Reserve Bank of India – Press Releases
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Ajit Prasad Press Release: 2021-2022/950 |
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SBI Card to start three-day festive cashback offer from Oct 3, BFSI News, ET BFSI
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India’s largest pure-play credit card issuer SBI Card on Wednesday announced its three-day festival to offer cashback benefits for online shopping on all domestic e-commerce platforms beginning next month. The three-day mega shopping festive offer Dumdaar Dus will start on October 3, a one-of-its-kind online shopping festival, offering SBI Card retail cardholders freedom to shop online on any domestic e-commerce site, SBI Card said in a release.
The offerings are not restricted to just one or two e-commerce portals, it said, adding customers can avail 10 per cent cashback on their purchases.
“We rely on and harness the power of data analytics to sharpen our propositions. Over a period, we have observed that an increasing number of our cardholders are shopping online, across a wide range of platforms and product categories, especially during the festive period,” Rama Mohan Rao Amara, Managing Director and CEO, SBI Card, said.
SBI Card also aims to reiterate its brand commitment to offering cardholders convenient, seamless, and secure payment solutions, anywhere, anytime through this offer, he said.
In line with the growing popularity of EMI transactions, the offer will also be available on online merchant EMI transactions.
To amplify the festive offer 2021, SBI Card said it plans to launch a digital campaign featuring actor Jaaved Jaaferi who accentuates the brand message effortlessly with his versatility and humorous characterisation.
The cashback will be on the purchase of a wide range of products such as mobile phones and accessories, TV and large appliances, laptops and tablets, home furnishing, kitchen appliances, fashion and lifestyle, sports and fitness, among others.
However, the offer will not be applicable on online spending in some categories such as insurance, travel, wallet, jewellery, education, healthcare, and utility merchants. PTI KPM BAL BAL
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IndusInd Bank inks gold loan co-lending pact with Indel Money, BFSI News, ET BFSI
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In what could be tagged as a maiden tie-up in the gold loan space, private sector lender IndusInd Bank has entered into a co-lending partnership with Kochi-based gold loan firm Indel Money. This is the first-of-its-kind conventional gold loan co-lending partnership between a gold-loan focused NBFC and a commercial bank, the Kochi firm, known for long-term loans against the yellow metal, said in a statement on Wednesday.
Under the tie-up, IndusInd Bank will offer gold loans at competitive rates to its customers, which will be originated by Indel Money, Umesh Mohanan, chief executive of Indel Money, said on Wednesday.
“We will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria, under this co-lending partnership. We will also service the customers through the entire life-cycle of the loans, including sourcing, documentation, collection and loan servicing,” said Mohanan who is also the executive director of the diversified group.
The group is engaged in the car and two-wheeler retail, media and film production and EPC contracts.
While IndusInd Bank will take into its book 80 per cent of the gold loan generated by the co-lending arrangement, the remaining 20 per cent will be funded by Indel Money, Mohanan told PTI without disclosing how much incremental growth he expects in the AUM under this agreement.
The co-lending partnership as a pilot has been successfully running through this month and a national launch is expected shortly, he added.
Srinivas Bonam, head of inclusive banking at IndusInd Bank, said this collaboration is in line with the bank’s strategy to bring efficient and inclusive lending solutions.
Indel Money entered the gold loan market, which used to offer only up to three months tenor for a loan, offering up to two years loan. Even after many years, Indel is the only gold loan company offering two-year gold loans, even though others have also begun to offer up to one-year loans now.
Indel has a network of 191 branches spread across Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana and Puducherry, and is on course to enter Orissa, Bengal and Maharashtra this fiscal, while Gujarat and Rajasthan next financial year. On the other hand, IndusInd has over 2,000 branches across 760 locations.
Indel closed FY21 with a live gold loan AUM of Rs 580 crore, up from Rs 336 crore in FY20 and is targetting Rs 850 crore AUM in the worst-case scenario and Rs 1,000 crore in the best scenario this fiscal, Mohanan had told PTI recently.
