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Today's Banking / Financial News at a Glance | 26.09.2020

26.09.2020: Today's Banking / Financial News at a Glance

🍒 Bank credit up 5.26 per cent, deposits by 11.98 per cent: RBI data : Bank credit grew 5.26 per cent to Rs 102.24 lakh crore while deposits rose 11.98 per cent to Rs 142.48 lakh crore in the fortnight ended September 11, according to RBI data. In the fortnight ended September 13, 2019, bank credit was at Rs 97.13 lakh crore and deposits at Rs 127.22 lakh crore. In the previous fortnight ended September 11, 2020, bank credit had grown by 5.49 per cent to Rs 102.11 lakh crore while deposits at 10.92 per cent to Rs 141.76 lakh crore. On a year-on-year (y-o-y) basis, non-food bank credit grew at 6.7 per cent in July as against a growth of 11.4 per cent in the same month of the last year, according to the data on sectoral deployment of bank credit for July 2020, released recently by the RBI. Growth in loans to industry slowed to 0.8 per cent in July as compared with 6.1 per cent growth in July 2019, the data showed. - economic times

🍒 PSU banks on-board 1 crore account holders on digital payment modes in a month : The finance ministry on Friday said that public sector banks (PSBs) have on-boarded about one crore customers on digital payment modes in just one month of the launch of 'Digital Apnayen' campaign. The campaign, aimed at encouraging customers to use digital banking channels, was launched on August 15 under the aegis of the government's Digital India initiative. The Department of Financial Services (DFS) said in a tweet, "DFS's #DigitalApnayen campaign gets off to a roaring start! PSBs on-board 1 Cr A/c holders on digital payment modes in 31 days of campaign launch. Committed to transform India into a digitally empowered society!" Under the campaign, banks were asked to on-board a minimum 100 new customers including merchants and financial inclusion account holders by each branch on digital payment mode. - economic times

🍒 Canara Bank eyes ₹2,000-cr QIP : State-owned Canara Bank on Friday said its board has approved raising ₹2,000 crore through qualified institutional placement (QIP). “...the board of the bank at its meeting held on September 25 decided to raise additional equity share capital amounting up to ₹2,000 crore (including securities premium), through QIP route...,” it said in a regulatory filing. The QIP be would be within the overall maximum limit of board-approved capital raising plan for 2020-21 of ₹5,000 crore equity capital and is subject to market conditions and necessary approvals, the statement further said. Canara Bank scrip gained 4.74 per cent to close at ₹87.20 apiece on BSE. - - Business Line

🍒 SBI relocates financial inclusion, micro market division to Delhi for better synergy with govt : In a bid to promote financial inclusion and better coordination with the government, State Bank of India (SBI) on Friday relocated the financial inclusion and micro market (FI&MM) division from its Mumbai corporate office to the national capital. The FI&MM division takes care of 8,000 rural and semi-urban branches catering to bottom of the pyramid segment and 64,000 customer service points (CSPs) managed by business correspondents and 58,000 ATMs. Besides, the division is responsible for running all the government-sponsored schemes, including direct benefits trasfer like PM-KISAN, in coordination with various departments and ministries. According to SBI Chairman Rajnish Kumar, the focus of the Delhi-based division will be community service, financial inclusion and running government-sponsored schemes. The new office of the vertical inaugurated by the SBI chairman will be headed by Deputy Managing Director Sanjeev Nautiyal. - economic times

🍒 HDFC Bank launches warehouse commodity finance app : Private sector lender HDFC Bank on Friday launched a Warehouse Commodity Finance App. “This will enable customers in drawing down and managing the loan against pledge of commodities online without physical intervention or multiple visits to a bank branch. This, in turn, will bring in enhanced efficiencies and time savings for the agri value chain,” it said in a statement, adding that it will greatly benefit agri processors, traders and farmers who are primary beneficiaries of warehouse receipt loans. - Business Line

🍒 IRDAI identifies LIC, GIC, New India Assurance systemically important insurers : Regulator IRDAI has identified LIC, GIC and New India Assurance as domestic systemically important insurers (D-SIIs) and subsequently decided to subject them to enhanced regulatory supervision. The three insurers have also been asked to raise the level of corporate governance, identify all relevant risks and promote a sound risk management culture, the Insurance Regulator and Development Authority of India (IRDAI) said in a statement. “D-SIIs will also be subjected to enhanced regulatory supervision,” it added. - Business Line

🍒 EOW arrests two officials of Lakshmi Vilas Bank for misappropriation of Religare Finvest FDs "  Two Lakshmi Vilas Bank (LVB) officials were arrested on Thursday by a Delhi Police team for their alleged role in squaring off Rs 791-crore worth of Religare Finvest (RFL) fixed deposits against what the company described as unrelated loans from the lender. The first information report (FIR) was registered in September last year by RFL for alleged criminal breach of trust and criminal conspiracy against LVB and two firms -- RHC Holdings and Ranchem. The two firms belong to Malvinder Singh and Shivinder Singh, the erstwhile promoters of Religare. Malvinder and Shivinder are in judicial custody in connection with another case. LVB and RFL did not respond to ET queries.- economic times

🍒 Axis Bank partners with Bayer's better life farming (BLF) initiative in India : Life sciences firm Bayer on Friday said it has partnered with private sector lender Axis Bank for its better life farming (BLF) initiative in India to provide enhanced and holistic financial solutions to smallholder farmers and rural farming communities. Through the partnership, Axis Bank will offer end-to-end financial solutions and services such as affordably priced loans, deposits, withdrawals and payments, Bayer said in a statement. Digital financial solutions and doorstep delivery of these services will be part of the bank's offering to ensure convenient and hassle-free transactions. These solutions will be offered through Bayer's BLF centres, owned and operated either by a farmer producer organisation (FPO), federation, agri-graduate or a local farmer or entrepreneur. - economic times

