Month: March 2021

CSB Bank eyeing 20-22% growth in current fiscal

Banking & Finance

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“We are seeing good enquires from the SME and mid-size corporates. Retail demand is also back.Demand is good in the agro-processing and auto ancillary sector,” he added.

CSB Bank expects to grow by 20-22% in the current financial year despite a slowdown in growth in the gold loan business.

In the next fiscal, the bank expects to grow by 25% both in advances and liabilities, with its new team of officials becoming functional by April 2021 ,MD and CEO CVR Rajendran said.

“We are seeing good enquires from the SME and mid-size corporates. Retail demand is also back.Demand is good in the agro-processing and auto ancillary sector,” he added.

Total advances grew 21.6% year-on-year (y-o-y) to Rs 13,137.3 crore during the third quarter, with the gold loan portfolio growing by almost 60.7 % y-o-y to `5,644 crore. Sequentially, the gold loan portfolio grew only 14 % .

“Gold loan has tapered down during Q3 .Gold prices have become volatile and have also fallen. We have gradually reduced the LTV from 82 %. Our average LTV for the current portfolio would be 70-75%,” he added.

The Thrissur-based lender reported a 89 % y-o-y increase in its third quarter net profit to Rs 53.05 crore on higher interest and treasury income.

Regarding the NIM, Rajendran said that NIM of 5.17 % cannot be maintained for long as there is pricing challenges in most sectors. He added that the ideal NIM for the bank would be above 4 % in the long-run. “COVID has not had the impact which we had anticipated. We have build up a huge reserve for it. Provision Coverage Ratio is 91% and apart from it there is standard provisioning don’t think so much will be required and we will slowly unwind going forward,” he said.

“Accounts which would have been classified as NPA but for Supreme Court embargo,excluding restructured, totalled Rs 195 crore. We are maintaining 25% provision on these accounts. Out of Rs 195 crore, Rs 130 crore or 70% are gold loan accounts which we expect to recover without any hitches or glitches,’ he added.

On the VRS scheme the bank introduced last quarter, he said that only 33 employees of the 223 who are eligible have opted for it.

He added that the bank has opened 60 branches in the current fiscal from the planned 100 branches .

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DHFL reports fresh fraud of ₹1,424.32 cr

Banking & Finance

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Troubled Dewan Housing Finance Corporation Ltd on Friday reported another fraud, amounting to ₹1,424.32 crore.

“As per the transaction auditor report shared with the Administrator, the monetary impact of the above transactions covered under the Affidavits amounts to ₹1,264.29 crore towards outstanding principal, ₹130.09 crore towards accrued interest and ₹29.94 crore towards notional loss of interest on account of charging lower rate of interest,” it said in a regulatory filing.

According to the report of the transaction auditor – Grant Thornton, the transactions which are “undervalued, fraudulent and preferential in nature” occurred during financial years 2017-18 and 2018-19 and the person involved include Kapil Wadhawan, Dheeraj Wadhawan, Township Developers India Ltd. and entities to whom Inter corporate deposits (ICDs) were given.

“…the Administrator has filed two additional affidavits before the Mumbai bench of the National Company Law Tribunal under Section 45, Section 60(5) and Section 66 of the Code on March 04, 2021 in respect of disbursements made to certain entities ICDs, against Kapil Wadhawan, Dheeraj Wadhawan, Township Developers and entities to whom ICDs were given,” the filing further said.

Incidences of fraud

This fresh incidence of fraud has been reported by DHFL just days after it reported that the transaction auditor had detected a fraudulent transaction of ₹6,182.11 crore. Previously too, it has reported at least three such incidences.

The troubled housing finance company is in the final stages of the resolution process with Piramal Capital and Housing Finance Ltd as the successful bidder.

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UBI update on change in IFSC code for merged banks

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Our Bureau

Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile (e)-Andhra Bank and e-Corporation Bank branches will change with effect from April 1, 2021.

Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes, UBI said in a statement.

The Indian Financial System Code (IFSC) is used to identify a participating bank branch in the National Electronic Funds Transfer (NEFT) Structured Financial Messaging Solution (SFMS) message. Magnetic Ink Character Recognition (MICR) Code is used for cheque processing.

The old IFSC codes of branches of these erstwhile banks will not be valid from April 1, 2021. Andhra Bank and Corporation Bank were amalgamated with UBI with effect from April 1, 2020. The IT integration of both the banks has been completed without changing the Account number of customers.

UBI has asked customers to update new IFSC on mandates given by them and notify remitters about the same. Per the statement, the Bank has requested customers to obtain new cheque book from their branch or apply through mobile app, or Internet Banking or ATM.

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G-Sec auction falters yet again

Banking & Finance

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Government Security (G-Sec) yields rose on Friday as the Reserve Bank of India devolved a significant portion of the auction of three G-Secs on Primary Dealers, indicating its discomfort with the yields at which the market participants wanted to buy these securities.

Auctions held since February have seen significant devolvement as investors are demanding higher interest rates on government securities.

On Friday, the central bank said it devolved on PDs about 72 per cent of the cumulative ₹27,000 crore the government wanted to raise via auction of three G-Secs.

The auction of the floating rate bond, maturing in 2033, however, sailed through, with the RBI accepting the greenshoe amount of ₹2,000 crore over and above the notified amount of ₹4,000 crore.

PDs are a key link between the RBI, which is the debt manager to the government, and investors (banks, insurance companies, mutual funds, etc), providing liquidity and market making services in the secondary market. For underwriting the auctions, PDs earn a commission.

In the secondary market, the yield on the benchmark 10-year G-Sec (carrying 5.85 per cent coupon) and the five-year G-Sec (5.15 per cent) rose about 2 basis points (to 6.2324 per cent) and 6 bps (to 5.8506 per cent), respectively. These G-Secs were among the four that were auctioned today.

Price of G-Secs declined

The price of the aforementioned G-Secs declined about 14 paise (to ₹97.23) and about 24 paise (to ₹97.165), respectively.

In the five weekly G-Sec auctions conducted so far since the announcement of the Union Budget on February 1, the central bank has devolved one to three G-Secs on PDs in each of these auctions.

Marzban Irani, CIO, LIC Mutual Fund, observed that in the backdrop of oversupply of G-Secs, rising oil prices and US Treasury yields, the RBI needs to come up with a calendar to conduct special open market operation (OMO), entailing purchase of G-Secs of long-term residual maturity and sale of G-Secs with short-term residual maturity, for the rest of March 2021 to address the anxiety among market players about the adverse movement in yields.

Since January-end 2021, yield on the 10-year benchmark G-Sec has jumped about 33 basis points, with its price declining about ₹2.35. Yield and price of bonds are inversely related and move in opposite directions.

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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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Reserve Bank of India – Tenders

Tenders

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College of Agricultural Banking, Reserve Bank of India Archives, Pune invites e-Tender for selection of venders for Scientific Preservation of Paper Records at the RBI Archives, College of Agricultural Banking, Pune. The tendering would be done through the e-Tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). All the eligible firms / contractors 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 Name Scientific Preservation of Paper Records at the RBI Archives, College of Agricultural Banking, Pune.
b. e-Tender no RBI/CAB Pune//629/20-21/ET/629
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 March 05, 2021 after 01.00 PM
e. Earnest Money Deposit Rs 15,000 (Rs. Fifteen thousand only) through NEFT – details as below along with the Part I / Technical – Commercial Bid.
IFSC Code – RBIS0PUPA01
A/c number – 86140389
f. Clarification, if any, may be sent to rbiarchives@rbi.org.in March 05, 2021 up to 14.00 Hrs.
g. Last date of submission of EMD March 25, 2021 up to 02.00 PM
h. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at www.mstcecommerce.com/eprochome/rbi March 05, 2021 after 02.00 PM
i. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid March 25, 2021 up to 14.00 Hrs
j. Date & time of opening of Part-I (i.e. Techno-Commercial Bid)

Date & Time of opening of Part- II (i.e. Price Bid)

 March 26, 2021 at 15.00 Hrs.

