Month: April 2021

Reserve Bank of India – Press Releases

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The Reserve Bank of India (RBI) has, by an order dated April 27, 2021, imposed a monetary penalty of ₹40.00 Lakh (Rupees Forty Lakh only) on Himachal Pradesh State Co-operative Bank Ltd., Shimla (the bank) for non-compliance with regulatory directions issued by NABARD contained in “Review of Frauds – Guidelines on Monitoring and Reporting System”. This penalty has been imposed in exercise of powers vested in RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

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 bank with its customers.

Background

The statutory inspection of the bank conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to the bank’s financial position as on March 31, 2019 and the Inspection Report (IR) pertaining thereto, and examination of all related correspondence regarding reporting of frauds, revealed, inter alia, non-compliance with aforesaid directions issued by NABARD, in contravention of the provisions of the Act. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for contravention of the provisions of the Act/ directions issued by NABARD. After considering the bank’s reply to the notice and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/120

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI), in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies:

Sr. No. Name of the Company Office Address CoR No. CoR Issued On Cancellation Order Date
1 M/s Vrundavan Securities Limited 202, Yogi Complex, 44, Sampatrao Colony, Alkapuri, Vadodara, Gujarat – 390007 B 01.00261 June 09, 1998 January 19, 2021
2 M/s Durlav Finance Limited Mahalaxmi Nibas, 2nd Floor, Narasingha Nagar, Pandra Street, Berhampur, Ganjam, Odisha-760009 N-04.00024 July 18, 2012 January 22, 2021
3 VGM Finance Private Limited
(Presently known as M/s Sufalam Financial Services Private Limited)		 # 161, 2nd floor, 4th Main, 7th Cross, Chamrajpet, Bengaluru, Karnataka – 560018 B-09.00335 June 03, 2011 February 19, 2021
4 M/s Dhananjay Finance Limited Survey No. 36, Plot No. 83, Dhananjay, Sanket Park, Opposite Shri Raj Residency, Nana Mauva Main Road, Rajkot, Gujarat – 360004 B.01.00540 January 16, 2015 March 05, 2021

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/119

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Despite pandemic, TMB registers impressive performance in FY21

Banking & Finance

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Tamilnad Mercantile Bank (TMB) has reported an impressive performance on many parameters in FY21 that include strong growth in net profit, good asset quality and higher business.

The Tuticorin-based bank’s net profit grew 48 per cent at ₹603 crore in 2020-21 as compared to ₹408 crore in 2019-20.

“While higher net interest income and other income, and lower provisions are major factors for profit growth, this performance is truly on account of the efforts of branches. Our strength lies in relationship banking and today if at all we are cut above the rest, it is because of field level staff and their connect with the customers,” said KV Rama Moorthy, Managing Director & CEO, TMB told Businessline.

Operating profit

The operating profit of the company grew 21 per cent at ₹1,202 crore in FY21 when compared with ₹995 crore in previous fiscal, on the back of 17 per cent growth in net interest income that stood at ₹1,538 crore as against ₹1,320 crore. The interest expenditure decreased to ₹2,072 crore from ₹2,147 crore.

TMB had a gross NPA of ₹1,085 crore as of March 31, 2021, up from ₹1,021 crore a year ago. Its gross NPA as a percentage of total advances reduced to 3.44 per cent in FY21 from 3.62 per cent in FY20. Net NPA was marginally up to 1.98 per cent from 1.80 per cent. NPA and restructured advances of the bank is only 3.93 per cent.

The bank has made additional Standard Asset Provision of ₹50 crore for the pandemic. Total advances grew 12 per cent to ₹31,541 crore from ₹28,236 crore. Total deposits stood at ₹40,970 crore from ₹36,825 crore. The company achieved its total business target of ₹72,500 crore at ₹72,511 crore, up 11 per cent from ₹65,061 crore in FY20.

Credit to MSME sector grew 18 per cent to ₹12,036 crore (₹10,170 crore in FY20).

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Reserve Bank of India – Press Releases

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The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India (RBI):

Sr. No. Name of the Company Office Address CoR No. CoR Issued On Cancellation Order Date
1 M/s Balaji Instalments Supply Limited 280, Goyal Complex, Bans Mandi, Bareilly, Uttar Pradesh- 243005 B-12.00267 November 02, 2015 February 22, 2021
2 M/s Sugam Commodeal Pvt. Ltd. 54/3, 1st Cross, Ejipura Main Road, Vivek Nagar, Bengaluru, Karnataka – 560047 B-05.05460 September 03, 2003 March 24, 2021

 The RBI, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration.

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/118

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Sharp drop in provisions helps lender beat profit estimates, BFSI News, ET BFSI

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MUMBAI: Axis Bank today reported a net profit of Rs 2,677 crore for the quarter ended March as against a net loss of Rs 1,387.8 crore in the year-ago quarter. The lender’s net profit was higher than even the most optimistic of analysts’ estimates.

The bank’s net interest income in the quarter jumped 11 per cent year-on-year (YoY) to Rs 7,555 crore, which was largely in-line with analysts’ estimates.

The bank reported a strong growth of 12 per cent on-year in its loan book, which was higher than analysts’ estimates of 7-9 per cent growth.

The bank reported a strong growth of 12 per cent on-year in its loan book, which was higher than analysts’ estimates of 7-9 per cent growth. The growth in loan was led by corporate loans, which grew 16 per cent on-year, whereas retail loans rose 11 per cent in the reported quarter.

The lender’s asset quality also showed improvement during the quarter as net non-performing assets ratio fell 14 basis points sequentially to 1.05 per cent. For the quarter, the lender’s specific loan-loss provisions were at Rs 7,038 crore as against Rs 4,204 crore in the year-ago quarter.


