Month: January 2021

CSB Bank Q3 profit surges 89% at ₹53 crore

Banking & Finance

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CSB Bank reported an 89 per cent jump in third quarter net profit at ₹53 crore against ₹28 crore in the year-ago quarter on the back of a robust increase in net interest income and non-interest income.

The increase in net profit came despite total provisions, including towards standard advances, shooting up 304 per cent year-on-year (y-o-y) and operating expenses, including staff expenses, increasing by 36.5 per cent y-o-y.

Net interest income (difference between interest earned and interest expended) rose 62 per cent to ₹251 crore (₹155 crore in the year-ago period).

Total non-interest income, including fee-based income, trading income and other income, shot up 130 per cent to ₹117 crore (₹51 crore).

Advances grew 22 per cent y-o-y to stand at ₹13,137 crore as of December-end 2020. This was mainly contributed by 61 per cent rise in gold loans. Gold loans account for 43 per cent of the total advances.

Emphasising that gold loan is the bank’s DNA, BK Divakara, CFO, observed that though the Reserve Bank of India (RBI) allows banks’ LTV (loan to value) ratio of 90 per cent for gold loans, the overall LTV of CSB Bank’s gold loan portfolio is lower 75 per cent.

New retail vertical

CVR Rajendran, Managing Director & CEO, said the new retail vertical with complete product suite and revamped policies will be established shortly. The new SME leadership is also working on volume growth by way of improved sourcing strategy, leveraging of` the branch network and customised product delivery.

“We look forward to building a sustainable business model by focusing more on these two segments apart from the gold loan portfolio,” he added.

Referring to the provisions for standard advances jumping to ₹89.2 crore (against a write-back of ₹1 crore in the year-ago quarter), Rajendran said: “In the context of the withdrawal of the moratorium benefits by the regulator, we decided to be prudent by holding provisions in excess of the regulatory provisions on the stressed assets…We made provisions for unknown knowns.”

Total deposits were up 16.5 per cent y-o-y to ₹17,753 crore as of December-end 2020. The proportion of low-cost current account, savings account deposits increased to 30.4 per cent of total deposits against 28.6 per cent as of December-end 2019.

Net interest margin (net interest income divided by average interest earning assets) improved to 5.17 per cent in the reporting quarter against 3.92 per cent in the year-ago quarter.

Gross non-performing assets (NPAs) as a percentage of advances improved to 1.77 per cent as on December-end 2020 against 3.04 per cent as on September-end 2020.

Net NPA as percentage of advances decreased to 0.68 per cent against 1.30 per cent in the preceding quarter.

 

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Reserve Bank of India – Tenders

Tenders

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RBI/AHMEDABAD/ESTATE/274/20-21/ET/383

Please refer to the tender notice for the captioned tender published on the Bank’s website www.rbi.org.in on December 24, 2020 inviting application from eligible vendors for the said work through e-tender route on MSTC website (https://www.mstcecommerce.com/eprochome/rbi/). The last date of submission of online tender through MSTC website was specified as 02:00 PM on January 15, 2021, which was extended as 12:30 PM on January 19, 2021.

Extension of Time:

It is advised that the time for submission of bids has been extended to 12:30 PM on January 25, 2021. The part – I of the tender will be opened on January 25, 2021 at 02:30 PM. Please note that no further extension will be given for submission of this tender. All other terms and conditions mentioned in the tender remain unchanged.

Regional Director
Gujarat, Daman & Diu and Dadra & Nagar Haveli

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J&K Bank board decides to transfer 8.23% stake to UT of Ladakh, BFSI News, ET BFSI

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J&K Bank on Tuesday said its board has given in-principle approval to transfer 8.23 per cent stake to Union Territory of Ladakh. It is to be noted that the state was divided into union territories of Jammu & Kashmir and Ladakh after the abrogation of Article 370 in 2019.

The board decided “to give its ‘In-principle approval’ for implementation of General Administration Department, Govt. of Jammu and Kashmir…in terms of which ownership of 8.23 per cent out of its (J&K Govt.) shareholding in Jammu and Kashmir Bank (4,58,29,445 Equity Shares) as on October 31, 2019, shall be transferred to UT of Ladakh,” the bank said in a regulatory filing.

One post of director on the Board of the J&K Bank is earmarked for the UT of Ladakh.

The union territory status came into effect from October 31.

