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☕ 19.12.2020: Today's Banking / Financial News at a Glance
🍒 Bank credit grows by 5.73%, deposits by 11.34% : Bank credit grew by 5.73 per cent to Rs 105.04 lakh crore while deposits increased by 11.34 per cent to Rs 145.92 lakh crore in the fortnight ended December 4, the RBI data showed. In the fortnight ended December 6, 2019, bank credit had stood at Rs 99.35 lakh crore and deposits at Rs 131.06 lakh crore. In the previous fortnight ended November 20, credit grew by 5.82 per cent to Rs 104.34 lakh crore and deposits by 10.89 per cent to Rs to Rs 143.70 lakh crore.In October, non-food credit growth decelerated to 5.6 per cent compared to a growth of 8.3 per cent in the same month of the previous year.Growth in loans to agriculture and allied activities accelerated to 7.4 per cent in the month from a growth rate of 7.1 per cent last year.Credit to industry contracted by 1.7 per cent in October 2020 as compared with 3.4 per cent growth in October 2019.Growth in loans to the services sector accelerated to 9.5 per cent in October 2020 from 6.5 per cent in the same month of the previous year. - economic times
🍒 PNB QIP issue falls short of target by 46 per cent : State-owned Punjab National Bank (PNB) has raised a little over 54 per cent of the targeted fund mop-up through QIP, which closed on Friday with Rs 3,788.04 crore in the kitty. Private sector IDBI Bank too closed its QIP without disclosing the amount raised. PNB had planned to raise up to Rs 7,000 crore through qualified institutional placement (QIP) that had opened on Tuesday (December 15). The capital raising committee of the board of directors of the bank has its meeting held on December 18, 2020, passed the resolution to declare the closure of the QIP today (December 18) pursuant to the receipt of applications from eligible qualified institutional buyers, PNB said in a regulatory filing. - Business Line
🍒 Govt exploring setting up bad bank, all other options: DEA Secretary : The government is exploring all options, including setting up of a bad bank, to improve the health of the country's banking sector, Economic Affairs Secretary Tarun Bajaj said on Friday. He also said the government has recapitalised public sector banks and continue to pump in c apital as per requirements. "We are looking at various options, including the option you mentioned (of bad bank), and it is still in the works... The RBI has been asking us, and we ourselves also feel that we need to recapitalise. We have recapitalised to a large extent and this year too, we have kept some money for recapitalisation so that commitment is there...," he said. - Business Standard
🍒 PMC Bank gets four investment proposals, says RBI : Punjab and Maharashtra Cooperative (PMC) Bank has received four investment proposals, the RBI said on Friday while extending the restrictions imposed on the crisis-hit lender to March 31 to enable it to finalise the reconstruction plan. In September 2019, the RBI had imposed restrictions on the fraud-hit multi-state urban cooperative bank, including on withdrawals by customers, following a scam. Depositors had held several protests demanding their money back. Last month, PMC had invited expression of interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. The last date for submission of EoIs by potential investors was kept as December 15. - economic times
🍒 Bad loans set to rise in H2 of FY21 despite improving outlook: Axis Bank : Despite improving economic conditions, private sector lender Axis Bank sees bad loans rising and said it will continue to be conservative. “Collection efficiency has been in the range of 95-97 per cent. We saw payments bouncing in September (when the EMI moratorium came to an end) but since then, we have seen improvement month-on-month,” said Sumit Bali, president, retail lending and payments, Axis Bank. “While the stress is lower than projections, it would be higher than what we saw last year because of the pandemic. But it is getting better for us. However, Q3 and Q4 will see some slippages (in the retail book).” He said the bank has surpassed pre-Covid levels in secured loans. “The unsecured part of the business continues to at 60-70 per cent of pre-pandemic level. We are conservative on the unsecured part and would want to see some more series of data points before we start going back to the pre-pandemic level,” he added. - Business Standard
🍒 Too much fall in short term rates poses threat to financial stability: RBI minutes : The Monetary Policy Committee (MPC) that voted unanimously to keep interest rates to ensure economic revival has raised red flags on short-term interest rates falling below the desired levels raising the risk of financial instability. The MPC members also warned that rising pricing power of oligopolistic businesses and commodity prices could narrow the room available to continue with accommodative monetary policy even as concerns over the fragility of economic revival remain. “Liquidity, credit and monetary aggregates will need to be closely monitored with an eye on macro-financial stability that can be enervated when short-term borrowing costs fall below the operational policy rate. If this results in persistence of negative real rates for too long, it can adversely affect savings, lend support to mispricing of financial asset prices and encourage excessive leveraging,” said Mridul K Saggar.- economic times