Indel, a part of the diversified Indel Corporation with over Rs 1,000 crore revenue last year, made a foray into gold loans in 2013, offering one-year-long loans against gold pledge first and then for two years in an industry that has never looked beyond three months after which they just auction and force-exit the customer.
The impact of its long-term loan offering forced entrenched biggies like the Muthoot groups and of late Manappuram Finance to follow the firm, moving away from their standard three months tenor.
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HDFC bank issues 400,000 credit cards after embargo, BFSI News, ET BFSI
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After the embargo on HDFC Bank was lifted last month, they have issued over 400,000 credit cards, a report by the Business Standard says.
This signifies the aggressive growth that the private lender has made since then. This record issuance is as of September 21, 2021.
HDFC Bank was looking to get back to its pre-embargo run rate of 300,000 credit cards per month, which they had planned to achieve in the next 2-3 months. After that, they expected to hit 500,000 credit cards per month from February 2022.
“As a leader in the cards space, we promised, we’d be back with a bang. We are now pushing the pedal not only to acquire new customers, but also to enhance offerings of our existing cards,” the Business Standard report quoted Parag Rao, group head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank, as saying.
The bank expects to achieve growth in the credit cards business on the back of new alliances with a number of industrial sectors.
Pre-embargo, the open market customer acquisition was less than 20 per cent, which may now go up to 22-24 per cent, the bank has indicated. This is because the bank is coming up with several new initiatives in the upcoming months which include co-branded cards with corporate India spanning pharma, travel, FMCG, hospitality, telecom, and fintech.
“Our strategy to re-invent, create and co-create has been crafted based on the analysis of customers’ buying behaviour, the categories they spend on and the spend patterns. The months that we have spent readying and sharpening our strategy are now bearing fruit. We are ready to unveil best in class offerings and experience to our customers, just in time for festive season,” he added.
As of July (latest data), HDFC Bank has 14.76 million credit cards in the market. Its market share in outstanding credit cards dropped by more than 2 per cent due to the restrictions imposed by the regulator.
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2 Stocks To Buy As Suggested By ICICI Securities
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Buy Vesuvius India with upside potential of 28%
ICICI Securities has a ‘Buy’ rating Vesuvius India for a target price of Rs. 1445, i.e. an upside of 28 percent from the last traded price of Rs. 1130 per share.
Vesuvius India (VIL) is a Vesuvius Group (UK) subsidiary. It is a well-known metal flow engineering firm. Shaped refractories are responsible for 37% of revenue in CY20, followed by unshaped refractories (37%), and services (26%).
What should investors do?
“We expect decent earnings in long term led by
operational efficiency, product innovation, R&D and strong steel capex pipeline. Target Price and Valuation: We value VIL at Rs 1445 i.e. 24x on CY22E EPS,” the brokerage has said.
Key triggers for future price-performance:
- Focused on acquiring domestic market share through localised manufacturing and innovative product introductions in the manufactured goods category. Currently, manufactured items account for 50-55 percent of total exports.
- Focusing on the margin-enhancing solution oriented services category, which grew at a 34.4 percent CAGR from CY13 to CY20 and now accounts for 26% of revenue, up from 4% in CY13.
- Demand for refractories is projected to be driven by increased steel production and technological improvement. With increasing infrastructure spending and a solid steel capex pipeline, India’s crude steel output is predicted to grow at a CAGR of 5.5 percent to 121 MT in FY20P-23E.
- We expect VIL to return to superior margins of 14-16 percent in the next years as a result of cost reductions and specialised product launches.
- Balance sheet strength is provided by net debt free b/s, double-digit return ratios, excellent cash flows, and cash and investment of Rs 559 crore.
Buy Bata India with upside potential of 21%
With a presence in the men’s, women’s, and children’s footwear segments, Bata India is a key participant in the Indian footwear market.
ICICI Securities has a ‘Buy’ rating Bata India for a target price of Rs. 2120, i.e. an upside of 21 percent from the last traded price of Rs. 1750 per share.
Steady revenue recovery to aid premiumisation play.
