Tag Wise Current Affairs
Tag: miscellaneous
Government permission compulsory for FDI from neighbouring countries
Tags: miscellaneous
Published on: 19 April 2020
Blocking Visa, Mastercard and American Express in Russia
Tags: miscellaneous
Published on: 09 March 2022
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</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2436</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">6</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Russia</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2183</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">7</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">China </span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1900</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">8</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Switzerland</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1050</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">9</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Japan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">765</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">10</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">613</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">11</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Netherlands</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">612</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">12</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">ECB</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">505</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">13</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Taiwan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">424</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">14</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Portugal</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">383</span></span></span></span></p>
</td>
</tr>
<tr>
<td style="border-color:black; vertical-align:top; width:36.05pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">15</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:93.45pt">
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Kazakhstan</span></span></span></span></p>
</td>
<td style="vertical-align:top; width:54.1pt">
<p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">367</span></span></span></span></p>
</td>
</tr>
</tbody>
</table>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">World Gold Council (WGC) derives data on gold reserves from International Financial Statistics under International Monetary Fund (IMF). It is binding on all signatory central banks to provide monthly updates to IMF on their gold purchases forming part of their foreign exchange reserves.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About World Gold Council (WGC)</span></span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is market development organization for the gold industry. It is headquartered in London, United Kingdom (UK).</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is association whose members comprise world’s leading gold mining companies.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Functions:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It works across all parts of industry, from gold mining to investment. It seeks to provide industry leadership and stimulate and sustain demand for gold.</span></span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It also provides insights into international gold markets, help people to better understand wealth preservation qualities of gold and its role in meeting social and environmental needs of society.</span></span></span></span></li>
</ul>
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'metatitle' => 'RBI world’s 10th largest gold holding central bank',
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(int) 1 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 3912,
'title' => 'AT-1 bonds for Yes bank reconstruction',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Bondholders’ investments in Yes Bank Ltd.’s additional tier-1 securities are likely to get converted to equity as part of a settlement plan between the lender and investors.</span></span><br />
</p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The settlement plan follows the Reserve Bank of India’s draft proposal to fully write-off the AT-1 bonds on Yes Bank’s book last week. That came after the government placed the lender under month-long moratorium.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI reconstruction plan for Yes Bank puts to risk nearly Rs 9,000 crore worth of AT-1 bonds, affecting bondholders including Nippon Life India AMC, mutual fund house Franklin Templeton, UTI Mutual Fund, SBI Pension Fund Trust and Indiabulls Housing Finance, among others.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per RBI rules based on the Basel-III framework, AT-1 bonds have principal loss absorption features, which can cause a full write-down or conversion to equity on breach of a pre-specified trigger of common Tier 1 capital ratio falling below 6.125 per cent.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks cannot use conversion or write down of AT1 instruments to support expansion of balance sheet. It is only intended to replenish the equity of a bank in the event it is depleted by losses.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the draft resolution plan, Yes Bank’s equity share capital would be altered to Rs 5,000 crore, while the existing equity shares would be increased to 2,400 crore worth Rs 2 each. While SBI’s initial investment is to cover for 49 percent stake, it will be required to maintain at least 26 percent stake for three years.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>AT-1 bonds</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The concept of AT1 bonds or additional Tier 1 bonds was brought in after a bunch of global banks went bust during the global financial crisis and regulators formulated Basel III norms for banks. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One of the key things Basel III did was to raise the amount of their own capital that banks needed to carry in their balance sheets, before they raised external deposits and loans.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Basel III norms require Indian banks to maintain a total capital ratio of 11.5%, split into 8% in tier 1 capital (own equity, reserves etc) and tier 2 (supplementary reserves and hybrid instruments). </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The AT 1 bonds, also known as “unsecured subordinated perpetual non-convertible” bonds, make up part of a bank’s Tier 1 or permanent capital. Banks issue them to make sure they can meet Basel III norms on equity capital. </span></span></p>
</li>
</ul>
<p> </p>
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'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 4286,
'title' => 'Government permission compulsory for FDI from neighbouring countries',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centre has made prior government approval mandatory for foreign direct investments from countries which share a land border with India. Previously, only investments from Pakistan and Bangladesh faced such restrictions.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The revised FDI policy is aimed at “curbing opportunistic takeovers/acquisitions of Indian companies due to the current <a href="https://www.thehindu.com/topic/coronavirus/">COVID-19 pandemic</a>.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Last week, housing finance company HDFC informed the stock exchanges that the People’s Bank of China now holds a 1.01% stake in the company. This was an instance of portfolio investment through the stock market and not FDI.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Investors from countries not covered by the new policy only have to inform the RBI after a transaction rather than asking for prior permission from the relevant government department.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The official statement added that a transfer of ownership of any existing or future FDI in an Indian entity to those in the restricted countries would also need government approval. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Major Chinese investments in India span a range of sectors. Perhaps the most underestimated aspect of Chinese investment has been the way that Chinese capital now undergirds the technology start-up space in India, with Chinese venture capitalists funding household names such as Paytm, Flipkart, Swiggy, Zomato, Oyo, Ola, BigBasket, Byju's, SnapDeal, Quikr and MakeMyTrip.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>FDI</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A foreign direct investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Generally, FDI takes place when an investor establishes foreign business operations or acquires foreign business assets in a foreign company. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">However, FDIs are distinguished from portfolio investments in which an investor merely purchases <a href="https://www.investopedia.com/terms/e/equity.asp">equities</a> of foreign-based companies</span></span><span style="font-size:13.0pt"><span style="background-color:white"><span style="font-family:"Arial","sans-serif""><span style="color:#111111">.</span></span></span></span></p>
</li>
</ul>
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'tag' => 'miscellaneous',
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'title' => 'Franklin Templeton Mutual fund closure',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Franklin Templeton Mutual Fund, the ninth largest in the country, has jolted investors with its decision to wind up six yield-oriented managed credit funds.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The six schemes — Franklin India low duration fund, dynamic accrual fund, credit risk fund, short term income plan, ultra short bond fund and income opportunities fund — have combined assets under management of nearly 25% of the total assets under management of Franklin Templeton MF in India.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house has said it took the decision in order to protect value for investors via a managed sale of the portfolio, amid the severe market dislocation and illiquidity caused by the COVID-19 pandemic. Investors, however, are bracing for substantial losses.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It essentially means that Franklin Templeton MF will first liquidate the assets in the schemes and then return the money to investors. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With the market situation tough for now, investors may not get an immediate exit. Industry insiders say the fund house may find it difficult to get a buyer for the low-rated assets in the portfolio, so investors may have to wait. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On the other hand, if the fund house pushes hard to get new buyers for those assets, it will go at a substantial haircut, which would mean a big loss for investors on their capital investment.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house said the ongoing liquidity crisis in the market has impacted higher yielding, lower-rated credit securities in India and, since these six schemes had direct exposure to them, and they have been impacted.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While all credit risk funds invest up to 65 per cent in bonds rated AA or below, market experts say that fund managers can lower their risk by following a higher diversification strategy. </span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Credit risk funds</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Credit risk funds are debt funds that play on the principle of high-risk-high-reward. By definition, credit funds invest 65 per cent of the portfolio in bonds that are AA rated or below, and investors must be aware that they are investing in schemes that are investing in lower-rated papers. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While higher-rated bonds of companies are more secure and offer lower interest rates, credit risk funds generally invest in lower-rated bonds which offer higher return but also carry a higher risk.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Mutual funds</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mutual funds are operated by professional money managers, who allocate the fund's assets and attempt to produce capital gains or income for the fund's investors.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds, and other securities.</span></span></p>
</li>
</ul>
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'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 6172,
'title' => 'Ant group',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The scheduled initial public offering (IPO) of Ant Group has been delayed, after its plans of listing on the Shanghai and Hong Kong’s stock exchanges were prevented by authorities.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The listing was suspended after the regulators had a meeting with Ant Group founder Jack Ma and other top executives of the company.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2004, Alibaba, started to build out a super fast payments platform, which it said would enable its users to make payments easily.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In order to capitalise on the various offerings of Alipay, Ma brought it under a company called Ant Financial. The company was later re-christened as Ant Group.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In China, lending is a very tightly regulated state subject, with the government and regulators being very uncomfortable with the idea of third-party technology driven apps venturing into the consumer lending business.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In October this year, Ma criticised China’s state machinery’s financial regulations as outdated, which were stifling innovation in the sector.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For now, the Ant Group will have to change its working practices in order to satisfy the authorities if it wishes to float a new IPO. </span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>IPO</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. Public share issuance allows a company to raise capital from public investors.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Companies hire investment banks to market, gauge demand, set the IPO price and date, and more.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An IPO can be seen as an exit strategy for the company’s founders and early investors, realizing the full profit from their private investment.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Secondary offering</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A secondary offering is the sale of new or closely held shares by a company that has already made an initial public offering (IPO). </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are two types of secondary offerings. A non-dilutive secondary offering is a sale of securities in which one or more major stockholders in a company sell all or a large portion of their holdings. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The proceeds from this sale are paid to the stockholders that sell their shares. Meanwhile, a dilutive secondary offering involves creating new shares and offering them for public sale.</span></span></p>
</li>
</ul>
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'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 6313,
'title' => 'Lakshmi Vilas Bank moratorium case',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Reserve Bank of India has decided to impose a 30-day moratorium on Lakshmi Vilas Bank Ltd (LVB) and put in place a draft scheme for its amalgamation with DBS Bank India, a subsidiary of DBS of Singapore.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">After the failures of IL&FS, Punjab & Maharashtra Cooperative Bank, and DHFL, and the bailout of Yes Bank, concern about financial system of our country has arisen.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The financial position of the LVB has undergone a steady decline, with continuous losses over the last three years eroding the bank’s net-worth.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bank has not been able to raise adequate capital to address these issues. It was also experiencing continuous withdrawal of deposits and low levels of liquidity.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Almost one fourth of the bank’s advances have turned bad assets. Its gross non-performing assets (NPAs) stood 25.4% of its advances as of June 2020, as against 17.3% a year ago.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bank management had indicated to the RBI that it was in talks with certain investors, but failed to submit any concrete proposal.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The combined balance sheet of DBS India and LVB would remain healthy after the proposed amalgamation, with Capital to Risk Weighted Assets Ratio (CRAR) at 12.51% and Common Equity Tier-1 (CET-1) capital at 9.61%, without taking into account the infusion of additional capital.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In the case of LVB, equity capital is being fully written off. This means existing shareholders face a total loss on their investments unless there are buyers in the secondary market who may ascribe some value to these.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NPAs in the banking sector are expected to increase as the pandemic affects cash flows of people and companies. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NPA accretion in cash-rich sectors like IT, pharmaceuticals, FMCG, chemicals, automobiles is expected to be smaller when compared to areas like hospitality, tourism, aviation, and other services.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Moratorium</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A moratorium is a temporary suspension of an activity or law until future considerations. A moratorium may be imposed by a government, by regulators, or by a business.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Most of the time, moratoriums are intended to alleviate short-term financial hardship or provide time to resolve related issues.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Moratoriums are often imposed in response to temporary financial hardships. For example, a business that has exceeded its budget might place a moratorium on new hiring until the start of its next fiscal year.</span></span></p>
</li>
</ul>
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'tag' => 'miscellaneous',