🍒 Rising inflation is of concern: HDFC Chief Economist : ur Bureau Inflation has been rising and is at over 7 per cent as against the RBI mandated 6 per cent. This is a matter of concern as it has gone up substantially over the past three months, said Abheek Barua, Chief Economist, HDFC Bank. This means that if one is expecting more help from the RBI, it may become difficult to come by as there will be liquidity pressure, he said. “The fiscal deficit has gone for a toss. The government had set a target of 3.5 per cent of GDP for Centre and 3 per cent for the States. This is now at 6.5 per cent for the Centre and 4.5 per cent for States. Together it is at 11 per cent, which will be dangerous if not brought down,” he stated. - Business Line
🍒 PayU to offer Google Pay tokenised payment flow for merchants : PayU, an online payments solutions provider, has collaborated with Google Pay, a leading digital payments app, to introduce tokenised payments flow for merchants. With this collaboration, PayU’s merchants can offer Google Pay users the option to use their debit cards, credit cards, or Google Pay UPI to make repeated payments without having to physically share their card details. According to the joint official release, the card information is tokenised, and the digital token is linked to the phone, allowing Google Pay users to make repeat payments seamlessly and securely. It also added that during checkout, users can avail one-click payment experience as they do not have to re-enter the payment data. The OTP is read automatically, and the payment is processed instantaneously, without redirections to third party sites (3D secure). - Business Line
🍒 RBI central board reviews current economic situation : The central board of the Reserve Bank of India (RBI), on Friday, reviewed the current economic situation in the backdrop of global and domestic challenges and various areas of operations of the RBI, including the customer education initiatives and resolution of customer complaints. The board meeting, chaired by Governor Shaktikanta Das, noted the change in the bank’s Financial Year from July-June to April-March, and the changes in the unit of presentation from millions / billions to lakh / crore, the central bank said in a statement. - Business Line
🍒 CBI registers cases against Transstroy for alleged bank fraud, conducts raids : The Central Bureau of Investigation has registered a case against Hyderabad-based infrastructure company Transstroy (India) Ltd and its directors for alleged bank fraud estimated at more than ₹7,926 crore. Following a complaint by Canara Bank, which along with its consortium partners had extended credit facilities to the infra firm, the investigating agency has registered a case against the company and named its Chairman and MD, Cherukuri Sridhar, and additional directors, Rayapati Sambasiva Rao, former MP, and Akkineni Satish, in the case. - Business Line
🍒 Sipadan Investments (Mauritius) sells 2.17% stake in IDFC : After selling the shares in the open market, Sipadan holds 7.30 per cent stake in IDFC, as per the company’s regulatory filing. IDFC is registered with the Reserve Bank of India as an ‘non-banking finance company — investment company’. It mainly holds investment in IDFC Financial Holding Company Ltd, which is a non-operative financial holding company. IDFC FHCL in turn holds investments in IDFC FIRST Bank Ltd and IDFC Asset Management Company Ltd. As at September-end 2020, the government was the single largest shareholder in IDFC, with 16.37 per cent stake.- Business Line
🍒 Bids for DHFL still under evaluation : The Committee of Creditors (CoC) for the troubled Dewan Housing Finance Corporation Ltd (DHFL) on Friday evaluated the bids by Oaktree Capital, Piramal Capital and Housing Finance Ltd (PCHFL) and the Adani Group for buying the company. There was no word yet on the fate of the bids as the CoC meeting was in progress at the time of going to press. Voting on the corporate insolvency resolution process (CIRP) is expected to take place next week. Lenders are evaluating the bids based on four quantitative parameters — upfront cash recovery; net present value of the cash recovery; equity allotment; and infusion of funds in the corporate debtor; and two qualitative parameters — track record of the resolution applicant and key managerial personnel. Lenders are keen on ensuring a smooth resolution of the debt-ridden housing finance company. They want to iron out all wrinkles to ensure that the CIRP does not face last minute legal challenges like it did previously. - Business Line
🍒 Premature rollback of RBI policies could derail nascent growth: RBI Governor Shaktikanta Das : RBI Governor Shaktikanta Das voted for status quo at the last bi-monthly monetary policy review arguing that premature rollback of policies undertaken to mitigate the impact of the pandemic would be detrimental to nascent growth and recovery, minutes of the meeting showed on Friday. All members of the Monetary Policy Committee (MPC) — Shashanka Bhide, Ashima Goyal, Jayanth R Varma, Mridul K Saggar, Michael Debabrata Patra and Shaktikanta Das — had voted for maintaining status quo in the policy review announced on December 4. - financial express
🍒 Markets extend winning run to 6th session; Sensex ends at record high : After opening at its lifetime intra-day high of 47,026.02, the 30-share BSE index pared some gains to finish at 46,960.69, up 70.35 points or 0.15 per cent. Similarly, the broader NSE Nifty rose 19.85 points or 0.14 per cent to 13,760.55 -- its new closing record. Infosys was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bajaj Auto, SBI, ICICI Bank, HCL Tech, Titan and Asian Paints. On the other hand, IndusInd Bank, ONGC, HDFC Bank, Maruti and Bajaj Finserv were among the laggards.
