Month: January 2021

New fee structure opens the doors wider for pension fund managers: PFRDA chief

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Pension regulator PFRDA has now taken a big initiative to revamp the pension funds management structure in India and position the industry for strong decadal growth that could take the overall assets under management of the National Pension System (NPS) to ₹30-lakh crore by 2030.

The regulator has now come out with a new Request for Proposal (RFP) for selection of sponsors of pension funds for NPS, throwing open the door for more pension fund managers with at least five-fold jump in their fees, making it lucrative for serious players to take a deep dive into this industry.

BusinessLine spoke to PFRDA Chairman Supratim Bandyopadhyay to get into the nuts and bolts of this reform process. Excerpts:

What is the objective of bringing the RFP?

It is to expand the number of players (only serious) in the pension industry and ensure that existing as well as new players are better remunerated in terms of fund management fees in line with the size of their operations.

How is the latest RFP different from the earlier one?

This latest RFP has several firsts to its credit. This is the first time we have come out with a combined RFP — both for the government and private sector. For the government, the last RFP was in 2012 and in 2013-14 for the private sector. They had different structures and restrictions.

The Government was open for certain state-controlled pension fund managers and the private sector was open for all. In April 2019, the government had allowed even private pension fund managers to manage NPS funds of government schemes. Now, there is no distinction between government, PSU or private pension fund managers.

Which are the other firsts?

This is the first RFP where we have specified a slab structure for investment management fee. In the earlier regime, it was a flat fee. We have now gone in for a graded slab structure (four slabs from 3 paise to 9 paise) so that the new entrants to this field will not find it difficult to build a corpus. This will help them achieve scale while meeting their early establishment expenses. From a previous regime fee level of 1 paisa for every ₹100 of pension funds managed, we are now proposing an average fee of 5 paisa per ₹100 of pension monies managed. This is a five-time increase. This effective fee of about 5 paise is the cheapest in the pension world and our pricing is the most competitive.

With increase in fee structure, we expect pension fund managers to profit while having funds for building infrastructure and support team. We have found a balance that will not be too heavy on the wallets of subscribers and, at the same time, support the pension fund managers too. When the fee was 1 paisa, new sponsors were not very keen to enter this space.

Any other significant change this time round?

Earlier, we had a control on the number of fund managers and specified it as 10. This time, any number of fund managers can come as long as they fulfil our criteria. Anybody with five years experience of fund management on debt and equity and monthly average AUM of ₹50,000 crore for the last 12 months can apply.

We see strong interest already and, by January 22 (last date for submitting applicants); expect at least 15-16 serious applicants. The other significant decision we have taken is that licenses will be granted for perpetuity. Last time, we had allowed licence term of only five years or until a new RFP is issued. The new licence will have to be renewed every year. We have also this time round not stipulated that other bidders should match the fee proposed by the bidder with the least quote. There is no such compulsion this time.

Where do you see pension assets growing this fiscal and in the next decade?

We are on course to achieve assets under management of close to ₹6-lakh crore by end March this fiscal. This is going by the growth seen in the first nine months this fiscal. We had started the fiscal with AUM of ₹4.17-lakh crore and already touched ₹5.5-lakh crore by end December 2020. We have been growing at 35 oer cent CAGR and by this trend achieve AUM of ₹30-lakh crore by 2030.

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‘Banking system may see double-digit credit growth in FY22’

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The banking system could see double-digit growth rate in credit in FY22 as the economy seems to be in revival mode, according to Rajkiran Rai G, Union Bank of India (UBI) MD and CEO.

Things are slowly returning to normalcy on the credit front, opined Rai, who is also the Chairman of Indian Banks’ Association (IBA).

Referring to the opinion of some experts that credit demand is not at the same level as it was in October and November, Rai said: “So, it is too early to declare victory. But things are okay.”

“If the economy comes back to normalcy – suppose we are able to see slightly positive growth in Q3 (October-December) and better growth in Q4 (January-March) – there will be better capacity utilisation.”

The Union Bank chief felt that investment demand will pick up. “But whether it will take three months, six months, nine months, we are not sure.