Date and time of opening of price bid will be informed separately to all the eligible bidders later.
k. Transaction Fee Rs.1180/- to be paid through MSTC Payment Gateway/NEFT/RTGS in favour of MSTC Limited or as advised by M/s MSTC Ltd.

Please note that there is no tender fees to download the tender document from Portal.

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 candidature.

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.

Principal,
College of Agricultural Banking, Pune

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Reserve Bank of India – Press Releases

Press Releases

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Today, the Reserve Bank released data on the performance of the private corporate sector during the third quarter of 2020-21 drawn from abridged quarterly financial results of 2,692 listed non-government non-financial (NGNF) companies. Data pertaining to Q3:2019-20 and Q2:2020-21 are also presented in the tables to enable comparison. The data can be accessed at the web-link https://dbie.rbi.org.in/DBIE/dbie.rbi?site=statistics#!2_42.

Highlights:

Nominal Sales

  • With gradual easing of restrictions related to the Covid-19 pandemic and rebound in demand conditions, sales of 1,685 manufacturing companies expanded by 7.4 per cent (Y-o-Y) in Q3:2020-21 after recording contraction during the preceding six quarters; the recovery was led by iron and steel, automobiles, cement, chemicals and pharmaceuticals companies (Table 2A and Table 5A).

  • Information technology (IT) sector remained in positive terrain throughout the Covid-19 pandemic period and their sales increased by 5.2 per cent (Y-o-Y) in Q3:2020-21 (Table 2A).

  • Non-IT services sector recorded lower contraction (Y-o-Y) in sales [(-)5.7 per cent in Q3:2020-21 vis-à-vis (-)14.5 per cent in the previous quarter], which was supported by better performance of telecommunication, real estate and trade sector companies (Table 2A and Table 5A).

Expenditure

  • Manufacturing companies increased their expenditure on raw materials during Q3:2020-21 in tune with rise in sales (Table 2A).

  • Staff cost growth (Y-o-Y) increased for manufacturing and IT companies in Q3:2020-21, whereas it remained in contraction zone for non-IT services sectors (Table 2A).

Operating profit

  • Operating profits for all group of companies improved in Q3:2020-21 (Table 2A).

Interest

  • With rise in profits, interest coverage ratio (ICR)1 of manufacturing companies improved noticeably to 6.6 in Q3:2020-21 (4.6 in the previous quarter); ICR of non-IT services companies remained below one (Table 2B).

Pricing power

  • Profit margins improved further for manufacturing and IT companies in this quarter (Table 2B).
List of Tables
Table No. Title
1 A Performance of Listed Non-Government Non-Financial Companies Growth Rates
B Select Ratios
2 A Performance of Listed Non-Government Non-Financial Companies – Sector-wise Growth Rates
B Select Ratios
3 A Performance of Listed Non-Government Non-Financial Companies according to Size of Paid-up-Capital Growth Rates
B Select Ratios
4 A Performance of Listed Non-Government Non-Financial Companies according to Size of Sales Growth Rates
B Select Ratios
5 A Performance of Listed Non-Government Non-Financial Companies according to Industry Growth Rates
B Select Ratios
Explanatory Notes
Glossary

Notes:

  • The coverage of companies in different quarters varies, depending on the date of declaration of results; this is, however, not expected to significantly alter the aggregate position.

