Good Morning All ....ЁЯМ╗
☕ 19.03.2020: Today's Banking / Financial News at a Glance
ЁЯНТ Coronavirus impact: IBA to seek relief package for financial institutions : The Indian Banks’ Association (IBA) is preparing a set of recommendations to be sent to the Reserve Bank of India (RBI) and the government, seeking a relief package for financial institutions and businesses being affected by the spread of coronavirus across the country. Separately, the IBA will issue advisories for staff and customers of banks in a bid to minimise the impact of the virus on the financial sector. These include mandating cashiers at the branch level to wear gloves while counting cash and requesting customers to go for digital transactions.“The IBA is closely working on a plan to meet the challenges related to coronavirus. We are going to issue advisories to bank employees and the general public and assure them that there is no need to panic,” IBA Chief Executive Officer Sunil Mehta told Business Standard. Mehta said the IBA is also conducting an impact-analysis of coronavirus on the financial sector and businesses. The association had held an emergency meeting with the chief executives of banks on Monday and discussed their grievances on this matter. - Business Standard
ЁЯНТ Operation Twist: RBI receives Rs 27,096cr bids in 5th LTRO : The Reserve Bank of India (RBI) on March 18 said it has received Rs 27,096 crore worth of bids in the fifth long-term repo operations (LTROs) conducted for an amount of Rs 25,000 crore with a tenure of three years. Earlier this week, the RBI had announced to conduct additional LTROs for up to a total amount of Rs 1 lakh crore at the policy repo rate after reviewing the current financial conditions and to further improving monetary transmission.The central bank received 21 bids in Wednesday's LTRO which has a reversal date on March 17, 2023. "The total bids received amounted to Rs 27,096 crore, implying a bid to cover ratio (i.e. the amount of bids received relative to the notified amount) of 1.1," it said in a release. The RBI allotted an amount of Rs 25,012 crore, with a pro-rata allotment percentage to 92.27 per cent. The central bank has already conducted four such operations of Rs 25,000 crore each since February 14 with huge success. - Moneycontrol.com
ЁЯНТ Paytm Payments Bank to now issue Visa debit cards : Paytm Payments Bank Ltd (PPBL) today announced that it will now start issuing Visa debit cards to its customers. With this partnership, Paytm is targeting to issue over 10 million new digital debit cards in FY 20-21. The bank, known for introducing neo-banking in the country, is already the largest issuer of RuPay Debit Cards and has the fastest growing bank account base. Paytm Payments Bank will issue Visa virtual debit cards to its customers, which will enable them to transact at all merchants accepting payments through cards. For the first time, the bank’s customers will also be able to make international transactions using their Visa debit cards. Soon, the customers will also have an option to request for a physical card. This will enable customers to make contactless payment through their chip-inserted cards. With over 57 million digital debit cards, the payments bank now has a debit card in every district of India. “As we continue to strive and bring half-a-billion Indians to the mainstream digital economy, it is indeed a proud moment for us to partner with Visa. This partnership will allow millions of our customers to avail the benefits of Visa debit cards along with the power to make international transactions," Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd, said. - Live Mint
ЁЯНТ YES Bank resumes operations, but branches deserted : YES Bank began full-fledged operations on Wednesday evening, but it seemed like just another normal evening at Mumbai’s Horniman Circle in Fort area. The usually busy business and shopping area, a stone’s throw from the RBI headquarters, bore a deserted look as many people stayed away due to the coronavirus pandemic. Even the bank’s ATMs were lying vacant even as the moratorium imposed by the RBI was lifted at 6 pm. In contrast, the branch had a long queue of customers on March 6 after the RBI capped withdrawals at ₹50,000 per depositor. But on Wednesday evening, there were just bank officers working at the branch, while a security guard and police constable could be seen outside. The scene was similar in other branches in Mumbai, including Goregoan. - Business Line
ЁЯНТ Karur Vysya Bank enters into bullion biz : Private lender Karur Vysya Bank (KVB) on Wednesday announced its entry into the bullion business.The bank in a statement said that the gems and jewellery business is an important part of India’s economy and KVB is now in a position to enhance its support to this important industry.As a trial base, the bank delivered its first shipment to clients in Chennai and Coimbatore recently. It is now in the process of ramping up the business to fully extend support to its existing set of customers across the nation, it said.The bank mentioned that the new business has been launched after ensuring the highest quality risk management.- Business Line