“Bata has, over the last one year, delivered ~33% return whereas Relaxo delivered 77% returns owing to increased market share due to enhanced consumer preference towards open footwear. Strategies like cost reduction, focus on omni channel and calibrated expansion of retail network through asset light franchisee route can be structurally positive for Bata’s business. Strong revenue growth coupled with recovery in margin profile would enable Bata to reduce the valuation gap with Relaxo. We maintain our BUY rating on the company, the brokerage has said.
Key triggers for future price performance:
- Bata has increased its digital initiatives, with e-commerce accounting for 15% of total revenue in FY21. Bata stores fulfilled 60% of marketplace orders and 100% of orders for its own website due to its focus on omni-channel shopping.
- Bata is currently servicing 25000 multi-branded retailers, resulting in a 12 percent increase in revenue from wholesale distribution. This allows them to take advantage of its brand strength in newer cities. Bata is also expanding into Tier IIIV cities through franchises, adding 64 and seven locations in FY21 and Q1FY22, respectively, bringing the total number of franchise stores to 234 in total.
- In FY22-24E, we predict the company to add 240 locations net, bringing the total store count to 1765.
- We anticipate that when the pandemic’s impact fades, it will be able to resume its revenue growth trajectory thanks to its strong brand patronage and pan-India retail reach.
Disclaimer
The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks, gold, currency, or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature.
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Minutes of Pre-bid Meeting – Renovation of Six (6) Class IV Flats at Thamalam Staff Quarters, Reserve Bank of India, Thiruvananthapuram
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The Captioned meeting was held at 11.00 a.m. on September 27, 2021 in the Board Room on the third floor of the Bank’s Main Office Building, Thiruvananthapuram. Considering any movement restrictions due to Bharat Bandh, bidders were given option to attend the meeting through WebEx. List of participants are indicated below: (a) List of Bank’s Officials who attended the meeting
(b) List of Contractors’ representatives who attended the meeting
2. Shri K. V P Shiva Priyanth, Assistant Manager welcomed the participants to the meeting and invited queries, if any, from the prospective bidders regarding the captioned tender. The details of queries raised by the firm and clarifications / comments of the Bank are tabulated below
Bidders shall note that all the clarifications provided during the pre-bid meeting along with details indicated in the Tender document shall form part of contract. 3. Shri V Jayaraj, Assistant General Manager thanked the participants for attending the meeting. The meeting came to an end at 11:30 am. Regional Director |
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Top 5 Banks Offering Up To 7.25% Returns On 3 Year Fixed Deposits
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North East Small Finance Bank
For a deposit amount of less than Rs 2 Cr, North East Small Finance Bank is now the only bank that is offering an interest rate of 6.75% to the regular public and 7.25% to senior citizens on 3-year deposits. With effect from 19th April 2021, the bank is promising the following interest rates on deposits of up to 3 years.
| Tenure | Interest rates for regular citizens in % p.a. | Interest rates for senior citizens in p.a. |
|---|---|---|
| 7-14 Days | 3 | 3.5 |
| 15-29 Days | 3 | 3.5 |
| 30-45 Days | 3 | 3.5 |
| 46-90 Days | 3.5 | 4 |
| 91-180 Days | 4 | 4.5 |
| 181-365 Days | 5 | 5.5 |
| 366 days to 729 days | 6.75 | 7.25 |
| 730 days to less than 1095 | 6.75 | 7.25 |
| Source: Bank Website |
Ujjivan Small Finance Bank
For a deposit amount of less than Rs 2 Cr, Ujjivan Small Finance Bank is now promising the following interest rates on fixed deposits made by regular or senior citizens.
