Union Bank of India partners Capri Global for co-lending, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Mumbai: Union Bank of India has partnered Capri Global Capital (CGCL), an NBFC focused on MSMEs, and affordable housing finance segment, for co-lending. The two partners entered into a co-lending agreement under which they aim to disburse MSME loans across over 100 centres in India.

In November 2020, the RBI had issued guidelines enabling banks to co-lend with finance companies to the priority sector. The tie up aims to enhance last-mile credit and drive financial inclusion to MSMEs by offering secured loans between Rs 10 lakh to Rs 1 crore in tier-2 and -3 markets.

The agreement was signed in the presence of Rajkiran Rai G, MD & CEO, Union Bank of India and Rajesh Sharma, MD, Capri Global Capital. The NBFC will have the advantage of low cost funds while the bank will get the benefit of last mile efficiency of the NBFC.

“The partnership with CGCL is part of UBI’s strategy to support the MSMEs by providing tailor-made financial solutions and accelerating the growth of MSMEs to contribute to the country’s economic development,” said Rai.

According to Sharma, the aim is to reach out to a large section of society by offering easy, convenient, and efficient credit solutions and empowering them to be key contributors to fiscal growth. “Our focus is to support the grassroots entrepreneurship that creates economic value,” said Sharma.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

What happens to cryptocurrency you buy if India decides to ban it, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Well, it is not the first time that the Indian government has pondered over banning cryptocurrencies. Initially, in 2013, when bitcoin was launched, the first few years went in hush-hush. The technology was new. This was something that was a store of value with no central authority.

Not only the government but also, enthusiastic investors were speculating how bitcoin will turn out to be. When after the end of 2016, this revolutionary financial asset made noise, the Indian government came to action.

Any government of the world is about authority, power and regulation. And bitcoin, or rather say, cryptocurrency, took that power from the government. There was no bank, no RBI or no scrutiny around your money. You held an asset and you did your investment, you used the money gained and you made sure your investment strategy works for you. There was no advisory, no policymakers, no brainwashing whatsoever. The bitcoin investment grew so much in 2017, that the Indian government had to come into action.

When wheels came, bicycles were invented. We all thought this is going to stay. Then came the motors and we thought the motor vehicles were going to stay. Then came the Wright brothers, who told us that we also could fly. But when the finite supply of automobile fuel would be exhausted, none of these would matter.

On the same lines, we thought writing letters is the best way to reach farther places. Then boom. The 2000s came and the internet was all over. The communication could be done in milliseconds.

So now let us talk about what we cannot do when there is a ban. When we say the ban, we mean that the transactions between the bank and your crypto exchanges will be stopped. This means that you will not be able to convert your local currency into buying any kind of cryptocurrency. This also means that you will not be able to liquidate your HODLed cryptos and get them encashed. This means, your HODLed cryptocurrency will be on *HODL* for some time more until the ban is uplifted.

But what if you send your cryptos to someone who is not an Indian resident and belongs to a country where crypto is legal. Well, in that case, you can always send your acquired crypto, and get the equivalent INR in your bank. However, this procedure of exit would come at a cost. The foreign exchange cost and penalties would cost you more than the actual exchange fees, had there been no ban in your own country.

But, you still need to identify the catch here. By the above method, we see that the transactions that involve crypto are still possible. No government can ever tame the internet. The government tried to ban PUBG. The gaming community in India identified VPNs that would still make PUBG accessible to them. The government tried banning porn, but anything that is accessible to everyone, or is made available on the cloud, can never be fully tamed. The same goes with the decentralised and open source-based cryptocurrencies as well.

Unocoin is one such platform that lets its user buy, sell and trade 40+ cryptocurrencies. The transactional fees are very nominal as compared to the features that it provides. Unocoin has always respected and abided by the laws set by the government of India and RBI. But it also makes sure it creates a space where the crypto exchanges are smooth. Hence, Unocoin collaborated with Airtm for a cross-platform transaction. With this Unocoin – Airtm collab, any Unocoin user can buy any crypto from either platform in exchange for his/her local fiat currency and via the pairing coin US dollar Tether ( USDT), can convert his/her acquired cryptos into another crypto/fiat currency from the other platform.

It is like entering a bridge, walking on the bridge and reaching the other side of the river. With the USDT acting as a pairing coin or the bridge, the walk from one end to the other and back to the first end is possible.

While there are speculations on the cryptocurrency, the virtual currency enthusiasts know for sure, that these are only the ups and downs that come in their investment plan. India would eventually be a country where there will be no inhibitions over cryptocurrencies, sooner or later.

