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RBI Allows Banks to Complete KYC Rules Using Videos For Opening Bank Account Online

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jan 18, 2020 7:39 PM 6 min read

Government increases GST revenue target for January-February. India's forex reserves inch up by $58m to record high of $461.21bn. Government launches first e-commerce housing portal,



Reliance Industries reports 13.55% rise in Q3 profit.

Like a Star: Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) reported 13.55% YoY rise in Q3 profit, beating estimates at ₹11,640cr ($1,644m), on the back of robust growth in telecom and retail verticals.


Consolidated net profit for the December quarter rose to a record ₹11,640cr ($1,641m) while revenue fell 1.4% to ₹1,68,858cr ($23,811m) because of weaker prices of oil and chemicals. On a standalone basis, net profit rose 7.4% to ₹9,585cr ($1,351m) while revenue fell 13.1% to ₹93,741cr ($13,218m). 


Revenue from the petrochemicals segment stood at ₹36,909cr ($13,218m) for the quarter, falling 19.1% from ₹45,619cr ($6,431m) in the same quarter last year.


Telecom venture Reliance Jio Infocomm reported 62.5% rise in net profit to ₹1,350cr ($190m). Its subscriber base grew 32% annually to 370m, with each user spending an average of ₹128.4 a month during the quarter, the company said in a statement.


Reliance Retail also posted robust YoY revenue growth of 27 per cent to ₹45,327cr ($6,391m).  ET Earnings



Unlikely to close Saudi Aramco deal by March-end, says CFO.

We Regret the Delay: Reliance Industries is unlikely to close the $15bn-worth deal announced last year for 20% stake sale in its oil to chemicals business to Saudi Aramco by March 31 this year, noted RIL’s joint chief financial officer V Srikanth.


“The deal is making very good progress, but it’s a large transaction/large cross-border deal which is complex. I cannot comment on the timeline,” he said. Hindu BusinessLine


SpaceX and NASA gear up for key test of SpaceX’s Crew Dragon commercial crew spacecraft.

SpaceX and NASA are set to undertake an “in-flight abort” test of its Crew Dragon spacecraft and Falcon 9 launch vehicle, which will test whether the capsule can safely disengage from its launch vehicle in the event of an anomaly.


SpaceX plans to launch Crew Dragon from Pad 39A at NASA's Kennedy Space Center in Florida at 8 a.m. EST on Saturday, January 18.


POA: Approximately a minute and a half after liftoff, nine Merlin 1D engines will be turned off. This will signal an anomaly to Crew Dragon's onboard computer, which will then prompt the capsule's eight SuperDraco engines to turn on and pull the capsule away from the rocket. The Crew Dragon capsule will then continue on its intended path for a while before it repositions itself for the journey back toward Earth. Parachutes will deploy and Crew Dragon will splash down in the Atlantic ocean, where recovery boats will pluck it from the frigid waters.


If everything goes according to plan, the company will get the green light from NASA to send astronauts Doug Hurley and Bob Behnken to the International Space Station. TechCrunch


Boeing encounters new glitch with 737 Max flight computers. 

Return to Flight? Not Yet: US aircraft manufacturer Boeing has encountered a new glitch with its 737 Max flight computers, which prevents the jet’s flight-control computers from powering up and verifying they are ready for flight.


“We are making necessary updates and working with the FAA on submission of this change, and keeping our customers and suppliers informed,” a Boeing spokesman said.


The glitch might further delay the aircraft's return to service after it was grounded in March last year following two unfortunate crashes. CNN Business


Government increases GST revenue target for January-February. 

I'll See You and Raise You: The Government has raised GST collection targets for January and February by 10,000cr ($1,410m) by checking fraudulent input tax credit claims.


Higher revenue might provide the government with some relief on the fiscal deficit front, which has already exceeded budget estimate of over ₹7L cr ($98.7bn) and with lower than expected revenue from tax as well as from disinvestment.


There has been no change for the March target. Hindu BusinessLine


India's forex reserves inch up by $58m to record high of $461.21bn.

Stop Only At The Summit: India’s foreign exchange reserves rose by $58m to reach a life-time high of $461.21bn in the week to January 10, according to the RBI data.


Good to Know: India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India''s reserve position with the International Monetary Fund (IMF). Outlook



RBI allows banks to complete KYC rules using videos.

The RBI has allowed banks to complete Know Your Customer (KYC) rules using videos, thereby easing the process of opening a bank account online.


Under the new rules, banks can carry out a seamless, secure, real-time and consent based audio-visual interaction with the customer, which shall be treated as equivalent to face-to-face process. 


The customer will be display his/her PAN card during the video recording. Those with e-PAN would be exempted from producing a physical copy. Besides the live video recording, a photograph of the customer will also be captured separately. The bank will also capture the live location during the video recording with the help of geotagging to ensure that customer is physically present in India. Livemint


Government launches first e-commerce housing portal,

The government has launched a first of its kind ecommerce housing portal for people looking for ready-to-move-in properties, Here's all you need to know about the new portal. 


Let's Go House Shopping: As as per this fascinating report, while London remains the top choice for billionaire buyers, a newer crop of millennials prefers assets in markets that offer higher rental yields, such as Spain, Portugal, and Malta.


Anuj Puri, Chairman, Anarock Property Consultants, says many investors choose to buy a property in a certain country if its market sees a downturn and prices become attractive. “We had seen this happening during the US subprime crisis, and more lately during the Brexit angst in the UK. The slow-moving Indian real estate market has also pushed a not-inconsiderable number of Indians to consider property investment outside the country.” 



SC's refusal of AGR review plea gets mutual fund investors worried.

In a severe blow to telecom operators Bharti Airtel and Vodafone Idea, the Supreme Court yesterday dismissed pleas to review its earlier judgement that had asked them to pay more than 1tr ($14.10bn) of dues to the government. 


Now while Bharti Airtel has to pay outstanding dues worth ₹35,586cr ($5,028m), already debt-laden Vodafone Idea owes the government ₹50,000cr ($7,064m). 


This mounting debt on Vodafone Idea has gotten mutual fund investors worried. Debt mutual funds have a combined exposure of ₹3,390cr ($478m) to Vodafone Idea, according to data from Rupeevest, a mutual fund distributor. Here are some of the biggets exposures.


Among the asset management companies (AMCs) holding the paper, Franklin Templeton AMC has the highest exposure, but others like UTI and Nippon India also have significant investments in the company. Livemint


Meanwhile...: As per sources, Vodafone Idea may offer the government a small part of its statutory dues by January 23 to ensure it doesn’t get a defaulter’s tag, and then seek relief, in a bid to avoid insolnvency proceedings. 


Sources in the know said that the telecom operator may offer under ₹4,000cr ($564m) “as a token amount on January 23”, following which it may ask the Centre to refund or adjust some of the ₹9,000cr ($1,269m) pending input tax credit under GST that it believes the government owes it. ET Telecom News


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