🍒 States ping banks, payment companies to adopt contactless solutions : Across India, state transport authorities are inviting banks, fintech companies, card networks and payment service providers to replace their traditional ticketing systems with contactless solutions. The move is aimed at aligning with the latest social distancing and hygiene norms in light of the Covid-19 outbreak.Uttar Pradesh, Gujarat and Rajasthan transport bodies have issued tenders for contract, calling for bids from banks and digital service providers to help scale their technology requirements to offer contactless ticketing and payment solutions in bus fleets. ET has reviewed these Request for Proposal (RFP) documents.- economic times

🍒 Google Pay denies sharing India users' data with third parties :  Google on Friday said Google Pay does not share customer transaction data with any third party outside the payments flow. The clarification from Google came after reports cited the company's submission to the Delhi High Court saying it is allowed to share customers transaction data with third parties with the prior permission of NPCI and payment service providing (PSP) banks. "This is to clarify that press reports on the basis of the affidavit filed by Google before the Delhi High Court, do not represent the complete facts," a Google spokesperson said on Friday. The spokesperson added that Google Pay is in full compliance with Unified Payment Interface (UPI) procedural guidelines, issued by the National Payments Corporation of India (NPCI) and the applicable laws. "...and does not share customer transaction data with any third party outside the payments flow," the spokesperson further said.- economic times

🍒 Vakrangee gets RBI nod to set up Bharat Bill Payment unit :  Vakrangee Ltd on Friday said the Reserve Bank has granted in-principle approval to set up Bharat Bill Payment Operating Unit (BBPOU) to handle payment services related to bills. Vakrangee (VL) has received in-principle authorisation to set up and operate BBPOU under the Payment and Settlement Systems Act, 2007 from the Reserve Bank of India (RBI), it said in a release. The company offers banking, insurance, money transfer services, e-commerce, e-governance and other digital services on behalf of its partner banks, insurers, government agencies, e-commerce players among others through its branches mostly located in rural and semi-urban areas. "Vakrangee can now directly handle payment and aggregation of payment services relating to bills under the scope of BBPS (Bharat Bill Payment System)," the company said. - economic times

🍒 Fino Payments Bank launches contactless payments for mass transport : Fino Payments Bank along with fintech partners has introduced NFC-based contactless payments solution for mass transit systems, especially state bus transport services in India. “Buses run by state road transport corporations are the most preferred means of travel for majority of people in rural and semi-urban areas where cash is used to purchase tickets. Fino, which has over 80 per cent of its banking network of 2.75 lakh points in villages, aims to tap the opportunity to digitise cash used in mass transit systems,” it said in a statement.- Business Line

🍒 Axis Bank to provide affordable loans via Bayer’s Better Life Farming initiative : Axis Bank has joined Bayer’s Better Life Farming initiative in India to provide holistic financial solutions to smallholder farmers and rural farming communities. Through the partnership, Axis Bank will offer a wide range of financial solutions and services such as affordable loans, deposits, withdrawals and payments. Digital financial solutions and doorstep delivery of these services will be part of the bank’s offering to ensure convenient and hassle-free transactions. These solutions will be offered through Bayer’s Better Life Farming centres, which are owned and operated either by a farmer producer organisation, federation, agri-graduate or a local farmer/entrepreneur.- Business Line

🍒 Consumer demand seen inching up to pre-Covid levels : Six months after the novel coronavirus-led lockdown and economic turmoil, consumer demand seems to be making some kind of a comeback, with lending institutions reporting an uptick in spending and even demand for low-ticket home loans. “There has been revival of some amount of demand, and spending has gone back – if not fully – to the pre-Covid level of at least to 80 per cent to 90 per cent. This is across the country and segments,” said a senior banker, adding that some of this may be pent-up demand. Banks have also been reporting more enquiries for personal, home and car loans, although a full recovery in demand has still not returned, he further said. “In terms of demand, we are close to 90 per cent in low-income and affordable housing. But in the overall housing sector, demand is 60 per cent of pre-Covid level. Last month, we did over 90 per cent plus of last year’s performance,” said Deo Shankar Tripathi, Managing Director and CEO, Aadhar Housing Finance.- Business Line

🍒 Citigroup says switch from European stocks to emerging markets : Investors should rotate out of European equities into their emerging market counterparts thanks to a divergence in the economic trends underlying the two asset classes, according to Citigroup Inc. The firm’s gauge of economic surprises is indicating a pattern disappointment in Europe, while remaining robust in emerging markets, wrote strategists including Jeremy Hale in an asset allocation note on Thursday. Meantime, expectations for European earnings growth are the highest among developed markets and may be at risk of declining, they said. “We think it makes sense to trim some developed-market-specific risk at a time where near-term probabilities are skewed to some regional economic surprise indexes turning negative again, led by Europe,” they wrote. “In equities, we remain slightly overweight overall, but recommend rotating out of European stocks and into EM given relative data trends.” - Business Line

🍒 Loan fraud cases sharply fall in 2019-20; SBI registers highest improvement but this bank suffers : The cases related to bank loan frauds have significantly decreased in the financial year 2019-20 even as the bank credit has increased on-year. There has been a steep reduction in the occurrence of bank frauds, with the amount involved in loan-related frauds declining steeply to 0.15 per cent of total advances of PSU banks in FY 2019-20. The number of loan-related frauds also fell to 292 in the last fiscal year, Anurag Thakur, MoS, Ministry of Finance, said in a reply to a question in Lok Sabha. It is to be noted that in the fiscal year 2018-19, the State Bank of India alone dealt with 259 cases related to loan fraud. India’s largest bank SBI saw the largest reduction in the number of cases related to loan fraud. After 284 cases in FY18 and 259 cases in FY19, the number of cases rolled down to a mere 48 in FY20. Cases in Syndicate Bank also fell from 138 in FY18, to 59 in FY19, and further to 20 in the last fiscal. However, UCO Bank and Punjab and Sind Bank saw a sudden uptick in the cases related to loan fraud.  - financial express