ЁЯНТ YES Bank crisis: AT-1 bond write-off could pose legal hurdles for RBI : Writing-off of the YES Bank AT-1 (Additional Tier-1) bonds, wherein many retail investors had also put their money, is drawing huge criticism from legal experts in the securities market. YES Bank has written off ₹8500 crore worth of AT-1 bonds as per the restructuring package approved by the Reserve Bank of India (RBI). But what are the legal issues behind such a brutal write-off? Top legal experts that BusinessLine spoke to say the move will face major hurdles and YES Bank will have to compensate investors. Fund-raising through bonds has to be approved by the RBI, which only allows so when it has a clear picture of the banks financial positions. In the case of YES Bank, its divergence in non-performing assets (NPAs) remained hidden, and came as a major shock to the investors when the real figures were out. - Business Line
ЁЯНТ Banks to seek RBI forbearance on loans to MSME, affordable housing : anks plan to move the Reserve Bank of India (RBI), seeking regulatory forbearance on loans given by them to the micro, small and medium enterprises (MSMEs) and affordable housing segments, as borrowers in this category could fall behind in making loan repayments, due to the novel coronavirus outbreak. Banks, under the aegis of the Indian Banks’ Association, are going to make a plea to the banking regulator that in the current stressed times, a delay, say, of up to 90 days, in loan repayment beyond what is currently the threshold for recognising a loan as non-performing, should not be considered as a default. - Business Line
ЁЯНТ We are financially strong and well-capitalised: IndusInd Bank : Private sector lender IndusInd Bank has said it is financially strong, well-capitalised and profitable, amid market rumours about the health of the lender after the Yes Bank crisis came to light. "In the wake of the significantly higher level of market rumours and speculation around IndusInd Bank stock, we would like to reiterate that the Bank is financially strong, well-capitalised, profitable, and a growing entity with a strong governance," it said in a late night statement on Tuesday. The bank's stock ended nearly 9 per cent down at Rs 604.30 on the BSE on Tuesday.The lender said gross non-performing assets (NPAs) in December quarter 2019 stood at 2.18 per cent which was lowest among large private sector banks."We expect current quarter gross NPA to be pretty much in line with that of last quarter. We expect our net NPA of 1.05 per cent as at the last quarter to fall below 1 per cent, in line with our ambition to take provision cover beyond 60 per cent," it said in the statement. - economic times
ЁЯНТ NCLT allows 90 days' extension for Jet Airways insolvency process : The National Company Law Tribunal (NCLT) on Wednesday allowed 90 days' extension for the corporate insolvency resolution process of Jet Airways. Jet Airways' resolution professional had last week filed an application in NCLT seeking 90 days' extension for the insolvency process of the grounded airline after it failed to attract any bidder.The NCLT bench, comprising Bhaskara Pantula Mohan and Rajesh Sharma, granted the extension as the Committee of Creditors (CoC) voted for the same, with 70 per cent votes in favour.The CoC had on February 18 set a new deadline of March 10 for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to meet the previous deadline.Later, Synergy Group had backed out of the bidding process over slot issues. The March 10 deadline was set after Russia's Far East Asia Development Fund also evinced interest in Jet Airways. - economic times
ЁЯНТ Govt may cut rate on small savings schemes in next quarter : The government is considering rate moderation for small savings schemes in the upcoming quarter, a development that could lead to speedier transmission of monetary policy rate cuts, sources said. During the current quarter, the government refrained from cutting interest rates on small savings schemes, such as Public Provident Fund (PPF) and National Savings Certificate (NSC), despite moderating bank deposit rates. Bankers have been complaining that high rates on small savings schemes prohibit them from cutting deposit rates. - Moneycontrol.com
ЁЯНТ Bajaj Finance reappoints Rajeev Jain as MD : Bajaj Finance on Wednesday said its board has reappointed Rajeev Jain as managing director. "The board of directors, at its meeting held on March 17, 2020, has reappointed Rajeev Jain, managing director of the company for a further period of five years with effect from April 1, 2020," Bajaj Finance said in a filing to BSE. The development is subject subject to approval of the shareholders of the company at the ensuing annual general meeting, it said. - economic times
ЁЯНТ PNB Housing bucks trend, trusts tech to boost efficiency : PNB Housing is eyeing technology investments to boost business, even as other companies scale back technology spends amid an ongoing slowdown made worse by the Covid-19 pandemic, the company’s chief technology officer said. The housing finance company has been investing in a slew of technology projects to improve efficiency and service customers better. “I think a slowdown gives a CTO the chance to re-evaluate the strategy and make changes because the demands from the business are less. That has not happened with us because we are still in a growth phase and are hungry for technology,” Nitant Desai, chief centralized operations and technology officer at PNB Housing, said. “I think we are a technology company in the housing finance space,” Desai said. - economic times
