State Bank of India - Foreign Travel Money Card

Wanted to discuss the various options folks have used in the past and the charges.
OFX: Currency broker - 2 percent to 0.5 percent on current USD INR price. Higher the amount, lower the charges. For 15k dollars, it was around 1.4p percent.
Are there Indian banks or currency brokers which are better than this? I have heard about Indian Overseas Bank but haven't tried out

I managed to open a trading account with SBI, set up my bank account to wire money in and out (which hopefully means I'm not Japanese illiterate), and now that I attempt to actually make a trade I am at a loss as to how to actually use the thing.
Most of the top level links (the blue ones that stand out the most) pointing to ads, having to peck around for five whole minutes to find the actual page to enter a trade and once there a bunch of acronyms thrown out without any explanation.
Also, no way of confirming how much a transaction is expected to cost, including fees, before committing? Last part of the form asks for my transaction password before allowing me to confirm.
Are all Japanese brokers this bad? Is this a ploy to confuse people enough that they capitulate and use their consulting services for extra fees? I have bank accounts here and know the local finance industry is, shall we say, technologically challenged, but this is something I was not expecting.

SBI Holdings, a financial services company based in Japan announced addition of CFDs for premiere cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and XRP. The trading will begin on 31 August on SBI FX which is SBI Holdings’ retail forex brokerage platform.  These contracts for differences or CFDs allow traders to settle the differences between the […]

