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Sunday, May 31, 2020
Today's Banking / Financial News at a Glance 01.06.2020
Good Morning All...
☕ 01.06.2020: Today's Banking / Financial News at a Glance
🍒 BBB recommends Ashwini Bhatia for post of SBI MD : The Banks Board Bureau (BBB) on Saturday recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state-owned lenders -- State Bank of India, Central Bank of India and Indian Overseas Bank, respectively. Bhatia is currently serving as deputy managing director (DMD) at SBI, while Rao is executive director with Canara Bank. The bureau members interfaced with 20 candidates from nationalised banks on May 30 for the position of managing director in State Bank of India and the position of MD and CEO of Indian Overseas Bank and Central Bank of India, an official statement said. Bhatia will be appointed in place of P K Gupta who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year. Sengupta, currently DMD SBI, will replace Indian Overseas Bank MD and CEO Karnam Sekar, who retires on June 30. With this exercise, the government has completed the process of appointment of head of PSU banks for the current fiscal. The decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. - economic times
🍒 UCO Bank reduces repo-based lending rate by 40 bps : State-run UCO Bank on Friday said it has reduced its lending rate linked to the Reserve Bank of India's (RBI) repo rate by 40 basis points. "We have slashed the repo based lending rate - UCO Float by 0.40 percent to 6.90 percent from 7.30 percent, effective from May 27," the bank said in a late night statement.This reduction will make loans cheaper for the bank's retail and MSME borrowers, it said. The cut in repo rate linked lending rates comes after RBI, last week, had reduced repo rate by 40 basis points to 4 percent from 4.40 percent. Earlier in the day, another public sector bank, Bank of India (BOI), announced a 40 basis points cut in its external benchmark lending rate (EBLR) which is linked to RBI's repo rate from June 1. The bank's new EBLR has been revised to 6.85 percent per annum. BOI also said it has cut its marginal cost of fund based lending (MCLR) rate by 25 basis points across all tenor. - Moneycontrol.com
🍒 Yes Bank to reclassify Madhu Kapur Group as public shareholders : Private sector lender Yes Bank has said that its promoters and the family of its co-founder Ashok Kapur have agreed to have their shareholding reclassified as non-promoters or public shareholders. “This is to inform that the Bank has received a letter dated May 28, 2020 (received on May 29, 2020) from Madhu Ashok Kapur, Shagun Kapur Gogia, Gaurav Ashok Kapur and Mags Finvest Private Limited [collectively referred to as “Madhu Kapur Group”] consenting to reclassify their shareholding in the Bank as ‘non-promoter shareholders’ (that is public shareholders),” it said in a regulatory filing. The move comes after the reconstitution scheme of Yes Bank was implemented with the State Bank of India picking up majority stake in Yes Bank. As on March 31, 2020, Madhu Kapur Group held 1.42 per cent stake in the private sector lender with Madhu Kapur holding 1.12 per cent equity and Mags Finvest holding 0.3 per cent stake.The bank’s other co-founder and former Managing Director and CEO Rana Kapoor and his family’s stake amounted to just 900 shares held through Yes Capital. Both Kapoor and Kapur are still classified as promoter shareholders. - Business Line
🍒 Yes Bank restructures salary of senior leadership team : Private sector lender YES Bank on Sunday said the salary of the senior leadership team had been restructured, wherein nearly a third of their yearly compensation would be moved to the “variable pay” category. The move to allocate 30 per cent of the total cost to company as variable pay is applicable to the “leadership team” for FY21, an official statement from the bank said, without detailing who are part of the team. Generally, variable pay is linked to the commercial success of an entity or other specified milestones. The move comes at a time when there are widespread concerns on employment, with a lot of firms even retrenching workers. Within the banking industry, its larger rival, Kotak Mahindra Bank, announced pay cuts for all employees earning above Rs 25 lakh per annum. “COVID-19 situation has exacerbated the gradually slowing growth momentum in the global economy and the revival of the economy will, to a great extent, depend on the robustness of the financial services sector,” the YES Bank statement said. - Business Line
🍒 Banks, NBFCs gear up to tackle biggest loan collection exercise post lockdown : Banks and non-banking financing companies (NBFCs) are looking at strategies to tackle the biggest loan collection challenge they will face in the coming months following the exit from the lockdown. Financial institutions are drawing up plans to trace down low-ticket borrowers and other consumer loan borrowers once the lockdown and the accompanying loan moratorium is completely lifted, with many repurposing existing staff, a large portion of has been idle given sluggish business environment.State Bank of India, the country's largest lender, for instance is exploring a tie-up with the Department of Post to reach out to the bank’s customers spread across the country. The bank is also looking to divert its business correspondents for collection purposes for agriculture loans.SBI has nearly 60,000 business correspondents which are used for account opening, remittances and other basic banking operations. The bank has already done a pilot in Maharashtra and is looking to extend this across the country. “There is a need to have a mechanism in place to improve collection efficiency and also sensitise borrowers to repay on time. As of now collections are done through branches. It’s time that we engage with more business correspondents in this way so that there is a regular cash flow coming and accounts don’t go into stress," said a senior SBI official. - Live Mint
🍒 MSMEs seek quick action from banks on availing of credit facility : As they get into restart mode, MSMEs (micro, small and medium enterprises) seek banks and financial institutions’ swift action in releasing emergency credit facilities as part of Centre’s stimulus measures. While some banks like the State Bank of India, Canara Bank, Union Bank of India and Indian Bank have issued guidelines, MSME associations indicate that majority of lending institutions are yet to release any guidelines for credit facilities. “As of Friday evening (May 29), no MSME or business enterprise availed loan under the Emergency Credit Line Guarantee Scheme (ECLGS). Many banks, financial institutions and NBFCs are yet to issue guidelines. It is heard that at branch level, the banks will reach out to the beneficiaries who are eligible and therefore enterprises need not disturb them with requests,” according to KE Raghunathan, Past President, All India Manufacturers Organisation. - Business Line
🍒 MFIN expects huge credit demand in next six months as India opens up, says Chairman Nambiar : As India goes for a calibrated opening after 66 days of lockdown and livelihood concerns gains primacy, Micro-finance Institutions Network (MFIN), an RBI-approved self-regulatory Organisation (SRO) for the NBFC- MFI industry, sees huge demand for credit in the economy in the next six months, a top official said. “Everybody who has come out of a lockdown has essentially used a big portion of their family savings. Obviously when you restart you will need money and every customer would need emergency credit to kick-start their livelihood activity. So we see ourselves playing a role there. “As of today when you see scenario of moratorium getting over in August, I see some amount of growth happening for the MFI industry, especially in the second half this fiscal,” Manoj Kumar Nambiar, Chairman, MFIN told BusinessLine. - Business Line
🍒 National Insurance Co receives 500 claims amounting to Rs 160 cr post cyclone 'Amphan': The National Insurance Company NIC) has so far has received around 500 claims amounting to Rs 160 crore following the devastation caused by cyclone 'Amphan' in West Bengal and Odisha, a top official said. The majority of the claims are from severely-affected West Bengal and nominal from Odisha, she said, adding, a bulk of those have been received from business enterprises, shops and factories. "As per initial assessment that is still going on, we have received around 500 claims amounting to Rs 160 crore from the insured," CMD of National Insurance, Tajinder Mukherjee, said. - Economic times
🍒 Financial stress in industry would be blessing for alternative capital, asset investors : With nearly ₹4-lakh crore of new slippages into non-performing assets (NPAs) of banks expected this fiscal, it would be a never-before opportunity for alternative capital and asset investors to make hay. Impacted by the Covid-19 pandemic and the stress in the industry, this financial year would see a steep rise in the volume of assets being put on the block by lenders. “The current stress in the industry is an opportunity to make a contra-cyclical investment rather than staying away from it. It’s a great time for discerning capital to make an entry into the stressed sector at great valuation as when the stress is acute, valuations would be cheap,” Mukund Kannappan, Chief Investment Officer at JM Financial Credit AIF, told BusinessLine. - Business Line
🍒 Muthoot Capital Services Q4 net down : The net profit of Muthoot Capital Services Ltd (MCSL) was down at ₹13.6 crore in Q4 of the last fiscal against ₹22.7 crore in the corresponding period of the previous fiscal. Thomas George Muthoot, Managing Director, said, “It has been a challenging year for all businesses, and especially two-wheeler business. The escalation in price was one of the key deterrents to growth with the introduction of ABS standards and subsequent preparation of OEMs and dealers for BS-VI transition in 2020, besides mandatory five-year insurance. This was followed by a disruption in the form of Covid-19.” The total income for the quarter touched ₹146.8 crore. The company disbursed two-wheeler loans amounting to ₹329.9 crore and had a total disbursement of ₹347.5 crore during the quarter. The total AUM (assets under management) reached ₹2,650 crore at the end of the quarter, including the assigned portfolio of ₹52.3 crore. - Business Line
🍒 Companies revisit loan contracts to seek concessions as covid-19 hits earnings : Indian corporates are revisiting their loan contracts and seeking concessions on repayment timelines and financial covenants from lenders as covid-19 outbreak and the ensuing suspension of production due to the lockdown have led to sharp erosion in consumer demand and ravaged earnings. The financial hit is being felt across sectors, as evident in a survey of 300 firms conducted in May by the Confederation of Indian Industry, which said 65% expected a nearly 40% drop in revenue in the April-June quarter. Such a steep fall in topline will constrain the ability of companies to maintain financial parameters promised to their lenders. Given these challenges, many companies are in parleys with their lenders to re-negotiate loan agreements as they fear violation of financial covenants due to disruptions caused by covid-19. Financial covenants in loan contracts are based on achievement of certain prearranged financial projections, which are tested on a particular date, usually on an annual basis. These loan terms commonly include hitting financial ratios such as the ratio between net debt to earnings before interest, tax, depreciation and amortization (Ebitda), debt-to-equity ratio, interest cover ratio, debt service coverage ratio, fixed asset coverage ratio, among others. - Live Mint
🍒 COVID-19 impact: LIC listing, IDBI Bank stake sale may be postponed : Listing of Life Insurance Corporation (LIC) and sale of government's stake in IDBI Bank may be delayed beyond March 2021, due to depressed valuation amid COVID-19 pandemic. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank out of total the disinvestment target of Rs 2.10 lakh crore during the current fiscal. Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 had announced stake sale in LIC through an initial public offer in the current financial year. Given the prevailing market situation, it seems to be difficult to do the LIC stake sale in the current fiscal as the situation is not conducive, sources said. Besides, they said, there will not be a matching appetite for the mega issue of LIC in the present market condition. Due to COVID situation, the government recently for the second time extended the deadline for bidding for privatisation of India's second-biggest oil marketing company Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank. - Moneycontrol.com
🍒 Seven of top-10 companies add Rs 1.76 lakh crore in m-cap; HDFC Bank shines : Seven of the 10 most valued Indian companies added a whopping Rs 1,76,014.51 crore to their market capitalisation last week, with HDFC Bank emerging as the biggest gainer. RIL, HUL, HDFC, ITC, Kotak Mahindra Bank and ICICI Bank were the other winners in the top-10 list, while TCS, Bharti Airtel and Infosys finished with losses for the week ended Friday. HDFC Bank's valuation zoomed Rs 61,612.11 crore to reach Rs 5,21,660.14 crore. The market capitalisation of ICICI Bank jumped Rs 26,487.04 crore to Rs 2,15,029.01 crore and that of HDFC rallied Rs 24,733.64 crore to Rs 2,87,407.32 crore.Reliance Industries Limited added Rs 21,300.4 crore to its market valuation to stand at Rs 9,28,849.39 crore. The valuation of Hindustan Unilever Ltd (HUL) climbed Rs 16,093.85 crore to Rs 4,83,262.07 crore and that of ITC rose by Rs 13,644.38 crore to Rs 2,42,710.11 crore. Kotak Mahindra Bank added Rs 12,143.09 crore to its valuation to reach Rs 2,34,192.24 crore. In contrast, Bharti Airtel's valuation tanked Rs 22,149.56 crore to Rs 3,01,364.99 crore and that of TCS fell Rs 17,786.3 crore to Rs 7,39,801.41 crore. Infosys' market cap dipped by Rs 375.34 crore to Rs 2,94,453.42 crore.In the ranking of top-10 firms, RIL was at the number one spot, followed by TCS, HDFC Bank, HUL, Bharti Airtel, Infosys, HDFC, ITC, Kotak Mahindra Bank and ICICI Bank. During the last week, the Sensex rallied 1,751.51 points or 5.71 per cent- Moneycontrol.com.