The writer is Co-founder & CEO of Unocoin Technologies Private Limited



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Crypto industry urges govt to take nuanced approach, asks investors to remain calm, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


The cryptocurrency industry on Wednesday urged the government to take a nuanced approach towards regulating crypto assets in India and asked investors in the country to remain calm and not arrive at a rushed conclusion, a day after the government listed for introduction a Bill to ban all such cryptocurrencies, with some exceptions.

‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021′, to be introduced in the winter session of Parliament beginning November 29, seeks to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”.

BuyUcoin CEO Shivam Thakral said it expects the Bill to accommodate the aspirations of Indian crypto owners, Indian crypto entrepreneurs, and investors who have put their faith in India’s crypto growth story.

“The crypto Bill should be flexible enough for young blockchain projects to flourish and we strongly believe that there is a strong case for a standard process for new cryptocurrencies before they get listed on any exchange in India for trading.

“I think popular crypto-assets like Bitcoin and Ethereum will be pre-approved by the regulators for getting listed on the exchange. We also request the government to give immediate clarity on the taxation and filing of crypto assets,” Thakral said.

CoinSwitch Kuber founder and CEO Ashish Singhal said the industry has been actively communicating with all stakeholders keeping investor protection at the forefront.

“Our discussions in the last few weeks indicate there is a broad agreement on ensuring that customers are protected, financial system stability is reinforced and India is able to take advantage of the crypto technology revolution…

“As of now, I urge all crypto asset investors in the country to remain calm, do their own research before arriving at a rushed conclusion,” said Singhal, who is also the co-chair of the Blockchain and Crypto Assets Council (BACC).

Cryptocurrency exchange CoinDCX’s spokesperson said a well-assessed and thought-through regulation will pave the way for greater adoption of the technology and will help millions of Indians embrace this new-age asset class.

OKEx.com CEO Jay Hao said India is home to the highest number of crypto owners in the world and the onus lies on the government to protect the interest of a large number of crypto investors in the country.

“We urge the government to take a nuanced approach towards regulating crypto assets in India. With the positive outcome of the cryptocurrency Bill, India will embark on an exciting journey of becoming the global leader in crypto, Defi, and NFTs,” Hao said.

Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. Against this backdrop, Prime Minister Narendra Modi earlier this month held a meeting on the cryptocurrencies with senior officials, and indications are that strong regulatory steps could be taken to deal with the issue.

There has been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times, amid concerns over such currencies being allegedly used for luring investors with misleading claims.

Last week, the Standing Committee on Finance, chaired by BJP member Jayant Sinha, met the representatives of crypto exchanges and BACC, among others, and arrived at a conclusion that cryptocurrencies should not be banned, but it should be regulated.

The RBI has repeatedly reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well as their claimed market value.

RBI Governor Shaktikanta Das has also reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks.

The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies like Bitcoin about which the central bank has had many concerns.

Private digital currencies/ virtual currencies/ crypto currencies have gained popularity in the past one decade or so. Here, regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks.

On March 4, 2021, the Supreme Court had set aside an RBI circular of April 6, 2018, prohibiting banks and entities regulated by it from providing services in relation to virtual currencies.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Technology, collaborations, personalisation will drive customer experience, say top bankers, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Zuzar Tinwalla and Charu Mathur were part of a fireside chat, moderated by Amol Dethe, Editor, ETBFSI.

BFSI companies have been undergoing rapid digitisation for some years now. While many organisations had already been at the forefront in digitisation, the COVID-19 pandemic further amplified this adoption of new technologies.

“Pandemic has presented us with both difficulties and opportunities,” said Zuzar Tinwalla, COO-India & South Asia, Standard Chartered Bank at a fireside chat of ETBFSI Converge, titled ‘Crafting Tailor Made Products for Customers’.

Customer centric models

“Earlier, technologies were designed by keeping the internal processes guidelines and efficiency in mind, but that’s no longer the reality. Now, to be relevant, you have to keep the customer’s needs in mind.” he said, while elaborating on digitisation and how banks are catching up with it.

Charu Mathur, CDO & Head-Business Strategy of IndusInd Bank, adding to this, explained how banks have to be customer centric and not just process centric.

Technology, collaborations, personalisation will drive customer experience, say top bankers

“It is extremely important for us now to understand our clients very deeply and keep our ears close to them,” she added.

Zuzar Tinwalla and Charu Mathur were part of a fireside chat, moderated by Amol Dethe, Editor, ETBFSI.

