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The expression ‘Banking System’ or ‘Banks’ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934. No. of Scheduled Commercial Banks as on Current Fortnight:132 Ajit Prasad Press Release : 2020-2021/945 |
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Export-Import Bank of India (India Exim Bank) and State Bank of India on Thursday listed their foreign currency bonds aggregating $1 billion and $600 million, respectively, on the India International Exchange (India INX).
India Exim Bank recently raised 10-year money via foreign currency bonds at lowest ever coupon of 2.25 per cent. SBI issued the Bonds of five and a half years tenor at a record low coupon of 1.80 per cent.
India Exim Bank has already listed $6.65 billion bonds under its $10 billion Global Medium Term Note (GMTN) programme on India INX, which is a subsidiary of BSE Ltd. SBI listed $2.6 billion of its foreign currency bonds under its $10 billion GMTN programme on the exchange with this listing.
India INX, in a statement, said MTNs aggregating over $48.5 billion have been established on its platform since launch in January 2018, with listing of bonds aggregate $24.5 billion.
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The forthcoming maiden public issue of non-convertible debentures (NCDs) of Power Finance Corporation ( PFC) is a good bet for retail investors, who will now get an alternative investment avenue with better yield and varied tenors, its Chairman & Managing Director, Ravinder Singh Dhillon said on Thursday.
PFC’s first tranche of NCDs with a base issue size of ₹500 crore and greenshoe option of ₹4,500 crore (total ₹5,000 crore) will open on January 15 and close on January 29. It may be recalled that PFC had already filed a shelf prospectus with a limit of up to ₹10,000 crore. As much as 80 per cent of the NCD issue is being allocated for retail and high net worth individual investors.
Addressing a virtual press conference to announce the launch of the NCD issue, Dhillon said this offering stands out as retail investors— who currently have very few attractive investment avenues — can avail interest rates as high as 7.15 per cent ( for 15 year tenor NCD) even during the current low interest rate environment. He highlighted that Interest rates on available options such as fixed deposits or small savings schemes are relatively low in the current market scenario.
“Attractiveness of this public issue is that the offering is from the highest safety rated issuer with a sovereign character and market leader in its segment. This maiden NCD issue is a step towards further diversification of source of funds and intended to tap wider retail taxable bond segment. It will open a new chapter in PFC’s history through further diversification and offer us a significant opportunity”, Dhillon said. PFC is the country’s largest infrastructure financing company dedicated to the power sector.
Parminder Chopra Director (finance), PFC said thatcher NCDs are taxable, secured, and will be listed on Bombay Stock Exchange. “All the banks offering rates from 4.5-6 per cent across tenors (up to ten years). NSCs are offering 5.8 per cent. Considering these rates, the returns offered under PFC are better than other options”, she said.
Each NCD has a face value of ₹ 1,000 each and Tranche I offers options for tenures of 3,5,10 and 15 years. The minimum application is for ten NCDs. The coupon rates range from 4.65 per cent to 7.15 per cent depending on the tenor and the category of investor making the purchase.
Asked if PFC will look to exhaust the entire ₹ 10,000 crore shelf limit this fiscal itself, Dhillon said it would depend on the market appetite and investor response to the Tranche I.
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ICICI Bank in a statement said the card, thorugh which MSMEs could also disburse worker salaries, was in line with Niyo’s aim of reaching 5 million blue-collar workers in 5 years. Through the card, workers could withdraw funds at ATMs, make online transactions at e-commerce portals, and also make payments at POS terminals.
Sudipta Roy, Head – Unsecured Assets at ICICI Bank said “We at ICICI Bank constantly strive to introduce facilities that foster inclusivity and extend the reach of the formal banking ecosystem. In line with this, we are delighted to partner with Niyo for the ‘ICICI Bank Niyo Bharat Payroll Card’. This partnership is yet another initiative by us to make banking products easily accessible to the underbanked population,”
“We believe that armed with this card, workers of MSMEs will be able to enjoy the convenience and safety of digital banking,” he further added.
Niyo’s Co-founder and CEO Vinay Bagri further noted “The Niyo Bharat Digital Salary Solution has the potential to bring millions of blue collared salaried workforces into the formal economy and also support the nation’s successful march towards Digital India,” further adding “Our primary objective is to provide digital banking solutions for the blue-collar segment to not only foster financial inclusion but also inculcate a long-term saving habit among them.”
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Schedule of Tender
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A. OMO PURCHASE ISSUE
B. OMO SALE ISSUE
Detailed results will be issued shortly. Ajit Prasad Press Release: 2020-2021/942 |
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Government of India has announced the sale (issue/re-issue) of Government Stock detailed below through auctions to be held on January 15, 2021. As per extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:
The underwriting auction will be conducted through multiple price-based method on January 15, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9.00 A.M. and 9.30 A.M. on the date of underwriting auction. The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities. Ajit Prasad Press Release: 2020-2021/941 |
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Warburg Pincus has acquired an additional 5.03 per cent in Home First Finance Company India Ltd, an affordable housing finance company.
The stake has been acquired by Orange Clove Investments B.V., an affiliate of the private equity funds managed by Warburg Pincus.
Orange Clove now owns 30.62 per cent of the paid-up equity share capital of the company.
“This Transaction will help Home First diversify its shareholder’s base and boost stakeholder’s confidence in the company’s growth. Warburg Pincus considers this as a great opportunity to expand its investments in the financial services sector in India and believes that the existing association will help Home First to further strengthen its financial position and growth prospects,” said a press statement.
Home First has sanctioned home loans to more than 50,000 customers in 60 districts, across 11 states and one union territory.
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