Have a good day
☕ 01.06.2020: Today's Banking / Financial News at a Glance
🍒 BBB recommends Ashwini Bhatia for post of SBI MD : The Banks Board Bureau (BBB) on Saturday recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state-owned lenders -- State Bank of India, Central Bank of India and Indian Overseas Bank, respectively. Bhatia is currently serving as deputy managing director (DMD) at SBI, while Rao is executive director with Canara Bank. The bureau members interfaced with 20 candidates from nationalised banks on May 30 for the position of managing director in State Bank of India and the position of MD and CEO of Indian Overseas Bank and Central Bank of India, an official statement said. Bhatia will be appointed in place of P K Gupta who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year. Sengupta, currently DMD SBI, will replace Indian Overseas Bank MD and CEO Karnam Sekar, who retires on June 30. With this exercise, the government has completed the process of appointment of head of PSU banks for the current fiscal. The decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. - economic times
🍒 UCO Bank reduces repo-based lending rate by 40 bps : State-run UCO Bank on Friday said it has reduced its lending rate linked to the Reserve Bank of India's (RBI) repo rate by 40 basis points. "We have slashed the repo based lending rate - UCO Float by 0.40 percent to 6.90 percent from 7.30 percent, effective from May 27," the bank said in a late night statement.This reduction will make loans cheaper for the bank's retail and MSME borrowers, it said. The cut in repo rate linked lending rates comes after RBI, last week, had reduced repo rate by 40 basis points to 4 percent from 4.40 percent. Earlier in the day, another public sector bank, Bank of India (BOI), announced a 40 basis points cut in its external benchmark lending rate (EBLR) which is linked to RBI's repo rate from June 1. The bank's new EBLR has been revised to 6.85 percent per annum. BOI also said it has cut its marginal cost of fund based lending (MCLR) rate by 25 basis points across all tenor. - Moneycontrol.com
🍒 Yes Bank to reclassify Madhu Kapur Group as public shareholders : Private sector lender Yes Bank has said that its promoters and the family of its co-founder Ashok Kapur have agreed to have their shareholding reclassified as non-promoters or public shareholders. “This is to inform that the Bank has received a letter dated May 28, 2020 (received on May 29, 2020) from Madhu Ashok Kapur, Shagun Kapur Gogia, Gaurav Ashok Kapur and Mags Finvest Private Limited [collectively referred to as “Madhu Kapur Group”] consenting to reclassify their shareholding in the Bank as ‘non-promoter shareholders’ (that is public shareholders),” it said in a regulatory filing. The move comes after the reconstitution scheme of Yes Bank was implemented with the State Bank of India picking up majority stake in Yes Bank. As on March 31, 2020, Madhu Kapur Group held 1.42 per cent stake in the private sector lender with Madhu Kapur holding 1.12 per cent equity and Mags Finvest holding 0.3 per cent stake.The bank’s other co-founder and former Managing Director and CEO Rana Kapoor and his family’s stake amounted to just 900 shares held through Yes Capital. Both Kapoor and Kapur are still classified as promoter shareholders. - Business Line
🍒 Yes Bank restructures salary of senior leadership team : Private sector lender YES Bank on Sunday said the salary of the senior leadership team had been restructured, wherein nearly a third of their yearly compensation would be moved to the “variable pay” category. The move to allocate 30 per cent of the total cost to company as variable pay is applicable to the “leadership team” for FY21, an official statement from the bank said, without detailing who are part of the team. Generally, variable pay is linked to the commercial success of an entity or other specified milestones. The move comes at a time when there are widespread concerns on employment, with a lot of firms even retrenching workers. Within the banking industry, its larger rival, Kotak Mahindra Bank, announced pay cuts for all employees earning above Rs 25 lakh per annum. “COVID-19 situation has exacerbated the gradually slowing growth momentum in the global economy and the revival of the economy will, to a great extent, depend on the robustness of the financial services sector,” the YES Bank statement said. - Business Line
🍒 Banks, NBFCs gear up to tackle biggest loan collection exercise post lockdown : Banks and non-banking financing companies (NBFCs) are looking at strategies to tackle the biggest loan collection challenge they will face in the coming months following the exit from the lockdown. Financial institutions are drawing up plans to trace down low-ticket borrowers and other consumer loan borrowers once the lockdown and the accompanying loan moratorium is completely lifted, with many repurposing existing staff, a large portion of has been idle given sluggish business environment.State Bank of India, the country's largest lender, for instance is exploring a tie-up with the Department of Post to reach out to the bank’s customers spread across the country. The bank is also looking to divert its business correspondents for collection purposes for agriculture loans.SBI has nearly 60,000 business correspondents which are used for account opening, remittances and other basic banking operations. The bank has already done a pilot in Maharashtra and is looking to extend this across the country. “There is a need to have a mechanism in place to improve collection efficiency and also sensitise borrowers to repay on time. As of now collections are done through branches. It’s time that we engage with more business correspondents in this way so that there is a regular cash flow coming and accounts don’t go into stress," said a senior SBI official. - Live Mint
🍒 MSMEs seek quick action from banks on availing of credit facility : As they get into restart mode, MSMEs (micro, small and medium enterprises) seek banks and financial institutions’ swift action in releasing emergency credit facilities as part of Centre’s stimulus measures. While some banks like the State Bank of India, Canara Bank, Union Bank of India and Indian Bank have issued guidelines, MSME associations indicate that majority of lending institutions are yet to release any guidelines for credit facilities. “As of Friday evening (May 29), no MSME or business enterprise availed loan under the Emergency Credit Line Guarantee Scheme (ECLGS). Many banks, financial institutions and NBFCs are yet to issue guidelines. It is heard that at branch level, the banks will reach out to the beneficiaries who are eligible and therefore enterprises need not disturb them with requests,” according to KE Raghunathan, Past President, All India Manufacturers Organisation. - Business Line
🍒 MFIN expects huge credit demand in next six months as India opens up, says Chairman Nambiar : As India goes for a calibrated opening after 66 days of lockdown and livelihood concerns gains primacy, Micro-finance Institutions Network (MFIN), an RBI-approved self-regulatory Organisation (SRO) for the NBFC- MFI industry, sees huge demand for credit in the economy in the next six months, a top official said. “Everybody who has come out of a lockdown has essentially used a big portion of their family savings. Obviously when you restart you will need money and every customer would need emergency credit to kick-start their livelihood activity. So we see ourselves playing a role there. “As of today when you see scenario of moratorium getting over in August, I see some amount of growth happening for the MFI industry, especially in the second half this fiscal,” Manoj Kumar Nambiar, Chairman, MFIN told BusinessLine. - Business Line
🍒 National Insurance Co receives 500 claims amounting to Rs 160 cr post cyclone 'Amphan': The National Insurance Company NIC) has so far has received around 500 claims amounting to Rs 160 crore following the devastation caused by cyclone 'Amphan' in West Bengal and Odisha, a top official said. The majority of the claims are from severely-affected West Bengal and nominal from Odisha, she said, adding, a bulk of those have been received from business enterprises, shops and factories. "As per initial assessment that is still going on, we have received around 500 claims amounting to Rs 160 crore from the insured," CMD of National Insurance, Tajinder Mukherjee, said. - Economic times
🍒 Financial stress in industry would be blessing for alternative capital, asset investors : With nearly ₹4-lakh crore of new slippages into non-performing assets (NPAs) of banks expected this fiscal, it would be a never-before opportunity for alternative capital and asset investors to make hay. Impacted by the Covid-19 pandemic and the stress in the industry, this financial year would see a steep rise in the volume of assets being put on the block by lenders. “The current stress in the industry is an opportunity to make a contra-cyclical investment rather than staying away from it. It’s a great time for discerning capital to make an entry into the stressed sector at great valuation as when the stress is acute, valuations would be cheap,” Mukund Kannappan, Chief Investment Officer at JM Financial Credit AIF, told BusinessLine. - Business Line
🍒 Muthoot Capital Services Q4 net down : The net profit of Muthoot Capital Services Ltd (MCSL) was down at ₹13.6 crore in Q4 of the last fiscal against ₹22.7 crore in the corresponding period of the previous fiscal. Thomas George Muthoot, Managing Director, said, “It has been a challenging year for all businesses, and especially two-wheeler business. The escalation in price was one of the key deterrents to growth with the introduction of ABS standards and subsequent preparation of OEMs and dealers for BS-VI transition in 2020, besides mandatory five-year insurance. This was followed by a disruption in the form of Covid-19.” The total income for the quarter touched ₹146.8 crore. The company disbursed two-wheeler loans amounting to ₹329.9 crore and had a total disbursement of ₹347.5 crore during the quarter. The total AUM (assets under management) reached ₹2,650 crore at the end of the quarter, including the assigned portfolio of ₹52.3 crore. - Business Line
🍒 Companies revisit loan contracts to seek concessions as covid-19 hits earnings : Indian corporates are revisiting their loan contracts and seeking concessions on repayment timelines and financial covenants from lenders as covid-19 outbreak and the ensuing suspension of production due to the lockdown have led to sharp erosion in consumer demand and ravaged earnings. The financial hit is being felt across sectors, as evident in a survey of 300 firms conducted in May by the Confederation of Indian Industry, which said 65% expected a nearly 40% drop in revenue in the April-June quarter. Such a steep fall in topline will constrain the ability of companies to maintain financial parameters promised to their lenders. Given these challenges, many companies are in parleys with their lenders to re-negotiate loan agreements as they fear violation of financial covenants due to disruptions caused by covid-19. Financial covenants in loan contracts are based on achievement of certain prearranged financial projections, which are tested on a particular date, usually on an annual basis. These loan terms commonly include hitting financial ratios such as the ratio between net debt to earnings before interest, tax, depreciation and amortization (Ebitda), debt-to-equity ratio, interest cover ratio, debt service coverage ratio, fixed asset coverage ratio, among others. - Live Mint
🍒 COVID-19 impact: LIC listing, IDBI Bank stake sale may be postponed : Listing of Life Insurance Corporation (LIC) and sale of government's stake in IDBI Bank may be delayed beyond March 2021, due to depressed valuation amid COVID-19 pandemic. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank out of total the disinvestment target of Rs 2.10 lakh crore during the current fiscal. Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 had announced stake sale in LIC through an initial public offer in the current financial year. Given the prevailing market situation, it seems to be difficult to do the LIC stake sale in the current fiscal as the situation is not conducive, sources said. Besides, they said, there will not be a matching appetite for the mega issue of LIC in the present market condition. Due to COVID situation, the government recently for the second time extended the deadline for bidding for privatisation of India's second-biggest oil marketing company Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank. - Moneycontrol.com
🍒 Seven of top-10 companies add Rs 1.76 lakh crore in m-cap; HDFC Bank shines : Seven of the 10 most valued Indian companies added a whopping Rs 1,76,014.51 crore to their market capitalisation last week, with HDFC Bank emerging as the biggest gainer. RIL, HUL, HDFC, ITC, Kotak Mahindra Bank and ICICI Bank were the other winners in the top-10 list, while TCS, Bharti Airtel and Infosys finished with losses for the week ended Friday. HDFC Bank's valuation zoomed Rs 61,612.11 crore to reach Rs 5,21,660.14 crore. The market capitalisation of ICICI Bank jumped Rs 26,487.04 crore to Rs 2,15,029.01 crore and that of HDFC rallied Rs 24,733.64 crore to Rs 2,87,407.32 crore.Reliance Industries Limited added Rs 21,300.4 crore to its market valuation to stand at Rs 9,28,849.39 crore. The valuation of Hindustan Unilever Ltd (HUL) climbed Rs 16,093.85 crore to Rs 4,83,262.07 crore and that of ITC rose by Rs 13,644.38 crore to Rs 2,42,710.11 crore. Kotak Mahindra Bank added Rs 12,143.09 crore to its valuation to reach Rs 2,34,192.24 crore. In contrast, Bharti Airtel's valuation tanked Rs 22,149.56 crore to Rs 3,01,364.99 crore and that of TCS fell Rs 17,786.3 crore to Rs 7,39,801.41 crore. Infosys' market cap dipped by Rs 375.34 crore to Rs 2,94,453.42 crore.In the ranking of top-10 firms, RIL was at the number one spot, followed by TCS, HDFC Bank, HUL, Bharti Airtel, Infosys, HDFC, ITC, Kotak Mahindra Bank and ICICI Bank. During the last week, the Sensex rallied 1,751.51 points or 5.71 per cent- Moneycontrol.com.
Have a good day
Vetri Thozhvi | win and Loss
En Tholvikku Pinnal
Naan oruvan
Mattumey Iruppen!
Aanaal En Vetrikku
Pinnal Naan Patta
Aayiram Thunbangal
Irukkum...!!
Naan oruvan
Mattumey Iruppen!
Aanaal En Vetrikku
Pinnal Naan Patta
Aayiram Thunbangal
Irukkum...!!
யானை மற்றும் பாகன் | The Elephant Pagan
யானை பாகனுக்கு யானையால் தான் சாவு
'யானை பாகனுக்கு யானையால் தான் சாவு' ன்னு சொல்லுவாங்க. பழக்கும் போது, பாகனோட சொல் பேச்சு கேட்க, பயங்கர கொடூரமா அடிப்பாங்க. அதனால, யானை அந்த காயத்தோட வடுவையும், வலியையும் மனசுல நியாபகம் வெச்சுகிட்டே இருக்கும். மஸ்து நேரத்துல வாய்ப்பு கிடைச்சு அந்த கோபம் வெளிப்பட்டு ருத்ர தாண்டவம் ஆடிரும். முக்கியமா... மஸ்து நேரத்துல, தலைமை பாகன்... யானை பக்கத்துல இருக்க மாட்டான். காரணம், யானைக்கு தன் பாகன் மேல் இருக்கும் வன்மம் வெளிப்படும் நேரம் அதுதான்.
ஒரு யானைய பழக்கும் போது அந்த யானைய சுத்தி நாலு அல்லது ஐஞ்சு கும்கிய நிறுத்துவாங்க. ஒரு ஏழெட்டு பாகன்கள் அந்த யானைக்கு முன்னாடி நின்னு ஆளுக்கு ஒரு குச்சிய கீழ போடுவாங்க. பக்கத்துல ஒரு கும்கி நிற்கும். அது, எப்பிடி குச்சிய எடுத்து பாகன் கைல குடுக்கனும்னு திரும்ப திரும்ப செஞ்சு காட்டும். அவ்வளவு சுலபத்தில் புது யானை குச்சிய எடுத்துடாது. ஆனா அது எடுக்கற வரைக்கும் கும்கிகள் விடாது. புது யானைய தந்தங்களால் முட்டி நொறுக்கும். பாகன்கள் ஒன்றரை இஞ்ச் தடிமனில், ஆறடி நீளத்தில், ஒரு வாரம் விளக்கெண்ணையில் ஊறப் போட்டு தீயில் வாட்டிய, யானைகளுக்காகவே ஸ்பெஷலா தயார் செஞ்ச காட்டு மூங்கில் பிரம்புகள வெச்சிருப்பாங்க. வளைச்சா வட்ட வடிவத்துல ரப்பர் மாதிரி முனைக்கு முனை முட்டும். மனுஷன் அதுல ஒரே ஒரு அடி வாங்குனா செத்துருவான். அதால அடிச்சு வெளுப்பாங்க. பிளிரும்... ரெண்டு கால்ல எழுந்து நிற்கும். ஆனா குச்சிய எடுக்காது. எடுக்குற வரைக்கும் கும்கிகளும், பாகன்களும் விடமாட்டாங்க. கடைசியா அடி தாங்காம குச்சிய எடுத்து எந்த பாகன் கைல குடுக்குதோ, அவனைதான் அந்த யானைக்கு பிடிச்சிருக்குன்னு அர்த்தம். இனி அவனுக்கு மட்டுமே கட்டுப்படும். அவன்தான் வாழ்நாள் முழுவதும் அந்த யானைக்கு தலைமை பாகன். இப்ப யானைக்கு பிடிச்சவன தேர்ந் தெடுத்தாச்சு. இனி யானைக்கான பயிற்சி ஆரம்பமாகும்.
அதை பழக்கறதுகுள்ள, தும்பிக்கைய தூக்க முடியாத அளவுக்கு கரோல்ல அடைச்சு... மூணு நாளைக்கு உணவு குடுக்க மாட்டாங்க. நாலாவது நாள் தன் பாகனை பார்த்து கெஞ்சும். கொஞ்சம் கரும்பும் வெல்லமும் குடுத்து ருசிகாட்டி, பசிய தூண்டி சொல் பேச்சு கேட்டா.. கரும்பு வெல்லம் கிடைக்கும்னு அதுக்கு உணர வெச்சு, வழிக்கு கொண்டு வருவான். அதுக்குள்ள எத்தனை அடிகள் சித்ரவதைகள் அப்பப்பா. அந்த பாகனை கண்டாலே, யானைக்கு மனசுல ஒருவித கிலி ஏற்படுற மாதிரி பண்ணிருவான். என்ன பயமும் பாசமும் ஏற்பட்டாலும், அவ்வளவு சீக்கிரம் தன் மேல் யாரையும் ஏற விட்டுடாது.
கட்ட கடைசியா... என்னைக்கு அந்த யானை, பாகனை முழுசும் எந்த எதிர்ப்பும் இல்லாம, தன் முன்னங் கால்கள மடக்கி குடுத்து, அதன் வழியா மேல ஏறி உட்கார அனுமதிக்குதோ... அன்னைக்கு பூஜை போட்டு கும்கிகளின் துணையோட கரோல திறப்பாங்க. பாகன் யானை மேல உட்கார்ந்து தான் கரோலை விட்டு வெளிய வரனும். அப்பதான் அது முழுசும் பழக்கப் பட்டதுக்கான அடையாளம். இதெல்லாம் நடக்க 48 நாட்கள் ஆகும். கோவை மாவட்டத்துல 13 பேரை கொன்று, கேரள அரசால் சூட்டிங் ஆர்டர் கொடுக்கப்பட்ட மிகப் பெரிய ரௌடி 'மக்னா' யானை, இன்னைக்கு முதுமலை கேம்ப்ல மூர்த்திங்குற பேர்ல அவ்ளோ சாதுவா இருக்கு. அந்தளவுக்கு சித்ரவதை ட்ரெய்னிங்.
மஸ்துன்னா மதம்.. நவம்பர் டூ ஜனவரி யானைகளின் இணைச் சேர்க்கை காலத்தில், நெத்தியில் இருந்து மஸ்து நீர் வடியும். பாகன் மேல் பாசம் உள்ள யானைகள், மஸ்து ஆரம்ப நிலையிலேயே பாகனை எச்சரிக்கை செய்யும். சாதாரணமா ஒற்றை கால் சங்கிலிதான் போடுவாங்க. ஆனா மஸ்து அறிகுறி ஆரம்பமாகும் போதே... ரெட்டை காலுக்கு சங்கிலி போட்ருவாங்க. சாதாரணமா அங்குசத்த பார்த்தா கட்டுப்படும் யானை, மஸ்து நேரத்துல கட்டுப்படாது. அதன் பிறகு யாரும் கிட்ட நெருங்க முடியாது. மூணு மாசமும் அதற்கு ஒரே இடம்தான். அந்த மஸ்து நீரோட வாசம், நீண்ட தூரம் வீசும். வாசம் வந்தா... எந்த காட்டு யானையும் அந்த ஏரியாலயே நிக்காது. மஸ்து நிலையில் இருக்கும் யானை வினோதமா நடந்துக்கும். தும்பிக்கையை தூக்கி தந்தத்து மேல போட்டுக்கும். பயங்கர ரெஸ்ட் லெஸ்ஸா இருக்கும். உர்ர்ர்ர் ன்னு உருமிகிட்டே இருக்கும். எப்பவும் யானை உருமல்ல இருக்கும் போது பக்கத்துல போகக் கூடாது. கோபத்தின் அறிகுறி. பார்வை வெறிச்சு இருக்கும். மண், செடி, கொடிகளை தலைமீது போட்டுக் கொள்ளும். ரொம்ப பசி எடுக்குற வரை சாப்பிடாது. மஸ்து நீரை தும்பிக்கையால தொட்டு தொட்டு ருசி பார்க்கும். அந்த சுவை யானையை மேலும் மேலும் வெறி ஏற்றும். அதனால மஸ்து நேரத்துல நூறு பேர் எதிர்ல நின்னாலும், அபார நியாபக சக்தி கொண்ட யானை, தன்னோட பாகன் மேலான பகைய தீர்த்துக்க... தன்னிலை மறந்து, வெறி கொண்டு முதல்ல அவனதான் தேடும். சிக்குனான்... அக்கு வேறா ஆணி வேறா பிரிச்சு போட்ரும்.