| Period | Regular FD Interest Rate (p.a.) | Senior Citizen FD Interest Rate (p.a.) |
|---|---|---|
| 7-14 days | 2.50% | 3.00% |
| 15-60 days | 3.00% | 3.50% |
| 61-90 days | 3.75% | 4.25% |
| 91-180 days | 4.50% | 5.00% |
| 181-364 days | 5.50% | 6.00% |
| 1 Year[365 Days] | 6.25% | 6.75% |
| > 1 Year – 2 Years | 6.50% | 7.00% |
| >2 Years-3 Years | 6.50% | 7.00% |
| Source: Bank Website, Effective Date: 07/05/2021 |
Jana Small Finance Bank
For interest rates on deposits of less than Rs 2 Cr, here are the most revised interest rates of Jana Small Finance Bank on deposits of up to 3 years.
| Tenure | Regular FD Interest Rate (p.a.) | Senior Citizen FD Interest Rate (p.a.) |
|---|---|---|
| 7 – 14 days | 3.50% | 4.00% |
| 15 – 29 days | 3.50% | 4.00% |
| 30 – 45 days | 3.50% | 4.00% |
| 46 – 62 days | 4.00% | 4.50% |
| 63 – 90 days | 4.00% | 4.50% |
| 91 – 120 days | 4.75% | 5.25% |
| 121 – 180 days | 4.75% | 5.25% |
| 181 – 210 days | 5.25% | 5.75% |
| 211 – 270 days | 5.25% | 5.75% |
| 271 – 364 days | 5.25% | 5.75% |
| 1 year to 18 months | 6.35% | 6.85% |
| 18 months 1 day to 2 years | 6.25% | 6.75% |
| 2 years 1 day to 887 days | 6.35% | 6.85% |
| 888 days | 6.50% | 7.00% |
| 889 days to 3 years | 6.35% | 6.85% |
| Source: Bank Website, with effect from 1st June 2021 |
Equitas Small Finance Bank
Check the most recent interest rates on fixed deposits of 3 years for both regular and senior citizens.
| Tenure | Regular FD Interest Rate (p.a.) | Senior Citizen FD Interest Rate (p.a.) |
|---|---|---|
| 7 Days to 29 Days | 2.90% | 3.40% |
| 30 Days to 89 Days | 3.50% | 4.00% |
| 90 Days to 179 Days | 4.25% | 4.75% |
| 180 Days to 364 Days | 4.75% | 5.25% |
| 1 Year to 2 Years | 6.00% | 6.50% |
| 2 Years and 1 Day to 3 years | 6.50% | 7.00% |
| Source: Bank Website, with Effect from 16th August 2021 |
Suryoday Small Finance Bank
For Fixed Deposit of amount of less than Rs 2 Cr, this small finance bank is promising an interest rate of 6.25% to the general public and 6.50% to senior citizens on deposits of less than 3 years. Here are the latest interest rates on fixed deposits of the bank.
| Period | Interest Rate (Per Annum) | Senior Citizen FD Interest Rate (p.a.) |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.25% |
| 15 days to 45 days | 3.25% | 3.25% |
| 46 days to 90 days | 4.25% | 4.25% |
| 91 days to 6 months | 4.75% | 4.75% |
| Above 6 months to 9 months | 5.25% | 5.25% |
| Above 9 months to less than 1 Year | 5.75% | 5.75% |
| 1 Year to 1 Year 6 Months | 6.50% | 6.75% |
| Above 1 Year 6 Months to 2 Years | 6.50% | 6.75% |
| Above 2 Years to less than 3 Years | 6.25% | 6.50% |
| Source: Bank Website, (Effective: From September 09, 2021) |
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Exotel raises $35 million in series C funding
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Customer communication platform Exotel has raised $35 million in Series C funding from IIFL, Sistema Asia Fund, CX Partners, Singularity Growth Opportunities Fund and angels.
Existing investors such as Blume Ventures and A91 capital also participated in this round. Arun Sarin, Ex-CEO of Vodafone, has also joined the round as an angel investor and a mentor. This fresh infusion of funds will be used by the company to primarily boost its growth. Exotel recently announced its merger with Ameyo.
The organisation claims to be growing 70 per cent YoY and is at an ARR of $45 million and aims to hit an ARR of $200 million over the next five years.
