Month: January 2021

India within striking distance of attaining positive growth: RBI

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India’s GDP is within the striking distance of attaining positive growth, said the Reserve Bank of India (RBI) observing that the letter ‘V’ in the V-shaped recovery stands for vaccine.

The government had launched the world’s biggest Covid-19 vaccination drive on January 16.

“What will 2021 look like? The shape of the recovery will be V-shaped after all and the ‘V’ stands for vaccine,” said an article on the ‘state of economy’ in the RBI’s January Bulletin.

“If successful, it will tilt the balance of risks upwards,” said the authors, including RBI Deputy Governor Michael Debabrata Patra.

‘Views personal’

The RBI, however, said the views expressed in this article are those of the authors and do not necessarily represent the views of the central bank.

E-commerce and digital technologies will likely be the bright spots in India’s recovery in a world in which there will be rebounds for sure, but pre-pandemic levels of output and employment are a long way off, they said.

Also read: RBI comes up with Digital Payments Index

The article further said: “Recent shifts in the macro-economic landscape have brightened the outlook, with GDP in striking distance of attaining positive territory and inflation easing closer to the target.” India’s GDP is estimated to contract by a record 7.7 per cent during 2020-21 as the Covid-19 pandemic severely hit the key manufacturing and services segments, as per government projections released earlier this month.

The economy contracted by a massive 23.9 per cent in the first quarter and 7.5 per cent in the second quarter on account of the Covid-19 pandemic.

The article added that in the first half of 2021-22, GDP growth will benefit from statistical support and is likely to be mostly consumption-driven.

Also read: Road ahead for co-operative banks

“India being the global capital for vaccine manufacturing, pharmaceuticals exports are expected to receive a big impetus with the start of vaccination drives globally. Agricultural exports remain resilient and under the recent production linked (PLI) scheme, food processing industry has been accorded priority,” it said.

Harnessing the synergies by transforming low-value semi-processed agri products through food processing would not only improve productivity but also boost India’s competitiveness, it added.

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Celebrations at Dalal Street; Sensex crosses 50k mark for the first time, BFSI News, ET BFSI

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The BSE barometer of top 30 firms, S&P BSE Sensex, reached the 50,000-mark for the first time on Thursday, hitting a record high of 50,140 in opening deals. The market capitalisation of listed firms on the BSE, too, touched a record high of Rs 199 trillion.

Sensex’s journey from 45,000 to 50,000 currently is the fastest 5,000-point rally in the history of Dalal Street’s oldest equities index and was completed in just 48 days. It’s run from 40,000 to 45,000 levels took 561 days to accomplish.

According to experts, Foreign Portfolio Investors have been the main driver behind the market rally in India. After the initial bout of selling in the earlier part of 2020, FPIs have been consistently buying Indian equities so far. As per the data available with the NSE, In the year 2020, FPI made a net equity investment of Rs 1.5 lakh crore into the Indian market.

Vijay Chandok – MD & CEO, ICICI Securities said- “Sensex crossing the important milestone of 50,000 is a telling sign of economy and markets shifting orbits on broad-based recovery and better days ahead. The combination of strong capital inflows, low interest rates and leaner balance sheet of India corporates along with government measures for growth is expected to lift the economic growth ahead. The same is likely to resonate in capital markets, thereby keeping the markets buoyant in the long term.”

Global markets have remained supportive so far. Yesterday Wall Street hit new records and stock markets across the globe climbed after US President Joe Biden took office on Wednesday as traders were joyful over his plan to inject even more stimulus into the world’s largest economy

Investors’ sentiment turned positive after the government managed to contain the spread of the coronavirus. Fresh Covid cases have fallen from a peak of more than 1 lakh daily cases to around 15,000 per day now, which boosted hopes of faster economic recovery and further opening of the economy.

Gaurav Awasthi, Senior Partner – IIFL Wealth Management said- “Sensex at 50K is a psychological feel good factor and has no significance on the decision to invest or exit from equity markets. The relevant yardsticks to look at for investing include the current valuations and future earnings trajectory of underlying companies. The longer term view remains positive given the strong tailwinds in a host of industries including IT, pharma and manufacturing. However, the current valuations do warrant some caution with likelihood of increased volatility in the short term.”

Experts also believe that the forthcoming Budget, just 10 days away from now, will also prove to be critical for the markets, as it may showcase the government’s agenda for reforms and growth of the economy going forward. Many also believe that as Sensex crosses 50k, valuations look stretched. Valuations are a function of earnings, and earnings are not coming through making it a key risk at the current juncture.

