debt market's role in indian economy

8/12/2019 debt market's role in indian economy

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Technology In Financial

Innovation

Presented to: Dr. Kumar Bijoy

Presented By BFIA 2B

Peeyush Mittal 75241

Sanchit Gupta 75253

Wineeta Paul 75265


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Technology in Financial InnovationStock Market Products


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Table of ContentsOnline Stock Brokers

Analysis of Stock Market and Companies1. Stock Screeners and Fundamental Analysis

2. Online Charting Services

3. Aide to Technical Analysis

4. Anywhere, Anytime Alerts

5. Sentimental Investing ( Trend Investing)

Trading in Stock Markets

1. Screen Based Trading

2. Dematerialisation

3. Depositories4. E-IPO

5. Algorithmic Trading

a). High Frequency Trades

b). Artificial Neural Networks

Risk MitigationCompliance with Regulatory Norms

1. Stress Testing

2. VAR

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Analysis of Stock Market and

Companies

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Fundamental Analysis and Stock Screeners

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Online Charting Services

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Social Sentiment Investing

Social trading is the process through which online financial investors rely on user

generated financial content gathered from various Web 2.0 applications as the major

information source for making financial trading decisions.

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SEC Approval

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Social Market Analytics

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Electronic Trading

Source : Celent Reports

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Some Interesting facts

1. NSEs trading system, is a state of-the-art application. It has an up time record of99.99% and processes more than 450 million messages every day with sub millisecond

response time.

2. NSE has taken huge strides in technology in these 20 years. In 1994, when trading

started, NSE technology was handling 2 orders a second. This increased to 60 orders a

second in 2001. Today NSE can handle 1, 60,000 orders/messages per second, withinfinite ability to scale up at short notice on demand

3. While settlements were delayed and uncertain before 1994, NSE has continuously

worked towards ensuring that the settlement cycle comes down. Settlements have

always been handled smoothly. The settlement cycle has been reduced from T+15 to

T+2/T+1. The exchange continuously strives to enhance capacity to effectively meet therequirements of increased users and associated transaction loads.

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Online Discount Brokers

A discount brokerage is a business that charges clients significantly lower fees than

traditional brokerage firm but without providing investment advice.

Discount brokers typically allow investors to buy and sell securities on-line while offeringcomparatively fewer services and/or support.

1. Fully Operational Online

2. No physical branches3. Conduct of trades through Software of web based portal only. No telephonic Order entry

4. Thus Lower costs

Disadvantages

1. Problem occurs if servers go down.

2. No investment advice

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Algorithmic Trading

Algorithmic trading: the use of programs and computers to generate and execute

(large) orders in markets with electronic access.

Users

1. Investment Banks2. Pension Funds

3. Hedge Funds

4. Mutual Funds

5. Buy Side Brokerage Firms

Purpose

1. Manage Market Impact

2. Manage Risk

3. Control Costs

4. Profit

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Electronic Communications Network

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Dematerialisation and Depositories

Enabling STP(Straight through processing) which reduced thesettlement period from 15 days to just 2 days.

In simple words straight through process is an electronic process of

transaction of shares without any human intervention.

4 main participants are required in the whole securities process

1. NSDL (National Securities depositories ltd)Depository

2. Depository Participant

3. NSCCL (National Securities clearing corporation of India) - CC4. Brokers

5. Buyers or Sellers

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Working Model

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DEMAT A t


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DEMAT Accounts

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Demat Quantity (Cr)

Demat Quantity (Cr)

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High Frequency Trading

A type of trading in which the orders get executed with fractions of seconds.

Thus it may involve a computer programmed software which instantaneously buys

and sells in fractions of seconds.

They take advantage of the bid ask spreads in the markets. This is usually known as

spread betting. Also called arbitrage.

High frequency trading has thus significantly reduced the bid ask spread in the

markets which is a good indicator of efficiency in pricing. In addition to increasing

efficiency it also helps in providing liquidity to the markets.

But recently they have been criticized for rigging the market prices and have comeunder the scrutiny of the regulators.