“But then, I strongly feelcredit growth in FY22 should hit double-digits in percentage terms,” he said.

Rai expects the banking system’s credit pick up in FY22 to be higher vis-a-vis expected credit growth of 5-6 per cent in FY21. Plus, due to base effect, the system may record double-digit credit growth.

This credit growth will happen due to capacity expansion, working capital and term loan utilisation, some upgradation in technology, infrastructure projects in public-private partnership, and HAM (hybrid annuity model) for road projects, among others.

Citing the example of steel, Rai said price of the metal is going up because the demand is quite high. “Now, if the margins sustain like this, we will see capacity expansion…credit demand will pick up,” he added.

In its latest report on ‘Report on Trend and Progress of Banking in India’, the Reserve Bank of India (RBI) observed that during the current financial year so far, the loan growth deceleration (which started in 2019-20, reflecting both risk aversion and tepid demand) was accentuated by the -19 pandemic

Rai remarked that banks have been a bit liberal with working capital assessment in the backdrop of the pandemic.

“So, as things return to normalcy, we, too, have to restore the original way of assessment.

“In this kind of environment where interest rates are low, lot of leverage gets built. So, we have to be careful that we don’t build a bubble,”he said.

Referring to the government’s outlay of ₹100-lakh crore for infrastructure projects over five years beginning FY20, Rai believes this will lead to a cycle of growth.

“Government spending will really help the economy. The Reserve Bank of India has done everything possible from its side,” he said.

 

Deposit growth

The UBI chief observed that deposit growth in FY22, too, will be in double digits. “Deposits were never a constraint. We mobilise deposits only when we have lending opportunities. So, what we have to do is focus more on lending,” he emphasised.

As per RBI data, deposits of all scheduled banks were up 11.12 per cent y-o-y as on December 18, 2020.

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‘Banking system may see double-digit credit growth in FY22’

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The banking system could see double-digit growth rate in credit in FY22 as the economy seems to be in revival mode, according to Rajkiran Rai G, Union Bank of India (UBI) MD and CEO.

Things are slowly returning to normalcy on the credit front, opined Rai, who is also the Chairman of Indian Banks’ Association (IBA).

Referring to the opinion of some experts that credit demand is not at the same level as it was in October and November, Rai said: “So, it is too early to declare victory. But things are okay.”

“If the economy comes back to normalcy – suppose we are able to see slightly positive growth in Q3 (October-December) and better growth in Q4 (January-March) – there will be better capacity utilisation.”

The Union Bank chief felt that investment demand will pick up. “But whether it will take three months, six months, nine months, we are not sure.

“But then, I strongly feelcredit growth in FY22 should hit double-digits in percentage terms,” he said.

Rai expects the banking system’s credit pick up in FY22 to be higher vis-a-vis expected credit growth of 5-6 per cent in FY21. Plus, due to base effect, the system may record double-digit credit growth.

This credit growth will happen due to capacity expansion, working capital and term loan utilisation, some upgradation in technology, infrastructure projects in public-private partnership, and HAM (hybrid annuity model) for road projects, among others.

Citing the example of steel, Rai said price of the metal is going up because the demand is quite high. “Now, if the margins sustain like this, we will see capacity expansion…credit demand will pick up,” he added.

In its latest report on ‘Report on Trend and Progress of Banking in India’, the Reserve Bank of India (RBI) observed that during the current financial year so far, the loan growth deceleration (which started in 2019-20, reflecting both risk aversion and tepid demand) was accentuated by the -19 pandemic

Rai remarked that banks have been a bit liberal with working capital assessment in the backdrop of the pandemic.

“So, as things return to normalcy, we, too, have to restore the original way of assessment.

“In this kind of environment where interest rates are low, lot of leverage gets built. So, we have to be careful that we don’t build a bubble,”he said.

Referring to the government’s outlay of ₹100-lakh crore for infrastructure projects over five years beginning FY20, Rai believes this will lead to a cycle of growth.

“Government spending will really help the economy. The Reserve Bank of India has done everything possible from its side,” he said.