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SBI Vs HDFC Vs ICICI Vs Axis Vs PNB: FD Rates Compared For General Public

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SBI FD Rates (for amount below Rs 2 Cr)

SBI FDs will now offer 2.9 percent interest for the maturity period between seven and 45 days. Term deposits will yield 3.9 percent between 46 days and 179 days. FDs will deliver 4.4 percent over 180 days to less than one year. There will now be 10 bps higher for deposits with maturity period from 1 year and up to less than 2 years. So instead 4.9%, these deposits will offer an interest rate of 5 percent and 5.1 percent will be given by FDs maturing in 2 years or less than 3 years. FDs of 3 years or less than 5 years will deliver 5.3 percent and term deposits maturing in 5 years and up to 10 years will continue to provide 5.4 percent after the new adjustment which is effective January 8, 2021.

Tenure ROI in % per annum
7 days to 45 days 2.90
46 days to 179 days 3.90
180 days to 210 days 4.40
211 days to less than 1 year 4.40
1 year to less than 2 years 5.00
2 years to less than 3 years 5.10
3 years to less than 5 years 5.30
5 years and up to 10 years 5.40

Axis Bank FD Rates (for amount below Rs 2 Cr)

Axis Bank FD Rates (for amount below Rs 2 Cr)

Axis Bank provides FDs ranging from 7 days to 10 years throughout different tenures. For the general public, the bank offers interest on FDs ranging from 2.5 percent to 5.50 percent. Axis Bank provides a higher interest rate to senior citizens on different maturities. The bank gives returns to senior citizens ranging from 2.50 percent to 6 percent. The new interest rates of this ban are in effect from January 4, 2021.

Tenure ROI in % per annum
7 days to 29 days 2.50
30 days to 90 days 3.00
90 days to 120 days 3.50
120 days to 180 days 3.75
180 days to 360 days 4.40
2 years to less than 3 years 5.40
3 years to less than 5 years 5.40
5 years and up to 10 years 5.50

Punjab National Bank FD Rates (for amount below Rs 2 Cr)

Punjab National Bank FD Rates (for amount below Rs 2 Cr)

PNB is promising an interest rate of between 3 percent and 5.30 percent on fixed deposits maturing in the period of 7 days to 10 years. PNB proposes an interest rate of 3% on 7-45 days fixed deposits, and for a period of less than 1 year the interest rate goes up to 4.5 per cent. For a maturity period of one year to less than three years the bank promises an interest rate of 5.20 percent on term deposits. PNB is promising a 5.30 percent return on deposits maturing from 5 years to 10 years. When it comes to senior citizens they will get an additional interest rate of 50 bps above the available rates to the general public across all maturity periods for a deposit amount of less than Rs 2 Cr. The current interest rates of PNB on FDs are valid from January 1, 2021.

Tenure ROI in % per annum
7 days to 45 days 3.00
46 days to 90 days 3.25
91 days to 179 days 4.00
180 days to 270 days 4.40
271 days to less than 1 year 4.50
1 Year to 3 years 5.20
3 years to 5 years 5.30
5 years and up to 10 years 5.30

HDFC Bank FD Rates (for amount below Rs 2 Cr)

HDFC Bank FD Rates (for amount below Rs 2 Cr)

HDFC Bank pays a 2.50 percent interest rate on deposits between 7 days and 29 days. On deposits maturing in 30-90 days the interest rate is 3 per cent. 3.5 per cent on 91 days to 6 months and 4.4 per cent on 6 months on 1 day to less than one year FD. On FDs maturing in one year, the bank provides 4.9 percent interest rate. An interest rate of 4.9 percent can be earned on term deposits maturing in one year and two years. 5.15 percent will be offered by FDs maturing in 2 years to 3 years, 5.30 percent on 3 years to 5 years. There will be 5.50 percent interest on deposits for a maturity period of 5 years to 10 years. With effective from Nov 13, 2020 the interest rates are applicable.