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'title' => 'PSU banks and insurance firm to be privatised',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has announced that two public sector banks and one general insurance company will be privatised and LIC will be listed on the stock market.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is a part of the consolidation in the banking and insurance sectors. Government has also announced Rs 20,000 crore recapitalisation of PSU banks.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government currently holds majority stake in PSU banks. The government is expected to bring down the stake in the two PSU banks below 51 percent or sell the entire stake to private ownership. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banking sources say that smaller and middle level banks are likely to be privatised by the government. It’s unlikely to change the structure of big banks like State Bank of India and PNB.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">IDBI Bank is unlikely to be in the list of the government. Life Insurance Corporation (LIC) currently holds majority stake in IDBI Bank. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">LIC is supposed to reduce the stake in IDBI over a period of time. LIC is unlikely to give up control over IDBI Bank in the near future.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has not disclosed the name of the public sector insurance firm that will be on the privatisation block. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are four PSU general insurance companies: New India Assurance, United India Insurance (UII), National Insurance Company (NIC), and Oriental Insurance Company (OIC). </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had earlier dropped its plan to merge UII, NIC, and OIC and decided to recapitalise them.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Life Insurance Corporation (LIC) will go for an initial public offering in 2021-22. This is likely to be a mega IPO going by the Rs 32 lakh crore assets under management of LIC. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government is expected to mop up a sizeable amount from the LIC IPO, making the life insurer one of the largest firms in market capitalisation. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The privatisation of two public sector banks and the stake sale of LIC should help the government meet the disinvestment target and reduce the fiscal constraints.</span></span></p>
</li>
</ul>
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'tag' => 'miscellaneous',
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'title' => 'Municipal bonds',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Vadodara Municipal Corporation (VMC) is expected to launch municipal bonds, and will become the third Urban Local Body (ULB) in Gujarat to use this method to raise money.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ahmedabad was the first city in south Asia to launch a municipal bond of Rs 100 crore in 1998, which was completely subscribed.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Surat Municipal Corporation was the second city in Gujarat to announce bonds in 2018, to fund a sewage treatment project worth Rs 450 crore.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The VMC is riding on the favourable credit ratings from two agencies for two proposed bonds of Rs 100 crore each, and expects to issue the bond at the exchange by January 2021.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The United States Treasury Department is also providing the VMC with the technical assistance and guidance for proposed Municipal Bond under the India-US Economic and Financial Partnership programme.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The municipal bond is seen as a dynamic debt instrument which will lower the annual liability component of the VMC currently from about Rs 45 crore to Rs 35 crore.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Municipal bonds</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A municipal bond is a kind of debt instrument where investors offer loans to local governments. They are issued by civic bodies for specific projects and usually have a 10-year tenure.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The ULB pays the annual interest on the bonds to the investor at the decided rate. The difference between a bank loan and a municipal bond is that any institution can secure a bond only if it has favourable credit ratings. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bond helps raise funds from the stock market. The bond also increases the number of investors available to the civic body, as compared to a loan from a single bank. Bonds are issued to institutional and high networth individuals. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The face value of each instrument slot of a municipal bond if a minimum of Rs 10 lakh. It can be subscribed by a single investor or multiple investors.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme, urban local bodies (ULBs) are encouraged to tap the bond market. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Bonds help ensure improved credit profiles, direct transfer of funds by the Centre, transparency and efficient revenue generation. </span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
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'metatitle' => 'Municipal bonds | Vadodara Municipal Corporation',
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'metadescription' => 'The Vadodara Municipal Corporation (VMC) is expected to launch municipal bonds, and will become the third Urban Local Body (ULB) in Gujarat to use this method to raise money.',
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'tag' => 'miscellaneous',
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'title' => 'RBI order on recurring payments on credit cards',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Credit card users who may have been using recurring payments for making transactions have to make payments directly to service providers.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The reason for this is that merchants and banks are still trying to follow RBI guidelines on e-mandate on cards for recurring transactions.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RBI has been concerned that the non-compliance to new regime has not been fully implemented even after the extended timeline.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This situation has caused large scale inconvenience to customers. To prevent this, RBI has decided to extend the deadline to six months.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Any further delay in making the necessary changes by the merchants and banks will attract stringent supervisory action.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks have been sending messages to customers that recurring transactions will not be happening until the new guidelines are implemented.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Recurring transactions</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It allows a particular service provider to debit a certain amount of money automatically from a card every time a payment has to be made.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Now customers have to pay their bill directly to service providers at regular intervals instead of automatic payments.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance of new guidelines</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They provide safeguards to customers over various aspects. Customer will receive an update from the issuer regarding the recurring transaction debit 24 hours ahead of the debit. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">It offers options to customers to withdraw any e-mandate at any point of time. They can also provide a validity period for the e-mandate.</span></span></p>
</li>
</ul>
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'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 7485,
'title' => 'Pre-pack under Insolvency and Bankruptcy code',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central government has allowed the use of pre-packs as an insolvency resolution mechanism for Micro, Small and Medium Enterprises (MSMEs) under Insolvency and bankruptcy Code.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government promulgated an ordinance for allowing the feature with defaults up to Rs 1 crore. The government had suspended insolvency initiation for one year.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> The government had increased the minimum default threshold for insolvency proceedings from Rs 1 lakh to Rs 1 crore last year itself.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Pre-pack</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A pre-pack provides resolution of the debt of a distressed company by initiating agreement between secured creditors and investors instead of commonly used public bidding.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This form of insolvency resolution mechanism has become more popular in UK and Europe over the last decade.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Financial creditors will have to agree with conditions imposed by potential investors after getting approval from National Company Law Tribunal (NCLT).</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A minimum of 66 per cent of financial creditors should be unrelated to the corporate debtor before getting approval from NCLT.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits of pre-pack</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The existing CIRP mechanism of resolution is time consuming. The delay is due to litigations by promoters and potential bidders.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Pre-pack gives a maximum time of 120 days and only about 90 days are available for stakeholders to take their plans to NCLAT.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A representative of financial creditors takes management control under CIRP plan but under pre-pack, existing management retains control.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Creditors are allowed to get resolution plans from any third party if they are not satisfied with the plan put forth by the promoter.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reason behind introduction</strong></span></span></p>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Pre-packs will allow MSMEs to restructure their debts and start fresh without allowing the system to be misused to prevent creditors from getting their due.</span></span></p>
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'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 7551,
'title' => 'Currency chest',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A private security guard of currency chest of Axis bank has robbed Rs 4.03 crore in Sector 34 of Chandigarh.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is among the biggest thefts involving currency chest of banks. Previously, jewellery has been robbed.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currency chest is a place where RBI stores cash meant for banks and ATMs. They are located on the premises of various banks but maintained by RBI.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI representatives keep the area under inspection and update higher officials of development.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The money stored in Currency chest belongs to RBI but money stored in strong rooms beyond currency chest is the property of banks.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Recovering money</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The issue of security of currency chest is handled by the banks and RBI reimburses the bank for its service.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bank in which premises the currency chest is located has to fulfil the losses to the RBI, as per the guidelines.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">There are various categories of losses present but in case of thefts, robberies and fraud, the bank is held liable.</span></span></p>
</li>
</ul>
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(int) 11 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
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'id' => (int) 7570,
'title' => 'CitiBank to sell its India business',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Major US bank Citigroup has announced that it is exiting from the consumer banking business in India.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The move is part of its global strategy to focus on institutional banking rather than the existing consumer banking.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The group has said that it will sell its retail accounts and credit cards business. However, there will not be closure of any office or staff layoff. It will also retain its management and institutional business.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It has a market share of 6% in retail credit card spending in the country. It serves about 3 million customers across the country.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reason for selling</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The profits under the consumer banking business are undergoing stress and it will require lot more capital to run the business.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Opportunities</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The new acquirer of Citibank business will get high net worth of existing clients and bank accounts. In addition, it offers other benefits such as high quality SOPs, trained staff and product improvement capabilities.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Potential buyers</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are high chances that a single entity cannot buy the complete operations due to various issues. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">They might use ‘Sum of The Parts’ valuation approach where individual buyers can bid and acquire a particular business in parts.</span></span></p>
</li>
</ul>
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(int) 12 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 7885,
'title' => 'SC ruling on personal guarantee of creditors',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Supreme Court has given an important ruling stating that creditors can initiate recovery proceedings against promoters who have given personal guarantee to secure funds.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Supreme Court had transferred all such related matters to itself about six months ago. This will help in better debts recovery process.</span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The top court has also given lenders the permission to start proceeds against the promoters of defaulting firm eventhough its corporate insolvency resolution process has not been completed.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The court added that mere permission for debt structuring will not discharge the company promoters from the liability of personal guarantee given to the lenders.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Personal guarantee is usually given by a promoter to lenders to assure that their money will be returned and he/she has given assurance for that.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The ruling will allow lenders to pursue guarantors for the losses that they will face due to haircut during debt recovery process.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Personal guarantee</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The promoter of an entity gives personal guarantee as a substitute for collateral that the lender may demand, for the risk he is taking by lending to a company that may not be doing well.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It forms an assurance that the promoter will use the funds to improve financial condition of the entity and repay back the loan. It is different from collateral.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Promoters usually secure money by giving personal guarantee. Their past transaction will ensure banks give them money easily.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Promoters then divert the funds for another purpose that the intended ones. This may cause loss to the lenders.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The new ruling will see to it that banks get the amount from personal wealth of the promoters by using personal guarantee as a medium.</span></span></p>
</li>
</ul>
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(int) 13 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 8086,
'title' => 'NCLT to re-check Vedanta-Videocon deal',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Vedanta group is set to acquire Videocon Industries after the National Company Law Tribunal (NCLT) approved its resolution plan. </span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Videocon group is reeling under the NPA crisis and has large amounts yet to be returned. The banks were forced to make 95.85 per cent haircut to their claims.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Mumbai branch of National Company Law Tribunal (NCLT) thinks that the bid of Rs 2,962 crore by Twin Star Technologies of Vedanta group was very meagre.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Resolution plan</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The assenting secured creditors of the company will get 4.89 percent of their amount whereas dissenting secured creditors will get 4.56 percent of the amount.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The assenting unsecured creditors will receive only 0.62 percent whereas dissenting unsecured creditors will get no money. Operational creditors will get only 0.72 percent.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The lending banks had made claims for Rs 71,433 crore but will receive only Rs 2,962 crore. The banks will lose 64,838.63 crore under the current plan.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Effects of resolution</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There were large lenders in form of MSMEs. Under current plan, they will be only paid 0.72 percent. If they don’t receive their dues, they may also face bankruptcy in future.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The equity shareholders will receive no amount during resolution as the liquidity value of the company is nil. The shares will be delisted from NSE and BSE.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Haircut for banks</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks have suffered huge losses due to the haircut process during resolution. The amount Rs 2.97 lakh crore is the total value of haircut.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Banks are trying to use the SARFAESI act to seize the assets of the company and recover the due amount they owe.</span></span></p>
</li>
</ul>
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(int) 14 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 8367,