 

Deposit growth

The UBI chief observed that deposit growth in FY22, too, will be in double digits. “Deposits were never a constraint. We mobilise deposits only when we have lending opportunities. So, what we have to do is focus more on lending,” he emphasised.

As per RBI data, deposits of all scheduled banks were up 11.12 per cent y-o-y as on December 18, 2020.

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FD And Loan Interest Rates To Remain Low In 2021

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RBI in a sticky situation

While addressing monetary stands taken by all major economies of the world, Bloomberg noted that the Reserve Bank of India (RBI) faces a deluge of foreign inflows, sticky inflation and uneven growth prospects.

Governor Shaktikanta Das has assured investors that monetary policy will stay accommodative through much of 2021, but Bloomberg Economics’ forecast shows rates falling to 3% by the end of 2021 from the current 4%.

RBI cut repo rates by 115 basis points (1 bps = 0.01%) in 2020 to support the worst economic downturn independent India has ever seen. It has, however, put a pause on these rate cuts in the last three monetary policy meetings as consumer price index (a measure of retail inflation) stayed above the central bank’s 2%-6% target range.

While the central bank tries to keep in check the glut of liquidity that threatens a spike in inflation as demand for goods and services revive, interest rates are set to stay low.

“We expect inflation to recede below the Reserve Bank of India’s 6% upper tolerance level in December to allow an extremely dovish monetary policy committee to resume easing in 2021. We expect the RBI to lower the repo rate by 25 bps to 3.75% at the February review and to 3% by August 2021. With liquidity a bigger inflationary threat, we expect RBI’s accommodative stance to switch to slashing borrowing costs this year,” said Bloomberg Economics’ Abhishek Gupta.

Banks in India have passed on less than half of RBI's 2020 rate cut, says report

Banks in India have passed on less than half of RBI’s 2020 rate cut, says report

According to an Economic Times report, banks have passed on less than 50% of the total repo rate cut brought by RBI since March 2020.

RBI had announced back-to-back rate cuts totalling 1.15% since March, making borrowing cheaper and stimulate the economy amid the coronavirus pandemic and lockdowns.

However, banks have failed to pass on the benefits to customers, said the report, adding that on an average, lending rates for fresh and outstanding loans across banks fell 50 bps and 40 bps, respectively, from April to November 2020.

Economists told the daily newspaper that the structure of deposit rates in Indian banks – which depend heavily on retail deposits instead of market-based or wholesale options – has contributed to this.

An economist at Barclays India explained to ET that in the past it took about 12 to 18 months for full transmission of policy rates depending on the liquidity conditions, as banks’ significant costs were not directly linked to benchmark policy rates.

The ET report further said that while public banks on average have cut lending rates on outstanding loans by 59 bps and fresh loans by 68 bps between April and November 2020, private banks have only cut an average of 48 bps and 36 bps, respectively.

This could mean that interest rates, especially on loans, are likely to see a further decline in the coming months of 2021.

Deposit interest rates at all-time low

Deposit interest rates at all-time low

A sharp dip in repo rate was first reflected in FD interest rates as banks took it upon them to make an equally aggressive cut in deposit rates. While customers are sitting on extra cash, thanks to low consumption levels and postponement of large purchases, banks’ interest rates on deposits have fallen to all-time lows.

The State Bank of India, the country’s largest bank, currently offers 2.70% per annum on savings account deposits and 2.90% to 5.40% on fixed deposits. Rates could fall further, if and when, RBI announces another rate cut to push growth.



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RBI imposes penalty of ₹2.5 crore on Bajaj Finance

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The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 crore on Bajaj Finance Ltd (BFL). The central bank, in a statement, said: “The penalty has been imposed on Pune-based BFL for violation of “(i) directions issued by the RBI on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs and Fair Practices Code (FPC)…and (ii) a specific direction to the company to ensure full compliance with FPC in letter and spirit.”

The statement said this penalty has been imposed in exercise of powers vested in the RBI under the provisions of the Reserve Bank of India Act, 1934, taking into account the failure of the company to ensure that its recovery agents did not resort to harassment or intimidation of customers as part of its debt collection efforts and, thereby, failing to adhere to the aforesaid directions issued by the RBI.