ЁЯНТ Stressed NBFC sector relying more on banks for borrowings: Care Ratings : Facing difficulties in raising money from the capital market, non-banking financial companies are relying more on banks to meet their funding requirements, with lending to NBFCs seeing a jump of 34.7 per cent in more than a year, says a report. Non-banking financial companies (NBFCs) are struggling to raise funds from the capital market due to higher cost and lack of availability of funds. "NBFCs' borrowing profile has changed significantly from capital market instruments to bank borrowings. Banks' lending to NBFCs registered a growth of 34.7 per cent from September 2018 to January 2020," Care Ratings said in a report. Banks' advances to NBFCs stood at Rs 7.37 lakh crore as of January 2020 compared to Rs 5.47 lakh crore in September 2018. The figures do not include funding made available to NBFCs by banks via securitisation route (direct assignment and pass through certificate), which amounted to Rs 1.70 lakh crore in 2018-19 alone. - economic times
ЁЯНТ Covid-19: ICICI Bank’s digital services, APIs for homebound customers : ICICI Bank has launched ‘ICICIStack’ a set of digital banking services and APIs (application programme interface) that will enable customers to undertake a range of banking operations from their homes, at a time when they have been advised to stay indoors in the wake of the coronavirus outbreak. The list of services offered includes digital account opening (instant savings and current account opening), loan solutions (including personal loans, credit cards, home and car loans, overdraft facility, business loans), payment solutions (UPI, bill payments using Bharat Bill Payment System), investments (FD, PPF, NPS and AI-led robo-advisory for other investments), insurance (term and health insurances digitally) and care solutions (protection for life, health, car and home). An official statement quoting Anup Bagchi, Executive Director, ICICI Bank, said, “We have been working on ‘ICICIStack’ to offer customers all digital banking services from one single platform. In the wake of the coronavirus outbreak over the past few weeks, we have added a few new features and services to offer a bouquet of solutions to our customers.” - Business Line
ЁЯНТ HSBC appoints Noel Quinn as chief executive : HSBC said it appointed Noel Quinn as chief executive officer, handing the insider and interim boss the reins of Europe's biggest bank and ending months of speculation an external candidate could get the role. Quinn, who joined HSBC in 1987, took interim charge of HSBC last August after the shock ousting of John Flint and has been auditioning for the permanent job since, despite media reports that chairman Mark Tucker preferred an external candidate. Unicredit boss Jean Pierre Mustier and incoming UBS Group Ralph Hamers were among those reported to have caught Tucker's eye. - Moneycontrol.com
ЁЯНТ What slowdown? LIC well in line to cross 25mn policy sales in FY20 : While a slew of companies are dealing with the coronavirus outbreak and the subsequent impact on sales, India’s largest insurer Life Insurance Corporation of India (LIC) said that it was well in line to meet its annual policy sale targets. LIC said that it had sold 21.42 million policies as of March 17, 2020 as against 21.40 million sold in FY19. “We are confident of crossing the target of 25 million policies well before March 31,” said LIC in a statement. However, it is to be noted that monthly business data showed that LIC had a 13.7 percent decline in new premium collection in February 2020 (compared to February 2019) to Rs 10,4040.7 crore. This was due to a 39.2 percent drop in the number of policies/schemes sold. -Moneycontrol.com
ЁЯНТ 93,000 retired MTNL, BSNL staff to get ex-gratia plus pension pay-out under VRS: Report : The Centre has offered ex-gratia pension plus pay-out to nearly 93,000 Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) employees who retired on January 31, The Indian Express reported. The paper accessed documents detailing the specifics, as per which, ex-gratia pay-out is limited to 35 days for each completed year of service and 25 days for each year of balance service left until the actual date of retirement. Employees are divided into two groups. Those above 55 years of age will get a lump sum once they reach 60, For those below 55, the pension would be commuted in 2024-25. Gratuity dues will also be delayed in a similar manner, the paper said. - Moneycontrol.com
ЁЯНТ Over 500 stocks hit 52-week low on BSE; IndusInd Bank, IRCTC hit lower circuit : Coronavirus pandemic continues to spook the global equity markets with Sensex tanking 804.48 points or 2.63 percent at 29774.61, and the Nifty shed 237.80 points at 8729.25. Bank Nifty cracked the most, down over 4 percent dragged by IndusInd Bank which tanked 10 percent with the stock witnessing spurt in volume by more than 1.44 times. The other losers included YES Bank, Kotak Mahindra Bank, Axis Bank, Federal Bank and State Bank of India. However, share price of YES Bank jumped 7 percent as its banking services are scheduled to resume fully after 6 pm today. - Moneycontrol.com
ЁЯНТ Rupee settles 2 paise lower at 74.26 against US dollar : The Indian rupee pared initial gains to close 2 paise lower at 74.26 (provisional) against the US dollar on Wednesday amid sustained foreign fund outflows and heavy selling in domestic equities. At the interbank foreign exchange market, the local currency opened at 73.98. During the day, it shuttled between a high of 73.92 and a low of 74.42 against the greenback.
