🍒 Issue only Rupay cards, seed all accounts with Aadhar by Dec: FM to banks : Finance Minister Nirmala Sitharaman told bankers on Tuesday to only issue Rupay cards as the first option to customers, and also to seed all bank accounts with Aadhar number and, wherever necessary, with the pan card by December this year. “Rupay should be the only card that you must promote,” Sitharaman said in her address as the chief guest at the 73rd Annual General Meeting of the Indian Banks’ Association (IBA).“Make sure the NPCI (National Payments Corporation of India) can become a ‘brand India’ product. Whenever issuing a card, you must first issue a Rupay (floated by NPCI) card,” the finance minister said in her address.“Indian banks have done a tremendous job, but the financial inclusion drive is not over. I will not be patient to hear that there still exist accounts not Aadhar seeded, and linked with Pan cards wherever needed beyond December 31st. There should not be any unverified account in the system,” the finance minister said, while clarifying a few moments later that the deadline could be extended till March next year at the maximum. Technology should be adopted widely to ensure there is no duplication in booking benefits for the customers, or double encashment of a security. “It should be a fool proof arrangement so that you become a better managed bank,” Sitharaman said. - Business Standard
🍒 FM Nirmala Sitharaman backs expansion of the membership of New Development Bank at BRICS FMCG : Finance minister Nirmala Sitharaman on Monday backed expansion of the membership of the New Development Bank at the first BRICS Finance Ministers and Central Bank Governors (FMCBG). The meeting also involved discussions on the outcomes of G20 Saudi Presidency in 2020 and a digital platform to encourage infrastructure investments, a finance ministry statement said. The BRICS countries – Brazil, Russia, India, China and South Africa – created the New Development Bank in 2014 as a multilateral development bank which will provide financial support to public and private projects through loans, guarantees, equity participation and other financial instruments. - Economic Times
🍒 GNPAs of banks show improvement QoQ : The gross non-performing assets (GNPAs) to gross advances ratio of banks witnessed an improvement in the second quarter (Q2) of FY2021 vis-a-vis the preceding quarter, according to CARE Ratings. As per the credit rating agency’s data on the movement of NPAs of 31 banks, the overall GNPA ratio of banks improved to 7.7 per cent in Q2 (July-September) FY2021, compared with 8.2 per cent in Q1 (April-June) FY2021 and 7.9 per cent in Q4 (January-March) FY2020. “The moratorium provided till August had provided space in terms of recognition of NPAs which could have improved the ratios. “Therefore, we may have to wait for these time periods to elapse to gauge the true levels of NPAs in the system,” the agency said in a report. Also read: Merger woes: Why PNB Q2 performance carries tell-tale signs of more pain ahead - Business Line
🍒 Paytm introduces Payout Links for businesses : Paytm has launched Payout Links for businesses, enabling them to instantly process payouts to customers, employees and vendors, without collecting their bank details. As businesses struggle with the ever-growing numbers of manual financial processes, Payout Links offers seamless payment integration for businesses to quickly send incentives and refunds to customers through the easy and inexpensive method of a simple payout link. Removing the need to store bank details, the facility benefits partnerSMEs in diverse sectors such as gaming, e-commerce, retail, export and manufacturing, to transfer salaries, vendor payments, and commissionsinstantly. - Business Line
🍒 Bandhan Bank says will tap rural markets to stay as most profitable lender : Indian micro-financier Bandhan Bank Ltd. will diversify lending and selectively tap more rural markets to cement its position as the nation’s most profitable lender after loan repayments improved. “There is a big demand,” founder and Chief Executive Officer Chandra Shekhar Ghosh said in a recent phone interview. “Rural India is untapped and people there are not getting credit service. Lifestyles are going to change and they also have business needs.” Bandhan Bank, which received $1.4 billion from investors including BlackRock Inc. and Singapore’s GIC Pte in August, aims to maintain a 4% return on assets by diversifying. It plans to lend to less-risky sectors such as gold, as well as providing home and car loans. Currently the lender’s unsecured microfinance loan book stands at around 62%, Ghosh said. - Business Standard
🍒 ICICI Bank new initiative: Convert your kirana store to BigBasket-like online shop : In order to convert the kirana stores into online shops, private sector lender ICICI Bank on Tuesday unveiled its Digital Store Management platform. From inventory to billing to payment collection through PoS, QRCode and payment links — ICICI Digital Store Management platform helps the merchants to manage full in-store operations online. The neighbourhood store owner can quickly create an online store and start receiving orders from customers online in a few clicks, the lender mentioned. Any merchant can apply for the Digital Store Management platform while they are applying for a PoS machine on ICICI Bank's Eazypay application for merchants. The digital platform has three applications. The EazyStore mobile app, that helps a grocery store to set up an online store in flat 30 minutes. The EazyBilling app enables the kirana stores to track digital payments like UPI or debit and credit card. The owners can also manage inventory and order through this app. There will also be an option to create quick reports on sales, profits, GST among others. - Live Mint