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It’s obvious now that the lockdown will hurt India’s economy. And just as other countries are doing, we’ll need big stimulus to start pushing it back into gear. There’s a number of things that this process will involve:
Old businesses can take time to come back to life. Because workers would have migrated, supply chains disrupted etc. They will need help to survive through a time when their factories or offices are shut, and to have paid intermediate salaries or rent.
New businesses will have to be encouraged. Just as some businesses will need help, some of those will die. And those businesses will have to be replaced by others who are new and just getting in. Think of the barber shop that’s shut because it couldn’t pay rent for two months, but then people in the area will still need haircuts.
Giving people and small businesses money directly into their accounts will probably become a necessity, to encourage people to spend or to pay for some of the damage caused due to the lockdown.
The government will have to kickstart spending in a very large way – from better healthcare, to more infrastructure (to provide job) or simply to allow for the economy to rise again.
This costs a ton of money. A rough estimate would be, say, Rs. 400,000 cr. The government doesn’t have this kind of money right now, and raising it by selling assets or issuing debt is enormously difficult. Because the debt it has is already quite large, though not as much compared to the western governments nowadays. However, it doesn’t need to take more debt. There’s money the government rightfully owns which sits idle in a very specific place.
Here’s how it can get Rs. 400,000 cr. now.
This kind of money doesn’t grow on trees, so what nonsense is this, Deepak? (I can hear you think) But bear with me, because I’ve thought this through. The money may not grow on trees, but there’s one big mega uncle who prints it, and generates a large amount of profit. It’s called the RBI. We have written earlier that the RBI has way too much money sitting in its balance sheet that it shouldn’t have. These are called “reserves” (very different from forex reserves). Read: The RBI is hoarding too much capital. Essentially, these are very large numbers of retained earnings, that has gone up even more now with this crisis. The extra earnings can be given back to the government, which can then spend it. Now, RBI makes a lot of money from multiple sources:
It has nearly 10 lakh crore worth of government bonds, which, at 6.5% will give it roughly 65,000 cr. in interest per year.
It also has, now, 35 lakh crores of Forex assets, (lets not call them “reserves” yet) , up over 6 lakh crores in the year. Yes, the RBI has bought a truckload of dollars this year.
The forex reserves earned them over 74,000 cr. last year, and we expect this year to be a little more – probably 90,000 cr. all things considered.
That is an income of 155,000 cr. already.
Apart from this there is a big other benefit. Now the RBI owns all these dollars – it bought them when the rupee was lower (on average, probably Rs. 55 or so). When the dollar depreciates, to balance the accounts, the difference is placed in a Currency and Gold Revaluation Account (CGRA).
The CGRA already had over Rs. 6 lakh crores last year.
This year, considering the RBI has 450 billion dollars in foreign assets, that will add Rs. 4-5 per dollar as revaluation profit – around Rs. 200,000 cr. more in the CGRA.
Due to accounting changes, and due to sales of dollars (around $30 billion in the full year) we should see around Rs. 60,000 cr. as a realized capital gain this year with the RBI.
For details, here’s a good Ananth Narayan article, but note that I simply do not agree that such a profit is not a real profit – it’s as real as any rupee printed.
The RBI doesn’t spend much: 7,000 cr. on employees, 5000 cr. on printing currency and this time, probably 10,000 cr. on payment of interest.
What are you saying Deepak? All these big numbers….
Okay, ignore the nitty gritties. Simply put, RBI has a potential profit, this year, of around Rs. 200,000 cr. This is money it can remit straight to the government this year.
Doesn’t it do that always?
Well, no. The RBI is not very happy to be paying the government anything, to be honest. They keep building random “buffers” to avoid having to pay the government. See what all they have:
Contingency fund: 200,000 cr.
Why? We have no idea. The RBI never participates in any contingency whatsoever; all bank rescues are funded by the government or the PSUs or such. The RBI doesn’t even like to buy anything that isn’t government bonds, so they never take any balance sheet risk. There is no need for a contingency reserve at the RBI. And that too, 200,000 cr. – that’s more than 30% of India’s fiscal deficit! Come on.
You might keep a little bit here, but to hoard such a large number here is unnecessary.
Currency revaluation account: Now, over 800,000 cr.
This is basically reflecting the fact that RBI bought dollars at Rs. 55 or gold at Rs. 1600 per gram and now the dollar is at 75, and gold is at 3800.
This is huge. They keep adding to this fund every year, needlessly – a change in accounting procedure may help remove it.
Asset Development Fund: Rs. 23,000 cr.
Again, why? All major things owned by the RBI are now, by decree, transferred to the government. Examples: SBI, NABARD, NHB. Why should the RBI keep a reserve for this, especially when they have collectively spend less than 5000 cr. in the last five years from such a fund? What’s the point?
Other stuff: Rs. 200,000 cr.
This contains items like unrealized gains on Government bonds and foreign bonds
Again, this should be a profit but is not recorded as one just so that they can avoid having to pay the government. (One simple way to record it is to sell all the bonds and buy them back instantly, converting all the unrealized gains to realised profit)
In total, the RBI has a Rs. 13.5 lakh crores of extra profit (retained earnings of sorts) on its balance sheet. Every year, it generates a large profit and just keeps a good portion in each of these sub clauses, and avoids paying the government. In a partial correction, last year, they discovered that the excess on the balance sheet was too large, and paid out Rs. 1.76 lakh crores as dividend, but it still leaves a huge amount of room for more.
You said Rs. 400,000 cr….
Yes, I’m coming to that. The RBI’s balance sheet is Rs. 47 lakh crores. The “equity” stuff on the balance sheet, which includes the “extra” stuff we talked about – is more than 13 lakh crores. That’s like 27% of their balance sheet. According to the recent Bimal Jalan committee report, the RBI should have a total buffer of about 21% – around 9.8 lakh crores. Given that they have more than 13.5 lakh crores – roughly 400,000 cr. can be given back to the government as dividend.
But what will they sell to give dividends?
Oh they don’t have to sell anything. The RBI has an account for the government. (It’s the govt’s banker). So you transfer from one account (the retained earnings) to another. That’s all. Well, what happens when the government spends the money? It goes to a bank account with some bank. So that banks account with the RBI will swell up and the government’s will reduce. The RBI balance sheet doesn’t change – only the constituents do.
Wait. Why all this now?
Let’s get serious. This is a massive economic blow for the country. We will easily lose over 4% of GDP just to the lack of activity for a month. This has to be made up by massive government spending. That spending has to be financed. Already, the highest expenditure of the govt is interest payments. (Over 5 lakh crores in interest. The next highest entry, defence spending, is 40% lower!) The government may still need to borrow but why should it borrow when the RBI, which is owned by the government, has all the bloat sitting inside it? That’s like saying I have a lot of fixed deposits but let me go borrow money instead to pay for my urgent medical bills, even though I’m reeling under interest payments. The country needs help. We need to relax the ridiculously huge buffers maintained by the RBI in order for the government to spend. The RBI could pay a lot more – but this year, a 400,000 cr. payment looks very achievable without stepping on some toes. I’m not even asking for the government to eat into RBI’s already created massive reserves. Just that they take what profit would have been generated in this one year, instead of allowing RBI to bloat what is already much larger retained profits than required. Remember, most central banks have much lower retained equity as a percentage of their balance sheet. RBI is at 23% currently. Brazil is at 1%, Russia at 13%, South Africa at 1% and the closest perhaps is Germany at 13%. India’s RBI has simply way too much in terms of retained earnings and buffers. In the times of a crisis, you have to use buffers. This is a crisis. This is what a buffer was meant for. I know that a vast crowd will cry tears about how this undermines the independence of the RBI or some such random spiel, but this is not a time to listen to them. It’s time for us to place money in the hands of those that will shoulder the burden, and to not let it lie in forever-unused buffers like within the RBI. Note: What about inflation, you might ask. There will be no inflation by this; none of the above will cause balance sheet expansion of the RBI. And btw, the whole world is inflating and doing so heavily. And they’re all going to support their own countries with specific packages. In that context, there is very little likelihood of any inflation – in fact we’ll have to fight deflation in a slowdown.
https://www.capitalmind.in/2020/04/how-the-government-can-get-400000-cr-to-fight-the-covid-slowdown/