“I don’t think the market is overvalued by a big margin. It is just that it is looking at the future with a lot of positivity. Now, if those corporate earnings materialise, those growth materialises then Sensex will continue to rise. But please remember, Sensex will go up and down. From its fair value, it can become cheaper and more expensive. Very few people will be able to predict how Sensex will move in the short term”- said Motilal Oswal, MD and CEO, Motilal Oswal Financial Services.



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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015





Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.





With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Small Finance Banks have greater presence in well-banked States, says RBI report

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Small Finance Banks (SFBs) have greater concentration of branch network in relatively well-banked States, according to an assessment in the Reserve Bank of India’s (RBI) latest monthly bulletin.

While there has been a rapid growth in the branch network of SFBs since their inception, this growth has been markedly concentrated in the Southern, Western and Northern regions, which are known as the relatively well-banked regions in the country, RBI officials Richa Saraf and Pallavi Chavan said in an article in the bulletin.

SFBs penetration in the North-Eastern region, which is known to be the least banked region, remains low, they added.

Following the issuance of the licensing guidelines in 2014, 10 SFBs have commenced operations so far. The first two, Capital Small Finance Bank and Equitas Small Finance Bank, started operations in 2016 followed by seven more in 2017, and one more in 2018. SFBs had 4,307 branches as at March-end 2020.

At the State level, while SFBs are making their presence felt in some of the under-served states such as Madhya Pradesh (7 per cent share in total branches) and Rajasthan (8 per cent). They continue to be concentrated in Tamil Nadu (16.6 per cent), Maharashtra (13.1 per cent), Karnataka (7.7 per cent), Kerala (5.5 per cent) and Punjab (4.7 per cent) – States with some of the lowest population per bank branch in the country, as per a preliminary assessment of these banks.

Among these, the States from the Southern region have had a high concentration of MFIs (microfinance institutions) since the time micro finance originated in India in the early-1990s, the article said.

SFBs too, many of which are MFIs turned into banks, have largely followed this pattern of branch expansion.

Furthermore, there appears to be some similarity in the branch spread of private sector banks and SFBs, with both showing a greater concentration in the relatively well-banked regions/states.

Branch expansion in semi-urban and urban centres

The article said the rapid increase of SFB branches has been in semi-urban and urban centres; in March 2020, about 39 per cent of the total SFB branches were semi-urban in nature followed by 26 per cent in urban centres

“Considering their small finance focus, the limited spread of SFBs at rural centres and even at smaller semi-urban centres leaves much to be desired,” the officials said.

Asset concentration

The authors observed that, at present, there is considerable concentration of assets within the SFB group. Top-two SFBs accounted for 46 per cent of total assets of all SFBs in March 2020 with top-three SFBs accounting for 60 per cent share.

However, the relatively big-sized SFBs have displayed lower growth of assets in more recent years. Hence, the concentration of assets within the SFB group may come down over time, the officials said

At present, SFBs constitute a minuscule portion of the financial sector (comprising the Scheduled Commercial Banks, including Regional Rural Banks and Urban Co-operative Banks, and Non-Banking Finance Company segments). Their share in total assets of the financial sector was 0.4 per cent in March 2019.

Priority sector

At the systemic level, priority sector lending accounted for about 75 per cent of the total credit of SFBs.

SFBs reported a greater concentration of loans to agriculture, trade and professional services. These three sectors accounted for about 65 per cent of the total credit of SFBs in March 2020 as compared to SCBs which lent about 66 per cent of their credit to industry, personal loans and finance.

In March 2020, 99.9 per cent and 83 per cent of SFBs total loan accounts and total loan amount, respectively, had a credit limit of up to ₹25 lakh.

Even within these, an impressive focus on very small-sized loans by these banks was evident; about 96 per cent and 48 per cent of their total loan accounts and total loan amount, respectively, had a credit limit of ₹2 lakh, or what are called as small borrowal accounts.

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Banks That Offer Up To 6.75% On Tax Saving FDs

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Investment

oi-Vipul Das

|

One of the most common strategies used by Indians for investment is fixed deposits(FD). Also, for the intention of tax benefit under Section 80C of the Income Tax Act.1961, due to elegance and assured returns, many favour tax-saving fixed deposits over other mechanisms such as PPF, 5-Year NSC, NPS that deliver decent returns. By investing in a tax saving FD one can reap tax benefits up to Rs 1,50,000 in a fiscal year. Important to note here is that, on different factors tax-saving FDs vary from regular FDs. Below are the 10 essential characteristics of tax-savings FDs that you must consider before parking your money.