'title' => 'Curbs on MasterCard',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign credit card companies such as American Express, MasterCard and Diners club have been barred by RBI to take new customers.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Companies such as MasterCard are Payment System Operators that run card network of banks and non-banking entities.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The issue is regarding the storing of customer data locally in India. The RBI has put the date of stoppage as July 22. MasterCard is said to be the biggest loser.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI had given MasterCard a time period of three years to comply with data localization rules. It has not complied with the requirements.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In April this year, American Express and Diner club card companies were also barred from expanding their new customer base.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rules are applicable to new users that were planning to join the network. It does not cover existing customers of the company.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Until RBI lifts the ban, banking and non-banking companies cannot use payment network of these companies to enroll new customers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies that remain as options for customers are Visa and home-grown RuPay. It may not create long-term problem but short-term implications are not ruled out.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks looking for bringing in new customers will have to either choose RuPay or Visa for partnership as MasterCard has been in suspension.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Affected entities</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Bajaj Finserv, RBL bank and Yes bank will be the most affected ones as majority of their business is tied up with MasterCard.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">MasterCard, Diners and American Express also have tie up with HDFC bank. Similarly, Axis bank and ICICI bank are also MasterCard dependent.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>RBI guidelines</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RBI had initiated a new rule in 2018 that mandated that all system providers were required to store their payment related data of customers in India.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Global payment providers were resisting the move due to lack of clarity, costs, security problems and data localization demand from other countries.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>RBI functions</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RBI supervises all payment and transactions taking place in India. Clearing and settlement between different entities are enabled by RBI.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">India’s digital payment ecosystem is growing tremendously since last couple of years. This requires additional security for user data.</span></span></p>
</li>
</ul>
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(int) 15 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
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'id' => (int) 8485,
'title' => 'Positive Pay System',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The banks have been informing their customers that the Positive pay system has been made compulsory for high value cheques.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Implementation of the Positive Pay System was compulsorily mandated by the Reserve Bank of India from January 2021.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Positive Pay System is a process in which the key details of the high-value cheques will be reconfirmed by the payees. It was developed by NPCI.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Essential details of the high-value cheques such as name of the beneficiary, date etc to the drawee bank will have to be disclosed additionally by the person.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Various methods such as SMS, internet banking, mobile app etc can be used by customer to submit the details. The details will be then cross checked.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Conditions</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI circular says that the facility is enabled to all cheques that are equal or above the value of Rs 50,000.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The availing of the facility by customers is their discretion but banks can make it mandatory in case the cheque values is Rs 5 lakh and above.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Importance for customers</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Customers will have to ensure that they provide the details within the given time frame for easy transaction. They will receive notification whether their cheque is accepted or rejected.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details required</strong></span></span></p>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Name of beneficiary, account number, date of cheque, cheque number, MICR code, amount, transaction code.</span></span></p>
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(int) 16 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 8737,
'title' => 'Crypto banking',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The definition of money has changed over time after the development of Bitcoin and thousands of other cryptocurrencies.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Crypto businesses are trying hard to venture into traditional banking sector including financial services.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In recent times the biggest concerns expressed by experts is regarding borrowing and lending services.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Many individuals are investing their money in digital currencies so that they get better returns in comparison to banking deposits.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Crypto currencies also have a feature to be used as collateral when an individual buys loans. They also do not need credit checks.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Difference in comparison to banking sector</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Superficially both crypto and traditional banking look similar. Depositing cash or crypto currency will yield monthly interest for customers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The difference however is the rate. Depositors can earn a yield more than 100 times higher on digital account than on average bank accounts.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The biggest threat will be non-guaranteed accounts. Extreme market conditions or cyber-attacks will make the accounts non-operational.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Users will be barred from withdrawing or transferring their deposits temporarily or permanently in such cases.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reasons for high yields</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Traditional banks lend the deposits of customers in form of loans and give a part of earning as interest. Crypto banks offer a similar strategy.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They pool the deposits of their users and give them as loans. In traditional banking there will be some reserves kept to ensure that customers will have money to withdraw in case loans go bad.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In crypto banks, there are no such provisions of reserve requirements. In search of higher yields they take high risks.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Some firms lend to hedge funds and other institutional investors who make fast money without buying risky assets. They generate high returns when successful. </span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong> Stablecoin</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They are crypto coins that are based on stable assets such as US Dollars. They ensure that crypto coins become less volatile and have more practical use.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Popular stablecoins are Tether and USD Coin. They provide the steady value of government-issued money in digital form.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Stablecoins issuers must hold and monitor reserves. They work similar to the central bank of a country that stabilizes currency value.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Central bank digital currency</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These are crypto currency that is reliable as a source of money due to control exercised by central bank.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">It will remove relevance of stable coins as supply, value and demand will be controlled by an official government-backed entity.</span></span></p>
</li>
</ul>
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(int) 17 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
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'title' => 'Unity Small Finance Bank',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A consortium of fintech company BharatPe and Centrum Financial Services Ltd were issued license of a small finance bank by the RBI.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Small Finance Banks are financial institutions that cater to the banking needs of underserved and underprivileged sections of the society.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centrum Financial Services and BharatPe have taken over the Punjab and Maharashtra Co-operative Bank, along with its assets and liabilities.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The coming together of the two entities will provide an opportunity for them to evolve their business into a bank.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This also provides an opportunity to resolve the PMC Bank crisis. The main aim of the entity is to become India’s first Digital Bank.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Banking model</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The small finance banks and non-banking financial companies are collaborating with fintech companies to obtain and monetise the data collected by these consumer tech firms.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is similar to buy-now-pay-later (BNPL) and the micro-lending models where creditworthiness of an existing customer is presented to the lender as a potential borrower.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">BharatPe aims to offer its small and medium sized merchant customers a bank account and give them lending services based on their transactions.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Opportunity</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In recent times, the borrowing rate has been very low. However, there are many small and medium sized borrowers who borrow at higher-than market rates.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These customers are not targeted by private or state-owned banks because their lending amount is miniscule and they do not have proper collateral.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The deposit rates of small finace banks will usually be higher to attract depositors but their lending rates will be good enough for getting borrowers.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The BNPL model is fast becoming attractive due to its policies. There are predictions that their market share could increase to 9% by 2024.</span></span></p>
</li>
</ul>
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'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 9113,
'title' => 'SIAC ruling in Future group-Reliance retail deal',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The stay imposed on the Future Retail-Reliance Retail deal has been sustained, the Singapore International Arbitration Centre (SIAC) has ruled.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Amazon had petitioned that Future Retail and Reliance Retail was a violation of its “contractual rights”.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Supreme Court of India had also ruled that emergency arbitrator was right in putting an interim hold on the Future Retail-Reliance Retail deal.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The ruling will further delay the possible merger of Future Retail-Reliance Retail in future. It is expected to create another stumbling block.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>The SC jurisdiction</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The SC had refused to strike down an emergency order of SIAC as the award can be within the Arbitration Act. This would de-congest civil courts.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Amazon’s opposition to the deal</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Amazon had signed a deal with the subsidiary of Future Retail, Future Coupons in 2019. Amazon had acquired 49% stake in Future coupons under the deal.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The deal enabled Future Retail to sell its products on Amazon’s e-market. A call option was also included in the deal.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The call clause allowed Amazon the option to acquire all or part of Future Retail’s shareholding in the firm within 3-10 years of the agreement.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>The deal with Reliance Retail</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Future Retail had signed a deal with Reliance Retail to sell its retail, wholesale, logistics and warehousing units for Rs 24,713 crore.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Amazon objected to the deal citing violation of the “contractual rights” it had with Future Coupons. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Future Retail had argued that it was not selling its stakes in the company but was only selling assets, which was not a violation of its deal with Amazon.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Way ahead</strong></span></span></p>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The concept of international arbitration and orders issued by tribunals are usually not recognised by Indian courts. However, business houses respect such orders.</span></span></p>
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'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 9544,
'title' => 'SEBI suspends futures trading',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Directions to suspend commodity derivatives have been issued by Securities & Exchange Board of India (SEBI).</span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The directions will hold good for a period of one year. The derivative contracts in some commodities were already suspended in August.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The rules will be applicable for paddy (non-basmati), wheat, chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil and moong.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The move was expected following concerns about high food prices, which are at the heart of the country’s elevated inflation.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Reasons for directions</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The prices of oilseed and edible complex have reached an all-time high. They are important part of households and value chain participants.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speculators have a major role in increasing the prices and this has to be discouraged to curb inflation and support growth.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Implications</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The trading suspensions imposed in the past have stopped large institutional investors from participating in these contracts.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Volumes and liquidity on exchanges are bound to drop sharply if derivative contracts are suspended by the SEBI.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Consumer inflation</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The consumer inflation has been pegged at 5.3% for the current fiscal year. This is one percentage point above the RBI’s comfort level of 4%.</span></span><br />
</p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Way ahead</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Alternative means such as imposing tighter daily limits on sensitive commodities or by increasing trading margins can help in curbing speculation based inflation.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Derivative contracts</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Derivative contracts are agreement between two or more parties where the value of the derivative is based upon an underlying asset.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The trading of the derivative takes place when traders speculate on the future price of an asset through buying or selling of derivative contracts.</span></span></p>
</li>
</ul>
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(int) 20 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 9622,
'title' => 'GST compensation',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">States are demanding that the GST compensation mechanism to be extended by five more years.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The compensation mechanism was a unique feature that remained up to five years from the date of implementation of GST.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">States have been demanding that the compensation mechanism be extended for some more time as their revenues have taken a hit due to Covid-19.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The expenses of the state have gone up and they expect higher deficit as revenue growth is low. </span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>The compensation</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The nation-wide GST was levied based on the Constitution (One Hundred and First Amendment) Act, 2016.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The GST compensation was the mechanism to suitably compensate states for loss of revenue arising out of implementation of the GST. It would be applicable for a period of five years.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">It was believed the states would endure a revenue shortfall if they gave up their rights to impose local-level indirect taxes.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Even though the GST contained provisions for giving the SGST (State GST) component of the GST, and a share of the IGST (Integrated GST) to the states, revenue shortfall was expected.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Funding of compensation</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The funds for GST compensation were raised through a compensation cess levied on so-called ‘demerit’ goods.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">This includes goods such as pan masala, tobacco, aerated waters and motor cars apart from coal.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Calculating shortfall</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The shortfall was calculated based on a mechanism given in Section 7 of the GST (Compensation to States) Act, 2017.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">It is assumed based on 14% compounded growth from the base year’s (2015-2016) revenue and calculating the difference between that figure and the actual GST collections in that year.</span></span></p>
</li>
</ul>
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(int) 21 => object(Cake\ORM\Entity) {
'tag' => 'miscellaneous',
'keyword' => 'miscellaneous-4',
'id' => (int) 9692,
