Month: February 2021

NDB to invest $100 m in NIIF Fund of Funds

Banking & Finance

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New Development Bank (NDB), the multilateral development bank established by the BRICS countries, has announced a commitment of $100 million into the NIIF Fund of Funds (FoF). With NDB’s investment, the FoF has secured $800 million in commitments. NDB joins the Government of India (GoI), Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) as an investor in the FoF.

This investment marks NDB’s first equity investment into India and its first-ever investment into a Fund of Funds.

The FoF was established in 2018 with the objective to provide homegrown Indian private equity fund managers access to an India-focussed institutional investor that operates at scale.

As of date, the FoF has made commitments to four funds aggregating over ₹2,750 crore (approx. $370 million equivalent).

Sujoy Bose, Managing Director and Chief Executive Officer of NIIF, said: “With the Indian economy well on the path to recovery from the Covid-19-induced slowdown, the Indian private equity sector is expected to be a major provider of equity capital for the continued long-term growth of businesses. The FoF provides global institutional investors with an opportunity to build a diversified portfolio of growth investments through experienced Indian fund managers.”

NDB Vice-President and Chief Operations Officer, Xian Zhu, said: “ NDB’s investment in the NIIF FoF will provide additional funds to Indian private sector businesses facing difficulties during this time of crisis. The partnership with NIIF allows NDB to access a diversified range of portfolio funds and support the Government of India’s ongoing effort to promote investment in infrastructure. NDB support will address investment gaps and the availability of institutional funding for domestic private equity funds in India, contributing overall to infrastructure development and economic growth.”

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Superior risk handling in health, BFSI, media-telecom, IT-ITES: ICICI Lombard corporate risk index

Banking & Finance

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Four industrial sectors, including healthcare, banking, financial services and insurance (BFSI), media-telecom and IT-ITES, show superior risk handling, according to the Corporate India Risk Index 2020 launched by ICICI Lombard General Insurance.

The index also revealed that sectors that deal with high-transaction volumes and customer touchpoints, including BFSI, FMCG, automotive and transportation, are observed to have high-risk exposure.

“BFSI has very high risk exposure, but excels in risk management too,” it found, adding that real economy sectors such as metals, automotive, manufacturing and infrastructure and realty are currently handling risks optimally.

Further, new-age, hospitality and logistics sectors have high intrinsic risk exposure, which are being handled sub-optimally.

“Most new-age companies adopt operational best practices from established players for operational risk management,” it revealed.

According to a statement by ICICI Lombard General Insurance, the Corporate India Risk Index is a quantifiable measure to gauge the level of a company’s risk exposure and preparedness. The framework comprises 32 risk elements across six broad dimensions and covers large, medium, and small corporates across 15 key sectors in India.

The insurer has worked with Frost and Sullivan to develop the risk index.

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Piramal Enterprises posts 10% increase in Q3 net profit

Banking & Finance

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Piramal Enterprises Ltd reported a 10 per cent increase in consolidated net profit to ₹799 crore in the third quarter of the current fiscal year against a net profit of ₹724 crore in the same period last fiscal.

PEL, which recently emerged as the successful bidder for Dewan Housing Finance Corporation Ltd, said the acquisition is in line with its strategy to diversify its loan book and increase granularity.

“We are changing our financial services business model from one that is wholesale led to a well-diversified one; this also being one of the key objectives behind our bidding for DHFL,” said Ajay Piramal, Chairman, PEL.

The total consideration for DHFL was ₹34,250 crore, which includes an upfront cash component of ₹14,700 crore and a deferred component of ₹19,550 crore, PEL said in a statement on Thursday.

Drop in total income

Meanwhile, for the quarter ended December 31, PEL reported a four per cent drop in its total income at ₹3,265 crore against ₹3,411 crore a year ago. Net sales declined three per cent to ₹3,169 crore

In the financial services business, net sales fell nine per cent to ₹1,795 crore for the October-December 2020 quarter versus ₹1,963 crore a year ago.

