Tag: Reserve Bank of India

Richest Asian banker Kotak faces push to pick outsider as successor: Sources

Post author By Z+ Insurance
Post date July 31, 2023
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India’s banking regulator is nudging Kotak Mahindra Bank to select someone outside the lender’s ranks to succeed billionaire founder Uday Kotak as the next Chief Executive Officer, according to people familiar with the matter.

The Reserve Bank of India has conveyed its view to board members of Kotak Mahindra Bank and Asia’s richest financier, they said, asking not to be named, as the communication is private. The regulator is also reviewing whether stakes the banking group holds in two wholly-owned insurance units pose any risks to the firm’s stability, the people said.
India has tightened rules limiting bank CEOs’ tenure to a maximum of 15 years and has been reviewing the stakes that banks hold in insurers in order to strengthen the nation’s financial system. RBI had said in 2021 that the outgoing head should take a three-year cooling period and shall not be “appointed or associated with the bank or its group entities in any capacity, either directly or indirectly,” to ensure there is a clean break for the outgoing head from the bank.

Kotak’s tenure as CEO of India’s fourth-largest private lender ends this year. He has received shareholder approval to subsequently remain on the board. Choosing one of his lieutenants from within the bank’s ranks, while he is on the board, will defy the spirit of the regulations, leaving Kotak in a position to potentially influence decisions, according to the people.
There has been no “communication, formal or informal, from RBI to the bank or its board members on CEO succession,” a spokesperson for Kotak Mahindra Bank said in an email after the story was published. The bank had previously declined to comment on the CEO succession.
“Current holdings of Kotak in its insurance companies are as per the extant regulatory prescriptions and processes,” according to the spokesperson. An RBI spokesperson didn’t respond to emails seeking comments.
Shares of the Mumbai-based bank fell 1.2%, while the benchmark S&P BSE Sensex Index rose 0.3% as of 12 p.m. in Mumbai trading. Year-to-date the stock has risen 1.5%, compared with a 9% jump in the 30-stock index.
An outsider coming in as CEO might be “a slight negative and adds uncertainty around management changes,” Jefferies Financial Group Inc. analysts Vinayak Agarwal and Prakhar Sharma said in a note to clients on Monday. By the end of August, “the bank is expected to suggest at least three names in the order of preference, of which the RBI will approve one for appointment,” according to the note.
The financier had engaged consulting firm Egon Zehnder to lead a global search for a CEO and its top executives Shanti Ekambaram and KVS. Manian were the internal candidates for the job, Bloomberg News reported earlier this year. The RBI has a final say on appointing heads of the nation’s lenders though the bank’s boards decide on the shortlist of candidates.
Insurance Units
Kotak Mahindra’s holdings in units — Kotak Mahindra Life Insurance Co. and Kotak Mahindra General Insurance Co. — are also under review as the central bank assesses the banks’ stakes in insurance companies, the people said. It is the only major bank in the country with fully-owned insurance subsidiaries.
While Kotak Mahindra had been working with advisers, including Morgan Stanley, to pare its stakes in the insurers for several months, no transactions have been finalized as of now, people familiar with the information said. A spokesperson for Morgan Stanley declined to comment.
In the past, Kotak had challenged the RBI in court to retain his stake in the lender at a level above the regulator’s threshold. The bank had then argued that the central bank wasn’t empowered to dictate founders’ shareholdings as RBI sought to separate management and ownership functions at lenders to improve corporate governance.
Kotak has a net worth of about $14.5 billion, most of which comes from his 26% stake in the bank, according to the Bloomberg Billionaires Index. He has led the bank since it was converted into a lender in 2003 from a non-banking finance company.

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Tags business news, Kotak Mahindra, Morgan Stanley, RBI, Reserve Bank of India, uday kotak

Delhi News

Banks may have to settle with some of the 16,044 wilful default accounts with Rs 346,479 crore debt till end-2022

Post author By Z+ Insurance
Post date June 18, 2023
No Comments on Banks may have to settle with some of the 16,044 wilful default accounts with Rs 346,479 crore debt till end-2022

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Banks reported as many as 16,044 borrowers with a cumulative debt of Rs 346,479 crore in the wilful default category — borrowers who refuse to repay loans despite having the capacity to make payments — as of December 2022. Some of these borrowers will be able to approach lenders for a compromise settlement following the Reserve Bank of India (RBI) decision to change the rules for eligibility that virtually reverses its earlier policy of keeping wilful defaulters out of its compromise settlement scheme.

