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Ever since the RBI granted licenses to 11 companies to start payments banks in 2015 , we have seen three fully functioning, the latest one being Paytm. Vijay Sekhar Sharma, the founder, has recently raised 1.4 billion USD from <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">Softbank</keyword> and Alibaba. In a release addressed to media, Sharma said, “"RBI has given us an opportunity to create a new kind of banking model in the world. None of our deposits will be converted into risky assets." While <keyword id="6385180" type="UNKNOWN" weightage="20" keywordseo="Airtel-Payments-Bank">Airtel Payments Bank</keyword> offered free talktimes, Paytm Payments Bank defines itself as the first bank with zero online fees for any transaction, which includes virtual debit card, <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword>, IMPS. The only things that would be charged are cheque books, demand draft and debit cards, which would be physical. In India, payments bank can collect deposits up to Rs 1 lakh, has to invest 75% of its deposits in government securities, can offer different payment solutions, but can't lend. This comes to the bigger question how would they make money? Shubhankar Bhattacharya, venture partner at Kae Capital told The Economic Times, “For starters, payments banks can't issue loans or credit cards, and are modelled to cover the cost of capital through transaction charges on their payment product. Therefore, payments banks need to find other avenues to improve the yield on the assets made available to them from their depositors.” "Payments banks are more likely to cross-sell services that are being offered on their platform," added Bhattacharya. “They need very high volume to start churning profits. Wallet was the game of boys. Payments banks is the game of men," <keyword id="3849285" type="UNKNOWN" weightage="20" keywordseo="Ashita-Aggarwal">Ashita Aggarwal</keyword>, head of marketing, SP Jain Institute of Management and Research told ET. The 11 entites, which were granted licenses last year, Tech Mahindra, Cholamandalam Investment and <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Company and a consortium of Dilip Shanghvi, IDFC Bank and <keyword id="3371770" type="UNKNOWN" weightage="20" keywordseo="Telenor-Financial-Services">Telenor Financial Services</keyword> have already given up on the venture. It’s for us to wait and watch how Sharma makes Paytm Payments Bank successful like the mobile wallet.

How viable are payments banks in India?

Mumbai, Dec 31 () When the Narendra Modi government, stumped by the sudden resignation of Urjit Patel, parachuted retired bureaucrat Shaktikanta Das to RBI in December 2018, many expected a great lull in the public acrimony that marred the days of his academically more illustrious predecessors Patel and Raghuram Rajan.
 And 'the history graduate', as Das was parodied in his initial days, did not disappoint as the 25th governor of the central bank. He completed one year at the helm on December 12.
 But challenges are galore for the nation's chief money man as Das' record-setting rate cuts did not alleviate credit crisis, especially in the shadow banking space, and now turmoil in the cooperative banks sector due to the PMC scam.
 Also, falling growth and spiralling inflation are the other critical challenges facing the Reserve Bank of India (RBI) in the New Year.
 So far this fiscal, bank credit has grown just 7.8 per cent, against 13.6 per cent a year ago and might plunge to a 58-year low of 6.5-7 per cent by March, if the latest projections are anything to go by.
 It was in fiscal 1962 when credit demand was lower than this on record. At that time, it stood at 5.4 per cent.
 Ironically, the more the Reserve Bank of India (RBI) slashed rates, the faster the economy turtled, hitting a 25-quarter low of 4.5 per cent in the September quarter.
 Even as it eased the rates, the RBI slashed growth estimates by an unprecedented 240 basis points since the rate cutting cycle began in February to a low of 5 per cent.
 Similar has been its loss of face on the inflation front, which, after hovering under the glide path for a few years, has suddenly screeched up and is now pegged sharply higher at 5.1-4.7 per cent for 2020.
 Das, who as the economic affairs secretary managed the note ban mayhem with elan both for the government and the RBI, could temper the raising tempers between the central bank and the government, was primarily because he gave in a lot of space to North Block.
 Be it the historic cash transfers by setting up the Bimal Jalan panel in December 2018 itself or taking some of the crippled state-run banks out of the RBI radar or in getting a new NPA framework in place by June 2019 or in opening a special financing window for MSMEs.
 Under his governorship, Das silenced the ever-hungry market and North Block mandarins with 135 basis points reduction in interest rates through five successive rate cuts.
 However, the central bank's youngest Deputy Governor ever -- Viral Acharya -- quit six months before his three-year term was to end in June 2019.
 But those who know Das, including the RBI staff, fully back his working style and glasnost.
 RBI Central Board member Sachin Chaturvedi described Das as a person who brings in pragmatism, commitment, transparency and sincerity to the table.
 "Das has succeeded in getting government and other functionaries together and has made the board a cohesive platform," he told .
 Das also settled the autonomy issue -- most contentious of all -- and had said that so far as decision-making is concerned or taking a final call on any issue, they are taken by the RBI and is more than 100 per cent autonomous in decision-making.
 "Nobody interferes in my decision-making," Das said in September.
 The RBI, under Das, has been instrumental in diversifying liquidity management toolkit by launching the dollar-rupee swap auctions -- buying dollars and releasing equivalent amount of rupees into the system to ease liquidity.
 And the latest in containing rupee volatility and bond spikes are the open market operations twist under which RBI buys and sells equal quantum of gilts.
 Allowing non-residents to participate in rupee interest rate derivatives markets and making NEFT 24x7 and free are among the other decisions this year.
 RBI also put its foot down when it declined to raise the retirement age of private sector bank CEOs from 75 years, refused green-signal to Indiabulls' takeover bid for the crippled Lakshmi Vilas Bank and said no to Uday Kotak's convoluted stake dilution move at Kotak Mahindra Bank. The last matter is now before the Bombay High Court.
 The apex bank also got regulatory powers of the NHB following the crisis at DHFL, also the first non-banking finance company to be referred for insolvency proceedings.
 It also forced banks to link all fresh retail loans to an external benchmark, following which repo rate was made as their benchmark for loan pricing.
 While the RBI should be credited for seeing the slowdown coming and cutting rates, the apparent fault was in not anticipating severity of the economic slump.
 However, the central bank unexpectedly paused rate cuts in December. It indicates the RBI is waiting for the budget on quality of fiscal deficit and quantum of off-balance-sheet borrowings, among others.
 Having worked with three finance ministers, Das also made the long and stormy RBI board meetings into non-events in no time with his consultative process even as he made it clear that the central bank is not a "cheer leader" for anyone.
 All said, it is difficult to say now whether it has been a year of floccinaucinihilipilification or that Das maintained a Panglossian countenance, smiling away at every difficulty.
 Monetary Policy Committee's Chetan Ghate had used the 29-letter word --floccinaucinihilipilification -- which refers to an action of estimating something as worthless.
 The New Year might have a clear if not direct answer to Panglossian ways. BEN HV RAM BAL ANS
ANS