🍒 Rupee ends 3 paise up at 73.56 against US dollar : The rupee appreciated by 3 paise to close at 73.56 (provisional) against the US dollar on Friday amid sustained foreign fund inflows and positive domestic equities. Traders said weakness in the American currency in the overseas market supported the domestic unit. At the interbank forex market, the local unit opened at 73.55 against the greenback and witnessed an intra-day high of 73.49 and a low of 73.57.
🍒 India's forex reserves down by $778 million to $578.568 billion : The country's foreign exchange reserves declined by $778 million to $578.568 billion in the week to December 11, RBI data showed on December 18. In the previous week, the reserves had touched a lifetime high of $579.346 billion after increasing by $4.525 billion. In the reporting week, the reserves declined due to a fall in foreign currency assets (FCAs), a major component of the overall reserves. FCAs dropped by $1.042 billion to $536.344 billion, as per the weekly data by the Reserve Bank of India (RBI).
🍒 Gold price rises for fourth day in a row to Rs 50,108 per 10 gram; silver up by Rs 50 a kg : Gold prices jumped for the fourth straight day by Rs 101 to Rs 50,108 per 10 gram in the Mumbai retail market on subdued global cues and a flat rupee. The precious metal price was supported by the weakness in dollar and expectation of a stimulus package for the US economy. The bullion metal ended the week with a gain of Rs 1,062 or 2.17 percent for the week. The rate of 10 gram 22-carat gold in Mumbai was Rs 45,899 plus 3 percent GST, while 24-carat 10 gram was Rs 50,108 plus GST. The 18-carat gold quoted at Rs 37,581 plus GST in the retail market. Silver prices gained Rs 50 to Rs 66,519 per kg from its closing on December 17..
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மனைவி இறந்ததன் பிறகு பலரின் வற்புறுத்தலால் மீண்டும் ஒரு திருமணம் செய்த தகப்பன் தன்னுடைய சிறிய மகனிடம் கேட்கிறான்.....
"உன்னுடைய இப்போதைய அம்மா எப்படியென கேட்டான். அப்போது அந்த மகன் சொன்னான் .
"என் அம்மாஎன்னிடம் பொய் சொல்பவளாக இருந்தாள்" ஆனால் இப்போதைய அம்மா என்னிடம் பொய் சொல்பவளாய் இல்லை" இதைகேட்ட தகப்பன் கேட்டான்.
"அம்மா உன்னிடம் என்ன பொய் சொன்னாள்...? "அந்த குழந்தை சிறுசிரிப்புடன் தன் தகப்பனிடம் சொன்னது .....!
"நான் சேட்டைகள் செய்யும்போது என் அம்மா சொல்வாள் ,எனக்கு இனிமேல் சாப்பாடு தரமாட்டேன் என்று.
ஆனால் கொஞ்சநேரம் ஆகும்போது என்னை தன்னுடைய மடியில் அமர்த்தி பாட்டுபாடி ,நிலாவைக்காட்டிகதைசொல்லி அவள்தரும் ஓவ்வொரு பருக்கை சோற்றிலும் அவளுடைய#பாசம்இருக்கும்.....!
ஆனால்.."இப்போதைய அம்மா,நான் சேட்டைகள் செய்யும்போது சொல்வாள் "உனக்கு சோறு தரமாட்டேன் என்று."
இன்றுடன் இரண்டு நாட்கள் ஆகிறது அம்மா சொன்ன வார்தையை நிறைவேற்றிவிட்டாள்"........!!!
