Saturday, March 6

Month: August 2020

upi: UPI crosses record 1.5 billion transactions in August, shows latest RBI data

upi: UPI crosses record 1.5 billion transactions in August, shows latest RBI data

Finance
Mumbai: The Unified Payments Interface (UPI) has, for the third consecutive month, clocked record volume in August, processing over 1.5 billion transactions for the first time. The latest Reserve Bank of India data showed that 1.56 billion transactions worth Rs 2.85 lakh crore were recorded on NPCI’s popular digital channel, as on August 30, smashing the previous record of 1.49 billion transactions worth Rs 2.90 lakh crore for the month of July. At the same time, cash withdrawals in August through ATMs and micro-ATMs at Rs 1.36 lakh crore is less than half of payments through UPI, the preliminary central bank data showed. Industry experts said that while the surge in UPI-based micro-transactions could help India achieve its stated objective of transforming into a cashless economy, ban
Apple, Tesla jump as stock splits take effect

Apple, Tesla jump as stock splits take effect

investment
Shares of Apple and Tesla rose sharply Monday, the first day of their stock splits.Apple advanced 4% and was the best-performing component in the Dow Jones Industrial Average. Tesla jumped around 10%.Monday's gains are the latest in a string of strong performances since the companies announced the stock splits.Apple said July 30 its board approved a 4-for-1 stock split. Since then, the stock is up more than 32%. Tesla has skyrocketed more than 70% since it announced a 5-for-1 stock split on Aug. 11.Billionaire investor Leon Cooperman, however, said Monday that run-ups on the back of stock-split announcements are a troublesome sign for the market."Look at Tesla and Apple: Everybody understands that splits don't create value," the founder of Omega Advisors told CNBC's "Squawk Box." "My dad
Hope to grow to pre-Covid level by December: M R Kumar, Chairman, LIC

Hope to grow to pre-Covid level by December: M R Kumar, Chairman, LIC

Finance
(This story originally appeared in on Aug 31, 2020)LIC’s headquarters at Yogakshema in Mumbai has been the nerve centre of the insurance giant’s operations. Chairman M R Kumar speaks of how the corporate broke barriers overnight and razed rigid structures to not only cope but grow during the pandemic… What challenges does the new normal due to the pandemic pose to your organisation? It calls for a new work environment. Life insurance in India is still driven by individual agents.To overcome fear and maintain social distancing,there was a need to complete sales with minimum physical interaction and without paper. You need a strong digital infrastructure, flexible workforce, and strategies that pivot to changing situations. We are enabling email applications for maturity and surrender cl
Analysts think shares of stocks like Apple and Square can go higher

Analysts think shares of stocks like Apple and Square can go higher

investment
DraftKings CEO and Co-Founder Jason Robins speaks during the unveiling of DraftKings headquarters March 26, 2019 in Boston, Massachusetts.Darren McCollester | Getty ImagesStocks are once again at record high levels — with the S&P 500 now up over 21% on a one-year basis. That's following Fed Chair Jerome Powell's more-relaxed inflation targeting strategy, impressive second quarter earnings and encouraging US-China trade talk progress. And while there are now a staggering 24 million cases of coronavirus worldwide, the approval of Abbott's 15-minute Covid-19 test does provide further reopening optimism. However the knock-on effect is that upside potential is looking increasingly limited. How much further can the rally take us? To find stocks poised to outperform, it's worth focusing on t
Banks cautioned against imposing levies like MDR on electronic transactions

Banks cautioned against imposing levies like MDR on electronic transactions

Finance
Banks have been cautioned against imposing charges such as MDR or merchant discount rate on electronic transactions including Unified Payments Interface (UPI). Finance ministry may take action against banks not adhering to the direction. Central Board of Direct Taxes has also directed banks to refund charges since January 1, 2020, collected on transactions carried out using electronic modes including UPI by businesses having turnover of over Rs 50 crore. “There have been some representations that some banks are imposing and collecting charges on transactions carried out through UPI… Such a practice on part of the banks is a breach of Section 10A of Payments and Settlements Systems Act,” the Board said in a note on Sunday. Any charge including MDR or merchant discount rate, shall not be ap
Activist sets sights on another health-care company with break-up potential