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Banking


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Technology In Banking

Far reaching changes in computers and

communications technology have fundamentally

altered the way in which banking is being performed.

The basic functions of banking have remained the

same but the way in which banking services are

provided has altered.

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Evolution of Technology Adoption in

Indian Banking

Computerization of Indian banking started in 1980s

It started off with computerization of a few key functions and

departments in principal branches through adoption of what

is generally called, advanced ledger posting machines. These

systems were designed to take care of the accounts related

functions of the banks which were at the heart of banking

operations and which had assumed great significance in terms

of the need for accuracy and control.

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Continue

There was the emergence of network based operations which

were aimed at providing interbank connectivity.

An important stage in the evolution of the user friendlytechnology arrived with the deployment of ATMs and the

adoption of Core Banking Solution which radically

transformed the way banking was done in India both bybankers and customers.

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Continue

With the setting up of IDRBTInstitute for Development and

Research in Banking Technology, in 1996

Three most important technology infrastructures were created and

these were

INFINIT in 1999

Implementation of PKI based electronic data transfer

Structured Financial Messaging System (SFMS) which facilitated the

development of secured payment system practice in India.

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Continue

Innovations in newer delivery channels like

internet banking, mobile banking and pre-paid

cards issued by non-banking entities emerged.

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National Payments Corporation of

India (NPCI)

The core objective was to consolidate and

integrate the multiple systems with varying

service levels into nation-wide uniform and

standard business process for all retail paymentsystems. The other objective was to facilitate an

affordable payment mechanism to benefit the

common man across the country and helpfinancial inclusion.

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CBSCore Banking Solutions

CORE Banking stands for "centralized online real-time electronic banking".

The platform where communication technology and informationtechnology are merged to suit core needs of banking is known as CoreBanking Solutions.

CBS essentially helps in integration of the range of services that can beoffered by all the bank's branches from centralized data centres. It alsohelps the banks, apart from providing better customer service, ingenerating MIS reports for the top management and in submission ofvarious reports to the regulators and the Government.

CBS is a centralized platform, which creates environment where the entirebanks operations can be controlled, and run from a centralized hub. Thiscreates a centralized customer database, which makes anytime, anywhere,anyway banking possible.

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Cheque Clearing


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MICR

MICR is an acronym for Magnetic Ink Character Recognition.

This is a 9 digit code to identify the location of the bank

branch

the first 3 characters represent the city, the next 3 the bank

and the last 3 the branch. The MICR Code allotted to a bank

branch is printed on the MICR band of cheques issued by bank

branches.

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Speed Clearing

Speed Clearing refers to collection of

outstation cheques (a cheque drawn on non-

local bank branch) through the local clearing.

It facilitates collection of cheques drawn onoutstation core-banking-enabled branches of

banks, if they have a net-worked branch

locally.

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Cheque Truncation System

Truncation is the process of stopping the flow of the physical chequeissued by a drawer at some point with the presenting bank en-route to thedrawee bank branch.

In its place an electronic image of the cheque is transmitted to thedrawee branch by the clearing house, along with relevant information like

data on the MICR band, date of presentation, presenting bank, etc. Cheque truncation thus obviates the need to move the physical

instruments across branches, other than in exceptional circumstances forclearing purposes. This effectively eliminates the associated cost ofmovement of the physical cheques, reduces the time required for theircollection and brings elegance to the entire activity of cheque processing.

The security, integrity, non-repudiation and authenticity of the data andimage transmitted from the paying bank to the payee bank are ensuredusing the Public Key Infrastructure (PKI).

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CTS 2010 Standard

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Benefits

Shorter clearing cycle

Superior verification and reconciliation process

No geographical restrictions as to jurisdiction

Operational efficiency for banks and customers alike Reduction in operational risk and risks associated with paper

clearing

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Electronic Fund Settlement

System


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RTGSReal Time Gross Settlement

Introduced in March 2004

The continuous (real-time) settlement of funds transfers individually on an order

by order basis (without netting).

'Real Time' means the processing of instructions at the time they are received

rather than at some later time; 'Gross Settlement' means the settlement of funds

transfer instructions occurs individually (on an instruction by instruction basis).