'title' => 'Self regulation by Edtech',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Leading Edtech companies of India have set self-regulations by adopting a set of guidelines to conduct their businesses.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The formation of a self-regulating consortium was necessitated after the government announced that it was working on a policy to regulate the sector.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India EdTech Consortium has been formed by the companies, which will work under the aegis of the industry body Internet and Mobile Association of India (IAMAI).</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Edtech</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Edtech works on the principle of combining Education and Technology. Edtech is involved in enhancing learning outcomes using technological tools.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the pandemic, Edtech became the only alternative as institutions, students, guardians, and authorities switched to the digital mode.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Before it was mostly restricted to ‘modern’ families, who could afford to buy courses for their wards, apart from regular school.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Edtech industry has grown rapidly over the past 1-2 years. Six Indian Edtech startups with valuations of $1 billion and above have come up over the last year.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Unicorns in Edtech</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Byju’s, Unacademy, Eruditus, upGrad, Vedantu, and Lead School are the companies currently having a valuation above $1 billion and called unicorns. Vedantu, upGrad and Eruditus joined the unicorn club in 2021.</span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Need for self-regulations</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There were growing concerns that many edtech firms were indulging in various forms of business malpractices to attract consumers.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government released an advisory of do’s and don’ts for students and guardians looking to sign up for online courses offered by these companies.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Complaints against Edtechs</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">People were asked to enroll for courses after careful evaluation as many courses billed as free in advertisements were found to be paid.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Companies were found to lure parents into free courses and later getting the Electronic Fund Transfer (EFT) mandate signed for activating the auto-debit feature.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>The self-regulation mandate</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The code of conduct will address the concerns raised by the government. This is an attempt to put values and ethics in their business strategy.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Companies which are part of consortium include Byju’s, Careers 360, Great Learning, Harappa, TimesEdutech & Events Ltd, Scalar, Simplilearn, Toppr, Unacademy, upGrad, Vedantu, and WhiteHat Jr.</span></span></p>
</li>
</ul>
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'keyword' => 'miscellaneous-4',
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'title' => 'The Digital Rupee',
'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The launch of a central bank digital currency (CBDC), known as Digital Rupee, has been announced by finance minister Nirmala Sitharaman.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government had previously shown its intention to launch a digital currency backed by the central bank.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The CBDC will be launched by the Reserve Bank of India from the upcoming financial year. It will be backed by blockchain technology.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>The CBDC</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Central Bank Digital Currency will be in form of legal tender that will be issued by RBI in digital form.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The digital currency will be similar to the fiat currency issued by the RBI in paper form. It will be interchangeable with any other currency.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The CBDC will be in electronic form and it would appear as liability (currency in circulation) on a central bank’s balance sheet. </span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Need for CBDC</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The aim of the move is to provide a legally backed digital asset that is secure as well as compliant with traditional banking system.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has issues with the existing digital currencies such as bitcoin, ether etc as they can be used for tax evasion, money laundering, terror financing etc.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government’s announcement of its own digital currency will ensure that money flows through conventional path and can be easily monitored.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The move would give a big boost to digital economy and India would be the first major country to officially launch its currency in such a manner.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Implications on citizens</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Reserve Bank of India is yet to announce the details of how the Digital Rupee will be transacted by citizens.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The main difference will be that a Digital Rupee transaction will be instantaneous as compared to the current digital payment experience.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The currency can offer benefits in terms of liquidity, acceptance, scalability, ease of transactions with anonymity and faster settlement.</span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The cost involved in cross-border transaction could be cut significantly as there would not be inter-bank settlement. This will save remittance charges.</span></span></p>
</li>
</ul>
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<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Card network operators of USA, Visa, Mastercard and American Express have suspended their services in Russia.</span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Western nations have imposed sanctions against Russia for its invasion of Ukraine. Many western companies have already suspended their operations.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The suspension means that cards issued by banks on these operators will not be operational at PoS and ATMs in Russia.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, the cards on these networks issued by Russian banks will be operational within the country but will not work outside.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Alternatives</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Russia has already developed a payments system called Mir, which came into existence in 2015 aftermath of the sanctions in 2014.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Apart from this, China’s UnionPay will be roped in by many banks to offer services to their clients in more than 180 countries.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Impact of the ban</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Russia says that cards issued by banks on these networks will work in the country until their expiry but will not work outside the country.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Opportunity for India</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India has been making efforts to popularize domestic payments system RuPay, owned by NPCI, by promoting it outside the country.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Domestically, RuPay cards have a share of 60% and the government along with RBI is promoting its adoption outside Indian jurisdiction.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">To increase its presence, RuPay has already tied up with other operators such as Union Pay (China), JCB (Japan), NETS (Singapore), BC Card (South Korea), Elo (Brazil) and DinaCard (Serbia).</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>NPCI</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NPCI is a not-for-profit organisation registered under Section 8 of the Companies Act 2013, established by the Reserve Bank of India and Indian Banks' Association. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The earliest promoter banks were State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.</span></span></p>
</li>
</ul>
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'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Card network operators of USA, Visa, Mastercard and American Express have suspended their services in Russia.</span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Western nations have imposed sanctions against Russia for its invasion of Ukraine. Many western companies have already suspended their operations.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The suspension means that cards issued by banks on these operators will not be operational at PoS and ATMs in Russia.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, the cards on these networks issued by Russian banks will be operational within the country but will not work outside.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Alternatives</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Russia has already developed a payments system called Mir, which came into existence in 2015 aftermath of the sanctions in 2014.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Apart from this, China’s UnionPay will be roped in by many banks to offer services to their clients in more than 180 countries.</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Impact of the ban</strong></span></span></p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Russia says that cards issued by banks on these networks will work in the country until their expiry but will not work outside the country.</span></span></p>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Opportunity for India</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India has been making efforts to popularize domestic payments system RuPay, owned by NPCI, by promoting it outside the country.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Domestically, RuPay cards have a share of 60% and the government along with RBI is promoting its adoption outside Indian jurisdiction.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">To increase its presence, RuPay has already tied up with other operators such as Union Pay (China), JCB (Japan), NETS (Singapore), BC Card (South Korea), Elo (Brazil) and DinaCard (Serbia).</span></span></p>
</li>
</ul>
<p style="margin-right:0cm"> </p>
<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>NPCI</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NPCI is a not-for-profit organisation registered under Section 8 of the Companies Act 2013, established by the Reserve Bank of India and Indian Banks' Association. </span></span></p>
</li>
<li>
<p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The earliest promoter banks were State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.</span></span></p>
</li>
</ul>
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[ 'name' => 'Home', 'link' => 'https://currentaffairs.studyiq.com/' ], (int) 1 => [ 'name' => 'miscellaneous', 'link' => 'https://currentaffairs.studyiq.com/tags/miscellaneous-4' ] ] $currentaffairs = [ (int) 0 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 1365, 'title' => 'RBI world’s 10th largest gold holding central bank', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">According to data released by World Gold Council (WGC),<strong> </strong>India has entered league of world’s top-10 gold holding central banks. RBI achieved this feat after purchased 52.3 tonnes gold in FY19 to augment its foreign exchange reserves.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">RBI currently holds 612.6 tonnes of gold as part of its foreign exchange (forex) reserves and was ranked 10th largest gold holding central bank. It accounted to 6.1</span></span><span style="font-size:10.0pt"><span style="font-family:"Times New Roman","serif"">% </span></span><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">of its overall forex reserves. Till May 2019, RBI was ranked 11th, but in March it added 3.7 tonnes of gold to its forex reserves and dislodged Netherlands from 10th spot.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">World Official Gold Holdings (As of June 2019*)</span></span></strong></span></span></p> <table align="center" border="1" cellspacing="0" class="MsoTableGrid" style="border-collapse:collapse; border:solid black 1.0pt"> <tbody> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Rank</span></span></strong></span></span></p> </td> <td style="border-color:black; vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Country/Region</span></span></strong></span></span></p> </td> <td style="border-color:black; vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Reserves (Tonnes)</span></span></strong></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">United States</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">8133</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Germany</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">3368</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">3</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">IMF</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2814</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">4</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Italy</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2452</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">5</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">France </span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2436</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">6</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Russia</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">2183</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">7</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">China </span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1900</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">8</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Switzerland</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">1050</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">9</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Japan</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">765</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">10</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">India</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">613</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">11</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Netherlands</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">612</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">12</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">ECB</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">505</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">13</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Taiwan</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">424</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">14</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Portugal</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">383</span></span></span></span></p> </td> </tr> <tr> <td style="border-color:black; vertical-align:top; width:36.05pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">15</span></span></span></span></p> </td> <td style="vertical-align:top; width:93.45pt"> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Kazakhstan</span></span></span></span></p> </td> <td style="vertical-align:top; width:54.1pt"> <p style="margin-left:0in; margin-right:0in; text-align:center"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">367</span></span></span></span></p> </td> </tr> </tbody> </table> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Background</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">World Gold Council (WGC) derives data on gold reserves from International Financial Statistics under International Monetary Fund (IMF). It is binding on all signatory central banks to provide monthly updates to IMF on their gold purchases forming part of their foreign exchange reserves.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">About World Gold Council (WGC)</span></span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is market development organization for the gold industry. It is headquartered in London, United Kingdom (UK).</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It is association whose members comprise world’s leading gold mining companies.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">Functions:</span></span></strong><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif""> It works across all parts of industry, from gold mining to investment. It seeks to provide industry leadership and stimulate and sustain demand for gold.</span></span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:10.0pt"><span style="font-family:"Quicksand","serif"">It also provides insights into international gold markets, help people to better understand wealth preservation qualities of gold and its role in meeting social and environmental needs of society.</span></span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-worlds-top-10-gold-holding-central-bank', 'image' => 'https://www.mediafire.com/convkey/0de3/y8fi2oid1iibr126g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0de3/y8fi2oid1iibr126g.jpg', 'metatitle' => 'RBI world’s 10th largest gold holding central bank', 'metakeyword' => 'Reserve Bank of India has entered league of world’s top-10 gold holding central banks', 'metadescription' => 'Reserve Bank of India has entered league of world’s top-10 gold holding central banks', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/ura1utrh8ro7y54/RBI_world%C6s_10th_largest_gold_holding_central_bank.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 1 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 3912, 'title' => 'AT-1 bonds for Yes bank reconstruction', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Bondholders’ investments in Yes Bank Ltd.’s additional tier-1 securities are likely to get converted to equity as part of a settlement plan between the lender and investors.</span></span><br /> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The settlement plan follows the Reserve Bank of India’s draft proposal to fully write-off the AT-1 bonds on Yes Bank’s book last week. That came after the government placed the lender under month-long moratorium.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI reconstruction plan for Yes Bank puts to risk nearly Rs 9,000 crore worth of AT-1 bonds, affecting bondholders including Nippon Life India AMC, mutual fund house Franklin Templeton, UTI Mutual Fund, SBI Pension Fund Trust and Indiabulls Housing Finance, among others.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per RBI rules based on the Basel-III framework, AT-1 bonds have principal loss absorption features, which can cause a full write-down or conversion to equity on breach of a pre-specified trigger of common Tier 1 capital ratio falling below 6.125 per cent.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks cannot use conversion or write down of AT1 instruments to support expansion of balance sheet. It is only intended to replenish the equity of a bank in the event it is depleted by losses.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">As per the draft resolution plan, Yes Bank’s equity share capital would be altered to Rs 5,000 crore, while the existing equity shares would be increased to 2,400 crore worth Rs 2 each. While SBI’s initial investment is to cover for 49 percent stake, it will be required to maintain at least 26 percent stake for three years.</span></span></p> </li> </ul> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>AT-1 bonds</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The concept of AT1 bonds or additional Tier 1 bonds was brought in after a bunch of global banks went bust during the global financial crisis and regulators formulated Basel III norms for banks. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One of the key things Basel III did was to raise the amount of their own capital that banks needed to carry in their balance sheets, before they raised external deposits and loans.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Basel III norms require Indian banks to maintain a total capital ratio of 11.5%, split into 8% in tier 1 capital (own equity, reserves etc) and tier 2 (supplementary reserves and hybrid instruments). </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The AT 1 bonds, also known as “unsecured subordinated perpetual non-convertible” bonds, make up part of a bank’s Tier 1 or permanent capital. Banks issue them to make sure they can meet Basel III norms on equity capital. </span></span></p> </li> </ul> <p> </p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'at-1-bonds-for-yes-bank-reconstruction', 'image' => 'https://www.mediafire.com/convkey/b03d/2wyoybz4yo67rwe6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/b03d/2wyoybz4yo67rwe6g.jpg', 'metatitle' => 'AT-1 bonds for Yes bank reconstruction', 'metakeyword' => 'AT-1 bonds for Yes bank reconstruction', 'metadescription' => 'Bondholders’ investments in Yes Bank Ltd.’s additional tier-1 securities are likely to get converted to equity as part of a settlement plan between the lender and investors.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/19is0bdejps5cxq/AT-1_bonds_for_Yes_bank_reconstruction.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 2 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 4286, 'title' => 'Government permission compulsory for FDI from neighbouring countries', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centre has made prior government approval mandatory for foreign direct investments from countries which share a land border with India. Previously, only investments from Pakistan and Bangladesh faced such restrictions.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The revised FDI policy is aimed at “curbing opportunistic takeovers/acquisitions of Indian companies due to the current <a href="https://www.thehindu.com/topic/coronavirus/">COVID-19 pandemic</a>.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Last week, housing finance company HDFC informed the stock exchanges that the People’s Bank of China now holds a 1.01% stake in the company. This was an instance of portfolio investment through the stock market and not FDI.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Investors from countries not covered by the new policy only have to inform the RBI after a transaction rather than asking for prior permission from the relevant government department.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The official statement added that a transfer of ownership of any existing or future FDI in an Indian entity to those in the restricted countries would also need government approval. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Major Chinese investments in India span a range of sectors. Perhaps the most underestimated aspect of Chinese investment has been the way that Chinese capital now undergirds the technology start-up space in India, with Chinese venture capitalists funding household names such as Paytm, Flipkart, Swiggy, Zomato, Oyo, Ola, BigBasket, Byju's, SnapDeal, Quikr and MakeMyTrip.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>FDI</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A foreign direct investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Generally, FDI takes place when an investor establishes foreign business operations or acquires foreign business assets in a foreign company. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">However, FDIs are distinguished from portfolio investments in which an investor merely purchases <a href="https://www.investopedia.com/terms/e/equity.asp">equities</a> of foreign-based companies</span></span><span style="font-size:13.0pt"><span style="background-color:white"><span style="font-family:"Arial","sans-serif""><span style="color:#111111">.</span></span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'government-permission-compulsory-for-fdi-from-neighbouring-countries', 'image' => 'https://www.mediafire.com/convkey/62ea/u0e1v8vogiwlogu6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/62ea/u0e1v8vogiwlogu6g.jpg', 'metatitle' => 'Government permission compulsory for FDI from neighbouring countries', 'metakeyword' => 'Government permission compulsory for FDI from neighbouring countries', 'metadescription' => 'The Centre has made prior government approval mandatory for foreign direct investments from countries which share a land border with India. Previously, only investments', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/lsljzm0j91ttqwf/4.Government_permission_compulsory.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 3 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 4347, 'title' => 'Franklin Templeton Mutual fund closure', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Franklin Templeton Mutual Fund, the ninth largest in the country, has jolted investors with its decision to wind up six yield-oriented managed credit funds.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The six schemes — Franklin India low duration fund, dynamic accrual fund, credit risk fund, short term income plan, ultra short bond fund and income opportunities fund — have combined assets under management of nearly 25% of the total assets under management of Franklin Templeton MF in India.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house has said it took the decision in order to protect value for investors via a managed sale of the portfolio, amid the severe market dislocation and illiquidity caused by the COVID-19 pandemic. Investors, however, are bracing for substantial losses.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It essentially means that Franklin Templeton MF will first liquidate the assets in the schemes and then return the money to investors. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">With the market situation tough for now, investors may not get an immediate exit. Industry insiders say the fund house may find it difficult to get a buyer for the low-rated assets in the portfolio, so investors may have to wait. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">On the other hand, if the fund house pushes hard to get new buyers for those assets, it will go at a substantial haircut, which would mean a big loss for investors on their capital investment.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The fund house said the ongoing liquidity crisis in the market has impacted higher yielding, lower-rated credit securities in India and, since these six schemes had direct exposure to them, and they have been impacted.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While all credit risk funds invest up to 65 per cent in bonds rated AA or below, market experts say that fund managers can lower their risk by following a higher diversification strategy. </span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Credit risk funds</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Credit risk funds are debt funds that play on the principle of high-risk-high-reward. By definition, credit funds invest 65 per cent of the portfolio in bonds that are AA rated or below, and investors must be aware that they are investing in schemes that are investing in lower-rated papers. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">While higher-rated bonds of companies are more secure and offer lower interest rates, credit risk funds generally invest in lower-rated bonds which offer higher return but also carry a higher risk.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Mutual funds</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors to invest in securities like stocks, bonds, money market instruments, and other assets. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Mutual funds are operated by professional money managers, who allocate the fund's assets and attempt to produce capital gains or income for the fund's investors.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Mutual funds give small or individual investors access to professionally managed portfolios of equities, bonds, and other securities.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'franklin-templeton-mutual-fund-closure', 'image' => 'https://www.mediafire.com/convkey/4459/z5kcr6v3ah5x0br6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/4459/z5kcr6v3ah5x0br6g.jpg', 'metatitle' => 'Franklin Templeton Mutual fund closure', 'metakeyword' => 'Franklin Templeton Mutual fund closure', 'metadescription' => 'Franklin Templeton Mutual Fund, the ninth largest in the country, has jolted investors with its decision to wind up six yield-oriented managed credit funds.', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/ctmadvrszo84hgz/5.Franklin_Templeton_Mutual_fund_closure.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 4 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 6172, 'title' => 'Ant group', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The scheduled initial public offering (IPO) of Ant Group has been delayed, after its plans of listing on the Shanghai and Hong Kong’s stock exchanges were prevented by authorities.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The listing was suspended after the regulators had a meeting with Ant Group founder Jack Ma and other top executives of the company.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In 2004, Alibaba, started to build out a super fast payments platform, which it said would enable its users to make payments easily.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In order to capitalise on the various offerings of Alipay, Ma brought it under a company called Ant Financial. The company was later re-christened as Ant Group.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In China, lending is a very tightly regulated state subject, with the government and regulators being very uncomfortable with the idea of third-party technology driven apps venturing into the consumer lending business.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In October this year, Ma criticised China’s state machinery’s financial regulations as outdated, which were stifling innovation in the sector.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">For now, the Ant Group will have to change its working practices in order to satisfy the authorities if it wishes to float a new IPO. </span></span></p> </li> </ul> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>IPO</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. Public share issuance allows a company to raise capital from public investors.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Companies hire investment banks to market, gauge demand, set the IPO price and date, and more.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">An IPO can be seen as an exit strategy for the company’s founders and early investors, realizing the full profit from their private investment.</span></span></p> </li> </ul> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Secondary offering</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A secondary offering is the sale of new or closely held shares by a company that has already made an initial public offering (IPO). </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are two types of secondary offerings. A non-dilutive secondary offering is a sale of securities in which one or more major stockholders in a company sell all or a large portion of their holdings. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The proceeds from this sale are paid to the stockholders that sell their shares. Meanwhile, a dilutive secondary offering involves creating new shares and offering them for public sale.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'ant-group', 'image' => 'http://www.mediafire.com/convkey/8ff1/yr80g276fmidth36g.jpg', 'fbimage' => 'http://www.mediafire.com/convkey/8ff1/yr80g276fmidth36g.jpg', 'metatitle' => 'Ant group', 'metakeyword' => 'Ant group', 'metadescription' => 'The scheduled initial public offering (IPO) of Ant Group has been delayed, after its plans of listing on the Shanghai and Hong Kong’s stock exchanges were prevented', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/zotx8g4kwsm1h0t/1.Ant_group.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 5 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 6313, 'title' => 'Lakshmi Vilas Bank moratorium case', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Reserve Bank of India has decided to impose a 30-day moratorium on Lakshmi Vilas Bank Ltd (LVB) and put in place a draft scheme for its amalgamation with DBS Bank India, a subsidiary of DBS of Singapore.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">After the failures of IL&FS, Punjab & Maharashtra Cooperative Bank, and DHFL, and the bailout of Yes Bank, concern about financial system of our country has arisen.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The financial position of the LVB has undergone a steady decline, with continuous losses over the last three years eroding the bank’s net-worth.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bank has not been able to raise adequate capital to address these issues. It was also experiencing continuous withdrawal of deposits and low levels of liquidity.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Almost one fourth of the bank’s advances have turned bad assets. Its gross non-performing assets (NPAs) stood 25.4% of its advances as of June 2020, as against 17.3% a year ago.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bank management had indicated to the RBI that it was in talks with certain investors, but failed to submit any concrete proposal.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The combined balance sheet of DBS India and LVB would remain healthy after the proposed amalgamation, with Capital to Risk Weighted Assets Ratio (CRAR) at 12.51% and Common Equity Tier-1 (CET-1) capital at 9.61%, without taking into account the infusion of additional capital.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In the case of LVB, equity capital is being fully written off. This means existing shareholders face a total loss on their investments unless there are buyers in the secondary market who may ascribe some value to these.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NPAs in the banking sector are expected to increase as the pandemic affects cash flows of people and companies. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">NPA accretion in cash-rich sectors like IT, pharmaceuticals, FMCG, chemicals, automobiles is expected to be smaller when compared to areas like hospitality, tourism, aviation, and other services.</span></span></p> </li> </ul> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Moratorium</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A moratorium is a temporary suspension of an activity or law until future considerations. A moratorium may be imposed by a government, by regulators, or by a business.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Most of the time, moratoriums are intended to alleviate short-term financial hardship or provide time to resolve related issues.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Moratoriums are often imposed in response to temporary financial hardships. For example, a business that has exceeded its budget might place a moratorium on new hiring until the start of its next fiscal year.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'lakshmi-vilas-bank-moratorium-case', 'image' => 'http://www.mediafire.com/convkey/b27f/z7kxgx9f39kxjdc6g.jpg', 'fbimage' => 'http://www.mediafire.com/convkey/b27f/z7kxgx9f39kxjdc6g.jpg', 'metatitle' => 'Lakshmi Vilas Bank moratorium case | lvb dbs bank merger', 'metakeyword' => 'Lakshmi Vilas Bank moratorium case | lvb dbs bank merger', 'metadescription' => 'The Reserve Bank of India has decided to impose a 30-day moratorium on Lakshmi Vilas Bank Ltd (LVB) and put in place a draft scheme for its amalgamation with DBS', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/jhsdgzcmdpf6t20/1.Lakshmi_Vilas_Bank_moratorium_case.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 6 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 7004, 'title' => 'PSU banks and insurance firm to be privatised', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has announced that two public sector banks and one general insurance company will be privatised and LIC will be listed on the stock market.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It is a part of the consolidation in the banking and insurance sectors. Government has also announced Rs 20,000 crore recapitalisation of PSU banks.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government currently holds majority stake in PSU banks. The government is expected to bring down the stake in the two PSU banks below 51 percent or sell the entire stake to private ownership. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banking sources say that smaller and middle level banks are likely to be privatised by the government. It’s unlikely to change the structure of big banks like State Bank of India and PNB.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">IDBI Bank is unlikely to be in the list of the government. Life Insurance Corporation (LIC) currently holds majority stake in IDBI Bank. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">LIC is supposed to reduce the stake in IDBI over a period of time. LIC is unlikely to give up control over IDBI Bank in the near future.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government has not disclosed the name of the public sector insurance firm that will be on the privatisation block. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are four PSU general insurance companies: New India Assurance, United India Insurance (UII), National Insurance Company (NIC), and Oriental Insurance Company (OIC). </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government had earlier dropped its plan to merge UII, NIC, and OIC and decided to recapitalise them.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Life Insurance Corporation (LIC) will go for an initial public offering in 2021-22. This is likely to be a mega IPO going by the Rs 32 lakh crore assets under management of LIC. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government is expected to mop up a sizeable amount from the LIC IPO, making the life insurer one of the largest firms in market capitalisation. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The privatisation of two public sector banks and the stake sale of LIC should help the government meet the disinvestment target and reduce the fiscal constraints.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'psu-banks-and-insurance-firm-to-be-privatised', 'image' => 'https://www.mediafire.com/convkey/0a88/bf5h3m4o0nirgy16g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/0a88/bf5h3m4o0nirgy16g.jpg', 'metatitle' => 'PSU banks and insurance firm to be privatised', 'metakeyword' => 'PSU banks and insurance firm to be privatised | Two PSU banks, one insurance firm to be privatised, LIC IPO this year', 'metadescription' => 'The government has announced that two public sector banks and one general insurance company will be privatised and LIC will be listed on the stock market.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/16dmzmknqtww433/1.PSU_banks_and_insurance_firm_to_be_privatised.