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☕ 13.12.2020: Today's Banking / Financial News at a Glance
🍒 RBI elevates 3 CGMs : The Reserve Bank of India (RBI) has elevated three Chief General Managers (CGMs) as Executive Directors (EDs) with effect from December 11. R. Subramanian, Rohit Jain and R.S. Ratho are the new EDs. Following the aforementioned appointment, the central bank now has 13 EDs. As ED, Subramanian will look after Foreign Exchange Department, Financial Markets Regulation Department, Internal Debt Management and International Department. Prior to being promoted, he was CGM-in-Charge, Enforcement Department, the central bank said in a statement. Jain will look after Department of Supervision (Risk, Analytics and Vulnerability Assessment). Prior to this, he was CGM-in-Charge, Department of Supervision. Ratho will look after Financial Markets Operations Department, Department of External Investments and Operations, Legal Department and Secretary’s Department. He was CGM, Financial Markets Operations Department. - Business Line
🍒 SBI will prefer co-origination models of lending to MSMEs: Chairman : State Bank of India (SBI) will prefer the co-origination model to cater to the financing needs of MSMEs and collaboration with fintechs is a good idea as it helps in assessing the risk profile of the borrower in a better manner, its chairman Dinesh Kumar Khara said on Saturday. Pointing out that the Micro, Small and Medium Enterprises (MSMEs) are constrained today in terms of cash flows, time gap in realising receivables, among others and also the level of lenders' confidence in funding them, Khara said collaborating is a better model than lending directly to MSMEs. "The fact of the matter is that today not many NBFCs have come in this space. And of late, when it comes to finding solutions, we feel that apart from lending directly to the MSMEs, there is a way forward in terms of collaborating with these NBFCs along with the biggest fintechs who have the ability to process the structured and unstructured (financial) data to have a better sense in terms of assessment of risk," Khara said. Based on that assessment, he said, bankers feel very comfortable in lending to the MSMEs. He was speaking at a webinar on financing the unfinanced organised by the Global Alliance for Mass Entrepreneurship (GAME). - Business Standard
🍒 Central Bank of India to raise up to ₹500 crore by issuing bonds : Central Bank of India on Friday said it will raise up to ₹500 crore by issuing Basel III compliant bonds. "The capital raising committee of the board of directors of the bank at its meeting held today i.e., December 11, 2020, considered and approved the proposal for raising of capital funds up to ₹500 crore," the bank said in a regulatory filing. Central Bank of India reported over 20% rise in its net profit at ₹161 crore for the second quarter ended 30 September. The bank had posted a net profit of ₹134 crore in the corresponding quarter of the previous financial year. Its total income grew nearly 2% to ₹6,833.94 crore during July-September 2020, against ₹6,703.71 crore in the year-ago period, Central Bank of India said in a regulatory filing. - Live Mint
🍒 Big private lenders see their coffers swell : A wider network, better capital position and stronger market perception are helping larger private sector banks expand their deposit base much quicker than their smaller peers, especially the vintage private banks, showed data from Capitaline. Events at some banks and non-banks in the past one year that attracted regulatory interventions could have led to greater faith in bigger banks. For instance, deposits at HDFC Bank and ICICI Bank as on 30 September were 20% higher from a year ago, despite the two banks already having large outstanding deposits. On an absolute basis, HDFC Bank saw a growth of ₹2.07 trillion, while rival ICICI Bank’s deposits rose ₹1.36 trillion in the 12 months to September 2020, showed data from Capitaline. Other private lenders like Axis Bank and Kotak Mahindra Bank also saw their deposits rise by ₹51,496 crore and ₹28,493 crore, respectively, as on 30 September from a year earlier, the data showed. - Live Mint
🍒 YES BANK unveils premium credit card for affluent, HNIs. Features, benefits : YES BANK has recently launched Yes Private Prime Credit Card for India’s affluent and ultra High-Net-Worth Individuals (HNIs). The product will offer global privileges and experiences across travel, lifestyle, hospitality, dining, entertainment and wellness, the lender said. The credit card is available on the Mastercard World Elite platform. It is focused on ultra HNI consumers, offering exclusive concierge service, features and benefits that uniquely appeal to affluent cardholders. This by-invitation-only credit card provides unique customer value proposition along with a host of experiences. - Live Mint
🍒 No specific plan needed for invoking Resolution Framework: RBI : The Reserve Bank on Saturday said that borrowers opting for resolution of COVID-related stressed loans are not required to submit any specific plans. In FAQs on Resolution Framework for COVID-19 related stress, the RBI said that borrowers can invoke the resolution framework by merely submitting a request to the lending institutions. The Reserve Bank had announced a resolution framework to help the entities facing financial stress on account of disruption in normal business activity on account of coronavirus pandemic."The Resolution Framework does not require any resolution plan in any form to be submitted to the lending institutions at the time of request for invocation. Rather, for invocation, the borrowers are required to merely submit a request to the lending institutions for being considered under the Resolution Framework," the RBI said. On submission of the request, the lending institutions will take an in-principle decision - as per their Board-approved policy - on invoking the Resolution Framework, it said. - economic times