There were also persistent/repeat complaints about recovery and collection methods adopted by the company, it added.

“For the above lapses, a notice was issued to the company advising it to show cause as to why penalty should not be imposed for such non-compliance.

“After considering the company’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, the RBI concluded that the charge of non-compliance with the aforesaid RBI directions was substantiated and warranted imposition of monetary penalty,” the central bank said.

The RBI said this action is based on deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.

The central bank had imposed a monetary penalty of ₹1 crore by a January 3, 2019, order for violation of FPC.

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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India invites E-Tender for Broadcast of Financial Awareness videos (Bhojpuri) on local Bhojpuri TV Channels from agencies empanelled with DoC, RBI Central Office (Mumbai). The tendering would be done through the e-Tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). All interested companies/agencies/firms must register themselves with MSTC Ltd through the above mentioned website to participate in the tendering process. The Schedule of e-Tender is as follows:

a. E-Tender No RBI/Lucknow/Others/11/20-21/ET/406
b. Estimated cost ₹ 20.67 Lakh
c. Mode of Tender e-Procurement System (Online Part I – Techno-Commercial Bid and Part II – Price Bid through www.mstcecommerce.com/eprochome/rbi
d. Date of NIT available to parties to download 03:00 PM on January 05, 2021 onwards
e. Pre-Bid meeting Offline at 11:00 AM on January 18, 2021 Venue: RBI, Lucknow, 3rd Floor, Conference Room, 8-9, Vipin Khand, Gomti Nagar
f. i) EMD through NEFT/Net Banking and intimate/forward the transaction details (UTR number) to sudhirpandey@rbi.org.in, asvikash@rbi.org.in, fiddlucknow@rbi.org.in and upload on www.mstcecommerce.com/eprochome/rbi ₹41,340/- (Rupees Forty One Thousand Three Hundred and Forty Only) by NEFT paid through NEFT/ Net banking only to in our A/c No. 186003001, IFSC RBIS0LKPA01 to Reserve Bank of India Lucknow. Please mention UTR transaction details while applying.
ii) Tender Fees NIL
g. Last date of submission of EMD. Up to 12:00 noon on January 27, 2021 by NEFT/Net banking
h. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at RBI Lucknow www.mstcecommerce.com/eprochome/rbi 04:00 PM on January 05, 2021 onwards
i. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid. 12:00 noon on January 27, 2021
j. Date & time of opening of Part-I (i.e. Techno-Commercial Bid)

Part-II Price Bid: Date of opening of Part II of eligible firms

 02:00 PM on January 27, 2021

Shall be informed separately to parties

k. Transaction Fee (To be submitted separately by the vendors to MSTC vide MSTC E-Payment Gateway for participating in the E-Tender) ₹1,180/- inclusive of GST @ 18% Payment of Transaction fee through MSTC payment gateway /NEFT/RTGS in favour of MSTC LIMITED

  • Intending tenderers shall pay as earnest money a sum of ₹41,340/- (Rupees Forty One Thousand Three Hundred and Forty Only) by way of NEFT to Reserve Bank of India, Lucknow within the timeline specified in the tender document.

  • Applicants intending to apply will have to satisfy the Bank by furnishing documentary evidence in support of their possessing required eligibility and in the event of their failure to do so, the Bank reserves the right to reject their bids. Tenders without EMD will not be accepted under any circumstances.

  • The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part any tender. The Bank also reserves the right to reject all the tenders without assigning any reason thereof.

  • Any amendments / corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website as given above and will not be published in the newspaper.

Regional Director,
Reserve Bank of India
Lucknow

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RBI to introduce LEI for large-value transactions in RTGS/NEFT from April

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The Reserve Bank of India (RBI) has decided to introduce the Legal Entity Identifier (LEI) system for all payment transactions of value ₹50 crore and above undertaken by entities (non-individuals) using the Reserve Bank-run Centralised Payment Systems with effect from April 1.

LEI is a 20-digit number used to uniquely identify parties to financial transactions worldwide. It was conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the global financial crisis.