Capital adequacy ratio was at 37 per cent and it maintained provisions at 6.3 per cent of the loan book or ₹2,935 crore to manage any future contingencies.

“Commenced disbursements under the multi-product retail lending platform, launched in November 2020. Expanded the retail lending product portfolio to six products as of December 2020,” PEL said.

In the pharma business, PEL reported a five per cent increase in net sales in the third quarter at ₹1,374 crore (₹1,307 crore).

“Closed fund raising deal with The Carlyle Group- received ₹3,523.40 crore as proceeds from pharma fund raise in October 2020,” it said.

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Reserve Bank of India – Tenders

Tenders

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Human Resource Management Department, Reserve Bank of India (hereinafter referred to as ‘the Bank’), Gangtok invites e-tender in two parts (Part I- Technical Bid & Part II- Price Bid) from reputed Firms / Companies / Agencies for providing Housekeeping services at RBI, Gangtok. The interested vendors must register themselves on the MSTC portal (https://mstcecommerce.com/eprochome/rbi) for participating through e-tendering.

2. The contract will be valid upto March 31, 2022 extendable for a maximum of two more years, one year at a time, subject to satisfactory performance, or other periods as RBI may decide. The details of the tender document/corrigendum will be available only on RBI Website (https://www.rbi.org.in) and MSTC portal. The Tender (Part-I & Part-II) shall be submitted on or before 1500 hours on March 8, 2021 through MSTC portal only.

3. The Bank reserves the right to accept or reject any or all the tenders/quotations without assigning any reason thereof.

4. Please note that further Addendum/Corrigendum will only be published on RBI website.

Chief General Manager
Reserve Bank of India
Gangtok

February 11, 2021

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How To Apply For SBI FD Online?

Personal Finance

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Types of SBI FD Schemes

One can apply for the following FD schemes of SBI according to your financial need:

SBI Term Deposit: Depositors can selectively select a maturity period that ranges from 7 days to 10 years. Rs. 1,000 is the minimum investment limit. Loans against FD and options for premature withdrawal are open.

SBI Tax Saving FD: The term of the investment is set for 5 years under this scheme. Rs. 1.5 Lakh is the highest investment amount. Loans against FD and premature withdrawal facilities, however, are not available to the depositors.

SBI FD Reinvestment Scheme: The maturity duration is between 6 months and 10 years for this scheme. With a deposit of only Rs. 1,000 depositors can apply for this scheme. The interest gained through this plan is reinvested to build a strong yield. There are foreclosure and loan against FD amount are also open for the depositors.

SBI Multi Option Scheme: It is a blend of an FD and a savings account. With a minimum deposit threshold of Rs. 10,000, the tenure varies from 1 and 5 years under this scheme. The partial withdrawal option is also open to the eligible depositors.

SBI Annuity Scheme: Under this scheme, payment is rendered through EMI, but the amount invested must be done through a lump sum. 36, 60, 84 and 120 months are tenure choices. Rs. 25,000 is the minimum contribution permitted under this scheme. Premature withdrawal is also allowed but only after the demise of the holder.

Eligibility required to open an FD account in SBI

Eligibility required to open an FD account in SBI

To open an SBI FD account you need to meet with the following eligibility criteria:

  • The depositor must be an Indian resident.
  • NRIs are also eligible to open NRE/NRO account with SBI
  • Partnership firms, Hindu undivided families,
  • The depositor must have a stable source of income.

Documents required to apply for SBI FD

Documents required to apply for SBI FD

The following basic documents are mandated to open a fixed deposit account in SBI:

Identity proof: Aadhaar Card, Passport, Voter ID, Driving license, PAN Card, passport size photographs

Resident proof: Aadhaar Card, Passport, Utility bills (last 3 months)

Age proof: Birth certificate, matriculation certificate, senior citizen ID card and so on

Income proof: Bank account statement, salary slip of last 3 months

Procedure to apply for SBI FD online

Procedure to apply for SBI FD online

Visit the SBI net banking portal and sign in to your account using the required credentials.

Now click on e-TDR/e-STDR (FD) under the fixed deposit section.