ЁЯНТ Gold price gains marginally to Rs 40,537 per 10 gram after 6-day fall : Gold prices rose Rs 651 to Rs 40,537 per 10 gram in the Mumbai bullion market on rupee depreciation. The yellow metal gained after US Federal Reserve announced liquidity measures to stabilise the economy. The rate of 10 gram 22-carat gold in Mumbai was Rs 37,131 plus 3 percent GST, while 24-carat 10 gram was Rs 40,537 plus GST. The 18-carat gold quoted at Rs 30,402 plus GST in the retail market. The gold/silver ratio that refers to the amount of silver required to buy an ounce of gold, stood at 114.14 to 1. Silver prices gained Rs 370 to Rs 35,515 per kg from its closing on March 17.
Have a Good day.. "ЁЯМ╗
☕ 19.03.2020: Today's Banking / Financial News at a Glance
ЁЯНТ Coronavirus impact: IBA to seek relief package for financial institutions : The Indian Banks’ Association (IBA) is preparing a set of recommendations to be sent to the Reserve Bank of India (RBI) and the government, seeking a relief package for financial institutions and businesses being affected by the spread of coronavirus across the country. Separately, the IBA will issue advisories for staff and customers of banks in a bid to minimise the impact of the virus on the financial sector. These include mandating cashiers at the branch level to wear gloves while counting cash and requesting customers to go for digital transactions.“The IBA is closely working on a plan to meet the challenges related to coronavirus. We are going to issue advisories to bank employees and the general public and assure them that there is no need to panic,” IBA Chief Executive Officer Sunil Mehta told Business Standard. Mehta said the IBA is also conducting an impact-analysis of coronavirus on the financial sector and businesses. The association had held an emergency meeting with the chief executives of banks on Monday and discussed their grievances on this matter. - Business Standard
ЁЯНТ Operation Twist: RBI receives Rs 27,096cr bids in 5th LTRO : The Reserve Bank of India (RBI) on March 18 said it has received Rs 27,096 crore worth of bids in the fifth long-term repo operations (LTROs) conducted for an amount of Rs 25,000 crore with a tenure of three years. Earlier this week, the RBI had announced to conduct additional LTROs for up to a total amount of Rs 1 lakh crore at the policy repo rate after reviewing the current financial conditions and to further improving monetary transmission.The central bank received 21 bids in Wednesday's LTRO which has a reversal date on March 17, 2023. "The total bids received amounted to Rs 27,096 crore, implying a bid to cover ratio (i.e. the amount of bids received relative to the notified amount) of 1.1," it said in a release. The RBI allotted an amount of Rs 25,012 crore, with a pro-rata allotment percentage to 92.27 per cent. The central bank has already conducted four such operations of Rs 25,000 crore each since February 14 with huge success. - Moneycontrol.com
ЁЯНТ Paytm Payments Bank to now issue Visa debit cards : Paytm Payments Bank Ltd (PPBL) today announced that it will now start issuing Visa debit cards to its customers. With this partnership, Paytm is targeting to issue over 10 million new digital debit cards in FY 20-21. The bank, known for introducing neo-banking in the country, is already the largest issuer of RuPay Debit Cards and has the fastest growing bank account base. Paytm Payments Bank will issue Visa virtual debit cards to its customers, which will enable them to transact at all merchants accepting payments through cards. For the first time, the bank’s customers will also be able to make international transactions using their Visa debit cards. Soon, the customers will also have an option to request for a physical card. This will enable customers to make contactless payment through their chip-inserted cards. With over 57 million digital debit cards, the payments bank now has a debit card in every district of India. “As we continue to strive and bring half-a-billion Indians to the mainstream digital economy, it is indeed a proud moment for us to partner with Visa. This partnership will allow millions of our customers to avail the benefits of Visa debit cards along with the power to make international transactions," Satish Kumar Gupta, CEO & Managing Director, Paytm Payments Bank Ltd, said. - Live Mint