In preparation for the wider introduction of LEI across all payment transactions, the RBI asked member banks participating in Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) to advise entities who undertake large value transactions (₹50 crore and above) to obtain LEI in time, if they do not already have one.

Member banks should include remitter and beneficiary LEI information in RTGS and NEFT payment messages. Further, they have to maintain records of all transactions of ₹50 crore and above through RTGS and / or NEFT.

Entities can obtain LEI from any of the Local Operating Units (LOUs) accredited by the Global Legal Entity Identifier Foundation (GLEIF), the body tasked to support the implementation and use of LEI.

In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL), which is also recognised as an issuer of LEI by the Reserve Bank under the Payment and Settlement Systems Act, 2007.

LEI has been introduced by the Reserve Bank in a phased manner for participants in the over the counter (OTC) derivative and non-derivative markets as also for large corporate borrowers.

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Gold Has Brightened This Year: Should You Invest In Gold Financiers?

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Personal Finance

oi-Roshni Agarwal

|

Gold on resurgence in coronavirus cases globally due to the new mutuant strain and fresh lockdown imposed to combat it, there has been a sudden spike in gold rates, which has risen to 8 month high. Also the increased liquidity due to the recent dole out of the US stimulus, has imparted weakness to the greenback to the two and a half year low.

Now, on the MCX in Tuesday’s trade gold has been trading flat today and is above Rs. 51000 per 10 gm, after scaling to its fresh life time high of Rs. 56200 in August this year on the bourse. And internationally gold has moved past levels of $2000 per ounce

So, amid all the buzz around will betting on gold loan financiers be rewarding, here is discussed the same below:

Now, gold financiers stand to gain as the prices of gold zoom and there is traction for gold loan in the market and also as such loans are backed by collateral in the form of gold loan kept with these institutions they do not confront asset quality issues as with other loans.

Also, another thing that needs to be brought to the potential investors in these gold financiers is that with rise in gold prices, safety margin of gold loan companies on gold loan increases. Safety margin is the difference between the market value of gold in ornaments and the loan amount given to customers against these loans. So, indeed rise in gold price augurs well for these gold financiers.

1. Muthoot Finance:

1. Muthoot Finance:

The stock last quoted at Rs. 1262 and after trading sideways from mid-August 2020 with a breakout level placed at Rs. 1320. The trend looks good as the counter is trading above the 200-days moving average placed at Rs. 1059. Moreover, the Moving Average Convergence Divergence (MACD) is well placed above the zero line, which is suggestive of a positive momentum ahead. The immediate support comes at Rs 1,200 levels.

2. Manappuram Finance Limited:

2. Manappuram Finance Limited:

Now as long as the scrip finds support of 50-WMA placed at Rs. 150.4 level. And for the breakout on the higher side, the stock needs to absorb all of the selling pressure it is seeing around Rs. 180. And now if the scrip sustains above levels of Rs. 180, it shall gain up to Rs. 210

3. SBI:

3. SBI:

It also has a good share in gold loan portfolio with low gold loan interest rate. And now as the scrip recently crossed its 200-WMA, placed at Rs 273, triggering the upside bias towards Rs 320 levels. The levels shall be likely seen, if the stock closes above Rs. 260 levels.

Catholic Syrian Bank

Catholic Syrian Bank

There has come to light that gold loan portfolio for the CSB Bank has gained tremendously to Rs. 5633 crore and on a sequential basis grew 14 percent. And amid the filing, there is suggested that the CSB scrip after breaking the 50-wma at Rs. 237, the stock witnessed selling pressure. And now the stock is seeing a resistance at Rs 229.50 levels. The stock now needs to scale 100-WMA and 50-WMA (placed at Rs 235) to encourage buying momentum. The counter may see aggressive selling build-up if the support of Rs 210 is broken decisively.



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Contributions to PIDF will be mandatory for banks, card networks: RBI

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The Reserve Bank of India (RBI), on Tuesday, said contributions to the Payments Infrastructure Development Fund (PIDF) will be mandatory for banks and card networks.

The central bank had announced the creation of PIDF in June 2020 to encourage acquirers to deploy Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north-eastern States.