🍒 Lenders look to revive restructuring of JP Associates outside IBC : Lenders to Jaiprakash Associates Ltd are looking at a possible resolution outside the Insolvency and Bankruptcy Code. Sources close to the development confirmed that the consortium of lenders, led by ICICI Bank, are working on a proposal for restructuring under the RBI’s June 7 circular. The objective is to go in for timely restructuring so that lenders can get back some of their dues. Lenders are expected to submit the proposal to the RBI in the coming months as discussions are still on. “There have been previous instances also when similar discussions were started but did not fructify. Banks are now hoping that this will go through,” said a person familiar with the development, adding that public sector lenders are taking a keen interest. - Business Line
🍒 Retail loans showing some stress, but no alarm bells yet: Experts : Retail loans, the mainstay of banks, have started showing some cracks but the stress is not alarming, said executives and analysts. While a Macquarie report had pegged nonperforming assets (NPAs) in this category to double to 4 per cent from 2 per cent levels, financial institutions have stepped up their collection efficiency efforts to improve bounce rates in retail segments. The National Automated Clearing House (NACH), a clearing service for interbank transactions run by the National Payments Corporation of India (NPCI), shows that bounce rates by volume have gone up to 40.5 per cent, and 31.1 per cent by value. These were 31 per cent and 25 per cent, respectively, in February. NACH is indicative of only a quarter of the total retail payments segment and does not reflect intrabank transactions, or those made by cash or cheque. - economic times
🍒 To cope with Covid blues, borrowers must ask lenders to invoke Resolution Framework: RBI : Borrowers are required to merely submit a request to the lending institutions for invocation of resolution under the Resolution Framework for Covid-19-related stress, according to the Reserve Bank of India (RBI). In its frequently asked questions (FAQs) on the Resolution Framework, the central bank said the Framework does not require any resolution plan in any form to be submitted to the lending institutions at the time of request for invocation. Rather, for invocation, the borrowers are required to merely submit a request to the lending institutions for being considered under the Resolution Framework. - Business Line
🍒 Borrowers seeking debt resolution can make a request by December 31: RBI : The Reserve Bank of India (RBI) on Saturday clarified that borrowers, seeking resolution of their bad debt under the Covid-19 stress scheme as suggested by the KV Kamath committee, need not submit a resolution plan that the lenders would evaluate, rather, they can simply request by December 31. “The Resolution Framework does not require any resolution plan in any form to be submitted to the lending institutions at the time of request for invocation," the central bank said in an update of its frequently asked question (FAQ) section on resolution framework for Covid-19 related stress. “Rather, for invocation, the borrowers are required to merely submit a request to the lending institutions for being considered under the resolution framework," After the request is submitted, the lending institutions will take an in-principle decision on invoking the resolution framework. - Business Standard
🍒 AP CM Jagan asks bankers to support welfare schemes : Andhra Pradesh Chief Minister YS Jagan Mohan Reddy has urged bankers to extend support in implementing government welfare schemes and strengthen the rural economy. Addressing the 213th State Level Bankers Committee (SLBC) meeting on Friday, the Chief Minister asked the bankers to focus on doubling farmers’ income, reducing investment costs, providing proper market facilities for produce, and to support farmers at the time of natural disasters. He said the government has started various initiatives to reduce the investment cost to farmers. It has been providing financial assistance of ₹13,500 per annum through Rythu Bharosa Scheme. Fifty per cent of farmers in the State have less than half a hectare and 80 percent of investment cost to those farmers would be covered through this scheme. - Business Line
🍒 Bharti AXA Life ties up with Primero Skills to support healthcare workers amid Covid-19 pandemic : ‘GotYouCovered’ campaign, a special initiative to appreciate frontline healthcare workers who are striving to protect people from the Covid-19 pandemic. Observing the Universal Health Coverage Day promoted by the World Health Organisation, that urges all nations to provide affordable and quality healthcare to citizens, the company aims at spreading awareness of the importance of protecting life and health against all uncertainties. Bharti AXA Life Insurance has joined hands with Primero Skills & Training, a skill development organisation imparting free skills and training programmes to youth under the Atmanirbhar Bharat initiative, to support its healthcare workers by masking them against life and health risks during the ongoing Covid pandemic. - Business Line
🍒 EXIM Bank extends LOC of $448 million to Uzbekistan : Export-Import Bank of India (Exim Bank), on behalf of the Government of India, has extended a Line of Credit (LOC) of $448 million to the Government of Republic of Uzbekistan. This LOC is for financing various projects in the Roads & Transport, Water and Technology & Communication sectors in Uzbekistan, Exim Bank said in a statement. With the signing of this LOC Agreement, Exim Bank has now in place 266 Lines of Credit, covering 62 countries in Africa, Asia, Latin America, CIS and the Oceania, with credit commitments of around $26.59 billion, available for financing exports from India. - Business Line