  • Here TDR is a term deposit and STDR is Special Term Deposit. The interest is paid only at the time of maturity against STDR deposit, whereas in a TDR deposit, the interest is payable at specified regular periods
  • Select the type of FD you want to open and click on ‘Proceed’
  • Now select the savings account from which you want to debit the amount.
  • Now select the FD principal amount and specify the same in the ‘Amount’ section.
  • If you are over 60., check the ‘Senior Citizens’ section. Over and above the general customers on FDs, senior citizens get 50 bps respectively.
  • Now select the tenure period for which you want to open an FD account
  • Now select maturity instruction from auto renew principal and interest, auto renew principal and repay interest and repay principal and interest for your FD account.
  • Accept the terms and conditions and click on ‘Submit’
  • Your FD account with the submitted specifics will appear on the screen now
  • Click on ‘Ok’ and you are done.
  • For future reference, please keep the transaction number handy. By clicking on the respective alternatives, you can print or save it as a PDF also.

SBI FD Interest Rates

SBI FD Interest Rates

Tenure ROI for general public ROI for senior citizens
Seven to 45 days 2.90% 3.40%
46 days to 179 days 3.90% 4.40%
180 days to 210 days 4.40% 4.90%
211 days to less than one year 4.40% 4.90%
One year to less than two years 5.00% 5.50%
Two years to less than three years 5.10% 5.60%
Three years to less than five years 5.30% 5.80%
Five years and up to 10 years 5.40% 6.20%



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How To Apply For SBI FD Online?

Personal Finance

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Types of SBI FD Schemes

One can apply for the following FD schemes of SBI according to your financial need:

SBI Term Deposit: Depositors can selectively select a maturity period that ranges from 7 days to 10 years. Rs. 1,000 is the minimum investment limit. Loans against FD and options for premature withdrawal are open.

SBI Tax Saving FD: The term of the investment is set for 5 years under this scheme. Rs. 1.5 Lakh is the highest investment amount. Loans against FD and premature withdrawal facilities, however, are not available to the depositors.

SBI FD Reinvestment Scheme: The maturity duration is between 6 months and 10 years for this scheme. With a deposit of only Rs. 1,000 depositors can apply for this scheme. The interest gained through this plan is reinvested to build a strong yield. There are foreclosure and loan against FD amount are also open for the depositors.

SBI Multi Option Scheme: It is a blend of an FD and a savings account. With a minimum deposit threshold of Rs. 10,000, the tenure varies from 1 and 5 years under this scheme. The partial withdrawal option is also open to the eligible depositors.

SBI Annuity Scheme: Under this scheme, payment is rendered through EMI, but the amount invested must be done through a lump sum. 36, 60, 84 and 120 months are tenure choices. Rs. 25,000 is the minimum contribution permitted under this scheme. Premature withdrawal is also allowed but only after the demise of the holder.

Eligibility required to open an FD account in SBI

Eligibility required to open an FD account in SBI

To open an SBI FD account you need to meet with the following eligibility criteria:

  • The depositor must be an Indian resident.
  • NRIs are also eligible to open NRE/NRO account with SBI
  • Partnership firms, Hindu undivided families,
  • The depositor must have a stable source of income.

Documents required to apply for SBI FD

Documents required to apply for SBI FD

The following basic documents are mandated to open a fixed deposit account in SBI:

Identity proof: Aadhaar Card, Passport, Voter ID, Driving license, PAN Card, passport size photographs

Resident proof: Aadhaar Card, Passport, Utility bills (last 3 months)

Age proof: Birth certificate, matriculation certificate, senior citizen ID card and so on

Income proof: Bank account statement, salary slip of last 3 months

Procedure to apply for SBI FD online

Procedure to apply for SBI FD online

Visit the SBI net banking portal and sign in to your account using the required credentials.

Now click on e-TDR/e-STDR (FD) under the fixed deposit section.