History behind, Das-led RBI charts new trails sans acrimony

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>On Friday, the U.S. and European Union leveled a new round of sanctions aimed at Russia over its role in the ongoing crisis in Ukraine. The sanctions targeted Russia's largest bank and a major <keyword id="6354810" type="ORGANIZATION" weightage="60" keywordseo="Defense">defense</keyword> conglomerate.
These new sanctions further escalate diplomatic tension between the West and Russia. They come at a delicate time - Ukraine's government and pro-Russian separatist rebels in Ukraine's eastern regions <a href="http://www.businessinsider.com/ukraine-ceasefire-announced-2014-9" target="_blank">are a week into a ceasefire</a> that has mostly held despite accusations of violation by both sides. 
The latest U.S. sanctions, like the last round, target Russia's financial, energy, and defense sectors. Among the new targets is Russia's largest bank, Sberbank of Russia. The sanctions prohibit U.S. citizens or companies from providing new financing to the three major Russian financial institutions, thereby cutting off their access to U.S. capital markets. The sanctions also shorten the maturity threshold for the debt prohibition from 90 days to 30 days - meaning U.S. persons cannot engage in transactions involving new debt of greater than 30 days' maturity.
The new measures "will significantly increase the pressure on these institutions by constraining the financing options available to them," a senior administration official said Friday.
The U.S. has now targeted Russia's six largest banks in sanctions - Bank of Moscow, Gazprombank OAO, Russian Agricultural Bank, Sberbank, VEB, and VTB Bank.
The sanctions also are aimed at Rostec, a major Russian defense conglomerate. Like the restrictions on transactions with Russian banks, the new sanctions restrict U.S. loans to Rostec to no more than 30 days' maturity.
And the new measures prohibit U.S. companies from exporting goods, services, or technology to support five Russian energy companies in exploration or production for Russian deepwater, Arctic offshore, or shale projects that have the potential to produce oil. The Russian energy companies hit by the sanctions include Gazprom, Gazprom Neft, Lukoil, Surgutneftegas, and Rosneft.
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div> 
President Barack Obama <a href="http://www.businessinsider.com/obama-new-russian-sanctions-putin-2014-9" target="_blank">said Friday the sanctions</a><a href="http://www.businessinsider.com/obama-new-russian-sanctions-putin-2014-9" target="_blank"> were being imposed</a> in response to Russia's "actions to further destabilize Ukraine over the last month," including an incursion of at least <a href="http://www.businessinsider.com/ukrainian-president-russian-troops-are-advancing-in-ukraine-2014-8" target="_blank">1,000 Russian forces into eastern Ukraine</a> to fight with pro-Russian separatists in eastern regions of the country. The president also said a <a href="http://www.businessinsider.com/ukraine-ceasefire-announced-2014-9" target="_blank">ceasefire reached last week</a> has not produced "conclusive evidence" Russia has worked to de-escalate the crisis. 
"I encourage President Putin to work with Ukraine and other international partners, within the context of the Minsk agreement and without setting unreasonable conditions, to reach a lasting resolution to the conflict," Obama said in a statement.
"As I said last week, if Russia fully implements its commitments, these sanctions can be rolled back. If, instead, Russia continues its aggressive actions and violations of international law, the costs will continue to rise."