ЁЯНТ YES Bank resumes operations, but branches deserted : YES Bank began full-fledged operations on Wednesday evening, but it seemed like just another normal evening at Mumbai’s Horniman Circle in Fort area. The usually busy business and shopping area, a stone’s throw from the RBI headquarters, bore a deserted look as many people stayed away due to the coronavirus pandemic. Even the bank’s ATMs were lying vacant even as the moratorium imposed by the RBI was lifted at 6 pm. In contrast, the branch had a long queue of customers on March 6 after the RBI capped withdrawals at ₹50,000 per depositor. But on Wednesday evening, there were just bank officers working at the branch, while a security guard and police constable could be seen outside. The scene was similar in other branches in Mumbai, including Goregoan. - Business Line
ЁЯНТ Karur Vysya Bank enters into bullion biz : Private lender Karur Vysya Bank (KVB) on Wednesday announced its entry into the bullion business.The bank in a statement said that the gems and jewellery business is an important part of India’s economy and KVB is now in a position to enhance its support to this important industry.As a trial base, the bank delivered its first shipment to clients in Chennai and Coimbatore recently. It is now in the process of ramping up the business to fully extend support to its existing set of customers across the nation, it said.The bank mentioned that the new business has been launched after ensuring the highest quality risk management.- Business Line
ЁЯНТ YES Bank crisis: AT-1 bond write-off could pose legal hurdles for RBI : Writing-off of the YES Bank AT-1 (Additional Tier-1) bonds, wherein many retail investors had also put their money, is drawing huge criticism from legal experts in the securities market. YES Bank has written off ₹8500 crore worth of AT-1 bonds as per the restructuring package approved by the Reserve Bank of India (RBI). But what are the legal issues behind such a brutal write-off? Top legal experts that BusinessLine spoke to say the move will face major hurdles and YES Bank will have to compensate investors. Fund-raising through bonds has to be approved by the RBI, which only allows so when it has a clear picture of the banks financial positions. In the case of YES Bank, its divergence in non-performing assets (NPAs) remained hidden, and came as a major shock to the investors when the real figures were out. - Business Line
ЁЯНТ Banks to seek RBI forbearance on loans to MSME, affordable housing : anks plan to move the Reserve Bank of India (RBI), seeking regulatory forbearance on loans given by them to the micro, small and medium enterprises (MSMEs) and affordable housing segments, as borrowers in this category could fall behind in making loan repayments, due to the novel coronavirus outbreak. Banks, under the aegis of the Indian Banks’ Association, are going to make a plea to the banking regulator that in the current stressed times, a delay, say, of up to 90 days, in loan repayment beyond what is currently the threshold for recognising a loan as non-performing, should not be considered as a default. - Business Line
ЁЯНТ We are financially strong and well-capitalised: IndusInd Bank : Private sector lender IndusInd Bank has said it is financially strong, well-capitalised and profitable, amid market rumours about the health of the lender after the Yes Bank crisis came to light. "In the wake of the significantly higher level of market rumours and speculation around IndusInd Bank stock, we would like to reiterate that the Bank is financially strong, well-capitalised, profitable, and a growing entity with a strong governance," it said in a late night statement on Tuesday. The bank's stock ended nearly 9 per cent down at Rs 604.30 on the BSE on Tuesday.The lender said gross non-performing assets (NPAs) in December quarter 2019 stood at 2.18 per cent which was lowest among large private sector banks."We expect current quarter gross NPA to be pretty much in line with that of last quarter. We expect our net NPA of 1.05 per cent as at the last quarter to fall below 1 per cent, in line with our ambition to take provision cover beyond 60 per cent," it said in the statement. - economic times