Tenure ROI in % per annum
7 days to 29 days 2.50
30 days to 90 days 3.00
91 days to 179 days 3.50
180 days to 365 days 4.40
365 days to less than 2 years 4.90
2 years to 3 years 5.15
3 years to 5 years 5.30
5 years and up to 10 years 5.50

ICICI Bank FD Rates (for amount below Rs 2 Cr)

ICICI Bank FD Rates (for amount below Rs 2 Cr)

For a maturity period of 7 days to 29 days and 30 days to 90 days ICICI Bank provides an interest rate of 2.5 per cent and 3 per cent respectively. For FDs maturing within 91 days to 184 days, 3.5 percent. ICICI Bank offers an interest rate of 4.40 percent on deposits maturing in 185 days to less than 1 year. An interest rate of 4.9 per cent is provided on term deposits maturing in 1 year or less than 18 months. Currently, you will be provided 5 percent interest on tenure spanning 18 months to 2 years. The interest of 5.15 per cent, 5.35 percent and 5.50 per cent is provided by the bank on FDs maturing between 2 years to 3 years, 3 years to 5 years and 5 years to 10 years.

Tenure ROI in % per annum
7 days to 29 days 2.5
30 days to 90 days 3
91 days to 184 days 3.5
185 days to 365 days 4.4
1 year to less than 1.5 years 4.9
2 years to 3 years 5.15
3 years to 5 years 5.35
5 years and up to 10 years 5.5



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Reserve Bank of India – Press Releases

Press Releases

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SBI, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs), under the same bucketing structure as in the 2018 list of D-SIBs. The additional Common Equity Tier 1 (CET1) requirement for D-SIBs was phased-in from April 1, 2016 and became fully effective from April 1, 2019. The additional CET1 requirement will be in addition to the capital conservation buffer.

The list of D-SIBs is as follows-

Bucket Banks Additional Common Equity Tier 1 requirement as a percentage of Risk Weighted Assets (RWAs)
5 – 1%
4 – 0.80%
3 State Bank of India 0.60%
2 – 0.40%
1 ICICI Bank, HDFC Bank 0.20%

Background:

The Reserve Bank had issued the Framework for dealing with Domestic Systemically Important Banks (D-SIBs) on July 22, 2014. The D-SIB framework requires the Reserve Bank to disclose the names of banks designated as D-SIBs starting from 2015 and place these banks in appropriate buckets depending upon their Systemic Importance Scores (SISs). Based on the bucket in which a D-SIB is placed, an additional common equity requirement has to be applied to it. In case a foreign bank having branch presence in India is a Global Systemically Important Bank (G-SIB), it has to maintain additional CET1 capital surcharge in India as applicable to it as a G-SIB, proportionate to its Risk Weighted Assets (RWAs) in India i.e. additional CET1 buffer prescribed by the home regulator (amount) multiplied by India RWA as per consolidated global Group books divided by Total consolidated global Group RWA.

Based on the methodology provided in the D-SIB framework and data collected from banks as on March 31, 2015 and March 31, 2016, the Reserve Bank had announced State Bank of India and ICICI Bank Ltd. as D-SIBs on August 31, 2015 and August 25, 2016, respectively. Based on data collected from banks as on March 31, 2017 and March 31, 2018, the Reserve Bank had announced State Bank of India, ICICI Bank Ltd. and HDFC Bank Ltd. as D-SIBs on September 04, 2017 and March 14, 2019 respectively. Current update is based on the data collected from banks as on March 31, 2020.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/968

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Bank of Maharashtra Q3 profit up 14% at ₹154 crore

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Bank of Maharashtra (BoM) reported a 14 per cent increase in net profit at ₹154 crore in the third quarter ended December 31, 2020, against ₹135 crore in the year-ago quarter.

This came on the back of a healthy increase in non-interest income and reduced loan-loss provision burden.

Net interest income (difference between interest earned and interest expended) increased by 10 per cent to ₹1,306 crore (₹1,186 crore in the year-ago period).

Total non-interest income, including fee-based income, trading income and other income, was up 29 per cent to ₹570 crore (₹442 crore).

Gross non-performing assets (NPAs) declined to 7.69 per cent of gross advances as at December-end 2020 vis-a-vis 8.81 per cent as of September-end 2020.

In absolute terms, GNPAs declined by₹1,033 crore in the reporting quarter.

Loan-loss provisions came down 51 per cent year-on-year to ₹386 crore (₹794 crore in the year ago-quarter).

NPA position

Net NPA position improved to 2.59 per cent of net advances as of December-end 2020 vis-a-vis 3.30 per cent as of September-end 2020.

The Pune-headquartered public sector bank saw a 54 per cent quarter-on-quarter (q-o-q) increase in the number of accounts moving to the “special mention account (SMA) 2” category (principal or interest payment overdue between 61-90 days) to 14,022, with the outstanding amount rising 106 per cent q-o-q to ₹1,419 crore.