🍒 Forex reserves touch lifetime high at $545 bn; bank deposit rises faster than last year, shows RBI : India’s foreign exchange reserves surged to a lifetime high of $545.038 billion in the week ended September 18. The week saw a rise of $3.378 billion in forex reserves, according to the weekly publication of RBI. The reserves had fallen by $353 million to $541.660 billion in the previous week. A rise of $3.943 billion to $501.464 billion in foreign currency assets is mainly attributed to the rise in overall forex reserves. Foreign Currency Assets (FCA) are the most important component of the RBI’s foreign exchange reserve and include assets like US Treasury Bills bought by the RBI using foreign currencies. However, on the other hand, the gold reserves fell by $580 million in the week. - financial express

🍒 Yes Bank: Sebi slaps Rs 1 crore fine on Rana Kapoor for disclosure lapses : Markets regulator Sebi on Friday imposed a penalty of Rs 1 crore on Rana Kapoor, former MD and CEO of Yes Bank, for not making disclosures about Morgan Credit’s transaction. By not disclosing about the transaction to Yes Bank’s board of directors, Kapoor has created an opaque layer between him and stakeholders, Sebi said in an order. Morgan Credits, which was an unlisted promoter entity of Yes Bank, raised Rs 950 crore from Reliance Mutual Fund, now Nippon India Mutual Fund, through unlisted Zero Coupon Non-Convertible Debentures (ZCNCDs) in April 2018. Kapoor, who was also the promoter of Yes Bank, entered into an agreement as a ‘guarantor’ with Morgan and Milestone Trusteeship Services with respect to the transaction through a trust deed. Kapoor being a ‘guarantor’ of the agreement has provided “personal guarantee” for the obligations of Morgan to the extent of Rs 410 crore and provided his shares in the company as a security for the outstanding amounts equal to Rs 820 crore, Sebi noted.- financial express

🍒 Sensex snaps 6-day losing streak, rallies 835 points to reclaim 37k-mark : Snapping its six-day falling streak, equity benchmark Sensex rallied 835 points on Friday to reclaim the 37,000-mark on across-the-board buying amid mixed global cues.  

The 30-share BSE index ended 835.06 points or 2.28 per cent higher at 37,388.66. Similarly, the NSE Nifty rose 244.70 points or 2.26 per cent to finish at 11,050.25. All Sensex components ended in green, with Bajaj Finserv, HCL Tech, Bharti Airtel, IndusInd Bank, L&T, TCS, ONGC and ICICI Bank, Bajaj Finance and SBI gaining up to 6.64 per cent.

🍒 Gold prices today: Yellow metal steady at Rs 49,846/10 gm, down 3.44% this week; silver soars by Rs 1,006/kg : Gold prices were steady at Rs 49,846 per 10 gram in the Mumbai retail market as the dollar shed its gains on stimulus hope. The precious metal has lost Rs 1,774, or 3.44 percent, this week in the domestic market. Democrats in the House of Representatives were working on a $2.2 trillion novel coronavirus stimulus package that could be voted on as soon as next week. The rate of 10 gram 18, 22, and 24-carat gold in Mumbai was Rs 37,385, Rs 45,659 and Rs 49,846, respectively, plus 3 percent GST.  Silver prices rose Rs 1,006 to Rs 57,477 per kg from its closing on September 24.

🍒 Rupee ends 28 paise higher at 73.61 against US dollar : The rupee strengthened by 28 paise to settle at 73.61 (provisional) against the US dollar on Friday, as gains in domestic equities buoyed investor sentiment. At the interbank forex market, the domestic unit opened at 73.76 against the US dollar, then gained further ground to finally close at 73.61, registering a rise of 28 paise over its previous close.

🍒 Shares of Central Bank of India in Stock Market : 67% of moneycontrol users recommend buying Central Bank of India shares. In BSE, shares closed at Rs.16.20 against Prev Close Rs.16.60. In NSE, shares closed at Rs.16.20 against Prev Close Rs.16.60.

 All the Best… Have a Good day, great weekend

Today's Banking / Financial News at a Glance | 23.09.2020

 Good Morning 

☕ 23.09.2020: Today's Banking / Financial News at a Glance

🍒 Central Bank sets QIP floor price at ?16.18 apiece : Central Bank of India launched its fund-raising exercise on Tuesday through a qualified institutional placement. The floor price has been set at ?16.18 per equity share for the QIP. “…the capital-raising committee of the bank has, at its meeting held on September 22, passed the following resolutions – approved and adopted the preliminary placement document …, approved the opening of the QIP on September 22, 2020; and approved the floor price of ?16.18 per equity share for the QIP,” it said in a regulatory filing. The capital-raising committee of its board will meet again on September 25 to consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers, it further said. On Tuesday, the bank’s scrip closed 14.29 per cent higher at ?17.20 apiece on the BSE. -  Business Line

🍒 Indian Parliament passes bill to bring cooperative banks under RBI's supervision :  Parliament on Tuesday passed amendments to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI, a move aimed at protecting the interest of depositors.The Banking Regulation (Amendment) Bill, 2020, which replaces an ordinance that was promulgated on June 26, was passed by a voice vote in Rajya Sabha. The amendment had got approval from Lok Sabha on September 16. The bill, which comes in the backdrop of the PMC Bank scam, seeks to strengthen cooperative banks by increasing their professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI.Replying to a short debate on the bill in Rajya Sabha, Finance Minister Nirmala Sitharaman said the amendments have been brought to completely protect the interest of depositors. She clarifies this amendment is only for cooperative societies engaged in banking activities. "During the COVID period many cooperative banks have come under stress. Their finances are being closely monitored by the regulator RBI," Sitharaman said. - economic times