சின்ன கொசுறு தகவல்:
யானைல ஆறு வகை. அதில், தும்பிக்கையை ஒட்டி கீழ் நோக்கி வளரும் தந்தங்களை கொண்ட யானைகளை வளர்க்கவே முடியாது. நம்பக தன்மை இல்லாதது. எப்பவும் ரெஸ்ட் லெஸ்ஸா.. கொல வெறியோடவே இருக்கும். எந்த நேரம் ஆளை தூக்கும்னு கணிக்கவே முடியாது. கும்கி படத்துல வர்ற கொம்பன் யானை வகைதான் அது.
அதே போல உடம்பில் முதுகெலும்பு தூக்கிக் கொண்டு, ஆள் உட்கார முடியாத உடலமைப்பு கொண்ட யானை களையும், இடுங்கிய கண்களை கொண்ட யானை களையும், நெற்றி துருத்திய யானை களையும் வளர்க்கவே முடியாது. பயங்கர சிடு மூஞ்சி. இது அவ்வளவு ஆபத்தில்லை னாலும் கூட, கையாள்வது சிரமம். வேண்டா வெறுப்பா கட்டளைக்கு அடி பணியும். இதன் மீது துர்நாற்றம் வீசும்.
ஒழுங்கில்லாத தந்தங்கள் அல்லது ஒற்றை தந்தம் கொண்ட யானையை வளர்க்கவே கூடாது. வனத்துறை, வீட்டில் வளர்க்க அனுமதி கொடுக்காத ஒரே வகை இதுதான். காட்டு யானைகளில், இந்த ஜாதி யானைகள்தான் ஆட் கொல்லிகள். மற்ற வகைகள் வெறும் மிரட்டலுடன் விலகி போய்விடும். இது மறைந்திருந்து தாக்கும் அறிவும் குணமும் உடையது. மனுஷன பார்த்துட்டா, அனல் போல கொதிநிலைக்கு போயிடும். பயங்கர ராட்ஷசன். அது உடம்பிலிருந்து அழுகிய மாமிச வாசம் வீசும். மலைவாழ் மக்கள், இந்த யானையின் மீது வீசும் குமட்டல் வாடையை வைத்தே இது வருவதையோ, அருகில் நிற்பதையோ கண்டு பிடித்து விடுவார்கள்.
ஒச்சம் இல்லாத, நிமிர்ந்த தலை, சம அளவுகளில் அகலமாக முன் நோக்கி V வடிவில் பால் போன்ற நிறமுடைய தந்தங்கள், தேன் நிறத்தில் மின்னும் கண்கள், எப்பவும் முகத்தில் ஒரு சாந்தம், அருமையான கீழ்படிதல், வசீகரிக்கும் அழகு கொண்ட உடலமைப்பு, அடர்ந்த முடி கொண்ட வால், அழகான நகங்கள், மடங்காத காதுகள், ஆள் அமரும்படி படுக்கை போன்ற முதுகமைப்பு, நடக்கும் போது அடி மாற்றி வைக்காமல் சரியான அளவுகளில் காலை முழுவதும் தரையில் ஊன்றி நடத்தல், தன் சுற்றுப் புறத்தை சுத்தமாக பராமரித்தல், அன்புக்காக ஏங்கும், மனிதர்களுடன் முக்கியமாக குழந்தை களுடன் நன்கு பழகி, சொல் பேச்சு கேக்கும். இது பட்டத்து யானையோட சாமுத்திரிகா லட்சணம். இது போன்ற குணங்கள், பத்தாயிரத்துல ஒரு யானைக்குதான் அமையும். இதன் உடம்பில் தாமரை பூவின் நறுமணம் வீசும். முழுவதும் இந்த மொத்த குணங்களும் அமையக் கிடைக்கா விட்டாலும், இதில் மூன்றில ஒரு பங்கு குணங்கள் அமையப் பெற்ற யானைகளை தாராளமாக வளர்க்கலாம். மனிதர்களை தாக்காது.
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'யானை பாகனுக்கு யானையால் தான் சாவு' ன்னு சொல்லுவாங்க. பழக்கும் போது, பாகனோட சொல் பேச்சு கேட்க, பயங்கர கொடூரமா அடிப்பாங்க. அதனால, யானை அந்த காயத்தோட வடுவையும், வலியையும் மனசுல நியாபகம் வெச்சுகிட்டே இருக்கும். மஸ்து நேரத்துல வாய்ப்பு கிடைச்சு அந்த கோபம் வெளிப்பட்டு ருத்ர தாண்டவம் ஆடிரும். முக்கியமா... மஸ்து நேரத்துல, தலைமை பாகன்... யானை பக்கத்துல இருக்க மாட்டான். காரணம், யானைக்கு தன் பாகன் மேல் இருக்கும் வன்மம் வெளிப்படும் நேரம் அதுதான்.
ஒரு யானைய பழக்கும் போது அந்த யானைய சுத்தி நாலு அல்லது ஐஞ்சு கும்கிய நிறுத்துவாங்க. ஒரு ஏழெட்டு பாகன்கள் அந்த யானைக்கு முன்னாடி நின்னு ஆளுக்கு ஒரு குச்சிய கீழ போடுவாங்க. பக்கத்துல ஒரு கும்கி நிற்கும். அது, எப்பிடி குச்சிய எடுத்து பாகன் கைல குடுக்கனும்னு திரும்ப திரும்ப செஞ்சு காட்டும். அவ்வளவு சுலபத்தில் புது யானை குச்சிய எடுத்துடாது. ஆனா அது எடுக்கற வரைக்கும் கும்கிகள் விடாது. புது யானைய தந்தங்களால் முட்டி நொறுக்கும். பாகன்கள் ஒன்றரை இஞ்ச் தடிமனில், ஆறடி நீளத்தில், ஒரு வாரம் விளக்கெண்ணையில் ஊறப் போட்டு தீயில் வாட்டிய, யானைகளுக்காகவே ஸ்பெஷலா தயார் செஞ்ச காட்டு மூங்கில் பிரம்புகள வெச்சிருப்பாங்க. வளைச்சா வட்ட வடிவத்துல ரப்பர் மாதிரி முனைக்கு முனை முட்டும். மனுஷன் அதுல ஒரே ஒரு அடி வாங்குனா செத்துருவான். அதால அடிச்சு வெளுப்பாங்க. பிளிரும்... ரெண்டு கால்ல எழுந்து நிற்கும். ஆனா குச்சிய எடுக்காது. எடுக்குற வரைக்கும் கும்கிகளும், பாகன்களும் விடமாட்டாங்க. கடைசியா அடி தாங்காம குச்சிய எடுத்து எந்த பாகன் கைல குடுக்குதோ, அவனைதான் அந்த யானைக்கு பிடிச்சிருக்குன்னு அர்த்தம். இனி அவனுக்கு மட்டுமே கட்டுப்படும். அவன்தான் வாழ்நாள் முழுவதும் அந்த யானைக்கு தலைமை பாகன். இப்ப யானைக்கு பிடிச்சவன தேர்ந் தெடுத்தாச்சு. இனி யானைக்கான பயிற்சி ஆரம்பமாகும்.
அதை பழக்கறதுகுள்ள, தும்பிக்கைய தூக்க முடியாத அளவுக்கு கரோல்ல அடைச்சு... மூணு நாளைக்கு உணவு குடுக்க மாட்டாங்க. நாலாவது நாள் தன் பாகனை பார்த்து கெஞ்சும். கொஞ்சம் கரும்பும் வெல்லமும் குடுத்து ருசிகாட்டி, பசிய தூண்டி சொல் பேச்சு கேட்டா.. கரும்பு வெல்லம் கிடைக்கும்னு அதுக்கு உணர வெச்சு, வழிக்கு கொண்டு வருவான். அதுக்குள்ள எத்தனை அடிகள் சித்ரவதைகள் அப்பப்பா. அந்த பாகனை கண்டாலே, யானைக்கு மனசுல ஒருவித கிலி ஏற்படுற மாதிரி பண்ணிருவான். என்ன பயமும் பாசமும் ஏற்பட்டாலும், அவ்வளவு சீக்கிரம் தன் மேல் யாரையும் ஏற விட்டுடாது.
கட்ட கடைசியா... என்னைக்கு அந்த யானை, பாகனை முழுசும் எந்த எதிர்ப்பும் இல்லாம, தன் முன்னங் கால்கள மடக்கி குடுத்து, அதன் வழியா மேல ஏறி உட்கார அனுமதிக்குதோ... அன்னைக்கு பூஜை போட்டு கும்கிகளின் துணையோட கரோல திறப்பாங்க. பாகன் யானை மேல உட்கார்ந்து தான் கரோலை விட்டு வெளிய வரனும். அப்பதான் அது முழுசும் பழக்கப் பட்டதுக்கான அடையாளம். இதெல்லாம் நடக்க 48 நாட்கள் ஆகும். கோவை மாவட்டத்துல 13 பேரை கொன்று, கேரள அரசால் சூட்டிங் ஆர்டர் கொடுக்கப்பட்ட மிகப் பெரிய ரௌடி 'மக்னா' யானை, இன்னைக்கு முதுமலை கேம்ப்ல மூர்த்திங்குற பேர்ல அவ்ளோ சாதுவா இருக்கு. அந்தளவுக்கு சித்ரவதை ட்ரெய்னிங்.
மஸ்துன்னா மதம்.. நவம்பர் டூ ஜனவரி யானைகளின் இணைச் சேர்க்கை காலத்தில், நெத்தியில் இருந்து மஸ்து நீர் வடியும். பாகன் மேல் பாசம் உள்ள யானைகள், மஸ்து ஆரம்ப நிலையிலேயே பாகனை எச்சரிக்கை செய்யும். சாதாரணமா ஒற்றை கால் சங்கிலிதான் போடுவாங்க. ஆனா மஸ்து அறிகுறி ஆரம்பமாகும் போதே... ரெட்டை காலுக்கு சங்கிலி போட்ருவாங்க. சாதாரணமா அங்குசத்த பார்த்தா கட்டுப்படும் யானை, மஸ்து நேரத்துல கட்டுப்படாது. அதன் பிறகு யாரும் கிட்ட நெருங்க முடியாது. மூணு மாசமும் அதற்கு ஒரே இடம்தான். அந்த மஸ்து நீரோட வாசம், நீண்ட தூரம் வீசும். வாசம் வந்தா... எந்த காட்டு யானையும் அந்த ஏரியாலயே நிக்காது. மஸ்து நிலையில் இருக்கும் யானை வினோதமா நடந்துக்கும். தும்பிக்கையை தூக்கி தந்தத்து மேல போட்டுக்கும். பயங்கர ரெஸ்ட் லெஸ்ஸா இருக்கும். உர்ர்ர்ர் ன்னு உருமிகிட்டே இருக்கும். எப்பவும் யானை உருமல்ல இருக்கும் போது பக்கத்துல போகக் கூடாது. கோபத்தின் அறிகுறி. பார்வை வெறிச்சு இருக்கும். மண், செடி, கொடிகளை தலைமீது போட்டுக் கொள்ளும். ரொம்ப பசி எடுக்குற வரை சாப்பிடாது. மஸ்து நீரை தும்பிக்கையால தொட்டு தொட்டு ருசி பார்க்கும். அந்த சுவை யானையை மேலும் மேலும் வெறி ஏற்றும். அதனால மஸ்து நேரத்துல நூறு பேர் எதிர்ல நின்னாலும், அபார நியாபக சக்தி கொண்ட யானை, தன்னோட பாகன் மேலான பகைய தீர்த்துக்க... தன்னிலை மறந்து, வெறி கொண்டு முதல்ல அவனதான் தேடும். சிக்குனான்... அக்கு வேறா ஆணி வேறா பிரிச்சு போட்ரும்.
சின்ன கொசுறு தகவல்:
யானைல ஆறு வகை. அதில், தும்பிக்கையை ஒட்டி கீழ் நோக்கி வளரும் தந்தங்களை கொண்ட யானைகளை வளர்க்கவே முடியாது. நம்பக தன்மை இல்லாதது. எப்பவும் ரெஸ்ட் லெஸ்ஸா.. கொல வெறியோடவே இருக்கும். எந்த நேரம் ஆளை தூக்கும்னு கணிக்கவே முடியாது. கும்கி படத்துல வர்ற கொம்பன் யானை வகைதான் அது.
அதே போல உடம்பில் முதுகெலும்பு தூக்கிக் கொண்டு, ஆள் உட்கார முடியாத உடலமைப்பு கொண்ட யானை களையும், இடுங்கிய கண்களை கொண்ட யானை களையும், நெற்றி துருத்திய யானை களையும் வளர்க்கவே முடியாது. பயங்கர சிடு மூஞ்சி. இது அவ்வளவு ஆபத்தில்லை னாலும் கூட, கையாள்வது சிரமம். வேண்டா வெறுப்பா கட்டளைக்கு அடி பணியும். இதன் மீது துர்நாற்றம் வீசும்.
ஒழுங்கில்லாத தந்தங்கள் அல்லது ஒற்றை தந்தம் கொண்ட யானையை வளர்க்கவே கூடாது. வனத்துறை, வீட்டில் வளர்க்க அனுமதி கொடுக்காத ஒரே வகை இதுதான். காட்டு யானைகளில், இந்த ஜாதி யானைகள்தான் ஆட் கொல்லிகள். மற்ற வகைகள் வெறும் மிரட்டலுடன் விலகி போய்விடும். இது மறைந்திருந்து தாக்கும் அறிவும் குணமும் உடையது. மனுஷன பார்த்துட்டா, அனல் போல கொதிநிலைக்கு போயிடும். பயங்கர ராட்ஷசன். அது உடம்பிலிருந்து அழுகிய மாமிச வாசம் வீசும். மலைவாழ் மக்கள், இந்த யானையின் மீது வீசும் குமட்டல் வாடையை வைத்தே இது வருவதையோ, அருகில் நிற்பதையோ கண்டு பிடித்து விடுவார்கள்.
ஒச்சம் இல்லாத, நிமிர்ந்த தலை, சம அளவுகளில் அகலமாக முன் நோக்கி V வடிவில் பால் போன்ற நிறமுடைய தந்தங்கள், தேன் நிறத்தில் மின்னும் கண்கள், எப்பவும் முகத்தில் ஒரு சாந்தம், அருமையான கீழ்படிதல், வசீகரிக்கும் அழகு கொண்ட உடலமைப்பு, அடர்ந்த முடி கொண்ட வால், அழகான நகங்கள், மடங்காத காதுகள், ஆள் அமரும்படி படுக்கை போன்ற முதுகமைப்பு, நடக்கும் போது அடி மாற்றி வைக்காமல் சரியான அளவுகளில் காலை முழுவதும் தரையில் ஊன்றி நடத்தல், தன் சுற்றுப் புறத்தை சுத்தமாக பராமரித்தல், அன்புக்காக ஏங்கும், மனிதர்களுடன் முக்கியமாக குழந்தை களுடன் நன்கு பழகி, சொல் பேச்சு கேக்கும். இது பட்டத்து யானையோட சாமுத்திரிகா லட்சணம். இது போன்ற குணங்கள், பத்தாயிரத்துல ஒரு யானைக்குதான் அமையும். இதன் உடம்பில் தாமரை பூவின் நறுமணம் வீசும். முழுவதும் இந்த மொத்த குணங்களும் அமையக் கிடைக்கா விட்டாலும், இதில் மூன்றில ஒரு பங்கு குணங்கள் அமையப் பெற்ற யானைகளை தாராளமாக வளர்க்கலாம். மனிதர்களை தாக்காது.
