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THE HINDU CHENNAI SATURDAY, MARCH 10, 2018 BUSINESS 17 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

market watch 09-03-2018 % CHANGE ‘E­wallet remittances, business ‘Only about 50% of PAN Sensex dddddddddddddddddddddd 33,307 ddddddddddddd-0.13 US Dollardddddddddddddddddddd 65.17 ddddddddddddd-0.05 Gold ddddddddddddddddddddddddddd 31,350 ddddddddddddd-0.32 Brent oil ddddddddddddddddddddd 64.73 ddddddddddddddd1.27 slump in the wake of KYC at’ cards linked to Aadhaar’ NIFTY 50 The deadline to link PAN with Aadhaar is March 31 PRICE CHANGE Remittance volumes have shrunk 70%, e­commerce transactions halved: ocial Adani Ports...... 377.90...... -10.05 TCA Sharad Raghavan on the number of accounts Ambuja Cements...... 235.40...... -0.85 NEW DELHI Asian Paints...... 1129.10...... 1.50 MANOJIT SAHA in private sector banks. Aurobindo Pharma ...... 592.45...... 3.25 TCA Sharad Raghavan With less than a month to go Axis Bank ...... 505.35...... -15.20 Mumbai/New Delhi for the expiry of deadline for Share of private banks Bajaj Auto ...... 2935.40...... 11.50

Bajaj Finance ...... 1654.20...... 26.15 The volumes of remittances linking Aadhaar numbers to However, given that private

Bharti Airtel ...... 402.15...... 0.85 and e­commerce transac­ PAN, the government on Fri­ sector banks have about Bosch ...... 18203.55. .... 108.75 tions made using prepaid day said that it had so far 20% market share in India, BPCL...... 439.40...... -2.80 payment instruments (PPIs), been able to link only about the actual proportion of ac­ Cipla ...... 571.05...... -6.95

Coal India ...... 304.05...... -1.45 including electronic wallets, 50% of the PAN cards issued counts linked across the Dr Reddys Lab ...... 2129.90...... -13.50 have slumped sharply fol­ to Aadhaar numbers. banking sector is likely to be Eicher Motors...... 27963.85. .... 252.00 lowing the expiry of the Fe­ “As per the latest available less. “The economy has just GAIL (India)...... 436.90...... 0.45 bruary 28 deadline for en­ information as on March 5... about come out of the im­ HCL Tech...... 943.00...... -7.65

HDFC ...... 1818.60...... 19.85 suring all PPI accounts are in the number of Aadhaar pact of vast structural jerks HDFC Bank...... 1851.05...... -1.80 compliance with know your cards linked with PAN is of demonetisation and the Hero MotoCorp ...... 3586.35...... -0.35 customer (KYC) norms, pay­ 16,65,82,421,” Minister of Shiv Pratap Shukla Goods and Services Tax and Hindalco ...... 220.20...... -2.50

HPCL ...... 357.05...... -3.50 ments industry ocials said. State for Finance Shiv Pratap is not ready for another chal­ Hind Unilever ...... 1300.75...... 7.60 According to industry esti­ Shukla informed the Lok go for the deadline to link lenge by way of any bank ac­ Indiabulls HFL ...... 1199.20...... -7.15 mates, the volume of remit­ Sabha. “Further, as on PAN with Aadhaar, only count becoming inoperative ICICI Bank ...... 292.70...... -4.25 tances has shrunk 70%, March 2... 8,779.65 lakh cur­ about half of the PAN cards after March 31,” Assocham IndusInd Bank ...... 1697.55...... 3.40

Bharti Infratel ...... 333.15...... 1.95 while e­commerce transac­ rent accounts and savings issued so far have been secretary general D.S. Rawat Infosys ...... 1163.40...... 6.75 tions have halved since accounts have been linked linked. According to another said in a statement. Indian OilCorp...... 385.50...... 3.40 March 1. The Reserve Bank with Aadhaar.” answer in the Lok Sabha, the “As of now, even those ITC ...... 259.25...... 0.40 Blue­collar blow: A large percentage of those using wallets for remittances are people like of India (RBI) had directed An August 2017 answer in Finance Ministry said that as having submitted Aadhaar Kotak Bank ...... 1082.45...... 0.15 taxi drivers and daily wage labourers, says Payworld’s Dhabhai. * MOHAMMED YOUSUF L&T...... 1290.50...... 6.70 PPI issuers to ensure all ac­ the Lok Sabha shows that of April 2017, there were details are getting KYC re­ Lupin ...... 764.50...... -6.65 counts were KYC compliant 32,68,25,653 PAN cards have 92,45,06,506 savings and minders. There is a lot of M&M ...... 728.50...... 1.85 “on or before February 28, Transactions using e­wal­ would come to the retailer account holder does not been issued in the country current accounts in public confusion which may lead to Maurti Suzuki...... 8660.60...... -68.75