🍒 Rate cuts have not spurred investment: SBI Chairman Rajnish Kumar :  State Bank of India chairman Rajnish Kumar on Tuesday said that interest rate cuts had not led to an increase in investment, despite the banks passing on the rate cuts to the customers. Speaking at the 47th National Management Convention of the All India Management Association (AIMA), Kumar said that credit growth had been slow this year as capex was not happening at the usual pace. He pointed out that in the last crisis in 2008, banks had increased lending by diluting norms and the country had paid a high price for that, so banks were being prudent this time. - economic times

🍒 Corporates reluctant to go in for loan restructuring: SBI chief : SBI Chairman Rajnish Kumar, on Tuesday, said there has not been too much of rush for loan restructuring so far as announced by the Reserve Bank of India. According to him, more than banks, corporates are reluctant to go for restructuring. Hence, there might not be much demand for restructuring among corporates; however, there might be some demand from the lower end of corporates or from the MSME segments. “From the banking side, what I am seeing is that there is not too much demand (for corporate restructuring). It may be contrary to what the public discourse is, but as of now, the reasons could be many. One is, of course, a lot of clean up has already happened. In the capital, a lot of deleveraging has also happened. And more than banks, corporates are reluctant to go for restructuring. That is the feeling I am getting,” said Kumar at the banking colloquium organised by CII on Tuesday. - Business Line

🍒 PSBs get more retail credit inquiries than private banks during Jul-Aug: Report : The state-run lenders are seeing faster pick up in retail credit inquiries than their private counterparts on quicker reopening of branch network, a report by a credit information company (CIC) said on Tuesday. Despite the inroads done by digital alternatives, through which lenders are receiving inquiries and even disbursing loans online, branch offices continue to play an important role, Transunion Cibil said in the report. The lenders get in touch with CICs while doing diligence on every credit proposal, which triggers in inquiries. It can be noted that many analysts have said that a large share of the incremental credit demand is coming from the more aggressive private sector lenders who also have larger capital buffers. "Public (sector) lenders saw the biggest rebound in inquiries in July and August 2020, most likely because they were early in recommencing operations than their private and NBFC (non-bank finance companies) counterparts," the report by Cibil said.- economic times

🍒 RBI, government in right direction to keep economy moving: Axis Bank CEO : The Reserve Bank and the government are in the right direction to keep the economy moving and signs of revival in the banking industry are visible with people starting to repay their liabilities, Axis Bank MD and CEO Amitabh Chaudhry said on Tuesday. "We have gone through two phases of concession being given to the borrowers with the moratoriums, now we are in the so called restructuring phase. "The numbers are trending in the right direction, that means the customers do realise that they do need to pay. Many customers who have taken moratorium or who were worried about this situation have actually started paying and I am expecting a similar trend on restructuring side as well," Chaudhry said. He was speaking at a virtual event organised by the All India Management Association (AIMA).- economic times

🍒 Government needs to cap MDR on debit card at 0.6% to promote digital transaction: Report :  The government needs to cap the merchant discount rate on all types of debit and pre-paid cards at a lower rate of 0.6 per cent of the transaction value with a view to end distortions in the card payment ecosystem and promote digital transactions, suggested a study. The study done by the Indian Institute of Technology Bombay further suggested that there could be an upper ceiling of Rs 150 for a prescribed merchant discount rate (MDR) of 0.6 per cent. "To encourage digital payments where cash is a strong alternative, for small and medium merchants accepting POS based payments, and having annual turnover of at most Rs 2 crore, the MDR for all types of debit and pre-paid cards, for transactions up to Rs 2,000, could be fixed with a cap of 0.25 per cent, while for transactions exceeding Rs 2,000, the cap could be 0.6 per cent," it said.- economic times

🍒 State Bank of India planning to monetise its integrated digital banking platform YONO :  State Bank of India is planning to monetise its flagship digital banking platform YONO by allowing smaller lenders such as small finance banks and regional rural banks to use it, chairman Rajnish Kumar said. The country's largest bank may soon carve out the integrated digital platform into a separate entity. "The work has started," the chairman said at a CII event on Tuesday. Other lenders would need to connect with the YONO API (application programming interface) for using the platform. Kumar had earlier said that YONO (You Only Need One) is a profitable platform with 2.7 crore users. He had said that YONO could have been valued at $40 billion had a valuation been done. The platform was launched in November 2017. SBI onboarded about 29 lakh customers on this platform in the first quarter of this fiscal. It has seen around three million transactions in the same period. The bank also opened three pilot YONO branches. About 93% of the bank’s total transactions now take place through alternate channels. - economic times

🍒 Punjab and Maharashtra Co-operative Bank gets a new administrator :  Reserve Bank of India (RBI) has appointed former Union Bank of India general manager AK Dixit as the new administrator of the beleaguered Punjab and Maharashtra Co-operative Bank (PMC) as the present administrator JB Bhoria is stepped down on September 22 due to health reasons. PMC was placed under RBI directions on September 23, 2019, after its NPAs rose sharply due to loans given to real estate company HDIL and its promoters the Wadhawan's with accounting for it in the bank's book. The directions have been subsequently extended and is presently valid till December 22.- economic times

🍒 Stressed assets could touch 20% by end of fiscal year: Macquarie Capital :  In what could raise alarm bells over the asset quality of the Indian Banking system, Macquarie Capital has estimated that stressed assets could more than double and touch nearly 20% by the end of FY21. Bad loan ratio at the end of March 2020 stood at 8.5%. //“As per our estimates, we believe overall stressed assets for banks is expected to touch 20% by FY21E which is perhaps the highest observed in the history of the banking system in India and also one of the highest in the world,” said Suresh Ganapathy, Associate Director, Macquarie Capital. This is so far the worst assessment of the stress induced by the pandemic on bank’s books. The Reserve Bank of India as part of the stress tests it conducted on lender’s books predicted that bad loan ratio could rise to 14.7% under a severely stressed scenario.- economic times