  • Here TDR is a term deposit and STDR is Special Term Deposit. The interest is paid only at the time of maturity against STDR deposit, whereas in a TDR deposit, the interest is payable at specified regular periods
  • Select the type of FD you want to open and click on ‘Proceed’
  • Now select the savings account from which you want to debit the amount.
  • Now select the FD principal amount and specify the same in the ‘Amount’ section.
  • If you are over 60., check the ‘Senior Citizens’ section. Over and above the general customers on FDs, senior citizens get 50 bps respectively.
  • Now select the tenure period for which you want to open an FD account
  • Now select maturity instruction from auto renew principal and interest, auto renew principal and repay interest and repay principal and interest for your FD account.
  • Accept the terms and conditions and click on ‘Submit’
  • Your FD account with the submitted specifics will appear on the screen now
  • Click on ‘Ok’ and you are done.
  • For future reference, please keep the transaction number handy. By clicking on the respective alternatives, you can print or save it as a PDF also.

SBI FD Interest Rates

SBI FD Interest Rates

Tenure ROI for general public ROI for senior citizens
Seven to 45 days 2.90% 3.40%
46 days to 179 days 3.90% 4.40%
180 days to 210 days 4.40% 4.90%
211 days to less than one year 4.40% 4.90%
One year to less than two years 5.00% 5.50%
Two years to less than three years 5.10% 5.60%
Three years to less than five years 5.30% 5.80%
Five years and up to 10 years 5.40% 6.20%



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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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With Magma takeover, Poonawalla Group sets sights on financial services sector

Banking & Finance

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Surabhi

Cyrus Poonawalla Group, which is into the manufacture of vaccines, now seems to be focussing on the financial services sector with plans to take a controlling stake in Magma Fincorp.

While the group has already started Poonawalla Finance in 2019, the proposed takeover of Magma Fincorp will help it reach scale, expand its presence across the country, and also have a larger product offering.

According to a late evening statement on February 10, Adar Poonawalla-controlled Rising Sun Holdings is to take a 60 per cent stake in Magma Fincorp for ₹3,456 crore.

The plan is to consolidate the existingPoonawalla Finance with Magma and then rename the entity as Poonawalla Finance.

To expand lending base

According to market sources, the company is looking to aggressively work in the financial services sector and expand its lending base and work on digital lending.

Sanjay Chamria, Vice-President and Managing Director, Magma Fincorp, said the Poonawalla Group has worked out a number of plans for the consolidated entity.

Headquartered in Pune, Poonawalla Finance offers business loans, personal loans and loan to professionals such as Chartered Accountants, doctors and company secretaries.

According to a CARE Ratings release on January 6, Poonawalla Finance primarily focusses on the low ticket size retail segment and has total assets under management of ₹1,063 crore as on September 30, 2020.

“Of this, around ₹490 crore is in the form of loan book and ₹573 crore is in the form of PTC investments. Loan book of ₹490 crore consist of professional loan (41 per cent), business loan (39 per cent), whereas the remaining 20 per cent is contributed by personal loans,” it had said, adding that the entire loan book is automated.

“PFPL benefits from financial support from promoters and group and has healthy capitalisation for initial stage of operations with net worth of ₹881 crore as on March 31, 2020,” CARE Ratings had further said. Maharashtra contributed 41 per cent of its loan book.

The transaction is also expected to help Magma Fincorp, according to analysts.

“Post the ILFS crisis, Magma Fincorp had been struggling to raise money from capital markets and their dependence on bank borrowings had been consistently increasing. Moreover, the volatile trends in asset quality (especially in vehicle finance) had kept the profitability under consistent pressure,” said Emkay Global Financial Services in a report, adding that this transaction would strengthen Magma’s overall capital position and allow the company to realign its business as desired.

Following the announcement, Magma’s scrip touched a 52-week high of ₹93.4 a piece on the BSE on Thursday.

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Banks Providing The Lowest Interest Rates On Gold Loans

Personal Finance

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How to apply for a gold loan?

Like any other loan, via both online and offline, a gold loan can be applied. While the offline procedure is typically chosen by most individuals, lenders often offer online gold loan alternatives. You just need to access the lender’s official portal and fill in the basic specifics online. The official will come back to you once you have submitted the loan application form. Your application will be further verified following the authentication of the gold submitted by you and also your personal information.