Considering that the funds settlement takes place in the books of the Reserve

Bank of India, the payments are final and irrevocable.

The RTGS system is primarily meant for large value transactions. The minimum

amount to be remitted through RTGS is 2 lakh. There is no upper ceiling for RTGS

transactions. 45

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NEFTNational Electronic Fund

Transfer

National Electronic Funds Transfer (NEFT) is a

nation-wide payment system facilitating one-

to-one funds transfer. Under this

Scheme, individuals, firms and corporate canelectronically transfer funds from any bank

branch to any individual, firm or corporate

having an account with any other bank branchin the country participating in the Scheme.

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RTGS vs NEFT

Criteria NEFT RTGS (Retail)

Settlement Done in batches (Slower) Real time (Faster)

Full Form National Electronic Fund Transfer Real Time Gross Settlement

Timings on Mon Fri 8:00 am 6:30 pm 9:00 am 4:30 pm

Timings on Saturday 8:00 am

12:30 pm 9:00 am

1:30 pm

Minimum amount of money transfer limit No Minimum 2 lacs

Maximum amount of money transfer limit No Limit No Limit

When does the Credit Happen in

beneficiary account

Happens in the hourly batch

Between BanksReal time between Banks

Maximum Charges as per RBI Upto 10,000 Rs. 2.5 Rs. 25-30 (Upto 2 5 lacs)

from 10,001 1 lac Rs. 5 Rs. 50-55 (Above 5 lacs)

from 1 2 lacs Rs. 15 (Lower charges for first half of day)

Above 2 lacs Rs. 25

Suitable for Small Money Transfer Large Money Transfer

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Benefits

The remitter need not send the physical cheque or Demand Draft tothe beneficiary.

The beneficiary need not visit his / her bank for depositing thepaper instruments.

The beneficiary need not be apprehensive of loss / theft of physical

instruments or the likelihood of fraudulent encashment thereof. Cost effective.

Credit confirmation of the remittances sent by SMS or email.

Remitter can initiate the remittances from his home / place of workusing the internet banking also.

Near real time transfer of the funds to the beneficiary account in asecure manner.

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IMPSImmediate Payment Service

It is an initiative of NPCI. It is a service through which money can be transferred

immediately from one account to the other account, within the same bank or

accounts across other banks.

Upon registration, both the individuals are issued an MMID(Mobile Money

Identifier) Code from their respective banks. This is a 7 digit numeric code. To

initiate the transaction, the sender in his mobile banking application need to enter

the registered mobile number of the receiver, MMID of the receiver and amount

to be transferred. Upon successful transaction, the money gets credited in the

account of the receiver instantly. This facility is available 24X7 and can be used

through mobile banking application. Some banks have also started providing this

service through internet banking profile of their customers.

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Electronic Clearing Service

ECS is an electronic mode of payment / receipt for transactions

that are repetitive and periodic in nature. ECS is used by

institutions for making bulk payment of amounts towards

distribution of dividend, interest, salary, pension, etc., or for bulk

collection of amounts towards telephone / electricity / waterdues, cess / tax collections, loan installment repayments,

periodic investments in mutual funds, insurance premium etc.

Essentially, ECS facilitates bulk transfer of monies from one bank

account to many bank accounts or vice versa.

Two Variants

ECS Credit

ECS Debit 50


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IFSCIndian Financial System Code

It is an alphanumeric code that uniquely identifies a bank-branch

participating in the two main electronic funds settlement systems in India:

the real time gross settlement (RTGS) and

the national electronic funds transfer (NEFT) systems.

This is an 11-character code with the first four alphabetic characters

representing the bank, and the last six characters (usually numeric, but can be

alphabetic) representing the branch. The fifth character is 0 (zero) andreserved for future use. IFSC is used by the NEFT & RTGS systems to route the

messages to the destination banks/branches.