🍒 Banks ready with one-time rejig plan for retail loans : There’s relief in sight for pandemic-hit retail borrowers struggling to make EMI payments. Banks have started offering relief packages to borrowers under the RBI’s Resolution Framework for Covid-19-related Stress. As the six-month moratorium offered to all borrowers came to an end on August 31, the RBI allowed banks to open a one-time restructuring window for banks to offer further relief to borrowers who are still cash-crunched and unable to resume EMI payments. The one-time restructuring of loans include personal, housing, auto and education advances, and credit card dues. Banks are now rolling out the scheme. “We have framed guidelines on the modalities and customers can apply for relief before December 24, 2020,” a senior SBI official told BusinessLine. -Bussiness Line  

🍒 ‘DHFL used 2.6 lakh fraud a/cs in fake branch to siphon funds’ : A whopping 2.6 lakh fake accounts in a Mumbai branch that did not exist. This is what investigations into the DHFL scam have revealed. The ‘branch’ created fake accounts using names of account holders who had already repaid in full to siphon out ₹11,750 crore. Coding was done with the help of three software platforms to camouflage these transactions, according to probe documents seen by BusinessLine   Nearly 70 per cent of the ‘fraudulent transactions’ of DHFL flagged by the forensic auditor, Grant Thornton, are from this fictitious ‘Bandra-branch,’ the probe documents show. - Business Line

🍒 Vivriti Capital raises ?100 crore in Series B Funding : Vivriti Capital, which owns and manages online platform CredAvenue, has raised ?100 croreled by existing investor Creation Investments. The company had earlier raised ?350 crore in March from LGT Lightstone Aspada and ?310 crore in 2019 from Creation Investments, and with this investment the company has raised ?760 crore till date, it said in a statement. The funds infused will be used to further strengthen our technological and analytical capabilities and ramp up new platforms, which we have launched specifically for co-lending, supply chain, among others. We will also invest more into our asset management business to set up and launch unique funds spanning the BBB to AAA fixed income universe, said Gaurav Kumar and Vineet Sukumar, Founders and MD of Vivriti Capital.-Bussiness Line  

🍒 More clarity on loan recast likely by month-end : A clearer picture on the availment of the loan restructuring scheme is likely to emerge by the month-end as banks are still awaiting collection data and are also hoping for a verdict from the Supreme Court on the issue of moratorium interest. Meanwhile, even as banks, NBFCs and housing finance companies have begun rolling out retail and home loan recast schemes, most of them do not expect too many borrowers to avail the facility. “As of now, discussions have begun with borrowers who want to avail the recast. But everyone is hoping for more clarity after the Supreme Court hearing on September 28,” said a senior banker with a private sector lender.Like State Bank of India, most lenders are also seeking the details and proof of Covid-related job loss or salary reduction. “It is the same for both retail and corporate borrowers. They have to approach the bank and discuss the recast. It is not a free lunch,” said another banker, adding that bank and salary statements and GST returns are being examined.-Bussiness Line  

🍒 Singapore, HK top destinations for suspect funds; China and India follow : Singapore and Hong Kong were the biggest destinations for suspect transactions in Asia, even though the financial centers saw just a small fraction of an estimated $2 trillion in potentially dodgy money flows revealed in a report. Singapore processed $4.4 billion in suspicious flows through banks, including DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd., the International Consortium of Investigative Journalists said in an investigation published Sunday. Some $4.1 billion was handled in Hong Kong by lenders including HSBC Holdings Plc and Deutsche Bank AG, it said. The two banking centers are followed by China and India in Asia in terms of the size of suspect flows, according to the report based on a leaked trove of documents to BuzzFeed News. The documents detailed more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity. - Business Standard

🍒 Covid-19 effect: Banks may recast Rs two trillion loans, says SBI : The banking system in India is expected to restructure loans worth Rs two trillion of borrowers impacted by the Covid-19 pandemic, State Bank of India chairman Rajnish Kumar said. This estimate for recast covers corporate, MSME and retail borrowers. As for SBI, the estimates are in the region of Rs 20,000 crore covering all segments. There isn't much demand for restructuring as of now. The scale of recast will remain restricted if economic recovery isn't delayed much, SBI chairman said. Addressing a banking webinar organised by the Confederation of Indian Industry (CII), Kumar said said very few large corporates with loans above Rs 1,500 crore are likely to be come for restructuring. A lot of clean up and deleveraging has already happened in the case of large companies, many of whom are reluctant to carry the 'restructuring' tag. Segments impacted the most include aviation, hospitality and shopping malls. The real estate sector has been struggling for four to five years and the pandemic has added to problems, Kumar said. - Business Standard

🍒 NBFC-MFIs' loan disbursement drops 96% to Rs 570 cr in June quarter : Loan disbursements by non-banking financial companies-microfinance institutions (NBFC-MFIs) declined 96 per cent to Rs 570 crore in the first quarter of the current financial year, according to a report by Microfinance Institutions Network (MFIN). It had stood at Rs 15,865 crore in the corresponding quarter of the previous year. The data pertains to NBFC-MFI members of MFIN, a self-regulatory organisation and industry association of the microfinance sector in the country. It has 56 NBFC-MFIs and 35 associates including banks, small finance banks (SFBs) and NBFCs as its members. Analysis on NBFC-MFIs is based on data collected from 54 members that are registered with the Reserve Bank of India (RBI), MFIN said.- Business Standard