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I submitted a question through their site and they responded shortly after. It appears that they have no plans to extend the use of XRP beyond how they presently use it.
Screenshot
Q:
Hello,
Are there plans to use XRP as a bridge currency or is it only going to be used for deposits and withdrawls?
A:
Dear [redacted],
Thank you for contacting us.
We offer and will continue offering XRP ONLY as a funding method for deposits and withdrawals meaning that XRP is just an cryptocurrency we are sending/receiving via RippleNet Ledger (same for example as for Bitcoin's Blockchain). There is no conversion, there are no banks involved, so we are not affected by any additional products Ripple (as Company) launches.
We hope this has addressed your question. For further queries, please do not hesitate to contact us.
Best regards,
FXChoice Limited

An international wire transfer payment was sent to my SBI savings account on dec-2016.Almost 3 years have passed,still the amount is not credited to my account. Regarding this matter,i visited my home branch and had shown the payment information ( UTR no ) etc , but they advised me to contact the SBI remittance department . Since then i have sent multiple emails to the forex dept of SBI ,my home branch, but didn't get any positive response .Even though when they gave response it was a generic response. I have registered multiple complaints in their cms portal. most of the times they gave me a ticket which is nontrackable in the portal.
I registered a new complaint yesterday and to my utter surprise today when i checked the status it is showing me atm related complain. But yesterday it was showing the right complaint type -inward remittance not credited .Anyway i'm really frustrated with SBI and their customer service. how can i raise a complaint to their high authority? There customer care is uselsess .When i have contacted them today and asked why did they change my complain type they gave reply -"you must have complained about atm card ,otherwise why it is showing as atm card related complain ?" I said "i'm asking the same question why it is showing different complain. I didn't complain about atm card .close this complain ". She said -"We can not close any complain " .. Seriously !! what is this ..!Can anyone enlighten me the path to raise a complain to their higher authority so that my grievance gets addressed and i get the money credited to my account which has been stuck in their system for a long time . I would really appreciate any help. Thank you

Anyone with a little perspective will have noticed that crypto is a series of bubbles. Bitcoin bubbles in its firsts years of life were pretty small and fueled basically by nerds, weirdos and lurkers of the internet. Those days the daily volume wasn't even half a million (today: $5,000,000,000). We were only a handful of freaks buying and selling Bitcoin but that wasn't an obstacle for Bitcoin to form bubbles. As Bitcoin reached greater audiences the price increased, reached a new stratum and keep on forming new bubbles.  
Back to these days. In the bubble we've just seen last December were involved not only a few freaks but also a slice of the mainstream, a small slice. This bubble was fueled basically by millenials, young people, I'm going to take a wild guess here but I'd say the 80% of owners of cryptocurrencies are under 35. In December cryptocurrencies were already easily accesible and easy to buy (hence the spike), but it was actually not so easy for non-millenials and older people. Despite this, exchanges were overwhelmed by massive hordes of new clients, crypto-related subreddits exploded, crypto debates in tv, crypto everywhere, everybody went crazy... and that's what happens when you set foot on mainstream. I want you to focus on the spike that happened in the last November-December fueled by millenials.  
Some people say that after this correction that we're suffering there's no money left in the world to be put in crypto markets. But they're wrong, and if they get rid of their holdings they're going to miss out the biggest increase in price ever seen in crypto, and we would have to see suicide posts again but not because of a crash, but because of people who missed out and threw away the chance of their life. There's another stage ahead and we're heading to it. The next stage is where institutional money jump on board and renowned investors as well as innovative banks will lead the way.  
Reputable investment funds will incorporate crypto to their portfolio, spreading the trend to another investsment funds. Banks will start offering crypto related products and crypto investment advice to their clients, just as they're doing now with stocks, forex or pension plans. Exchanges will start to become more professionally managed. More bank-friendly. Institution-friendly. SBI virtual currencies is evidence of this. Even the feared regulations will play in our favor, cleaning up uncertainty and setting crystal clear rules. All these points combined are the flood gates.  
This is going to get really huge guys. 20 trillion market cap, as someone predicted, is not crazy at all, and remember these wise words: Once the flood gates are opened… all hell will break loose. Which basically means, another crypto bubble is yet to come fueled by the whole financial system. You've been warned on June 2018.  

