Month: February 2021

PNB not to take part in housing finance arm’s planned fund raise, BFSI News, ET BFSI

Banking & Finance

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Mumbai, Punjab National Bank will not take part in the capital raising plans of PNB Housing Finance.

Last August, the Board of PNB Housing Finance approved raising Rs 1,800 crore of equity capital through preferential issue or rights issue.

Referring to the decision, PNB Housing, in a regulatory filing, said that it will continue to pursue with the proposed capital raising plan.

“Punjab National Bank has communicated that it shall not be participating in the capital raise plans of the company. However, the company will continue to pursue with the proposed capital raising plan through permitted modes,” the filing said.

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Government may look at AMC or ARC model for asset monetisation programme, BFSI News, ET BFSI

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The government may consider asset management and asset reconstruction company model to monetise non-core assets of public sector enterprises (PSEs).

AMC and ARC or a bad bank has been proposed for the banking sector in Budget 2021-22 to acquire, manage and turnaround bad loans. The budget also talked about asset monetisation to unlock the true value of the assets lying with the government entities.

The plan now is to create a special purpose vehicle (SPV) under the government route that could take the shape of an AMC/ARC and help maximise the value of the assets of the PSEs.

Assets may first be transfer to the proposed SPV which will then devise a plan to improve them before finding a strategic buyer and completing the transaction.

Speaking to IANS earlier, DIPAM secretary Tuhin Kanta Pandey had said that the SPV could look at monetising non-core assets of PSEs that are unable to undertake the work on their own and help them realise better value for assets that are unutilised or underutilised or are just lying idle without generating any revenue.

Asset monetisation is the process of creating new sources of revenue for the government and its entities by unlocking the economic value of unutilised or underutilised public assets. A public asset can be any property owned by a public body, roads, airports, railways, stations, pipelines, mobile towers, transmission lines etc. or even land that remains unutilised.

The DIPAM secretary said that while the contours of the asset monetisation SPV is still to be worked out, it has asked all government bodies and PSEs to identify a list of assets that need to be monetised. These would then be transferred to the SPV that will help improving the assets so as to maximise its value in the monetisation exercise.

With regard to land to be under monetisation, the plan is to create a central portal that could act as a land bank housing information about all such assets that have been lined up for utilisation by the strategic investors.

Sources said the AMC/ARC model for asset monetisation would work as it can help in maximising the value of public assets, thereby give better returns to the government and the PSEs. Certain assets may need to be improved before putting them up for auction. This work can be taken up by the AMC which can then put the asset up for sale and complete the transaction.

Pandey said that only non-core assets may be taken over by the proposed SPV and it would basically support smaller PSEs or those with inadequate infrastructure to undertake monetisation on their own. Larger entities like the Railways or other PSEs can continue on their own to monetise assets.

The Railways already has the Rail Land Development Authority (RLDA) for creating assets for Indian Railways through the development of vacant railway land for commercial use to generate revenue using non-tariff measures.

Though asset monetisation in bits has been undertaken in the past and few PSEs have initiated the exercise on this front, the government has given importance to this plan this year in the Budget and is actively looking to create a vast pool of state assets that would be sold off.



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NPA hive-off, staff transfers being considered, BFSI News, ET BFSI

Banking & Finance

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The government could hive off the non-performing loans of the two public sector banks that are to be selected for privatisation and transfer some of their employees to other state-run lenders in a bid to make them attractive for buyers.

The government is likely to consider only banks that were not part of the recent consolidation, which would exclude Punjab National Bank, Bank of Baroda, Canara Bank and State Bank of India from the privatisation process. “We could clean up the balance sheet and then offer the bank for sale, if it would get better valuations… All options are open,” a senior government official said.

Finance minister Nirmala Sitharaman said in the budget for FY22 that the government intends to privatise two public sector banks and one state-run general insurer in the next financial year.

The finance ministry is likely to hold discussions with Niti Aayog over the next 10 days to identify the candidates for privatisation.

The government will then begin the groundwork for the process, which will include legal changes and discussions with the Reserve Bank of India on the criteria for potential buyers.

An RBI working group had suggested in November that large corporate houses should be allowed to own banks by amending the Banking Regulation Act.

Workers’ Interest
The interests of employees will also be considered and they could be offered the option to shift to another PSB before privatisation.