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Structured Financial Messaging System

The SFMS was launched on December 14, 2001 at IDRBT

Structured Financial Messaging System (SFMS) is a secure

messaging standard developed to serve as a platform for intra-

bank and inter-bank applications.It is an Indian standard similar

to SWIFT (Society for World-wide Interbank Financial

Telecommunications) which is the international messaging system

used for financial messaging globally. SFMS can be used practicallyfor all purposes of secure communication within the bank and

between banks.

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ATM

An electronic banking outlet, which allows

customers to complete basic transactions

without the aid of a branch representative or

teller.

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NFSNational Financial Switch

National Financial Switch (NFS) for interconnecting ATMS by IDRBT.

With a view to inter-connect the ATMs in the country and facilitate

convenience banking for the common man, the Institute

conceptualized, developed and implemented the National Financial

Switch. The NFS facilitates routing of ATM transactions through

inter-connectivity between the Bank's Switches, thereby enabling

the citizens of the country to utilize any ATM of a connected bank.

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Brown Label ATMs

The ATM is named under the brand of the

sponsor bank but the ATM machine is not

owned by the bank.

The hardware as well as lease is under theownership of the service provider, while

connectivity and cash handling and

management is the responsibility of thesponsor bank.

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White Label ATMs

Owned and operated by Non Bank entities.

Customer from any bank will be able to withdraw money, but will need to pay

a fee for the services.

Will not display logo of any particular bank.

The objective of permitting non-banks to operate white label ATMs was to

enhance the spread of ATMs in semi-urban and rural areas, where bank-

owned ATM penetration has not been growing.

The RBI has issued Certificate of Authorisation to Tata Communications

Payment Solutions Ltd., Prizm Payment Services Pvt. Ltd., Muthoot Finance

Ltd., and Vakrangee Ltd. for setting up and operating white label ATMs.

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Internet Only Banks

Also know as Direct Banks or Virtual Banks

A bank without any branch networkthat offers its services

remotely via online banking and telebanking and may also provides

access via ATMs, mail and mobile.

By eliminating the costs associated with bank branches, direct

banks can make significant savings which they may pass on to

clients via higher interest rates or lower service charges as

compared to traditional banks.

ExampleFirst Direct in England.

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Eff t f T h l I B ki


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Effect of Technology In Banking

0.00

0.10

0.20

0.30

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2005 2006 2007 2008 2009 2010 2011 2012 2013

InMillionRupees

Profit per employee

Profit per employee

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

2005 2006 2007 2008 2009 2010 2011 2012 2013

InMillionRupees

Business per employee

Business per employee

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Moving Towards Paperless Banking

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Aadhaar Enabled Payment System

AEPS is a bank led model which allows online financial inclusiontransaction at PoS through the Business correspondent of any bankusing the Aadhaar authentication.

The four Aadhaar enabled basic types of banking transactions are asfollows:-

Balance Enquiry Cash Withdrawal

Cash Deposit

Aadhaar to Aadhaar Funds Transfer

The only inputs required for a customer to do a transaction under this

scenario are:- IIN (Identifying the Bank to which the customer is associated)

Aadhaar Number

Fingerprint captured during their enrolment

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Payment Options


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Contents

Payment System

Payment Innovation report-2013

Mobile Payment Systems

Wallet

PayPal

Bit coin- Digital Currency Future

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Payment Systems

What are payment systems?

Evolution of payment systems

Importance of payment systems

Payment system in India

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What are payment systems?

Operational network Governed by laws, rules and standards

Links bank accounts and provides thefunctionality for monetary exchange using bankdeposits

Infrastructure consisting of institutions,instruments, rules, procedures, standards, andtechnical means

Established to effect the transfer of monetaryvalue between parties discharging mutualobligations

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Components

What does payment system essentially consist

of?

Traditional PaymentSystems

Drafts

Letter of credit Cheque

Electronic PaymentSystems

Debit cards

Credit cards ETFs

E-banking

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Evolution of Payment systems

Barter

Early Commodity money

Coin Money

Bank Notes

Bank Credit

Credit Cards

Internet Banking

Mobile Banking

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Payment systems and Financial


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Stability

Central banks functions in the area of paymentsystems are very closely related to their functionsin the areas of monetary policy and financialstability.