1. Listing on Coinbase (Forkbase), retail market driven
2. SEC declaration of its legal status (investor certainty signal) retail and institutional speculative drive
3. Production deployment of XRapid (institutional utility drive) (banks, remittance providers, payment apps like alipay,.etc.)
4. Announcement by central banks of backing of stable coin on XRP ledger (FOMO by entire planet)
5. XRP ETF (institutional speculative)
6. XRP used by SBI Holdings for FOREX settlement (institutional utility)
7. Announcement by major institution (Fidelity, Black rock, etc.) of institutional Custodianship for digital assets (including XRP) (institutional and retail speculative)
8. CODIUS deployment commits on Github rising exponentially when developers realize the coding is agnostic, settlement time and transaction fees are virtually nonexistent (development utility for institutional and retail use cases)
9. Ripple announces production level product for derivatives trading and settlement using CODIUS smart contracts and XRP ledger (institutional utility)
10. BTC bull run with trickle down crypto economics
11. Use by the Arabian Peninsula for oil contract settlements

Any single one is equivalent to trillion dollar markets at full utility. I think Ripple is working on ALL of these! People, step back and stop looking at bullshit manipulated crypto charts, the stars are aligning. Buy as much as you possibly can, sell blood. Get ready and start worrying about how you're going to hide all your money.

Public sector banks will embark on second round of 2-day bottom-up ideation exercise beginning Thursday for further streamlining the banking sector to help the nation become a USD 5 trillion economy in 5 years. The second leg of the month-long campaign will be inter-bank and will be held at state-level as per the direction of Department of Financial Services, Ministry of Finance. The first round was focussed at branch level and suggestions and ideas received from there will now be discussed at the state level from tomorrow, official sources said.
-Economic Times
Members of the RBI's Monetary Policy Committee at its rate review held on 7 August have agreed that supporting growth will remain their top priority in the midst of inflation remaining stable within the next 1 year, according to the minutes of the meeting released on today.
-Livemint
The Banks Board Bureau has invited applications for the post of MD & CEO in 4 leading PSBs — Bank of India, Bank of Baroda, Punjab National Bank and Canara Bank.
-Moneycontrol.com
The IL&FS had not disclosed any NPAs for the last 4 years, the RBI has said in a report. The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT.
-Economic Times
SBI is planning to establish nearly 10 lakh YONO Cash Points in the country over 18 months, said its Chairman Rajnish Kumar today. The platform is secure and will eliminate the requirement of using debit cards, Kumar said.
-Business Line
BookMyForex.com, a marketplace for foreign exchange and remittances, has partnered with YES Bank to launch a co-branded multi-currency forex travel card for Indian overseas travellers. BookMyForex will offer zero margin or exact inter-bank rates 24x7 on forex card sales.
-Business Line
SEBI today provided more teeth to rating agencies by allowing them to obtain details of borrowings and defaults by companies. It also announced rewards for whistle blowers and approved changes in norms prohibiting insider trading.
-Economic Times
SBI Cards and Payment Services Pvt. Ltd, the credit card subsidiary of SBI, invited investment banks and lawyers to act as advisers for its proposed IPO.
-Moneycontrol.com
The finance ministry has initiated a review of India’s free trade agreement framework to assess the impact of such pacts on the overall economy. The view has been gaining ground among policymakers and industry that these free trade agreements (FTAs) brought little tangible benefit to India, while helping the partner country.
-Economic Times
IL&FS has informed NCLT that in contravention of a NCLAT order, banks have debited about Rs 759 crore in the last 8 months for repayment on their dues which amounts to coercive creditor action.
-Economic Times
Parle Products Pvt Ltd, a leading biscuit maker, might layoff up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a Co executive said today.
-Business Line
The probe by the Enforcment Directorate in the money laundering case, involving former finance minister P Chidambaram, has been enlarged. It suspects his role in granting alleged illegal Foreign Investment Promotion Board clearances to at least four more business deals, apart from INX Media and Aircel-Maxis, and receiving multi-crore kickbacks through multiple shell firms, official sources said today. The CBI has issued a Look Out Circular P Chidambaram to prevent him from leaving the country, officials said.
-Business Line
USD/INR 71.55
SENSEX 37060.37(-267.64)
NIFTY50 10918.70 (-98.30)

