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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period January 18 – January 22, 2021.
Ajit Prasad Press Release: 2020-2021/1194 |
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Kotak Mahindra Bank has signed a Memorandum of Understanding (MoU) with the Indian Army for salary account.
“The MoU enables Kotak to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel – both active and retired,” the lender said in a statement on Thursday.
The MoU was signed by Lt Gen RP Kalita of the Indian Army and Virat Diwanji, Group President – Retail Liabilities and Branch Banking, Kotak Mahindra Bank.
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period January 11 – January 15, 2021.
Ajit Prasad Press Release: 2020-2021/1193 |
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Hoping to ensure timely resolution of Reliance Home Finance, Bank of Baroda filed an application in the Delhi High Court, seeking vacation of the restraint order obtained by Shapoorji Pallonji Group entity.
The case was posted for hearing before the Delhi High Court on Thursday, and has now been adjourned to March 10.
“…it is pertinent to note that a resolution plan is being worked out as per the terms of the extant RBI Guidelines, and approximately 95 per cent of the lenders of Respondent No 1 have agreed to consider the resolution plan which has been submitted,” the application said.
Bank of Baroda is the lead banker under the ICA for the resolution of debt-ridden Reliance Home Finance.
The application noted that a condition precedent stipulated in all the resolution plans is the vacation of the stay imposed by the High Court. As reported by BusinessLine earlier, the debt resolution of RHFL is at the final stage, with four bidders vying for its assets.
Lenders are hoping to finalise the successful bidder for RHFL’s assets in the next couple of weeks.
However, the stay order from the Delhi High Court against RHFL in November 2019, is posing a challenge as the company is prohibited from disposing, alienating and encumbering, either directly or indirectly or otherwise part with the possession of any of its assets. An SP Group joint venture is a secured lender with about ₹200 crore of exposure to RHFL.
The application said the ICA lenders had reached out to the petitioner, which is the SP Group joint venture, but it did not respond to them.
The ICA lenders, which largely include public sector banks, have a pari passu charge over RHFL’s assets, and are owed ₹7,109.09 crore as on July 3, 2019, while the SP Group joint venture has a claim of about ₹217.92 crore.
RHFL’s total financial indebtedness, including short-term and long-term debt amounted to ₹13,047.59 crore, according to a regulatory filing on February 26. The total amount of outstanding borrowings from banks and financial institutions was ₹4,329.32 crore.
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The Reserve Bank of India today released the data showing daily merchant and inter-bank transactions in foreign exchange for the period January 04 – January 08, 2021.
Ajit Prasad Press Release: 2020-2021/1192 |
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Some of the country’s state-owned banks have long struggled with a pile of bad loans, prompting the government to pump in more funds to shore up their balance sheets.
“Over the past few years, state-owned enterprise banks have seen significant capital infusion by the government, lower risk-weighted assets density, higher provisioning and some large recoveries,” the brokerage said in a report, adding that as slippages moderate, fresh additions to bad loans, credit costs will also moderate over the next few years.
The brokerage preferred India’s largest lender State Bank of India, as well as large private banks, expecting them to play a major role in the corporate recovery cycle.
In February, SBI said its asset quality has remained largely stable and the lender revised its credit cost guidance to lower than 2% for the financial year. A return to pre-pandemic levels of retail growth drove the bank’s third-quarter profit well past estimates.
But weak underwriting practices, diminishing loan market and deposits share in the sector will weigh on the stocks of many other public sector banks even as cheap valuations make them look attractive, Morgan Stanley said.
“We think state-owned enterprise banks will continue to lose loan market share given technology changes, strong competition and a weak internal rate of capital generation,” analysts at the brokerage said.
The Nifty public sector bank index was down 0.4% on Thursday. The index has risen nearly 39% so far this year against a drop of about 31% in 2020.
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In view of the ongoing Covid-19 situation, no physical pre-bid meeting was held for the captioned tender and queries were received from the prospective bidders via email. In this regard, queries were received from Cushman & Wakefield India Pvt Ltd. The queries received along with the clarifications and comments are tabulated below:
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Indian women are availing more credit in the form of home loans (HL) compared to personal loans (PL) and auto loans (AL), according to an analysis by credit information bureau CRIF High Mark.
Further, their average home loan and auto loan ticket size is higher vis-a-vis their male counterparts.
As of December-end 2020, of the ₹20.6-lakh crore home loan (HL) market, 29 per cent was accounted for by women vis-a-vis 16 per cent each in the case of personal loans (market size: ₹5.95-lakh crore) and auto loans (₹4.58-lakh crore), according to a CRIF study.
The average HL ticket size for women was higher at ₹16.69 lakh (₹16.38 lakh as of December-end 2019) against ₹14.71 lakh (₹14.45 lakh) for men.
The average AL ticket size for women was higher at ₹4.90 lakh (₹4.79 lakh as of December-end 2019) against ₹4.55 lakh (₹4.46 lakh) for men.
However, the average PL ticket size for women was lower at ₹1.59 lakh (₹1.68 lakh as of December-end 2019) against ₹1.61 lakh (₹1.79 lakh) for men.