US SLAMS RUSSIA WITH NEW PUNISHING SANCTIONS

<ul class="summary-list"><li>Russia is weighing a plan to combine three of its oil giants, The Wall Street Journal reported. </li><li>The report says the merger would help Russian energy be more competitive amid slowing oil demand.</li></ul>Russia is considering a plan to combine three of its oil giants, making for the world's second-largest largest oil producer, <a target="_blank" class="" href="https://www.wsj.com/business/energy-oil/russia-explores-plan-to-merge-oil-giants-into-mega-producer-80a6aa6b">The Wall Street Journal reported</a>. The deal would involve state-backed Rosneft Oil taking over state-owned Gazprom Neft (a subsidiary of Gazprom) and the independently-run Lukoil, the Journal report said. Sources speaking with the Journal said the possible deal is subject to change and has been discussed among executives and government officials over the past few months.Talks of similar mergers have circulated in recent years, but there remain some hurdles, like opposition from executives at Rosneft and Lukoil, plus the large amount of financing needed to pay Lukoil's shareholders, the report said.It added that the merger is part of Putin's effort to compete with Saudi Arabia while oil demand slows amid a push toward renewable sources. If successful, the post-merger entity would be one of the world's largest oil producers, second only to Saudi Aramco, which produced almost 10 million barrels of oil a day in 2023, according to data from Rystad Energy UCube.It would also pump nearly three times that of US oil producer Exxon Mobil, the report added.The deal's proponents say the merger could generate far more revenue since the oil output from the three companies could be sold through Litasco, Lukoil's trading unit in Dubai.That would help fuel Putin's war effort in Ukraine. Oil and gas are key lifelines for Russia's economy, and provide nearly a third of federal revenue, but have faced new obstacles amid Western sanctions.Rosneft, Gazprom Neft, and Lukoil all face sanctions, making it difficult to engage in the energy trade with partners around the world. The report comes as oil prices have been largely depressed this year, partly because China has suffered a prolonged economic downturn and as the conflict in the Middle East hasn't resulted in any disruption to supply. The report said spokespeople from some of the involved parties denied the deal. A Rosneft spokesperson said the information was incorrect, while a Lukoil spokesperson said the company was not involved in merger talks because it would not be in the interest of the company, the report says. A state spokesperson, meanwhile, said the administration was not aware of a deal, the report adds.

Russia could merge state-run oil companies to make the world's 2nd largest producer, report says

<ul class="summary-list"><li>A well in Kazakhstan leaked 140,000 tons of methane into Earth's atmosphere in 2023, scientists say.</li><li>That's equal to nearly enough gas for nearly 800,000 cars over a year.</li></ul>A methane well in Kazakhstan is estimated to have released 140,000 tons of gas into Earth's atmosphere, as it leaked for 205 days in one of the world's worst-ever blowouts, environmental scientists said.The new figures were reported in a <a target="_blank" href="https://eartharxiv.org/repository/view/6709/">pre-print analysis</a> by research teams from France, Spain, and the Netherlands. It was released on Tuesday but has not been peer-reviewed.The BBC also published <a target="_blank" href="https://www.bbc.com/news/world-asia-68166298?">an analysis on Thursday</a> about the scientists' findings.Using satellite data, the scientists said they documented some 127,000 metric tons of methane ejected in the Karaturun East oil field in 2023, when a fire there lasted from June to December.That amount of methane is equal to emissions from 791,318 gas-powered cars being driven over a year, per the <a target="_blank" href="https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results">Environment Protection Agency website's calculators.</a>Methane is estimated to have around 28 times more global warming potential than carbon dioxide. It also accounts for <a target="_blank" href="https://www.iea.org/reports/global-methane-tracker-2023">30% of the world's rise in temperatures</a> since the Industrial Revolution.The Karaturun leak began during exploration drilling at the well on June 9, when a <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-08-03/giant-methane-leak-in-kazakhstan-shows-climate-risk-of-gas-exploration">blowout created a 32-foot-high fire</a> and a 50-foot-wide crater that made it difficult to seal up.It was eventually plugged on December 25 when well operator Buzachi Neft injected drilling mud into the wellbore, <a target="_blank" href="https://www.upstreamonline.com/safety/kazakh-operator-halts-gas-fire-at-well-that-has-been-burning-since-june/2-1-1576636?zephr_sso_ott=ODBzqL">per oil and gas newspaper Upstream.</a>The scientists in Europe said it's often difficult to measure how much gas is released in remote leaks like this one, and that they showed how satellite data could be effective in assessing the damage or in discovering unreported leaks.They detected 115 methane emissions over the six months of the Kazakh leak, their analysis said.The Kazakh leak is one of the most disastrous ever recorded, according to Luis Guanter of the Polytechnic University of Valencia, who was part of the research team.He told the BBC that "only the <a target="_blank" href="https://www.businessinsider.com/nord-stream-pipelines-attacked-remote-explosives-uk-intelligence-2022-9">Nord Stream sabotage</a> may have led to a stronger leak."Buzachi Neft, the operator of the well, denied to the outlet that such a vast amount of methane was leaked, saying only a "negligible" amount was released.Buzachi Neft did not immediately respond to a request for comment sent outside regular business hours by Business Insider.

