Freelance Finance and Banking professional 

Expertrons Training and Placements

Helped Expertrons in refining the BFCI certification.
Helped them with the content creation and delivery of classes.

Consultant for the BFSI Certification

DotPe

I supported the creation of an employee learning journey.
The project I was working on got over ..

Consultant- Refining Employee Learning Journeys.

HDFC Bank

Training Manager

Regional Project Manager- NRI Banking

Standard Chartered Bank

Relationship Manager- NRI Services

Associate Relationship Manager

Customer Service Manager

ICICI Prudential Life Insurance

Agency Manager Priority Clients

Axis Bank

Executive

As a consultant for employee learning and BFSI certification, I leverage my extensive banking and insurance background and multiple credentials to create and deliver effective and engaging learning solutions for various clients. I have over 18 years of experience in relationship management, product and corporate training, non-resident business, and wealth management, working with leading organizations such as HDFC Bank, StanChart, ICICI Pru, and Axis Bank.

Currently, I am supporting the creation of employee learning journeys for a global IT company, and helping Expertrons in refining the BFSI certification content and delivery. I am passionate about enhancing the skills and knowledge of learners and professionals in the BFSI sector, and empowering them to achieve their career goals and aspirations. I am also proficient in microlearning, labor and delivery, and anti-money laundering and KYC.

#Hirring for RBL Bank

Position:- Area Sales Manager 

Location :- Gurgaon,Agra,Dehradun

Product:- Affordable Home Loans

Experience:- Minimum 5-7 years of 
#affordablehomeloans
#affordablehousing 
#homeloans

Interested professionals can connect with me thru DM…

Ruhi Mahajan

#Walk-in interview! 

Location: Lucknow, Uttar Pradesh

Role—Branch operations Manager (Minimum 3 year relevant experience required)

Relationship Manager – Branch Banking (Minimum 2 year relevant experience required)

Branch Relationship Manager – Rural / Associate 

Relationship Manager – Liabilities CA / SA

Tellor —- ( Minimum 2 year relevant experience required)

Freshers and non banking background candidates are not eligible at this time .

Please share your your resume at Nitesh.mishra3@idfcfirstbank.com

RBI imposes monetary penalty on IDFC First Bank Limited

The Reserve Bank of India (RBI) has, by an order dated March 27, 2024 imposed a monetary penalty of ₹1.00 crore (Rupees One crore only) on IDFC First Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’.

The bank had sanctioned term loans to a public sector undertaking for financing infrastructure projects:

(i) without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations and 

(ii) the repayment / servicing of the said term loans was made out of budgetary resources.

RBI imposes monetary penalty on LIC Housing Finance Limited

The Reserve Bank of India (RBI) has, by an order dated March 27, 2024, imposed a monetary penalty of ₹49,70,000/- (Rupees Forty-Nine Lakh Seventy Thousand only) on LIC Housing Finance Limited 

The company did not comply with certain provisions of Fair Practices Code contained in the said directions, when it 

i) did not disclose rate of interest and approach for gradation of risk and rationale for charging different rate of interest to different categories of borrowers in loan application forms and sanction letters and 

ii) had charged pre-payment penalty in housing loans on 
(a) floating rate basis which were pre-closed from any source and
(b) fixed rate basis which were pre-closed from borrowers’ own sources.

Walk-In Interview Drive at Lucknow - 18th April 2024 (Thursday)

"WE ARE HIRING"

We are Dubai based esteemed Nabooda group promoted emerging broker in South India looking to grow and expand our team with clear business plans in both Corporate and Retail verticals in general insurance. 

Calling for persons with fire in the belly, innovative, career-oriented, team leaders and team players who have the grit and determination to succeed in the most competitive Non-Life Insurance Industry for the following positions in our Chennai Branch:

1. Manager/ Deputy Manager (Commercial Sales - Employee Benefits and WC)  - 
Minimum 3 to 5 years hard core experience in Group Health and Employee Benefits Insurance in Broking / Corporate Agency/ Bancassurance having thorough knowledge of Group PA/Medical/ Term Life Policies of multiple Insurers and WC Insurance possess capacity of leading a team and motivating them to achieve the targets on monthly basis
should have strong communication and interpersonal skills. Salary best in the industry.

2. Manager/ Deputy Manager (Retail Sales - Motor/ Health/ Travel) - 
Candidate should 
Minimum 3 to 5 years hard core experience in Retail Sales in Broking / Corporate Agency having thorough knowledge of Retail Health and Motor Policies of multiple Insurers possess capacity of leading a team and motivating them to achieve the targets on monthly basis should have strong communication and interpersonal skills. Salary best in the industry.            