 -#210819 

Indian consumers appear to show zero loss of appetite for cash despite Government’s numerous efforts to wean them away from currency notes and get them to transact digitally. Currency in circulation in India in the fortnight to July 5 was Rs 21.1 lakh crore, as against Rs 18.7 lakh crore in the same period last year, translating into growth of 13%.
-Economic Times
Finance Minister Nirmala Sitharaman today said Government has de-registered 4 lakh shell companies as the Lok Sabha approved a bill seeking to tighten CSR norms and ensuring stricter action for non- compliance of the Co law regulations. Piloting the Companies Amendment Bill 2019, the minister said companies not spending the mandatory 2% profit on Corporate Social Responsibility (CSR) activites for a total period of 4 years will be required to deposit the amount in a special account.
-Economic Times
RBI Governor Shaktikanta Das has expressed concerns over the impact of stressed trade negotiations and rising geopolitical tensions on global economy while backed the building up of forex reserves by emerging economies as safe-guard against global contagion.
-Economic Times
Punjab National Bank today reported a net profit of Rs 1,019 crore as compared to a net loss of Rs 940 crore recorded in the same quarter last fiscal.
-Business Line
The New Delhi-based agri services solutions firm Sohan Lal Commodity Management (P) Ltd said today that it entered into an agreement with SBI for collateral management and warehousing services. As part of the pact, SLCM will act as custodian of the commodities that SBI has taken as a security against loans, said a press statement.
-Business Line
The South Indian Bank has achieved a net profit of ₹73.26 crore in Q1 of FY19, against ₹23.04 crore during the corresponding period of the previous year. The bank’s operating profit has also grown to ₹317.63 crore from ₹269.64 crore.
-Business Line
The Mumbai bench of the NCLT, on Thursday, put a stay on its own order which had allowed the government’s plea to prosecute IL&FS’ erstwhile auditor, Deloitte.
-Business Line
Union Home Minister Amit Shah received a dividend cheque of Rs 15.26 crore from the representatives of the Repco Bank, a multi state cooperative finance and development bank controlled by the Home Ministry. The Repco Bank is a multi state cooperative society established in 1969 by the Central Government for rehabilitation of repatriates from Myanmar and Sri Lanka, an official statement said.
-Economic Times
Indian authorities are concerned that WhatsApp’s payment service might share user data with group companies Facebook & Instagram, compromising the security, privacy and non-commercial information of its subscribers. The Government has asked the NPCI to look into the matter and ensure that user data collected through payment services such as WhatsApp and Google Pay is not shared, top officials said.
-Economic Times
Muthoot Finance has halted gold loan processing and disbursal in several branches for about 3 days from Thursday. The NBFC did not respond to a query on the likely impact of the halt in gold loan disbursal on its business. It may be noted that the RBI had said earlier this week that it was seeing ‘signs of fragility’ and that it was constantly watching 50 NBFCs, including large ones.
-Business Line
USD/INR 68.89
SENSEX 37882.79 (+51.81)
NIFTY50 11284.30(+32.15)

