with crypto,” Gupta said.
Regulatory uncertainty
The lack of regulatory certainty continues to be a challenge to some extent but there is now more of an understanding towards the sector.
With growing investor interest in cryptocurrency, a number of banks had earlier this year warned users about virtual currency transactions, citing the Reserve Bank of India’s 2018 circular.
However, the RBI had on May 31 asked regulated entities to not cite its April 2018 circular on “Prohibition on dealing in Virtual Currencies” as it is no longer valid following the Supreme Court ruling.
Also see: More than 2 lakh crypto accounts blocked in India over 6 months
It had also asked them to continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer, Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, 2002.
However, a banker noted that it still depends on the judgment of individual banks and how they wish to proceed on the issue.
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Radia, others asked to join probe in ₹300 crore alleged bank loan embezzlement case
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The Delhi Police’s Economic Offences Wing has served a notice to Niira Radia and other promoters and directors of Nayati Healthcare and Research NCR to join investigation in connection with alleged embezzlement of over ₹300 crore of bank loan, officials said on Tuesday.
The notice was served on Monday, they said.
Radia and the others have been asked to appear before police next week, a senior police officer said.
Three persons identified as Yateesh Wahaal, Satish Kumar Narula and Rahul Singh Yadav were arrested on Thursday for misappropriation of crores of rupees, according to police.
They said a complaint was filed by orthopaedic surgeon Rajeev Kumar Sharma against Naarayani Investment, the holding company of Nayati Healthcare and Research NCR and its promotors and directors Radia, her sister Karuna Menon, Narula, Wahaal and others.
Case details
“We categorically deny any wrongdoing on our part. The complainant Dr Rajeev Kumar Sharma; after having been an integral part of the company is seeking to foist false cases in an attempt to extort money. We repose complete faith in the process of investigation and the judicial system. We believe that truth will triumph,” Radia, the chairperson of Nayati Healthcare, said in a statement.
A senior police officer said in a release that it has been stated that Sharma is the vice-chairman and executive director of Naarayani Investment. The company was incorporated with a view to build and run a hospital in Gurgaon and the complainant was having 49 per cent shares whereas remaining 51 per cent shares were held by other two directors of the company Chandan Mishra and Charchit Mishra.
The complainant was also promised a remuneration of ₹30 lakh per month as professional fees for his services. It is further stated that during the construction of Gurgaon Hospital, OSL Healthcare faced certain financial problem and majority shareholders/directors sold their shares (51 per cent) to Naarayani Investment at the consideration of ₹99 crore, police said.
Misappropriating funds
Once the alleged persons or company entered into the shoes of majority shareholder, they took all the major decisions. It is alleged that the company took a loan of ₹312 crore from YES Bank for development of Gurgaon Hospital, but the money was not used for the said purpose and misappropriated by the alleged persons, the officer said.
It is further alleged that they had not paid the complainant his professional fees worth ₹15.28 crore and brought down his shareholding deceitfully from 49 per cent to 6.3 per cent, police said.
During investigation, it was found that Naarayani Investment having 93 per cent of shareholding and Radia is the main promotor of the company. After receiving a loan amount of ₹312 crore from YES Bank by the alleged company, a sum of Rs 208 crore was transferred to a bank account in the name of Ahluwalia Construction.
On verification of the account, it was found that the account was opened by one Rahul Singh Yadav only with a view to divert or siphon off the loan amount as it was a dummy account, police said.
They also said the transfer of ₹208 crore was authorised by Wahaal and Narula, being director and authorised signatory of the loan account of the alleged company.
Police conducted raids at various places in Delhi and NCR and apprehended all three accused persons. After interrogation, all were arrested, Additional Commissioner of Police (EOW) R K Singh said.
Other directors and promoters are being examined to ascertain their role and involvement in the whole incident. It is further found that money transferred to the account of Ahluwalia Construction was further transferred to several other beneficiaries, which are being verified during investigation, Singh said.