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Today's Banking / Financial News at a Glance 25.05.2020
☕ 25.05.2020: Today's Banking / Financial News at a Glance
🍒 Government pushes PSU banks to provide cheaper loans to small businesses : The government is pushing public sector banks to provide additional working capital to small businesses at 7.5% interest under the loan guarantee scheme that proposes to provide up to Rs 3 lakh crore, while also asking them to ensure that senior citizens earn higher returns on their fixed deposits. While paring deposit rates-to ensure that all borrowers benefit from the lower rate regime-bankers have been asked to ensure widespread implementation of the Pradhan Mantri Vaya Vandana Yojana, which has been extended by three years up to March 2023. Under the scheme, senior citizens will be paid 7.4% interest during the current financial year with the rate to be reset next year.With the Reserve Bank of India repeatedly reducing rates, the State Bank of India has reduced its peak fixed deposit rate to 5.7% for funds parked for 5-10 years. In case of senior citizens, the bank is paying 6.5% a year.The message was conveyed to the bank chiefs during a meeting convened by finance minister Nirmala Sitharaman on Friday with implementation of the Covid package being the key focus to ensure that cash-strapped small businesses can access funds, and at lower cost. Currently, small businesses are borrowing at 11-12% from state-run lenders. - economic times
🍒 Bank of Maharashtra sanctions Rs 2,789 crore loans over 3 months to MSMEs, others : State-owned Bank of Maharashtra on Sunday said it has sanctioned loans worth Rs 2,789 crore to MSME, self-help group, agricultural and retail borrowers to help them meet their liquidity mismatches caused due to coronavirus crisis over the last three months. The lender had launched various COVID-19 emergency credit lines for its existing customers in March. "We have sanctioned loans amounting to Rs 2,789 crore under agriculture, SHGs, Retail, MSMEs with almost one lakh beneficiaries between March 2020 and May 2020," the lender said in a statement.It had used various channels such as webinars, calls, SMSes and emails to raise awareness about these credit lines and to reach out to its borrowers.The bank said it is now gearing up to extend the stimulus package announced by Finance Minister Nirmala Sitharaman aimed at restarting business activities. Recently, the government had announced a Rs 20 lakh crore (nearly 10 per cent of GDP) package to support the economy headed for its first full-year contraction in more than four decades. - economic times
🍒 How RBI crack teams in isolation keeping financial system working : Since the national lockdown was announced in late March, a team of more than 200 personnel from the Reserve Bank of India and services providers are holed up in four locations to ensure that the financial markets and the system across the country works uninterrupted and provides glitch free service to users. Top RBI officials went into a huddle immediately after the lockdown was announced and a team was set up to ensure that services are provided 24x7 without any interruptions including payments and settlements. A team of officers and technical experts was moved into a hotel in Mumbai and another team was stationed in Khargar on the outskirts of Mumbai to work remotely and ensure that the wheels of the economy keep moving. "Now we have a team of 200 including service providers from some of the top tech and telecom companies. There are four teams which are responsible for smooth functioning of the financial system including payments. Apart from the teams in Khargar and Mumbai and there are two more in Nagpur and Hyderabad," said a source. He said that the team includes some senior officers from RBI and the 200 members of the four teams have been away from their families since the lockdown was announced."It was voluntary. In fact people were asked whether they want to go home after 25-days and all of them said they would like to continue to ensure that there is no interruption in the function of the financial system. This speaks highly of the commitment of the teams," the source said, adding that they are working with some of the best technology available to keep the systems on despite the strict lockdown measures. - economic times
🍒 Most MSMEs opt for interest deferment on working capital: SBI Ecowrap report : Majority of MSMEs (micro, small and medium enterprises) and possibly around half of corporates have opted for deferment of interest on working capital facilities, opined State Bank of India’s economic research department in its report “Ecowrap”. With around 75 per cent of such debt is “A” and above rated, the report expects the aforementioned entities to be able to pay the accumulated interest as scheduled or convert it into FITL (Funded Interest Term Loan). “Though, majority of MSMEs will opt for FITL, it is important to see their repaying capacity/cash flows as the same needs to be paid within this financial year itself,” the report said. As the MSME book from banking system stands at around ₹14 lakh crore, assuming that two-third have opted for moratorium and 70 per cent of it is working capital, the interest on around ₹6-7 lakh crore of loans, which is required to be funded through FITL, works to around ₹30,000-35,000 crore, per the calculations made by the department. - Business Line
🍒 Banks face a dilemma on lowering deposit rates any further : Banks are staring at the unpleasant decision of reducing interest rates for millions of depositors already getting poor returns, as they try to protect margins while passing on the benefit of the Reserve Bank of India’s (RBI’s) latest repo rate cut to borrowers. As deposits form a big chunk of banks’ sources of funds, any lending rate cut is either followed or preceded by a similar cut in deposit rates. Moreover, if borrowers who are currently under moratorium ultimately fail to repay, lenders stand to lose as well. While Bank of Baroda (BoB) has 90% of its eligible borrowers utilizing the moratorium, the number is 20% in case of State Bank of India (SBI).According to the chief executive of a mid-sized public sector bank, a cut in deposit rates is inevitable and it is not clear any longer as to what the terminal rate or the lowest possible rate could be. At a time when large banks like State Bank of India (SBI) are lowering lending and deposit rates, smaller banks cannot afford to stay put, the banker said on condition of anonymity. “I will have to survive in the loan market and if I do not lower interest rates on my loans, some other bank will take away the customer. But if I lower my deposit rates, my depositor base will suffer. It is quite a difficult situation," said the banker cited above. - Live Mint
🍒 Present situation due to COVID-19 pandemic not suitable for raising funds overseas: Exim Bank : Premier export finance institution Exim Bank said on Sunday that the present scenario arising out of the COVID-19 outbreak is not suitable to raise resources from overseas markets. Under such circumstances, the lender had requested the Reserve Bank of India (RBI) for a credit line of USD two billion, an official of the Export-Import Bank of India said."The mandate for Exim Bank is to raise resources from overseas markets primarily for disbursement under concessional finance programme on behalf of the government," he said. Due to COVID-19 outbreak, the market now is not suitable for raising funds abroad, the official said. - Moneycontrol.com
🍒 Franklin Templeton's debt funds hit as Essel Infra defaults on NCDs : In a fresh jolt to investors, Franklin Templeton Mutual Fund (MF) has said that Essel Infraprojects (EIL) has defaulted on its non-convertible debentures (NCDs). Four of the fund house's debt schemes that are being wound up had made investments in these NCDs. Though the fund house has said that the event does not have any impact on the net asset value (NAV) of the scheme, it has not entirely marked down its investments. “These NCDs are currently valued at Rs 92 crore in our portfolios, i.e., at 15 per cent of the maturity value after providing a haircut of 85 per cent,” the fund house said in a statement. The four schemes had a maturity value (including redemption premium) of Rs 616 crore. - moneycontrol.com
🍒 Gold imports dip for fifth consecutive month in April, fall by almost 100% : India's gold imports contracted for the fifth consecutive month in a row, falling by about 100 per cent to USD 2.83 million in April due to the lockdowns imposed globally on account of coronavrius outbreak. The import of the yellow metal stood at USD 3.97 billion in April 2019, according to the commerce ministry's data.The decline in gold imports has helped in narrowing the country's trade deficit to USD 6.8 billion during the last month as against USD 15.33 billion a year ago. Gold imports have been recording negative growth since December last year.- moneycontrol.com
🍒 Four of top-10 companies add Rs 1.12 lakh crore in m-cap; TCS leads : Four of the 10 most valued companies together added Rs 1,12,121.1 crore in market valuation last week, with Tata Consultancy Services topping the chart. Bharti Airtel, Infosys and ITC were the other gainers from the top-10 list.On the other hand, RIL, HUL, HDFC Bank, HDFC, Kotak Mahindra Bank and ICICI Bank cumulatively lost Rs 98,890 crore in market capitalisation during the week ended Friday. The market valuation of TCS zoomed Rs 47,148.71 crore to Rs 7,57,587.71 crore, the biggest rise among the top-10 firms.- moneycontrol.com.
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Government Jobs Available BPNL_ Bhartiya Pashupalan Nigam Limited
Bhartiya Pashupalan Nigam Limited: BPNL recruitment 2020 – South Western Railway selecting 1343 applicants to appoint their Skill Center In-Charge, Skill Development Officer, Skill Admissions Consultant, Animal Husbandry Development Center Director, Office Assistant job in Jaipur Rajasthan. Applicants are asked to read the latest BPNL post notification 2020 completely, Before applying to this job. BPNL career comes under the Central Government job. This is the biggest chance for job seekers who are looking for the Profession in BPNL.
Board Name Bhartiya Pashupalan Nigam Limited
Post Name Hospital Attendant
Job Type Central Government Job
Job Location Jaipur Rajasthan
Vacancies 1343
Apply Mode Online
Start Date 19.05.2020
End Date 30.05.2020
Official Website www.bharatiyapashupalan.com
BPNL Recruitment 2020 Vacancies[hide]
Bhartiya Pashupalan Nigam Limited hiring 1343 aspirants for Skill Center In-Charge, Skill Development Officer, Skill Admissions Consultant, Animal Husbandry Development Center Director, Office Assistant vacancies in Jaipur.
BPNL 2020 Educational Qualification
Applicants are asked to check their education qualification needed for various BPNL job opportunities.
Candidate should be passed 10th, 12th, Any Degree from a recognized institution are eligible to apply in BPNL.
Age limit
To apply for the WESTERN RAILWAY post, the applicants required to achieve the following age limit.
The candidates have an age limit of 18 – 45 years.
For major details kindly check the BPNL official publication 2020.
Salary details
SI No Name of Post Payscale
1. Skill Center In-Charge Rs. 18000 per month
2. Skill Development Officer Rs. 15000 per month
3. Skill Admissions Consultant Rs. 12000 per month
4. Animal Husbandry Development Center Director Rs. 10000 per month
5. Office Assistant Rs. 8000 per month
Application Fee
Name of the Community Fee
Skill Center In-Charge Rs. 944
Skill Development Officer Rs. 826
Skill Admissions Consultant Rs. 708
Animal Husbandry Development Center Director Rs. 590
Office Assistant Rs. 472
Note: Pay the Examination Fee through Debit Card, Credit Card, Net Banking.
Selection Process
BPNL may follow the following process to decide the applicants. Detailed information checks the official site.
Interview
How To Apply
Open official website www.bharatiyapashupalan.com. Check the notification of Office Assistant recruitment. Download the notification pdf and check the eligibility criteria. If you are eligible, click the ‘Apply Now’ button. Fill the required details and submit the application.
BPNL Official Notifications PDF
Board Name Bhartiya Pashupalan Nigam Limited
Post Name Hospital Attendant
Job Type Central Government Job
Job Location Jaipur Rajasthan
Vacancies 1343
Apply Mode Online
Start Date 19.05.2020
End Date 30.05.2020
Official Website www.bharatiyapashupalan.com
BPNL Recruitment 2020 Vacancies[hide]
Bhartiya Pashupalan Nigam Limited hiring 1343 aspirants for Skill Center In-Charge, Skill Development Officer, Skill Admissions Consultant, Animal Husbandry Development Center Director, Office Assistant vacancies in Jaipur.
BPNL 2020 Educational Qualification
Applicants are asked to check their education qualification needed for various BPNL job opportunities.
Candidate should be passed 10th, 12th, Any Degree from a recognized institution are eligible to apply in BPNL.
Age limit
To apply for the WESTERN RAILWAY post, the applicants required to achieve the following age limit.
The candidates have an age limit of 18 – 45 years.
For major details kindly check the BPNL official publication 2020.
Salary details
SI No Name of Post Payscale
1. Skill Center In-Charge Rs. 18000 per month
2. Skill Development Officer Rs. 15000 per month
3. Skill Admissions Consultant Rs. 12000 per month
4. Animal Husbandry Development Center Director Rs. 10000 per month
5. Office Assistant Rs. 8000 per month
Application Fee
Name of the Community Fee
Skill Center In-Charge Rs. 944
Skill Development Officer Rs. 826
Skill Admissions Consultant Rs. 708
Animal Husbandry Development Center Director Rs. 590
Office Assistant Rs. 472
Note: Pay the Examination Fee through Debit Card, Credit Card, Net Banking.
Selection Process
BPNL may follow the following process to decide the applicants. Detailed information checks the official site.
Interview
How To Apply
Open official website www.bharatiyapashupalan.com. Check the notification of Office Assistant recruitment. Download the notification pdf and check the eligibility criteria. If you are eligible, click the ‘Apply Now’ button. Fill the required details and submit the application.
BPNL Official Notifications PDF
சிவபெருமானே
உலகத்தைப் படைத்துவிட்டு அதில் எங்கும் நிறைந்து நின்றான்...!!
மனிதனைப் படைத்துவிட்டு அவனுக்குள் மறைந்து விட்டான்...!!
சிவபெருமானே...
மனிதனைப் படைத்துவிட்டு அவனுக்குள் மறைந்து விட்டான்...!!
சிவபெருமானே...
சதுரங்கம்
யுக்திகள் அறிந்தால் வாழ்க்கையும்
சுவாரஷ்யமான
சதுரங்க வேட்டைதான்...
Life is an interesting chess game, if you know tricks.
சுவாரஷ்யமான
சதுரங்க வேட்டைதான்...
Life is an interesting chess game, if you know tricks.