The amount stuck in the wilful default category has jumped by 41 per cent, or over Rs one lakh crore in the last two years from Rs 245,767 crore in December 2020, according to data compiled by Transunion Cibil, a credit information company registered with the RBI. While most of the 16,000 plus wilful defaulters may not be eligible for the compromise settlement, some of them are likely to approach the lenders for the ‘settlement’.

Banks can undertake compromise settlements or technical write-offs in respect of accounts categorised as wilful defaulters or fraud without prejudice to the criminal proceeding underway against such debtors, the RBI said in a circular on June 8, 2023. Compromise settlement refers to a negotiated settlement where a borrower offers to pay and the bank agrees to accept in full and final settlement of its dues an amount less than the total amount due to them under the loan contract. This settlement invariably involves a certain sacrifice by way of write off and/or waiver of a portion of the lender’s dues on a one-time basis. Banks had approved several compromise settlements running into hundreds of crores with huge haircuts – or the reduction of outstanding payment or loans that will not be repaid by the borrowers – between 2000 and 2014, leading to huge losses for banks in the last two decades.

The central bank has also directed banks to fix a minimum cooling period of at least 12 months before making fresh exposures to borrowers who had undergone compromise settlements. This means a wilful defaulter or a company involved in fraud can get fresh loans after 12 months of executing compromise settlement.

As per the Reserve Bank of India’s (RBI) classification, a ‘wilful default’ would be deemed to have occurred if the borrower has defaulted in meeting their repayment obligations to the lender even when they have the capacity to honour the obligations. A wilful default happens when the borrower has not utilised the finance from the lender for the specific purpose for which finance was availed, and has diverted the funds for other purposes, or siphoned off funds, or disposed of or removed the movable fixed assets or immovable property given for the purpose of securing a term loan without the knowledge of the bank.

The central bank has virtually reversed its earlier policy of keeping wilful defaulters out of compromise settlement. On June 7, 2019, the RBI, in its ‘Prudential Framework for Resolution of Stressed Assets’, made clear that the borrowers who committed frauds/ malfeasance/ wilful default would remain ineligible for restructuring. Now this sudden change in the framework by the central bank to grant compromise settlements to wilful defaulters came as a shocker to the banking sector as it will not only lead to erosion of public trust in the banking sector but also undermines the confidence of depositors.

The RBI’s latest ‘Framework for compromise settlements and technical write-offs’ is considered as a “detrimental step that may compromise the integrity of the banking system and undermine the efforts to combat wilful defaulters effectively”. It not only rewards unscrupulous borrowers but also sends a distressing message to honest borrowers who strive to meet their financial obligations. “We firmly believe that allowing compromise settlement for accounts classified as fraud or wilful defaulters is an affront to the principles of justice and accountability,” said All India Bank Officers’ Confederation (AIBOC) and All India Bank Employees Association (AIBEA), representing 6 lakh bank employees.

There were 14,202 wilful default accounts involving Rs 285,474 crore as of December 2021 and 12,907 accounts for Rs 245,767 crore in December 2020, according to Transunion Cibil data.

State Bank of India (SBI) leads with 1,881 wilful default accounts for Rs 79,227 crore as of December 2022, followed by PNB at Rs 38,333 crore (2,143 accounts), Union Bank of India Rs 35,561 crore (1,747 accounts), IDBI Bank Rs 23,601 crore (335 accounts) and Bank of Baroda Rs 23,879 crore (2,203 accounts), according to data from Cibil website. Public sector banks account for 85 per cent of the wilful defaults at Rs 292,865 crore.

Among private banks, Axis Bank had 607 wilful default accounts for Rs 2,005.9 crore, ICICI Bank 59 accounts for Rs 2,136.5 crore and HDFC Bank 49 accounts for Rs 505.5 crore. Private banks (excluding IDBI Bank) reported 1.822 such accounts for Rs 30,809 crore as of December 2022.

Among financial institutions, HUDCO had 130 wilful default accounts for Rs 12,211 crore. LIC had 3 such accounts for Rs 2,800 crore and Exim Bank 15 accounts for Rs 3,651 crore as of December 2022.