Adopting technology: Data science, AI & ML

Banks are rapidly adopting new technologies like data and analytics, AI & ML, bots and robots. Tinwalla said, “ Anything more than 90 days is now considered obsolete.”

“We are investing capabilities in building the basic data foundation, and that’s a very critical function as you go along. And then sitting on top of that, you need an intelligent modeling capability or a data science function as we call it. Leveraging machine learning and artificial intelligence, and connecting dots and making logical sense out of it is important. And then at the top, you need a delivery mechanism,” said Mathur.

Although AI will progress, it will never replace human intelligence, Tinwalla said. “What is going to be appropriate for the organisation is still a human decision,” Zuzar added.

What does the future look like?

The panelists agree that many collaborations with fintechs are going to be witnessed in the coming years.

“There’s a lot to learn from fintechs,” said Tinwalla, while explaining how fintechs complement and compete with banks.

Technology, collaborations, personalisation will drive customer experience, say top bankers

On the innovation front, Mathur said, “Personalisation aspect will play a major role in driving customer experience. We see brands like Amazon and Netflix doing it quite well. I think more and more banks will probably start delivering something on the personalisation aspect, and demonstrate their ability of understanding the customer much deeper than what we do today.”

Furthermore, she believes that composable systems, which are completely API native to the core, will allow the banks to create products and services completely tailor made to a client’s unique requirements.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

Niti Aayog suggests setting up of full-stack ‘digital banks’

Banking & Finance

[ad_1]

Read More/Less


A detailed architecture and sequencing of reform has been proposed in this paper, the purpose of which is to undertake stakeholder consultations. Based on the comments received, the paper will be finalised and shared as a policy recommendation from Niti Aayog.

The government think-tank Niti Aayog on Wednesday suggested setting up of full-stack ‘digital banks’ to deepen access to financial services in the country.

In a discussion paper, Niti Aayog examines the global scenario, and based on the same, recommends a new segment of regulated entities — full-stack digital banks.
A detailed architecture and sequencing of reform has been proposed in this paper, the purpose of which is to undertake stakeholder consultations. Based on the comments received, the paper will be finalised and shared as a policy recommendation from Niti Aayog.

Upon progression from the sandbox into the final stage, a full-stack digital business bank will be required to bring in `200 crore (equivalent to that required of the Small Finance bank). “Digital Banks” or DBs referred in this Paper means Banks as defined in the Banking Regulation Act, 1949 (BR Act).

“In other words, these entities will issue deposits, make loans and offer the full suite of services that the BR Act empowers them to. As the name suggests however, DBs will principally rely on the internet and other proximate channels22 to offer their services and not physical branches,” the think-tank said in the paper. However, as a natural corollary to being a “Bank” in full sense of its legal definition, it is proposed that DBs will be subject to prudential and liquidity norms at par with the incumbent commercial banks, it said.

Creating a new licensing / regulatory framework is being proposed as regulatory innovation and not as regulatory arbitrage. “

Having said that, DBs offer a differentiated proposition and as such, there is scope for differentiated treatment in adjacent areas of their operation consistent with treating them identically with incumbent commercial banks, in the critical areas of prudential and liquidity risk, it added.

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 , ,

Security receipts for past NPAs appear as lenders seek to avoid provisioning

Personal Finance

[ad_1]

Read More/Less


“Time is not the essence for transfer of SRs. In the event of non-realisation of amount out of SRs, the bank is not liable to refund anything in part or full,” SBI said in the notice.

Security receipts (SRs) issued against bad-loan sales from seven-eight years ago are set to enter the stressed assets market as lenders seek to avoid provisioning against them. Both banks and non-banking financial companies (NBFCs) are likely to start hunting for buyers for SRs, with State Bank of India taking the lead, industry executives told FE.

The country’s largest lender by assets has issued a notice seeking bids for SRs with a face value of Rs 38 crore issued against its exposure to CM Smith and Sons by Invent Assets Securitisation & Reconstruction. The securities were assigned in January 2015.

“Time is not the essence for transfer of SRs. In the event of non-realisation of amount out of SRs, the bank is not liable to refund anything in part or full,” SBI said in the notice.

Executives from the stressed assets industry said SRs issued during non-performing asset (NPA) sales are now expected to be put up for sale, as for many of them, recoveries have not happened and erosion in the net asset value (NAV) may demand additional provisioning.