Sitharaman told ET in an interview published on February 13 that the interests of all sections including workers would be safeguarded. “We obviously have to negotiate with those bidders to see that the workers’ interests are safeguarded, not just for today but also if the commitment is to ensure that their pensions will be paid, it will be definitely something which I will have to keep in mind… We will have to talk with everybody,” she had said.

Non-consolidation candidates preferred
Banks that were part of the consolidation exercise will be likely be excluded from the privatisation process as they are still managing integration issues and privatising them would add to complexity.

“Consolidation exercise is carried out at various levels including branches, ATMs, people, business, software,” the official said, adding that the process was not complete in some cases because of the disruption caused by Covid-19.

The government announced the merger of 10 public sector banks into four big ones in August 2019, bringing down the number of PSBs in the country to 12 from 27.

Oriental Bank of Commerce and United Bank of India were merged into Punjab National Bank; Syndicate Bank was merged with Canara Bank; Indian Bank with Allahabad Bank, and Union Bank of India with Andhra Bank and Corporation Bank.

Of the 12 PSBS, Indian Overseas Bank, Central Bank of India and UCO Bank are under the RBI’s Prompt Corrective Action framework, a set of guidelines for lenders that become undercapitalised due to poor asset quality or turned vulnerable due to loss of profitability.



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Reserve Bank of India – Tenders

Tenders

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Reserve Bank of India, Guwahati is in the process of inviting applications for empanelment of contractors for electrical, civil and other repair works at Office premises and residential quarters at Guwahati (for works estimated to cost up-to 50 lakhs) under different categories for the period July 01, 2021 to March 31, 2024. The terms & conditions can be downloaded from https://www.rbi.org.in. The last date for submission of application is March 31, 2021 till 14:00 hours.

Start date for submitting of applications: February 22, 2021; from 11:00 A.M.

Last date for submitting of applications: March 31, 2021; till 02:00 P.M.

Bank reserves the right to accept or reject any or all the applications without assigning any reasons for doing so.

Regional Director,
Reserve Bank of India
Guwahati

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LIC HFL “HomY App”: Now Apply for Home Loan from your Mobile

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Planning

oi-Sneha Kulkarni

|

Yes, now individuals can apply for a home loan easily from LIC Housing Finance Limited’s mobile app called “Homy”. LIC HFL provides a wide range of home loans that will meet your needs at one of the lowest interest rates available.

Their home loans are tailor-made to meet all forms of a consumer base, salaried, self-employed, professional, NRIs, etc. LIC offers Low home loan interest rate starting from 6.90% p.a.

With the app, one can confirm their eligibility for a pre-approved home loan based on KYC and other details. The software can also be used by LIC Housing Finance agents in the sector to communicate with clients and deliver services in real-time.

LIC HFL

LIC HFL HomY app facilitates:

Download the app and get instant loan deals depending on your eligibility, set your period of repayment, upload records, and submit the loan application. Track your loan application and download your pre-filled application and EMI calculator.

LIC HFL Home Loan Features on Mobile:

• Apply for Home Loans Online

• Check the latest rate of interest

• Get loan offers based on your income and property cost

• Calculate Eligibility and EMI

• Set repayment duration

• Upload documents

• Submit loan application

• Track your application status

• Chatbot to answer all your queries

Maximum loan amount

The maximum loan amount will be 90% of property value for a loan up to Rs 30 lakh

The maximum loan amount will be 80% of property value for a loan more than Rs 30 lakh and up to Rs 75 lakh

The maximum loan amount will be 75% of property value for a loan above Rs 75 lakh.

Maximum repayment period

The maximum repayment period for a salaried individual is up to 30 years

The maximum repayment period for self-employed is up to 20 years.

Documents required for LIC home loan:

KYC documents:

  • Pan Card
  • Aadhaar Card
  • For NRIs, passport is required
  • Proof of residence
  • Income documents:
  • Salary slips and Form No.16 for salaried
  • Last 3 years income tax returns along with financials for self-employed or professionals
  • Bank statements for the last 6 to12 months
  • Property Documents (in case property is identified):
  • Proof of ownership of property
  • In the case of flats, the allotment letter of the builder/society
  • Up to date tax paid receipt.

Types of Home Loan

Home Loan for Resident Indian

Home Loan for Non-Resident Indian

Pradhan Mantri Awas Yojana

Home Improvement Loans

Top-Up Loan

Plot Loans

Griha Varishtha – Home Loan for Pensioners

LIC Home Loan Customer Care

You can contact LIC home loan-related questions and grievances via phone, email, and post.