🍒 AIFs can leverage without limits in IFSC : GIFT City regulator IFSCA has removed several restrictions in current regulations on Alternative Investment Funds (AIFs) operating in International Financial Service Centre (IFSC), providing more flexibility to offshore fund managers looking to set up funds in such centres in the country. Restrictions on leverage, creation of co-investment pools and diversification norms have been done away with by the International Financial Services Centres Authority (IFSCA). - Business Line
🍒 Non-banks will see asset growth only in FY22, says Crisil : Assets of India’s non-bank financiers are expected to shrink for the first time in two decades in the current financial year, rating agency Crisil said, adding an expansion is likely only in FY22. “Assuming that the current green shoots gain momentum, we expect growth to be positive for non-banking financial companies (NBFCs) in the next fiscal," Gurpreet Chhatwal, president, Crisil Ratings told reporters on Friday. Crisil expects loan growth for NBFCs in FY22 to be subdued at 5-6%. Non-bank lenders, Chhatwal said, have been facing a challenging operating environment since September 2018 right after the Infrastructure Leasing & Financial Services (IL&FS) default. He said while it was expected that the situation would normalize in the early part of the current year, the onslaught of covid-19 moved the focus to asset quality and funding challenges. - Live Mint
🍒 Exim Bank extends $448-mn line of credit to Uzbekistan : Export-Import Bank of India (Exim Bank) on Saturday said it has extended a $448-million line of credit (LOC) for various infrastructure projects in Uzbekistan. The LOC has been extended on behalf of the Indian government, Exim Bank said in a statement. With the signing of this LOC agreement, Exim Bank has now in place 266 LOCs, covering 62 countries in Africa, Asia, Latin America, Commonwealth of Independent States and the Oceania, with credit commitments of around $26.59 billion, available for financing exports from India, it added. The LOC of $448 million to Uzbekistan has been extended for financing various projects in the roads and transport, water and technology and communication sectors in Uzbekistan. - financial express
🍒 Demand for gold loans slows down after recording a good growth in the second quarter: CSB Bank chief : The demand for gold loans has slowed down after recording a good growth in the second quarter, CSB Bank MD and chief executive CVR Rajendran said on Friday. The Thrissur based lender said its gold loan portfolio grew by Rs 1,100 crore in the second quarter, an increase of 30% quarter-on-quarter and 47% year-on-year. The RBI’s relaxation on LTV norms has helped the bank increase its gold loan portfolio, which currently accounts for 35% of the total loan book. CSB had earlier said average LTV of the gold loan portfolio is 71% and the yield on gold loans improved from 12.22% in Q1 to 12.53% during Q2, which indicates that the growth has been achieved without compromising on the yield. - financial express
🍒 Pandemic fast-tracked India’s digitisation march, says NPCI COO; acceptance of UPI increasing : India’s march towards digitisation of its payment landscape has been fast-tracked during the coronavirus pandemic, said Praveena Rai, Chief Operating Officer, National Payments Corporation of India’s (NPCI) on Saturday. The COO of the umbrella body for retail payment and settlements in India said that the pace of digitisation of India has also increased due to the regulatory framework and policies of the government and the Reserve Bank of India (RBI), new agency PTI reported. NPCI is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007. “Digitisation has revolutionized every single aspect of life and onboarding has risen substantially. There has been gradual migration from cash to digital payments both offline and online”, Praveena Rai said. The COO of NPCI was speaking at a seminar organised by Xavier School of Management. She added that digitisation has cut across all sections of the society. Praveen Rai further added that there has been a rise in digital engagements by giving reward programmes to customers. According to her, digitisation is also driving a habit of savings among the customers which is also leading to financial inclusion in the country. The NPCI COO said that now people, consumers and merchants are preferring to go digital, adding that there also has been a big growth in UPI driven by acceptance of QR. - financial express
🍒 Investments via SIPs dive to 30-month low : Many retail investors have preferred to use Systematic Investment Plans (SIP) to invest in mutual funds over the last six years, resulting in sustained growth in monthly investments. But the Covid-19 pandemic has impacted the inflow, which has declined gradually since this April. The monthly SIP investment of ₹7,302 crore in November 2020 was the lowest since May 2018. SIPs in mutual funds are preferred by retail investors who invest a fixed sum at regular intervals, in the scheme of their choice, thus imbibing discipline in their investment process. But the monthly investments since May 2020 have been lower compared to the corresponding month in the previous year. This gap expanded to 11.74 per cent in November this year. - Business Line
🍒 Gold prices rise to Rs 49,290 per 10 gram, outlook bearish : Gold prices edged higher to settle at Rs 49,290 per 10 gram on December 11 as participants trimmed their long position as seen by the open interest. The precious metal ended the week with a marginal loss of 0.14 percent for the week. The rate of 10 gram 22-carat gold in Mumbai was Rs 44,926 plus 3 percent GST, while 24-carat 10 gram was Rs 49,046 plus GST. The 18-carat gold quoted at Rs 36,785 plus GST in the retail market. Silver prices fell Rs 368 to Rs 62,232 per kg from its closing on December 11.