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 7 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 6648, 'title' => 'Municipal bonds', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Vadodara Municipal Corporation (VMC) is expected to launch municipal bonds, and will become the third Urban Local Body (ULB) in Gujarat to use this method to raise money.</span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Ahmedabad was the first city in south Asia to launch a municipal bond of Rs 100 crore in 1998, which was completely subscribed.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Surat Municipal Corporation was the second city in Gujarat to announce bonds in 2018, to fund a sewage treatment project worth Rs 450 crore.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The VMC is riding on the favourable credit ratings from two agencies for two proposed bonds of Rs 100 crore each, and expects to issue the bond at the exchange by January 2021.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The United States Treasury Department is also providing the VMC with the technical assistance and guidance for proposed Municipal Bond under the India-US Economic and Financial Partnership programme.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The municipal bond is seen as a dynamic debt instrument which will lower the annual liability component of the VMC currently from about Rs 45 crore to Rs 35 crore.</span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Municipal bonds</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A municipal bond is a kind of debt instrument where investors offer loans to local governments. They are issued by civic bodies for specific projects and usually have a 10-year tenure.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The ULB pays the annual interest on the bonds to the investor at the decided rate. The difference between a bank loan and a municipal bond is that any institution can secure a bond only if it has favourable credit ratings. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bond helps raise funds from the stock market. The bond also increases the number of investors available to the civic body, as compared to a loan from a single bank. Bonds are issued to institutional and high networth individuals. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The face value of each instrument slot of a municipal bond if a minimum of Rs 10 lakh. It can be subscribed by a single investor or multiple investors.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme, urban local bodies (ULBs) are encouraged to tap the bond market. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Bonds help ensure improved credit profiles, direct transfer of funds by the Centre, transparency and efficient revenue generation. </span></span></p> </li> </ul> <p style="margin-right:0in"> </p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'municipal-bonds', 'image' => 'http://www.mediafire.com/convkey/2c00/bx5fwo4j8wxzmuz6g.jpg', 'fbimage' => 'http://www.mediafire.com/convkey/2c00/bx5fwo4j8wxzmuz6g.jpg', 'metatitle' => 'Municipal bonds | Vadodara Municipal Corporation', 'metakeyword' => 'Municipal bonds, Vadodara Municipal Corporation', 'metadescription' => 'The Vadodara Municipal Corporation (VMC) is expected to launch municipal bonds, and will become the third Urban Local Body (ULB) in Gujarat to use this method to raise money.', 'author' => null, 'downlaodpdf' => 'http://www.mediafire.com/file/n8ev140cyofgp28/1.Municipal_bonds.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 8 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 7444, 'title' => 'RBI order on recurring payments on credit cards', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Credit card users who may have been using recurring payments for making transactions have to make payments directly to service providers.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The reason for this is that merchants and banks are still trying to follow RBI guidelines on e-mandate on cards for recurring transactions.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RBI has been concerned that the non-compliance to new regime has not been fully implemented even after the extended timeline.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This situation has caused large scale inconvenience to customers. To prevent this, RBI has decided to extend the deadline to six months.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Any further delay in making the necessary changes by the merchants and banks will attract stringent supervisory action.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks have been sending messages to customers that recurring transactions will not be happening until the new guidelines are implemented.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Recurring transactions</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It allows a particular service provider to debit a certain amount of money automatically from a card every time a payment has to be made.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Now customers have to pay their bill directly to service providers at regular intervals instead of automatic payments.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance of new guidelines</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They provide safeguards to customers over various aspects. Customer will receive an update from the issuer regarding the recurring transaction debit 24 hours ahead of the debit. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">It offers options to customers to withdraw any e-mandate at any point of time. They can also provide a validity period for the e-mandate.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'rbi-order-recurring-payments-credit-cards', 'image' => 'https://www.mediafire.com/convkey/1b2c/4a6g67qoxxhw8lm6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1b2c/4a6g67qoxxhw8lm6g.jpg', 'metatitle' => 'RBI order on recurring payments on credit cards', 'metakeyword' => 'RBI order on recurring payments on credit cards | RBI’s order on recurring payments on credit cards', 'metadescription' => 'Credit card users who may have been using recurring payments for making transactions have to make payments directly to service providers.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/qfa05ixaeoajktn/2._RBI_order_on_recurring_payments.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 9 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 7485, 'title' => 'Pre-pack under Insolvency and Bankruptcy code', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The central government has allowed the use of pre-packs as an insolvency resolution mechanism for Micro, Small and Medium Enterprises (MSMEs) under Insolvency and bankruptcy Code.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government promulgated an ordinance for allowing the feature with defaults up to Rs 1 crore. The government had suspended insolvency initiation for one year.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> The government had increased the minimum default threshold for insolvency proceedings from Rs 1 lakh to Rs 1 crore last year itself.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Pre-pack</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A pre-pack provides resolution of the debt of a distressed company by initiating agreement between secured creditors and investors instead of commonly used public bidding.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This form of insolvency resolution mechanism has become more popular in UK and Europe over the last decade.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Financial creditors will have to agree with conditions imposed by potential investors after getting approval from National Company Law Tribunal (NCLT).</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A minimum of 66 per cent of financial creditors should be unrelated to the corporate debtor before getting approval from NCLT.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Benefits of pre-pack</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The existing CIRP mechanism of resolution is time consuming. The delay is due to litigations by promoters and potential bidders.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Pre-pack gives a maximum time of 120 days and only about 90 days are available for stakeholders to take their plans to NCLAT.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A representative of financial creditors takes management control under CIRP plan but under pre-pack, existing management retains control.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Creditors are allowed to get resolution plans from any third party if they are not satisfied with the plan put forth by the promoter.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reason behind introduction</strong></span></span></p> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Pre-packs will allow MSMEs to restructure their debts and start fresh without allowing the system to be misused to prevent creditors from getting their due.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'pre-pack-under-insolvency-bankruptcy-code', 'image' => 'https://www.mediafire.com/convkey/ef14/mkp2xv0hpamgj0c6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/ef14/mkp2xv0hpamgj0c6g.jpg', 'metatitle' => 'Pre-pack under Insolvency and Bankruptcy code', 'metakeyword' => 'Pre-pack under Insolvency and Bankruptcy code', 'metadescription' => 'The central government has allowed the use of pre-packs as an insolvency resolution mechanism for Micro, Small and Medium Enterprises (MSMEs) under Insolvency', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/zqvyvu47z766drh/3._Pre-pack_under_Insolvency_and_Bankruptcy_code.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 10 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 7551, 'title' => 'Currency chest', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A private security guard of currency chest of Axis bank has robbed Rs 4.03 crore in Sector 34 of Chandigarh.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is among the biggest thefts involving currency chest of banks. Previously, jewellery has been robbed.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Currency chest is a place where RBI stores cash meant for banks and ATMs. They are located on the premises of various banks but maintained by RBI.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI representatives keep the area under inspection and update higher officials of development.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The money stored in Currency chest belongs to RBI but money stored in strong rooms beyond currency chest is the property of banks.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Recovering money</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The issue of security of currency chest is handled by the banks and RBI reimburses the bank for its service.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The bank in which premises the currency chest is located has to fulfil the losses to the RBI, as per the guidelines.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">There are various categories of losses present but in case of thefts, robberies and fraud, the bank is held liable.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'currency-chest', 'image' => 'https://www.mediafire.com/convkey/10e0/uu5xtcavq0zaz306g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/10e0/uu5xtcavq0zaz306g.jpg', 'metatitle' => 'Currency chest | which authority governs it', 'metakeyword' => 'Currency chest | All you wanted to know about currency chest | What is a currency chest | which authority governs it', 'metadescription' => 'Currency chest is a place where RBI stores cash meant for banks and ATMs. They are located on the premises of various banks but maintained by RBI.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/tn5qcqsp1ld2nvd/1._Currency_chest.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 11 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 7570, 'title' => 'CitiBank to sell its India business', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Major US bank Citigroup has announced that it is exiting from the consumer banking business in India.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The move is part of its global strategy to focus on institutional banking rather than the existing consumer banking.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The group has said that it will sell its retail accounts and credit cards business. However, there will not be closure of any office or staff layoff. It will also retain its management and institutional business.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It has a market share of 6% in retail credit card spending in the country. It serves about 3 million customers across the country.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reason for selling</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The profits under the consumer banking business are undergoing stress and it will require lot more capital to run the business.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Opportunities</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The new acquirer of Citibank business will get high net worth of existing clients and bank accounts. In addition, it offers other benefits such as high quality SOPs, trained staff and product improvement capabilities.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Potential buyers</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There are high chances that a single entity cannot buy the complete operations due to various issues. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">They might use ‘Sum of The Parts’ valuation approach where individual buyers can bid and acquire a particular business in parts.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'citibank-sell-india-business', 'image' => 'https://www.mediafire.com/convkey/41ab/j54cqsvr0s53sxm6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/41ab/j54cqsvr0s53sxm6g.jpg', 'metatitle' => 'CitiBank to sell its India business', 'metakeyword' => 'CitiBank to sell its India business | in India Citigroup to sell off consumer business | Why CitiBank is selling its India business', 'metadescription' => 'The group has said that it will sell its retail accounts and credit cards business. However, there will not be closure of any office or staff layoff. It will also retain ', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/400ccq4f9h8foze/2._CitiBank_to_sell_its_India_business.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 12 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 7885, 'title' => 'SC ruling on personal guarantee of creditors', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Supreme Court has given an important ruling stating that creditors can initiate recovery proceedings against promoters who have given personal guarantee to secure funds.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Supreme Court had transferred all such related matters to itself about six months ago. This will help in better debts recovery process.</span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> </span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The top court has also given lenders the permission to start proceeds against the promoters of defaulting firm eventhough its corporate insolvency resolution process has not been completed.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The court added that mere permission for debt structuring will not discharge the company promoters from the liability of personal guarantee given to the lenders.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Personal guarantee is usually given by a promoter to lenders to assure that their money will be returned and he/she has given assurance for that.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The ruling will allow lenders to pursue guarantors for the losses that they will face due to haircut during debt recovery process.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Personal guarantee</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The promoter of an entity gives personal guarantee as a substitute for collateral that the lender may demand, for the risk he is taking by lending to a company that may not be doing well.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">It forms an assurance that the promoter will use the funds to improve financial condition of the entity and repay back the loan. It is different from collateral.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Significance</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Promoters usually secure money by giving personal guarantee. Their past transaction will ensure banks give them money easily.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Promoters then divert the funds for another purpose that the intended ones. This may cause loss to the lenders.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The new ruling will see to it that banks get the amount from personal wealth of the promoters by using personal guarantee as a medium.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'sc-ruling-personal-guarantee-creditors', 'image' => 'https://www.mediafire.com/file/mm54jdutkouunlj/4.jpg', 'fbimage' => 'https://www.mediafire.com/file/mm54jdutkouunlj/4.jpg', 'metatitle' => 'SC ruling on personal guarantee of creditors', 'metakeyword' => 'SC ruling on personal guarantee of creditors | Personal guarantee | Supreme Court has given an important ruling stating that creditors', 'metadescription' => 'The Supreme Court has given an important ruling stating that creditors can initiate recovery proceedings against promoters who have given personal guarantee', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/8vrqgo35z2q0r53/4._SC_ruling_on_personal_guarantee_of_creditors.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 13 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 8086, 'title' => 'NCLT to re-check Vedanta-Videocon deal', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Vedanta group is set to acquire Videocon Industries after the National Company Law Tribunal (NCLT) approved its resolution plan. </span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Videocon group is reeling under the NPA crisis and has large amounts yet to be returned. The banks were forced to make 95.85 per cent haircut to their claims.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Mumbai branch of National Company Law Tribunal (NCLT) thinks that the bid of Rs 2,962 crore by Twin Star Technologies of Vedanta group was very meagre.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Resolution plan</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The assenting secured creditors of the company will get 4.89 percent of their amount whereas dissenting secured creditors will get 4.56 percent of the amount.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The assenting unsecured creditors will receive only 0.62 percent whereas dissenting unsecured creditors will get no money. Operational creditors will get only 0.72 percent.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The lending banks had made claims for Rs 71,433 crore but will receive only Rs 2,962 crore. The banks will lose 64,838.63 crore under the current plan.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Effects of resolution</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">There were large lenders in form of MSMEs. Under current plan, they will be only paid 0.72 percent. If they don’t receive their dues, they may also face bankruptcy in future.