A methane well that leaked for 6 months has released a year's worth of emissions for 791,000 cars: report

<keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> is a pioneer of QR-based and mobile payments and the <keyword id="1736801" type="General" weightage="20" keywordseo="paytm-app" source="Orion">Paytm app</keyword> has become a one-stop-shop for all kinds of <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">payments</a> online over the years. The platform allows users to shop online, make payments using UPI, book tickets, recharge mobile phones and much more. The platform that began India’s fintech revolution is more than just a general payments app today, and one of its most useful functions is in managing and paying <keyword id="133020" type="General" weightage="20" keywordseo="credit-card-bills" source="Orion">credit card bills</keyword>. Paying credit card bills on Paytm is simple, easy and functional. It can remind you when it’s time to pay, and can be used to pay multiple bills at the same time. Here are some reasons you should use the Paytm application to pay <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">credit card bills</a>. <ul><li>The Paytm app makes credit card payments easy by allowing users to add multiple cards to the app and remember them.</li><li>By adding multiple cards, the app also allows users to pay for all the credit cards at the same time. The Paytm app allows you to pay your credit card bill for all banks across Visa, Mastercard, Rupay, American Express, and Diner card portfolios.</li><li>The app also provides rewards, cashback, and flexible payment methods for users to pay credit card bills.</li><li>While bank applications usually use NEFT or IMPS methods for bill payment, the Paytm app throws UPI into the mix.</li><li>The Paytm app also allows the user to set reminders for bill payments, so they don’t miss the due date.</li></ul>How to make payments using Paytm app If you don’t have a <a href="https://paytm.com/credit-card-bill-payment?utm_source=BusinessInsider&amp;utm_medium=article&amp;utm_campaign=Credit-Card-Bills-payment">Paytm </a>account, you need to download the app on your iOS or Android smartphone and create one. Once that is done, you can go to the ‘recharge &amp; bill payment’ section on the Paytm app and select the ‘<keyword id="1069333" type="General" weightage="20" keywordseo="credit-card-payment" source="Orion">credit card payment</keyword>’ option. The app will ask you to enter the credit card number when you make a payment the first time, but it can remember the card after that. With the Reserve Bank of India’s (RBI) new guidelines in place, the cards will be saved with Visa, Mastercard, or another card issuer, and Paytm won’t actually store the details on its own servers. Once the card number is entered, the user will need to click ‘proceed’, to allow the app to automatically detect the bill amount by contacting your bank. The next step is simply to select one of the payment modes — UPI, net banking, debit card, etc — and make the payment. A decade ago, people had to go to an ATM and drop a cheque to pay their credit card bills, but the Internet made that simpler. And now, apps like Paytm are making this process easier by bringing different cards and different payment methods to the same medium. Add features like late fee protection and reminders on top, and you have perhaps the best way to make credit card payments. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm makes it easier to pay credit card bills – here are five reasons why you should be using it