“A wilful default means a promoter who had borrowed money has defaulted wilfully. When he had the capacity to pay, he did not pay, took out the money and siphoned off. Wilful defaulters are in all segments but only large cases are being reported. Mostly wilful default is examined in accounts above Rs 25 lakh and above,” said a senior banker.

Restructuring is often misused by banks and corporates for ‘evergreening’ problem accounts to keep the reported NPA levels low. Corporates were allowed to opt for the liberal restructuring route between 2000 and 2014 when a host of companies used fresh loans from banks to evergreen their loan books. However, with the enactment of the bankruptcy code, evergreening has declined but recovery has remained abysmally low.

Wilful default numbers are likely to remain elevated for next one year. After that the numbers will decline as the recovery process would have been completed and legacy NPAs would have been resolved. “Recognition of NPAs is already over but recovery actions are still happening. These are all part of the recovery actions. Once this is over then we should see it (wilful default number) ebbing away,” said another banker.

PSU banks accounted for 75.9% of aggregate gross NPAs compared to 61.9% of advances. Overall, the stress level of the banking sector has reduced as their outstanding SMAs (special mention accounts) and restructuring book have reduced significantly in Q3FY23, indicative of improving asset quality. This comes after covid pandemic and associated business disruptions have led to an increase in restructured standard assets over the past two years, according to Care Ratings.

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Tags BANKING, banking sector, business news, current affairs, indian express, loan defaulters, RBI, Reserve Bank of India, wilful default category

Delhi News

RBI to levy penalties on banks that lose property papers of loan seekers

Post author By Z+ Insurance
Post date June 11, 2023
No Comments on RBI to levy penalties on banks that lose property papers of loan seekers

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RBI policy: How a repo rate hike/cut impacts your home loans and EMIs

MPC lowers projection for inflation, raises growth outlook a bit in FY24

RBI Monetary Policy: Repo rate up by 25 bps, FY23 inflation pegged at 6.5%

RBI MPC: When and where to watch policy announcement by Shaktikanta Das

India tops world ranking in digital payments with 89.5 mn transactions

EV financing platform Revfin raises $5 million in investment from DFC

TVS Credit Services raises Rs 480 crore capital from Premji Invest

Go Digit Life Insurance receives IRDAI’s approval to start business

RBI notifies 4 key measures to strengthen 1,514 urban co-operative banks

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Tags Bank loans, banking sector, RBI, Reserve Bank of India

Delhi News

As yield on 10-yr govt security falls, what should retail investors do?

Post author By Z+ Insurance
Post date May 26, 2023
No Comments on As yield on 10-yr govt security falls, what should retail investors do?

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While the Reserve Bank of India (RBI) in November 2021 allowed retail investors to participate in the government securities market – both primary and secondary – retail investors have not shown enthusiasm.

Should retail investors consider investing in government-backed securities?

Why are retail investors shying away?

On November 12, 2021, Prime Minister Narendra Modi launched the RBI Retail Direct (RBI-RD), a one-stop solution to facilitate investment in government securities by individual investors. The total number of registrations in the retail direct scheme since its inception stands at 99,371 as on May 22, 2023.

The number of accounts opened so far are 84,158. On average, retail subscriptions to government securities in every G-sec auction held over the past few months have been around Rs 42 crore.Total cumulative primary market subscriptions stood at just Rs 2,112.83 crore as on May 22, when the last G-sec auction was held. The total traded volume on a cumulative basis in the secondary market was Rs 351.58 crore.

“Though the RBI has developed a platform, a layman finds it complicated to invest in government bonds. They need some guidance, maybe through intermediaries, for investing in government bonds,” said Marzban Irani, Chief Investment Officer (Fixed Income), LIC Mutual Fund.

Bankers said retail investors are not enthusiastic as the G-sec market lacks liquidity. “After being allotted government securities in the primary auction, a retail investor might not always get a buyer in the secondary market at a level they want to sell and so, they are stuck. When you need money, you may not be able to get it immediately,” said a banker.

Experts believe that the scheme can pick up if the government gives retail investors some tax sops or if the investment process in G-secs is simplified like for fixed deposits.

The RBI Retail Direct platform is beneficial for an informed investor who understands the government securities market, but for an uninformed participant, investment in G-secs is advisable only through mutual funds.