 -#260719 

MPs, state legislatures, or local bodies such as municipal corporations cannot be on the boards of public sector banks. Also, partners of chartered accountancy firms engaged as statutory central auditors at any PSB cannot join the boards of these banks, RBI said in an updated circular on fit and proper criteria in PSBs.
-Economic Times
The RBI clarified that banks and NBFCs cannot impose foreclosure charges / pre-payment penalties on any floating rate term loan sanctioned, for purposes other than business, to individual borrowers with or without co-obligant(s). The RBI has done away with foreclosure charges /pre-payment penalties on all floating rate term loans sanctioned to individual borrowers with effect from May 7, 2014.
-Business Line
IMPS is gaining traction and the number of transactions rose to 19 crores in July even as the transaction value for UPI and the Centre’s flagship digital payment app BHIM continued to decline for the second straight month. According to data released by the NPCI, IMPS hit a record high in July in terms of value, too. As many as 18.92 crore transactions amounting to over ₹1.82-lakh crore were conducted through IMPS in July against 17.13 crore transactions worth over ₹1.73-lakh crore in June.
-Business Line
Clearcorp Dealing Systems India Ltd (Clearcorp), a wholly owned subsidiary of Clearing Corporation of India Ltd, will launch its forex trading platform, FX-Retail, for the customers of banks on Aug 5. The FX-Retail platform will provide an anonymous and order driven dealing in US Dollar (USD) / Indian Rupee (INR) currency pair for bank customers -- individuals, sole proprietorship firms, partnership firms and corporates, Clearcorp said in a statement.
-Business Line
Corporation Bank registered a net profit of ₹103.27 crore in the first quarter of 2019-20 as against a profit of ₹84.96 crore in the corresponding period of the previous fiscal, recording a growth of 21.55%.
-Business Line
SBI today said the RBI has imposed a penalty of Rs 50 lakh on it for non-compliance relating to reporting of frauds.
-Economic Times
Oriental Bank of Commerce & Punjab National Bank today said the RBI has imposed a penalty of Rs 50 lakhs on them for non-compliance relating to reporting of frauds in the Kingfisher Airlines account.
-Economic Times
Bandhan Bank would open 187 new branches by the end of the current FY, taking the total number to 1,187, a top official said today. The bank would also open 340 doorstep service centres by 2019-20, MD & CEO Chandra Sekhar Ghosh said.
-Economic Times
Punjab & Sind Bank said it has declared NPA account Fairdeal Supplies Ltd as a fraud and has reported the matter to the RBI, it said in a regulatory filing.
-Economic Times
LIC Housing Finance reported an 8% increase in standalone net profit at ₹611 crore in the first quarter (Q1FY20) against ₹568 crore in the year-ago period.
-Business Line
Former RBI Governor Duvvuri Subbarao on Friday said that any government trying to “raid” the balance sheet of a central bank can be seen as a desperate move.
-Business Line
A spate of reforms undertaken by the Government has led to the current slowdown in the country, Amitabh Kant, the CEO of policy think-tank NITI Aayog, said. This came as a note of caution from the senior official as he was advocating a series of policy decisions to revive the economy.
-The Hindu
The country's forex reserves decreased by $727 million to $429.649 billion for the week ended July 26, led by a decline in foreign currency assets, RBI data showed on Friday.
-Moneycontrol.com
As the Rajya Sabha passed the Code on Wages, 12 Central Trade Unions, except the BMS, held protest across the country demanding the Centre to withdraw the proposed Labour Codes. Terming the 4 proposed codes anti-labour, the trade unions alleged that the Bills are being passed without any tripartite negotiations with trade unions, chambers of commerce and the Governments. They alleged that there is a conspiracy to take away the right to work for 8 hours and give the power to the State governments and the Centre to set working hours.
-Business Line

 -#030819 

In a bid to deal with stress in NBFC sector, guidelines will be issued soon for PSBs to take over pooled assets of NBFCs, a finance ministry official said. "Both Department of Economic Affairs, and Financial Services are in consultation. The eligibility norms for takeover should be out this week or latest by next week," the official said.