NTPC ...... 164.40...... -0.90 2018” and asserted last lets had fallen a precipitous who would assist them to have an Aadhaar number. as of that month. This means sector banks (PSBs) alth­ further problems as we ap­ ONGC ...... 179.90...... -0.25 month that it would provide 80% since February 28, ac­ send the money from their e­ For full KYC, complete auth­ that, with about 20 days to ough there is no ready data proach the deadline.” PowerGrid Corp ...... 192.90...... -2.50 no further extension. cording to e­wallet provider wallets to their near and entication and verication of Reliance Ind ...... 913.10...... 1.65 “Remittance is badly hit Payworld. dear one’s bank account.” residence and identity proof State Bank ...... 253.25...... -3.55

Sun Pharma ...... 506.80...... -7.80 due to the KYC norms as “We were doing 50,000 However, these retailers are required. In October, RBI Tata Motors ...... 341.50...... -3.65 compared to e­commerce,” money remittance transac­ had been facing problems had directed all PPI issuers ‘India to wait ‘Resolution of Bhushan Tata Steel ...... 606.75...... -29.15 said a payments industry of­ tions per day, which has since March 1 due to poor in­ to make all accounts fully TCS ...... 3034.10...... 30.15 for U.S. tari Tech Mahindra ...... 619.20...... 12.00 cial, who did not wish to be come down to 10,000 since frastructure or poor know­ KYC compliant by December

UltraTech Cement...... 4079.85...... -40.05 named. March 1,” Praveen Dhabhai, ledge, he said. 31. The deadline was later ex­ Steel is credit positive’ UPL...... 712.15...... 1.35 COO of Payworld said. “And tended to February 28. notication’ Vedanta ...... 304.15...... -4.25 e-KYC saving grace that is generally what the in­ Infrastructure woes RBI had issued licences to Wipro ...... 285.05...... -0.15 SBI, in particular, to benet: Moody’s PRESS TRUST OF INDIA YES Bank...... 303.25...... -5.30 “E­commerce volumes are dustry is facing, an 80% fall “Many of our retail points 55 non­bank mobile wallets NEW DELHI Zee Entertainment ...... 568.50...... 5.00 hit to a lesser extent because in the number of transac­ don’t have the required in­ while 50 banks have their Special Correspondent banks. Within this 40%, the RBI has allowed e­KYC of the tions since the e­KYC frastructure to do the e­ own wallets. India said it is awaiting U.S. Mumbai steel sector constitutes the customers for 12 months, af­ deadline.” KYC,” Mr. Dhabhai said. “To “It’s an interesting and notication on the increase Moody’s Investor Service on largest industry, with a EXCHANGE RATES ter which full KYC can be E­wallet providers PayTM do it, you need a biometric challenging time,” said Na­ in import tari on steel and Friday said that the resolu­ share of about 35% of these Indicative direct rates in rupees a unit except yen at 4 p.m. on March 09 done. However, customers and PhonePe declined to device, which is not easy to veen Surya, chairman, Pay­ aluminium, to gauge its im­ tion of Bhushan Steel, which NPAs. Within the steel sec­ CURRENCY TT BUY TT SELL who opt for e­KYC can tran­ comment when contacted install. And even if they have ments Council of India. pact on domestic players was referred to the National tor’s NPAs, Bhushan Steel is US Dollar...... 64.97...... 65.29 sact only 10,000 per by The Hindu. the devices, they have to be “Challenging because it is amid a global outcry over Company Law Tribunal last the largest account repre­ Euro ...... 79.92...... 80.33 month,” the ocial said. trained in how to do the e­ to be seen how the PPI America’s decision to raise year, would be benecial to senting about 40% share. British Pound...... 89.77...... 90.21

Japanese Yen (100) . .. . 60.84...... 61.14 While remittances — Migrant labourers KYC. We have started doing players come out from the duties beyond its commit­ Indian banks. Chinese Yuan ...... 10.26...... 10.31 where account holders “We have a digital wallet li­ that training, and have in­ KYC issues that they are fac­ ment at the WTO. “We expect most rated Asset quality metrics Swiss Franc ...... 68.32...... 68.69 transferred funds from an e­ cense from the RBI and our creased the number of call ing and retain the custom­ Commerce Secretary Ri­ Indian banks to have some “Meaningful resolutions of Singapore Dollar ...... 49.30...... 49.55

Canadian Dollar...... 50.46...... 50.72 wallet to a bank account or target market is the domestic centre executives and the ers. Interesting because RBI ta Teaotia said there is a exposure to Bhushan Steel non­performing assets Malaysian Ringitt ...... 16.60...... 16.70 to another wallet — had ear­ migrant labourers or people number of operatives on the is talking about complete in­ “disquiet” as the U.S. has and the resolution will par­ would signicantly improve Source:Indian Bank lier averaged about 10,000 like taxi drivers, or the peo­ ground.” teroperability soon. If that raised duties on certain ticularly benet State Bank banks’ asset quality metrics. crore a month, e­commence ple who are not tech savvy For an e­KYC, it is enough happens then the customers items beyond the bound of India, the leader of the Beyond asset quality, the ef­ transactions, which entailed enough to do the transac­ to furnish any one of the four will have more choices. So rates or its commitment at consortium of lenders to fect on protability and cap­ BULLION RATES CHENNAI the use of wallets to pay mer­ tions themselves,” Mr. Dhab­ ocially valid documents — the key is how well it is man­ the WTO. “We will wait to Bhushan Steel,” Moody’s ital will depend on the hair­ March 09 rates in rupees with previous rates in parentheses chants, had been in the hai explained. “So, for that, passport, voter identity aged till the time interopera­ see what form it (U.S. noti­ said. Bhushan Steel is one of cuts that lenders take in the