Saturday, May 23, 2020
Today's Banking / Financial News at a Glance 24.05.2020
24.05.2020: Today's Banking / Financial News at a Glance
🍒 Economic package: Banks to go all out in pushing MSME loans : After finance minister Nirmala Sitharaman met heads of public sector banks on Friday, lenders said they plan to zealously implement the government’s plan for credit push to small businesses. At least four state-owned banks -- Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India-- pledged their support to economic relie package, including the ₹3 trillion of government-backed loans for micro, small and medium enterprises (MSMEs). Banks, led by their lobby body Indian Banks’ Association (IBA) had sought a loan guarantee scheme from the government to push credit to small businesses, hit hard by the lockdown.Padmaja Chunduru, chief executive of Indian Bank said that the finance minister emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation. “During deliberations, the banks decided to focus also on tier II and tier III towns in all states to ensure needy MSMEs get the succour. Head of public sector banks welcomed the ₹3 trillion fully-guaranteed loan component to MSMEs and assured the FM that all eligible units will get these loans promptly," said Chunduru. Meanwhile Central Bank of India chief executive Pallav Mohapatra was quoted by PTI as saying that the finance minister took stock of the situation and reviewed the progress of various schemes. "All the banks are very-very optimistic about the schemes that have been announced in the recent past by the government to support the economy. State-run banks’ sanction in the covid-19 period is more than the corresponding period last year, which was a normal year," said Mohapatra. - Live Mint
🍒 Extend loan automatically to all eligible borrowers without fear of 3Cs: Finance Minister Nirmala Sitharaman to banks : Finance Minister Nirmala Sitharaman on Saturday said banks have been asked to extend loans automatically to eligible borrowers without fear of 3Cs -- CBI, CVC and CAG. She said clear instructions have been given in a meeting with CEOs and MDs of public sector banks and financial institutions on Friday that the banks should not be scared to extend loans as 100 per cent guarantee is being given by the government. In case of default, the individual bank or official will be hauled up, she said in a conversation with BJP leader Nalin Kohli uploaded on the party's social media platforms."Yesterday, I reiterated that by saying, if a decision goes wrong, and if there is a loss, the government has given 100 per cent guarantee now. It is not at all going to be on the individual official and on the bank, and therefore without fear they should take this automatic route in the sense, everybody eligible for additional term loan and additional working capital should be given," she said. As part of the Rs 20.97 lakh crore comprehensive economic package, the government announced the Emergency Credit Line Guarantee Scheme (ECLGS) worth Rs 3-lakh crore for the MSME sector, hit hard by the coronavirus crisis. - economic times
🍒 BoB says 65% customers opted for moratorium : About 65% of Bank of Baroda (BoB) customers have opted to take the moratorium offered by the bank following a Reserve Bank of India (RBI) directive, CEO Sanjiv Chadha said in a conference call with journalists. "We have offered the moratorium to all borrowers and those who don't want it have to opt out. So those who are not paying are automatically considered for the scheme. Our calculations show that about 65% of borrowers have opted for it," Chadha said.BoB's numbers are higher than some peer banks like State Bank of India (SBI) which had said that only 20% of its borrowers had opted for the moratorium. Chadha however said he expects the nunbers to come down. "We expect that number to come down as the lockdown eases and cash flows improve," Chadha said.Some customers will come back and choose to pay off loans as the moratorium could mean higher compounded interest payments in the future.Chadha however has refused to give a blanket moratorium for NBFCs saying that the bank like many of its large peers will look at that sector on a case to case basis. "Even if we give them moratorium it just makes about 5 to 7% of payments for some of these entities. They also have other means to raise funds like targeted long term repos. Some of them have build up their liquidity profiles post IL&FS. We will engage with them on a case to case basis and see how best we can help them," Chadha said. - economic times
🍒 Canara Bank announces credit support for borrowers affected by COVID-19 : Canara Bank has announced credit support for all its borrowers who have been affected by the COVID-19. The Canara Credit Support is extended as a quick and hassle-free loan to overcome temporary liquidity mismatches for payment of statutory dues, salary/wages/electricity bill, rent etc., the bank said in a statement.The bank has since sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories, it said.It has employed various strategies like SMS, call centres, emails and personal calls to reach out to the eligible borrowers to explain the facility in order to sanction the loan.The bank said it has also sanctioned more than Rs 60,000 crore of advances to corporates and MSMEs from March 2020 till date. Canara Bank's MD and CEO, L V Prabhakar, said: We are sure that once the lockdown is completely lifted, our customers would be able to avail the sanctioned facilities to the full extent and improve their business. - economic times
🍒 BoB plans to sanction Rs 10,000 crore emergency working capital facility for Covid-19 affected businesses : Bank of Baroda (BoB) will sanction Rs 10,000 crore as emergency working capital facility to COVID-19 affected businesses, including micro, small and medium enterprises (MSMEs), according to Sanjiv Chadha, MD & CEO. The BoB chief emphasised that extending emergency working capital is the right thing to do by the Bank’s clients so that they can survive the impact of the pandemic and gradually return to normalcy. Among the measures announced on May 13 by the Government under the “Atmanirbhar Bharat Abhiyaan” package, Banks will be providing additional working capital finance of 20 per cent of their outstanding (MSME) credit as on 29 February 2020. These loans will be 100 per cent guaranteed by the Government. - Business Line
🍒 Return on credit higher than return on banks surplus funds deployed with RBI: Brickwork Ratings : The one-year return on credit that banks can earn by lending to corporates is high at about 8 per cent vis-à-vis the return of 3.35 per cent they will earn by parking their excess funds with the Reserve Bank of India (RBI), according to an analysis of return on funds deployed by banks by Brickwork Ratings (BWR). The additional profit that banks would have earned had they given loans instead of deploying their surplus funds with RBI is about Rs 34,000 crore, the credit rating agency said. Referring to banks deploying about Rs 7 lakh crore (as on May 21) at the RBI’s reverse repo window, BWR assessed that this could have fetched them around Rs 23,450 crores as interest. However, if these funds were deployed as loans to corporates (‘AA’ to ‘BBB’ rating), the earning for banks would have been around Rs 57,445 crore in a year. - Business Line
🍒 DCB Bank Q4 net profit down 29 per cent : Private sector DCB Bank posted a 29 per cent fall in its net profit to Rs 69 crore in the fourth quarter of 2019-20 with a sharp rise in provisions as against a net profit was Rs 96 crore a year ago. Its total income grew by eight per cent to Rs 434 crore in the quarter ended March 31, 2020 as compared to Rs 400 crore a year ago.Net interest income rose by eight percent to Rs 324 crore while non-interest income increased by 11 per cent to Rs 110 crore in the January to March 2020 quarter.Provisions surged to Rs 118.24 crore in the fourth quarter of last fiscal versus Rs 34.78 crore a year ago.“Both 2019- 2020 and fourth quarter profit before tax was impacted by Rs 63 crore Covid-19 Regulatory Package Provision. The bank conservatively made more provision than required as per guidelines,” DCB Bank said in a statement on Saturday. In 2019-20, the bank’s net profit rose by a modest four per cent to Rs 338 crore from Rs 325 crore in 2018-19. - Business Line
🍒 Franklin Templeton's debt funds hit as Essel Infra defaults on NCDs : In a fresh jolt to investors, Franklin Templeton Mutual Fund (MF) has said that Essel Infraprojects (EIL) has defaulted on its non-convertible debentures (NCDs). Four of the fund house's debt schemes that are being wound up had made investments in these NCDs. Though the fund house has said that the event does not have any impact on the net asset value (NAV) of the scheme, it has not entirely marked down its investments. “These NCDs are currently valued at Rs 92 crore in our portfolios, i.e., at 15 per cent of the maturity value after providing a haircut of 85 per cent,” the fund house said in a statement. The four schemes had a maturity value (including redemption premium) of Rs 616 crore. - Moneycontrol.com
🍒 Future actions to stimulate economy will depend on how COVID crisis pans out: FM Nirmala Sitharaman ; A day after the RBI projected economic contraction in 2020-21, Finance Minister Nirmala Sitharaman on Saturday said future fiscal policy actions to stimulate the economy will depend on how COVID-19 pandemic pans out. The government has already announced a Rs 20.97 lakh crore economic package, which includes Reserve Bank's Rs 8.01 lakh crore worth of liquidity measures till May 17. Sitharaman said making a "realistic assessment" of economic growth would be difficult at this point of time as there is no clarity on when the pandemic would retreat.- Moneycontrol.com
🍒 RBI may continue to step in from time to time to keep rupee volatility in check : The Reserve Bank of India (RBI) on May 22 slashed the repo rate by another 40 bps and reinforced its image of a pro-growth institution. The RBI gave precedence to reviving growth despite uncertainties on the inflation front. The RBI highlighted that headline inflation could remain firm in H1FY21 but could moderate thereafter. Rather than giving a projection on inflation, it stated that its forward guidance on inflation is directional. The RBI acknowledged that challenging times for the economy on growth front lie ahead on account of demand compression and supply disruption, justifying the need for further accommodation.- Moneycontrol.com
🍒 SBI warns customers on Cerberus banking virus : The State Bank of India (SBI) has issued an advisory for its customers against the Cerberus Trojan malware. “Beware of fake SMSs claiming to provide big offers or information on current pandemic via unknown links or downloading apps from unknown sources, as they are meant to cheat you,” reads the tweet from the official Twitter handle of SBI. In the post, the country’s biggest public sector bank also shared an image which is captioned ‘Cerberus Alert’. Seems to be inspired from the latest web series - Pataal Lok, it advises users to be vigilant against frauds which is equivalent to the ‘Swarg lok’. Clicking on unknown links despite being aware of Cerberus Trojan malware is categorised as ‘Dharti lok’. Whereas ending up as a victim of Cerberus Trojan malware is ‘Pataal lok’ equivalent for online banking users. - Times of India..
🍒 RBI comes to rescue of cash-strapped large corporations, gives these relaxations : The Reserve Bank of India came to the rescue of cash-strapped large corporations on Friday. With a view to facilitating flow of credit flow to large corporates, Reserve Bank of India (RBI) governor Shaktikanta Das on Friday raised the exposure limit of banks to a group by 5% to 30%. This relaxation will be available till June 30, 2021. “Many corporates were not able to draw additional funds from banks as their exposure limit was hit,” a senior PSU bank official told FE. This short-term measure will allow additional credit flow to corporates that need money due to Covid-19 pandemic, he added. Karthik Srinivasan, group head, Financial Sector Ratings, Icra, is of the view that this move may help certain large banks with competitive costs of funds to increase their exposure, as large groups otherwise borrow at competitive rates from bond markets. “With volatility in bond markets, this could also enable banks/corporates to meet funding requirements,” he added. - Financial Express
🍒 State runs out of money for crop loan waiver : The Maha Vikas Aghadi (MVA) government, which had assured complete crop loan waiver, has run out of money even though over 11 lakh farmers are yet to get the benefit of the scheme. This came to light during the crop review meeting conducted by chief minister Uddhav Thackeray. A state government press communiqué stated that 60% target of the crop loan waiver scheme has been achieved. “About 32 lakh farmers were to be provided Rs20,000 crore. So far, 19 lakh farmers have been provided Rs12,000 crore. However, due to lack of funds, Rs8,100 crore loans of 11.12 lakh farmers could not be waived off,” adds the communiqué. In order to provide relief to these farmers, district central cooperative banks (DCCBs) have been asked not to consider these farmers as defaulters and provide them fresh crop loans. The government has not made it clear whether the remaining 11.12 lakh farmers would be extended the crop loan waiver benefit in future. - Times of India.
All the Best… Have a Good day..
🍒 Economic package: Banks to go all out in pushing MSME loans : After finance minister Nirmala Sitharaman met heads of public sector banks on Friday, lenders said they plan to zealously implement the government’s plan for credit push to small businesses. At least four state-owned banks -- Indian Bank, Bank of Baroda, Canara Bank and Central Bank of India-- pledged their support to economic relie package, including the ₹3 trillion of government-backed loans for micro, small and medium enterprises (MSMEs). Banks, led by their lobby body Indian Banks’ Association (IBA) had sought a loan guarantee scheme from the government to push credit to small businesses, hit hard by the lockdown.Padmaja Chunduru, chief executive of Indian Bank said that the finance minister emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation. “During deliberations, the banks decided to focus also on tier II and tier III towns in all states to ensure needy MSMEs get the succour. Head of public sector banks welcomed the ₹3 trillion fully-guaranteed loan component to MSMEs and assured the FM that all eligible units will get these loans promptly," said Chunduru. Meanwhile Central Bank of India chief executive Pallav Mohapatra was quoted by PTI as saying that the finance minister took stock of the situation and reviewed the progress of various schemes. "All the banks are very-very optimistic about the schemes that have been announced in the recent past by the government to support the economy. State-run banks’ sanction in the covid-19 period is more than the corresponding period last year, which was a normal year," said Mohapatra. - Live Mint
🍒 Extend loan automatically to all eligible borrowers without fear of 3Cs: Finance Minister Nirmala Sitharaman to banks : Finance Minister Nirmala Sitharaman on Saturday said banks have been asked to extend loans automatically to eligible borrowers without fear of 3Cs -- CBI, CVC and CAG. She said clear instructions have been given in a meeting with CEOs and MDs of public sector banks and financial institutions on Friday that the banks should not be scared to extend loans as 100 per cent guarantee is being given by the government. In case of default, the individual bank or official will be hauled up, she said in a conversation with BJP leader Nalin Kohli uploaded on the party's social media platforms."Yesterday, I reiterated that by saying, if a decision goes wrong, and if there is a loss, the government has given 100 per cent guarantee now. It is not at all going to be on the individual official and on the bank, and therefore without fear they should take this automatic route in the sense, everybody eligible for additional term loan and additional working capital should be given," she said. As part of the Rs 20.97 lakh crore comprehensive economic package, the government announced the Emergency Credit Line Guarantee Scheme (ECLGS) worth Rs 3-lakh crore for the MSME sector, hit hard by the coronavirus crisis. - economic times
🍒 BoB says 65% customers opted for moratorium : About 65% of Bank of Baroda (BoB) customers have opted to take the moratorium offered by the bank following a Reserve Bank of India (RBI) directive, CEO Sanjiv Chadha said in a conference call with journalists. "We have offered the moratorium to all borrowers and those who don't want it have to opt out. So those who are not paying are automatically considered for the scheme. Our calculations show that about 65% of borrowers have opted for it," Chadha said.BoB's numbers are higher than some peer banks like State Bank of India (SBI) which had said that only 20% of its borrowers had opted for the moratorium. Chadha however said he expects the nunbers to come down. "We expect that number to come down as the lockdown eases and cash flows improve," Chadha said.Some customers will come back and choose to pay off loans as the moratorium could mean higher compounded interest payments in the future.Chadha however has refused to give a blanket moratorium for NBFCs saying that the bank like many of its large peers will look at that sector on a case to case basis. "Even if we give them moratorium it just makes about 5 to 7% of payments for some of these entities. They also have other means to raise funds like targeted long term repos. Some of them have build up their liquidity profiles post IL&FS. We will engage with them on a case to case basis and see how best we can help them," Chadha said. - economic times
🍒 Canara Bank announces credit support for borrowers affected by COVID-19 : Canara Bank has announced credit support for all its borrowers who have been affected by the COVID-19. The Canara Credit Support is extended as a quick and hassle-free loan to overcome temporary liquidity mismatches for payment of statutory dues, salary/wages/electricity bill, rent etc., the bank said in a statement.The bank has since sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories, it said.It has employed various strategies like SMS, call centres, emails and personal calls to reach out to the eligible borrowers to explain the facility in order to sanction the loan.The bank said it has also sanctioned more than Rs 60,000 crore of advances to corporates and MSMEs from March 2020 till date. Canara Bank's MD and CEO, L V Prabhakar, said: We are sure that once the lockdown is completely lifted, our customers would be able to avail the sanctioned facilities to the full extent and improve their business. - economic times
🍒 BoB plans to sanction Rs 10,000 crore emergency working capital facility for Covid-19 affected businesses : Bank of Baroda (BoB) will sanction Rs 10,000 crore as emergency working capital facility to COVID-19 affected businesses, including micro, small and medium enterprises (MSMEs), according to Sanjiv Chadha, MD & CEO. The BoB chief emphasised that extending emergency working capital is the right thing to do by the Bank’s clients so that they can survive the impact of the pandemic and gradually return to normalcy. Among the measures announced on May 13 by the Government under the “Atmanirbhar Bharat Abhiyaan” package, Banks will be providing additional working capital finance of 20 per cent of their outstanding (MSME) credit as on 29 February 2020. These loans will be 100 per cent guaranteed by the Government. - Business Line
🍒 Return on credit higher than return on banks surplus funds deployed with RBI: Brickwork Ratings : The one-year return on credit that banks can earn by lending to corporates is high at about 8 per cent vis-à-vis the return of 3.35 per cent they will earn by parking their excess funds with the Reserve Bank of India (RBI), according to an analysis of return on funds deployed by banks by Brickwork Ratings (BWR). The additional profit that banks would have earned had they given loans instead of deploying their surplus funds with RBI is about Rs 34,000 crore, the credit rating agency said. Referring to banks deploying about Rs 7 lakh crore (as on May 21) at the RBI’s reverse repo window, BWR assessed that this could have fetched them around Rs 23,450 crores as interest. However, if these funds were deployed as loans to corporates (‘AA’ to ‘BBB’ rating), the earning for banks would have been around Rs 57,445 crore in a year. - Business Line
🍒 DCB Bank Q4 net profit down 29 per cent : Private sector DCB Bank posted a 29 per cent fall in its net profit to Rs 69 crore in the fourth quarter of 2019-20 with a sharp rise in provisions as against a net profit was Rs 96 crore a year ago. Its total income grew by eight per cent to Rs 434 crore in the quarter ended March 31, 2020 as compared to Rs 400 crore a year ago.Net interest income rose by eight percent to Rs 324 crore while non-interest income increased by 11 per cent to Rs 110 crore in the January to March 2020 quarter.Provisions surged to Rs 118.24 crore in the fourth quarter of last fiscal versus Rs 34.78 crore a year ago.“Both 2019- 2020 and fourth quarter profit before tax was impacted by Rs 63 crore Covid-19 Regulatory Package Provision. The bank conservatively made more provision than required as per guidelines,” DCB Bank said in a statement on Saturday. In 2019-20, the bank’s net profit rose by a modest four per cent to Rs 338 crore from Rs 325 crore in 2018-19. - Business Line
🍒 Franklin Templeton's debt funds hit as Essel Infra defaults on NCDs : In a fresh jolt to investors, Franklin Templeton Mutual Fund (MF) has said that Essel Infraprojects (EIL) has defaulted on its non-convertible debentures (NCDs). Four of the fund house's debt schemes that are being wound up had made investments in these NCDs. Though the fund house has said that the event does not have any impact on the net asset value (NAV) of the scheme, it has not entirely marked down its investments. “These NCDs are currently valued at Rs 92 crore in our portfolios, i.e., at 15 per cent of the maturity value after providing a haircut of 85 per cent,” the fund house said in a statement. The four schemes had a maturity value (including redemption premium) of Rs 616 crore. - Moneycontrol.com
🍒 Future actions to stimulate economy will depend on how COVID crisis pans out: FM Nirmala Sitharaman ; A day after the RBI projected economic contraction in 2020-21, Finance Minister Nirmala Sitharaman on Saturday said future fiscal policy actions to stimulate the economy will depend on how COVID-19 pandemic pans out. The government has already announced a Rs 20.97 lakh crore economic package, which includes Reserve Bank's Rs 8.01 lakh crore worth of liquidity measures till May 17. Sitharaman said making a "realistic assessment" of economic growth would be difficult at this point of time as there is no clarity on when the pandemic would retreat.- Moneycontrol.com
🍒 RBI may continue to step in from time to time to keep rupee volatility in check : The Reserve Bank of India (RBI) on May 22 slashed the repo rate by another 40 bps and reinforced its image of a pro-growth institution. The RBI gave precedence to reviving growth despite uncertainties on the inflation front. The RBI highlighted that headline inflation could remain firm in H1FY21 but could moderate thereafter. Rather than giving a projection on inflation, it stated that its forward guidance on inflation is directional. The RBI acknowledged that challenging times for the economy on growth front lie ahead on account of demand compression and supply disruption, justifying the need for further accommodation.- Moneycontrol.com
🍒 SBI warns customers on Cerberus banking virus : The State Bank of India (SBI) has issued an advisory for its customers against the Cerberus Trojan malware. “Beware of fake SMSs claiming to provide big offers or information on current pandemic via unknown links or downloading apps from unknown sources, as they are meant to cheat you,” reads the tweet from the official Twitter handle of SBI. In the post, the country’s biggest public sector bank also shared an image which is captioned ‘Cerberus Alert’. Seems to be inspired from the latest web series - Pataal Lok, it advises users to be vigilant against frauds which is equivalent to the ‘Swarg lok’. Clicking on unknown links despite being aware of Cerberus Trojan malware is categorised as ‘Dharti lok’. Whereas ending up as a victim of Cerberus Trojan malware is ‘Pataal lok’ equivalent for online banking users. - Times of India..