ЁЯНТ NCLT allows 90 days' extension for Jet Airways insolvency process : The National Company Law Tribunal (NCLT) on Wednesday allowed 90 days' extension for the corporate insolvency resolution process of Jet Airways. Jet Airways' resolution professional had last week filed an application in NCLT seeking 90 days' extension for the insolvency process of the grounded airline after it failed to attract any bidder.The NCLT bench, comprising Bhaskara Pantula Mohan and Rajesh Sharma, granted the extension as the Committee of Creditors (CoC) voted for the same, with 70 per cent votes in favour.The CoC had on February 18 set a new deadline of March 10 for submission of bids for the grounded airline after South American conglomerate Synergy Group and New Delhi-based Prudent ARC failed to meet the previous deadline.Later, Synergy Group had backed out of the bidding process over slot issues. The March 10 deadline was set after Russia's Far East Asia Development Fund also evinced interest in Jet Airways. - economic times
ЁЯНТ Govt may cut rate on small savings schemes in next quarter : The government is considering rate moderation for small savings schemes in the upcoming quarter, a development that could lead to speedier transmission of monetary policy rate cuts, sources said. During the current quarter, the government refrained from cutting interest rates on small savings schemes, such as Public Provident Fund (PPF) and National Savings Certificate (NSC), despite moderating bank deposit rates. Bankers have been complaining that high rates on small savings schemes prohibit them from cutting deposit rates. - Moneycontrol.com
ЁЯНТ Bajaj Finance reappoints Rajeev Jain as MD : Bajaj Finance on Wednesday said its board has reappointed Rajeev Jain as managing director. "The board of directors, at its meeting held on March 17, 2020, has reappointed Rajeev Jain, managing director of the company for a further period of five years with effect from April 1, 2020," Bajaj Finance said in a filing to BSE. The development is subject subject to approval of the shareholders of the company at the ensuing annual general meeting, it said. - economic times
ЁЯНТ PNB Housing bucks trend, trusts tech to boost efficiency : PNB Housing is eyeing technology investments to boost business, even as other companies scale back technology spends amid an ongoing slowdown made worse by the Covid-19 pandemic, the company’s chief technology officer said. The housing finance company has been investing in a slew of technology projects to improve efficiency and service customers better. “I think a slowdown gives a CTO the chance to re-evaluate the strategy and make changes because the demands from the business are less. That has not happened with us because we are still in a growth phase and are hungry for technology,” Nitant Desai, chief centralized operations and technology officer at PNB Housing, said. “I think we are a technology company in the housing finance space,” Desai said. - economic times
ЁЯНТ Stressed NBFC sector relying more on banks for borrowings: Care Ratings : Facing difficulties in raising money from the capital market, non-banking financial companies are relying more on banks to meet their funding requirements, with lending to NBFCs seeing a jump of 34.7 per cent in more than a year, says a report. Non-banking financial companies (NBFCs) are struggling to raise funds from the capital market due to higher cost and lack of availability of funds. "NBFCs' borrowing profile has changed significantly from capital market instruments to bank borrowings. Banks' lending to NBFCs registered a growth of 34.7 per cent from September 2018 to January 2020," Care Ratings said in a report. Banks' advances to NBFCs stood at Rs 7.37 lakh crore as of January 2020 compared to Rs 5.47 lakh crore in September 2018. The figures do not include funding made available to NBFCs by banks via securitisation route (direct assignment and pass through certificate), which amounted to Rs 1.70 lakh crore in 2018-19 alone. - economic times
ЁЯНТ Covid-19: ICICI Bank’s digital services, APIs for homebound customers : ICICI Bank has launched ‘ICICIStack’ a set of digital banking services and APIs (application programme interface) that will enable customers to undertake a range of banking operations from their homes, at a time when they have been advised to stay indoors in the wake of the coronavirus outbreak. The list of services offered includes digital account opening (instant savings and current account opening), loan solutions (including personal loans, credit cards, home and car loans, overdraft facility, business loans), payment solutions (UPI, bill payments using Bharat Bill Payment System), investments (FD, PPF, NPS and AI-led robo-advisory for other investments), insurance (term and health insurances digitally) and care solutions (protection for life, health, car and home). An official statement quoting Anup Bagchi, Executive Director, ICICI Bank, said, “We have been working on ‘ICICIStack’ to offer customers all digital banking services from one single platform. In the wake of the coronavirus outbreak over the past few weeks, we have added a few new features and services to offer a bouquet of solutions to our customers.” - Business Line