LIC Housing Loan Customer Care Number of LIC HFL Corporate Office: 912222178600

LIC Housing Loan Customer Care Email ID

Email ID of LIC HFL: lichousing@lichousing.com

For Customer Grievance: customersupport@lichousing.com

GoodReturns.in



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‘Barring payment aggregators & merchants from storing card data to impact card payments’, BFSI News, ET BFSI

Personal Finance

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The Reserve Bank of India (RBI) in March 2020 had put out Payment Aggregator and Payment guidelines that bars the merchants from storing card data of customers and disallows payment aggregators from storing customer card credentials within their database or the servers assessed by the merchant. PAs and merchants will have to most likely adhere to these guidelines by June 30, 2021

According to payment industry experts and executives that ETBFSI spoke to, this could potentially impact digital payments, particularly the card transactions. Further there are three key concerns viz. systemic risk due to technology build up, one size fits all approach, and customer inconvenience.

One-Size-Fits-All Approach
Globally, payment companies and merchants storing card data have to be compliant with Payment Card Industry Data Security Standard (PCI-DSS). PCI-DSS is a set of requirements for all companies who process, store or transmit credit card information having to maintain a secure environment.

In that context the RBI in the PAPG Guidelines holds payment aggregators responsible to check PCI-DSS compliance of the infrastructure of merchants onboarded but doesn’t allow the merchants to save customer card and related data.

Experts believe this is a one-size-fits-all approach and will impact customer inconvenience.

“It makes the card payment experience worse for customers and it’s a step not in the right direction. In India we should encourage as many instruments as possible as the digitisation journey has just started. Somebody preferring a credit card shall be offered the same level of experience as somebody using UPI. In this case cards would’ve a terrible experience than any other instrument,” said a CEO of a large Payment Aggregator, on condition of anonymity.

He added, “Even today, first time digital payment consumers still use debit cards, because UPI requires a bit of understanding, onboarding, etc. Making that experience patchy and bad might not be in the right direction to encourage digital payments, because we can’t expect the consumer to every time add the sixteen digits of the card number and other details especially for recurring transactions.”

While PCI-DSS is a recognised standard world over across different jurisdiction, experts suggest if the RBI’s intention is to prevent data breach and leakage of card data, the regulator can add more things like data localisation and other measures with audits but doing away with it and one-size-fits-all wouldn’t make sense.

Mandar Kagade, Founder & Principal at Black Dot Public Policy Advisors said, “The restriction is broad-based and makes no distinction as to the merchants that have invested in the relevant PCI – DSS standards and the ones that haven’t. It applies a one-size-fits-all constraint to all merchants regardless of whether they are compliant of PCI- DSS and is thus inconsistent with RBI’s recognition of it hitherto.”

Mandar added, “Consistency in the regulatory voice is critical for the growth of the payments sector because payments sector participants and FinTechs will invest in technology relying on that consistency.”

Mandar suggests that payments sector participants that are PCI- DSS compliant should be allowed to continue to store card data “in-situ” and others that are not compliant, may be given a time window to on- ramp and upgrade.

According to Ashish Agarwal, Senior Director and Head – Public Policy at NASSCOM, it’s also a case to look at the applicability of the guidelines on international transactions.

Ashish said, “While it is one thing to make the PAPG guidelines applicable in case of domestic transactions, mandating them on international transactions has left the industry a bit puzzled. How will this be mandated with foreign merchants and foreign acquiring banks is not clear. Already consumers can control use of their cards for international as well as e-commerce transactions. So we want RBI to evaluate the application of this on cross border transactions a bit more and clarify how this is planned to be implemented.”

The Case of Tokenisation
If the regulator doesn’t allow the merchants and payment aggregators to store the data on their server, tokenisation could be a way forward. Tokenisation is replacement of card details with an alternate code called “token” which is unique for a combination of card, token requestor and device. In a tokenised transaction the actual card details are not shared with the merchant during transaction processing and the transaction is processed based on the tokens.

Experts believe the industry isn’t ready to roll out full scale tokenisation as there are some limitations at ecosystem level. Currently the RBI has restricted the feature of tokenisation to mobile phones and tablets only.