🍒 RBI comes to rescue of cash-strapped large corporations, gives these relaxations : The Reserve Bank of India came to the rescue of cash-strapped large corporations on Friday. With a view to facilitating flow of credit flow to large corporates, Reserve Bank of India (RBI) governor Shaktikanta Das on Friday raised the exposure limit of banks to a group by 5% to 30%. This relaxation will be available till June 30, 2021. “Many corporates were not able to draw additional funds from banks as their exposure limit was hit,” a senior PSU bank official told FE. This short-term measure will allow additional credit flow to corporates that need money due to Covid-19 pandemic, he added. Karthik Srinivasan, group head, Financial Sector Ratings, Icra, is of the view that this move may help certain large banks with competitive costs of funds to increase their exposure, as large groups otherwise borrow at competitive rates from bond markets. “With volatility in bond markets, this could also enable banks/corporates to meet funding requirements,” he added. - Financial Express
🍒 State runs out of money for crop loan waiver : The Maha Vikas Aghadi (MVA) government, which had assured complete crop loan waiver, has run out of money even though over 11 lakh farmers are yet to get the benefit of the scheme. This came to light during the crop review meeting conducted by chief minister Uddhav Thackeray. A state government press communiqué stated that 60% target of the crop loan waiver scheme has been achieved. “About 32 lakh farmers were to be provided Rs20,000 crore. So far, 19 lakh farmers have been provided Rs12,000 crore. However, due to lack of funds, Rs8,100 crore loans of 11.12 lakh farmers could not be waived off,” adds the communiqué. In order to provide relief to these farmers, district central cooperative banks (DCCBs) have been asked not to consider these farmers as defaulters and provide them fresh crop loans. The government has not made it clear whether the remaining 11.12 lakh farmers would be extended the crop loan waiver benefit in future. - Times of India.
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kadhalum Anbum
உன் மீது அன்பும்
காதலும் நிறையத்தான்
இருக்கின்றது ...
அதை வெளிக்காட்டத்தான்,
உன்னிடம் எனக்கான
நேரமும் இல்லை ..
என் அருகில்
நீயும் இல்லை...
காதலும் நிறையத்தான்
இருக்கின்றது ...
அதை வெளிக்காட்டத்தான்,
உன்னிடம் எனக்கான
நேரமும் இல்லை ..
என் அருகில்
நீயும் இல்லை...
Anbey! அன்பே தனிமையில்!
மறக்க முடியவில்லையடி..!
உன் நியாபகத்தின் வேதனைகளை
மறந்து விடு
என நீ சொல்லிய அந்த ஒருமுறை
இன்றும்
ஒரு கோடி முறையாய்
என் காதில் ஒலிக்கிறதடி
காதல் எனும் புனித பயணத்தில்
எனை நீ இணைத்த போது
நான் மறுத்திருக்க வேண்டும்..
தவறவிட்ட அந்த தருணத்தின்
தண்டனை தான்
இன்று உன் பிரிவை எண்ணி
தனிமையில் தவமிருக்கிறேன்..
அன்பே......
உன் நியாபகத்தின் வேதனைகளை
மறந்து விடு
என நீ சொல்லிய அந்த ஒருமுறை
இன்றும்
ஒரு கோடி முறையாய்
என் காதில் ஒலிக்கிறதடி
காதல் எனும் புனித பயணத்தில்
எனை நீ இணைத்த போது
நான் மறுத்திருக்க வேண்டும்..
தவறவிட்ட அந்த தருணத்தின்
தண்டனை தான்
இன்று உன் பிரிவை எண்ணி
தனிமையில் தவமிருக்கிறேன்..
அன்பே......
In case of Term Loans, the period of limitation is calculated as three years from
As per the Limitation Act, 1963, a demand loan becomes time barred after three years from the date of documents. In term loan each installment becomes time barred after three years from its due date. However, in case of mortgage loan the documents become time barred after 12 years from the date of documents.
Jaiib Questions answers Correct or wrong
RBI absorbs liquidity in the system through
(a) Repo
(b) Reverse Repo
(c) Both A and B
(d) Either A or B
Government policy to raise income by additional taxes and allocation of expenditure is called
(a) Expenditure policy
(b) Monetary policy
(c) Income policy
(d) Fiscal policy
The type of charge created on LIC Policy is
(a) pledge
(b) hypothecation
(c) assignment
(d) All of these
In case of Term Loans, the period of limitation is calculated as three years from
(a) Date of documents
(b) Date of sanction
(c) Date of default
(d) Due date of each installment
ஞாபகம்!
௭ன் காதல்
முடிந்து விட்டது
௭ன்று ௭ண்ணி
௨யிரை விடவும்
முடியவில்லை
இன்னும் தொடரும்
௭ன்று ௭ண்ணி
௨யிரோடு இருக்கவும்
முடியவில்லை.
(ஞாபகம்)
தனிமையில்
உன் நினைவில்
முடிந்து விட்டது
௭ன்று ௭ண்ணி
௨யிரை விடவும்
முடியவில்லை
இன்னும் தொடரும்
௭ன்று ௭ண்ணி
௨யிரோடு இருக்கவும்
முடியவில்லை.
(ஞாபகம்)
தனிமையில்
உன் நினைவில்
ஒருவரை ஒருவர்!
உணர்வுகளை
புரிந்து கொண்டு
உள்ளம் அறிந்து கொண்டு
கோபம் விடுத்து
விருப்பங்கள்
விட்டு கொடுத்து
ஒருவரை ஒருவர்
நேசிக்கும்
காதலின் பிரிவு
உடல்களுக்கே அன்றி
உயிர்களுக்கு அல்ல..
புரிந்து கொண்டு
உள்ளம் அறிந்து கொண்டு
கோபம் விடுத்து
விருப்பங்கள்
விட்டு கொடுத்து
ஒருவரை ஒருவர்
நேசிக்கும்
காதலின் பிரிவு
உடல்களுக்கே அன்றி
உயிர்களுக்கு அல்ல..
உண்மை
மகிழ்ச்சிக்காகவே
வாழ்ந்தது ஒரு காலம்.
இப்பொழுதெல்லாம்
மகிழ்ச்சியாக,
வாழ்ந்து விட முடியாதா?
என்பதை
நோக்கி ஓடிக்
கொண்டிருக்கிறோம்.
கட்டாயம் தேடிப்
பார்த்தால் புரியும்,
தொலைத்த
சிலவற்றை
நம்மால்
அடையவே
முடியாதென்ற
உண்மை.
Friday, May 22, 2020
Today's Banking / Financial News at a Glance 23.05.2020
☕ 23.05.2020: Today's Banking / Financial News at a Glance
🍒 RBI cuts repo rate by 40 bps to 4 per cent : The Reserve Bank of India (RBI) on Friday cut the repo rate from 4.40 per cent to 4 per cent. Repo rate is the interest rate at which the central bank provides funds to banks to overcome short-term liquidity mismatches.This rate cut decision was taken in an off-cycle meeting of the monetary policy committee (MPC). The reverse repo rate (the interest rate at which the central bank absorbs surplus funds from banks) has been cut from 3.75 per cent to 3.35 per cent - Business Line
🍒 RBI extends loan moratorium till Aug 31, silent on one-time restructuring : In a bid to provide relief to borrowers at a time when they are struggling with their cash flows, the Reserve Bank of India (RBI) has extended the moratorium on payment of installments for all term loans by another three months till August end. It has also extended the deferment of interest payment on working capital loans for three months more till August 31. The RBI had, on March 27, provided a three-month moratorium on term loans and working capital borrowings, which was to be in effect from March 1 to May 31. This facility now stands extended till August 31.On Friday, RBI governor Shaktikanta Das said, in view of the extension of the lockdown and continuing disruptions on account of covid-19, the moratorium is being extended by another three months from June 1, till August 31, taking the total period of applicability of the measures to six months (i.e. from March 1 to August 31). -Business Standard
🍒 RBI to auction G-Secs worth Rs 30,000 crore on May 29 : The government has announced to sell dated securities worth Rs 30,000 crore on May 29, the Reserve Bank of India (RBI) said in a statement on Friday. The auction is part of government's market borrowing programme. Earlier this month, the government had decided to modify the indicative calendar for issuance of government dated securities for the remaining part of the first half of the fiscal 2020-21 (May 11-September 30, 2020) after reviewing its cash position and requirements.The estimated gross market borrowing in the financial year 2020-21 will be Rs 12 lakh crore in place of Rs 7.80 lakh crore as per Budget Estimate (2020-21). The revision in borrowings was necessitated on account of the COVID-19 pandemic.- Moneycontrol.com
🍒 Banks let 124 companies slip into liquidation despite resolution plans : Indian banks let 124 companies slip into liquidation despite resolution plans that – at least theoretically – promised higher recoveries, data with the Insolvency and Bankruptcy Board of India (IBBI) showed. At the end of March, insolvency processes for 914 companies were closed. About 57% of the total insolvency cases closed ended in orders of liquidation, compared with 14% that ended in resolution plans. “The code envisages maximisation of value and not price,” wrote Dr M.S.Sahoo, chairman, IBBI, in the latest newsletter released by the bankruptcy regulator. “The value improves if business is continued and its assets are used more efficiently.” Sahoo added that efficiency could be brought in by a management change, acquisition or disposal of assets, restructuring of the company or turning around the business. - economic times
🍒 Deposits rise over Rs 2.8 lakh crore in six weeks of lockdown : Bank deposits have risen by over Rs 2.8 lakh crore in three fortnights of the lockdown till May 8, while bank credit during the period dipped by Rs 1.2 lakh crore, according to data released by the Reserve Bank of India. This has added nearly Rs 4 lakh crore to the liquidity in the banking system, resulting in a surge in investments by banks. A few days into the lockdown, on March 27, bank deposits stood at Rs 135.7 lakh crore. A fortnight later on April 10, outstanding deposits surged to Rs 137.1 lakh crore. In another two fortnights, by May 8, the deposits rose to Rs 138.5 lakh crore — a rise of Rs 2.8 lakh crore in the six weeks since March 27. These three fortnights also saw bank credit decline from Rs 103.7 lakh crore on March 27 to Rs 102.5 lakh crore on May 8 — a drop of Rs 1.2 lakh crore in six weeks. - Economic Times
🍒 RBI measures to help revive economy: SBI Chairman : The steps announced by the Reserve Bank of India including reduction in repo rate and extension of moratorium on term loans for another three months will help in quick revival of the economy, State Bank of India chairman Rajnish Kumar said. The RBI on Friday slashed repo rate by 40 basis points to 4 per cent. The central bank extended the moratorium period for the repayment of loans by another three months till August 31, 2020, and also increased bank exposure to corporates to 30 per cent of the group's net worth from the current limit of 25 per cent."The entire effort of the government and the RBI is to revive the growth in the economy and at the same time recognising the difficulties that industries are facing. All the measures around reduction in repo rate, moratorium and increase in the limit on group exposures will be helpful in revival of the economy," Kumar told reporters through a video call on Friday.The measures are a calibrated response to the situation which is emerging on account to the disruptions caused due to COVID-19, he said.Kumar said, so far, 20 per cent of the SBI borrowers have opted for the three-month moratorium.He said the extension of moratorium on repayment of loans will be helpful to the industry.Also, with the extension of moratorium, there is no urgent need for a dispensation from the RBI. "Right now, the moratorium will take care of the situation around the cash flow disruptions. I would not be obsessed with one-time restructuring at this particular point of time when we have time till August 31," he said. - Economic Times
🍒 About 20% SBI borrowers opt for loan repayment moratorium: Chairman : State Bank of India chairman Rajnish Kumar on Friday said close to 20 per cent of the bank's borrowers have opted for moratorium on repayment of term loans instalments. On March 27, the central bank had announced a three-month moratorium on payment of all term loans falling due between March 1, 2020 and May 31, 2020. On Friday, the Reserve Bank of India allowed banks and other lending institutions to extend the moratorium on loans by another three months -- from June 1, 2020 to August 31, 2020."In case of State Bank of India, the percentage (of borrowers who have opted for the moratorium) is very small, around 20 per cent," Kumar told reporters through a video conference.He said not all who have opted for the moratorium are facing any liquidity issue."Many of them could have serviced their loans but as a matter of strategy they would want to preserve their cash and have opted for the moratorium," he said.Kumar also advised borrowers to pay their loans if they are not facing any funding challenge. "If people are able to pay (EMIs) they should pay. If they are unable to pay then only they should take the benefit of the moratorium," he said. - Economic Times
🍒 Reserve Bank extends Rs 15,000-cr credit line to EXIM Bank : The Reserve Bank on Friday announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, to help the sagging foreign trade. The central bank said Export-Import Bank of India (EXIM Bank) depends on foreign currency borrowings for its operations and as a result of the COVID-19 pandemic, it is unable to raise the resources, due to which the facility is being extended. "It has been decided to extend a line of credit of Rs 15,000 crore to the EXIM Bank for a period of 90 days from the date of availment with rollover up to a maximum period of one year so as to enable it to avail a US dollar swap facility to meet its foreign exchange requirements," Reserve Bank of India Governor Shaktikanta Das said. He said the country's export-import trade has suffered because of external demand crippling owing to the pandemic and decline in import of essential goods and services. - Economic Times
🍒 Centre to provide one-time partial guarantee to PSBs on NBFC bonds, CPs purchases : The Cabinet on May 21 approved modifications to the existing Partial Credit Guarantee Scheme (PCGS), raising the guarantee on first loss on purchase of bonds and commercial papers (rating of AA and below) by banks to up to 20 percent. This is a one-time partial credit guarantee offered by the government. It will remain open till March 31, 2021, on purchase of pooled assets and for the period as specified under the Scheme for purchase of Bonds or CPs, or till such date by which Rs 10,000 crore worth of guarantees, including both guarantees toward the purchase of pooled assets and Bonds or CPs, are provided by the Government, whichever is earlier. The facility has been extended for bonds and CPs of non-banking finance companies (NBFCs), housing finance companies (HFCs) and micro-finance institutions (MFIs) being bought by public sector banks (PSBs).- Moneycontrol.com
🍒 Sowing up by 35%, RBI sees silver lining in agriculture : The sowing of summer crops has progressed well covering 67.25 lakh hectare - 34.77% more than last year’s acreage. The Reserve Bank of India (RBI) is also pinning hopes on good harvest.Addressing the media on Friday RBI Governor Shaktikanta Das said, "There is a ray of hope from the normal monsoon. Kharif sowing is at a high. These developments would improve farm income and encourage trade.”The higher acreage is on account of intermittent rains during this period. The moisture content in the soil is suitable for the growth of crops.“We expect a good harvest as the water in major reservoirs across the country is around 50% more than last year,” said an agriculture ministry official.He said that the acreage of rice has gone up to 36.26% to 34.87 lakh ha. The area under coarse cereals is also up at 10.28 lakh ha area as against last year’s coverage of 7.30 lakh ha. during this time. “There is considerable swell on the acreage of oilseeds also. The area has gone up at 9.28 lakh ha area as against 7.34 lakh ha during the corresponding period of last year,” he said. The acreage of pulses has also risen by 32.57% to 12.82 lakh hectares. - Economic Times
🍒 Covid-19 crisis: Slippages may jump to Rs 5.5 trillion, says India Ratings : Stress emerging from the severe economic shock caused by steps to contain the pandemic may drive total slippages to Rs 5.5 trillion in FY21. The corporate side may see slippages of Rs 3.4 trillion, and non-corporate side — retail, farming and MSMEs — may account for Rs 2.1 trillion, according to India Ratings.Banks faced elevated provision pressure (amount set aside for stressed loans) resulting from the corporate stress cycle, from FY16-FY20. For this, they had made substantial provisions and were moving towards a moderated credit cost cycle. However, the Covid-related measures are likely to result in another cycle of stress. Additionally, the pressure on non-corporate segments, which were already visible before the outbreak, is likely to intensify, said the rating agency. - Business Standard
🍒 Govt seeks to raise Rs 14,000 cr from second tranche of Bharat Bond ETF : The government will be launching the second tranche of Bharat Bond ETF, seeking to raise Rs 14,000 crore in July. The two new Bharat Bond ETF series will have maturities of April 2025 and April 2031. The base issue size of the ETF is Rs 3,000 crore, with a green shoe option of Rs 11,000 crore based on market demand. "After an overwhelming response to the first tranche of Bharat Bond ETF in December last year, we are excited to announce this next tranche of two new maturity series. The launch is in line with our vision to create a ladder of Bharat Bond ETFs across various maturities on the yield curve. This will provide more options for investors to match their investment needs with different time horizons," said Radhika Gupta, chief executive officer of Edelweiss Mutual Fund (MF).- Business Standard
