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RBI more than doubles limit on IMPS to INR 5 lakh
RBI MORE THAN DOUBLES LIMIT ON IMPS TO RS 5 LAKH
ICICI BANK EXECUTES FIRST TERM LOAN DERIVATIVE DEAL LINKED TO SOFR
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The Reserve Bank of India on Friday more than doubled the limit on Immediate Payment Service (IMPS) to INR 5 lakh from the current INR 2 lakh. The central bank had recently made the real-time gross settlement system or RTGS operational round-the clock and increased the settlement cycles of IMPS, to reduce credit and settlement risks.
“In view of the importance of the IMPS system in processing of domestic payment transactions, it is proposed to increase the per-transaction limit from INR 2 lakh to INR 5 lakh for channels other than SMS and Interactive Voice Response System (IVRS),”the RBI said as part of its monetary
ICICI Bank lately announced that it has executed its first term loan and cross-currency swap derivative transactions linked to Secured Overnight Financing Rate (SOFR). The transactions were carried out with a corporate client through the Bank’s International offices. These transactions indicate the Bank’s preparedness towards a smooth transition from USD LIBOR (London Interbank policy announcement. “This will lead to further increase in digital payments and will provide an additional facility to customers for making digital payments beyond INR 2 lakh.” IMPS which has been developed by the National Payments Corporation of India (NPCI) provides 24×7 instant domestic funds transfer facility. The service accessible through internet banking, mobile banking, bank branches, ATMs, SMS and IVRS.
The per-transaction limit for SMS and IVRS channels continues to remain capped at INR 5000. In addition to this, the central bank also said it will soon launch a framework to carry our retail digital paymenrs in the offline
Offered Rate) to transactions linked to Alternative Reference Rates (ARR). In January 2021, the Bank had executed its first interbank money market transaction linked to SOFR, which has been identified as the replacement for USD LIBOR. mode across the country, this after the RBI conducted three pilot tests in different parts of the country during the period from September 2020 to June 2021 involving smallvalue transactions covering a volume of 2.41 lakh for value INR 1.16 crore. “The learnings indicate that there
Commenting on the transaction, MrAnujBhargava, Head - Global Clients Group, ICICI Bank said, “The Bank has been actively working with its clients for a seamless transition from LIBOR to ARRs. These transactions are just the start of the move towards the ARRs and we are confident that increasingly Indian corporates will move towards ARR based transactions." is a scope to introduce such solutions, especially in remote areas. Given the experience gained from the pilots and the encouraging feedback, it is proposed to introduce a framework for carrying out retail digital payments in offline mode across the country,” the RBI said.
Mr B. Prasanna, Group Head - Global Markets, Sales, Trading and Research, ICICI Bank said, “With the slew of measures announced by regulators globally, there is an increased shift towards ARR linked products in markets. As the cessation deadline approaches, the liquidity in ARR linked products will increase and ICICI Bank is ready to widen its product suite to meet the customer requirements."
FIVE FOREIGN INVESTORS SHORTLISTED FOR MAJORITY STAKE IN YES BANK-BACKED ARC
RBI ALLOWS MULTINATIONAL BANKS TO STORE LIMITED DATA ABROAD
Five international traders have showcasedvarious presentations to the administration to type a brand new three way partnership asset reconstruction company (ARC) which is able to home the lender’s non performing property (NPAs), three folks conversant in the event stated.
The traders which have made shows embody Los Angeles primarily based USD 149 billion Ares-SSG Capital, USD 15 billion different funding agency Varde Companions, US primarily based USD 55 billion Ceberus Capital and distressed asset giants USD 156 billion Oaktree Capital and personal fairness firm JC Flowers, three folks conversant in the transfer stated. Particular person traders and Sure Financial
Bringing a closure to a contentious concern, the Reserve Bank of India (RBI) has allowed multinational banks working within the nation to store a limited set of data in offshore servers.Certain fields of static info comparable to identify and deal with of shopper, institution couldn’t be instantly reached. Sure Financial institution will seemingly maintain a minority share within the proposed ARC consistent with Reserve Financial institution of India (RBI) instructions. The chosen investor is more likely to maintain a majority as a lot as 80 per cent to 85 per cent within the new enterprise, one of many individuals stated. EY helps Sure Financial institution with the method.