• Moneycontrol.com

The RBI will come out with a mobile application to help visually challenged people in identifying currency notes. The RBI said that identification of banknote denomination is key to successful completion of cash-based transactions by visually impaired persons.
-Business Line
SBI Payment Services Pvt Ltd (SBIPSPL) is planning to double the number of point-of-sale (PoS) units deployed by it to 1.2 million by 2021- 22 (FY 22). This is part of the Co’s strategy to be a key player in the Centre’s ambitious plan to increase the number of PoS terminals across the country.
-Business Standard
Led by LIC, life insurers’ collective new premium income jumped 94% to ₹32,241.33 crore in June this year, according to data from IRDAI. All the 24 life insurers had written new gross premium of ₹16,611.57 in the same month a year ago.
-Business Line
Dewan Housing Finance Corporation Ltd (DHFL) reported a huge standalone net loss of Rs 2223 crore in the fourth quarter ended March 31, 2019 against a net profit of Rs 134 crore in the year ago quarter.
-Business Line
Dewan Housing Finance Corp Ltd (DHFL), warned that its financial situation was so grim that it may not survive. The Co said it was "undergoing substantial financial stress" and its ability to raise funds was "substantially impaired and the business has been brought to a standstill with there being minimal/virtually no disbursements."
-Economic Times
Thomas Cook has refuted allegations that an investigation is underway concerning its forex business breaching the Rs 14.7 crore foreign exchange reserve mark at the Cochin International Airport. As per media reports, the Air Customs Intelligence department had initiated an enquiry against Thomas Cook and had written to the RBI demanding cancellation of the Co's license after an alleged 'misappropriation' occurred while granting foreign exchange to foreign nationals at the Cochin International Airport.
-Economic Times
9 of the 10 most valued firms suffered a combined erosion of ₹ 88,609.87 crore in market valuation last week, with HDFC Bank and TCS taking the biggest knock. Reliance Industries Ltd was the lone gainer among the top-10 frontline companies, adding ₹ 11,415.21 crore to its market capitalisation (m-cap) for the week ended Friday to reach ₹ 8,11,782.20 crore. On the other hand, HDFC Bank’s valuation plummeted ₹ 22,395.4 crore to ₹ 6,54,084.95 crore. The valuation of SBI tanked ₹ 6,291.85 crore to ₹ 3,24,454.25 crore and that of ICICI Bank dropped ₹ 5,925.68 crore to ₹ 2,75,568.83 crore.
-Business Line

 -#140719 

Department of Financial Services (DFS) has informed that RBI is examining the priority sector lending norms for promoting export credit, Commerce and Industry Minister Piyush Goyal said.
-Economic Times
The Finance Ministry today said that it will look into the applicability of 20% tax proposed in the 2019-20 Budget on the current share buybacks by listed companies. Finance Secretary Subhash Chandra Garg, speaking at a CII event, said the proposed tax on listed companies is aimed at discouraging share buybacks and encouraging investments.
-Economic Times
The Indian Government had Rs 66,793 crore outstanding loans with the RBI under ways and means advances in the week ended July 5, according to the RBI weekly statistical supplement released today. The Central Government had Rs 6,596 crore outstanding loans in the week earlier. State governments had Rs 5,566 crore loans from the RBI in the week ended July 5, compared with Rs 1,661 crore in the previous week, the release showed.
-Economic Times
Even as the real estate industry complains of a slowdown in sales, a RBI survey has said that housing has become less affordable over the last 4 years. This indicates that developers are holding on to prices.
-Economic Times
NABARD today said it plans to raise about Rs 55,000 crore from the market in the current fiscal to fund its business growth and also support various agricultural and rural development schemes of the Government.
-Business Line
After the merger of Bank of Baroda with Dena Bank and Vijaya Bank, the amalgamated lender is focusing on integrating the sprawling technology systems of the 3 financial firms to provide a smooth customer experience. The IT heads of the 3 banks, which together have over 9,500 branches, began chalking out an integration strategy the moment the deal was announced. They, however, had some time before the required slew of approvals came in for the three-way merger.
-Economic Times
The Asian Infrastructure and Investment Bank will launch local currency financing products in India and some other countries this year to provide more options to borrowers, its president Jin Liqun has said. The multilateral development bank could start rolling out the product in pilot countries including India, Indonesia, Thailand and Russia from this month itself. It would focus on private sector clients, Jin said.
-Economic Times
SBI has waived charges on NEFT and RTGS transactions through internet and mobile banking from July 1, after the RBI decided to do away with the charges with an aim to move the country towards less-cash economy. The SBI has also decided to do away with the charges on fund transfer through mobile phones using the IMPS (immediate payment service) from August 1.
-Business Line
IndusInd Bank today reported a 38.30% year-on-year jump in consolidated profit at Rs 1,432.50 crore for the June quarter. The bank had reported a net of Rs 1,035.72 crore in the year ago period.
-Economic Times
UCO Bank is making all efforts to ensure that exporters who do business with Iran can approach its designated branches for help. The bank has increased the number of such designated branches (for doing business with Iran) from 22 to 67. It is now contemplating to set up an apex processing centre across its branch network to help exporters. “This could take another 6-7 months,” a top bank official said.
-Business Line
YES Bank as an issuing and paying agent, facilitated the issuance of a Commercial Paper of INR 100 Crores using Blockchain technology for Vedanta LTD, a natural resources conglomerate. This is the first time in Asia that a CP has been digitally issued using Blockchain technology.
-Moneycontrol.com
Axis Bank tied up with. Flipkart to launch a co-branded credit card and is aiming to sell 1 million of the new card in a year. The new co-branded card comes weeks after American lender CITI launched a similar offering by tying up with payments major Paytm.
-Economic Times
India’s industrial output growth slipped to 3.1% in May mainly on account of subdued performance of mining and manufacturing sector, according to Government data released today. The Index of Industrial Production (IIP) had expanded by 3.8% in May 2018. The index grew at 4.3% in April and 0.4% in March this year.
-Business Line
Retail inflation increased marginally to 3.18% in June over the previous month, mainly due to rise in food prices, according to official data. The retail inflation based on the Consumer Price Index (CPI) stood at 3.05% in May and and 4.92% in June 2018.
-Business Line
India's foreign exchange reserves rose to fresh record high of $429.91 billion as the country's gold and foreign currency assets increased in the week ended July 5. The forex reserves had touched record highs in the previous two weeks.
-Moneycontrol.com
The Government may approach the Ministry of Law and Justice for clarification on monitoring of the recently privatised IDBI Bank. The LIC in January 2019 acquired a 51% stake in the Bank, which reclassified it as a private sector financial institution.
-Moneycontrol.com
The NCLAT today said pension and PF that had invested in IL&FS would have top priority in payment from all categories of companies, whether classified as green, amber or red.
-Business Standard
Infosys today reported 5.2% growth in consolidated net profit to Rs 3,802 crore for the quarter ended June 30, 2019. It had posted a net profit of Rs 3,612 crore in the April-June 2018 quarter, Infosys said in a BSE filing.
-Business Line
USD/INR 68.68
SENSEX 38736.23(-86.88)
NIFTY50 11552.50(-30.40)