Monetary stability supports sound investmentand sustainable economic growth, which in turnare conducive to financial stability and supportthe smooth operation of payment systems.

A countrys payment system is the channelthrough which the central bank passes on itsmonetary policy.

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Stability

Well-functioning payment systems ensure theefficient and safe execution of monetary policyoperations and facilitate the smooth andhomogenous transmission of monetary impulses.

The smooth functioning of payment systems is aprecondition for users confidence in thesesystems and, ultimately, public confidence in thecurrency.

Central banks would extend their concern towardthe safe and efficient use of payment instrumentswith a view to maintain public confidence in thecurrency and ensure its smooth circulation.

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Stability

Central banks have a strong interest in promotingsafety and improving efficiency in payment systems aspart of their overall concern with financial stability.

The importance that central banks attach to the

stability of financial markets derives from thepossibility that financial institutions actual or

perceived inability to settle their obligations indistressed market conditions could contribute to a loss

of confidence and could also have a negative effect onthe stability of financial markets and the economy as awhole.

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Stability

A further issue facing systemically important payment infrastructuresis the question of moral hazard. In some cases, markets may beconvinced that some entities are too big to fail, which could lead topublic intervention being expected in the event of any crisis.

To address such market failures and prevent them from occurring,

central banks are involved in payment, clearing and settlementsystems in different ways. In such systems, central banks aim mainlyto:

1. prevent systemic risk, thereby maintaining financial stability;

2. promote the efficiency of payment systems and instruments;

3. ensure the security of and public trust in the currency as the4. settlement asset; and

5. safeguard the transmission channel for monetary policy

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Role of Central Bank

To fulfill these objectives, the central bank typically acts in avariety of capacities as follows:

As the operator or provider of a payment service, thecentral bank owns and operates facilities providingpayment, clearing and/or settlement services.

As a catalyst, the central bank plays an important role tocreate a supportive framework for system development.

As a participant or a user of such systems, the central bankcould participate in or use systems owned or operated byexternal parties.

As the oversight authority, central banks oversee paymentsystems in order to ensure their smooth and efficientfunctioning, as well as their integrity and stability.

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Indian Payment System

The central bank of any country is usually the driving force in thedevelopment of national payment systems. The Reserve Bank ofIndia as the central bank of India has been playing thisdevelopmental role and has taken several initiatives for Safe, Secure,Sound, Efficient, Accessible and Authorised payment systems in the

country. The Board for Regulation and Supervision of Payment and Settlement

Systems (BPSS), a sub-committee of the Central Board of the ReserveBank of India is the highest policy making body on payment systemsin the country. The BPSS is empowered for authorising, prescribingpolicies and setting standards for regulating and supervising all the

payment and settlement systems in the country. The Department ofPayment and Settlement Systems of the Reserve Bank of India servesas the Secretariat to the Board and executes its directions.

2 types of payment systems are present in India: paper based andElectronic

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Payment Innovation Report

Innovation has been witnessed in Payment Systemsbecause of :

a) Mass adoption of smart phones and tablets

b) Increasing availability of open APIsc) The rise of cloud computing

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Payment Innovation Report

The payments sector is now a crowded marketand itsnot just financial institutions getting in on the action.Players from many different industries are swooping in tograb a piece of the pie: major banks are offering newservices to retain or win new customers; financial

institutions and mobile network operators are creating e-wallets; tech giants like Google and Amazon with littleheritage in payments are entering the space; the cardschemes are pouring seemingly endless money intoinnovation in a bid to retain their market dominance; and a

raft of start-upsmany branding themselves as part of theNew Finance movement are trying to persuadeconsumers and businesses to ditch traditional financialservices for their innovative products.

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Which type of organization is driving


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Which type of organization is driving

payment innovation?

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Which region has the potential for


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Which region has the potential for

most payment innovation?

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What is biggest technology trend that


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What is biggest technology trend that

is driving innovation?

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How will the need for integrated


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How will the need for integrated

payment systems be met?

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Best way for financial institutions to


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Best way for financial institutions to

approach innovation is?

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Biggest barrier to innovation within an


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Biggest barrier to innovation within an

organization is?