Eligibility and documents required

Eligibility and documents required

The loan can be used by someone who holds gold ornaments. Only individuals above the age of 18 years are considered for it, though. By submitting a piece of gold jewellery within a karat range of 18K to 24K at the branch, the eligible individual can use the loan. By submitting a piece of gold jewellery within a karat range of 18K to 24K at the branch, the eligible individual can use the loan. As this is a secured loan against a gold asset, no proof of income is required. Therefore, only basic KYC papers, which are passport size photographs, ID proof and address proof, are required in order to apply for the loan.

How gold loan amount is calculated?

How gold loan amount is calculated?

On the basis of the type of security that is placed, the amount of the loan is determined. At any particular time and date, the maximum loan amount you will get against the gold product relies on the weight and current market value of gold. Other considerations are often taken into account, such as the type of gold and the borrower’s repayment potential.

Importance of CIBIL score while applying for a gold loan

Importance of CIBIL score while applying for a gold loan

To get cheaper rates on loans, having a strong credit record is always beneficial. That being said, some individuals who use this loan are not even employed, but the eligibility to get the loan is impacted by having no credit background. A credit score is a representation on how you treat your loan payments professionally. But to address the point, yes, your credit score is influenced by the gold loan or credit in particular. Wisely administering your gold loan payments will increase your credit score.

Gold loan rates

Gold loan rates

Banks ROI in %
Bank of Maharashtra 7.35
Bank of India 7.40
State Bank of India 7.50
Punjab & Sind Bank 7.50
Canara Bank 7.65
UCO Bank 8.50
Federal Bank 8.50
Lakhsmi Vilas Bank 8.80
HDFC 9.50
Kotak Mahindra Bank 10.0



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Banks Providing The Lowest Interest Rates On Gold Loans

Personal Finance

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Read More/Less


How to apply for a gold loan?

Like any other loan, via both online and offline, a gold loan can be applied. While the offline procedure is typically chosen by most individuals, lenders often offer online gold loan alternatives. You just need to access the lender’s official portal and fill in the basic specifics online. The official will come back to you once you have submitted the loan application form. Your application will be further verified following the authentication of the gold submitted by you and also your personal information.

Eligibility and documents required

Eligibility and documents required

The loan can be used by someone who holds gold ornaments. Only individuals above the age of 18 years are considered for it, though. By submitting a piece of gold jewellery within a karat range of 18K to 24K at the branch, the eligible individual can use the loan. By submitting a piece of gold jewellery within a karat range of 18K to 24K at the branch, the eligible individual can use the loan. As this is a secured loan against a gold asset, no proof of income is required. Therefore, only basic KYC papers, which are passport size photographs, ID proof and address proof, are required in order to apply for the loan.

How gold loan amount is calculated?

How gold loan amount is calculated?

On the basis of the type of security that is placed, the amount of the loan is determined. At any particular time and date, the maximum loan amount you will get against the gold product relies on the weight and current market value of gold. Other considerations are often taken into account, such as the type of gold and the borrower’s repayment potential.

Importance of CIBIL score while applying for a gold loan

Importance of CIBIL score while applying for a gold loan

To get cheaper rates on loans, having a strong credit record is always beneficial. That being said, some individuals who use this loan are not even employed, but the eligibility to get the loan is impacted by having no credit background. A credit score is a representation on how you treat your loan payments professionally. But to address the point, yes, your credit score is influenced by the gold loan or credit in particular. Wisely administering your gold loan payments will increase your credit score.

Gold loan rates

Gold loan rates

Banks ROI in %
Bank of Maharashtra 7.35
Bank of India 7.40
State Bank of India 7.50
Punjab & Sind Bank 7.50
Canara Bank 7.65
UCO Bank 8.50
Federal Bank 8.50
Lakhsmi Vilas Bank 8.80
HDFC 9.50
Kotak Mahindra Bank 10.0



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