<ul><li>India announced a 30% flat rate on income from ‘virtual digital assets’ due this year’s Union Budget.</li><li>The country has also been working on a bill to regulate the cryptocurrency space since 2019.</li><li>Expanding the definition could help the government tax NFTs, SIPs and more.</li></ul>The Indian government announced its plans to tax cryptocurrency transactions at a rate of 30% during the Union Budget. However, it's yet to nail down the definition of what it means by a ‘virtual digital asset’. <div type="Article" hostid="261" msid="89268587" title="From cryptocurrencies to NFTs, India to tax all ‘virtual digital’ assets at 30%" mstype="2" mssubtype="0"></div> It remains unclear whether the tax only applies to cryptocurrencies and <a href="https://www.businessinsider.in/investment/news/nft-sales-hit-7-billion-all-time-high-in-january-but-it-may-just-be-a-bubble-waiting-to-pop/articleshow/89249178.cms">non-fungible tokens (NFTs)</a> or other monetary use cases emerging from the blockchain ecosystem as well. According to a report by the <a href="https://economictimes.indiatimes.com/tech/tech-bytes/virtual-digital-assets-may-get-a-broader-definition/articleshow/89393614.cms">Economic Times (ET)</a>, the government wants the definition of ‘virtual digital assets’ to be dynamic enough to cover any new product that comes into being due to technological changes – an ask that sounds fair enough, considering the fast-paced changes seen in the cryptocurrency space. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Widening the definition of ‘virtual digital assets’" comment="subhead" text="Widening the definition of ‘virtual digital assets’">Widening the definition of ‘virtual digital assets’</cmsannotation> As things stand, the current definition of a virtual digital asset includes” any information or code or number or token (not being Indian currency or any foreign currency), generated through cryptographic means or otherwise.” It also includes NFTs and “any other digital asset, as the Central Government may, by notification in the Official Gazette specify:” Simply put, this means that the government has the power to include any new use case it deems to be a ‘virtual digital asset’ under the 30% tax umbrella as and when it deems fit. The crypto industry, especially in India, has grown to be worth billions of dollars in less than two years. While the 2020’s mostly saw Indians trading in cryptocurrencies, the country has seen a healthy growth in the NFT market in 2021 as well. According to a November 2021 <a href="https://www.livemint.com/technology/tech-news/india-ranks-third-in-terms-of-interest-in-metaverse-projects-11637847044719.html">report</a> from blockchain tracking firm DappRadar, over 500,000 Indian users had shown interest in metaverse and NFTs since the beginning of that month alone. The country was ranked fifth in terms of interest in such projects by DappRadar, behind the US, Indonesia, Japan and Philippines, respectively. NFTs and cryptocurrencies aside, the industry in India has also shown an intent to expand to new crypto-focused products. For instance, CoinSwitch Kuber had said that it intends to expand into traditional asset trading as well. On February 7, it also <a href="https://www.livemint.com/companies/news/coinswitch-launches-recurring-buy-plan-for-crypto-assets-11644216343760.html">launched</a> a recurring buy plan (RBP) for crypto assets. Systematic investment plans (SIPs) and mutual fund-like products around cryptocurrencies have also been <a href="https://economictimes.indiatimes.com/markets/cryptocurrency/investors-are-chasing-crypto-sips-is-it-your-game/articleshow/86292991.cms">explored</a> by various firms. The one thing that is clear is that the Reserve Bank of India’s (RBI) central bank digital currency (CBDC) – <a href="https://www.businessinsider.in/budget/news/digital-rupee-to-be-introduced-by-the-rbi-confirms-fm-nirmala-sitharaman-speech/articleshow/89268343.cms">the digital rupee</a> – will not be treated as a digital asset. Since it is issued by the RBI and will be hosted on a private blockchain, the digital rupee will be treated as normal currency only, as clarified by Finance Minister Nirmala Sitharaman during the post-budget press conference. <cmsannotation type="cmsannotation" annotationid="India’s crypto bill is still a work in progress" comment="subhead" text="India’s crypto bill is still a work in progress">India’s crypto bill is still a work in progress</cmsannotation> India has been working on a bill to regulate cryptocurrencies since 2019. The first iteration banned all cryptocurrency activity. Since then, the Sithraman has <a href="https://www.businessinsider.in/cryptocurrency/news/india-crypto-bill-gets-a-revamp-but-its-still-a-work-in-progress-says-finance-minister-nirmala-sitharaman/articleshow/88001952.cms">clarified</a> a new bill will be tabled in Parliament and that it is significantly different from its predecessor. The bill was first <a href="https://www.businessinsider.in/finance/news/cryptocurrency-in-india-is-legal-but-a-pending-bill-with-the-government-could-change-things/articleshow/74521104.cms">listed</a> on the agenda for the Budget session of the Parliament last year, and appeared again on the agenda for the Winter session, which was held in December 2021. Both times, the bill sparked speculations of a possible ban on cryptocurrencies and crypto trading in India. However, the new bill is <a href="https://www.businessinsider.in/cryptocurrency/news/no-india-crypto-bill-in-sight-even-after-winter-session-of-parliament-comes-to-a-close/articleshow/88449161.cms">yet to be released</a> into the public domain for review. <div type="ExtQuote" text="By bringing in taxation, the government legitimises the industry to a large extent. The majority of people, especially corporates, who have been sitting on the sidelines because of uncertainties will now be able to participate in crypto. Overall, it’s a positive move for the industry." auname="Nischal Shetty, CEO of Indian crypto exchange WazirX"></div> The introduction of a 30% tax, while high, has been accepted by many as a form of acceptance of cryptocurrencies by the country – a way of giving the cryptocurrency space an air of legitimacy. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-ethereum-cardano-and-others-are-making-a-comeback/slidelist/89395672.cms">Bitcoin is trying to make a comeback as it holds above ₹31 lakh</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-steel-sbi-interglobe-aviation-paytm-and-other-hot-stocks-on-february-7/slidelist/89394977.cms">Tata Steel, SBI, InterGlobe Aviation, Paytm and other hot stocks on February 7</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-vc-firm-jumps-in-to-restore-wormholes-supply-after-defi-hack/articleshow/89350142.cms">Crypto VC firm ‘jumps’ in to restore Wormhole’s supply after DeFi hack</a>