“Until a few years ago, there used to be structured deals in ARC sales – first under 5:95 and then under the 15:85 structure. SRs from these years are going to enter the market now as NAVs for many of them have depleted and that means the purpose of selling them to ARCs hasn’t fructified. So, to avoid providing against them, banks and NBFCs will both come to the market,” said a senior executive from the industry.

Most NPAs sold to ARCs since 2018 have been assigned through full-cash deals, which means that there were no SRs issued during the sale. In SRs, underlying cash flows are dependent on realisation from NPAs. Reserve Bank of India guidelines say investments in SRs may be aggregated to arrive at net depreciation or appreciation of investments under the category. Net depreciation, if any, must be provided for.

Prospective buyers for SRs are also mostly ARCs. According to industry executives, the quality of underlying assets for each set of SRs and their vintage are the two important factors that will determine the terms of sale. The most coveted SRs will have residential properties as the underlying, followed by commercial properties, office properties and industrial properties.

Lenders may have to take substantial haircuts as these assets are old. “Most of these sales are likely to be priced at 25-30 cents to the dollar because of the vintage of the asset,” the person quoted above said.

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 , , ,

Reserve Bank of India – Tenders

Tenders

[ad_1]

Read More/Less


Nov 26, 2021 Corrigendum – RFP for Engagement of IRDAI licensed Insurance Companies operating in India to manage the OPD (Annual Health Checkup) Programme for employees and their spouses of Reserve Bank of India, Mumbai Nov 28, 2021 165 kb Nov 26, 2021 Supply, Installation, Testing and Commissioning (SITC) of 64 Nos. Sealed Maintenance Free (SMF), valve regulated Lead acid batteries (12V, 65 AH) having Fire Retardant Casing at bank’s Office Building at WTC, Cuffe Parade, Mumbai Jan 06, 2022 PDF document 750 kb Nov 26, 2021 Conducting Electrical Safety Audit of Bank’s Office Building and Bank’s Staff Quarters (Avantika) at Bhopal Dec 27, 2021 PDF document 630 kb Nov 26, 2021 Replacement of Flooring of First floor Corridor, Main Office Building, Reserve Bank of India, Thiruvananthapuram Dec 10, 2021 PDF document 752 kb Nov 25, 2021 Minutes of Pre-bid Meeting – Service contract for Maintenance, Housekeeping and Catering arrangements at (Reserve Bank of India) Visiting Officers’ Flat (VOF), Transit Holiday Home (THH) and Medical Flats situated at Bhubaneswar Dec 06, 2021 PDF document 176 kb Nov 25, 2021 Corrigendum – Renovation of Civil & Electrical Works in RBI Ranchi Office Located at Zila Parishad Bhavan Dec 09, 2021 PDF document 171 kb Nov 25, 2021 FIRESPOT ® Self activating Automatic Fire Suppression System for Panel Protection with automatic heat/flame detecting polymer tube and UL Listed Clean Agent System certified by National Test House, Dept of Consumer Affairs, Govt. of India at Bank’s office RBI Chandigarh Dec 23, 2021 PDF document 782 kb Nov 24, 2021 Extension of Time – Design, Supply, Installation, Testing and Commissioning of Contraband Trace Detection System with all Accessories for Bank’s Central Office Building, Fort, Mumbai Dec 03, 2021 PDF document 159 kb Nov 23, 2021 Corrigendum – Operation and Routine Maintenance of Central Air Conditioning (HVAC) Plant, Installed at Main Office Building, RBI Chandigarh Dec 15, 2021 PDF document 111 kb Nov 23, 2021 Design, Supply, Installation, Testing, Commissioning of Thermal Camera System for Bank’s Offices at Fort, Byculla and BKC in Mumbai Jan 03, 2022 PDF document 831 kb Nov 22, 2021 Minutes of Pre-bid Meeting – Design, fabrication and installation of “Storage Compactor Units” on different floors of Bank’s Main Office Building, Fort, Mumbai Dec 02, 2021 PDF document 161 kb Nov 22, 2021 Design, Supply, Installation, Testing and Commissioning of Roof Top Grid Interactive SPV based Solar Power Systems (Mono PERC) with Solar Optimizer or Micro-inverter in the Bank’s residential colony at Hauz Khas, New Delhi Dec 23, 2021 PDF document 1182 kb Nov 22, 2021 Corrigendum – Supply, Fabrication and Installation of Mobile Storage Unit Compactors in Bank’s Office Building at Jaipur Dec 06, 2021 PDF document 144 kb Nov 19, 2021 Supply, Installation, Testing and Commissioning of Cooling Towers at Bank’s Main Office Building, Nagpur Dec 16, 2021 PDF document 1072 kb Nov 18, 2021 Supply, installation, testing and commissioning of one X-Ray baggage scanner system in Bank Premises, RBI, Chandigarh Dec 16, 2021 PDF document 832 kb Nov 17, 2021 Operation and Routine Maintenance of Central Air Conditioning (HVAC) Plant, Installed at Main Office Building, RBI Chandigarh Dec 15, 2021 PDF document 483 kb Nov 17, 2021 Supply of 5 No. IPCCTV Cameras including Lifetime Camera License for existing IPCCTV System at RBI Jammu Dec 02, 2021 PDF document 443 kb Nov 16, 2021 Electrical Safety Audit in Main office buildings of Reserve Bank of India, New Delhi Dec 08, 2021 PDF document 604 kb Nov 12, 2021 Printing and Supply of RBI Publications 2022, Mumbai Dec 03, 2021 PDF document 627 kb Nov 09, 2021 Printing and Supply of Bank’s House Journal “Without Reserve” by HRMD, RBI, Central Office, Mumbai for the calendar year 2022 Dec 02, 2021 PDF document 254 kb Nov 07, 2021 Empanelment of Suppliers for Issue Department stores, Guwahati Nov 29, 2021 PDF document 675 kb Nov 04, 2021 Service contract for Maintenance, Housekeeping and Catering arrangements at (Reserve Bank of India) Visiting Officers’ Flat (VOF), Transit Holiday Home (THH) and Medical Flats situated at Bhubaneswar Dec 06, 2021 PDF document 721 kb Nov 03, 2021 Empanelment of Suppliers for Supply of Archival Preservative materials (Archival Stationery), Pune Dec 01, 2021 PDF document 279 kb Oct 29, 2021 Annual Maintenance Contract for day-to-day operation and maintenance of Substation & various electrical installations at Main Office Building, Reserve Bank of India, Guwahati Nov 29, 2021 PDF document 1352 kb Oct 29, 2021 Supply, Installation, Testing and Commissioning of full height single lane turnstile gate at VIP Entry Bank’s Main Office Building, Mumbai Dec 13, 2021 PDF document 807 kb Oct 22, 2021 Design, fabrication and installation of “Storage Compactor Units” on different floors of Bank’s Main Office Building, Fort, Mumbai Dec 02, 2021 PDF document 1926 kb