 -#120719 

It's official, the crypro market is still extremely immature and speculation-driven, and most investors are still completely unaware of the real-world utiliy Ripple has in the pipe for XRP. When bitconnect went up 100% yesterday and XRP is now under $.40, it is clear that the average Joe investor is simply throwing darts at a computer screen and or is chasing crypro-news reports like a dog chases a frisbee and has not yet discovered or researched big-daddy-XRP. And frankly, I'm fine with that; I actually prefer it that way. If the market blesses us with an opportunity to accumulate more XRP for less, before XRP's mighty hammer of utility drops, so be it.
It'll be quite the awakening to many though, when the first bank starts using XRapid end of this year and dozens in 2019. And when SBI VC starts utilizing XRP to run their forex trading, pumping the volume, as well many of their consortium of 61 banks eventually running XRapid, many still won't even have a clue what's going on. When XRP overtakes BTC by market cap in 2019, off of sheer utility alone, your average investor will probably be blind-sided and still thinking XLM is "direct competition" to XRP.
When a majority of the market is still focused on coinbase, who makes up only about 12% of the world's BTC exchange volume, and getting excited over them debating about possibly, maybe, hypothetically, adding some digital assets in the future, you know the market is still extremely uneducated to the potential of the XRP, that's real utility is right around the corner. And when you see news articles about BTC needing to go to $200k to perform the duty of word-currency, when we've all witnessed first-hand how BTC litterally becomes unusable as a currency at $20k, you know a majority of the market is still completely in the dark and has no idea that XRP is poised to be the digital bridge-asset to the world.
But for the XRP holder, we're an informed lot, we've done our own research and have looked beyond the FUD. All the constant weekly, even daily good news for Ripple and XRP is just common knowledge and is another day in the life of an XRP investor. We know that big-daddy-Ripple is chugging away behind the scenes, like the little engine that could, building liquidity, adding XRP on exchanges as primary asset and base currency, getting ready to bring XRapid prime-time and making those sweet, sweet partnerships that will ultimately result in the increased utility of XRP.
Let a majority of retail crypro investors put their hope and money in an asset that is litterally non-functional as designed, is controlled by China, and uses more power to secure the network than Greenland, smart money has done the research and knows which asset will be the ultimate champion. If the rest of the market fails to do their research and misses the boat, due to being distracted with chasing superficial pumps or buying into purposeful FUD, all it means it a chance for us, knowledgeable investors to accumulate more XRP for less as finances allow, while we wait for the real-world utility of XRP hit the fan. It might be a month, 3 months or a year but sooner than later the market will come to know XRP, and in a big way. And when that time happens, there is no time machine to go back to the days before the world came to recognize the power of the XRP. Boom, baby, BOOM BOOM!