AS Rajeev, MD & CEO, BoM, said of the aforementioned outstanding amount, ₹1,000 crore is due to accounts that were under pandemic-related moratorium and they will be restructured in the current quarter. The bank has already made a provision of ₹110 crore towards these accounts.

The bank is expecting a recovery of about ₹750 crore in the fourth quarter, he added.

BoM’s net interest margin/NIM (net interest income divided by average interest earning assets) improved to 3.06 per cent against 2.86 per cent in the December 2019 quarter.

Rajeev said this is the first time in the last 3-4 years years that NIM has crossed the 3 per cent level.

Provision coverage ratio improved to 90 per cent as on December-end 2020 against 87 per cent as on September-end 2020.

Retail, MSME advances

Advances increased by 12 per cent year-on-year to ₹1,04,904 crore as of December-end 2020. Within advances, retail advances and MSME advances were up 29 per cent and 26 per cent, respectively.

Agriculture advances increased about 6 per cent. Advances to ‘corporate and others’ declined a tad.

Total deposits increased by 14 per cent to ₹1,61,971 crore. The share of low-cost current account, savings account (CASA) deposits improved to 50.91 per cent of total deposits from 50.51 per cent in the preceding quarter.

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Nifty ends above 14,500 aided by financials; Sensex jumps 800 points, BFSI News, ET BFSI

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At close, the Sensex was up 1.72% at 49,398.29, and the Nifty added 1.68% at 14,521.20. About 2077 shares have advanced, 861 shares declined, and 139 shares are unchanged. Nifty bank index traded green at Rs 32,424 adding 1.94%, while BSE Bankex ended at 36,730 up by 1.95%.

Amongst the top gainers were- IDFC First Bank at Rs 50 adding 7.50, followed by RBL Bank at Rs 254 (-4.03), Bank of Baroda at Rs 75 (3.70%), PNB at Rs 36 (2.96%), ICICI Bank at Rs 546 (2.49%), Kotak Mahindra Bank at Rs 1,887 (-2.17%), Bandhan Bank at Rs 362 (1.77%).

Nifty Financial Services ended at 15,614 adding 2.41%. Amongst the top gainers were Cholamandalam at Rs 437 adding 7.01% followed by Bajaj Finserv at Rs 8,924 (6.82%), Indiabulls hsg at Rs 240 (6.75%),Bajaj Finance at Rs 4959 (5.07%) and Power Finance at Rs 122 (4.17).

Other key takeaways

Indian Railway Finance Corporation IPO subscribed fully:
The public offer of Indian Railway Finance Corporation has been subscribed 1.01 times on January 19, the second day of bidding, largely supported by retail investors so far. The IPO has received bids for 126.7 crore equity shares against offer size of over 124.75 crore equity shares (excluding anchor book portion), the subscription data available on the exchanges showed.

The portion set aside for retail investors witnessed subscription of 1.95 times and that of employees 18.27 times, while the reserved portion of non-institutional investors was subscribed 17.4 percent and that of qualified institutional buyers 0.02 percent.

Gold Updates
Gold prices on the MCX in the futures market were weak by a tad and this is in line with international gold pricing. At around 11:38 am, gold on the MCX quoted down by Rs. 44 or 0.09% at Rs. 48850 per 10gm. Silver on the other hand was firm at Rs. 65507 per kg.

Internationally price of gold has gained as a larger US bail-out outweighs any firmness in the dollar. Furthermore, back in India the roll out of the coronavirus vaccine which began on January 16, 2021 is seen as a positive propelling risk sentiment and in turn taking the sheen out of safe haven assets such as gold.

Rupee Updates
Indian rupee erased some of the gain but still traded higher at 73.22 per dollar, amid buying seen in the domestic equity market. It opened 11 paise higher at 73.17 per dollar against previous close of 73.28. The dollar-rupee January contract on the NSE was at Rs 73.32 in the last session. The open interest increased almost 15% in the February series while marginal decline was seen in January series contracts.

Wall Street ends higher:
U.S. stock futures moved higher early Tuesday as Wall Street looked to bounce back from a rough week ahead of President-elect Joe Biden’s inauguration. Futures contracts tied to the Dow Jones Industrial Average rose 166 points. Those for the S&P 500 and the Nasdaq 100 also traded in positive territory.