India’s definition of ‘virtual digital assets’ isn’t set in stone

<ul class="summary-list"><li>I grew up in Miami, Florida, so I've perfected the one-night, 24-hour <a href="https://www.insider.com/best-things-at-disney-world-from-someone-whos-worked-all-over-2021">trip to Disney World</a>. </li><li>I love getting Dole Whip at Magic Kingdom, eating dinner at Epcot, and lunching at the Boathouse.</li></ul>Growing up in Miami, Florida, just three hours away from Orlando, I've been going to <a href="https://www.insider.com/disney-imagineer-interesting-things-to-know-about-disney-parks-2021-10">Disney World</a> since I was 1. Now I'm 29 and a proud owner of an annual pass.When I was younger, it was much easier for my family to take time off work and school for a three- or four-day vacation in the parks. But we eventually transitioned to overnight trips from Saturday to Sunday to save time and money.I've learned how to make the most out of these short, 24-hour <a href="https://www.insider.com/everything-you-should-know-before-a-trip-to-disney-world">trips to Disney World</a>. Read on for the things I always make sure to do, see, and eat.<h2>Dole Whip at Magic Kingdom is nonnegotiable </h2>There's nothing like enjoying a delicious cup of Dole Whip on a hot day at Magic Kingdom. I highly recommend ordering the vanilla-and-pineapple swirl.I always place a mobile order to pick up in Adventureland because no one wants to be waiting in line in the sun.<h2>I like to leave the park early to hit the resort pool</h2><div type="image" title="woman sitting in a donut-shaped pool float" height="2268" width="3024" msid="87702273" hostid="261"></div>Do all <keyword id="46161" type="UNKNOWN" weightage="60" keywordseo="disney" source="Orion">Disney</keyword> park-goers choose their resort based on the pool, or is that just me?Since I've been to the parks so many times, I usually <a href="https://www.insider.com/cool-facts-about-all-the-disney-world-rides">hit a few rides</a> before heading to the pool.The budget-friendly All-Star Resorts have fun pools in different shapes. But don't sleep on the <keyword id="71278" type="UNKNOWN" weightage="60" keywordseo="disney-world" source="Orion">Disney World</keyword> partner hotels surrounding Disney Springs. The Hilton Buena Vista Palace has a great lazy river.<h2>Riding the Skyliner can help you beat traffic with stunning views</h2><div type="image" title="view of the disney skyliner from inside one of the gondolas" height="3024" width="4032" msid="87702274" hostid="261"></div>Avoid Disney traffic on the roads by riding the Skyliner to Epcot, <a href="https://www.insider.com/interesting-things-about-disneys-hollywood-studios-fun-facts">Hollywood Studios</a>, Disney's Caribbean Beach Resort, Disney's Art of Animation Resort, Disney's Pop Century Resort, or Disney's Riviera Resort.The aerial views are incredible, especially during sunset.<h2>I try to make a dinner reservation at an Epcot restaurant</h2><div type="image" title="shot of the epcot ball lit up pink at night" height="2274" width="3024" msid="87702275" hostid="261"></div>To maximize the number of parks I visit during short trips, I like to book a dinner reservation at <a href="https://www.insider.com/interesting-things-to-know-about-epcot-at-walt-disney-world">Epcot</a>.Despite going to Disney my entire life, there are still so many <a href="https://www.insider.com/trying-space-220-restaurant-with-family-disney-world-review-photos-2021-10">restaurants I haven't checked out</a>, so it adds a fun new experience to my trip. <h2>Jelly Rolls at the Boardwalk has the best late-night fun</h2>If you're looking for adult, late-night fun, Jelly Rolls is a must.The dueling-piano bar is located on Disney's BoardWalk, and the audience can request songs for the pianists to play.There's an entrance fee of $20 to $25, and it's a 21+ establishment, but it's the most fun I've had in Disney World after hours. <h2>The Wilderness Lodge is perfect for outdoor enthusiasts </h2><div type="image" title="woman standing on the steps of a lodge at the wilderness lodge" height="2251" width="2994" msid="87702277" hostid="261"></div>Want to feel like you're in the Appalachian Mountains without actually leaving Florida? The Wilderness Lodge is your place.Sometimes it's nice just to take a stroll through the resort grounds and enjoy a cup of coffee before the chaos of the parks.<h2>Sprinkles in Disney Springs has a 24-hour cupcake ATM</h2>If you're in need of a sugary treat, head to Sprinkles cupcake ATM at <a href="https://www.insider.com/i-go-to-disney-world-frequently-favorite-things-to-do-2021-9">Disney Springs</a>.The cupcakes or cookies are dispensed in neat pink boxes any time of day or night. I don't know how they do it, but it's pretty magical.<h2>I make time to resort-hop at the Grand Floridian </h2><div type="image" title="woman walking down a pathway at the grand floridian resort disney world" height="2274" width="3024" msid="87702279" hostid="261"></div>The Grand Floridian is probably the fanciest resort at Disney World, and I've had some serious luck resort-hopping there. I'm not sure if this is a regular occurrence, but sometimes you can find <a href="https://www.insider.com/what-is-free-to-do-at-disney-world-2021-8">free activities, food, or beverages</a> around the grounds.On two recent occasions, I was able to enjoy a nice glass of champagne and s'mores. <h2>World of Disney at Disney Springs is the best place to grab souvenirs</h2>Don't shop inside the <keyword id="11915011" type="UNKNOWN" weightage="60" keywordseo="theme-parks" source="Orion">theme parks</keyword> unless you're looking for something specific to that park.I usually wait until the end of my trip to do my shopping at the gigantic World of Disney store at Disney Springs. But be careful because I always go home with more than I expected. <h2>I always try to catch the annual holiday decor, but I only visit during off-weeks</h2><div type="image" title="woman standing on hollywood studio's sunset boulevard disney world" height="2274" width="3024" msid="87702281" hostid="261"></div>My favorite time of year to visit is between <a href="https://www.insider.com/favorite-things-to-do-at-disney-world-in-fall-2021-9">fall</a> and winter when you can catch all of the great <a href="https://www.insider.com/halloween-at-disneyland-and-universal-which-is-better-review-photos-2021-9">Halloween</a> and Christmas decor.Instead of visiting the week of Halloween or <a href="https://www.insider.com/secrets-about-walt-disney-worlds-holiday-decorations-2019-11">Christmas</a> though, I try the weekends in between when there are usually fewer crowds.<h2>I do my best to catch at least one of the fireworks shows</h2><div type="image" title="fireworks going off over cinderella castle in magic kingdom disney world" height="2274" width="3024" msid="87702283" hostid="261"></div>You don't have to be in the park to watch a fireworks show.I've been able to see the ones at Magic Kingdom while leaving the park on the Monorail. You can usually get a great view and avoid the exit crowds.<h2>I end my trips with a late lunch at the Boathouse</h2>Before heading back to Miami, I love to enjoy a relaxing lunch at the Boathouse in Disney Springs.There's something so soothing about sitting on the outdoor deck enjoying seafood - I recommend the lobster roll. It brings a quick, 24-hour trip to a nice close.

I've perfected visiting Disney World for just 24 hours. Here are 12 things I try to do every time I visit.

New Delhi, Mar 24 () The Reserve Bank is likely to allow banks to give relaxation to customers in paying their EMIs as the forced lockdown across sectors due to coronavirus pandemic has impacted earnings severely, crippling repaying capacity of many businesses and individuals, sources said. "There has been a demand for this, it will require some dispensation from the Reserve Bank actually. IBA has already discussed the issue with the RBI. This is under consideration," a bank official told . The banker said that the issue of delayed EMI (equated monthly instalment) is under active consideration of the government. In a major relief, Finance Minister Nirmala Sitharaman on Tuesday announced waiver of charges for withdrawals from any ATMs as well as doing away of the minimum balance requirement till June this year. SBI had already announced to do away with the minimum balance requirement a few days earlier. Many industry representatives have already demanded the government to allow late repayment of loans as businesses are badly hit due to no activity as the spread of coronavirus has led to a forced lockdown across the nation as well as globally. While, individuals mainly who are self-employed, have small businesses, have to pay towards rents for shops, small vendors etc have taken loans for various purposes such as home, car, business or any other personal requirements are more concerned about their immediate loan liabilities. A bank customer who runs a business and has to pay up towards loan will have to pay up from savings as there has been no business recently. Coronavirus has claimed thousands of lives globally in the past three months and has been spreading fast globally. As a proactive measure to cut short the spread of this deadly disease Covid-19, central government as well as states have announced major lockdown, shutting borders and strict policing to keep people indoors. In India, as many as nine deaths are reported from Covid-19, while more than 500 are reported to have caught the disease. KPM MRMR