<ul><li><keyword id="194502" type="General" weightage="20" keywordseo="cms-info-systems" source="Orion">CMS Info Systems</keyword>’ IPO opened its IPO today on December 21 and will close on December 23.</li><li>The company plans to raise ₹1,100 crore via public issue of shares, which is a complete offer for sale by promoter Sion Investment Holdings PTE.</li><li>Commenting on impact over another lockdown, the company’s director and CEO Rajiv Kaul told Business Insider that, “We hope we are well prepared in case anything untoward happens, it could be a natural calamity or it could be a thing like covid or a new variant.”</li></ul>Mumbai-based cash management company CMS Info Systems that has opened its initial public offering (IPO) today may face a hurdle in its finances once again if another wave of COVID-19 comes through. “We hope we are well prepared in case anything untoward happens, it could be a natural calamity or it could be a thing like covid or a new variant,” said, director and CEO of CMS Info Systems Rajiv Kaul to Business Insider in an interview. This played out in 2020 when the company’s revenue fell 6% due to the lockdowns and lack of use of ATMs thereof. <div type="image" title="CMS Info reve" height="900" width="1200" msid="88400139" hostid="261"></div> The company manages cash for banks along with other outsourcing requirements for banks, financial institutions, organized retail and e-commerce companies in India. Its business includes installing, maintaining and managing assets and technology solutions on an end-to-end outsourced basis for banks under long term contracts. The company’s finances dipped slightly during lockdown as customers shifted some part of their transactions to digital payments. However, lockdowns are only one part of the risk. The other longer-term risk is the policy push from both the government and the Reserve Bank of India who want people to use less cash and more digital payments in the time to come. More than two⁠-thirds of CMS’ revenue comes from picking up cash from the banks and delivering it to the ATMs. So far, thankfully for CMS, these calls for a cashless India have not yielded much result. In fact, the cash in circulation in the economy has only gone up five years after the <a href="https://www.businessinsider.in/stock-market/economy/news/moodys-rating-and-outlook-for-indian-economy/articleshow/71967678.cms">ill-advised demonetisation</a> <div type="image" title="CMS grid value and volume (1)" msid="88400145" hostid="261"></div>“Digital transactions have been growing for a long time, it’s not only today, we are just talking about it today. We are talking about it since demonetisation because paytm, mobikwik and all was happening. So it's not a new disruption. Digital is disrupting some elements of cash, check, RTGS, NEFT or mobile payments and UPI. So there is a lot of flux and volatility,” said Kaul. Business operations in three segments: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Description </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% percentage of total income in FY21 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cash management services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Include end-to-end ATM replenishment services, cash pick-up and delivery, cash-in-transit services for banks </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">67.79% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Managed services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banking automation product sales, common control systems, and software solutions </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">27.54% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Financial cards issuance for banks and card personalisation services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.47% </td></tr></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-9-stocks-are-down-as-much-as-15-since-being-the-top-diwali-picks-6-weeks-ago/articleshow/88387967.cms">From ICICI Bank to INOX, these 9 stocks are down as much as 15% since being the top Diwali picks 6 weeks ago</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/razorpay-is-now-the-most-valued-fintech-startup-in-india/articleshow/88382493.cms">Razorpay is now the most valued fintech startup in India</a>

INTERVIEW: Here’s why this cash management firm is going for an IPO when Indians are being pushed to go cashless