  • Explanatory notes detailing the compilation methodology, and the glossary (including revised definitions and calculations that differ from previous releases) are appended.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/1206

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Reserve Bank of India – Tenders

Tenders

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Please refer to the tender notice event No. RBI/Hyderabad/Estate/367/2020-21/ET/552 for the subject published on the Bank’s website www.rbi.org.in on February 15, 2021, inviting bids for “Comprehensive Annual Maintenance Contract (CAMC) for Water Purifiers at Main Office Building and all residential colonies, RBI Hyderabad for the year 2021-22”.

In this connection, it is hereby informed that the last date for submission of bids has been extended up to 13.00 Hrs on March 19, 2021. The bids will be opened at 15.00 Hrs on March 19, 2021.

Please note that no further extension will be given for submission of this tender. All other terms and conditions mentioned in the tender remain unchanged.

Regional Director
Reserve Bank of India
Hyderabad

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Reserve Bank of India – Press Releases

Press Releases

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1. Reserve Bank of India – Liabilities and Assets*
(₹ Crore)
Item 2020 2021 Variation
Feb. 28 Feb. 19 Feb. 26 Week Year
1 2 3 4 5
4 Loans and Advances          
4.1 Central Government 5081 – – – -5081
4.2 State Governments 2882 6441 3938 -2504 1056
* Data are provisional.

2. Foreign Exchange Reserves
Item As on February 26, 2021 Variation over
Week End–March 2020 Year
₹ Cr. US$ Mn. ₹ Cr. US$ Mn. ₹ Cr. US$ Mn. ₹ Cr. US$ Mn.
1 2 3 4 5 6 7 8
1 Total Reserves 4294511 584554 52156 689 692356 106747 819481 103014
1.1 Foreign Currency Assets 3986598 542615 47700 509 652783 100402 769326 96791
1.2 Gold 260239 35421 4118 172 29712 4843 38840 4741
1.3 SDRs 11145 1517 187 9 345 84 814 85
1.4 Reserve Position in the IMF 36529 5001 151 0 9516 1418 10501 1396
* Difference, if any, is due to rounding off

4. Scheduled Commercial Banks – Business in India
(₹ Crore)
Item Outstanding as on Feb. 12, 2021 Variation over
Fortnight Financial year so far Year-on-year
2019-20 2020-21 2020 2021
1 2 3 4 5 6
2 Liabilities to Others            
2.1 Aggregate Deposits 14781074 -16691 652523 1213582 1106829 1554779
2.1a Growth (Per cent)   –0.1 5.2 8.9 9.1 11.8
2.1.1 Demand 1630988 -60554 -148242 13985 75329 267943
2.1.2 Time 13150086 43863 800766 1199597 1031500 1286836
2.2 Borrowings 243484 420 -68750 -65955 -51649 -66020
2.3 Other Demand and Time Liabilities 608037 -6678 11753 4361 38703 52638
7 Bank Credit 10703593 -1044 270860 332732 602217 661010
7.1a Growth (Per cent)   –0.0 2.8 3.2 6.4 6.6
7a.1 Food Credit 75287 -11822 31714 23523 11584 1963
7a.2 Non-food credit 10628306 10778 239146 309209 590633 659047