RBI likely to allow banks to accept delayed loan repayments from customers

Bank of Baroda, popularly known as BoB is a popular public sector bank in India that offers a range of financial services to its customers. If you have an account with this bank, here are the ways in which you can check your account balance and also carry out some transactions without having to visit the bank. <keyword id="9174008" type="General" weightage="100" keywordseo="bank-of-baroda-balance-check" source="Orion">Bank of Baroda balance check</keyword> by passbook entry method The most popular and conventional way of checking the balance in Bank of Baroda account is by making entry in the passbook. Upon request and producing your passbook at the dedicated counter in the bank, the bank will print out your passbook and will get it up to date to reflect the current balance. The other popular way to check the balance is through the ATM cum debit card provided by the bank. When you insert the card in the slot, you will be prompted to input the PIN number. From the list of options on the screen, enter the 4-digit ATM PIN. Choose the option ‘Balance Enquiry’ and it will be displayed on the screen. Balance check through SMS in Bank of Baroda Bank of Baroda provides balance check facility through SMS services. To avail of this facility, you must have registered your mobile number with your Bank of Baroda Account. In a specified format (BAL &lt; space &gt; XXXX), you must send an SMS to the number 8422009988. Within a short time, you will get a reply SMS displaying the account balance information. This facility can also be used to request check status and mini balance. Type this to get mini statement: MINI &lt; space &gt; XXXX. Type this for cheque status: (CHEQ &lt; space &gt; XXXX &lt; space &gt; Cheque No.) <keyword id="9174010" type="General" weightage="20" keywordseo="bank-of-baroda-balance" source="Orion">Bank of Baroda balance</keyword> check enquiry number Bank of Baroda customers can also avail of the missed call service. To get your balance information through the missed call service, you just need to call the number 8468001111 from your registered phone number. This service is provided free of cost and is available 24 X 7. Through this service, you can get to know your account balance information from any remote location. Bank of Baroda balance check by Internet Banking If you wish to use the internet route to check your Bank of Baroda Account balance information, you must apply for the net banking facility with the bank. The bank will provide you a User ID and password. You need to input these details on the net banking website of the bank to do various transactions like balance enquiry, account statement, funds transfer, bill payment, etc. without visiting the bank. This facility can be used on a PC, laptop, notebook and smartphone. mPassbook Bank of Baroda mPassbook mobile app can be downloaded and installed on your mobile phone to check the account balance. This app works similar to a passbook and provides the detailed information on all the transactions done on your Bank of Baroda Account. The mPassbook app is available in 8 languages. This app can also be used to locate Bank of Baroda ATMs within 10 km radius. check account balance in mobile banking App Bank of Baroda M-Connect Plus is the new and enhanced version of the Bank of Baroda M-Connect mobile banking app. This new app has a very attractive and user friendly interface and provides a wide range of facilities to its customers. In this app, you can link various kinds of accounts you have with Bank of Baroda like Savings account, PPF, current account, cash credit account, and overdraft account. The activities you can do on this app include checking account balance, downloading account statement, transferring funds within your different accounts, and carrying out third party transfers. See Also: <a href="https://www.businessinsider.in/finance/news/how-to-check-account-balance-in-hdfc-bank/articleshow/74093957.cms">How to check account balance in HDFC</a> <a href="https://www.businessinsider.in/finance/article/steps-to-check-canara-bank-account-balance/articleshow/74075522.cms">How to check account balance in Canara Bank</a> <a href="https://www.businessinsider.in/steps-to-check-account-balance-in-sbi/articleshow/69607243.cms">How to check account balance in SBI</a>

Easy ways to check account balance in Bank of Baroda

New Delhi, Mar 17 () With moratorium being lifted from Wednesday, the crisis-hit Yes Bank might see a heavy withdrawal of deposits by customers, according to a report.On March 5, the Reserve Bank of India (RBI) imposed a moratorium on the troubled private sector lender, including capping withdrawals at Rs 50,000 per depositor.Lifting of deposit withdrawal moratorium on March 18 could open flood gates and will require a calibrated approach along with active support and signaling from the RBI, government and investor banks, said Emkay Alpha Portfolio in its report.The moratorium would be lifted by 6 pm on March 18, as per the reconstruction scheme notified by the government on Friday.However, Yes Bank CEO-designate Prashant Kumar said there are absolutely no worries on the liquidity front and that complete operational normalcy would be restored from 6 pm on Wednesday."We have made adequate precautions. All our ATMs are full with cash. All our branches have adequate supply of cash. So, from Yes Bank side, there is absolutely no issue on the liquidity front," Kumar said.According to rating agency Crisil the moratorium would pose challenges to companies that have cash credit facilities and current accounts with YesBank. The ensuing financial stress can impact their ability to service financial obligations on time in spite of sufficient liquidity, it said. Companies having material banking relationship with Yes Bank could face financial stress, which does not reflect their inability or unwillingness to meet obligations.Many retail customers are waiting for the first opportunity to withdraw their hard earned money from the bank.Yes Bank Reconstruction Scheme 2020, SBI cannot reduce its stake in the bank to below 26 per cent for a period of three years, while other investors and existing shareholders will have a lock-in period of three years for 75 per cent of their investment in Yes Bank. However, the lock-in period will not apply to shareholders with less than 100 shares.The Yes Bank Reconstruction Scheme 2020 came into force on March 13, 2020, the gazette notification had said. DP MKJ

Yes Bank likely to face withdrawal rush with lifting of moratorium from Mar 18: Report

Is it a car? Is it a taxi? Or is it an ATM? It’s just another <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> Cab fitted with ATM. 
 After petrol pumps, cash can now be withdrawn by swiping debit cards at select Ola cabs as India's largest ride-hailing service partners with lenders like <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) and <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> to ease cash crunch, according to a news report by an agency. 
 
With banks and ATMs not being able to cope with the rush for access to lower denomination or new currency after old Rs 500 and 1,000 notes were banned, cash dispensing through swipe of debit cards at POS machines was introduced at around 3,700 petrol pumps. 
 The same is being replicated by Ola on a test basis in its cabs in <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword> and Hyderabad where taxis with a bank officer and POS machine are parked at different locations and dispense cash of Rs 2,000 per card. 
 Ola Chief Operating Officer <keyword id="2904207" type="UNKNOWN" weightage="20" keywordseo="Pranay-Jivrajka">Pranay Jivrajka</keyword> told that the initial response has been tremendous and the company was exploring with banks to expand this service to other cities with cash being dispensed on the go rather than current experiment of cars being parked at a particular busy point. 
 In Kolkata, Ola has partnered with Punjab National Bank (<keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword>), while for Hyderabad, it has collaborated with SBI and <keyword id="6358006" type="CITY" weightage="20" keywordseo="Andhra-Bank">Andhra Bank</keyword>. "The week-long activity, that is already servicing thousands of citizens, will continue till end of the month. It (cabs) will visit areas like Chandni Chowk Metro Station, Esplanade Metro, Barabazaar, Salt Lake, Exide and <keyword id="2668672" type="UNKNOWN" weightage="20" keywordseo="Rashbehari">Rashbehari</keyword> (in Kolkata)," he said. 
 Cars carrying POS machine are servicing citizens in popular areas in Hyderabad like <keyword id="184466" type="COMPANY" weightage="20" keywordseo="KBR">KBR</keyword> Park, JNTU, Inorbit Mall over the weekend, he added. 
 
"We are also looking at flagging off the programme in other key cities, including Delhi. The banks are providing on-ground executives to enable people withdraw cash seamlessly," he said. 
 
Following the government's move to scrap old Rs 500 and Rs 1,000 notes earlier this month, there have been serpentine queues at banks and ATMs as people lined up to withdraw valid currency. 
 
There have been demands for setting up more mobile ATMs across the country and also refilling them more often as there seems to be a crunch of liquid cash given the long queues. 
 
Ola, which has its mobile wallet service, claimed it has seen 1500 per cent growth in recharge of 'Ola Money'. 
"The number of trips paid in cash has certainly gone down. More people are now paying using digital platforms like Ola Money and credit/debit cards," he said.

