Reserve Bank of India – Annual Report

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Annual Report

Publications

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Read More/Less




April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Reserve Bank of India – Annual Report

Publications

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Read More/Less




April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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RBI imposes ₹2 cr penalty on Tata Communications Payment Solutions

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The Reserve Bank of India (RBI) has imposed monetary penalty on Tata Communications Payment Solutions(TCPSL) (₹2 crore) and Appnit Technologies Pvt Ltd (ATPL) (₹54.93 lakh) for non-compliance with directions it issued under the Payment and Settlement Systems Act, 2007 (PSS Act).

The central bank’s statement, said: “It was observed that TCPSL was non-compliant with the directions issued by RBI on White Label ATM deployment targets and net-worth requirement.”

“ATPL was non-compliant with the directions issued by RBI on maintenance of escrow account balance and net-worth requirement.”

Observations by RBI

RBI observed that as these were offences of the nature referred to in Section 26(6) of the PSS Act, notices were issued to the entities.

Also read: Banks, ATM operators seek RBI to review penalty scheme for dry ATMs

As per Section 26(6) of the PSS Act, if any provision of this Act is contravened, or if any default is made in complying with any other requirement of this Act…then, the person guilty of such contravention or default, as the case may be, shall be punishable with fine which may extend to ₹10 lakh and where a contravention or default is a continuing one, with a further fine which may extend to ₹25,000 for every day, after the first during which the contravention or default continues.

After reviewing their written responses and oral submissions made during the personal hearing, RBI concluded that the aforesaid charges of non-compliance with its directions were substantiated and warranted the imposition of monetary penalty.

RBI underscored that the penalties have been imposed in exercise of powers vested in it under the provisions of the PSS Act.

“These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers,” the central bank said.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Garha Co-operative Bank Ltd., Guna vide Directive DoS.CO.UCBs-West/D-3/12.07.005/2020-21 dated February 23, 2021, the validity of which was last extended vide Directive DOR.MON.D-30/12.27.087/2021-22 dated August 23, 2021 up to November 24, 2021.

The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive DoS.CO.UCBs-West/D-3/12.07.005/2020-21 dated February 23, 2021, issued to Garha Co-operative Bank Ltd., Guna, as modified vide Directive DOR.MON.D-30/12.27.087/2021-22 dated August 23, 2021. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive DoS.CO.UCBs-West/D-3/12.07.005/2020-21 dated February 23, 2021, issued to Garha Co-operative Bank Ltd., Guna, the validity of which was last extended vide Directive DOR.MON.D-30/12.27.087/2021-22 dated August 23, 2021 up to November 24, 2021, shall continue to apply to the bank for a further period of three months from November 25, 2021 to February 24, 2022, subject to review.

Other terms and conditions of the Directive under reference shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1244

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Reserve Bank of India – Annual Report

Publications

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


Next

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Capri Global and Union Bank to co-lend to MSMEs

Banking & Finance

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Capri Global Capital Limited (CGCL) has entered into a co-lending agreement with Union Bank of India (UBI) to offer loans to micro, small and medium enterprises (MSMEs) across 100-plus touch points pan-India.

Loan disbursement under this arrangement would commence from December 2021, Capri Global Capital Limited said in a statement.

Financial inclusion

CGCL emphasised that the co-lending agreement aims to enhance last-mile credit and drive financial inclusion to MSMEs by offering secured loans between ₹10 lakhs to ₹1 crore.

The co-lending arrangement will entail joint contribution of credit to prospective MSME customers in Tier 2 and Tier 3 markets.

Rajesh Sharma, Managing Director, Capri Global Capital Limited, observed that through this partnership, 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,” he said.

Also see: Equitas SFB ties up with HDFC Bank for co-branded credit cards

Rajkiran Rai G, MD and CEO, Union Bank of India, said, “The partnership with Capri Global Capital Limited 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.”

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‘Buy’ This Stock For +18% Upside In 1 Year

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Target Price

The Current Market Price (CMP) of Escorts is Rs. 217 The brokerage firm, Emkay Global has estimated a Target Price for the stock at Rs. 290. Hence the stock is expected to give an 18.7% return, in a Target Period of 1 year.