Banks That Offer Up To 6.75% On Tax Saving FDs

  1. There is a lock-in period of 5 years on tax saving FDs which means premature withdrawal is not allowed before the specified duration.
  2. For opting a tax saving FD scheme only resident individuals and Hindu Undivided Families (HUF) are eligible.
  3. It is possible to open tax-saving FDs either individually or jointly. In the case of a joint holding, the tax gain under Section 80C can only be claimed by the primary holder.
  4. On these FDs, one can pick either a monthly/quarterly/annual interest payout preference. Even one can also have a compounding option for the reinvestment of interest gained.
  5. As per the income tax slab, the interest amount is added to your annual income which will be taxable and paid on a quarterly basis.
  6. At a rate of 10 per cent on the annual interest received on these FDs, banks subtract TDS. By submitting Form 15G/H to the bank at the beginning of the financial year you can avoid TDS.
  7. With the exception of cooperative banks and rural banks, tax-saving FDs can be opened at any public or private sector bank.
  8. As we are talking about 5-year tax saving FD, post office time deposit also allow you to reap tax benefits under Section 80C.
  9. You will not be allowed to make premature withdrawal or apply for a loan against tax saving FDs.
  10. The interest rates provided differ from bank to bank on these deposits. Although the lowest rate of tax-saving deposits i.e. 5.4 per cent is provided by leading commercial giant SBI, there are still some small finance banks that offer higher interest rates up to 6.75% on 5 year tax saving FDs.

Best Tax Saving FDs

Banks ROI in %
DCB Bank 6.75
Yes Bank 6.75
Equitas Small Finance Bank 6.75
IndusInd Bank 6.50
AU Small Finance Bank 6.50
RBL Bank 6.40

Top 5 Commercial Banks That Offer Higher Return On Tax Saving FDs

Tax-saving fixed deposits are issued by the majority of banks and non-banking financial firms. Investors must consider the various interest rates along with other terms and conditions of the banks providing fixed deposit tax benefits before choosing any tax saving schemes. Here is a short discussion of the numerous tax-saving FD of the largest commercial banks of India.

Banks ROI in % for general public ROI in % for senior citizens
SBI 5.40 6.20
HDFC Bank 5.50 6.25
ICICI Bank 5.50 6.30
Kotak Bank 4.75 5.25
Axis Bank 5.50 6.05

SBI Tax Saving FD

The interest rates for regular deposits is 5.4% and 6.20 percent for senior citizens are kept at SBI tax saving FD. As per Section 80C of the Income Tax Act, 1961, it provides a term of 5 years and tax deductions. The minimum deposit accepted by SBI for tax saving FD is Rs 1,000 up to a limit of Rs 1.5 lakh.

HDFC Bank Tax Saving FD

For regular investors, the HDFC tax saving FD provides an interest rate of 5.50 percent and an interest rate of 6.25 percent for senior citizens including a 5-year lock-in term. Similar to SBI, the maximum deposit balance is Rs 1.50 Lakh and the minimum limit is Rs 100. Investors can pick between a monthly or quarterly payout option.

ICICI Bank Tax Saving FD

investors can spend either in a traditional plan (provides a monthly or quarterly payout) or in a reinvestment plan (interest compounded quarterly reinvested with the principal amount) under the tax saving FD of ICICI Bank. One can deposit with a minimum limit of Rs 10,000 up to a cap of Rs 1.50 Lakhs in 5-year tax saving FD of this bank. The interest rates are 5.50 percent for regular investors and 6.30 percent for senior citizens respectively.

Kotak Bank Tax Saver FD

For regular investors the interest rate is 4.75 percent and for senior citizens the interest rate is kept at 5.25 per cent under Kotak Bank 5-year tax saver FD. The minimum and maximum deposit limit here is Rs 100 and Rs 1.5 lakhs respectively.

Axis Bank Tax Saving FD

Axis Bank 5-year tax saving FD proposes an interest rate for the general public 5.50 percent and for senior citizens 6.05 percent respectively. One can deposit in Axis Bank Tax Saving FD up to a limit of 1.5 lakh for a lock-in period of 5 years.



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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015





Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.





With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Kerala bank employees’ union oppose CSB’s plan to offer VRS to award employees

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The All Kerala Bank Employees’ Federation (AKBEF) has opposed CSB Bank’s plan to offer voluntary retirement scheme (VRS) to award staff.

The Board of the Thrissur- headquartered CSB Bank had approved the roll-out of VRS on January 19.

CD Josson, General Secretary, AKBEF, said that bringing exit-option for award staff was most inappropriate when the the bank needs to expand its services utilising the experience, expertise and local roots of the employees.

Also read: Kerala bank employees’ body opposes full-fledged functioning of branches

If the management’s plan was to replace permanent employees with contract and cost-to-company mode employees, that would be regressive and anti-labour, he alleged.