You can now swipe
card and collect cash on Ola Cabs

Mumbai, May 7 () Having recognised a huge quantum of non-performing assets (NPAs) in the past few quarters, Yes Bank has created a dedicated stressed asset management vertical to recover and resolve such accounts that have touched Rs 50,000 crore, a top official said on Thursday. The bank has also appointed six merchant bankers for a proposed capital raising exercise of up to Rs 15,000 crore in which it is aiming to get new investors, including global private equity funds, into the bank, its Managing Director and Chief Executive Officer Prashant Kumar told . Yes Bank's board had to be superseded by the Reserve Bank of India (RBI) and the government earlier this year after alleged mismanagement under its founder CEO Rana Kapoor. It was bailed out by a string of lenders led by SBI, who pumped in Rs 10,000-crore fresh capital to keep it afloat. Kumar started off by recognising a huge pile of assets as bad, resulting in a massive Rs 18,000 crore loss for the December 2019 quarter. "We have huge NPAs of nearly Rs 50,000 crore which is very large and needs a focused approach for recovery and resolutions," Kumar said adding that the bank is hoping to either recover or resolve up to Rs 8,000 crore in capital through the vertical in 2020-21. Recovery and resolution of the stuck money can help future profits through writebacks of already made provisions against assets and also help the capital position of the bank, which stood at a very low 8.5 per cent as of March 31, 2020, Kumar said. The vertical has 100 dedicated executives who are well versed with NPA management, he said adding that if required, the bank may also hire experienced hands for this activity. The team will work "surgically" towards stressed asset resolution with their specialised skill sets and also unclog management bandwidth such that the leadership can focus on growing the bank. At a later stage, the bank will look at segregation of assets or management to facilitate strategic spin off of these assets to a separate legal entity or sale to asset reconstruction companies, it said. Meanwhile, on the capital raising plans, Kumar said the bank has a mandate to raise up to Rs 15,000 crore in fresh capital from various routes and had invited bids from merchant bankers. After a scrutiny and presentations, it has appointed six rainmakers to help sell the issue, Kumar said, declining to give a timeline by when the capital will be raised. "I will want the capital tomorrow," he quipped, and added that the raise will happen as soon as possible. Kumar said that even in the gloomy times of COVID-19 pandemic, there are investors who are willing to take long-term bets, and added that the focus of the exercise is to tap newer investors beyond the ones that were involved in the bailout. If not for the COVID-19 pandemic, the management would have guided towards a normalisation in NPA additions going ahead as well, Kumar said adding that the legacy stress in the book has been recognised. There will not be heightened provisions in the time ahead, he said adding that at 74 per cent, the provision coverage ratio is at par with the industry. The bank is targeting to grow the loan book by 10 per cent in 2020-21, which will involve a 20 per cent growth in retail segment and a de-growth in the corporate segment, Kumar said. This will lead to the share of retail and small business loans to grow to a level of 60 per cent in the next two years from the current 44 per cent, he said. On the liabilities front, a greater focus will be on getting retail deposits, Kumar said adding that while the trust has come back within them after the heavy withdrawals up to March, there is a competition from other saving instruments which may not result in a flow of money to banks. The bank has reduced its term deposits rates by up to 0.25 percentage points across tenors in the last few days, and will also consider a reduction in its aggressive saving bank account deposit rate to reflect the market realities. When asked if it will be as low as 2.75 per cent on the saving front, Kumar said that it will go for a higher level of up to 4 per cent interest, calling it "apt level" that does not put a strain on the depositor as well. Initiatives of cost rationalisation, like relocating branches and ATMs to lower rental locations are also on, Kumar said adding that once things normalise on the revenue generation front, the cost-to-income ratio should come down to 40 per cent levels. It is also targeting to take its net interest margin to 3 per cent from the 1.9 per cent in a quick time as more accounts start delivering interest payments, Kumar said adding that net interest margins at that level is a necessity for any lender. Helped by a massive over Rs 6,200 crore gain arising out of a controversial write-off of bond investors' investment, it had reported a net profit of Rs 2,629 crore for the March quarter late on Wednesday. The bank's shares on Thursday gained 6.83 per cent to close at Rs 28.15 apiece on the BSE. AA HRS

Yes Bank creates stressed asset management vertical to resolve NPA accounts

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to <a href="http://e.businessinsider.com/join/ci/finance-insider-social-first&amp;hash=36afac95fa844948a9f363295d512fca">get the best of Business Insider delivered direct to your inbox.</a>The conditions that triggered the latest stock meltdown are still in place - and the market is vulnerable to another disasterIn the aftermath of the February market correction - which saw the <a href="https://markets.businessinsider.com/index/s&amp;p_500" target="_blank" rel="noopener">S&amp;P 500 </a>decline 11% - market liquidity dried up.It was an understandable reaction following such a jarring event, which featured the <a href="https://www.businessinsider.com/xiv-svxy-short-vix-volatility-trade-blow-up-2018-2" target="_blank" rel="noopener">implosion of multiple volatility-linked products </a>, rattled investors to their core, and even led to a <a href="https://www.businessinsider.com/equity-derivatives-traders-are-getting-poached-after-vix-blow-up-volatility-spike-2018-6" target="_blank" rel="noopener">talent raid on Wall Street </a>.<a href="https://markets.businessinsider.com/stocks/gs-stock" target="_blank" rel="noopener">Goldman Sachs </a>has since performed an autopsy on the February sell-off and, in the process, asked an interesting question: What if tight liquidity conditions actually caused the sharp decline - or at least made it worse?As it turns out, it's not that outlandish of a question.<div data-bi-ad="" id="ad-94569" data-force="" data-type="ad" data-adunit="business-insider/desktop/finance/moneygame/post" data-pagetype="post" data-tag="bi-prime,volatility,volatility-trading,stocks,stock-market,goldman-sachs" data-pos="atf" data-authors="joe-ciolli" data-views="" data-region="Desktop In Post Ad" data-responsive="[{" browserLimit:00slotSize:300250fluidbrowserLimit:6000slotSize:300250fluidbrowserLimit:12600slotSize:72890fluidlocation:inline="" data-url="next-stock-market-selloff-conditions-that-triggered-last-one-still-in-place-goldman-sachs-2018-7" data-amazontamsizes="[[300,250],[728,90]]" data-google-query-id="CNPijvybzNwCFQdvAQodaf0L1Q"><div id="google_ads_iframe_/4442842/business-insider/desktop/finance/moneygame/post_3__container__">To investigate, <a href="https://www.businessinsider.com/next-stock-market-selloff-conditions-that-triggered-last-one-still-in-place-goldman-sachs-2018-7">Goldman first established a core definition of liquidity. It looked at the difference between bid and ask prices for heavily traded S&amp;P 500 E-mini futures - a measure it refers to as bid-ask depth.</a></div></div>You no longer need a card to get cash from nearly every Chase ATM<a href="https://www.businessinsider.com/chase-rolls-out-cardless-atm-transactions-nationwide-2018-8">At nearly every one of JPMorgan Chase's 16,000 ATMs, customers no longer need a card to take out cash</a>.Chase announced Wednesday that it has <a href="https://www.chase.com/digital/atms/cardless-nfc">rolled out cardless transactions </a>to the vast majority of its ATM network, meaning customers no longer need a physical debit card and can instead retrieve cash using a mobile wallet - such as Apple Pay, Google Pay, or Samsung Pay - on their smartphone.Google reportedly wants to launch a censored search engine in China Google is <a href="https://www.businessinsider.com/google-reportedly-launching-censored-search-engine-china-2018-8">reportedly planning to launch a censored version of its search engine in mainland China, after an eight-year absence from the country.</a>The Intercept <a href="https://theintercept.com/2018/08/01/google-china-search-engine-censorship/">obtained leaked documents </a>showing that CEO Sundar Pichai met with a Chinese government official in December 2017, as part of a renewed push to re-enter China.According to the report, the project is codenamed "Dragonfly", and engineers have created a custom Android app variously nicknamed "Maotai" and "Longfei."The app was demonstrated to Chinese officials, and a final version could launch within the next six to nine months, but will hide terms about human rights, democracy, religion, and peaceful protest. It would also block sites like the BBC and Wikipedia. The Chinese government is yet to give final approval, The Intercept said.Morgan Stanley has poached a Credit Suisse crypto banker to head 'digital asset markets'Morgan Stanley has p<a href="https://www.businessinsider.com/morgan-stanley-hires-crypto-banker-andrew-peel-to-head-digital-asset-markets-2018-8">oached a 12-year veteran of Credit Suisse to lead "digital asset markets" at the bank.</a>Andrew Peel joined Morgan Stanley as head of digital asset markets in June 2018, <a href="https://www.linkedin.com/in/andrewlpeel/">according to his LinkedIn profile. </a>A spokesperson for Morgan Stanley confirmed the appointment to Business Insider but declined to comment further.Peel spent 12 years at Credit Suisse, according to his LinkedIn, most recently serving as a vice president of sales and trading innovation. In that role, he was a "subject matter expert for bitcoin and cryptocurrency," according to his profile.Peel's appointment comes amid a flurry of activity from investment banks around crypto. <a href="http://www.businessinsider.com/goldman-sachs-bitcoin-trading-desk-new-hire-2018-4">Goldman Sachs is reportedly planning to set up a bitcoin trading desk </a>and <a href="https://www.businessinsider.com/jpmorgan-ask-oliver-harris-to-explore-cryptocurrency-strategy-2018-5">JPMorgan recently appointed its first head of crypto-asset strategy. </a>Investment banks are attracted by the eye-catching returns of bitcoin in 2017 and have begun to seriously assess cryptos as a potential new asset class despite poor price performance this year.In markets news<ul><li><a href="https://www.businessinsider.com/tesla-shorts-bears-attacking-from-all-sides-3-favorite-trades-2018-7">Traders keep finding new ways to bet against Tesla ahead of the company's hotly anticipated earnings report</a></li><li><a href="https://www.businessinsider.com/trump-china-trade-war-stocks-risk-2018-8">These 13 companies face the biggest risk of getting crushed if Trump's trade war with China gets worse</a></li><li><a href="https://www.businessinsider.com/how-to-make-a-killing-on-european-stocks-according-to-barclays-2018-7">BARCLAYS: Investors can leverage Brexit to make a killing on European stocks - here's how</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/bitcoins-value-solving-the-problem-with-fiat-money-2018-7">An early investor in Airbnb and Uber explains why he started buying bitcoin in 2009</a></h3> <div> </div> </div>