Activist sets sights on another health-care company with break-up potential

investment
A man wearing a protective mask sits on top of the Charging Bull sculpture near Wall St. amid the coronavirus pandemic on April 19, 2020 in New York City, United States.Alexi Rosenfeld | Getty ImagesCompany: Evolent Health Inc. (EVH)Business: Evolent is a health-care delivery and payment company. It supports health systems and physician organizations in their migration from fee-for-services reimbursement to value-based care and population health management payment models. The company has two segments — services and True Health. The services segment includes clinical and administrative solutions designed to help payers and providers administer value-based reimbursements. This segment includes Identifi, a proprietary technology system that aggregates and analyzes data, manages care workflow
Banks Board Bureau recommends Dinesh Khara as next SBI chairman

Banks Board Bureau recommends Dinesh Khara as next SBI chairman

Finance
The Banks Board Bureau on Friday recommended Dinesh Khara the senior most Managing Director at State Bank of India for the position of the next chairman. Khara’s nomination will now be put up before the appointments committee of the cabinet (ACC) which is chaired by the Prime Minister. The present chairman Rajnish Kumar is slated to superannuate in the first week of October. The bureau also recommended CS Setty another MD at the government owned lender as the reserve candidate. “Keeping in view their performance in the interface and their overall experience, the Bureau recommends Dinesh Kumar Khara for the vacancy of Chairman in State Bank of India and Challa Sreenivasulu Setty as the candidate on the Reserve List for the said vacancy,” the bureau said in a release on its website. The
State Bank of India and Bank of Baroda grab the biggest pie of Jan Dhan outstanding

State Bank of India and Bank of Baroda grab the biggest pie of Jan Dhan outstanding

Finance
KOLKATA: State Bank of India and Bank of Baroda have benefited the most as the outstanding balance in the Jan Dhan accounts held by banks surged 10% since April, even as the government celebrated the sixth year of the implementation of one of the largest financial inclusion schemes in the world. SBI has seen a 12.2% rise in outstanding Jan Dhan balance in the first four-and-a-half months, while BoB’s outstanding rose 12.9% in the same period in such accounts, more than the industry average. SBI’s total deposits growth was a muted 5.5% in the April-June period, while BoB witnessed a 1.2% fall. To put things into perspective, Jan Dhan outstanding grew much faster in the first quarter, then fell from its peak which was seen on June 10, by when the government’s fund transfer under Covid assis
NYSE gets approval for cheaper IPO alternative for companies amid SPAC boom

NYSE gets approval for cheaper IPO alternative for companies amid SPAC boom

investment
The New York Stock Exchange has won the approval from regulators to allow companies to issue new shares through direct listings, creating a cheaper alternative to the traditional initial public offering.The Securities and Exchange Commission said in an order Wednesday evening that it approved a new type of direct listing where companies can simultaneously go public and raise cash from public market investors. Previously, companies doing direct listings only allowed existing private shareholders to sell stock to public investors.The NYSE's move came as a record number of companies have turned to SPACs, or special purpose acquisition companies, as a backdoor way to be listed on exchanges this year. A SPAC is a blank-check company formed to raise funds to finance a merger or acquisition with
States’ GST revenue shortfall can be bridged by monetising debt, NSSF: SBI report

States’ GST revenue shortfall can be bridged by monetising debt, NSSF: SBI report

Finance
MUMBAI: Economists at SBI on Friday proposed three options for states to raise resources to bridge the shortfall in GST revenue from the Centre. This can be done by the Reserve Bank monetising the state governments' debts, enlargement of Ways and Means Advances (WMA), or taking recourse to the National Small Savings Fund, they said. The Centre on Thursday had placed before the GST Council two options for borrowing by states to meet the shortfall in Goods and Services Tax (GST) revenues, pegged at Rs 2.35 lakh crore in the current fiscal. The Centre said a special window can be provided to the states, in consultation with the RBI, for borrowing at a reasonable interest rate. The SBI economists said even though the Centre has given the states the option to borrow as much as Rs 2.35 lakh cro...