Why are yields on government securities falling?

The yield on the 10-year government security, which was trading at 7.4% in early March 2023, fell to 7.3% after the government on March 24 announced changes in the taxation of debt mutual funds. The benefit of indexation in the calculation of long-term capital gains on debt mutual funds was removed. The 10-year G-sec yield eased to 7.2 % following the RBI’s surprise move to keep the repo rate unchanged at 6.5 % in its April 6 monetary policy. Currently, the 10-year G-sec yield is trading at around 6.96-6.99 %.

The yield on 5-year G-sec has fallen from 7.4 % to 6.93 %, and on one-year government bonds from 7.23 % to 6.79 %.

Besides, the fall in inflation has also pushed the yield downwards. “The yields on sovereign papers have eased as there is an expectation the RBI may go for a longer pause after April inflation fell to 4.7 %. The 10-year G-sec yield may further ease to 6.5 %,” said a banker.

Is it the best time for retail investors to go for G-secs?

Experts say that the yield on 10-year G-sec at 6.96-6.99% is a good proposition for retail investors if they want to wait till maturity. “Earlier, the yield on 10-year paper was at 7.5 %, which was very attractive for investment. You are now getting a sovereign asset at 7 %, which is still a good rate for retail investors to invest,” Irani said.

He, however, said investors should prefer investing in longer papers, having maturities of 20 or 30 years.

Apart from government bonds, he said, investors can also invest in state development loans (SDLs) through mutual fund schemes.

What are the other investment options?

“The broad advice right now is to lock into these (G-sec) rates since they are not likely to climb too much hereon,” BankBazaar’s CEO Adhil Shetty said.

One can also look at fixed deposits (FDs), where banks have started raising interest rates following the 250 basis points rise in the repo rate since May 2022.

SBI, the country’s largest lender, has been offering an interest rate of 6.8% to 7% for deposits less than Rs 2 crore and maturing between one year to less than three years. For longer-term deposits — three years and up to 10 years — SBI has been offering an interest rate of 6.5%. Senior citizens can get an additional interest rate of 0.5% on these tenors.

Similarly, private sector lender HDFC Bank has been offering interest rates of 6.6% to 7.1% on deposits maturing between one year and up to 18 months. From 18 months to up to 10 years, the bank is offering 7%. Senior citizens will get 50 basis points higher interest rates.

“If you’re going for an FD, pretty much every bank now offers 7.5 % on select tenors to senior citizens. Some banks are offering these rates for 5-10 years as well. It makes sense to lock into those tenors even for an FD, which is typically treated as a short-term instrument. In a high-rate scenario such as this, the FD can also be a long-term income generator,” Shetty said.

He said one can watch out for new bonds and NCDs being launched. AAA-rated issues in particular should be interesting. “Lastly, there’s always the option of turning to the humble post office. The 5-year deposit is being offered at 7.5%, which most large banks don’t match at this moment,” he said.

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Tags bond yield, bond yield falls, business news, India econpomy, Indian econpomy, indian express, RBI, Reserve Bank of India, Shaktikanta Das

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Delhi News

State-run banks likely to launch special drive to recover written-off loans

Post author By Z+ Insurance
Post date May 1, 2023
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After being prodded by the Centre to expedite proceedings against defaulting borrowers, state-run banks are likely to launch a special drive to recover written-off loans, Economic Times reported.

The government has instructed public sector banks (PSBs) to focus on written-off loans and try to recover at least Rs 2 trillion in this fiscal year, a senior official told ET.

In the six years leading up to 2021-22, PSBs wrote off bad loans worth Rs 8.16 trillion from their books. In the first nine months of 2022-23, PSBs wrote off Rs 90,958 crore of bad loans, RBI’s latest data said.

The official further said that after consulting with their respective boards, the banks will determine their individual targets. We have only asked them to focus on this area, he added.

Another senior bank executive stated that while lenders would step up their efforts, some of these cases have been stalled in recovery tribunals and courts for a long time.

Banks only write off loans when recovery appears unlikely to occur soon. A write-off then frees up capital for the bank, allowing it to continue with the recovery process, he added.

Loan write-offs help to clean up and update balance sheets, but the borrower is still obligated to repay the loan. A loan write-off can also be deducted from income, allowing lenders to save tax.