Above vacancies are to be filled immediately on PRIORITY. Interested - Please share your CV to Ms. Sudha - Email: sudhar@anibessel.com (Mob 9384698583) for scheduling interview.

📔 Policy Rates
Policy Repo Rate: 6.50%
Standing Deposit Facility Rate: 6.25%
Marginal Standing Facility Rate: 6.75%
Bank Rate: 6.75%
Fixed Reverse Repo Rate: 3.35%


👛 Reserve Ratios
CRR: 4.50%
SLR: 18.00%


💸 Exchange Rates
INR / 1 USD: 83.3739
INR / 1 GBP: 105.2935
INR / 1 EUR: 90.2178
INR / 100 JPY: 55.0900
(As at 1.30pm of March 28, 2024)
(Source : FBIL)


🏦 Lending / Deposit Rates
Base Rate: 9.10% - 10.25%
MCLR (Overnight): 8.00% - 8.60%
Savings Deposit Rate: 2.70% - 3.00%
Term Deposit Rate > 1 Year: 6.50% - 7.25%

💹 Market Trends
Money Market
Call Rates: 5.00% - 6.90% *
* as on previous day


🔄 Government Securities Market
7.18% GS 2033: 7.0719% #
7.26% GS 2033: 7.1096% #
7.37% GS 2028: 7.0905% #
7.06% GS 2028: 7.0965% #
7.33% GS 2026: 7.0663% #
6.99% GS 2026: 7.0788% #
91 day T-bills: 7.0101%
*182 day T-bills: 7.1447%
*364 day T-bills: 7.0787%*
* cut-off at the last auction# as on end of previous working day 
(28 March 2024)

🗒 Capital Market (28 March 2024)
S&P BSE Sensex: 72996.31 
*Nifty 50: 22123.65 *
* as on previous day

RBI imposes monetary penalty on The Himachal Pradesh State Co-operative Bank Limited, Shimla

The Reserve Bank of India (RBI) has, by an order dated March 27, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Himachal Pradesh State Co-operative Bank Limited, Shimla.

RBI found, inter alia, that the charge of not transferring the eligible amounts to the Depositor Education and Awareness Fund within the prescribed period was sustained, warranting imposition of monetary penalty.

RBI imposes monetary penalty on Bassein Catholic Co-operative Bank Limited

The Reserve Bank of India (RBI) has, by an order dated March 28, 2024, imposed a monetary penalty of ₹61,60,000/- (Rupees Sixty-One Lakh and Sixty Thousand only) on Bassein Catholic Co-operative Bank Ltd.

The bank had: 
(i) reported frauds with delay, 
(ii) not carried out a periodic review of risk categorization of accounts during FY 2021-22, 
(iii) levied penal charges for non-maintenance of minimum balances in dormant/inoperative savings bank and current deposit accounts, and 
(iv) restructured credit facilities without establishing the financial viability and reasonable certainty of repayment by the borrowers.

Looks like 11 out of 13 applicants were not found suitable for granting in-principle approval to set up a small finance bank/ Universal Banks .



The Reserve Bank had received 13 applications to set up a bank under the Guidelines for 'on tap' Licensing of Universal Banks and Small Finance Banks.

These were:
Applicants under Guidelines for ‘on tap’ Licensing of Universal Banks
1. UAE Exchange and Financial Services Limited
2. The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank)
3. Chaitanya India Fin Credit Private Limited
4. Shri Pankaj Vaish and others
5. Annapurna Finance Private Limited, Bhubaneswar


Applicants under Guidelines for ‘on tap’ Licensing of Small Finance Banks
1. VSoft Technologies Private Limited
2. Calicut City Service Co-operative Bank Limited
3. Shri Akhil Kumar Gupta
4. Dvara Kshetriya Gramin Financial Services Private Limited
5. West End Housing Finance Limited
6. Fino Payments Bank Limited
7. Cosmea Financial Holdings Private Limited
8. Tally Solutions Private Limited


Looks like 11 out of 13 applicants were not found suitable for granting in-principle approval to set up a small finance bank/ Universal Banks ..............

Applications of only following two are under examination
1) Annapurna Finance Private Limited, Bhubaneswar
2) Fino Payments Bank Limited

The Reserve Bank of India (RBI) has imposed, by an order dated March 29, 2024, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Urban Co-operative Bank Limited, Maunath Bhanjan. 

RBI found, inter alia, that the charge of offering higher interest rates, on term and savings deposits, than those offered by State Bank of India in contravention of specific instructions issued under SAF was sustained, warranting imposition of monetary penalty.