“The mannequin is extra of a NARC kind. Banks are usually not inspired to carry a significant share in any ARC. That’s why they’re promoting it,” stated a second senior government concerned within the matter. He was referring to the federal government backed Nationwide Asset Reconstruction Co (NARC) which has been fashioned to resolve legacy dangerous loans from the banking sector.“Buyers haven’t but
some know-your-customer particulars together with choose transaction particulars like date and quantity, identify of beneficiary, and reference quantity could be saved abroad by international banks. This was communicated every week in the past by the regulator to the Indian Banks’ been formally knowledgeable concerning the quick listed companies so the method will take some extra earlier than the associate is chosen,” stated a 3rd particular person conversant in the matter.
Association (IBA), an trade supply advised ET. “This is giving foreign banks a small leeway. There are close to 40 data fields, out of which around 30 are important.
After several meetings and representations, RBI has now permitted the banks to keep a handful of data overseas. I guess this brings an end to the matter which has been debated for more than three years now. Further concessions are unlikely, and banks should implement this ASAP,” mentioned a banker.
Need for ‘Unfettered Supervisory Access’
RBI, nevertheless, has turned down requests from international banks to allow them to store info comparable to cellular numbers and ‘objective of remittance’ in servers abroad.
IBA might return to RBI to determine the deadline for implementing the regulation primarily based on the most recent communication.
FESTIVE SPIRIT MAKES RETAIL TOP TALENT GROSSER IN SEPT'21, FMCG AND CONSTRUCTION SECTORS FOLLOW
INDIAN IT COMPANIES INVITED TO INVEST IN GREATER SPRINGFIELD
Riding high on relaxed COVID-19 curbs, festive spirit and a positive consumer sentiment, Retail and FMCG sectors posted maximum talent demand in M-o-M analysis in Sept’21. Retail noted a 18 per cent growth, followed by Consumer Durables/FMCG sector which noted 10 per cent growth. The Construction/Cement sector posted 7 per cent growth in talent demand in Aug’21 v/s Sept’21 comparison.
A Y-o-Y analysis of talent demand revealed that the FMCG, IT/Telecom and Retail sectors topped the talent demand charts with doubledigit growth. FMCG had the highest Y-o-Y growth of 22 per cent, followed by IT/ Telecom which clocked 20 per cent increment, while
Springfield City Group (SCG), the master developer of Greater Springfield, in partnership with Australia India Business Council Ltd (AIBC), the peak body for promoting and enhancing bilateral trade relations between the two countries,aims to further build theAustralia-India relationship by attractingworldRetail saw 18 per cent annual growth. An in-depth analysis of functional areas revealed that Engineering and Front Office/ Administration roles were most in demand in Sept’21. While both these saw single-digit growth, the Logistics/ Supply Chain Management role saw a stagnation in talent demand with no growth, no loss as such. Rest all job roles were in the red, plummeting from their Aug’21 talent demand indices.
A location-wise study indicated that Indore was the top job hub in Sept’21 with 30 per cent growth in talent demand followed by Lucknow’s 2 per cent growth in the M-o-M study. Chandigarh saw no improvement, or loss in the talent demand indices when compared to its Aug’21 stats. All other cities, including the
leading Indian technology companies to Australia.
Maha Sinnathamby, Chairman of SCG, said:“Greater Springfield’sunique offering to Indian technology companiesthat are already in this country or planning to establish in Australia, is the chance to be involved in a fully master-planned city metro cities of Delhi-NCR, Mumbai, and Bengaluru saw a dip in M-o-M study of talent demand.
Sept'21 has been a fabulous month on many counts. The COVID-19 situation is under control, vaccination drives are in full swing, consumer
that offers innovation at its core. Greater Springfield is an economic powerhouse located in the heart of Southeast Queensland and provides a platform for companies to be innovative,entrepreneurial, and collaborative. Greater Springfield has, over three decades, solidified itself as a home for these types of organisations. With its own Data Centre, anextensive fibre network, a university, 15,000 students, and access to a population of over 500,000 within a 22-minute drive, Greater Springfield provides a true lifestyle within a 15-minute drive for employees that choose to work in the local Greater Springfield economy.”
Jim Varghese, National Chair of AIBC said: “In our 35th year of celebrations, the Australia India Business Council was proud to support the Springfield City Group’s Australia India IT Hub Summit held recently. AIBC believes in the power of sentiment is resurging and India is now home to 31 unicorns! With the kind of investment that is coming to India now, talent demand has picked up like never before. Retail and FMCG sectors are poised to dominate the talent demand charts in the coming months too.