The CEO of payments aggregator quoted above said, “Tokenisation is not adopted by the industry well, the purpose of tokenisation solves the purpose of not sending card details every-time to the network. But the issuing banks haven’t widely adopted so it’s not widely used.”

To increase the adoption of tokenisation the RBI will have to broaden the applicability to other devices like computer/laptop as well apart from mobile phone and tablets.

Ashish of NASSCOM added, “RBI will have to time the implementation of tokenisation to the ecosystem – we are talking about networks, banks, payment aggregators and merchants. Merchants can’t afford even a small window of disruption and they will be completely dependent on the payments infrastructure. As per our understanding, a minimum of six additional months are needed. The June deadline for PAP guidelines is not looking reasonable. Two things are needed – RBI needs to work with the industry for smooth roll out of tokenisation at scale and only after that the new PAPG should be enforced.”

Ashish also suggests that e-mandate on debit and credit cards, PAP guidelines and tokenisation are all deeply interconnected and without card on file at the end of merchants and PAs, e-mandates can be effectively implemented only through large scale tokenisation at the end of networks and banks, and with PAs maintaining the requisite infrastructure to connect all ecosystem players including merchants, banks and networks, in order to seamlessly transmit unique and merchant-specific tokens. Currently, however, PAs are not geared for that. RBI has set March 31 as the deadline for e-mandate and that needs to be tied into the overall tokenisation rollout plan.

Financial Fragility & Systemic Risk
The restriction on storage of customer cards and related data could make the payments ecosystem systemically fragile as merchants and PAs will be constrained to call the Application Programming Interface (API) of the bank to authenticate the consumer every time for execution of the transaction.

Mandar added, “Significant build- up of technology debt at any one of the banks thus exposes the payments ecosystem to significant systemic failure risk albeit at a low probability, the very definition of ‘grey swan/ black swan’. The concentrated nature of the bank market amplifies this “grey swan / black swan risk.”



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50/50 Investment strategy: Best Strategy For Long-term Investment

Personal Finance

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Investment

oi-Sunil Fernandes

|

Indian stock market and its various indices are witnessing some unprecedented bull runs but this also crops up a catch-22 situation in investors’ mind – whether to put extra money or hold it for time till some correction happens and share bazaar becomes stable? This is a very natural question since whenever there is such all-time highs are witnessed, it poses a risk of losing money as well.

Now, just remember the time – March 2020 and some months after it – when the lockdown was put in place in the wake of Covid-19 pandemic to contain the coronavirus spread. At that time too, stock markets were witnessing new lows every day but investors were struggling with a huge dilemma that whether to put extra money or not since as an investor one always wait for another low level so that he/she can reap hefty returns once the market bounces back.

Now, as a stock market investor, what should you do in such share bazaar scenarios of all-time highs and all-time lows and the positions in between the bull runs and bear runs?

Investors should follow the 50/50 investment strategy of American economist Benjamin Graham. So, what is this 50/50 investment strategy? How does it work? What are its benefits?

As per this formula, investors should invest 50% of their money in the equity market and 50% in the debt market, and balance it from time to time.

For example, if an investor wants to pumps in Rs 1,000 in total in the stock market, then he or she should invest Rs 500 in Debt and Rs 500 in equity.

After a particular time period, there could be two scenarios – One – your investment in debt grows to Rs 510 vs original Rs 500, and your investment in equity becomes Rs 530 vs original Rs 500. Now, your total investment value stands at Rs 1040. Further, to balance the debt vis-a-vis equity ratio of 50:50, as per the investment strategy, you have to withdraw Rs 10 from equity and invest it into debt to make it again a balanced with 50/50 investment strategy.

Now, let’s focus on the second scenario. Let’s assume if you get negative returns from equity or even lesser returns from the money you had put in debt; for instance, -4% returns have been fetched from equity investment and your total market value of funds in equity stands at Rs 480. In this case, , you have to withdraw Rs 15 from debt and invest in the equity market; this will make Rs 495 in both equity and debt, and that’s what our ideal approach was of 50:50 debt vs equity investment. An investor should always review his/her portfolio from time to time to reap best returns from the market with the help of the balanced approach of 50:50 investment strategy.

50/50 Investment strategy: Best Strategy For Long-term Investment

Moreover, let’s take a look at benefits 50:50 investment strategy. Majorly, there are 3 benefits of the 50/50 formula.