🍒 3 months for PSBs to build PCGS 2.0 portfolio : Public sector banks have three months to build up their portfolios to be eligible for the extended Partial Credit Guarantee Scheme (PCGS 2.0), which will be based on actual amounts disbursed within this period, according to guidelines released by the finance ministry on Thursday. Finance minister Nirmala Sitharaman announced extension of the scheme as part of the government’s Rs 20 lakh crore Atmanirbhar package. It was cleared by the Cabinet on Wednesday. Under the scheme, public sector banks can purchase pooled assets rated BBB+ or above and bonds or commercial paper (CPs) rated AA and below based on ratings on the date of the transaction. However, pooled debt instruments and bonds and CPs issued in the secondary markets are not covered. - economic times
🍒 GDP growth in 2020-21 likely to be negative: RBI Governor : The Reserve Bank on India (RBI) on Friday said India's gross domestic product (GDP) growth will be in negative territory in 2020-21 as the outbreak of coronavirus has disrupted economic activities. In a televised address, RBI Governor Shaktikanta Das said the global economy is heading into recession. He also said inflation outlook is "highly uncertain"."Domestic economic activity has been impacted severely by the two-month lockdown," he said and added that the top-six industrialised states that account for 60 per cent of India's industrial output are largely in red and orange zones.He said high-frequency indicators point to collapse in demand, and there is a plunge in demand for electricity and petroleum productions. The biggest blow is to private consumption that accounts for 60 per cent of domestic demand, the governor said.- economic times
🍒 Beware of cyber criminals exploiting Covid-19 situation, SBI tells customers via meme : The buzz around the recently launched web series ‘Paatal Lok (underworld in Hindu mythology) seems to have prompted State Bank of India (SBI) to create a meme on its Twitter handle cautioning customers that cyber criminals from this ‘Lok’ are using Cerberus Trojan (malicious software) to steal financial data. India’s largest bank asked its customers to beware of fake SMSs claiming to provide big offers or information on the current Covid-19 pandemic via unknown links or downloading apps from unknown sources. In Hindu mythology, Paatal lok is one of the three Loks (worlds). The other two are ‘Swarg lok’ (heaven) and ‘Dharti lok’ (earth). The bank used the analogy of the three worlds to tell its customers about the do’s and don’ts of digital banking. - Business Line
🍒 RBL Bank launches contactless banking initiatives : RBL Bank on Friday announced the launch of several contactless banking initiatives including services on WhatsApp with real-time updates with information on account balance, credit cards, products and even opening of new digital account.It has also introduced instant digital bank account opening with video KYC as well as a virtual debit card in its Mobile app, that would enable contactless transactions without the need for plastic cards. “Aligned to the New Normal of social distancing and contactless transactions, RBL Bank, goes live with several contactless banking initiatives, eliminating the need for physical contact amidst these unprecedented times of COVID-19,” it said in a statement. - Business Line
🍒 Cholamandalam Investment & Finance partners with Maruti Suzuki for flexible car loan schemes : Cholamandalam Investment & Finance Company Ltd (CIFCL) and Maruti Suzuki India Ltd have entered into a vehicle retail financing partnership. Under the tie-up, a new scheme called “‘Buy Now Pay Later’ will offer flexibility to Maruti car buyers to pay EMIs after two months of availing the loan. The partners believe that the scheme will help customers in realising their car dreams without postponing their purchase any further. A two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the Covid-19 pandemic. The scheme will make the process of car buying more convenient in these unprecedented times, said a company statement. “This partnership will give us a strong foothold in the car financing space, with our 1094 branches spread across semi-urban and rural markets. The synergies between the organisations are aimed towards singular focus to bring benefits to the customers,” said Ravindra Kundu, Executive Director, CIFCL. - Business Line
🍒 Lenders have recovered money in just 14% of cases resolved by NCLT: Report : Financial and operational creditors have managed to recover money in just 221 cases, or 14 per cent, of the 1,604 cases resolved by the National Company Law Tribunal (NCLT) till March-end. In the three years ended March 31, there were about 2,170 cases pending before various Benches of the NCLT, taking the overall cases admitted for resolution to 3,774. The NCLT ordered liquidation in 914 cases (57 per cent) while 312 cases (19 per cent) went on appeal and about 157 litigations (10 per cent) were withdrawn, said Motilal Oswal Research’s three-year report card on the Insolvency and Bankruptcy Code (IBC). Interestingly, of the 914 cases where liquidation was ordered, the final report was submitted for just 69. - Business Line
🍒 IDFC First Bank Q4 results: Bank posts profit at Rs 71.54 crore, NII growth at 40% : Buoyed by growth across parameters and fall in provisions, IDFC First Bank on May 22 reported profit at Rs 71.54 crore for the quarter ended March 2020. It had posted loss of Rs 218 crore in year-ago quarter and loss of Rs 1,639 crore crore in December quarter 2019.Net interest income for the quarter surged 40.5 percent (up 1.9 percent QoQ) to Rs 1,563.5 crore with net interest margin expanding to 4.24 percent (against 3.03 percent YoY). Total funded loan assets, gross of inter-bank participation certificates (IBPC) stood at Rs 1,07,004 crore for Q4FY20, compared to Rs 1,10,400 crore for Q4 FY19," IDFC First Bank said, adding retail loan book increased by 40 percent to Rs 57,310 crore as on March 2020 YoY while wholesale book decreased by 27 percent to Rs 39,388 crore YoY. Core deposits (retail CASA and retail term deposits) increased 157 percent to Rs 33,924 crore in Q4FY20, it added.- Moneycontrol.com
🍒 India's forex reserves rise $1.73 billion to $487.04 billion : The country's foreign exchange reserves increased by $1.73 billion to $487.04 billion in the week to May 15, which is equivalent to 12 months of imports, according to the Reserve Bank of India. Between April 1 and May 15, the foreign exchange reserves have increased by $9.2 billion. In the week ended May 8, the reserves had surged by $4.23 billion to $485.31 billion. It had touched a life-time high of $487.23 billion in the week to March 6, after it rose by $5.69 billion. - Moneycontrol.com
🍒 Market updates: Sensex closes 260 points lower at 30,672 as RBI measures fail to cheer investors : Equity benchmark BSE Sensex tumbled 260 points on Friday, dragged by losses in banking and financial stocks as RBI’s rate cut and other measures to prop up the economy failed to meet market expectations. After falling over 450 points during the day, the 30-share index ended 260.31 points or 0.84 per cent lower at 30,672.59.The broader NSE Nifty too settled 67 points or 0.74 per cent down at 9,039.25.Axis Bank was the top laggard in the Sensex pack, plunging more than 5 per cent, followed by HDFC, Bajaj Finance, ICICI Bank, Tata Steel, Bajaj Auto, HDFC Bank and IndusInd Bank. On the other hand, M&M, Infosys, Asian Paints, UltraTech Cement and Tech Mahindra were among the gainers.
🍒 Gold surpasses Rs 47,000/10 gm mark, silver slips : Gold prices gained Rs 212 to Rs 47,100 per 10 gram in Mumbai on the back of a weaker dollar-rupee, escalating tension between the US and China and worries over a global economic recovery.The rate of 10 gram 18, 22 and 24-carat gold in Mumbai was Rs 35,325, Rs 43,144 and Rs 47,100 plus 3 percent GST. Silver prices fell Rs 255 to Rs 47,045 per kg from its closing on May 21.
🍒 Indian rupee falls 34 paise to close at 75.95 against US dollar : The rupee depreciated 34 paise to provisionally close at 75.95 against the US dollar on Friday as the Reserve Bank of India's rate cut move failed to cheer investor sentiment.
🍒 Shares of Central Bank of India in Stock Market : . In BSE, shares closed at Rs.13.50 against Rs.13.70. In NSE, shares closed Rs.13.45 against Rs.13.70.
Have a Good day.
🍒 RBI cuts repo rate by 40 bps to 4 per cent : The Reserve Bank of India (RBI) on Friday cut the repo rate from 4.40 per cent to 4 per cent. Repo rate is the interest rate at which the central bank provides funds to banks to overcome short-term liquidity mismatches.This rate cut decision was taken in an off-cycle meeting of the monetary policy committee (MPC). The reverse repo rate (the interest rate at which the central bank absorbs surplus funds from banks) has been cut from 3.75 per cent to 3.35 per cent - Business Line
🍒 RBI extends loan moratorium till Aug 31, silent on one-time restructuring : In a bid to provide relief to borrowers at a time when they are struggling with their cash flows, the Reserve Bank of India (RBI) has extended the moratorium on payment of installments for all term loans by another three months till August end. It has also extended the deferment of interest payment on working capital loans for three months more till August 31. The RBI had, on March 27, provided a three-month moratorium on term loans and working capital borrowings, which was to be in effect from March 1 to May 31. This facility now stands extended till August 31.On Friday, RBI governor Shaktikanta Das said, in view of the extension of the lockdown and continuing disruptions on account of covid-19, the moratorium is being extended by another three months from June 1, till August 31, taking the total period of applicability of the measures to six months (i.e. from March 1 to August 31). -Business Standard
🍒 RBI to auction G-Secs worth Rs 30,000 crore on May 29 : The government has announced to sell dated securities worth Rs 30,000 crore on May 29, the Reserve Bank of India (RBI) said in a statement on Friday. The auction is part of government's market borrowing programme. Earlier this month, the government had decided to modify the indicative calendar for issuance of government dated securities for the remaining part of the first half of the fiscal 2020-21 (May 11-September 30, 2020) after reviewing its cash position and requirements.The estimated gross market borrowing in the financial year 2020-21 will be Rs 12 lakh crore in place of Rs 7.80 lakh crore as per Budget Estimate (2020-21). The revision in borrowings was necessitated on account of the COVID-19 pandemic.- Moneycontrol.com
🍒 Banks let 124 companies slip into liquidation despite resolution plans : Indian banks let 124 companies slip into liquidation despite resolution plans that – at least theoretically – promised higher recoveries, data with the Insolvency and Bankruptcy Board of India (IBBI) showed. At the end of March, insolvency processes for 914 companies were closed. About 57% of the total insolvency cases closed ended in orders of liquidation, compared with 14% that ended in resolution plans. “The code envisages maximisation of value and not price,” wrote Dr M.S.Sahoo, chairman, IBBI, in the latest newsletter released by the bankruptcy regulator. “The value improves if business is continued and its assets are used more efficiently.” Sahoo added that efficiency could be brought in by a management change, acquisition or disposal of assets, restructuring of the company or turning around the business. - economic times
🍒 Deposits rise over Rs 2.8 lakh crore in six weeks of lockdown : Bank deposits have risen by over Rs 2.8 lakh crore in three fortnights of the lockdown till May 8, while bank credit during the period dipped by Rs 1.2 lakh crore, according to data released by the Reserve Bank of India. This has added nearly Rs 4 lakh crore to the liquidity in the banking system, resulting in a surge in investments by banks. A few days into the lockdown, on March 27, bank deposits stood at Rs 135.7 lakh crore. A fortnight later on April 10, outstanding deposits surged to Rs 137.1 lakh crore. In another two fortnights, by May 8, the deposits rose to Rs 138.5 lakh crore — a rise of Rs 2.8 lakh crore in the six weeks since March 27. These three fortnights also saw bank credit decline from Rs 103.7 lakh crore on March 27 to Rs 102.5 lakh crore on May 8 — a drop of Rs 1.2 lakh crore in six weeks. - Economic Times
🍒 RBI measures to help revive economy: SBI Chairman : The steps announced by the Reserve Bank of India including reduction in repo rate and extension of moratorium on term loans for another three months will help in quick revival of the economy, State Bank of India chairman Rajnish Kumar said. The RBI on Friday slashed repo rate by 40 basis points to 4 per cent. The central bank extended the moratorium period for the repayment of loans by another three months till August 31, 2020, and also increased bank exposure to corporates to 30 per cent of the group's net worth from the current limit of 25 per cent."The entire effort of the government and the RBI is to revive the growth in the economy and at the same time recognising the difficulties that industries are facing. All the measures around reduction in repo rate, moratorium and increase in the limit on group exposures will be helpful in revival of the economy," Kumar told reporters through a video call on Friday.The measures are a calibrated response to the situation which is emerging on account to the disruptions caused due to COVID-19, he said.Kumar said, so far, 20 per cent of the SBI borrowers have opted for the three-month moratorium.He said the extension of moratorium on repayment of loans will be helpful to the industry.Also, with the extension of moratorium, there is no urgent need for a dispensation from the RBI. "Right now, the moratorium will take care of the situation around the cash flow disruptions. I would not be obsessed with one-time restructuring at this particular point of time when we have time till August 31," he said. - Economic Times
🍒 About 20% SBI borrowers opt for loan repayment moratorium: Chairman : State Bank of India chairman Rajnish Kumar on Friday said close to 20 per cent of the bank's borrowers have opted for moratorium on repayment of term loans instalments. On March 27, the central bank had announced a three-month moratorium on payment of all term loans falling due between March 1, 2020 and May 31, 2020. On Friday, the Reserve Bank of India allowed banks and other lending institutions to extend the moratorium on loans by another three months -- from June 1, 2020 to August 31, 2020."In case of State Bank of India, the percentage (of borrowers who have opted for the moratorium) is very small, around 20 per cent," Kumar told reporters through a video conference.He said not all who have opted for the moratorium are facing any liquidity issue."Many of them could have serviced their loans but as a matter of strategy they would want to preserve their cash and have opted for the moratorium," he said.Kumar also advised borrowers to pay their loans if they are not facing any funding challenge. "If people are able to pay (EMIs) they should pay. If they are unable to pay then only they should take the benefit of the moratorium," he said. - Economic Times
🍒 Reserve Bank extends Rs 15,000-cr credit line to EXIM Bank : The Reserve Bank on Friday announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, to help the sagging foreign trade. The central bank said Export-Import Bank of India (EXIM Bank) depends on foreign currency borrowings for its operations and as a result of the COVID-19 pandemic, it is unable to raise the resources, due to which the facility is being extended. "It has been decided to extend a line of credit of Rs 15,000 crore to the EXIM Bank for a period of 90 days from the date of availment with rollover up to a maximum period of one year so as to enable it to avail a US dollar swap facility to meet its foreign exchange requirements," Reserve Bank of India Governor Shaktikanta Das said. He said the country's export-import trade has suffered because of external demand crippling owing to the pandemic and decline in import of essential goods and services. - Economic Times
🍒 Centre to provide one-time partial guarantee to PSBs on NBFC bonds, CPs purchases : The Cabinet on May 21 approved modifications to the existing Partial Credit Guarantee Scheme (PCGS), raising the guarantee on first loss on purchase of bonds and commercial papers (rating of AA and below) by banks to up to 20 percent. This is a one-time partial credit guarantee offered by the government. It will remain open till March 31, 2021, on purchase of pooled assets and for the period as specified under the Scheme for purchase of Bonds or CPs, or till such date by which Rs 10,000 crore worth of guarantees, including both guarantees toward the purchase of pooled assets and Bonds or CPs, are provided by the Government, whichever is earlier. The facility has been extended for bonds and CPs of non-banking finance companies (NBFCs), housing finance companies (HFCs) and micro-finance institutions (MFIs) being bought by public sector banks (PSBs).- Moneycontrol.com