ЁЯНТ HSBC appoints Noel Quinn as chief executive : HSBC said it appointed Noel Quinn as chief executive officer, handing the insider and interim boss the reins of Europe's biggest bank and ending months of speculation an external candidate could get the role. Quinn, who joined HSBC in 1987, took interim charge of HSBC last August after the shock ousting of John Flint and has been auditioning for the permanent job since, despite media reports that chairman Mark Tucker preferred an external candidate. Unicredit boss Jean Pierre Mustier and incoming UBS Group Ralph Hamers were among those reported to have caught Tucker's eye. - Moneycontrol.com
ЁЯНТ What slowdown? LIC well in line to cross 25mn policy sales in FY20 : While a slew of companies are dealing with the coronavirus outbreak and the subsequent impact on sales, India’s largest insurer Life Insurance Corporation of India (LIC) said that it was well in line to meet its annual policy sale targets. LIC said that it had sold 21.42 million policies as of March 17, 2020 as against 21.40 million sold in FY19. “We are confident of crossing the target of 25 million policies well before March 31,” said LIC in a statement. However, it is to be noted that monthly business data showed that LIC had a 13.7 percent decline in new premium collection in February 2020 (compared to February 2019) to Rs 10,4040.7 crore. This was due to a 39.2 percent drop in the number of policies/schemes sold. -Moneycontrol.com
ЁЯНТ 93,000 retired MTNL, BSNL staff to get ex-gratia plus pension pay-out under VRS: Report : The Centre has offered ex-gratia pension plus pay-out to nearly 93,000 Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) employees who retired on January 31, The Indian Express reported. The paper accessed documents detailing the specifics, as per which, ex-gratia pay-out is limited to 35 days for each completed year of service and 25 days for each year of balance service left until the actual date of retirement. Employees are divided into two groups. Those above 55 years of age will get a lump sum once they reach 60, For those below 55, the pension would be commuted in 2024-25. Gratuity dues will also be delayed in a similar manner, the paper said. - Moneycontrol.com
ЁЯНТ Over 500 stocks hit 52-week low on BSE; IndusInd Bank, IRCTC hit lower circuit : Coronavirus pandemic continues to spook the global equity markets with Sensex tanking 804.48 points or 2.63 percent at 29774.61, and the Nifty shed 237.80 points at 8729.25. Bank Nifty cracked the most, down over 4 percent dragged by IndusInd Bank which tanked 10 percent with the stock witnessing spurt in volume by more than 1.44 times. The other losers included YES Bank, Kotak Mahindra Bank, Axis Bank, Federal Bank and State Bank of India. However, share price of YES Bank jumped 7 percent as its banking services are scheduled to resume fully after 6 pm today. - Moneycontrol.com
ЁЯНТ Rupee settles 2 paise lower at 74.26 against US dollar : The Indian rupee pared initial gains to close 2 paise lower at 74.26 (provisional) against the US dollar on Wednesday amid sustained foreign fund outflows and heavy selling in domestic equities. At the interbank foreign exchange market, the local currency opened at 73.98. During the day, it shuttled between a high of 73.92 and a low of 74.42 against the greenback.
ЁЯНТ Gold price gains marginally to Rs 40,537 per 10 gram after 6-day fall : Gold prices rose Rs 651 to Rs 40,537 per 10 gram in the Mumbai bullion market on rupee depreciation. The yellow metal gained after US Federal Reserve announced liquidity measures to stabilise the economy. The rate of 10 gram 22-carat gold in Mumbai was Rs 37,131 plus 3 percent GST, while 24-carat 10 gram was Rs 40,537 plus GST. The 18-carat gold quoted at Rs 30,402 plus GST in the retail market. The gold/silver ratio that refers to the amount of silver required to buy an ounce of gold, stood at 114.14 to 1. Silver prices gained Rs 370 to Rs 35,515 per kg from its closing on March 17.
Have a Good day.. "ЁЯМ╗
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