[ad_2]

CLICK HERE TO APPLY

Leave a comment

CLSA, ICICI Securities Say ‘Buy’ This Maharatna Stock For Potential Upside Of Up To 47%

Personal Finance

[ad_1]

Read More/Less


Coal India board to meet on November 29 to consider and approve interim dividend for the fy 22

On the previous day, the company via an exchange filing informed that the meeting of the Board of Directors of the Company is scheduled on 29/11/2021 ,inter alia, to consider and approve payment of Interim Dividend for 2021-22, if any. The Company has fixed Tuesday, 7th December’21 as the ‘Record Date’ for the purpose of payment of Interim Dividend on Equity Shares for Financial Year 2021-22, if declared by the Board.

Q2fy22 performance of Coal India

Q2fy22 performance of Coal India

Missing estimates, the largest coal producing company of India-Coal India for the second quarter of the Fy 22 has logged a consolidate PAT of Rs. 2933 crore, a 1 percent decline in comparison to Rs. 2952 crore logged in the same quarter a year ago. Revenue from operation on a consolidated basis however declined sequentially while gained YoY to Rs. 23,291 crore.

Brokerages Rating/ view on the scrip of Coal India

Brokerages Rating/ view on the scrip of Coal India

CLSA -the global research firm has maintained ‘Buy’ call on the stock with a target price of Rs. 210 per share, which is an upside of 32 percent from the last traded price of Rs. 159.1.

“The Q2 earnings before interest, tax, depreciation and amortisation (EBITDA) were below estimates on higher costs and lower realisations but EBITDA ex-OBR (0ver burden removal) fell 5 percent QoQ to Rs 272 a tonne. Receivables fell to Rs 14,900 crore”, says the global brokerage firm.

Likewise, leading domestic brokerage firm ICICI Securities retains it “buy” rating on the scrip with a target price of Rs 234. The brokerage views offtake volume estimates for FY22E / FY23E at 625mnte/655mnte, respectively. “We expect dividend payout to be high, leading to a 12 percent yield at current prices, as incremental capex in diversified segments is expected to be funded primarily by debt,” it said.