KS Krishna, Joint Secretary, All India Bank Employees’ Association, said at a time when the the government and private sector institutions should be ensuring stable employment, it is most intriguing that CSB Bank is going ahead with VRS in the current pandemic situation, even after it has announced better third quarter (October-December 2020) results.

CVR Rajendran, MD and CEO, CSB Bank, said that 223 employees are eligible for VRS and if all these employees opt for the scheme, the outgo for the bank will be around ₹80 crore.

Eligibility

As per the bank’s regulatory filing, VRS will be offered to the eligible award staff, who have completed 50 years of age and have a minimum of 10 years of service with the Bank. The scheme will be effective from January 25, 2021, for such period, as specified in the scheme.

Also read: Banks’ union urges Kerala CM to restrict bank timings, initiate rapid antigen test on employees

The implementation of the scheme will be beneficial to the bank in the long run, both in terms of financial and customer service point of view, said CSB Bank in the filing.

Rajendran said the average annual salary of the award staff is about ₹11-12 lakh.

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Reserve Bank of India – Press Releases

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The Reserve Bank of India today released the January 2021 issue of its monthly Bulletin. The Bulletin includes one Speech, four Articles and Current Statistics.

The four articles are: I. State of the Economy; II. Effective Exchange Rate Indices of the Indian Rupee; III. Small Finance Banks: Balancing Financial Inclusion and Viability; IV. Green Finance in India: Progress and Challenges.

I. State of the Economy

  • 2020 turned out to be a year in which everything changed. The year 2021 has commenced with countries across the world in a massive vaccination drive.

  • In India, recent shifts in the macroeconomic landscape have brightened the outlook, with GDP in striking distance of attaining positive territory and inflation easing closer to the target.

  • Financial markets remain ebullient with EMEs receiving strong portfolio inflows and India on track for receiving record annual inflows of foreign direct investment.

II. Effective Exchange Rate Indices of the Indian Rupee

Structural changes in the Indian economy and shifts in pattern of India’s foreign trade warrant updates to the broad (existing 36-currency-based) indices of nominal/real effective exchange rate (NEER/REER) of the Indian rupee. This article presents the updated series, with two important innovations: the base year is shifted from 2004-05 to 2015-16; and the existing basket is expanded from 36 to 40 currencies, with the inclusion of eight new currencies and exclusion of four currencies.

Highlights:

  • The new REER indices have remained around the benchmark (i.e., base year value of 100) for most part of the sample period from 2004-05 to 2019-20, reflecting India’s external competitiveness better than the old series.

  • Inflation differentials between India and its major trading partners have declined and stabilised since the adoption of flexible inflation targeting (FIT) framework, boding well for India’s external competitiveness.

  • The new REER, on average, was 0.8 per cent above its base year level during 2016-17 to 2019-20, reflecting moderate inflation observed under FIT regime.

III. Small Finance Banks: Balancing Financial Inclusion and Viability

Small Finance Banks (SFBs) are a new entrant into the Indian banking system. This article analyses the performance of SFBs with specific reference to their objective of financial inclusion, while also highlighting salient aspects about their financial viability. The key observations from this analysis are the following:

  • SFBs are making their presence felt in certain under-banked states, including Madhya Pradesh and Rajasthan. There is, however, a concentration of their branches in the relatively well-banked states, including Tamil Nadu, Maharashtra and Karnataka. Their branches also display a concentration at semi-urban and urban centers.

  • SFBs have been reasonably successful in reaching out to under-served sectors, such as Micro, Small and Medium Enterprises (MSMEs) and agriculture. MSMEs accounted for about 41 per cent of the total SFB credit in March 2020. Furthermore, the loan portfolio of SFBs is geared towards small-sized loans.

  • The return on assets, an indicator of financial viability, has been high for SFBs. Their cost of funds has also been high explained by a lower percentage of current and savings accounts (CASA) in their deposit base. However, a high spread has enabled them to earn a high return on funds.

  • The NPA ratio, another important indicator of financial viability, has remained moderate for SFBs since their inception, in part reflecting the better management of credit risks by these institutions.

IV. Green Finance in India: Progress and Challenges

Green finance plays a pivotal role in resource allocations towards sustainable economic growth. This article highlights the recent developments and challenges relating to green finance in India.

Highlights:

  • World over, green finance has emerged as a priority for public policy. The Government of India, the Reserve Bank of India and the Security and Exchange Board of India have taken several initiatives to promote green finance in India, including, inter alia, implementation of mandatory sustainability disclosure and bringing the production of renewable energy under priority sector lending scheme, measures that incentivise the production and usage of unconventional energy by firms and households.