🍒 Small & Midcaps underperform: Only 34 stocks in BSE 500 rose 10-40% this week : It was a historic week for Indian markets as both Sensex and Nifty50 hit fresh record highs and climbed crucial milestone levels. The S&P BSE Sensex climbed Mount 46K while the Nifty50 rose above 13,500 for the first time. As benchmark indices hit fresh record highs, small & midcaps underperformed in the week gone by but there were more than 30 stocks that rose 10-40 percent in the same period. The S&P BSE Sensex rallied 2.2 percent while the Nifty50 was up 1.9 percent for the week ended December 11. Meanwhile, there was 0.7 percent rise seen in the S&P BSE Midcap index, and about 1.3 percent growth recorded in the S&P BSE Smallcap index in the same period. There are as many as 34 stocks in the BSE 500 index that rose 10-40 percent. These include MMTC, Bank of Baroda, Canara Bank, Vedanta, Punjab National Bank, Shoppers Stop, Wockhardt, IFCI, and PC Jeweller.
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☕ 06.12.2020: Today's Banking / Financial News at a Glance
🍒 BBB recommends S Ramann for post of SIDBI chairman & managing director : The Banks Board Bureau (BBB), the headhunter for state-owned banks and financial institutions, on Saturday recommended S Ramann and Shivendra Tomar for the posts of CMD and MD of SIDBI and IFCI, respectively. The members of the Banks Board Bureau interviewed 20 candidates on December 4 and 5, 2020 for the vacancy of chairman and managing director (CMD) of Small Industries Development Bank of India (SIDBI), the BBB said in a statement. "Keeping in view their performance in the interview and their overall experience, the bureau recommends S Ramann for the position of chairman and managing director in SIDBI," it said. Ramann, 1991-batch Indian Audit & Accounts Service officer, is currently CEO of National E-Governance Services Limited (NeSL), India's first Information Utility. Besides, the Bureau recommended Shivendra Tomar for the post of MD and CEO of IFCI. - economic times
🍒 PNB to hold roadshow for proposed Rs 7,000 crore QIP next week : Punjab National Bank on Saturday said it will hold a roadshow for the proposed Rs 7,000 crore qualified institutional placement (QIP) issue next week. The bank will be participating again in the non-deal roadshow and meeting prospective investors on December 7-8, 2020, PNB said in a regulatory filing. The bank has taken approval for raising Rs 7,000 crore through Qualified Institutional Placement (QIP) route this fiscal. In a non-deal roadshow, nothing is for sale, a bank official said, adding it is an opportunity to discuss and develop interest in an upcoming offer. The bank has already taken approval from the board for raising Rs 14,000 crore by way of Tier II, Additional Tier 1 (AT-1) bonds and QIP (Qualified Institutional Placement), PNB Managing Director S S Mallikarjuna Rao had said last month. - Business Standard
🍒 Invest more in IT infrastructure for better reach: RBI Governor : The window to banking is now as wide as the worldwide web – so vast that protecting new-gen customers transacting online could soon tell success from failure in an industry that, for centuries, thrived on networking behind closed doors. With banking taking on an increasingly digital accent each passing day, Mint Road is now buttressing standards around grievance resolution and customer protection to ensure continued confidence in the burgeoning virtual channels that are crucial for financial inclusion. “Lakhs of internet banking customers cannot be put under distress,” Das said Friday, underscoring the need to strengthen both banking technology systems — and their supervision. “The financial sector is becoming increasingly IT-dependent and requisite investments by banks and NBFCs are necessary,” Das said. “We are constantly engaging with the entities around deficiencies…as the apex regulator of the banking and payment systems, certain action becomes unavoidable.”- economic times
🍒 RBI survey revises forecast for real GDP growth upwards for FY’21, FY’22 : The Reserve Bank of India’s (RBI) latest Survey of Professional Forecasters (SPF) has revised the forecast for real gross domestic product (GDP) growth upwards for FY21 and FY22 vis-a-vis the last round of SPF. The 67th round of SPF has projected a lower contraction of 8.5 per cent (median forecast) in real GDP in FY21 versus the 66th SPF round’s estimate of a 9.1 per cent contraction. Real GDP is expected to recover next year (FY22), when it is expected to grow by 9.5 per cent against earlier projection of 8.2 per cent, as per the Survey. The latest Survey has revised upwards the headline consumer price index (CPI) inflation projections for all the four quarters (Q3: October-December 2020 and Q4: January-March 2021; and Q1: April-June 2021 and Q2: July-September 2021) when compared with the previous survey round - Business Line
🍒 Consumer confidence takes a beating in November: RBI survey : Consumer confidence remained very low in November 2020 compared to a year ago, as reflected in the Current Situation Index (CSI), as per Reserve Bank of India’s (RBI) Consumer Confidence Survey. The weak confidence is attributable to consumer sentiments on the general economic situation, employment scenario, price levels and household incomes, according to the central bank. The November 2020 CSI reading came in at 52.3 against 85.7 in November 2019. The latest CSI reading, however, showed a marginal improvement over the all-time low of 49.9 recorded in the previous (September 2020) round. Households remain optimistic of the situation one year ahead, with the Future Expectations Index (FEI) remaining in growth terrain at 115.9, against 114.5 in the November 2019 round. - Business Line