The move in futures comes after a slump for equities last week. The Nasdaq Composite and S&P 500 lost 1.5%, while the Dow was off 0.9%, respectively. It was the worst week for the three major indexes since October.



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SBI Vs HDFC Vs ICICI Vs Axis Vs PNB: FD Rates Compared For General Public

Personal Finance

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Investment

oi-Vipul Das

|

Top banks such as the State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), ICICI Bank and Axis Bank provide fixed deposits for periods ranging from 7 days to 10 years (FDs). It is often essential to measure the FD interest rates provided by different banks before parking your capital. The interest rates on term deposits were updated by the SBI and Axis Bank this month. Below are the current interest rates of SBI, ICICI Bank, HDFC Bank, PNB and Axis Bank on their FDs, which you need to consider before finalizing one.

SBI Vs HDFC Vs ICICI Vs Axis Vs PNB: FD Rates Compared For General Public

SBI FD Rates (for amount below Rs 2 Cr)

SBI FDs will now offer 2.9 percent interest for the maturity period between seven and 45 days. Term deposits will yield 3.9 percent between 46 days and 179 days. FDs will deliver 4.4 percent over 180 days to less than one year. There will now be 10 bps higher for deposits with maturity period from 1 year and up to less than 2 years. So instead 4.9%, these deposits will offer an interest rate of 5 percent and 5.1 percent will be given by FDs maturing in 2 years or less than 3 years. FDs of 3 years or less than 5 years will deliver 5.3 percent and term deposits maturing in 5 years and up to 10 years will continue to provide 5.4 percent after the new adjustment which is effective January 8, 2021.

Tenure ROI in % per annum
7 days to 45 days 2.90
46 days to 179 days 3.90
180 days to 210 days 4.40
211 days to less than 1 year 4.40
1 year to less than 2 years 5.00
2 years to less than 3 years 5.10
3 years to less than 5 years 5.30
5 years and up to 10 years 5.40

Axis Bank FD Rates (for amount below Rs 2 Cr)

Axis Bank provides FDs ranging from 7 days to 10 years throughout different tenures. For the general public, the bank offers interest on FDs ranging from 2.5 percent to 5.50 percent. Axis Bank provides a higher interest rate to senior citizens on different maturities. The bank gives returns to senior citizens ranging from 2.50 percent to 6 percent. The new interest rates of this ban are in effect from January 4, 2021.

Tenure ROI in % per annum
7 days to 29 days 2.50
30 days to 90 days 3.00
90 days to 120 days 3.50
120 days to 180 days 3.75
180 days to 360 days 4.40
2 years to less than 3 years 5.40
3 years to less than 5 years 5.40
5 years and up to 10 years 5.50

Punjab National Bank FD Rates (for amount below Rs 2 Cr)

PNB is promising an interest rate of between 3 percent and 5.30 percent on fixed deposits maturing in the period of 7 days to 10 years. PNB proposes an interest rate of 3% on 7-45 days fixed deposits, and for a period of less than 1 year the interest rate goes up to 4.5 per cent. For a maturity period of one year to less than three years the bank promises an interest rate of 5.20 percent on term deposits. PNB is promising a 5.30 percent return on deposits maturing from 5 years to 10 years. When it comes to senior citizens they will get an additional interest rate of 50 bps above the available rates to the general public across all maturity periods for a deposit amount of less than Rs 2 Cr. The current interest rates of PNB on FDs are valid from January 1, 2021.

Tenure ROI in % per annum
7 days to 45 days 3.00
46 days to 90 days 3.25
91 days to 179 days 4.00
180 days 270 days 4.40
271 days to less than 1 year 4.50
1 Year to 3 years 5.20
3 years to 5 years 5.30
5 years and up to 10 years 5.30

HDFC Bank FD Rates (for amount below Rs 2 Cr)

HDFC Bank pays a 2.50 percent interest rate on deposits between 7 days and 29 days. On deposits maturing in 30-90 days the interest rate is 3 per cent. 3.5 per cent on 91 days to 6 months and 4.4 per cent on 6 months on 1 day to less than one year FD. On FDs maturing in one year, the bank provides 4.9 percent interest rate. An interest rate of 4.9 percent can be earned on term deposits maturing in one year and two years. 5.15 percent will be offered by FDs maturing in 2 years to 3 years, 5.30 percent on 3 years to 5 years. There will be 5.50 percent interest on deposits for a maturity period of 5 years to 10 years. With effective from Nov 13, 2020 the interest rates are applicable.