🍒 SBI to charge additional 0.35% interest on rejigged retail loans  : State Bank of India (SBI) on Monday launched a portal to administer the restructuring scheme to retail borrowers hit by Covid-19-related stress. The country’s largest lender will be charging an additional interest of 0.35% per annum over and above the current pricing for the remaining tenure of the restructured loans, “in order to offset partial cost of additional provisions required to be made by the bank.” Customers can check their eligibility for the restructuring of their loans through the portal. Upon logging in, they will be asked to key in their account number. After completion of OTP validation and inputting a few other details, the customer will come to know their eligibility and receive a reference number. This reference number will be valid for 30 days, within which period customers can visit the branch to complete the required formalities. The restructuring process will be completed after verification of documents and execution of some procedures at their branch. - financial express

🍒 Gold prices drop by Rs 658 to Rs 50,683; silver rates fall to Rs 59,959 per kg : Gold prices slide by Rs 658 to hit Rs 50,683 per 10 gram in the Mumbai market on a strong dollar and subdued global cues. The precious metal prices decline on sharp dollar recovery as safe-haven buying switched to dollar with rising coronavirus cases and fear of another lockdown in Europe and the UK. The rate of 10 gram 22-carat gold in Mumbai was Rs 46,426 plus 3 percent GST, while 24-carat 10 gram was Rs 50,683 plus GST. The 18-carat gold quoted at Rs 38,012 plus GST in the retail market. Silver prices declined by Rs 4,182 to Rs 59,959 per kg from its closing on September 21.

🍒 Rupee skids 20 paise to 73.58 against US dollar : The rupee depreciated 20 paise and settled at 73.58 (provisional) against the US dollar on Tuesday tracking negative domestic equities. At the interbank forex market, the rupee opened on a weak note at 73.50, then fell further and finally closed at 73.58 against the greenback, registering a fall of 20 paise over its last close. The rupee strengthened by seven paise to close at 73.38 against the US dollar on Monday.

🍒 Market falls for 4th straight day; Sensex below 38K, Nifty breaks 11,200: Indian market fell for the fourth consecutive day on September 22 following muted global cues to hit a 7-week low. The S&P BSE Sensex plunged by 300 points while the Nifty50 closed below 11200 levels. Let’s look at the final tally on D-Street – the S&P BSE Sensex was down 300 points to 37,734 while the Nifty50 fell 96 points to close at 11,153. Experts are of the view that weakness in global markets, rising cases of COVID which could hamper the economic recovery across the world kept investors on the edge. 

🍒 Shares of Central Bank of India in Stock Market : 69% of moneycontrol users recommend selling Central Bank of India shares. In BSE, shares closed at Rs.17.20 against Prev Close Rs.15.05. In NSE, shares closed at Rs.17.25 against Prev Close Rs.15.00..

 … Have a Good day.

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Today's Banking / Financial News at a Glance 17.09.2020

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☕ 17.09.2020: Today's Banking / Financial News at a Glance

🍒 Lok Sabha passes legislation to bring cooperative banks under RBI's supervision : The Lok Sabha on Wednesday passed the Banking Regulation (Amendment) Bill, 2020 which seeks to bring cooperative banks under the supervision of the Reserve Bank of India (RBI) to improve their governance and protect depositors’ money while empowering the banking regulator to prepare a restructuring or amalgamation scheme for a struggling bank without first placing it under a moratorium. The bill replaces the ordinance that was promulgated on June 26.Replying to the debate on the bill in the house, finance minister Nirmala Sitharaman said the legislation was for depositors’ safety and not for undermining the powers of the Registrar of Cooperative Societies. “We have brought this amendment to protect the depositors," said Sitharaman. She said the government was compelled to come out with an ordinance during the lockdown as the condition of the cooperative banks was “grave”. “Absolutely there was a need for an ordinance. Several members have highlighted that because of Covid, one wasn't sure when the next session of Parliament would be and in the meanwhile the protection of depositors was of critical importance,” she said. - economic times

🍒 State Bank of India's digital startup, YONO, could be a $40 billion goldmine : he country’s largest lender State Bank of India (SBI) could be sitting on a goldmine when it comes to its digital startup YONO (You only need one). The super-app could be valued at $40 billion with the lender considering long term plans to hive it off as a separate entity once it assumes a certain size. “The companies which are making losses are valued at $10 billion - $20 billion, YONO which is such a versatile platform has been making good amount of profits, using that benchmark YONO should be valued at $40 billion, but we haven’t commissioned any independent agency to value the platform,” Rajnish Kumar, chairman, SBI told ET. SBI had launched the YONO platform in 2017 and within three years of inception, notional profit and loss statements created by the bank suggests that its profits could be running in a few hundred crores. Bank is booking profits basis earnings of fee income, savings on net interest income, productivity gains and reduction in costs due to its digital only nature. - economic times

🍒 Union Bank of India issues Basel-III compliant Tier-II bonds : Union Bank of India on Wednesday said it has issued and allotted “unsecured, redeemable, non-convertible, taxable, Basel-III compliant Tier-II bonds” aggregating ₹1,000 crore. The bonds, with face value of ₹10 lakh per bond, carry a coupon rate of 7.42 per cent. They have a tenor of 120 months from the deemed date of allotment (September 16, 2020), according to the public sector bank’s regulatory filing. The Bank can exercise call option with prior approval of the Reserve Bank of India (RBI), subject to conditions mentioned in the Term Sheet on fifth anniversary from the deemed date of allotment or any allotment anniversary thereafter. The Bonds will be listed on the National Stock Exchange of India Limited. - Business Line

🍒 Worries as NPAs under Mudra scheme rise to 5% for public sector banks : The non-performing assets for loans disbursed by state-owned banks under the Pradhan Mantri Mudra Yojana (PMMY) are on a rising trajectory and soared to around 5 per cent of the total loans disbursed in 2019-20, Minister of State for Finance Anurag Thakur informed the Parliament earlier this week. The NPAs of public sector banks (PSBs) under the Mudra scheme stood at 4.9 per cent in 2019-20 – a big jump from 3.7 per cent in 2018-19 and 3.4 per cent in 2017-18. Thakur informed the Lok Sabha in a written response on Monday that NPAs of PSBs under the PMMY scheme rose to Rs 18,836 crore in 2019-20, compared to Rs 11,483 crore in 2018-19 and Rs 7,277 crore in 2017-18. This corresponded to Rs 3.82 trillion worth loans disbursed by the state-owned banks in 2019-20, compared to Rs 3.05 trillion in 2018-19 under the scheme. - Business Standard