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The equity shareholders will receive no amount during resolution as the liquidity value of the company is nil. The shares will be delisted from NSE and BSE.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Haircut for banks</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks have suffered huge losses due to the haircut process during resolution. The amount Rs 2.97 lakh crore is the total value of haircut.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Banks are trying to use the SARFAESI act to seize the assets of the company and recover the due amount they owe.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'nclt-re-check-vedanta-videocon-deal', 'image' => 'https://www.mediafire.com/file/j32x6jzfg8tfvid/2.jpg', 'fbimage' => 'https://www.mediafire.com/file/j32x6jzfg8tfvid/2.jpg', 'metatitle' => 'NCLT to re-check Vedanta-Videocon deal', 'metakeyword' => 'NCLT to re-check Vedanta-Videocon deal | Resolution plan | Effects of resolution', 'metadescription' => 'Videocon group is reeling under the NPA crisis and has large amounts yet to be returned. The banks were forced to make 95.85 per cent haircut to their claims.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/9hxeikxx4g5kcat/2._NCLT_to_re-check_Vedanta-Videocon_deal.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 14 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 8367, 'title' => 'Curbs on MasterCard', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Foreign credit card companies such as American Express, MasterCard and Diners club have been barred by RBI to take new customers.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Companies such as MasterCard are Payment System Operators that run card network of banks and non-banking entities.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The issue is regarding the storing of customer data locally in India. The RBI has put the date of stoppage as July 22. MasterCard is said to be the biggest loser.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI had given MasterCard a time period of three years to comply with data localization rules. It has not complied with the requirements.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In April this year, American Express and Diner club card companies were also barred from expanding their new customer base.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Implications</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The rules are applicable to new users that were planning to join the network. It does not cover existing customers of the company.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Until RBI lifts the ban, banking and non-banking companies cannot use payment network of these companies to enroll new customers.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The companies that remain as options for customers are Visa and home-grown RuPay. It may not create long-term problem but short-term implications are not ruled out.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Banks looking for bringing in new customers will have to either choose RuPay or Visa for partnership as MasterCard has been in suspension.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Affected entities</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Bajaj Finserv, RBL bank and Yes bank will be the most affected ones as majority of their business is tied up with MasterCard.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">MasterCard, Diners and American Express also have tie up with HDFC bank. Similarly, Axis bank and ICICI bank are also MasterCard dependent.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>RBI guidelines</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RBI had initiated a new rule in 2018 that mandated that all system providers were required to store their payment related data of customers in India.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Global payment providers were resisting the move due to lack of clarity, costs, security problems and data localization demand from other countries.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>RBI functions</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">RBI supervises all payment and transactions taking place in India. Clearing and settlement between different entities are enabled by RBI.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">India’s digital payment ecosystem is growing tremendously since last couple of years. This requires additional security for user data.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'curbs-mastercard', 'image' => 'https://www.mediafire.com/file/r38pwk2y7t7rarq/1.jpg', 'fbimage' => 'https://www.mediafire.com/file/r38pwk2y7t7rarq/1.jpg', 'metatitle' => 'Curbs on MasterCard', 'metakeyword' => 'Curbs on MasterCard | RBI guidelines', 'metadescription' => 'The issue is regarding the storing of customer data locally in India. The RBI has put the date of stoppage as July 22. MasterCard is said to be the biggest loser.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/gsy56g7ak366nek/1._Curbs_on_MasterCard.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 15 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 8485, 'title' => 'Positive Pay System', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The banks have been informing their customers that the Positive pay system has been made compulsory for high value cheques.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Implementation of the Positive Pay System was compulsorily mandated by the Reserve Bank of India from January 2021.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Positive Pay System is a process in which the key details of the high-value cheques will be reconfirmed by the payees. It was developed by NPCI.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Essential details of the high-value cheques such as name of the beneficiary, date etc to the drawee bank will have to be disclosed additionally by the person.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Various methods such as SMS, internet banking, mobile app etc can be used by customer to submit the details. The details will be then cross checked.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Conditions</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The RBI circular says that the facility is enabled to all cheques that are equal or above the value of Rs 50,000.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The availing of the facility by customers is their discretion but banks can make it mandatory in case the cheque values is Rs 5 lakh and above.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Importance for customers</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Customers will have to ensure that they provide the details within the given time frame for easy transaction. They will receive notification whether their cheque is accepted or rejected.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details required</strong></span></span></p> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Name of beneficiary, account number, date of cheque, cheque number, MICR code, amount, transaction code.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'positive-pay-system', 'image' => 'https://www.mediafire.com/file/1wmimhx4q260q76/5.jpg', 'fbimage' => 'https://www.mediafire.com/file/1wmimhx4q260q76/5.jpg', 'metatitle' => 'Positive Pay System', 'metakeyword' => 'Positive Pay System | Importance for customers', 'metadescription' => 'The banks have been informing their customers that the Positive pay system has been made compulsory for high value cheques.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/xll62b057jwlmgv/5._Positive_Pay_System.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 16 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 8737, 'title' => 'Crypto banking', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The definition of money has changed over time after the development of Bitcoin and thousands of other cryptocurrencies.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"> Crypto businesses are trying hard to venture into traditional banking sector including financial services.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In recent times the biggest concerns expressed by experts is regarding borrowing and lending services.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Many individuals are investing their money in digital currencies so that they get better returns in comparison to banking deposits.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Crypto currencies also have a feature to be used as collateral when an individual buys loans. They also do not need credit checks.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Difference in comparison to banking sector</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Superficially both crypto and traditional banking look similar. Depositing cash or crypto currency will yield monthly interest for customers.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The difference however is the rate. Depositors can earn a yield more than 100 times higher on digital account than on average bank accounts.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The biggest threat will be non-guaranteed accounts. Extreme market conditions or cyber-attacks will make the accounts non-operational.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Users will be barred from withdrawing or transferring their deposits temporarily or permanently in such cases.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reasons for high yields</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Traditional banks lend the deposits of customers in form of loans and give a part of earning as interest. Crypto banks offer a similar strategy.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They pool the deposits of their users and give them as loans. In traditional banking there will be some reserves kept to ensure that customers will have money to withdraw in case loans go bad.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In crypto banks, there are no such provisions of reserve requirements. In search of higher yields they take high risks.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Some firms lend to hedge funds and other institutional investors who make fast money without buying risky assets. They generate high returns when successful. </span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong> Stablecoin</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They are crypto coins that are based on stable assets such as US Dollars. They ensure that crypto coins become less volatile and have more practical use.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Popular stablecoins are Tether and USD Coin. They provide the steady value of government-issued money in digital form.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Stablecoins issuers must hold and monitor reserves. They work similar to the central bank of a country that stabilizes currency value.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Central bank digital currency</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These are crypto currency that is reliable as a source of money due to control exercised by central bank.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">It will remove relevance of stable coins as supply, value and demand will be controlled by an official government-backed entity.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'crypto-banking', 'image' => 'https://www.mediafire.com/file/8dgogf6ui88dbju/1_%25281%2529.jpg', 'fbimage' => 'https://www.mediafire.com/file/8dgogf6ui88dbju/1_%25281%2529.jpg', 'metatitle' => 'Crypto banking & Difference in comparison to banking sector', 'metakeyword' => 'Crypto banking & Difference in comparison to banking sector | Central bank digital currency', 'metadescription' => 'The definition of money has changed over time after the development of Bitcoin and thousands of other cryptocurrencies.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/mgqnzcs7d3qgwcq/1._Crypto_banking.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 17 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 9030, 'title' => 'Unity Small Finance Bank', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">A consortium of fintech company BharatPe and Centrum Financial Services Ltd were issued license of a small finance bank by the RBI.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Small Finance Banks are financial institutions that cater to the banking needs of underserved and underprivileged sections of the society.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Centrum Financial Services and BharatPe have taken over the Punjab and Maharashtra Co-operative Bank, along with its assets and liabilities.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The coming together of the two entities will provide an opportunity for them to evolve their business into a bank.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This also provides an opportunity to resolve the PMC Bank crisis. The main aim of the entity is to become India’s first Digital Bank.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Banking model</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The small finance banks and non-banking financial companies are collaborating with fintech companies to obtain and monetise the data collected by these consumer tech firms.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">This is similar to buy-now-pay-later (BNPL) and the micro-lending models where creditworthiness of an existing customer is presented to the lender as a potential borrower.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">BharatPe aims to offer its small and medium sized merchant customers a bank account and give them lending services based on their transactions.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Opportunity</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">In recent times, the borrowing rate has been very low. However, there are many small and medium sized borrowers who borrow at higher-than market rates.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">These customers are not targeted by private or state-owned banks because their lending amount is miniscule and they do not have proper collateral.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The deposit rates of small finace banks will usually be higher to attract depositors but their lending rates will be good enough for getting borrowers.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The BNPL model is fast becoming attractive due to its policies. There are predictions that their market share could increase to 9% by 2024.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'unity-small-finance-bank', 'image' => 'https://www.mediafire.com/file/b9k5dbfb59n6d3r/3_%25282%2529.jpg', 'fbimage' => 'https://www.mediafire.com/file/b9k5dbfb59n6d3r/3_%25282%2529.jpg', 'metatitle' => 'Unity Small Finance Bank and Opportunities', 'metakeyword' => 'Unity Small Finance Bank and Opportunities', 'metadescription' => 'Small Finance Banks are financial institutions that cater to the banking needs of underserved and underprivileged sections of the society.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/q84kbqgkx2mk94v/3._Unity_Small_Finance_Bank.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 18 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 9113, 'title' => 'SIAC ruling in Future group-Reliance retail deal', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The stay imposed on the Future Retail-Reliance Retail deal has been sustained, the Singapore International Arbitration Centre (SIAC) has ruled.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Amazon had petitioned that Future Retail and Reliance Retail was a violation of its “contractual rights”.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Supreme Court of India had also ruled that emergency arbitrator was right in putting an interim hold on the Future Retail-Reliance Retail deal.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The ruling will further delay the possible merger of Future Retail-Reliance Retail in future. It is expected to create another stumbling block.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>The SC jurisdiction</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The SC had refused to strike down an emergency order of SIAC as the award can be within the Arbitration Act. This would de-congest civil courts.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Amazon’s opposition to the deal</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Amazon had signed a deal with the subsidiary of Future Retail, Future Coupons in 2019. Amazon had acquired 49% stake in Future coupons under the deal.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The deal enabled Future Retail to sell its products on Amazon’s e-market. A call option was also included in the deal.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The call clause allowed Amazon the option to acquire all or part of Future Retail’s shareholding in the firm within 3-10 years of the agreement.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>The deal with Reliance Retail</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Future Retail had signed a deal with Reliance Retail to sell its retail, wholesale, logistics and warehousing units for Rs 24,713 crore.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Amazon objected to the deal citing violation of the “contractual rights” it had with Future Coupons. </span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Future Retail had argued that it was not selling its stakes in the company but was only selling assets, which was not a violation of its deal with Amazon.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Way ahead</strong></span></span></p> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The concept of international arbitration and orders issued by tribunals are usually not recognised by Indian courts. However, business houses respect such orders.</span></span></p> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'siac-ruling-future-group-reliance', 'image' => 'https://www.mediafire.com/file/dx6fm3sc4mh2t9s/4_%25281%2529.jpg', 'fbimage' => 'https://www.mediafire.com/file/dx6fm3sc4mh2t9s/4_%25281%2529.jpg', 'metatitle' => 'SIAC ruling in Future group-Reliance retail deal', 'metakeyword' => 'SIAC ruling in Future group-Reliance retail deal', 'metadescription' => 'The Supreme Court of India had also ruled that emergency arbitrator was right in putting an interim hold on the Future Retail-Reliance Retail deal.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/1oh9etjxxwt4yvu/4._SIAC_ruling_in_Future_group-Reliance_retail_deal.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 19 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 9544, 'title' => 'SEBI suspends futures trading', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Directions to suspend commodity derivatives have been issued by Securities & Exchange Board of India (SEBI).</span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The directions will hold good for a period of one year. The derivative contracts in some commodities were already suspended in August.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The rules will be applicable for paddy (non-basmati), wheat, chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil and moong.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The move was expected following concerns about high food prices, which are at the heart of the country’s elevated inflation.