Tenure ROI in % per annum
7 days to 29 days 2.50
30 days to 90 days 3.00
91 days to 179 days 3.50
180 days to 365 days 4.40
365 days to less than 2 years 4.90
2 years to 3 years 5.15
3 years to 5 years 5.30
5 years and up to 10 years 5.50

ICICI Bank FD Rates (for amount below Rs 2 Cr)

For a maturity period of 7 days to 29 days and 30 days to 90 days ICICI Bank provides an interest rate of 2.5 per cent and 3 per cent respectively. For FDs maturing within 91 days to 184 days, 3.5 percent. ICICI Bank offers an interest rate of 4.40 percent on deposits maturing in 185 days to less than 1 year. An interest rate of 4.9 per cent is provided on term deposits maturing in 1 year or less than 18 months. Currently, you will be provided 5 percent interest on tenure spanning 18 months to 2 years. The interest of 5.15 per cent, 5.35 percent and 5.50 per cent is provided by the bank on FDs maturing between 2 years to 3 years, 3 years to 5 years and 5 years to 10 years.

Tenure ROI in % per annum
7 days to 29 days 2.5
30 days to 90 days 3
91 days to 184 days 3.5
185 days to 365 days 4.4
1 year to less than 1.5 years 4.9
2 years to 3 years 5.15
3 years to 5 years 5.35
5 years and up to 10 years 5.5



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Oman’s Ahlibank taps SunTec for VAT compliance solution

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SunTec, a leading relationship-based pricing and billing company based here, has said that Oman’s Ahlibank has become its 50th customer for its indirect taxation solution. Ahlibank has partnered with SunTec for the latter’s GCC (Gulf Cooperation Council) VAT (value-added tax) compliance solution.

VAT is likely to be introduced in Oman in early 2021 and Ahlibank has taken the proactive step of adopting a VAT compliance solution to ensure operational efficiency, enhance revenue, and augment customer experience, a SunTec spokesman said here.

Indirect taxation solution

The SunTec solution is designed to meet the needs of banks and financial services firms and can easily integrate with existing IT systems. It is designed to also process all taxable transactions across business lines and applications with reduced cost of compliance, and helps mitigate potential risks of compliance violations, penalties, and loss of reputation.

The SunTec indirect taxation solution is widely used by banks and financial services providers in GCC and India for GST or VAT compliance. Nearly three billion transactions are processed every year through its GCC VAT/GST compliance solution. With Ahlibank, SunTec now has 26 customers in the GCC region alone and 24 in India, including prominent financial institutions such as Kotak Mahindra Bank, for its indirect taxation solution.

Amit Dua, President, Client Facing Groups at SunTec, said that the tie-up with Ahlibank comes at a crucial time of the latter’s journey towards ensuring full GCC VAT compliance. With SunTec’s Xelerate Platform and GCC VAT compliance solution, Ahlibank can digitise the entire VAT compliance process with absolute minimal number of changes to their existing technology infrastructure.

The SunTec solution will enable Ahlibank to smoothly comply with regulations and manage potential regulatory changes with ease. The end-to-end solution is based on SunTec’s Xelerate platform, and helps automate the entire VAT compliance process, including centralised rule-based tax determination, input tax recovery, tax invoice, reconciliation, corrections, adjustments, statements, and regulatory reporting.

Complex transition phase

Transitioning towards a VAT/GST regime is complex, and it is imperative for banks and financial institutions to have a robust, scalable and agile solution to fully accommodate their local or region-wide needs, says Dua. “In the GCC region, for example, the VAT landscape is rapidly evolving and needs an agile solution to respond to changing regulatory requirements,” he added.

Abdullah Al Hatmi, CEO at Ahlibank, said that it is extremely crucial for the bank to be ready for VAT compliance. “We are very happy to partner with SunTec, and will now have a single solution in place covering all aspects of VAT compliance. We will be future-proofed given that any future regulatory changes will be handled by the solution with ease.”

Chetan Desai from Kotak Mahindra Bank recalled that when GST was introduced in India, IT systems were required to be more robust to solve the complexity related to indirect tax compliance while managing high volumes.

“SunTec’s indirect taxation solution has made our compliance adherence seamless. We are glad to have partnered with an extremely credible organisation and congratulate SunTec on their 50th customer win. This is a noteworthy acquisition establishing SunTec as a truly global company.”

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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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