What you need to know on Wall Street today

We're having Disney superfans share their favorite things to do at the theme parks

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ANTHONY WALLACE/AFP/Getty Images)A man uses his phone as he walks past ATM machines for digital currency Bitcoin in Hong Kong on December 18, 2017.</div></div></div><ul><li>The initial coin offering market is off to a red-hot start in 2018, according to new data from Autonomous NEXT.</li><li>RBC analyst Mitch Steves outlines a way to value the network of ICOs in a note to clients. </li></ul> <a href="http://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> may be down nearly 50% from its all-time high set in December, but the market for initial coin offerings (ICOs) is still humming along. <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Autonomous NEXT</div></div></div>ICOs allow companies to raise funds by issuing their own token. They've allowed companies spanning industries from gaming to finance to raise millions of dollars in a matter of seconds.Still, compared to more established markets pin-pointing good investment decisions in the ICO space isn't as clear cut, according to RBC analyst Mitch Steves."In the stock market, we value companies based on a wide variety of metrics that range from sales valuations, book valuations, earnings valuations and cash flow valuations," he said.None of these things exist for crypto. In a note to clients, Steves notes that investors could use so-called Metcalfe's Law to value the network of a given token in the market, which is known for its fair share of fraud and froth. "Fast fundraising with minimal regulations has allowed several unsavory individuals to profit off ICOs," Steves wrote. Still, many see a big opportunity in the ICO market. At least 170 crypto funds have opened shop to capitalize on such opportunities, according to Autonomous NEXT. "Many real projects are solving real problems and are successfully leveraging blockchain technology to address challenges that have so far been unsolvable," said Simon Yu, the chief executive of blockchain tech company StormX. "Remain vigilant."<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">RBC</div></div></div>Metcalfe's Law was formulated in the earliest days of the internet to examine the power of network effects. The law, which suggests the value of telecommunications network is equal to the square of the number of users connected in the system, can be used in three ways to value an ICO's network, according to Steves. From the note:"The first is the most common which would require taking the total value of the cryptocurrency and dividing by kN2 (where N represents users). The second application could take the same formula and apply this where N represents number of transactions per second. Finally, the third, would take N such that N represents the number of active nodes in the network."New data from Autonomous NEXT, the financial technology analytics provider, shows more than $1.8 billion has been raised via the cryptocurrency-based fundraising mechanism since the beginning of the year. That's more than one-fourth of the amount raised in 2017. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/rogoff-next-financial-crisis-cryptocurrencies-bitcoin-2018-1">Ken Rogoff on the next financial crisis and the future of bitcoin</a></h3> <div> </div> </div>

A math formula from the 90s can help investors make smart bets on the exploding ICO market