Retail Silver (1g) ...... 41.5. ....(41.51) range of 2,000 crore a we have a retailer base card, driving licence, or bility comes in,” Mr. Surya cation on tari hike) will 12 large non­performing as­ resolution process,” Moo­ #2 1 6 5 9 22 ct gold (1 g) ...... 2905...... (2915) month. across India. The customer NREGA job card — in case the added. take,” she said. sets (NPAs) held by the dy’s said. RBI nes Govt. to split Air India debt Airtel bank 50 million ahead of stake sale: Sinha K.T. Jagannathan ‘Unsustainable’ part of $8.5 bn dues to be transferred to SPV Chennai The Reserve Bank of India Reuters (RBI) has imposed a penal­ MUMBAI ty of 50 million on Airtel India will transfer part of Air Payments Bank Limited India’s $8.5 billion debt pile (the bank) for contravening to a special purpose vehicle operating guidelines for before selling a stake in the payments banks and the di­ state­owned carrier, its Mi­ rections issued by it on nister of State for Civil Avia­ know your customer (KYC) tion told Reuters on Friday. norms. Mr. Jayant Sinha said the This action is based on government had already de­ the deciencies in regula­ cided to split the debt into tory compliance, the Re­ sustainable and unsustaina­ serve Bank said. ble debt. “The unsustainable Ready to take­o: Aviation rms including Indigo and

“It is not intended to part will be with the special Turkey’s Celebi Aviation have expressed interest. * REUTERS pronounce upon the validi­ purpose vehicle (SPV),” he ty of any transaction or said on the sidelines of an after successive govern­ cluding low­cost Indian car­ agreement entered into by event in Mumbai. ments spent billions of dol­ rier IndiGo, owned by the bank with its custom­ He did not elaborate but lars in recent years to keep it InterGlobe Aviation, Tata ers,” it added. Bloomberg, citing sources, solvent. But its debt burden Group and Turkey’s Celebi “The supervisory visit reported in November that and bloated cost structure Aviation Holdings, have ex­ report and other relevant the government had pro­ have been a concern. pressed an interest in buying documents revealed, inter posed transferring non­avia­ some of Air India’s opera­ alia, contraventions of ‘op­ tion assets and up to 300 Keen interest tions. erating guidelines for pay­ billion in short­term loans in­ India’s Civil Aviation Secre­ In January, India cleared a ments banks’ and the di­ to a separate company. tary, Rajiv Choubey, said on proposal to allow foreign in­ rections issued by RBI on Prime Minister Narendra Thursday that the govern­ vestors to own up to a 49% know your customer (KYC) Modi’s Cabinet gave the go­ ment would invite initial bids stake in Air India, paving the norms,” the central bank ahead last year to sell the for Air India in the next cou­ way for global airlines to also said. loss­making agship airline, ple of weeks. Companies, in­ bid for the carrier. World shares climb as U.S. wage gains slow Proposed Trump­Jong Un meet by May buoys MSCI all­country index

Reuters curities in New York. Stron­ London ger than expected rise in World shares hit their high­ wages last month fanned est in over a week on Friday speculation about faster in­ as a slowdown in wage gains terest rate rises in the U.S. , in the U.S. helped cool fears causing a rout in the bond about faster ination and in­ market and hammering terest rate hikes this year. world equities. The MSCI All­Country The pan­European STOXX World index, which tracks 600 index jumped to a ses­ shares in 47 countries was sion high. It was last up up 0.7% on the day and 2% 0.5%, and Britain’s FTSE 100 for the week, having also rose 0.3% to a session high. been buoyed by news that Shares in Asia staged Donald Trump and North Glad tidings: Political developments spurred a rise in Japan’s sharp rallies after President Korea’s Kim Jong Un planned Nikkei by 0.5% while South Korean stocks rose 1%. * REUTERS Donald Trump said he was to meet by May. prepared to meet North Ko­ Nonfarm payrolls jumped up only four cents, or 0.1%, bour participation rate went rea’s Kim Jong Un, potential­ by 313,000 jobs last month, to $26.75, a slowdown from up, the headline numbers ly marking a major break­ data from the U.S. Labor De­ the 0.3% rise in January. are great, and the average through in nuclear tensions partment showed, recording Both the benchmark S&P hourly earnings has settled between the two countries. their biggest increase in 500 and the Dow Jones In­ back down into consensus,” Japan’s Nikkei rose 0.5% more than 1­1/2 years. But av­ dustrial Average each rose said Art Hogan, chief market and South Korean stocks erage hourly earnings edged 1%. “The great news is the la­ strategist at Wunderlich Se­ gained more than 1%.

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