🍒 Titan ties up with SBI to launch contactless payment watches : Titan on Wednesday, in collaboration with State Bank of India (SBI), introduced ‘Titan Pay’, powered by YONO SBI. “Through this partnership, Titan and SBI are launching a range of stylish new watches with contactless payment functionality for the first time in India,” Titan said in an official release. In a first in India, SBI account holders can now make payments through these Titan Pay watches on contactless MasterCard-enabled point-of-sale (POS) machines without a card. - Business Line

🍒 Reserve Bank to offer employees option to switch from CPF scheme to pension scheme  :  The Reserve Bank of India has agreed to offer its employees an option to switch over to pension facility from the contributory provident fund (CPF). It was a long-standing demand by the central bank employees. “This will be the last such option given to eligible serving/retired employee/ family members of deceased employees to switch over from CPF scheme to pension scheme and no further option will be given in future,” RBI said in an internal note. The decision has been taken in consultation with the government. All existing employees who joined RBI before January 1, 2012 will get this benefit. For retirees, the cut-off date is November 1, 1990, the date of introduction of the pension scheme at RBI. The switch over option will be available till November 15. - economic times

🍒 India's fraud-hit PMC Bank asked other major banks for a merger, says administrator : India's fraud-hit PMC Bank has approached other banks over a possible merger even as its efforts to recover funds from a big borrower have been disrupted by the coronavirus pandemic, the bank's administrator said in a court filing seen by Reuters. Authorities started investigating Punjab and Maharashtra Co-operative Bank (PMC) for fraud last year and the Reserve Bank of India (RBI) took control of it after detecting financial irregularities. Thousands of PMC depositors have been unable to access their deposits for a year as the RBI has capped withdrawals at 100,000 rupees ($1,359). PMC has "tried to engage with the major banks of the country to request for a merger", the bank's administrator said in a Sept. 10 filing at the Delhi High Court, without identifying the banks or giving other details. - economic times

🍒 Bandhan Bank appoints Kumar Ashish to head Emerging Entrepreneurs Business vertical : Bandhan Bank has recreated a broader vertical called "emerging entrepreneurs business" which includes its microbanking division, micro home loan and micro enterprise loans. The bank on Wednesday announced the appointment of Kumar Ashish as the head of this new division. Prior to joining Bandhan Bank, Ashish was group director at Airtel Money in Africa (a division of Airtel Africa), which runs mobile money operations across 14 countries in sub-Saharan Africa. Before that, he had spent about two decades at ICICI Bank. "In line with the capability requirements, the bank has been focussing on capacity building both through training and upskilling of existing employees, and through lateral hiring," Bandhan Bank managing director Chandra Shekhar Ghosh said. - economic times

🍒 Digital payments to recover by year end: MobiKwik CEO : Homegrown fintech player MobiKwik, which is looking to list by 2022, will continue to focus on its digital credit card business and work on profitability. “We are the only fintech company in the country which has demonstrated profitability. We have been steadily cutting down our losses,” said Bipin Preet Singh, co-founder and CEO, MobiKwik. “We are confident that in 18 to 24 months, we will be ready for an initial public offering,” he told BusinessLine. - Business Line

🍒 LIC expects good growth this fiscal : LIC expects a good growth in business during the current fiscal, backed by increasing awareness for the need for insurance among customers and a strong digital push. According to Raj Kumar, Managing Director, LIC of India, as on August 31, 2020, the insurer is at par with last years’ levels in terms of new business premiums and has witnessed close to 13 per cent growth in renewal premiums. “As on August 31 we are at last years’ level and from here on it could be a take-off (in terms of growth),” Kumar said at a webinar organised by the Merchants’ Chamber of Commerce and Industry here on Wednesday. - Business Line

🍒 ‘Economic recovery likely to be gradual’ : India’s recovery is likely to be gradual as efforts towards reopening the economy are confronted with rising infections, said Reserve Bank of India (RBI) Governor Shaktikanta Das. “The August-end press release of the National Statistics Office (NSO) was a telling reflection of the ravages of Covid-19. “Nevertheless, high frequency indicators of agricultural activity, the purchasing managers’ index (PMI) for manufacturing, and private estimates for unemployment point to some stabilisation of economic activity in Q2 (July-September), while contractions in several sectors are also easing,” said Das in his address to members of industry body FICCI. - Business Line

🍒 RBI’s loan restructuring was to strike a balance between depositors’ interest and maintain financial stability  : The rationale and philosophy behind the one-time restructuring scheme (framework for resolution of Covid-19-related stress) is to strike a balance between the depositors’ interest and maintain financial stability, according to Reserve Bank of India (RBI) Governor Shaktikanta Das. The Governor underscored that the central bank took a careful and balanced call/ decision on the framework for resolution of Covid-19-related stress. Under the RBI’s framework for resolution of Covid-19-related stress, only those borrowers that were classified as standard and with arrears less than 30 days as of March 1are eligible for resolution.- Business Line

🍒 Debt restructuring scheme may soften blow of Covid-19 on books of PSBs : The debt restructuring scheme is expected to soften the blow of the Covid-19 pandemic on books of public sector banks (PSBs). With years of capital infusion, consolidation and enhancement in monitoring risk management, PSBs are relatively better placed to face challenges. Yet, some of them are likely to need some capital support from the government, in order to absorb shocks, meet regulatory norms, and support business growth. Except for a few, most PSBs face major challenges in raising capital from the market, given the low premium. The governm­ent’s recap­italisation programme may give them a back-stop facility in case of capital support. - Business Standard