🍒 Rs 946-cr bank fraud case: CBI carries out searches against Ezeego promoters in Mumbai : The CBI has carried out searches at eight locations in Mumbai in connection with an alleged bank fraud case of Rs 946 crore in Yes Bank against Ezeego One Travel and Tours, officials said on Tuesday. The agency recently carried out the searches at the premises of the booked promoters and directors of the company, they added. The Central Bureau of Investigation (CBI) has booked company promoters Ajay Ajit Peter Kerkar and Urrshila Kerkar, and directors Neelu Singh, Arup Sen, Manisha Amrapurkar, Pesi Patel and Karthik Venkatrman for alleged diversion of loan funds, the officials said. - economic times
🍒 CBI books Best Foods Ltd for ₹1,006 cr bank fraud : The CBI on Tuesday conducted searches at the offices of Best Foods Limited and residences of its chairman and managing director for alleged bank fraud to the tune of ₹1,006.46 crore in a consortium led by State Bank of India, officials said on Tuesday. They said the agency had invoked IPC sections related to cheating, criminal misappropriation, criminal conspiracy, criminal misconduct and forgery against Best Foods Limited for alleged diversion of credit funds during April 01, 2015 to March 31, 2018. - Business Line
🍒 Unpaid dues from previous months may keep credit cost higher for MFIs : Even as most microfinance lenders said that repayment collection for October exceeded 90%, unpaid dues from the previous four-five months still remain a concern, likely inflating credit costs at the lenders. Cumulative repayments continue to be low in the range of 60-70%, industry organization Sa-Dhan said. Another area of concern for the sector is that 4-5% of customers are yet to begin repayments.These pose a risk of high NPAs and call for higher provisioning, at least in the short run, said Sa-Dhan. Just about 0.69% of MFIs' loan total portfolio of Rs 1.02 lakh crore was non performing at the end of March 2020. - economic times
🍒 Commerce and industry minister reviews ‘Vivad Se Vishwas’ scheme : Commerce and industry minister Piyush Goyal recently interacted with large corporates and top tax professionals on ways to make the ‘Vivad Se Vishwas’ scheme a success. Officials of Indian businesses houses, MNCs and Big Four consultants suggested an extension of the cut-off date of the scheme, the need to clarify the stand on settling tax disputes of merged companies, and transfer pricing matters. They also told the commerce and industry minister that the scheme would evoke a better response if it is structured ‘issue wise’ — where a taxpayer is allowed to choose and settle some disputes, under the scheme — instead of the ‘year wise’ requirement where the scheme, once availed, must include settling all disputes. - economic times
🍒 Bonus paid to employees or shareholder by a company can get tax benefit: ITAT : Any company giving bonuses to employees or shareholders should be able to get tax benefits as per the law unless there is a clear finding of tax avoidance or evasion, Mumbai Bench of the Income-tax Appellate Tribunal (ITAT) said Tuesday. According to the details of the case, a stock broking company in 2011-12 had paid Rs 5 lakh to two directors as bonus and incentives. This was over and above the remuneration they were receiving.- economic times
🍒 Gold loan market will continue to shine on high prices: World Gold Council : The organised gold loan market, which continues to hold much promise, got a significant push from the current pandemic and economic downturn, and is expected to grow to ₹4.05-lakh crore this fiscal, according to a report by the World Gold Council. The organised gold loan market is expected to grow at an annual rate of 15.7 per cent to ₹4.61-lakh crore in FY22 from ₹3.44-lakh crore in FY20, the report said, adding that demand for gold loans, both through banks and non-banking financial company (NBFC), has grown in response to the economic impact of the pandemic. - Business Line
🍒 Non-life insurance premium falls to ₹15,855 cr in October : The non-life insurance premium declined marginally by 0.4 per cent at ₹15,855 crore in October 2020 as against ₹15,921 in the same period last year. As per the data released by the Insurance Regulatory and Development Authority of India (IRDAI), gross direct premium up to October 2020, however, showed a growth of 1.11 per cent at ₹1,12,685 crore as against ₹1,11,450 crore in the corresponding period of last year. The health insurance segment drove the growth. - Business Line