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Reasons for directions</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The prices of oilseed and edible complex have reached an all-time high. They are important part of households and value chain participants.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Speculators have a major role in increasing the prices and this has to be discouraged to curb inflation and support growth.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Implications</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The trading suspensions imposed in the past have stopped large institutional investors from participating in these contracts.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Volumes and liquidity on exchanges are bound to drop sharply if derivative contracts are suspended by the SEBI.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Consumer inflation</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The consumer inflation has been pegged at 5.3% for the current fiscal year. This is one percentage point above the RBI’s comfort level of 4%.</span></span><br /> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Way ahead</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Alternative means such as imposing tighter daily limits on sensitive commodities or by increasing trading margins can help in curbing speculation based inflation.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Derivative contracts</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Derivative contracts are agreement between two or more parties where the value of the derivative is based upon an underlying asset.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The trading of the derivative takes place when traders speculate on the future price of an asset through buying or selling of derivative contracts.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'sebi-suspends-futures-trading', 'image' => 'https://www.mediafire.com/file/loefq1zut3m54i6/4_%25281%2529.jpg', 'fbimage' => 'https://www.mediafire.com/file/loefq1zut3m54i6/4_%25281%2529.jpg', 'metatitle' => 'SEBI suspends futures trading and Reasons for directions', 'metakeyword' => 'SEBI suspends futures trading and Reasons for directions', 'metadescription' => 'The rules will be applicable for paddy (non-basmati), wheat, chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil and moong.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/we62aiom94vce6o/4._SEBI_suspends_futures_trading.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 20 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 9622, 'title' => 'GST compensation', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">States are demanding that the GST compensation mechanism to be extended by five more years.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The compensation mechanism was a unique feature that remained up to five years from the date of implementation of GST.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">States have been demanding that the compensation mechanism be extended for some more time as their revenues have taken a hit due to Covid-19.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The expenses of the state have gone up and they expect higher deficit as revenue growth is low. </span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>The compensation</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The nation-wide GST was levied based on the Constitution (One Hundred and First Amendment) Act, 2016.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The GST compensation was the mechanism to suitably compensate states for loss of revenue arising out of implementation of the GST. It would be applicable for a period of five years.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">It was believed the states would endure a revenue shortfall if they gave up their rights to impose local-level indirect taxes.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Even though the GST contained provisions for giving the SGST (State GST) component of the GST, and a share of the IGST (Integrated GST) to the states, revenue shortfall was expected.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Funding of compensation</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The funds for GST compensation were raised through a compensation cess levied on so-called ‘demerit’ goods.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">This includes goods such as pan masala, tobacco, aerated waters and motor cars apart from coal.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Calculating shortfall</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The shortfall was calculated based on a mechanism given in Section 7 of the GST (Compensation to States) Act, 2017.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">It is assumed based on 14% compounded growth from the base year’s (2015-2016) revenue and calculating the difference between that figure and the actual GST collections in that year.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'gst-compensation', 'image' => 'https://www.mediafire.com/file/v8xoxfwh8ek7k2v/4.jpg', 'fbimage' => 'https://www.mediafire.com/file/v8xoxfwh8ek7k2v/4.jpg', 'metatitle' => 'GST compensation and Funding of compensation', 'metakeyword' => 'GST compensation and Funding of compensation', 'metadescription' => 'States have been demanding that the compensation mechanism be extended for some more time as their revenues have taken a hit due to Covid-19.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/c07h1qy9lcnsg38/4._GST_compensation.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 21 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 9692, 'title' => 'Self regulation by Edtech', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Leading Edtech companies of India have set self-regulations by adopting a set of guidelines to conduct their businesses.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The formation of a self-regulating consortium was necessitated after the government announced that it was working on a policy to regulate the sector.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India EdTech Consortium has been formed by the companies, which will work under the aegis of the industry body Internet and Mobile Association of India (IAMAI).</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Edtech</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Edtech works on the principle of combining Education and Technology. Edtech is involved in enhancing learning outcomes using technological tools.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">During the pandemic, Edtech became the only alternative as institutions, students, guardians, and authorities switched to the digital mode.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Before it was mostly restricted to ‘modern’ families, who could afford to buy courses for their wards, apart from regular school.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Edtech industry has grown rapidly over the past 1-2 years. Six Indian Edtech startups with valuations of $1 billion and above have come up over the last year.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Unicorns in Edtech</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Byju’s, Unacademy, Eruditus, upGrad, Vedantu, and Lead School are the companies currently having a valuation above $1 billion and called unicorns. Vedantu, upGrad and Eruditus joined the unicorn club in 2021.</span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Need for self-regulations</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">There were growing concerns that many edtech firms were indulging in various forms of business malpractices to attract consumers.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government released an advisory of do’s and don’ts for students and guardians looking to sign up for online courses offered by these companies.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Complaints against Edtechs</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">People were asked to enroll for courses after careful evaluation as many courses billed as free in advertisements were found to be paid.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Companies were found to lure parents into free courses and later getting the Electronic Fund Transfer (EFT) mandate signed for activating the auto-debit feature.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>The self-regulation mandate</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The code of conduct will address the concerns raised by the government. This is an attempt to put values and ethics in their business strategy.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">Companies which are part of consortium include Byju’s, Careers 360, Great Learning, Harappa, TimesEdutech & Events Ltd, Scalar, Simplilearn, Toppr, Unacademy, upGrad, Vedantu, and WhiteHat Jr.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'self-regulation-edtech', 'image' => 'https://www.mediafire.com/file/y2b8c8x6qffdogv/2_%25283%2529.jpg', 'fbimage' => 'https://www.mediafire.com/file/y2b8c8x6qffdogv/2_%25283%2529.jpg', 'metatitle' => 'Self regulation by Edtech and Complaints against Edtechs', 'metakeyword' => 'Self regulation by Edtech and Complaints against Edtechs', 'metadescription' => 'The formation of a self-regulating consortium was necessitated after the government announced that it was working on a policy to regulate the sector.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/dewq2qw47yzcd8d/2._Self_regulation_by_Edtech.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 22 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 9825, 'title' => 'The Digital Rupee', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The launch of a central bank digital currency (CBDC), known as Digital Rupee, has been announced by finance minister Nirmala Sitharaman.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government had previously shown its intention to launch a digital currency backed by the central bank.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The CBDC will be launched by the Reserve Bank of India from the upcoming financial year. It will be backed by blockchain technology.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>The CBDC</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Central Bank Digital Currency will be in form of legal tender that will be issued by RBI in digital form.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The digital currency will be similar to the fiat currency issued by the RBI in paper form. It will be interchangeable with any other currency.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The CBDC will be in electronic form and it would appear as liability (currency in circulation) on a central bank’s balance sheet. </span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Need for CBDC</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The aim of the move is to provide a legally backed digital asset that is secure as well as compliant with traditional banking system.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government has issues with the existing digital currencies such as bitcoin, ether etc as they can be used for tax evasion, money laundering, terror financing etc.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The government’s announcement of its own digital currency will ensure that money flows through conventional path and can be easily monitored.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The move would give a big boost to digital economy and India would be the first major country to officially launch its currency in such a manner.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Implications on citizens</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The Reserve Bank of India is yet to announce the details of how the Digital Rupee will be transacted by citizens.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The main difference will be that a Digital Rupee transaction will be instantaneous as compared to the current digital payment experience.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The currency can offer benefits in terms of liquidity, acceptance, scalability, ease of transactions with anonymity and faster settlement.</span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The cost involved in cross-border transaction could be cut significantly as there would not be inter-bank settlement. This will save remittance charges.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'digital-rupee', 'image' => 'https://www.mediafire.com/file/nfhm9w6jywjcmie/2_%25281%2529.jpg', 'fbimage' => 'https://www.mediafire.com/file/nfhm9w6jywjcmie/2_%25281%2529.jpg', 'metatitle' => 'The Digital Rupee and Implications on citizens', 'metakeyword' => 'The Digital Rupee and Implications on citizens', 'metadescription' => 'The launch of a central bank digital currency (CBDC), known as Digital Rupee, has been announced by finance minister Nirmala Sitharaman.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/m5sfky60jkkrvl1/2._The_Digital_Rupee.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 23 => object(Cake\ORM\Entity) { 'tag' => 'miscellaneous', 'keyword' => 'miscellaneous-4', 'id' => (int) 10083, 'title' => 'Blocking Visa, Mastercard and American Express in Russia', 'description' => '<p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Issue</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Card network operators of USA, Visa, Mastercard and American Express have suspended their services in Russia.</span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""> </span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Background</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Western nations have imposed sanctions against Russia for its invasion of Ukraine. Many western companies have already suspended their operations.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The suspension means that cards issued by banks on these operators will not be operational at PoS and ATMs in Russia.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, the cards on these networks issued by Russian banks will be operational within the country but will not work outside.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Alternatives</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Russia has already developed a payments system called Mir, which came into existence in 2015 aftermath of the sanctions in 2014.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Apart from this, China’s UnionPay will be roped in by many banks to offer services to their clients in more than 180 countries.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Impact of the ban</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Russia says that cards issued by banks on these networks will work in the country until their expiry but will not work outside the country.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Opportunity for India</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India has been making efforts to popularize domestic payments system RuPay, owned by NPCI, by promoting it outside the country.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Domestically, RuPay cards have a share of 60% and the government along with RBI is promoting its adoption outside Indian jurisdiction.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">To increase its presence, RuPay has already tied up with other operators such as Union Pay (China), JCB (Japan), NETS (Singapore), BC Card (South Korea), Elo (Brazil) and DinaCard (Serbia).</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>NPCI</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NPCI is a not-for-profit organisation registered under Section 8 of the Companies Act 2013, established by the Reserve Bank of India and Indian Banks' Association. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The earliest promoter banks were State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'blocking-visa-mastercard-american-express-russia', 'image' => 'https://www.mediafire.com/file/6l8979s1hk0r661/1.jpg', 'fbimage' => 'https://www.mediafire.com/file/6l8979s1hk0r661/1.jpg', 'metatitle' => 'Blocking Visa, Mastercard and American Express in Russia', 'metakeyword' => 'Blocking Visa, Mastercard and American Express in Russia and Opportunity for India', 'metadescription' => 'Western nations have imposed sanctions against Russia for its invasion of Ukraine. 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Many western companies have already suspended their operations.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Details</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">The suspension means that cards issued by banks on these operators will not be operational at PoS and ATMs in Russia.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">However, the cards on these networks issued by Russian banks will be operational within the country but will not work outside.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Alternatives</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Russia has already developed a payments system called Mir, which came into existence in 2015 aftermath of the sanctions in 2014.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Apart from this, China’s UnionPay will be roped in by many banks to offer services to their clients in more than 180 countries.</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Impact of the ban</strong></span></span></p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Russia says that cards issued by banks on these networks will work in the country until their expiry but will not work outside the country.</span></span></p> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>Opportunity for India</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">India has been making efforts to popularize domestic payments system RuPay, owned by NPCI, by promoting it outside the country.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">Domestically, RuPay cards have a share of 60% and the government along with RBI is promoting its adoption outside Indian jurisdiction.</span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">To increase its presence, RuPay has already tied up with other operators such as Union Pay (China), JCB (Japan), NETS (Singapore), BC Card (South Korea), Elo (Brazil) and DinaCard (Serbia).</span></span></p> </li> </ul> <p style="margin-right:0cm"> </p> <p style="margin-right:0cm"><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif""><strong>NPCI</strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,"sans-serif"">NPCI is a not-for-profit organisation registered under Section 8 of the Companies Act 2013, established by the Reserve Bank of India and Indian Banks' Association. </span></span></p> </li> <li> <p><span style="font-size:11.0pt"><span style="font-family:"Calibri","sans-serif"">The earliest promoter banks were State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.</span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'blocking-visa-mastercard-american-express-russia', 'image' => 'https://www.mediafire.com/file/6l8979s1hk0r661/1.jpg', 'fbimage' => 'https://www.mediafire.com/file/6l8979s1hk0r661/1.jpg', 'metatitle' => 'Blocking Visa, Mastercard and American Express in Russia', 'metakeyword' => 'Blocking Visa, Mastercard and American Express in Russia and Opportunity for India', 'metadescription' => 'Western nations have imposed sanctions against Russia for its invasion of Ukraine. 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