A local's ultimate guide to visiting Minneapolis

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Segment</div></div></div><ul class="summary-list"><li style="font-weight: 400;">Segment raised $175 million in Series D funding, bringing their total fundraise to $284 million since 2012. Accel, GV, and Meritech Capital co-led the round. </li><li style="font-weight: 400;">Taking aim at legacy cloud suites like Salesforce and Oracle, Cofounder and CEO Peter Reinhardt claims s traditional CRM "isn't enough" to maintain a seamless customer experience in an increasingly segmented online environment.</li><li style="font-weight: 400;">Reinhardt points to the increase in headliner acquisitions by Salesforce and Oracle as an attempt to "glue together" a comprehensive customer data experience that falls short of true data unification.</li></ul>After two false starts, it seems data analytics startup Segment has finally found its sweet spot.Going up against industry behemoth Salesforce, Segment offers what it sees as a more complete approach to customer data management and analysis. Its core service, Connections, takes data collected from each interaction from customers, and promises to delivers a consolidated view of customer behavior - going beyond the customer relationship management (CRM) tools that are such a big business in the industry today. The company, which is currently around 350 employees, announced today that it raised $175 million in Series D funding. Existing investors Accel and GV (formerly Google Ventures) co-led the round with new investor Meritech Capital. Other existing returning investors include Thrive Capital, Y Combinator Continuity, and eVentures. Its valuation, <a href="https://www.bloomberg.com/news/articles/2019-04-02/startup-segment-is-worth-1-5-billion-thanks-to-companies-troves-of-customer-data">according to a Bloomberg report</a>, is estimated at $1.5 billion.After two years of struggling to find product-market fit, Cofounders Peter Reinhardt and Calvin French-Owen submitted an open source library they were working on to popular engineering forum Hacker News. According to Reinhardt, "it just took off" from there. Now with over 19,000 customers, Segment has set its sights on some of the most recognizable names in tech: Salesforce and Oracle.Read More: <a href="https://www.businessinsider.com/product-market-fit-segment-peter-reinhardt-2018-8">The CEO of a hot Silicon Valley startup who built a product used by more than 15,000 companies reveals the single way you'll know whether or not people will actually buy your product</a>"The cloud suite providers have gone and gobbled up the leader or number two or number three player in every app category and are generating revenue by selling like crazy," said Reinhardt. "When we talk to customers, their biggest issue is not in making it easier to buy apps, the biggest problem is the unified holistic [customer] persona and good data to act on."Segment's strength lies in its foundation, Reinhardt says-by building in support for multiple data inputs from many outside sources, it can compete with the deeply-integrated offerings from its much larger rivals. Indeed, Reinhardt says, the larger companies can actually trip customers up with the sheer amounts of varied data they can provide across multiple products, making it hard to get one, unified picture of the business's situation. "The cloud suites were built first around offline CRMs, and then acquired their way into a fragmented suite of marketing channels," Reinhardt explained.Without naming names, Reinhardt points to the influx of acquisitions in the space as proof that entrenched players have it all wrong. In an example, he explains how a customer would interact with a bank 20 years ago. The teller knows the customer, he explains, because that customer interacts with the teller face-to-face, the bank's CRM system has a record of the customer's previous business with the bank. Now, Reinhardt explains, this interaction is splintered across several points of contact. Between ATMs, mobile banking apps, and traditional branches, that customer is interacting with the business differently at each step. The teller can't provide the same personalized customer experience because his or her preferences are scattered across all these different channels. "In a world where the CRM is only a small slice of the customer experience, it's much more strategic for the customer to have a better experience in the first place," said Reinhardt. To his point, in January, Salesforce acquired griddable.io, an <keyword id="6356323" type="UNKNOWN" weightage="100" keywordseo="enterprise">enterprise</keyword> data analytics platform, for an undisclosed amount. The deal came on the heels of <a href="https://www.businessinsider.com/one-year-after-salesforce-acquired-it-mulesoft-has-its-biggest-quarter-2019-3">Salesforce's $6.5 billion acquisition of MuleSoft</a>, the largest deal in company history, which was a play to bring more data together into its platform."The legacy players are trying to glue together acquisitions to make [their offerings] look like customer data infrastructure," said Reinhardt. Among Segment's 19,000 customers, Glossier stands out as a particular success to Reinhardt. The online-first beauty brand has a cult following among customers across social media and offline activations. The company <a href="https://www.businessinsider.com/where-to-buy-glossier-in-person-2018-11">opened its first retail location in late 2018</a>, adding yet another channel from which it could learn about its devoted customers. Segment has unified customer data across "dozens" of Glossier's owned channels to provide simple measurements and analysis without the complexity that typically comes with juggling dozens of tools.After this "large but proportional" amount of funding, as Reinhardt called it, Segment is looking to grow internationally as well as expand its suite of services to include improved privacy and security offerings, in addition to entering new markets across the globe."We're making huge investments in those markets that have been completely un-served, and the cloud suites' legacy tools are struggling to close those holes. People are realizing the CRM is not enough." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/everyday-phrases-smart-people-say-incorrectly-statute-2015-10">12 everyday phrases that you're probably saying incorrectly</a></h3> <div> </div> </div>

This CEO just raised $175 million in funding to take on Oracle and Salesforce with a smarter way to build customer relationships