Net claims of non-residents on India decline..




Today, the Reserve Bank released data relating to India’s International Investment Position for end-December 2023.

Key Features of India’s IIP in end-December 2023:


-- Net claims of non-residents on India declined by US$ 12.2 billion during October-December 2023 to US$ 370.4 billion as at end-December 2023.

-- The decline in net claims was due to the higher rise in Indian residents’ overseas financial assets (US$ 40.7 billion) as compared to the increase in foreign-owned assets in India (US$ 28.5 billion).

-- Reserve assets recorded a significant rise (US$ 34.8 billion) and accounted for over 85 per cent of increase in foreign assets of Indian residents during Q3:2023-24.

-- The rise in India’s foreign liabilities was attributed to higher inward direct investments, portfolio investments and loans taken by resident entities; even as trade credits recorded a marginal decline.

-- Reserve assets accounted for 63.9 per cent of India’s international financial assets.

-- The share of debt liabilities in total external liabilities remained at its level a quarter ago (50.4 per cent).

-- The ratio of India’s international financial assets to international financial liabilities improved to 72.4 per cent in December 2023 from 70.9 per cent a quarter ago.

In recent times, there have been concerns expressed about participation in the exchange traded currency derivatives (ETCD) market. The regulatory framework for participation in ETCDs involving the Indian rupee (INR) is guided by the provisions of the Foreign Exchange Management Act (FEMA), 1999, and regulations framed thereunder. The regulatory framework mandates that currency derivative contracts involving the INR are permitted only for the purpose of hedging of exposure to foreign exchange rate risks. 

For the purpose of ease of doing business, the RBI permitted users of ETCDs to take positions up to USD 10 million per exchange without having to provide documentary evidence to establish the underlying exposure. However, users are expected to ensure compliance with the requirement of having underlying exposure. The limit of USD 10 million per exchange was subsequently amended and currently stands at a single limit of USD 100 million combined across all exchanges. 

Based on a comprehensive review, public consultations, feedback received from market participants, and experience gained since then, the regulatory framework has been made more comprehensive in respect of all types of transactions. The regulatory framework for participation in ETCDs involving the INR remains consistent over the years, and there is no change in the RBI’s policy approach. Participants with a valid underlying contracted exposure can continue to enter into ETCDs involving the INR up to a limit of USD 100 million without having to produce documentary evidence of the underlying exposure. 

#currencyderivatives #regulations #INR #RBI #marketparticipation

🔊 Interesting update on Pradhan Mantri Jan Dhan  Yojna as on 3 April 20204.

📈 Total Number of beneficiaries: 51.95 Crore
⚖ Total Balance in beneficiary accounts: ₹234,996.52 Crore 
📊 Average Balance in Beneficiary Accounts:  ₹ 4,523.51
👬 Bank Mitras : 11.59 lakh

Beneficiaries as on 03/04/2024 with:
🏦 Public Sector Banks: 40.49 Crore Beneficiaries with ₹1,82,280.03 Crore Balance. The average Balance is ₹4,501.853
🏦 Regional Rural Banks: 9.68 Crore Beneficiaries with ₹45,638.49 Crore Balance. The average Balance is  ₹4,714.72
🏦 Private Sector Banks: 1.60 Crore Beneficiaries with ₹7,077.99 Crore Balance. The average balance is  ₹4,423.744
🏦 Rural Cooperative Banks: 0.19 Crore Beneficiaries with ₹0.01 Crore Balance
 




Scheme Details
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, a basic savings & deposit accounts, remittance, credit, insurance, pension in an affordable manner. Under the scheme, a basic savings bank deposit (BSBD) account can be opened in any bank branch or Business Correspondent (Bank Mitra) outlet, by persons not having any other account.


Benefits under PMJDY
1. One basic savings bank account is opened for unbanked person.

2. There is no requirement to maintain any minimum balance in PMJDY accounts.

3. Interest is earned on the deposit in PMJDY accounts.

4. Rupay Debit card is provided to PMJDY account holder.

5. Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.

6. An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.

7. PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.

Lending and Deposit Rates of Scheduled Commercial Banks – March 2024

Data on lending and deposit rates of scheduled commercial banks (SCBs) (excluding regional rural banks and small finance banks) was received during the month of March 2024 by RBI


Highlights:

Lending Rates:

-- The weighted average lending rate (WALR) on fresh rupee loans of SCBs stood at 9.36 per cent in February 2024 (9.43 per cent in January 2024).