6. Money Stock: Components and Sources
(₹ Crore)
Item Outstanding as on Variation over
2020 2021 Fortnight Financial Year so far Year-on-Year
2019-20 2020-21 2020 2021
Mar. 31 Feb. 12 Amount % Amount % Amount % Amount % Amount %
1 2 3 4 5 6 7 8 9 10 11 12
M3 16799963 18419702 18164 0.1 928297 6.0 1619738 9.6 1420546 9.5 2059338 12.6
1 Components (1.1.+1.2+1.3+1.4)                        
1.1 Currency with the Public 2349748 2745374 38289 1.4 205646 10.0 395625 16.8 228405 11.3 487518 21.6
1.2 Demand Deposits with Banks 1737692 1753075 -61177 -3.4 -145299 -8.9 15383 0.9 79949 5.7 271861 18.4
1.3 Time Deposits with Banks 12674016 13877970 40991 0.3 866264 7.4 1203954 9.5 1104967 9.6 1290102 10.2
1.4 ‘Other’ Deposits with Reserve Bank 38507 43284 61 0.1 1685 5.3 4776 12.4 7225 27.6 9857 29.5
2 Sources (2.1+2.2+2.3+2.4-2.5)                        
2.1 Net Bank Credit to Government 4960362 5852196 116714 2.0 615561 14.0 891834 18.0 570641 12.9 848145 16.9
2.1.1 Reserve Bank 992192 1139638 81590   195596   147446   124500   142091  
2.1.2 Other Banks 3968170 4712558 35123 0.8 419965 11.7 744388 18.8 446141 12.5 706054 17.6
2.2 Bank Credit to Commercial Sector 11038644 11361449 -926 0.0 312296 3.0 322804 2.9 656263 6.5 666434 6.2
2.2.1 Reserve Bank 13166 8416 -185   -11253   -4750   -3958   4306  
2.2.2 Other Banks 11025478 11353033 -741 0.0 323549 3.1 327555 3.0 660221 6.6 662128 6.2

8. Liquidity Operations by RBI
(₹ Crore)
Date Liquidity Adjustment Facility MSF* Standing Liquidity Facilities Market Stabilisation Scheme OMO (Outright) Long Term Repo Operations
&		 Targeted Long Term Repo Operations# Special Liquidity Facility for Mutual Funds Special
Liquidity
Scheme for
NBFCs/
HFCs**		 Net Injection (+)/ Absorption (-) (1+3+5+6+9+
10+11+12+13-
2-4-7-8)
Repo Reverse Repo* Variable Rate Repo Variable Rate Reverse Repo Sale Purchase
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Feb. 22, 2021 – 464400 – – 0 220 – – 410 – – – – -463770
Feb. 23, 2021 – 481204 – – 4 – – – 225 – – – – -480975
Feb. 24, 2021 – 481568 – – 56 – – – 240 – – – – -481272
Feb. 25, 2021 – 511863 – – 2 – – – 170 – – – – -511691
Feb. 26, 2021 – 509556 – 200010 58 – – 10000 10000 – – – – -709508
Feb. 27, 2021 – 9414 – – 4 – – – – – – – – -9410
Feb. 28, 2021 – 6346 – – 100 – – – – – – – – -6246
*Includes additional Reverse Repo and additional MSF operations (for the period December 16, 2019 to February 13, 2020)
#Includes Targeted Long Term Repo Operations (TLTRO) and Targeted Long Term Repo Operations 2.0 (TLTRO 2.0). Negative (-) sign indicates repayments done by Banks.
**As per RBI Notification No. 2020-21/01 dated July 01, 2020. Negative (-) sign indicates maturity proceeds received for RBI’s investment in the Special Liquidity Scheme.
& Negative (-) sign indicates repayments done by Banks.

The above information can be accessed on Internet at https://wss.rbi.org.in/

The concepts and methodologies for WSS are available in Handbook on WSS (https://rbi.org.in/scripts/PublicationsView.aspx?id=15762).

Time series data are available at https://dbie.rbi.org.in

Ajit Prasad
Director   

Press Release: 2020-2021/1205

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Reserve Bank of India – Press Releases

Press Releases

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Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:

Sr. No Treasury Bill Notified Amount
(in ₹ crore)		 Auction Date Settlement date
1 91 Days 4,000 March 10, 2021
(Wednesday)		 March 12, 2021
(Friday)
2 182 Days 7,000
3 364 Days 8,000
  Total 19,000    

The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State Governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount.

The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, March 10, 2021, during the below given timings:

Category Timing
Competitive bids 10:30 am – 11:30 am
Non-Competitive bids 10:30 am – 11:00 am

Results will be announced on the day of the auction.

Payment by successful bidders to be made on Friday, March 12, 2021.

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Ajit Prasad
Director   

Press Release: 2020-2021/1204

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