On stories in a section of the media claiming that Radia has fled to London, she in the statement said, “Some completely unfounded comments and allegations have been made that I have left India for London. Nothing could be further from the truth. I am very much in Delhi and am currently managing the day to day operations of the hospital group. I have always cooperated fully with investigating agencies and I shall continue to do so.” “I have every faith in investigating agencies and the judicial process. These articles are scurrilous attempts to damage my reputation made at the behest of a former shareholder and director,” Radia said.
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Reserve Bank of India – Press Releases
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Ajit Prasad Press Release: 2021-2022/1066 |
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NPCI launches NTS platform for card tokenisation
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National Payments Corporation of India (NPCI) on Wednesday announced the launch of NPCI Tokenization system (NTS) to support tokenisation of cards as an alternate to storing card details with merchants.
“The NPCI Tokenization System (NTS) will support the tokenisation of RuPay cards to further enhance the safety of customers and provide a seamless shopping experience to consumers,” it said in a statement.
Also see: Visa launches CoF tokenisation service for Grofers, BigBasket and MakeMyTrip
With NTS, acquiring banks, aggregators, merchants and others can get themselves certified with NPCI and can play the role of Token Requestor to help save the token reference number (Token Reference On File or TROF) against all card numbers saved, it further said.
“All these businesses can maintain their RuPay consumer base utilising TROF for future transactions initiated by their respective RuPay consumers,” it said.
Tokenisation guidelines have to be met by January 1, 2022.
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Microsoft launches new initiative to empower AI startups in India, BFSI News, ET BFSI
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New Delhi, Tech giant Microsoft on Wednesday launched a new programme Microsoft AI Innovate for nurturing and scaling startups that are leveraging Artificial Intelligence (AI). The 10-week initiative will support startups in India leveraging AI technologies, helping them scale operations, drive innovation, and build industry expertise.
Both B2B and B2C startups from various industries, including financial services, healthcare, education, agriculture, space, manufacturing and logistics, retail, and e-commerce can participate in the quarterly cohorts of this programme.
“AI is increasingly transitioning from artificial intelligence into augmented intelligence that ensures efficient, faster, more targeted experiences for everybody.
“AI has a tremendous potential to empower people and institutions to do better, understand customers more deeply, share information more quickly and enable scientific breakthroughs,” Microsoft India President Anant Maheshwari said at a virtual event.
He added that India has the third-largest AI startup ecosystem in the world.
“AI adoption can add more than USD 90 billion to the Indian economy by 2035…to maximise AI’s potential and mitigate its risks, we need to develop AI in a way that is responsible and fosters trust.
“As creators, users and advocates of technology, it is important for us to make careful choices so that technology ultimately translates into benefits and opportunities for all,” Maheshwari said.
Trust is non-negotiable and everyone is accountable for creating a responsible, trusted and ethical tech ecosystem, he noted.
Through its latest initiative, Microsoft will focus on providing tech and business opportunities to startups for improving their solutions, transforming organisations and building responsibly to make AI accessible to everyone, Maheshwari said.
The programme will also enable startups to reach out to newer customers and geographies with Microsoft’s sales and partner networks.
The selected startups in each of the cohorts will have access to industry deep-dive sessions and AI masterclasses by industry experts, mentoring by unicorn founders, skilling and certification opportunities, among other benefits.
Catering to technical and business audiences, the programme will bring together leading-edge tech know-how, global GTM (go to market) partnerships as well as engineering and research experts from Microsoft.
Qualified seed to series B startups will be provided with technical enablement benefits, including Azure benefits (in addition to free cloud credits) and product engineering support among other benefits. They will also receive support with business and sales acceleration needs such as marketplace onboarding.
Startups with enterprise-ready solutions will be provided opportunities to build their solutions alongside a dedicated team of professionals.
They will get go-to-market support as well as co-selling benefits with Microsoft’s sales team and partner ecosystem. The startups will also get access to top partner and customer events to strengthen their networking reach.
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