“Initial corpus of PIDF has to be substantial to initiate pan-India terminalisation and to cover the pay-outs in the first year.

“…The RBI shall contribute ₹250 crore to the corpus; the authorised card networks shall contribute in all ₹100 crore,” said RBI in a circular.

All stakeholders have been requested to co-operate in this endeavour by making their contributions to PIDF within the timelines; and deploying acceptance infrastructure and seeking reimbursement from PIDF.

The central bank said the card-issuing banks should also contribute to the corpus based on the card issuance volume (covering both debit cards and credit cards) at the rate of ₹1 and ₹3 per debit and credit card issued by them, respectively.

As per the circular: “It shall be the endeavour to collect the contributions by January 31, 2021.

“Any new entrant to the card payment eco-system (card issuer and card network) shall contribute an appropriate amount to the PIDF.”

PIDF Scheme will be operational for a period of three years from January 1, 2021, and may be extended for two more years depending upon the progress.

Recurring contribution

Besides the initial corpus, the PIDF will also receive annual contribution from card networks and card-issuing banks.

In the case of card networks, the recurring contribution will be one basis point (bps) – 0.01 paisa per rupee of transaction.

In the case of card-issuing banks, the recurring contribution will be one bps and two bps – 0.01 paisa and 0.02 paisa per rupee of transaction for debit and credit cards, respectively; also at the rate of ₹1 and ₹3 for every new debit and credit card issued by them respectively during the year.

The RBI said it will contribute to yearly shortfalls, if any. PIDF, which presently has a corpus of ₹345 crore (₹250 crore contributed by RBI and ₹95 crore by the major authorised card networks in the country), envisages increasing payments acceptance infrastructure by adding 30 lakh touch points – 10 lakh physical and 20 lakh digital payment acceptance devices every year.

The central bank said the scheme is expected to benefit the acquiring banks / non-banks and merchants by lowering overall acceptance infrastructure cost.

Subsidy

As the cost structure of acceptance devices vary, subsidy amounts shall, accordingly, differ by the type of payment acceptance device deployed, according to the circular.

A subsidy of 30 per cent to 50 per cent of cost of physical PoS (Point of Sale) and 50 per cent to 75 per cent subsidy for Digital PoS shall be offered, it added.

Acquirers meeting / exceeding their targets well in time and / or ensure greater utilisation of acceptance devices in terms of transactions shall be incentivised, while those who do not achieve their targets shall be disincentivised, by scaling up or down the extent of reimbursement of subsidy

As per the tentative distribution of targets across centres, 60 per cent of the acceptance devices may be deployed in Tier-5 and Tier-6 centres; 30 per cent in Tier-3 and Tier-4 centres; and 10 per cent in north-eastern States.

Merchants providing essential services (transport, hospitality), government payments, fuel pumps, PDS shops, healthcare, kirana shops may be targeted, especially in the targeted geographies.

The types of Acceptance Devices covered under PIDF scheme include multiple payment acceptance devices / infrastructure supporting underlying card payments, such as physical PoS, mPoS (mobile PoS), GPRS (General Packet Radio Service), PSTN (Public Switched Telephone Network), QR code-based payments etc.

Payment methods that are not inter-operable shall not be considered under PIDF. A nine-member Advisory Council (AC), under the Chairmanship of BP Kanungo, Deputy Governor, RBI, has been constituted to manage the PIDF.

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Bandhan Bank to provide salary accounts for Indian Army personnel

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Bandhan Bank has signed a Memorandum of Understanding with the Indian Army for Bandhan Bank Shaurya salary account.

Services under the account will be offered to serving personnel of the Army through the bank’s network of banking outlets. The account will offer a host of features including zero-balance facility with 6 per cent interest on balance above ₹one lakh, unlimited free ATM transactions, waiver of issuance and annual charge on Shaurya Visa Platinum debit card.

The account will also offer protection for self and assets, and include free personal accident insurance of ₹30 lakh, air accident cover of ₹1 crore and free educational benefit of up to ₹1 lakh a year for four years to a dependent child in case of accidental death of account holder, said a press statement issued by the bank.

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