🍒 RBI says protection of depositors should be banks' primary concern : The primary concern for any bank should be the protection of the depositors' interest, the Reserve Bank of India governor Shaktikanta Das said on Wednesday, while addressing a webinar organised by FICCI. "Ultimately, it is the depositors' money. The number of depositors could run into crores whereas the number of borrowers could be in lakhs. There are small depositors, there are middle class depositors, there are retired people who depend on bank deposits. So the interest of depositors had to be protected while allowing restructuring," Das said - Live Mint

🍒 Vulnerability of NBFC sector still a concern: RBI governor : Reserve Bank of India governor Shaktikanta Das on Wednesday said the vulnerability of non-banking finance companies (NBFC) sector continues to remain a concern. Addressing the FICCI National Executive Committee Meeting, the RBI chief said the regulation of NBFCs is not on a par with banks and the central bank is committed to ensuring that no large shadow lender fails.According to Das, RBI has increased regulatory restrictions on NBFCs since the collapse of Infrastructure Leasing and Financial Services Ltd (IL&FS) last year. These include introduction of liquidity coverage, and appointment of chief risk officers in these companies. “Vulnerability of NBFCs remains a concern. NBFCs are not at par with banks in terms of regulations. We don’t want a repeat of the crisis in another NBFC. In April 2019 MPC, I had said it will be our endeavour to ensure that no large NBFC fails. Thereafter, we have been extensively monitoring the top 100 NBFCs," he added. - Live Mint

🍒 Nabard to take up short term skill development programmes for reverse migrant workers : National Bank for Agriculture And Rural Development (Nabard) will soon start a short-term skill development programme for reverse migrants that will help them to get re-employed at the earliest. The board has initially sanctioned programmes for Uttar Pradesh, Bihar and Jharkhand and seeks to work with the National Skill Development Corporation accredited national skill development centres. CU Bhaskar, Nabard’s chief general manager in Mumbai told Financial Express the programme would be implemented on a large scale and majority of the funding would be done by Nabard. “But the entire process would be complicated since it would involve identifying efficient skill development centres and the real needy, who would require training to get back to work. The details of the programme are yet to be worked out,” Bhaskar said. - financial express

🍒 DBS Bank India unveils online loan platform for SMEs, offers credit up to Rs 20 crore : DBS Bank India on Wednesday launched an online platform for making loans available to small and mid size businesses in a hassle-free manner, with credit facility up to Rs 20 crore. Driven by its constant focus on building seamless, intuitive and hassle-free banking solutions for customers, DBS Bank India has unveiled its online credit solutions platform – DBS Digital Business Loans for SMEs, the bank said in a release. This segment-flagship platform from DBS improves the ease of accessing business credit for the entire spectrum of micro, small and medium-sized enterprises, offering credit up to Rs 20 crore, it said. The private sector lender said that customers can avail the loan through a simple online process by uploading bank statements, and I-T returns (for loans above Rs 5 crore). - financial express

🍒 Tax refunds worth over Rs 1.06 lakh crore issued to 30.92 lakh taxpayers till September 15: CBDT : The income tax department on Wednesday said it has issued refunds of over Rs 1.06 lakh crore to more than 30 lakh taxpayers between April 1 to September 15. This includes personal income tax (PIT) refunds amounting to Rs 31,741 crore issued to 29.17 lakh taxpayers and corporate tax refunds worth Rs 74,729 crore to over 1.74 lakh taxpayers."CBDT issues refunds of over Rs 1,06,470 crore to more than 30.92 lakh taxpayers between 1st April, 2020 to 15th September, 2020." "Income tax refunds of Rs 31,741 crore have been issued in 29,17,169 cases & corporate tax refunds of Rs 74,729 crore have been issued in 1,74,633 cases,” the Central Board of Direct Taxes tweeted.

🍒 Gold prices slip marginally to Rs 51,797 per 10 gram, silver down Rs 875 per kg : Gold prices slipped by Rs 96 to Rs 51,797 per 10 gram in the Mumbai market on a rally in the stock market, and rupee appreciation. Participants await the US Federal Reserve's policy statement tonight. The rate of 10 gram 22-carat gold in Mumbai was Rs 47,446 plus 3 percent GST, while 24-carat 10 gram was Rs 51,797 plus GST. The 18-carat gold quoted at Rs 38,840 plus GST in the retail market. Silver prices fell Rs 875 to Rs 65,883 per kg from its closing on September 15.

🍒 Rupee gains 12 paise to 73.52 on weak dollar : The rupee strengthened by 12 paise to settle at 73.52 against the US dollar on Wednesday supported by buoyant domestic equities and weak American currency. At the interbank forex market, the local unit witnessed high volatility against the US dollar ahead of the US Federal Reserve’s policy statement that will be released later in the day. During the session, the domestic unit touched an intra-day high of 73.48 and a low of 73.78 against the greenback.

🍒 Equities rally for third day in a row; Sensex up 258 points led by IT, Healthcare : After opening higher by 116 points, the 30-share BSE index witnessed some choppy moves intraday before closing higher by 258.50 points, or 0.66 per cent, at 39,302.85 On the NSE, the Nifty rose 82.75 points or 0.72 per cent to 11,604.55.M&M was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Auto, Sun Pharma, HDFC Bank, Infosys, L&T, Nestle, UltraTech Cement and ICICI Bank. On the other hand, IndusInd Bank, NTPC, sbi, ONGC, Bharti Airtel, Axis Bank, ICICI Bank, ITC and PowerGrid were among the laggards.

🍒 Shares of Central Bank of India in Stock Market : 50% of moneycontrol users recommend *buying* Central Bank of India shares. In BSE, shares closed at Rs.16.35 against Prev Close Rs.16.45. In NSE, shares closed at Rs.16.40 against Prev Close Rs.16.50.

 … Have a Good day..

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