🍒 Flipkart offers customised group health insurance cover issued by Bajaj Allianz : Flipkart, on Tuesday, announced that it now offers group health insurance cover ranging from ₹3 lakh to ₹20 lakh issued by Bajaj Allianz General Insurance and Care Health Insurance to its large and growing pan-Indian customer base. Customers opting for policies of Bajaj Allianz General Insurance and Care Health Insurance on the Flipkart platform are not required to undergo any pre-emptive medical tests; the policy is issued against a declaration of good health; making it convenient to cover for their health scares. The policies further safeguard individuals against medical expenses and hospitalisation expenses, while also covering alternate treatment methods such as Ayurvedic and Homeopathic for up to a certain percentage of the sum insured.- Business Line
🍒 Adani, Piramal, others revise offers for DHFL : Suitors for the troubled non-banking finance company Dewan Housing Finance Corporation (DHFL) have raised their offer price in the revised bids submitted for the company, sources said. Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy have submitted 10-70 per cent higher price for either a stake in the company or buying out some of its assets. Oaktree Capital has raised its bid price for the entire portfolio to Rs 33,000 crore from Rs 27,800 crore earlier, sources with knowledge of the development said. - financial express
🍒 Godrej Group forays into housing finance business : Amid a spurt in demand for home loans, Godrej Group, on Tuesday, announced its foray into the financial services industry with the launch of Godrej Housing Finance. “With Godrej Housing Finance (GHF), the group aims to build a long-term, sustainable retail financial services business in India, aiming for a balance sheet of about ₹10,000 crore in the next three years,” it said in a statement. - Business Line
🍒 Gold loan market will continue to shine on high prices: World Gold Council : The organised gold loan market, which continues to hold much promise, got a significant push from the current pandemic and economic downturn, and is expected to grow to ₹4.05-lakh crore this fiscal, according to a report by the World Gold Council. The organised gold loan market is expected to grow at an annual rate of 15.7 per cent to ₹4.61-lakh crore in FY22 from ₹3.44-lakh crore in FY20, the report said, adding that demand for gold loans, both through banks and non-banking financial company (NBFC), has grown in response to the economic impact of the pandemic. - Business Line
🍒 Rajeev Misra, three others resign as SoftBank internal board directors : SoftBank Group Corp on Monday announced changes to its board of directors and appointment of corporate officers. As part of corporate restructuring, four of SoftBank’s internal board directors — executive vice president and chief operating officer Marcelo Claure, executive vice president and chief strategy officer Katsunori Sago, executive vice president Rajeev Misra, and governor and board member of the Public Investment Fund of Saudi Arabia Yasir O Al-Rumayyan, have resigned from the board. - financial express
🍒 Rupee slips 3 paise to 74.18 per USD : The rupee depreciated by 3 paise to close at 74.18 against the US dollar on Tuesday as higher crude oil prices and a stronger greenback overseas weighed on sentiment. The rise in crude oil prices had a negative impact on the domestic unit, but robust domestic equities supported the rupee and restricted the fall, experts said. At the interbank foreign exchange market, the domestic currency opened higher at 74.04 a dollar, but could not hold the momentum and finally settled 3 paise lower at 74.18. During the session, the local unit reached a high of 74.02 and touched 74.30 at the lower end.
🍒 Gold prices fall sharply to Rs 50,665 per 10 gram, silver tanks Rs 4,268 a kg : Gold prices dropped by Rs 1,755 to Rs 50,665 per 10 gram in the Mumbai retail market on rupee weakness and sharp sell-off yesterday in the overseas market. The precious metal pared some of the losses and traded firm in the international market. The rate of 10 gram 22-carat gold in Mumbai was Rs 46,409 plus 3 percent GST, while 24-carat 10 gram was Rs 50,665 plus GST. The 18-carat gold quoted at Rs 37,999 plus GST in the retail market. Silver prices crashed Rs 4,268 to Rs 61,784 per kg from its closing on November 9.
🍒 SBI board okays to divest 8.5 per cent stake in UTI Trustee Co : State Bank of India (SBI) has decided to sell 8.51 per cent stake in UTI Trustee Company, which is the sponsor of UTI Asset Management Company. In a statement to stock exchanges, SBI said the Central Board of Directors has approved the divestment of 8,510 equity shares constituting to 8.51 per cent in UTI Trustee Company to comply with SEBI regulation.
🍒 After The Bell: Sensex, Nifty at new highs; what should investors do on Wednesday? : The S&P BSE Sensex hit a fresh record high of 43,316 while the Nifty50 make a fresh life high of 12,643 in intraday trade on Tuesday. Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 680 points to 43,277 while the Nifty50 rose 170 points to 12,631. In the last 8 trading sessions, Nifty 50 gained 1110 points and the Bank Nifty rose 5200 points. Bajaj Finance contributed the most to the Nifty and Sensex advance, increasing 8.85 percent, while Indusind bank had the largest gain in the Bank Nifty, rising 7.29 percent.
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