First of all, your investment portfolio always remains balanced because your 50% investment is in the debt market.

Second, when the equity market is at the top levels or witnessing new highs, your portfolio helps you fetch more returns. And, using this strategy you a get a peace of mind by booking some part of the profit from equity’s investment lot and divert some funds towards debt investment in order to balance portfolio as per 50:50 investment approach. This strategy gives you of bigger chance to reap profits and helps you save money by no losing all profits, in case market slumps down to lows from highs.

Third, last but not the least, when the equity market is bearish, then using this 50:50 investment strategy you may always withdraw funds from debt and divert it to equity at cheaper levels. And, ultimately, using this strategy you buy equity at a low level and sell at a high level for booking big profits in future.

Various market investors use different ratios depending upon their risk appetite, but 50:50 debt vis-a-vis equity is the best ratio if you are new to the market or beginner in terms of share bazaar. Once you gain knowledge, you can change this ratio with your stock market’s bull and bear experiences.

Authored by Ravi Singhal, Vice Chairman of GCL Securities



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 2,000.30 1.59 0.25-5.30
     I. Call Money 314.60 2.68 2.55-3.11
     II. Triparty Repo 1,640.70 1.28 0.25-3.30
     III. Market Repo 0.00   –
     IV. Repo in Corporate Bond 45.00 5.30 5.30-5.30
B. Term Segment      
     I. Notice Money** 8,548.43 3.21 1.90-3.50
     II. Term Money@@ 321.45 – 3.20-3.65
     III. Triparty Repo 3,28,300.50 2.48 2.11-3.40
     IV. Market Repo 96,516.16 2.22 0.01-3.40
     V. Repo in Corporate Bond 0.00 – –
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Thu, 18/02/2021 4 Mon, 22/02/2021 4,60,669.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Thu, 18/02/2021 4 Mon, 22/02/2021 21.00 4.25
4. Long-Term Repo Operations –   –   –
5. Targeted Long Term Repo Operations – – – – –
6. Targeted Long Term Repo Operations 2.0 – – – – –
7. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -4,60,648.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 12/02/2021 14 Fri, 26/02/2021 2,00,017.00 3.52
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 24/02/2020 365 Tue, 23/02/2021 15.00 5.15
  Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
D. Standing Liquidity Facility (SLF) Availed from RBI$       32,622.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -90,297.94  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -5,50,945.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 18/02/2021 5,11,956.24  
     (ii) Average daily cash reserve requirement for the fortnight ending 26/02/2021 4,49,962.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 18/02/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 29/01/2021 8,48,955.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Ajit Prasad
Director   
Press Release : 2020-2021/1131

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Manipal Technologies to help UP rural women to provide banking services

Banking & Finance

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The Uttar Pradesh State Rural Livelihood Mission (UPSRLM) has engaged Manipal Technologies Limited (MTL) to train and onboard 8,000 women from self-help groups (SHGs) as banking correspondent (BC) Sakhis.

A company statement said on Sunday that this project is part of UPSRLM’s mission to train and onboard around 58,000 rural women as BC Sakhis or banking agents across 75 districts of the state. Of the 58,000 BC Sakhis, 8,000 will be trained and onboarded by MTL.

MTL signed the agreement with the UP Government in the presence of Rajendra Pratap Singh, UP Minister for Rural Development, recently.

Quoting Rajesh Shet, Vice-President of MTL, it said: “Our secure and easy-to-use technology solution will now support the rural women in UP to deliver several banking services as well as demonstrate their entrepreneur skills to a larger society. BC Sakhis will be the change-agent to deploy the use of digital payments in rural India and offer several new services at the doorsteps”.

Rural livelihood mission initiative

Under this rural livelihood mission initiative, each BC Sakhi will receive financial support of ₹24,000 for the first six months. The BC Sakhi will be provided specific training along with an integrated PoS (point-of-sale) device, cash box, fake-currency detector device, etc. to deliver seamless banking services in her village. To maintain safety and hygiene during the current pandemic, a contactless iris scanner for customer authentication will also be provided, he said.

Shet told BusinessLine that MTL had branded its technology solution as ‘Sahi Pay’ where it has brought banking, payments and some value-added services such as ticketing, electricity bill payment, etc., together.

The Government’s initiative is a big step towards empowering local women to provide banking and other digital payment services in village panchayat so that villagers do not need to travel long distances to access basic banking and payment services, he added.

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