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What existing challenges can mobile


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What existing challenges can mobile

technology solve?

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Which party will be most successful in


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Which party will be most successful in

E-Wallet market?

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FUTURE OF PAYMENT SYSTEMS

Different methods to pay. Are we there yet?

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Qthru

The convenience of poppingto the shops for a fewgrocery items can behampered by long queues.

This was something thebrains behind QThrurecognized when theydeveloped their app, whichallows shoppers to browse,

scan and buy products allthrough their phone.Skipping the queues is anappealing prospect for many.

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DipJar

Increasingly, cash is being passed up infavor of card payments. This makes fora lighter purse, but can also mean thatcash rituals such as tipping can be leftby the way side. DipJar aims to remedy

this by offering an easy way forcardholders to tip, in the form of amachine placed near the till thatcustomers need only place their cardinto quickly for a USD 1 tip to be taken.If they wish to give more they can just

place the card the desired amount oftimes. A simple innovation for theretail industry that encouragesgenerosity in a world where plastic isparamount.

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Venmo

New mobile services areemerging that enableindividuals to transfer money

directly to each others bankaccounts. Venmoallows userswho have linked their bank orcredit card account with their

Venmo account, transferfunds via iPhone or SMS withother Venmo users.

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P i it P t Ci b l
https://venmo.com/https://venmo.com/


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Proximity PaymentsCimbal

Cimbalis an innovation thatcombines direct funds transferand QR codes. A merchantdynamically generates a QR code

via a mobile device, a webpageor an in-store device. Thecustomer/payer then scans thisQR code using the Cimbalapplication on their smartphone

to authorise payment for theappropriate amount. Thisamount is then transferred fromtheir account to the payeesaccount.

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BOKU
http://www.cimbal.com/http://www.cimbal.com/


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BOKU

Bokuis an innovative service thattakes all of the hassle out ofmobile phone payments. Sinceeveryone has a phone number,Boku enable customers to avoidhaving to register an account orinput credit card detailsanywhere; by simply inputtingyour phone number. An SMS isthen sent to your phone and you

simply text Y to confirm payment.The amount is added to yourmonthly phone bill.

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Impact of E-payments on


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Economic Growth- Moodys

The study calculates that, for the 51 countries in

the samplewhich collectively account for 93% of

the worlds gross domestic productelectronic

card usage added $1.1 trillion in real dollars toprivate consumption and GDP from 2003 to 2008.

Put another way, real global GDP grew an extra

0.2% a year on average beyond what it would havewithout card usage. If not for card usage, global

GDP would have grown by an average of only 3% a

year, instead of actual growth of 3.2%.

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Benefits of using Cards

Creation of jobsThe impact of card usage on GDP resulted in thecreation of 4.9 million jobs among the 51countries cumulatively from 2003 to 2008.

Make transactions flow more smoothlyThis creates efficiencies in commerce, leading toincrease in consumption and in turn expandseconomic growth as inventories decline,

production increases, and jobs are created,thereby expanding personal incomes andsupporting more consumption

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Economic Cycle and Cards

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Effect of continued increase in Card


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Volume on GDP

Card ElasticityIt refers to percentage increase in personal

consumption and GDP of a nation for every

1% increase in cards Method

This is calculated as the difference between

growth in observed GDP and growth in GDPwithout increased card penetration.

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Findings


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Findings

Overall, a 1% increase in card usage produceda 0.039% increase in consumption and a0.024% increase in GDP.

For developed countries, the same metric wasa 0.041% increase in consumption and a0.025% increase in GDP.

In emerging markets, a 1% increase in card

usage resulted in a 0.031% increase inconsumption and a 0.017% increase in GDP.

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Conclusion of the study


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Conclusion of the study

The study therefore supports the adoption ofpolicies that encourage the use of cards.

Increased usage of cards boosts consumption

and GDP. The growth benefits increase aspenetration rises. The study calculates that

the 51 countries in the sample added $1.1

trillion cumulatively to real GDP from 2003 to2008 due to increased usage of cards

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Documents

debt market's role in indian economy