In calendar year 2020, women in the age group of 26-35 accounted for 40.49 per cent of the total loans disbursed (41.10 per cent in 2019), followed by those in the 36-50 age bracket (34.75 per cent vs 34.86 per cent), 22-25 age bracket (10.47 per cent vs 10.55 per cent) and 51-60 age bracket (9.49 per cent vs 8.74 per cent).
The bureau observed that the share of loans availed by younger women borrowers has become two times to 10 per cent intwo years.
CRIF said 6.26 crore women borrowers have a retail credit footprint, accounting for 23 per cent of the overall 28.93 crore retail borrower base.
Active personal loans to women borrowers spiked by 23 per cent year-on-year (y-o-y) as of December-end 2020 to 64.82 lakh (52.79 lakh as of December-end 2019), while that for home loans increased by 5 per cent y-o-y to 43.54 lakh (41.59 lakh).
Active auto loans to women borrowers have reduced by 4 per cent y-o-y to 18.18 lakh (19.02 lakh).
CRIF said women borrowers from southern States have higher credit book size compared to western and northern States.
While Maharashtra retains the top position when it comes to women home loan borrowers, with an outstanding portfolio of ₹1,37,845 crore (₹1,31,591 crore), the book size of home loans availed by women in Karnataka (₹65,012 crore vs ₹60,731 crore) has surpassed that of Tamil Nadu (₹65,005 crore vs ₹ 61,215 crore) in one year.
In the personal loans segment, Tamil Nadu retains the top position, with a female portfolio outstanding of ₹12,993 crore (₹10,908 crore), followed by Maharashtra (₹11,602 crore vs ₹10,259 crore) and Karnataka (₹8,869 crore vs ₹7,691 crore).
In the auto loans segment, Maharashtra retains the top position, with a female portfolio outstanding of ₹7,308 crore (₹7,681 crore), followed by Karnataka (₹6,906 crore vs ₹7,076 crore) and Tamil Nadu (₹6,407 crore vs ₹6,927 crore).
CRIF said a total of 1.8 crore loans (to both male and female) – split into 18 lakh auto loans, 15 lakh home loans and 1.5 crore personal loans – were given out in the first three quarters of FY21.
This was nearly 40 per cent lower than the volume of loans disbursed in the first three quarters of FY20at 2.97 crore.
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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on March 05, 2021. As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:
The underwriting auction will be conducted through multiple price-based method on March 05, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 09:00 A.M. and 09:30 A.M. on the date of underwriting auction. The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities. Ajit Prasad Press Release: 2020-2021/1191 |
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The Indian Banks’ Association (IBA) may seek regulatory clarity on whether banks already holding stake in the National Payments Corporation of India (NPCI) can be part of a consortia for setting up a New Umbrella Entity (NUE) for retail payment systems.
Though NPCI, India’s only umbrella organisation for operating retail payments and settlement systems, is a ‘not for profit’ company under Section 8 of Companies Act 2013 and NUE will in all probability, be a ‘for-profit’ company, banks want to be sure that the regulator has no objection to them holding stake in two organisations in the same line of business.
Also read: Umbrella entity for retail payments: Race for licence gathers momentum
One school of thought is against ‘for profit’ entities getting into the umbrella retail payment and settlement space due to concerns that the consumer may end up paying more than what he is currently paying for availing digital banking services.
However, another school of thought is of the view that digital banking services could improve further just like it happened after private players entered the telecom sector.
NPCI has 10 banks as shareholders with more than 5 per cent stake. Bank of Baroda is the single largest shareholder with 9.592 per cent stake (this includes the shareholding of erstwhile Dena Bank and Vijaya Bank).
State Bank of India, Union Bank of India, Bank of India, Punjab National Bank, Canara Bank, ICICI Bank, HDFC Bank, HSBC, and Citibank have 7.47 per cent stake each in NPCI.
These 10 banks collectively held 76.822 per cent stake in NPCI as at March-end 2020.
Significantly, several of these banks are working out proposals and plan to apply to the RBI for an NUE license.
State Bank of India is a key player that is planning to apply for a license. Sources said the idea is to take forward its mobile banking YONO app to the next level of payments. This could possibly be in a consortium with Bank of Baroda.
Meanwhile, HDFC Bank and Kotak Mahindra Bank are set to work in a consortium with Tata Sons and Mastercard to apply for a NUE license. ICICI Bank and Axis Bank are also working with Amazon and readying plans.
Also read: New umbrella entity for retail payments: RBI extends timeline to make application up to March 31
Another consortium led by Jio Platforms, a majority-owned subsidiary of Reliance Industries, is also in the race to set up a NUE.
According to industry watchers, at least half a dozen consortia are expected to apply and about three licenses may be given out.
“But applications are still in the process of being finalised. It is unlikely that any license will be issued until the end of the year or early 2022,” noted a person following the developments.
Many players believe that setting up more such entities will help further leverage digital payments and increase their penetration and it would not be fair to compare them with NPCI, which has spearheaded the payments transformation.
The deadline for filing applications with the RBI is March 31.
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