Stock Outlook
Current Market Price (CMP) Rs. 1803
Target Price Rs. 2140
1 year returns 18.70%

Company performance

Company performance

In FY 21, the company’s revenue stood at Rs. 69,293 mn, EBITDA was Rs. 11,292 mn, while APAT stood at 8,741. In FY 22, the brokerage firm is expecting the revenue to grow to Rs. 75,056 mn. Additionally, Escorts’ board announced Kubota (a 9% shareholder) will acquire 46.9mn additional shares through preferential allotment plus open offer, and join the Nandas as a co-promoter. Emkay Global is expecting, “Kubota’s takeover will substantially improve Escorts’ medium-term growth outlook, based on: 1) localization of existing tractor imports currently done by Kubota’s India JV; 2) leveraging Escorts for global component supplies to support Kubota’s global sales; 3) technology support in construction equipment, farm implements, and high-end tractors.”

Comments by Emkay Global

Comments by Emkay Global

According to Emkay Global, “We are increasing Escorts’ medium-term (FY23-31E) revenue CAGR to 15% from 11%, with enhanced market presence in the domestic tractor market upon expansion of the product portfolio, especially in wet-land applications, which represent more than 10% of industry volumes, and for higher exports by leveraging Kubota’s global distribution network.”

About the company

About the company

Escorts is India’s one of the biggest tractor manufacturers and suppliers. Their productions are outspread in the fields of Agri Machinery, Construction Equipment, and Railway Equipment. With Kubota’s stake hike in the company, it will have a better exposure both on the domestic and the international fronts.

Disclaimer

Disclaimer

The above stock was picked from the brokerage report of Emkay Global. 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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TRAI proposes nil charges on USSD

Banking & Finance

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The Telecom Regulatory Authority of India (TRAI) on Wednesday has proposed to remove charges on Unstructured Supplementary Service Data (USSD) messages for mobile banking and payment services to promote digital transactions.

The USSD messages get displayed on the screen of mobile phones and are not stored like SMSes. This technology is widely used to display balance deduction in mobile phones where a message pops-up on the device screen after a call or outgoing SMS.

At present, the sector regulator has capped the price of a USSD session at 50 paise where each session can be completed in eight stages.

“The present tariff per USSD session for mobile banking offered by telecom service providers (TSPs) is several times higher than the average tariff for one minute of outgoing voice call, or one outgoing SMS. The relatively high charge for USSD is thus acting as an impediment in increasing the number of transactions despite significant improvement in success rate of transactions,” TRAI said in the draft ‘Telecommunication Tariff Order, 2021’.

Considering the decline in charges for other services, the rationalisation of USSD charges is required to increase the number of USSD transactions, it said.

The recommendations

The suggestion to remove charges has been made by a high-level committee on deepening of digital payments constituted by the Reserve Bank of India (RBI) with a view to encouraging digitalisation of payments and enhancing financial inclusion

The recommendations made by the committee are supported by the Department of Financial Services (DFS).

TRAI said following a request from the DFS to the Department of Telecommunications (DoT) in this regard, it has analysed the issue from various aspects and is of the view that in order to protect the interests of the USSD users and promote digital financial inclusion, rationalisation of USSD charges is required.

“In line with the foregoing, the Authority proposes to revise the framework for USSD based mobile banking and payment services by prescribing a “Nil” charge per USSD session for mobile banking and payment service, while keeping the remaining aspects unchanged. The Authority may review the charge after a period of two years, based on experience gained,” it added.

It has invited views of stakeholders on the draft proposal by December 8.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has imposed monetary penalty on the following authorised Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26(6) of the Payment and Settlement Systems Act, 2007 (PSS Act).

Sr. No. Name of the PSO Speaking Order dated Amount of Penalty
(₹ lakh)
1 Tata Communications Payment Solutions Limited (TCPSL) October 21, 2021 200.00
2 Appnit Technologies Private Limited (ATPL) November 1, 2021 54.93

The penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act. These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Background

It was observed that TCPSL was non-compliant with the directions issued by RBI on White Label ATM deployment targets and net-worth requirement. ATPL was non-compliant with the directions issued by RBI on maintenance of escrow account balance and net-worth requirement. As these were offences of the nature referred to in Section 26(6) of the PSS Act, notices were issued to the entities. After reviewing their written responses and oral submissions made during the personal hearing, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted the imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1245

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