  • Our findings based on variety of data sources indicate that there have been improvements in public awareness and financing options for green finance in India.

  • Some of the major challenges could be high borrowing costs, false claims of environmental compliances, plurality of green loan definitions, and maturity mismatches. In this vein, a reduction in asymmetric information through better information management and increased coordination among the stakeholders could pave the way towards greener and sustainable long-term economic growth.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/974

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Reserve Bank of India – Tenders

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The Regional Director, Reserve Bank of India, Hoshangabad Road, Bhopal invites competitive e-tender from bidders for providing services of Fire Staff (Firemen and Fire Supervisor) at RBI, Bhopal

The tendering would be done through the e-tendering portal of MSTC Ltd. (https://mstcecommerce.com/eprochome/rbi). All interested Bidders may register themselves with MSTC through the above referred website to be able to participate in the tendering process

Schedule of e-tender is given below:

Name of Department Protocol and Security Cell
Mode of Procurement e-procurement system
Online Part I – Technical Bid and Part II – Financial Bid through (www.mstcecommerce.com/eprochome/rbi)
NIT No. RBI/Bhopal/HRMD/40/20-21/ET/454
Name of Work Tender for providing Fire Staff Services (06 Firemen and 03 Fire Supervisors) at RBI Office Premises in Bhopal.
Total Estimated Cost ₹ 29,38,680.00/- (Rupees Twenty-Nine Lakh Thirty-Eight Thousand Six Hundred Eighty Only) excluding GST
Earnest Money Deposit (EMD) ₹58,774/- (Rupees Fifty-Eight Thousand Seven Hundred Seventy-Four Only) through NEFT/BG/DD in favour of Reserve Bank of India, Bhopal.
Details for NEFT
Beneficiary Name: RBI (space) Your Firm’s name
Beneficiary A/c No: 186003001
IFSC — RBIS0BLPA01.
Date of Notice Inviting Tender (NIT) available for parties to download 1100 hrs of January 21, 2021
Pre-Bid meeting Date 1500 hrs at February 16, 2021
(Offline, Mandatory to attend)
Last date of submission of Earnest Money Deposit (EMD). 1400 hrs of March 02, 2021
Date for Starting of e-tender for submission of Technical Bid (Part-I) and Financial Bid (Part-II) at https://mstcecommerce.com/eprochome/rbi 1100 hrs of February 18, 2021
Date of Closing of E-tender for submission of Technical Bid (Part-I) and Financial Bid (Part-II) 1400 hrs of March 02, 2021
Date and Time of opening of Technical Bid (Part-I)

Date and Time of opening of Financial Bid (Part-II)

 1500 hrs of March 02, 2021

Date and Time for opening of Financial Bid (Part-II) will be communicated separately.

Transaction Fees Rs. 1,470/- plus GST @18%
Transaction Fees To be paid through MSTC payment Gateway / NEFT / RTGS in favour of MSTC Limited

Regional Director
RBI, Bhopal

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CCI nod for Axis Bank stake buy in Max Life Insurance

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Competition Commission of India (CCI) has approved the stake acquisition in Max Life Insurance Company by Axis Bank, Axis Capital and Axis Securities.

Axis Bank had sought CCI nod to acquire upto 20 per cent stake in Max Life in a deal also involving stake sale to the bank’s subsidiaries Axis Capital and Axis Securities.

It maybe recalled that Axis Bank had to revise its agreement on stake buy in Max Life Insurance as the Reserve Bank of India had rejected this bank’s earlier proposal to directly buy 17 per cent in Max Life Insurance.

As per the combination notice filed with CCI , the shareholding of Axis Bank in Max Life will increase from about 1 per cent to approximately 9.9 per cent.

Also read: Insurance awareness, ownership show progress in Covid times: Max Life’s Survey

Also, Axis Capital and Axis Securities will acquire 2 per cent and 1 per cent, respectively, shareholding in Max Life. Axis entities will also have a right to acquire an additional stake of up to 7 per cent in Max Life, in one or more tranches, taking their overall stake to 19.99 per cent.

“Commission approves acquisition of the stake in Max Life Insurance Company by Axis Bank, Axis Capital and Axis Securities,” the competition watchdog said in a tweet.

In December last year, Max Financial Services Limited (MFSL), the parent company of Max Life Insurance, completed a swap of Mitsui Sumitomo Insurance Company’s (MSI) 20.57 per cent stake in Max Life Insurance with 21.87 per cent stake in MFSL.

Post this swap, MFSL’s stake in Max Life effectively increased to 93.10 per cent from 72.5 per cent held earlier.

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