Citi on the scrip of Coal India has a ‘neutral’ rating, simultaneously it has lowered the target price to Rs. 160 from Rs. 185 per share. The Q2 e-auction premiums were muted, lacking visibility on catalysts, however, further upsides could be limited as domestic coal supply improves.With ESG concerns, a significant re-rating may not be easy, the research firm said.

Brokerage Rating on the Coal India scrip Target price Potential upside
CLSA Buy Rs. 210 32%
ICICI Securities Buy Rs. 234 47%
Citi Neutral Rs. 160 (Reduced from earlier Rs. 185 price target

Disclaimer:

Disclaimer:

Buy call for the above mentioned scrip is being given by few of the brokerages.Readers should not construe it to be an investment advice in the listed scrip. 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.



[ad_2]

CLICK HERE TO APPLY

Leave a comment

Reserve Bank of India – Press Releases

Press Releases

[ad_1]

Read More/Less


It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. DOS.CO.NSUCBs-West/D-3/S2050/12-07-005/2021-22 dated November 24,2021, has issued certain Directions to Malkapur Urban Co-operative Bank Ltd., Buldhana, whereby, as from the close of business on November 24,2021, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated November 24,2021, a copy of which is displayed on the bank’s premises for perusal by interested members of the public. In particular, a sum not exceeding ₹10,000 (Rupees Ten Thousand only) of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn subject to the conditions stated in the above RBI Directions.

The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

These Directions shall remain in force for a period of six months from the close of business on November 24, 2021 and are subject to review.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1247

[ad_2]

CLICK HERE TO APPLY

Leave a comment

Fearing ban, crypto prices crash

Banking & Finance

[ad_1]

Read More/Less


Prices of top cryptocurrencies, including Bitcoin, Ethereum, USDT, Shiba Inu, Dogecoin and Sandbox, crashed on Indian crypto exchanges on Wednesday as investors panicked after the government moved a Bill seeking to prohibit private cryptocurrencies while allowing certain exceptions to promote the underlying technology.

The cryptocurrencies were trading 15-20 per cent lower in the morning hours after which crypto exchanges rushed to calm investor frenzy over social media, asking them to hold on to their assets until the details of the proposed law become public. As of 5:25 pm, on Wednesday, while a few cryptocurrencies recovered, several top tokens continued to trade in red. Bitcoin’s price was still down by 8.3 per cent, Tether or USDT’s was trading lower by 8.77 per cent, Shiba Inu plunged 14.85 per cent and Ethereum was down by 5.4 per cent, according to data on WazirX.

Also read: Government moves to ban all private cryptos

But crypto exchanges said the proposed Bill may not ban cryptocurrencies altogether. Nischal Shetty, Founder, WazirX told BusinessLine, “While the description of the draft Bill appears to be the same as in January 2021, several noteworthy events have occurred since January. The understanding and knowledge around crypto today is far greater than it was until a few months ago. This is what gives me the hope that we’ll soon be able to classify crypto into currency, asset, utility or security. As an industry, we’re in sync with the fact that INR is the only legal tender in India, and crypto being an asset/utility which people buy and sell.”

Ashish Singhal, Founder and CEO, CoinSwitch Kuber, said investors should calm down and take investment decisions without relying on secondary source of information. “Our discussions with stakeholders over the last few weeks indicate that there is a broad agreement on ensuring users are protected, financial system stability is reinforced and India is able to take advantage of the crypto technology revolution.”

Investment caps

According to an industry source, the proposed law may bring in investment caps to protect small investors. Another source said that existing investors will be given time to exit if there was a ban. The government did not shed any light on the provisions of the Bill which added to investor confusion, leading many to sell at a loss. “I had invested ₹5,000 last year which had grown to ₹16,000 but I sold it today after I read about the proposed Bill,” said Sumit Manikchand from Mumbai.

Others like 26-year-old retail investor Viraj Sheth, Co-founder and CEO Monk Entertainment, bought more. “People start selling when prices start dropping by 15-17 per cent, thinking it would tank further. But it has already started recovering. It’s up by 7 per cent or more. I have actually bought more Ethereum, Bitcoin and Matic in the morning today. I am okay to hold it for 10 years. And just in case its value goes down to zero tomorrow, it is still okay as it is only 20 per cent of my wealth. My bet truly is on the exponential return it will possibly give me if it does not go down to zero,” Sheth told BusinessLine.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,
1 … 42 43 44 45 46 … 16,279