In December 2022, Finance Minister Nirmala Sitharaman told Parliament that borrowers of written-off loans are still responsible for repayment and that efforts are being made to collect any outstanding debts from them.

“Write-off does not benefit the borrower,” she said, adding that banks continue to pursue recovery actions started in written-off accounts through various available recovery mechanisms, such as filing a lawsuit in civil courts or debt recovery tribunals, filing cases under the Insolvency and Bankruptcy Code, 2016, and through the sale of non-performing assets.

In addition, Sitharaman said that under the board-approved staff accountability policy, action is taken against at-fault officials in situations where it is evidentially determined that they are to blame for non-compliance, flaws in the established systems and procedures, misconduct or non-adherence to the due-diligence standards.

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Tags bad loans, Finance Minister Nirmala Sitharaman, PSBs, public sector banks, Reserve Bank of India, Sale of Non-performing assets by PSBs, State-run banks, Written off loans recovery, written-off loans

Delhi News

Exposure of banks, financial institutions to Adani Group well within limit: Finance minister Sitharaman

Post author By Z+ Insurance
Post date February 4, 2023
No Comments on Exposure of banks, financial institutions to Adani Group well within limit: Finance minister Sitharaman

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NEW DELHI: The Centre on Friday moved to soothe sentiments of investors, with finance minister Nirmala Sitharaman saying the exposure of banks and financial institutions to the Adani Group was well within permissible limits. She added that investor confidence in India would remain high as the markets were well-regulated.
“India remains, as before, very well governed, (with a) stable government, and a very well-regulated financial market. As a result, investor confidence, which existed before, shall continue even now. Our regulators are normally very-very stringent about governance practices and therefore, one instance, however much talked about globally it may be, is not going to be indicative of how well financial markets are governed. So many lessons have been learnt over the decades and our regulators have kept the markets well in prime and prim condition,” the FM told a TV channel in her first comments since the report by Hindenburg Research hit Adani stocks.

Keeping constant vigil on banking sector, says RBI
A few hours later, the Reserve Bank of India (RBI) issued its first statement on the issue to state that the banking system was stable, and lenders were in compliance with the large exposure framework guidelines, which cap lending to a single business group.
Without naming Adani, the regulator said that it has maintained a constant vigil on the banking sector and on individual banks to maintain financial stability. The central bank said it constantly monitors data on bank exposure to large corporations. “The RBI has a Central Repository of Information on Large Credits (CRILC) database system where the banks report their exposure of Rs 5 crore and above, which is used for monitoring purposes,” it said in a release. The statement came amid repeated attacks from Opposition parties, which have stalled Parliament demanding a probe, while raising questions over LIC and State Bank of India’s exposure to the Adani Group.
Referring to statements by SBI and LIC, Sitharaman said: They have very clearly said that their exposure is well within the permissible limit and with the valuation that they have, they are still sitting over profit.” Besides, she said, Indian banks remain healthy. “In general, both RBI and we know that the Indian banking system, having gone through the twin balance sheet problems, are at a comfortable level. The NPAs are coming down, recovery is happening, and their position is very sound.”
Senior finance ministry officials too sought to comfort stakeholders.

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Tags adani, Adani Group, Banks, business news, financial institutions, nirmala sitharaman, Reserve Bank of India

Delhi News

‘Will give necessary stimulus to economy, along with RBI’: Sitharaman

Post author By Z+ Insurance
Post date September 6, 2022
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The government and the Reserve Bank of India (RBI) will together extend necessary stimulus to maintain economic growth momentum even as the Centre strives to maintain fiscal rectitude, finance minister Nirmala Sitharaman said on Monday.

Speaking at an event of Elara Capital, Sitharaman also said the government is committed to the announced plan for bank privatisation. Justifying windfall taxes on abnormal profits by oil companies, she the taxes were not ad hoc measure.

India’s gross domestic product (GDP) grew by a rate of 13.5 per cent in the June quarter of FY23.

The economy will likely see slower growth in the current quarter and the coming few quarters, due to a waning of the base effect and a slowing of exports.

“Together with a central bank, the ministry of finance will be working out a pathway, which will be predictable, consistent and give every stimulus required for the growth of the Indian economy,” Sitharaman said.