<ul class="summary-list"><li>Several countries have cut <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> ties with <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>, while others are snapping up cheap supplies. </li><li>The US, UK, and some EU countries have all taken action. </li></ul>A divided approach toward the <keyword id="13610598" type="UNKNOWN" weightage="60" keywordseo="russian-energy" source="Orion">Russian energy</keyword> trade has become more apparent in recent weeks.While some nations have deliberated or announced bans on Russian <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> and <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> imports, others are doubling down.When Russia launched an unprecedented attack on <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> earlier this year, Western nations joined forces to impose sanctions on the country in an effort to punish Russia for its actions.Punitive measures range from blocking certain Russian banks from accessing the <a href="https://www.businessinsider.com/russia-swift-ban-not-most-effective-sanction-experts-2022-3?r=US&amp;IR=T">SWIFT global banking system</a> to the EU and other European countries <a href="https://www.businessinsider.com/map-shows-countries-that-closed-airspace-russia-over-ukraine-war-2022-3">barring Russian flights from their airspace</a>. As the war continues, countries are now slapping sanctions on Russia's energy sector, which has the <a href="https://www.businessinsider.com/europe-buying-russian-gas-ukraine-invasion-putin-sanctions-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">world's largest natural gas reserves</a> and is the <a href="https://markets.businessinsider.com/news/commodities/too-big-to-sanction-10-facts-russia-oil-commodity-exports-2022-3" target="_blank" rel="noopener noreferrer">third-biggest oil producer</a>, accounting for about 12% of global oil production. Here's how some countries are grappling with Russian energy issues.<h1>Italy</h1>Italy is tempering its reliance on Russian gas by turning to countries like Egypt and Algeria for their energy supplies. Eni, the Italian oil and gas giant, recently signed a framework agreement with state-owned Egyptian Natural Gas Holding Company (EGAS), which it said would help maximize gas production and exports of liquefied natural gas.Per <a href="https://www.reuters.com/business/energy/italy-needs-least-3-years-fully-replace-russian-gas-imports-minister-2022-03-16/">Reuters</a>, Italy sources around 40% of its gas imports from Russia. It has also agreed to <a href="https://www.bloomberg.com/news/articles/2022-04-11/italy-to-buy-more-algerian-gas-in-attempt-to-cut-russia-reliance?sref=lAVQtUwz">ramp up its gas imports from Algeria</a> by around 40% amid the war. <h1>Baltic states </h1>This month, the Baltic states comprising Lithuania, Latvia, and Estonia cut Russian gas imports. "Since April 1st, Russian natural gas is no longer flowing to Latvia, Estonia and Lithuania," Uldis Bariss, CEO of Conexus Baltic Grid, Latvia's natural gas storage operator, <a href="https://www.aljazeera.com/news/2022/4/3/baltic-states-stop-russian-gas-imports-over-ukraine-invasion">per Al Jazeera</a>. Lithuania became the first European country to abandon Russian energy supplies in the wake of the Ukraine war. "If we can do it, the rest of Europe can do it too!" the country's president, Gitanas Nauseda <a href="https://twitter.com/GitanasNauseda/status/1510277034357968898">said on Twitter</a>.<h1>US</h1>Outside of Europe, the <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3">US banned Russian oil and gas imports too</a>. President Joe Biden announced the "powerful blow" against Russian President Vladimir Putin last month."This is a step that we're taking to inflict further pain on Putin, but there will be costs as well here in the United States," Biden said. "I'm going to do everything I can to minimize Putin's price hike here at home."American consumers are feeling the effects of surging gas prices as a result of pandemic-era inflation, coupled with the new sanctions imposed on Russian energy supplies. In March, <a href="https://www.businessinsider.com/gas-prices-highest-since-great-recession-ukraine-crisis-commodity-market-2022-3">the average US gas price-per-gallon jumped above $4 for the first time since 2008</a>.<h1>UK</h1>The UK government recently announced measures against Russian energy supplies, pledging to end all imports of Russian <keyword id="11911392" type="UNKNOWN" weightage="60" keywordseo="coal" source="Orion">coal</keyword> and oil by the end of 2022. "By the end of 2022, the UK will end all dependency on Russian coal and oil, and end imports of gas as soon as possible thereafter," <a href="https://www.gov.uk/government/news/uk-imposes-sweeping-new-sanctions-to-starve-putins-war-machine">the government said</a>. It added that the UK would also ban the export of key oil refining equipment and catalysts, "degrading Russia's ability to produce and export oil." Further sanctions include measures against Aleksander Dyukov, the CEO of Russia's third-largest and majority state-owned oil producer Gazprom Neft. <h1>Germany </h1>The country faces escalating pressures to pull away from Russian energy, though it has been heavily reliant on it, particularly the natural gas that's through the Nord Stream pipeline network.However, cutting Russian ties may prove a lengthy process.Cutting Russian gas from the German economy would significantly impact its manufacturing industry and could lead to rationing schemes, <a href="https://www.businessinsider.com/germany-reliance-russian-energy-ukraine-war-natural-gas-oil-trade-2022-4">Insider's Ben Winck reported</a>. <a href="https://www.bloomberg.com/news/articles/2022-03-23/scholz-says-german-reliance-on-russian-energy-will-end-quickly">Per Bloomberg</a>, German chancellor Olaf Scholz said: "We are actively working to get independent from the necessity of importing gas from Russia. This is, as you may imagine, not that easy because it needs infrastructure that has to be built first."<h1>India and China </h1>Amid a wave of countries cutting Russian energy supplies, India and China stand have taken a different approach.As sweeping sanctions hit Russia's oil exports, prices shot down so much that some buyers from India and China were attracted to snapping up cheap Russian energy, <a href="https://markets.businessinsider.com/news/commodities/russia-crude-oil-west-sanctions-china-india-2022-3">Insider's Huileng Tan reported</a>. <a href="https://www.reuters.com/world/indian-pm-modi-suggests-direct-talks-between-putin-zelenskiy-2022-04-11/">Reuters</a> reported that since Russia's invasion of Ukraine, India had bought at least 13 million barrels of Russian oil. It's not stopping at cheap oil, however. Russian coal remains on India's radar.Ramchandra Prasad Singh, an Indian politician and member of parliament, said at a conference in New Delhi that India is "moving in the direction of importing coking coal from Russia," <a href="https://www.reuters.com/world/india/india-leans-toward-continued-import-russian-coking-coal-minister-2022-03-27/">per Reuters</a>. He added that India had imported 4.5 million tonnes of Russian coal but he did not indicate over what time period. As for China, the country is snapping up Russian oil and coal with its <a href="https://markets.businessinsider.com/news/commodities/dollar-vs-yuan-china-buys-russian-oil-coal-ukraine-sanctions-2022-4">own currency.</a> Smaller independent refiners in China are also still buying Russian oil discreetly, <a href="https://www.reuters.com/business/energy/exclusive-china-state-refiners-shun-new-russian-oil-trades-teapots-fly-under-2022-04-06/">Reuters</a> recently reported.

Many nations are refusing to buy gas and oil from Russia but others continue to snap it up. Here's what we know so far.