🍒 Sowing up by 35%, RBI sees silver lining in agriculture : The sowing of summer crops has progressed well covering 67.25 lakh hectare - 34.77% more than last year’s acreage. The Reserve Bank of India (RBI) is also pinning hopes on good harvest.Addressing the media on Friday RBI Governor Shaktikanta Das said, "There is a ray of hope from the normal monsoon. Kharif sowing is at a high. These developments would improve farm income and encourage trade.”The higher acreage is on account of intermittent rains during this period. The moisture content in the soil is suitable for the growth of crops.“We expect a good harvest as the water in major reservoirs across the country is around 50% more than last year,” said an agriculture ministry official.He said that the acreage of rice has gone up to 36.26% to 34.87 lakh ha. The area under coarse cereals is also up at 10.28 lakh ha area as against last year’s coverage of 7.30 lakh ha. during this time. “There is considerable swell on the acreage of oilseeds also. The area has gone up at 9.28 lakh ha area as against 7.34 lakh ha during the corresponding period of last year,” he said. The acreage of pulses has also risen by 32.57% to 12.82 lakh hectares. - Economic Times
🍒 Covid-19 crisis: Slippages may jump to Rs 5.5 trillion, says India Ratings : Stress emerging from the severe economic shock caused by steps to contain the pandemic may drive total slippages to Rs 5.5 trillion in FY21. The corporate side may see slippages of Rs 3.4 trillion, and non-corporate side — retail, farming and MSMEs — may account for Rs 2.1 trillion, according to India Ratings.Banks faced elevated provision pressure (amount set aside for stressed loans) resulting from the corporate stress cycle, from FY16-FY20. For this, they had made substantial provisions and were moving towards a moderated credit cost cycle. However, the Covid-related measures are likely to result in another cycle of stress. Additionally, the pressure on non-corporate segments, which were already visible before the outbreak, is likely to intensify, said the rating agency. - Business Standard
🍒 Govt seeks to raise Rs 14,000 cr from second tranche of Bharat Bond ETF : The government will be launching the second tranche of Bharat Bond ETF, seeking to raise Rs 14,000 crore in July. The two new Bharat Bond ETF series will have maturities of April 2025 and April 2031. The base issue size of the ETF is Rs 3,000 crore, with a green shoe option of Rs 11,000 crore based on market demand. "After an overwhelming response to the first tranche of Bharat Bond ETF in December last year, we are excited to announce this next tranche of two new maturity series. The launch is in line with our vision to create a ladder of Bharat Bond ETFs across various maturities on the yield curve. This will provide more options for investors to match their investment needs with different time horizons," said Radhika Gupta, chief executive officer of Edelweiss Mutual Fund (MF).- Business Standard
🍒 3 months for PSBs to build PCGS 2.0 portfolio : Public sector banks have three months to build up their portfolios to be eligible for the extended Partial Credit Guarantee Scheme (PCGS 2.0), which will be based on actual amounts disbursed within this period, according to guidelines released by the finance ministry on Thursday. Finance minister Nirmala Sitharaman announced extension of the scheme as part of the government’s Rs 20 lakh crore Atmanirbhar package. It was cleared by the Cabinet on Wednesday. Under the scheme, public sector banks can purchase pooled assets rated BBB+ or above and bonds or commercial paper (CPs) rated AA and below based on ratings on the date of the transaction. However, pooled debt instruments and bonds and CPs issued in the secondary markets are not covered. - economic times
🍒 GDP growth in 2020-21 likely to be negative: RBI Governor : The Reserve Bank on India (RBI) on Friday said India's gross domestic product (GDP) growth will be in negative territory in 2020-21 as the outbreak of coronavirus has disrupted economic activities. In a televised address, RBI Governor Shaktikanta Das said the global economy is heading into recession. He also said inflation outlook is "highly uncertain"."Domestic economic activity has been impacted severely by the two-month lockdown," he said and added that the top-six industrialised states that account for 60 per cent of India's industrial output are largely in red and orange zones.He said high-frequency indicators point to collapse in demand, and there is a plunge in demand for electricity and petroleum productions. The biggest blow is to private consumption that accounts for 60 per cent of domestic demand, the governor said.- economic times
🍒 Beware of cyber criminals exploiting Covid-19 situation, SBI tells customers via meme : The buzz around the recently launched web series ‘Paatal Lok (underworld in Hindu mythology) seems to have prompted State Bank of India (SBI) to create a meme on its Twitter handle cautioning customers that cyber criminals from this ‘Lok’ are using Cerberus Trojan (malicious software) to steal financial data. India’s largest bank asked its customers to beware of fake SMSs claiming to provide big offers or information on the current Covid-19 pandemic via unknown links or downloading apps from unknown sources. In Hindu mythology, Paatal lok is one of the three Loks (worlds). The other two are ‘Swarg lok’ (heaven) and ‘Dharti lok’ (earth). The bank used the analogy of the three worlds to tell its customers about the do’s and don’ts of digital banking. - Business Line
🍒 RBL Bank launches contactless banking initiatives : RBL Bank on Friday announced the launch of several contactless banking initiatives including services on WhatsApp with real-time updates with information on account balance, credit cards, products and even opening of new digital account.It has also introduced instant digital bank account opening with video KYC as well as a virtual debit card in its Mobile app, that would enable contactless transactions without the need for plastic cards. “Aligned to the New Normal of social distancing and contactless transactions, RBL Bank, goes live with several contactless banking initiatives, eliminating the need for physical contact amidst these unprecedented times of COVID-19,” it said in a statement. - Business Line
🍒 Cholamandalam Investment & Finance partners with Maruti Suzuki for flexible car loan schemes : Cholamandalam Investment & Finance Company Ltd (CIFCL) and Maruti Suzuki India Ltd have entered into a vehicle retail financing partnership. Under the tie-up, a new scheme called “‘Buy Now Pay Later’ will offer flexibility to Maruti car buyers to pay EMIs after two months of availing the loan. The partners believe that the scheme will help customers in realising their car dreams without postponing their purchase any further. A two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the Covid-19 pandemic. The scheme will make the process of car buying more convenient in these unprecedented times, said a company statement. “This partnership will give us a strong foothold in the car financing space, with our 1094 branches spread across semi-urban and rural markets. The synergies between the organisations are aimed towards singular focus to bring benefits to the customers,” said Ravindra Kundu, Executive Director, CIFCL. - Business Line
🍒 Lenders have recovered money in just 14% of cases resolved by NCLT: Report : Financial and operational creditors have managed to recover money in just 221 cases, or 14 per cent, of the 1,604 cases resolved by the National Company Law Tribunal (NCLT) till March-end. In the three years ended March 31, there were about 2,170 cases pending before various Benches of the NCLT, taking the overall cases admitted for resolution to 3,774. The NCLT ordered liquidation in 914 cases (57 per cent) while 312 cases (19 per cent) went on appeal and about 157 litigations (10 per cent) were withdrawn, said Motilal Oswal Research’s three-year report card on the Insolvency and Bankruptcy Code (IBC). Interestingly, of the 914 cases where liquidation was ordered, the final report was submitted for just 69. - Business Line
🍒 IDFC First Bank Q4 results: Bank posts profit at Rs 71.54 crore, NII growth at 40% : Buoyed by growth across parameters and fall in provisions, IDFC First Bank on May 22 reported profit at Rs 71.54 crore for the quarter ended March 2020. It had posted loss of Rs 218 crore in year-ago quarter and loss of Rs 1,639 crore crore in December quarter 2019.Net interest income for the quarter surged 40.5 percent (up 1.9 percent QoQ) to Rs 1,563.5 crore with net interest margin expanding to 4.24 percent (against 3.03 percent YoY). Total funded loan assets, gross of inter-bank participation certificates (IBPC) stood at Rs 1,07,004 crore for Q4FY20, compared to Rs 1,10,400 crore for Q4 FY19," IDFC First Bank said, adding retail loan book increased by 40 percent to Rs 57,310 crore as on March 2020 YoY while wholesale book decreased by 27 percent to Rs 39,388 crore YoY. Core deposits (retail CASA and retail term deposits) increased 157 percent to Rs 33,924 crore in Q4FY20, it added.- Moneycontrol.com
🍒 India's forex reserves rise $1.73 billion to $487.04 billion : The country's foreign exchange reserves increased by $1.73 billion to $487.04 billion in the week to May 15, which is equivalent to 12 months of imports, according to the Reserve Bank of India. Between April 1 and May 15, the foreign exchange reserves have increased by $9.2 billion. In the week ended May 8, the reserves had surged by $4.23 billion to $485.31 billion. It had touched a life-time high of $487.23 billion in the week to March 6, after it rose by $5.69 billion. - Moneycontrol.com
🍒 Market updates: Sensex closes 260 points lower at 30,672 as RBI measures fail to cheer investors : Equity benchmark BSE Sensex tumbled 260 points on Friday, dragged by losses in banking and financial stocks as RBI’s rate cut and other measures to prop up the economy failed to meet market expectations. After falling over 450 points during the day, the 30-share index ended 260.31 points or 0.84 per cent lower at 30,672.59.The broader NSE Nifty too settled 67 points or 0.74 per cent down at 9,039.25.Axis Bank was the top laggard in the Sensex pack, plunging more than 5 per cent, followed by HDFC, Bajaj Finance, ICICI Bank, Tata Steel, Bajaj Auto, HDFC Bank and IndusInd Bank. On the other hand, M&M, Infosys, Asian Paints, UltraTech Cement and Tech Mahindra were among the gainers.
🍒 Gold surpasses Rs 47,000/10 gm mark, silver slips : Gold prices gained Rs 212 to Rs 47,100 per 10 gram in Mumbai on the back of a weaker dollar-rupee, escalating tension between the US and China and worries over a global economic recovery.The rate of 10 gram 18, 22 and 24-carat gold in Mumbai was Rs 35,325, Rs 43,144 and Rs 47,100 plus 3 percent GST. Silver prices fell Rs 255 to Rs 47,045 per kg from its closing on May 21.
🍒 Indian rupee falls 34 paise to close at 75.95 against US dollar : The rupee depreciated 34 paise to provisionally close at 75.95 against the US dollar on Friday as the Reserve Bank of India's rate cut move failed to cheer investor sentiment.
🍒 Shares of Central Bank of India in Stock Market : . In BSE, shares closed at Rs.13.50 against Rs.13.70. In NSE, shares closed Rs.13.45 against Rs.13.70.
Have a Good day.
Thursday, May 21, 2020
Anbu | Good Night
Ithellaam yaaru pa purunjukuranga....naama kovapatta ore kaaranathukkaga namaku kettavanu pali sumthi vittute poiduranga....avanga vittutu porappo namma Anbu seththu poiduthu
Best corporate bond mutual funds to invest in 2020
Best corporate bond mutual funds to invest in 2020
As per SEBI norms, corporate bond funds have the mandate to invest at least 80% of their corpus in the highest-rated corporate bonds. That means these schemes would invest most of their corpus in corporate bonds that are rated AAA.
Here's the monthly update on our recommended corporate bond schemes for May.
There is no change in our recommendation list in this month. If you are investing in any of these schemes, you may continue to invest and hold on to them.
As you know, the performance of two recommended schemes - Nippon India Prime Debt Fund and ICICI Prudential Corporate Bond Fund - had slipped last month, and both the schemes were in the third quartile in March. ICICI Prudential Corporate Bond Fund continues to be in the third quarter this month. Keep an eye for our monthly updates, where we will update you about the performance of these schemes.
As per Sebi norms, corporate bond funds have the mandate to invest at least 80% of their corpus in the highest-rated corporate bonds. That means these schemes would invest most of their corpus in corporate bonds that are rated AAA. This is a great plus point in the current market conditions, where there are no takers for lower-rated bonds. This investment mandate makes them a relatively less risky than credit risk funds. However, since we are dealing with companies, there is always a bit of risk.
As you know, the highest-rated companies are much more reliable than their counterparts rated lower. However, a higher rating doesn't mean that the company ratings won't come down in future or they may not default on their payment. IL&FS saga is a clear example of how a so-called reliable bet can go wrong. But the chances of them defaulting or suddenly becoming junk-rated are remote.
Corporate bond funds are less volatile than credit-risk funds, long-term debt schemes and gilt schemes, say mutual fund advisors. Corporate bond funds category has offered 8.33% returns in the last one year.
Mutual fund advisors believe that if you are looking for a debt mutual fund scheme to invest for a medium term of three to five years and don't want to take too much risk on your investment, you may think of investing in corporate bond funds. In other words, if you have a moderate risk profile and you want invest for a medium term without thinking about the market forces like interest rates, you may invest in corporate bond funds.
As per SEBI norms, corporate bond funds have the mandate to invest at least 80% of their corpus in the highest-rated corporate bonds. That means these schemes would invest most of their corpus in corporate bonds that are rated AAA.
Here's the monthly update on our recommended corporate bond schemes for May.
There is no change in our recommendation list in this month. If you are investing in any of these schemes, you may continue to invest and hold on to them.
As you know, the performance of two recommended schemes - Nippon India Prime Debt Fund and ICICI Prudential Corporate Bond Fund - had slipped last month, and both the schemes were in the third quartile in March. ICICI Prudential Corporate Bond Fund continues to be in the third quarter this month. Keep an eye for our monthly updates, where we will update you about the performance of these schemes.
As per Sebi norms, corporate bond funds have the mandate to invest at least 80% of their corpus in the highest-rated corporate bonds. That means these schemes would invest most of their corpus in corporate bonds that are rated AAA. This is a great plus point in the current market conditions, where there are no takers for lower-rated bonds. This investment mandate makes them a relatively less risky than credit risk funds. However, since we are dealing with companies, there is always a bit of risk.
As you know, the highest-rated companies are much more reliable than their counterparts rated lower. However, a higher rating doesn't mean that the company ratings won't come down in future or they may not default on their payment. IL&FS saga is a clear example of how a so-called reliable bet can go wrong. But the chances of them defaulting or suddenly becoming junk-rated are remote.
Corporate bond funds are less volatile than credit-risk funds, long-term debt schemes and gilt schemes, say mutual fund advisors. Corporate bond funds category has offered 8.33% returns in the last one year.
Mutual fund advisors believe that if you are looking for a debt mutual fund scheme to invest for a medium term of three to five years and don't want to take too much risk on your investment, you may think of investing in corporate bond funds. In other words, if you have a moderate risk profile and you want invest for a medium term without thinking about the market forces like interest rates, you may invest in corporate bond funds.
Our high in credit quality funds
| Scheme | AUM (Rs Cr) | 7 Days | 14 Days | 30 Days | 60 days | 90 Days | 180 Days | 270 Days | 1 Year | 2 year | Exit Load |
| Aditya Birla Sun Life Money Manager Fund | 8222.03 | 19.8 | 17.91 | 12.4 | 16.2 | 8.81 | 7.7 | 7.53 | 8.12 | 8.3 | Nil |
| Aditya Birla Sun Life Low Duration Fund | 8142.46 | 21.1 | 21.32 | 11.8 | 18.6 | 7.67 | 7.62 | 8.28 | 8.9 | 8.9 | Nil |
| Aditya Birla Sun Life Banking & PSU Debt Fund | 11119.8 | 32.4 | 25.77 | 22.8 | 28.8 | 9.11 | 9.86 | 9.93 | 11.6 | 10 | Nil |
| Aditya Birla Sun Life Corporate Bond Fund | 17647.8 | 27.7 | 22.84 | 22.5 | 27.8 | 11.4 | 10.6 | 10.17 | 11 | 10 | Nil |
| Aditya Birla Sun Life Savings Fund | 12268.1 | 17.4 | 17.82 | 10.8 | 14 | 6.53 | 6.78 | 7.23 | 7.91 | 8.3 | Nil |
| Aditya Birla Sun Life Liquid Fund | 33418.3 | 6.28 | 6.37 | 5.55 | 6.79 | 5.86 | 5.6 | 5.68 | 6.12 | 6.9 | Nil |
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