NTB Scanpix/Heiko Junge/via REUTERSCEO of Tesla Motors Elon Musk attends an environmental conference at Astrup Fearnley Museum in Oslo, Norway April 21, 2016.You can't argue with the numbers, can you? <a href="http://markets.businessinsider.com/stock/TSLA-Quote">Tesla</a> shares are up almost 60% since the beginning of the year, hitting all-time highs in the near-$350 range, and CEO Elon Musk's electric carmaker has returned 1,670% since the 2010 IPO.The market cap, at more than $50 billion, is bigger than that of General Motors, Ford, and Fiat Chrysler Automobiles. The Big Three are now the Big Three plus one tiny carmaker in California that investors think will take over the world.Tesla is also on the verge of <a href="http://www.businessinsider.com/people-are-expecting-too-much-from-the-tesla-model-3-2017-3" target="_blank" rel="noopener noreferrer">launching its Model 3 mass-market vehicle</a>, Tesla's most hotly anticipated car since the Model X SUV, which arrived three years late, beset with production issues.But despite all that, you can, of course, argue with the numbers - because the numbers are ridiculous and getting more so every day.A flashback: About two years ago, when Tesla was trading above $250 per share, a sensible thesis that all the automaker's immediate future growth was already priced in emerged. If you'd heeded that wisdom, you would have been both accurate as far as Tesla's business goes - Tesla sold more cars in 2016 than 2015, but not that much more. But you also would have missed out on the big rally of early 2017.Andy Kiersz/Business InsiderThis raises the obvious question, "How did $100 per share of growth arrive while the actual business improved only modestly? (The company has posted only two profitable quarters in its history, largely by selling zero-emissions credits.)The answer is sort of complicated and simple at the same time.It's complicated because Tesla has become a car company that also sells energy storage systems and in 2016 took over struggling solar provider SolarCity. Oh, and there's chatter in the analysts' community about how Tesla can create a multi-billion-dollar business by linking up its self-driving Autopilot technology and the data it's gathering from autonomous miles driven under the umbrella of a ride-sharing/hailing operation known as the "Tesla Network" or "Tesla Mobility." Pointedly, this business doesn't exist yet. Tesla is also talking about pickup trucks and semis, but let's not go there. Trying to figure out what all this is worth is immensely tricky, and you could say that some bulls are pulling their valuations out of places that aren't fit to discuss at a family dinner. But there's a far simpler explanation for Tesla's massive increase in value: Investors aren't spending well over $300 per share to buy a claim on future profits, of which there are unlikely to be any for half a decades - they're buying a claim on a future story.<h2>The Tesla Story</h2>Perhaps more accurately, investors are betting on future chapters in Tesla's story. The early part of the Tesla book has already passed. If you bought in at any point in the past three years, you overpaid monumentally relative to the true believers who took a chance on Musk &amp; Co. back when shares were at $25 and the company was lucky to sell a few thousand cars a year. However, there's a problem with that. Since roughly 2010, Tesla has executed in such a way that it defied expectations, even as it was serially overpromising and underperforming. Effectively, all it had to do was stay in business.Instead, it won Motor Trend's Car of the Year award in 2013 for the Model S sedan and grew its sales to 2016's high-water mark of around 80,000 - a decent jump over 2015 and more than double 2014.At no point during this period did the company execute particularly well. The Model S endured early production issues, the Model X was plagued with production problems (<a href="http://www.businessinsider.com/elon-musk-tesla-factory-alien-dreadnought-2016-10" target="_blank" rel="noopener noreferrer">"production hell" was what Musk called the first six months of 2016</a>), there were big recalls over piddly problems, and in mid-2016 <a href="http://www.businessinsider.com/report-government-closing-tesla-autopilot-fatality-investigation-2017-1" target="_blank" rel="noopener noreferrer">a customer died in a tragic crash while his Model S was on Autopilot</a>. It's not like Tesla wasn't trying. The company was in a full-on mode the entire time - jamming hard to meet yearly production goals. But the company was digging as deep as it could just to fall short of its own guidance and build cars that, while impressive in terms of performance, weren't initially up to par with the rest of the industry on quality or reliability (they vastly exceeded it, however, on brand loyalty, proof that people were buying the Tesla story both on Wall Street and at Tesla retail stores). If Tesla were Nigel Tufnel's guitar amp, the company would have been turned up to 11 a long time ago.Screenshot via YouTubeThese go to 11.<h2>Going beyond 11</h2>There's no 12, so Musk has decided to reinvent the amp ... er, Tesla factory. Transformative automation of the manufacturing process will enable Tesla to transfer the enviable, unrealized margin it gets for the Models S and X - around 20% - to the Model 3, a car that will be hard pressed to net 20% more than it costs to build.You could argue that Tesla's present value, given its cost of operation against its revenue, is at best zero and at worst a negative number. That would be unfair because Tesla has physical assets, intellectual property, and a measurable cash flow, as well as vast goodwill in the brand.But the market cap isn't zero. It's about $55 billion. So what you're buying now if you buy Tesla's stock and its story is the company's ability to successfully defy its execution limits and dramatically ramp up production in the future. The execution needs to defy the laws of physics - and Musk knows it.That's why he's of late become preoccupied with manufacturing. He literally wants to reinvent automaking so Tesla can build a million cars annually by 2020 and not have to do it in a place governed by physical laws that are different from those in the known universe.I'll concede that if he pulls it off, Tesla could legitimately be valued well beyond what it is today. But even if he does pull it off, it's going to take more than a decade. And at its core, Tesla remains a car company, constrained by all the same things that constrain other, more established car companies. <h2>Changing the tune</h2>Every time this realization catches up with Tesla, it morphs into something else: an energy company, a solar roof supplier, a mobility company. But stories are easy to change. The laws of physics are much harder.Tesla tends to be at its worst when it encounters basic obstacles. It doesn't meet its delivery guidance because it just can't bolt together enough vehicles. It faces recalls due to simple components because it is located in California, distant from the automotive supply chains of the Midwest and South. It doesn't make a profit and runs lean on cash, so it has to use Wall Street as an ATM and periodically sell off chunks of itself, as it has to Daimler and Toyota and <a href="http://www.businessinsider.com/elon-musk-strategic-move-tesla-tencent-2017-3" target="_blank" rel="noopener noreferrer">more recently did to Tencent</a>.Tesla is at its best when it's actively pursuing Musk's vision - to free humanity from its dependence on fossil fuels. Essentially, to save the world. To a large extent, that's what has really made Tesla worth more than GM, Ford, and FCA. World-saving isn't in Detroit's wheelhouse. But think about this: While Tesla has proven that a new car company can be founded in America - something the auto industry thought was impossible - it hasn't come anywhere near saving the world. The global market for electric cars is still only about 1%. Tesla always overpromised and under-executes, because it can and because Musk thinks there's nothing to gain from selling 80,000 in 2016 or 800,000. As long as Tesla is selling lots and lots of cars someday, then it's worth $50 billion today. Investors are ignoring this, and it the short term, the risk that will get burned by Tesla's tendency to execute poorly will catch up to them.Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> here.</a> <h3>NOW WATCH: <a href="http://www.businessinsider.com/henry-blodget-digs-into-the-value-of-tesla-elon-musk-adam-jonas-morgan-stanley-2017-5">Buying Tesla stock is like buying a call option on Elon Musk</a></h3> Please enable Javascript to watch this video