New Delhi, Mar 11 () Yes Bank on Wednesday said its inward real-time gross settlement (RTGS) services have been enabled to allow customers to make payments towards their credit card dues and loan obligations from other bank accounts. The announcement comes a day after its customers were allowed inward IMPS and NEFT services for the same purposes. RTGS is used for payments of over Rs 2 lakh, while payments below this amount can be made using NEFT. Besides, loan and credit cards repayments to the bank can also be done through IMPS from other bank accounts. "Inward RTGS services have been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts," the bank said in a tweet on Wednesday. Meanwhile, in 'moratorium-related FAQs' posted on its website, crisis-hit Yes Bank has said services such as online remittances, clearing of cheques and demand drafts as well as outward payment of EMIs will continue to remain under restriction during the moratorium period. However, if an employer has a current account with Yes Bank and wants to pay salaries to employees, there will not be any problem in doing so. As per the FAQs, Yes Bank said outward online remittances, including RTGS and NEFT, are still suspended. "All clearing activities are suspended as of now." "Your EMIs (equated monthly instalments) will be honoured up to the prescribed limit, subject to reinstatement of clearing activities," it said. On March 5, the Reserve Bank of India (RBI) in consultation with the government put a moratorium on Yes Bank till April 3, citing serious financial mismanagement at the private sector lender. During the period, customers are not allowed to withdraw more than Rs 50,000. The bank on Tuesday allowed inward IMPS and NEFT services to enable its customers to make payments towards Yes Bank credit card EMIs and loans through other bank accounts. The move came after its customers complained that they were not able to make payments towards their Yes Bank credit and loan repayments and were anxious about being levied a penalty for no fault of theirs. Besides, within the limit of Rs 50,000, the Mumbai-headquartered lender has also allowed its customers to withdraw money from its own as well as other bank ATMs. In the FAQs, on a query as to what will happen if someone has written and issued cheques to clients, Yes Bank responded, "All clearing activities are suspended as of now as per the directive. Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator." On another query as to what will happen if someone has already dropped a cheque at Yes Bank counter, it said that as all the clearing activities are suspended, "Yes Bank DD/cheques will not be presented in clearing till further instructions or till reinstatement of clearing activities." However, on a query what if an employer holds a current account with Yes Bank and needs to make withdrawal of more than Rs 50,000 to pay salaries to employees, the lender said it can be done. "Yes Bank current account can be debited for more than Rs 50,000 towards disbursement of salaries in the accounts maintained with Yes Bank only," it clarified. Further, it also said transfer from one Yes Bank account to another will be allowed without any restriction. "However, customers can withdraw in a sum up to an aggregate of Rs 50,000 from all these accounts in the moratorium period till April 3, 2020," it added. If one wishes to liquidate a standalone fixed deposit in Yes Bank, it said the branches can liquidate standalone fixed deposits (FDs) amounting less than Rs 20,000 along with interest and pay in cash as per process. "For FDs equal to or above Rs 20,000 (along with interest) but less Rs 50,000 (along with interest), branches can issue demand draft (DD) to customers, however that DD can be presented for clearing only once the clearing services are re-instated," it said. Since the bank was placed under the moratorium on March 5, a sense of panic gripped among customers across the country, who were seen queuing up at bank branches and ATMs to withdraw money. Yes Bank said its ATMs are functional and customers can withdraw money from there. Services such as digital payments supported by Yes Bank also faced outages in the initial stages, which now have been restored. Among others, prepaid meal and forex cards services are also affected due to the sudden oversight on the private sector lender. During the moratorium period, Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. The RBI has initiated a draft reconstruction scheme for the private sector lender according to which State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan by infusing capital of Rs 2,450 crore. On Monday, Yes Bank's RBI-appointed administrator Prashant Kumar hoped that the moratorium on the bank would be lifted by this weekend. KPM HRS

Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank a/cs

New Delhi, Mar 11 () Yes Bank along with SBI is in discussions with a large number of investors to raise capital, RBI-appointed administrator Prashant Kumar has said while assuring bank customers that their deposits are "absolutely safe". Kumar in an email to bank customers has said that the bank is closely working with the government and the RBI towards resuming full banking services at the earliest, well before the communicated date of April 3. The cash-starved private sector lender has come under the direct oversight of the Reserve Bank with the supersession of its board last Thursday and a moratorium has been placed till April 3, during which customers are now allowed to withdraw up to Rs 50,000."With respect to capital raising, along with the State Bank of India, we are in discussions with a large number of investors and are hopeful that in the next few days, there will be complete clarity in this regard," Kumar updated bank customers in an email sent last night."Please be assured that our customers are our topmost priority and once again, I would like to re-iterate that your deposits are absolutely safe with the Bank," said the mail by Prashant Kumar - Administrator, Yes Bank (appointed by the Reserve Bank of India).Addressing the customers he said: "I understand that you are facing inconvenience owing to the unavailability of certain banking services by YES BANK."I assure you that this is temporary, and we are working closely with the government and the RBI towards resuming full banking services at the earliest, well before the communicated date of April 3, 2020," Kumar said.Meanwhile, the bank has allowed customers to pay towards their Yes Bank credit card bill and loan EMIs through IMPS, NEFT and RTGS modes.Also, the ATMs are fully up now and customers can withdraw up to Rs 50,000 from Yes Bank as well as from other banks' ATMs. "On Saturday, withdrawals from our branches and ATMs as well as other bank ATMs, using YES BANK Debit Card were enabled. In addition, inward IMPS and NEFT services have also been enabled to ensure that customers can make payments towards YES BANK credit card dues and loan obligations from other bank accounts," read the Kumar mail.Yes Bank customers on Wednesday were also allowed to make such payments through RTGS.The bank will also announce its third quarter results on March 14, 2020. The bank for the first time has delayed its results announcement, about which it had informed before the RBI action."With respect to capital raising, along with the State Bank of India, we are in discussions with a large number of investors and are hopeful that in the next few days, there will be complete clarity in this regard," Kumar told customers.During the moratorium period, Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan by infusing capital of Rs 2,450 crore.The bank's financial health is not sound and it has failed to raise enough capital under the new leadership of Ravneet Singh Gill, who took charge as the managing director and CEO from March 1, 2019.Troubles at new-generation private sector started brewing up ever since the the Reserve Bank denied extension to its co-founder Rana Kapoor -- who now is in the custody of the Enforcement Directorate on charges of financial mismanagement and money-laundering -- to continue as MD and CEO in September 2018, and had asked the lender to find a new successor.Yes Bank's administrator, Kumar, a former SBI executive, had on Monday also assured customers that the moratorium period could end by this weekend. KPM KPM MRMR

Customers deposits absolutely safe, bank in talks with investors, says RBI-appointed admin

FASTag is the prepaid tag meant for vehicles to make digital payment at the toll gates thereby avoiding the long queues on national highways. FASTag is a kind of reloadable tag that will facilitate automatic deduction of toll ruling out the need for the vehicles to make a stopover for completing cash transaction. FASTag is based on radio frequency identification (RFID) technology. It is fixed onto the windscreen of the vehicle once it is active. <keyword id="8352694" type="UNKNOWN" weightage="20" keywordseo="where-to-get-fastag">Where to get FASTag</keyword>? FASTag can be got from any toll plaza or from different issuer agencies like banks. Some banks provide online facility to get FASTag that can be obtained by filling in an enquiry form. Subsequent to this, a query will be generated and then the customer needs to visit the office to fill up a form and submit the necessary supporting documents asked for the purpose of creating a FASTag account. To open a new FASTag account, you will need to submit the vehicle’s registration certificate, vehicle owner’s passport size photograph, and vehicle owner’s identity and address proof. The one time joining fee for getting FASTag is Rs 200 that the issuing agency will levy. While the FASTag is issued, a refundable deposit has to be paid to the issuer agency depending on the type of vehicle. During the time of account closure, the deposit is refunded. <keyword id="8352690" type="UNKNOWN" weightage="20" keywordseo="fastag-recharge">FASTag recharge</keyword> FASTag account can be recharged from time to time when needed using Net Banking or debit/credit card/ RTGS/NEFT payment facility. A convenience fee is charged against processing the transaction while recharging FASTag online.

Where we can get fastag card and what are the charges of this card

New Delhi, Mar 26 () Markets regulator Sebi on Thursday granted more time to listed companies for holding annual general meetings and exempted them from giving advertisements in newspapers in the wake of the coronavirus pandemic. The regulator has been giving relaxation to listed companies and other market intermediaries as part of efforts to ease their compliance burden. In a circular, the Securities and Exchange Board of India (Sebi) has given a relaxation of one month till September 30 to top 100-listed companies by market capitalisation for holding their annual general meeting (AGM) for 2019-20. These companies were required to hold their respective AGMs by August 31. Under the norms, companies are required to hold the AGM within 5 months from the closing of financial year. In addition, Sebi has exempted companies from publication of advertisement in newspapers about their board meetings, financial results and other events till May 15. Sebi has noted that some newspapers are not bringing their print versions for a limited period, some that are still printing are not accepting an e-copy of the information to be published, which is a challenge in ensuring compliance with the regulation. Accordingly, the regulator has decided to exempt publication of advertisement in newspapers as required under the listing norms for all the events scheduled till May 15. Besides, relaxation has been given by three months till June 30 for holding annual meetings of committees pertaining to nomination and remuneration, stakeholder relationship and risk management. Further, the deadline has been extended with regard to certificate from practising company secretary on timely issue of share certificates, by one month till May 31. In a separate circular, Sebi has eased operational procedure for share buyback. The regulator said merchant bankers and other intermediaries can submit all relevant documents in PDF form through mail to Sebi and also pay the fees online to its account through RTGS or NEFT. Earlier, Sebi had allowed listed companies to defer disclosure of their fourth quarter earnings by 45 days till June 30. SP HRS

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