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On taking forward the proposed bank privatisation, the minister said the listing of Life Insurance Corporation was an indication of the government’s commitment to reforms and disinvestment. “So, we shall go ahead with the banking sector reform as well. We’ve mentioned it in the budget (to privatise two banks). We shall take it forward,” Sitharaman said.

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Delhi News

Distress of vulnerable | The Indian Express

Post author By Z+ Insurance
Post date August 31, 2022
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After contracting in 2020-21, the Indian economy rebounded sharply in 2021-22, ending the year 1.5 per cent above its pre-pandemic level. This year the Reserve Bank of India expects it to grow at 7.2 per cent, making India one of the fastest growing economies in the world during this period. But the recovery from the pandemic lows has been anything but even. Beyond the headline numbers, there are indicators of the unabated pain stemming from the pandemic and the continuing distress in parts of the economy.

One possible indication of the scale of the distress comes from data on households/individuals who have worked under MGNREGA. In 2019-20, the year prior to the pandemic, 7.88 crore individuals worked under the scheme. In 2020-21, the first year of the pandemic, this number rose to 11.19 crore. While in the subsequent year it dipped to 10.62 crore, the number of individuals working under the scheme remained considerably higher than in the pre-pandemic period. In fact, so far this year, 6.29 crore individuals have already worked under the scheme as compared to 6.21 crore in the entire year of 2014-15. This growing reliance on MGNREGA likely indicates that other more remunerative employment opportunities remain limited. Another pointer to the economic distress at the lower end of the income distribution scale comes from the National Crime Records Bureau report — there has been a rise in suicides by daily wage earners and in 2021, daily wage earners accounted for a fourth of suicides in the country. As this paper has also reported, in 2021-22 over 2.3 crore life insurance policies were surrendered way ahead of their maturity by policy holders — this was more than thrice the number of policies surrendered the previous year. Other indicators point to subdued household purchasing power. As per data from SIAM, in 2021-22, sales of two-wheelers were lower than their 2019-20 levels by almost a quarter. Similarly, as per CRISIL, sales of cars priced below Rs 10 lakh grew by a mere 7 per cent in 2021-22, while those priced above Rs 10 lakh (the premium segment) grew by 38 per cent.

The bigger picture that emerges is one of pain at the lower and middle levels of income distribution. As policymakers navigate the tumultuous global macroeconomic environment, they must be mindful of the highly uneven nature of the recovery, and take measures to address the distress of the most vulnerable.

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Delhi News

RBI took steps to promote rupee as preferred currency for global trade: FM

Post author By Z+ Insurance
Post date August 8, 2022
No Comments on RBI took steps to promote rupee as preferred currency for global trade: FM

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Finance Minister Nirmala Sitharaman on Monday said the Reserve Bank of India (RBI) has taken steps to promote rupee as the preferred currency for global trade in order to promote exports.

Last month, RBI asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.

“RBI has put in place the arrangement for invoicing, payment, and settlement of exports/imports in INR in order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR,” she said in a written reply to the Lok Sabha.

According to the minister, the central bank has put in place the arrangement in order to promote growth of global trade by reducing the dependence on hard currency, with emphasis on exports from India and to support the increasing interest of global trading community in INR.

She also noted that an increase in exports may help reduce the trade deficit.

The framework allowing invoicing and payments for international trade in INR is applicable for any partner country seeking to undertake trade with India in INR in terms of RBI circular.

As per the RBI circular, the approval process is that for opening of Special INR Vostro accounts, banks of partner countries may approach Authorised Dealer (AD) banks in India which may seek approval from RBI with details of the arrangement.

In another reply, Sitharaman said the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one-year personal accident insurance scheme, renewable from year to year and is available on pan-India basis to bank or post office account holders in the age group 18 to 70 years who give their consent to join and enable auto-debit.

The scheme offers coverage for Rs 2 lakh in case of accidental death or total permanent disability and Rs 1 lakh for partial permanent disability due to an accident, she said.

The minister said the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme, renewable from year to year and is available on pan India basis to bank or post office account holders in the age group 18 to 50 years who give their consent to join and enable auto-debit.

The scheme offers coverage for Rs 2 lakh in case of death due to any reason.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Tags export and import, global trade, Indian rupee, nirmala sitharaman, Reserve Bank of India