Investors are completely ignoring Tesla's biggest flaw

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://pixabay.com/en/lion-roar-tooth-predator-fangs-667585/">Pixabay</a></div></div></div>Tech stocks took a beating on Monday as the broader market was roughly unchanged leading to a mixed close for the major averages.The "FANG" stocks - or Facebook (-2%), Amazon (-2%), Netflix (-6%), and Google (-2%) - were among the day's big losers. Oil prices rose more than 5% again as Brent crude oil, the international benchmark, traded back above $40 a barrel for the first time since December.First, the scoreboard:<ul><li>Dow: 17,073.6, (+66.8), (+0.4%)</li><li>S&amp;P 500: 2,001.8, +1.8, (+0.1%)</li><li>Nasdaq: 4,708, -8.8, (-0.2%)</li><li>WTI crude oil: $37.95, +5.6%</li></ul><h2>US Economy</h2>It's a <a href="http://www.businessinsider.com/monday-scouting-report-march-7-2016-3">quiet week for the US economy</a>, and so a time for Wall Street strategists and other commentators to take a minute to gather their thoughts and talk about what might really be going on out there. At Strategas Research Partners, <a href="http://www.businessinsider.com/us-economy-goes-from-almost-bad-to-almost-good-2016-3">Don Rissmiller argued</a> that the subtle shift from economic data that was "mixed to bad" going to economic data that is "mixed to good" turned the whole thing around for markets.Rissmiller noted that markets care about the "second derivative," meaning that investors are more concerned with where the ball is heading rather than where it's been.This chart from Bespoke shows the increase in the US economic surprise index, indicating that data had been beating expectations, on balance, over the last several weeks. (Not coincidentally, <a href="http://www.businessinsider.com/monday-scouting-report-march-7-2016-3">the European Central Bank is expected to announce</a> further easing measures this week.)<div class="KonaFilter image-container display-table"><div><div class="image">Bespoke</div></div></div>All of this is part of the theme that after investors couldn't seem to do anything but brace for recession, the long-argued reality (<a href="http://www.businessinsider.com/us-economy-not-entering-recession-2016-1">at least from me</a>) that no recession was imminent has led to some relief in markets.Or as analysts at <a href="http://www.businessinsider.com/oppenheimer-quotes-mark-twain-cats-quote-2016-3">Oppenheimer put it in a note Monday</a>, investors were still so bruised by the events of 2008 that even the impression of things not going well led to their acting like Mark Twain's cat:Mark Twain once observed that "If a cat sits on a hot stove, that cat won't sit on a hot stove again. That cat won't sit on a cold stove either. That cat just doesn't like stoves." In 2008, a whole generation of investors sat on a hot stove. The sub-prime market that was supposed to be small and containable wasn't, and millions of investors got burned. Thus, perhaps it should not surprise us that investors have reacted with a hairpin trigger to what we view as reasonably modest stresses in what strikes us as an overall good economic picture.<a href="http://www.businessinsider.com/recession-calls-following-financial-crisis-2016-2">I get it</a>. As for actual economic data, the January report on consumer credit was a dud this afternoon, with outstanding balances rising by $10.5 billion, less than the $17 billion that was expected. Revolving credit balances - which includes things like credit card debt - fell by $1.3 billion, indicating a pullback in spending to start the year from US consumers. Compared to last year, however, revolving debt was up 5.3%, <a href="https://twitter.com/boes_/status/706933867635200004">which Bloomberg's Matt Boesler noted</a> was the fastest pace of credit growth since June 2008. <h2>Introspection</h2><a href="http://www.businessinsider.com/adam-parker-says-do-the-opposite-2016-3">Morgan Stanley's Adam Parker is back at it</a>. Here's Parker (all emphasis ours)Today's consensus seems to be that the market goes up and down mid-to-high single digit increments in short but pretty volatile spurts, and ultimately ends up relatively flat six to 12 months from now. That means that we should feel worse now than we did a few weeks ago - not better, because the underlying fundamentals haven't really moved that much but the market has. On top of this perception of a choppy market headed to nowhere,the consensus is also that the probability of the bear case is greater than the probability of the bull case, meaning the probability of a downward slope to this choppy range is material.This is even more of a reason to be a bit more cautious than a few weeks ago. Yet, sentiment is clearly more positive. People are asking if they should take more risk now, but they were more negative last month. If the consensus is right that we will chop up and down - and we have some sympathy for this sentiment - then by the time we feel a little better, we should take off risk, not add some. Maybe you should do the opposite of what you think you should do. That's the new risk management.What did we say about a slow week allowing for introspection?Of course, this is not new for Parker, per se, <a href="http://www.businessinsider.com/adam-parker-says-market-like-bizarro-world-2016-2">because it was only last month</a> that he was telling clients that they'd have been better off not following his advice. But when Parker writes, the financial commentariat listens because Parker tells it perhaps even too much like it is. Everyone wants a forecast but in our post-Shiller, post-Kahneman world, we all know that we don't know anything and so must be self-referential about our unknowingness. The curious part of Parker's note is his recommendation investors be overweight financials and underweight energy stocks, considering that he conceded you'd need to know both the future level of the US 10-year and the future oil price in order to be right. Elsewhere in big market calls, <a href="http://www.businessinsider.com/bob-janjuah-thinks-sp-500-falls-500-points-2016-3">uber-bear Bob Janjuah is reiterating his call</a> for the S&amp;P 500 to go back "into the 1500s" this year after a rally to the 2000/2050 area. The S&amp;P 500 closed at xx on Monday. <h2>The BIS Is Worried About NIRP</h2>From the <a href="http://www.businessinsider.com/bank-for-international-settlements-bis-on-negative-interest-rates-and-monetary-policy-2016-3">Bank for International Settlements' latest quarterly update</a>:Since mid-2014, four central banks in Europe have moved their policy rates into negative territory.These unconventional moves were by and large implemented within existing operational frameworks. Yet the modalities of implementation have important implications for the costs of holding central bank reserves.The experience so far suggests that modestly negative policy rates transmit through to money markets and other interest rates for the most part in the same way that positive rates do. A key exception is retail deposit rates, which have remained insulated so far, and some mortgage rates, which have perversely increased. Looking ahead, there is great uncertainty about the behaviour of individuals and institutions if rates were to decline further into negative territory or remain negative for a prolonged period. Which is fine. Look, to most people (though I would argue this is a moral, not financial, judgment but still) the idea of negative interest rates is downright perverse. Of course most private citizens living in a region that is covered by negative interest might not even know they are covered by negative interest rates.And recall that the BIS noted private deposit rates haven't yet been taxed (though fees on ATMs and other things may have increased, which is a backdoor into passing the costs of negative rates on to customers). So but the real worry about negative interest rates seems to be that keeping rates at 0% for too long - or: using what was once an unconventional tool of monetary policy for a conventional amount of time - makes that tool less potent. And maybe so!This, though, assumes that central banking is about creating a definitive reaction as much as it is about managing the present situation, which is sort of another discussion to have. Elsewhere in the BIS' report the bank noted that some of the instability seen in financial markets this year was related to investors', "growing concern over the dwindling options for policy support in the face of the weakening growth outlook. With fiscal space tight and structural policies largely dormant, central bank measures were seen to be approaching their limits."And, again, I'm not entirely swayed. On the one hand, the reluctance for governments to act - that is, lever up and spend money to stimulate economies - has been both a reaction to the massive spending programs that followed the crisis (in the US) and the euro sovereign debt crisis (in the EU), though I think it is somewhat naive to believe that if we really got into another financial-crisis-like situation there would be a total abdication of fiscal responsibility from across the lawmaking class. Maybe, though, I'm the one being naive. On the other hand the market-based idea that there aren't anymore tools for central bankers to use sort of overlooks how we got here in the first place. Namely: there is always another tool! More quantitative easing, lower interest rates, more jawboning, more reserves available for overnight borrowing, and so on. Again, you might not like these options but these are more moral than economic worries. There is always something else central banks can do. And in time, one should assume we'll find out what that is. <h2>Bond Market Liquidity</h2>Fed governor <a href="http://www.businessinsider.com/feds-brainard-there-is-a-liquidity-problem-but-its-preventing-something-even-worse-2016-3">Lael Brainard conceded in a speech Monday</a> that regulations have exacerbated liquidity conditions in some markets. But, the reason why is that trading liquidity in the form of more bank balance sheet space reserved for cash and other safe assets and pushing the riskier prop-type trading out into smaller funds actually makes everyone safer. Here's Brainard:Across financial markets, it is difficult to disentangle the effects on liquidity of changes in technology and market structure and changes in broker-dealer risk-management practices in the wake of the crisis on the one hand and enhanced regulation on the other. While the leverage ratio and other Dodd-Frank Act requirements likely are encouraging broker-dealers to be more rigorous about risk management in allocating balance sheet capacity to certain trading activities, the growing presence of proprietary firms using algorithmic trading in many of these markets, which predated the crisis, is also influencing trading dynamics in important ways. ... While acknowledging the role of regulation as a possible contributor, it is important to recognize that this regulation was designed to reduce the concentration of liquidity risk on the balance sheets of the large, interconnected banking organizations that proved to be a major amplifier of financial instability at the height of the crisis. And for people who are going to be skeptical that complaints about bond market liquidity are much more than complaints about being able to get what you believed to be the carrying value of a B-rated callable bond when your potential counterparty knows you need to sell that bond to meet client redemptions, Brainard's comments will hear a sympathetic audience. Elsewhere, the <a href="http://www.ft.com/intl/cms/s/0/71e1864a-e212-11e5-8d9b-e88a2a889797.html#axzz42E9JKmiU">Financial Times reports</a> that bond funds have basically doubled their cash holdings over the last five years. So, the market knows there is a liquidity issue and, in response, is upping their liquid assets. This is kind of what Brainard argues will happen in response to imposed regulations, more or less. <a href="http://www.businessinsider.com/feds-brainard-there-is-a-liquidity-problem-but-its-preventing-something-even-worse-2016-3">Read her full comments here »</a><h2>Additionally</h2><a href="http://fortune.com/2016/03/07/the-most-horrendous-lie-on-wall-street/">Josh Brown on the fiduciary standard</a>. <a href="http://www.businessinsider.com/countries-with-largest-gold-reserves-2016-3">Countries with lots of gold</a>. <a href="http://www.businessinsider.com/economists-suffer-from-physics-envy-2016-3">Economists and physics envy</a>. <a href="https://m.signalvnoise.com/is-group-chat-making-you-sweat-744659addf7d#.p7pi0f3nx">Slack is like an all-day meeting with random participants and no agenda</a>. (Can confirm.)<a href="https://backchannel.com/the-new-media-is-made-of-memes-572216e71716#.mmb30n57w">Snapchat Discover really is a weird thing</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/lg-g5-new-phone-design-and-accessories-2016-2">This phone has the most unique design we've ever seen</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VqcWgzMTE6efFh7YkKTQrdcyeakcINQl" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "hot activate new sbi atm" and got 15 results

India’s definition of ‘virtual digital assets’ isn’t set in stone

BI India Bureau

I've perfected visiting Disney World for just 24 hours. Here are 12 things I try to do every time I visit.

Noelani Soto

RBI likely to allow banks to accept delayed loan repayments from customers

PTI

Easy ways to check account balance in Bank of Baroda

BI India Bureau

Yes Bank likely to face withdrawal rush with lifting of moratorium from Mar 18: Report

PTI

You can now swipe card and collect cash on Ola Cabs

BI India Bureau

Yes Bank creates stressed asset management vertical to resolve NPA accounts

PTI

What you need to know on Wall Street today

Olivia Oran

We're having Disney superfans share their favorite things to do at the theme parks

INSIDER

A math formula from the 90s can help investors make smart bets on the exploding ICO market

Frank Chaparro

A local's ultimate guide to visiting Minneapolis

Stacy Brooks

This CEO just raised $175 million in funding to take on Oracle and Salesforce with a smarter way to build customer relationships

Megan Hernbroth

Investors are completely ignoring Tesla's biggest flaw

Matthew DeBord

'FANG' STOCKS GET SLAMMED: Here's what you need to know

Myles Udland

Apple's smart photo app will be way behind Google's - here's why

Kif Leswing