🍒 ‘Investor response to PMC Bank resolution positive’ : Potential investors’ response to the Expression of Interest (EoI) floated by the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank for investment/ equity participation for reconstructing the bank looks positive at this point of time, according to Reserve Bank of India (RBI) Governor Shaktikanta Das. To a specific question as to why YES Bank and Lakshmi Vilas Bank could be resolved quickly but not PMC Bank, Das said the situation in PMC Bank was completely different. “The last date for submission of EoI is December 15. Let us see what is the response and after that we can take a view on this,” said the Governor. The bank, and its management, are engaged with investors who have purchased the information memorandum, he added - Business Line
🍒 In growth push, RBI continues liquidity support : The Monetary Policy Committee (MPC) on Friday left the policy repo rate unchanged at 4 per cent, for the third time on the trot. This was widely expected given the sticky retail inflation which, in the RBI’s view, is likely to remain elevated. However, to support the nascent recovery in the economy, the six-member MPC persisted with its accommodative stance and decided to continue with it for as long as necessary to revive growth on a durable basis. The MPC forecast the retail inflation to hold above its midpoint target of 4 per cent in the second half of 2020-21. Its members unanimously voted to keep the policy rate unchanged. With the outlook for inflation turning adverse relative to expectations in the last two months, the MPC projected CPI (consumer price index) inflation at 6.8 per cent for Q3 FY 21 and 5.8 per cent for Q4 FY21. The CPI inflation for the first half of FY22 has been forecast at 4.6-5.2 per cent, with risks broadly balanced. - Business Line
🍒 KVG Bank launches OD facility for farmers : The Dharwad-headquartered regional rural bank, Karnataka Vikas Grameen Bank (KVGB), has launched an overdraft (OD) facility for farmers. Speaking at the launch of the ‘Kirishi OD’ scheme designed for farmers, P Gopi Krishna, Chairman of the bank, said that the farmers are provided with an OD facility based on the value of the land. The limit is capped to a maximum of ₹1.5 lakh per acre to irrigated lands and ₹1 lakh per acre to dry land. The facility can be used for working capital requirements such as maintenance of machinery and equipment, repair and replacement of machinery, agricultural allied activities and even for the repayment of private loans availed for personal use. He said the uncontrolled weather, escalating natural disasters, and the current Covid situation have made farmers vulnerable. “To ease the situation, KVGB has designed a special OD facility for the farmers to help them to cope with the situation,” he added. - Business Line
🍒 Satin Creditcare Network to expand in South India : Microfinance company Satin Creditcare Network Ltd plans to strengthen its presence in the South with the opening of a few more branches, said the company’s Chief Operating Officer K Thangaraju. As part of its expansion plan, the company opened four branches at Perundurai, Udumalpet, Kinnathukadavu and Dharapuram in this region about 10 days back, and a regional office in Coimbatore on Friday. With 84 branches in the South (of which 53 and 31 are in the states of Tamil Nadu and Karnataka respectively), the company is looking to further strengthen its network in the South. Thangaraju said that the company has extended loans amounting to ₹360 crore to women self-help groups (SHGs) over the last two years. - Business Line
🍒 Gold Prices Decline To Rs 49,209 Per 10 Gram, Gains 2.66% For The Week : Gold prices edged lower to settle at Rs 49,209 per 10 gram on December 4 as participants trimmed their long position as seen by the open interest. The precious metal after hitting a low of Rs 47,792 on Monday ended the week with a gain of 2.66 percent for the week. In the retail market, the bullion metal settled at Rs 49,316 per gram on Friday up nearly 1 percent for the week on hopes of additional US stimulus and weakness in the dollar. The gold/silver ratio currently stands at 78.19 to 1, which means the amount of silver required to buy one ounce of gold. The retail silver prices eased Rs 54 to Rs 63,064 per kg from its closing on December 3.
🍒 Sensex, Nifty Create History: Over 60 Stocks In bse500 Index Rise 10-50% In A Week : Indian market created history as bulls pushed benchmark indices beyond crucial psychological levels in the holiday-shortened week. The S&P BSE Sensex surpassed Mount 45K while Nifty50 managed to hold 13,100-13,200 levels. The S&P BSE Sensex rose 2.1 percent while the Nifty50 climbed 2.2 percent for the week ended December 4 while the action was more prominent in the broader market space.The S&P BSE Mid-cap index rose 2.8 percent while the S&P BSE Smallcap index closed with gains of 2.6 percent for the week ended December 4. There are as many as 65 stocks in the BSE500 index that rose 10-50% in just 4 sessions that include names like KNR Construction, Tata Power, Maruti Suzuki, Sun Pharma, Adani Enterprises, Hindalco, Oberoi Realty, SAIL, SpiceJet, Tata Chemicals, and Adani Power, etc. among others. - moneycontrol..
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