Springfield City Group’s onestop-shop location for leading tech companies from India and Australia to collaborate and further build on bilateral ties between the two countries. Australia and India have a long and proud relationship of working together. The India Tech Hub planned at Springfield City will drive innovation in the technology field and Australia only stands to gain.”
Ashok Mysore, Chair of AIBC’s Information and Communications Technology and Digital Chaptersaid: “Indian technology companies have embraced Australia. It has proven a great place for them to access local talent and build a base of knowledge workers. These companies are projecting significant growth over the next decade and there is a tremendous opportunity for Australian engineers, software developers and innovators to be part of this growth and bring their own expertise to Australia. The opportunity is for Australia to show that it is the best place for these organisations to establish and grow.”
FORMER GODREJ PROPERTIES EXECUTIVE HARSHWARDHAN PRASAD NAMED CEO OF TRIBECA
CENTURY REAL ESTATE REAFFIRMS LEADERSHIP IN PLOTTED PROJECTSIN RISING NORTH BENGALURU
Tribeca, the developers of Trump Towers in India has announced the appointment of Harshwardhan Prasad as the new CEO to spearhead the business expansion of the company.
Century Real Estate, a leading real estate developer and one of the largest landowners in South India, today announced that over 75 per cent of inventory, in their plotted development project Century Seasons, has been sold in just a quarter. The company’s other plotted development project, Century Greens, sold out entirely Harsh comes with deep experience in the Indian real estate market. Prior to joining Tribeca, he occupied leadership roles at some of the largest real estate developers in India. Harsh started his real estate career with Godrej Properties where he spent close to ten years in various leadership, business development and P&L roles in Mumbai and Gurgaon. Subsequently, hejoined DLF where he managed DLF’s prestigious Phase V development along the Golf Course Road. Most recently, he served as the COO of SmartWorld.
Welcoming the new CEO, Kalpesh Mehta, Founder, Tribeca Developers said, “I am delighted to have someone as experienced and talented as Harsh join the Tribeca team. He comes with an impressive background in Indian real estate, and more importantly, his leadership and management style is the perfect match for the values and culture of Tribeca. Tribeca is an asset light developer and the only way for us to thrive is to constantly focus on innovation, and Harsh imbibes this ideology. With the turnaround in real estate markets, Tribeca is entering a high growth phase of its lifecycle. I look forward to partnering with Harsh and the rest of the Tribeca team on what promises to be a thrilling ride ahead.
Commenting on the appointment Harshwardhan Prasad, CEO, Tribeca Developers said, “I am absolutely thrilled to be associated with a prestigious brand like Tribeca; a brand that believes in differentiated products, customer-centric design, and developing trustbased relationships across the board. I look forward to working closely with Kalpesh, the senior leadership, and the hugely talented colleagues at Tribeca to foster growth and deliver the best products in the market.’’
within two quarters. The Bengaluru real estate market has witnessed tremendous demand for investments in plots & housing despite the second wave and two-month lockdown in May and June. Industry experts predict the sector to be a USD 1 trillion opportunity by 2030, across segments – with plotted taking reign. “Quick monetization of land, faster sales, better cash flow generation, and quick exits are now attracting large-format real estate developers into the plotted space. Century Real Estate has been at the forefront of plotted developments for many years now, and it is heartening to see many other players joining in. Century Seasons, our recent launch, is themed on the four seasons with the design and aesthetic developed to bring alive the theme. An additional advantage for consumers is that of the proprietary CenturyMark, carrying the trust, transparency, build quality and professionalism that marks Century Real Estate as one of the most trustworthy and respected brands in Indian real estate. From plot purchase to home interiors, complete turnkey solution services are additionally provided to the buyer” - opined Maninder Chhabra, Chief Strategy Officer - Sales, Marketing and CRM.
“The plotted development segment has been seeing bullish demand - with customers being a mix of investors and endusers. More and more people have realized the need to invest in land, as cities are getting denser and the economic value of land is significantly increasing. In addition to this, we see new-age customers choosing to invest in plots as unlike earlier, these plots have modern amenities and give buyers greater flexibility to build their dream homes as per their choice,” said Ajay Singh, Vice President - Sales.