-- The WALR on outstanding rupee loans of SCBs was at 9.83 per cent in February 2024 (9.85 per cent in January 2024).1

-- 1-Year median Marginal Cost of Fund based Lending Rate (MCLR) of SCBs remained unchanged at 8.80 per cent in March 2024.

-- The share of External Benchmark based Lending Rate (EBLR) linked loans in total outstanding floating rate rupee loans of SCBs was 56.2 per cent at end-December 2023 (53.3 per cent at end-September) while that of MCLR linked loans was 39.4 per cent (41.9 per cent at end-September).1

Deposit Rates:

-- The weighted average domestic term deposit rate (WADTDR) on fresh rupee term deposits of SCBs increased to 6.44 per cent in February 2024 from 6.43 per cent in January.

-- The weighted average domestic term deposit rate (WADTDR) on outstanding rupee term deposits of SCBs was at 6.86 per cent in February 2024 (6.84 per cent in January).1

RBI imposes monetary penalty on The Tirupattur Urban Co-operative Bank Ltd., Tirupattur, Tamil Nadu

The Reserve Bank of India (RBI) has, by an order dated February 28, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-Five thousand only) on The Tirupattur Urban Co-operative Bank Ltd., Tirupattur, Tamil Nadu.

RBI found, inter alia, that the charge of sanctioning loans to nominal members in excess of the prescribed ceiling was sustained, warranting imposition of monetary penalty.

I found these points interesting in RBI Governor’s Statement: April 5, 2024

-- The Monetary Policy Committee (MPC) met on 3rd, 4th and 5th April 2024. After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, it decided by a 5 to 1 majority to keep the policy repo rate unchanged at 6.50 per cent. Consequently, the standing deposit facility (SDF) rate remains at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The MPC also decided by a majority of 5 out of 6 members to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth. 

-- Rationale for these decisions. Since the last policy, the growth-inflation dynamics have played out favourably. Growth has continued to sustain its momentum surpassing all projections. Headline inflation has eased to 5.1 per cent during January and February 2024 from 5.7 per cent in December 2023, with core inflation declining steadily over the past nine months to its lowest level in the series.1 Fuel component of the CPI remained in deflation for six consecutive months.2 Food inflation pressures, however, accentuated in February.

-- Looking ahead, robust growth prospects provide the policy space to remain focused on inflation and ensure its descent to the target of 4.0 per cent. As the uncertainties in food prices continue to pose challenges, the MPC remains vigilant to the upside risks to inflation that might derail the path of disinflation. Under these circumstances, monetary policy must continue to be actively disinflationary to ensure anchoring of inflation expectations and fuller transmission of the past actions. The MPC, therefore, decided to keep the policy rate unchanged at 6.50 per cent in this meeting and remain focused on withdrawal of accommodation. The MPC will remain resolute in its commitment to aligning inflation to the target.

-- In the last monetary policy statement, I had expressed concerns about the high levels of public debt in both advanced and emerging market economies (EMEs). These are dormant risks which could erupt abruptly. Debt to GDP ratios, which rose during the pandemic, remain elevated and are projected to increase further with rising interest burden and cost of borrowing, thus raising debt sustainability concerns.6 Worsening debt situation in advanced economies (AEs) can generate spillovers for EMEs in the form of swings in capital flows and volatility in financial markets. EMEs with rising levels of public debt, in particular, would be vulnerable to these spillover effects. Credible fiscal consolidation plans, particularly in major advanced economies, focusing on growth enhancing investment would be necessary to address this challenge. India, however, presents a different picture on account of its fiscal consolidation and faster GDP growth.

RBI imposes monetary penalty on The Parwanoo Urban Co-operative Bank Ltd., Parwanoo

The Reserve Bank of India (RBI) has, by an order dated March 27, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Parwanoo Urban Co-operative Bank Ltd., Parwanoo 

RBI found, inter alia, that the charge of not classifying certain loan accounts as non-performing in accordance with IRAC norms was sustained, warranting imposition of monetary penalty.

IRAC is 
Income Recognition, Asset Classification

RBI imposes monetary penalty on The Raj Laxmi Mahila Urban Co-operative Bank Ltd., Jaipur

The Reserve Bank of India (RBI) has imposed by an order dated April 08, 2024, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Raj Laxmi Mahila Urban Co-operative Bank Ltd., Jaipur

RBI found, inter alia, that the charge of non-compliance with the specific directions issued by RBI under SAF, to reduce single exposure limit for fresh loans and advances by 50% of the applicable regulatory limits, was sustained, warranting imposition of monetary penalty.

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