“CPaaS is a $6-billion market in India and SEA and one of the fastest growing technology areas in the post-Covid world. Exotel has quietly emerged as the CPaaS platform of choice in India through their market-best reliability and comprehensive product suite. We expect them to become a globally relevant platform in the years to come,” commented Sumit Jain, Senior Partner, Sistema Asia Fund.
To double headcount
Commenting on the fund raise, Shivakumar Ganesan (Shivku), CEO and co-founder of Exotel, said, “Our desire to enable enterprises with the best in customer engagement is one step closer to reality. We’re investing heavily in building the market’s first vertically integrated full-stack engagement suite with interoperability of channels and convergence of customer data to enable enterprises to have multimodal conversations with customers. We are going to be expanding our team and doubling our headcount over the next 12 months.”
Started in 2011, Exotel is a customer communication platform. It was started with the vision to help businesses bring order and efficiency to customer communication. Some of the clients of Exotel in South-East Asia include Ola, Flipkart, GoJek, Lazada, Quikr and Redmart. Exotel helps these companies to manage their customer communication over calls and SMS. Exotel currently serves over 6,000 companies across India, the US, SE Asia, Middle East, Australia and Africa.
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Reserve Bank of India – Press Releases
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Ajit Prasad Press Release: 2021-2022/949 |
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MFine raises $48 million Series C from Moore Strategic Ventures, BEENEXT
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Healthtech startup MFine has raised $48 million in a Series C funding round co-led by Moore Strategic Ventures and BEENEXT, with participation from existing investors Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd and Alteria Capital.
The new round of funding will be used by the company to expand its hospital, diagnostics and e-pharmacy network across the country and to build tech-driven care delivery products for patients with both acute and chronic conditions.
Commenting on the fund raise, Prasad Kompalli, CEO and co-founder, MFine, said, “In the healthcare sector the world has changed to a new normal and we are seeing a steep growth in the adoption of digital health in India too. We will continue to invest in deep tech to transform every smartphone into a health companion for consumers and a decision support assistant to all doctors. We will also be looking to expand our network across India and make our services available widely.”
In an earlier conversation with BusinessLine, MFine’s Chief Business Officer and founding member, Arjun Choudhary noted that the company’s current focus is to expand its network of services to next 20 cities over the next 14-15 months, which would include cities like Jaipur, Chandigarh, Surat, Patna, Ahmedabad, and Lucknow.
The company is also working on adding clinical decision support for doctors using AI and bringing vitals monitoring and health management to consumers’ smartphones. In early 2021, MFine launched an app-based SPO2 (blood oxygen saturation) monitoring tool which enables users to keep track of their oxygen saturation levels without needing an additional device. Since then, 250,000 users have used the tool and thousands of people continue to use it daily. In the coming months, MFine will be extending the tool to measure heart rate and blood pressure too.
Hero Choudhary, Managing Partner, BEENEXT, said, “MFine’s model, coupling AI technology with a strong provider network, is powerful in providing healthcare services on demand and changing the way we think about care delivery for millions across the world. We see a huge demand from consumers looking for an integrated care experience.”
Growing user base
Since its inception, over 3 million users are said to have used MFine services with the platform clocking over 300,000 monthly transactions that include doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures. In October 2018, MFine integrated with laboratory and diagnostic services to provides its users access to more than 700 diagnostic centres across 400 cities in India.
Over 1,00,000 users are said to be using MFine for booking diagnostic tests every month. Further, more than 6,000 doctors from over 700 hospitals across 35 specialities are on MFine and are said to be serving millions in more than 1,000 towns across India.
MFine claims to be growing 15 per cent month on month, amidst growing adoption of telemedicine and digital health in India since the onset of the Covid-19 pandemic.
The MFine Corporate subscription product is also said to have seen strong growth in the last year with many corporates offering multiple benefits programmes as part of which employees and their families get access to online doctor consultations, preventive health checks, mental health consultations and chronic condition management. Over 500 corporates have partnered with MFine to enable wide ranging services covering over 500,000 employees. In the coming months, the company will also bring innovative financial solutions for users together with insurance partners.
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