During the quarter, the Axis Bank made additional provisions of Rs 803 crore on account of change in NPA provision rates on loans to the commercial banking segment, the lender said. The lender’s credit cost also came down sharply to 1.21 per cent for the quarter as against 2.77 per cent a year ago.

The bank said that its overall capital adequacy ratio stood at 19.12 per cent including the Common Equity Tier I ratio of 15.4 per cent. It said that COVID-related provisions of Rs 5,012 crore provided an additional cushion of 69 basis points.

Axis Bank’s operating performance was strong as operating profit jumped 17 per cent year-on-year to Rs 6,865 crore in the reported quarter.

The lender’s top line was affected by a strong quarter for the non-interest bearing functions. Fee income in the quarter grew 15 per cent on-year to Rs 3,376 crore, which helped non-interest income rise 17 per cent on-year to Rs 4,668 crore.

For the financial year, the lender’s net profit more than quadrupled to Rs 6,588 crore, while its net interest income rose 16 per cent to Rs 29,239 crore.

Shares of Axis Bank ended 0.1 per cent higher at Rs 700.9 on the National Stock Exchange.



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India to begin phase 3 vaccine strategy from May 1

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India will commence its more liberalised phase-3 vaccination programme from May 1, making those above 18 years of age eligible for the anti-Covid shots.

The registration for phase 3-vaccination will commence on CoWIN, the digital platform that is tracking each and every vaccination carried out in the country.

These are the steps that need to be followed for getting registered for the vaccination: The beneficiary will have to visit the website www.cowin.gov.in and register his or her name by entering the name and mobile number. Once the mobile number is given, an OTP will be sent to the number, which required to be provided for completing the registration. Subsequently, the beneficiary must fill in the details of any of the eight different photo ID proofs mandated by the government. They include Aadhaar card, driving licence, PAN card, passport, voter card, and pension book, among others. Once these details are provided, the beneficiary will be able to schedule the vaccination at a place and time of convenience.

Currently there are two vaccines that are being given to beneficiaries – Covaxin and Covishield – and both require two doses for completing the vaccination course. While two doses of Covaxin are given 4 to 6 weeks apart, the gap between two Covishield doses could be 4 to 8 weeks. Many beneficiaries receiving the shot may develop mild symptoms such as fever, body pain and tiredness.

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Bitcoin Has Been Volatile With Gains And Losses: Here’s Why

Personal Finance

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Personal Finance

oi-Roshni Agarwal

|

Bitcoin recovered its previous week’s losses and surged as much as 10% to settle at $54338. And was last seen trading at again above $53461 on Tuesday.

In the previous week, investors lost a huge $200 billion in a day as Biden’s proposed plan of increasing capital gains tax weighed.

Bitcoin Has Been Volatile With Gains And Losses: Here's Why

Bitcoin Has Been Volatile With Gains And Losses: Here’s Why

Now why the volatility in bitcoin price?

There are a few reasons that pushed bitcoin prices higher today and on Monday:

1. JP Morgan Chase & Co. to offer an actively managed Bitcoin fund:

JP Morgan Chase as per reports is preparing to offer an actively managed bitcoin fund to some of the clients as soon as this summer. This shall be another break from another passively managed funds of other companies. These funds enable investors to buy and hold bitcoin without getting themselves involved.

The move in fact marks a turnaround for JP Morgan as it has a history of crticising bitcoin. Earlier the CEO of JP Morgan also called Bitcoin as fraud and ‘worse than tulip bulbs’.

2. Elon Musk tweet on a Monday also influenced a sharp rally:

In its earnings call, Elon Musk of Tesla said the bitcoin market is a liquid market with an bright future. On Twitter Mush said, Tesla sold 10 percent of its holding in bitcoin to prove bitcoin liquidity as an alternative to holding cash on the balance sheet.

Further as per Zach Kirkhorn, Tesla’s CFO, Tesla will continue to gather bitcoin and will make bitcoin related announcements in the future. Tesla invested $1.5 billion worth of bitcoin in February..

After receiving endorsements from big investors, bitcoin on a year to date basis has rallied 80 percent. Also, companies from Bank of New York Mellon to Goldman sachs have extended their offerings around cryptocurrencies.

GoodReturns.in



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Lockdown isn’t a solution, people should observe self-restrictions: Gujarat HC

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With new Covid cases continuing to scale new highs in Gujarat and the government refraining from pronouncing a lockdown, the Gujarat High Court, on Tuesday, said it is the will of the people whether or not to break the chain of infections.

Even as different State governments in Maharashtra, Delhi and Karnataka have gone for a lockdown, the Gujarat government has repeatedly ruled out the idea of a State-wide lockdown.

Hearing a suo-motu public interest litigation (PIL) on Covid-19 management in Gujarat, the Division Bench of Chief Justice Vikram Nath and Justice Bharvav Karia remarked on Tuesday that lockdown isn’t a solution.

“By imposing a lockdown how many people lose their one-day meal? This is not Germany, New Zealand, (or) London. This is India…People should think of confining themselves to houses and not venturing out without work. Why we can’t have self-restriction on ourselves? Why do you need to depend on government?” the Bench raised questions on the casual public behaviour amid the latest wave.

The Bench remarked that people should observe self-imposed lockdown for a week to break the chain of spread. “The government is not responsible for the spread. We are responsible,” the Bench said, adding that it is the will of the peoplewhether or not to break the chain.

Weekend lockdowns

Notably, several trade associations, including Gujarat Chamber of Commerce and Industry (GCCI), have started observing voluntary weekend lockdowns. Similarly, civic bodies in districts have also appealed to people to adopt voluntary restrictions with reduced business hours. For example, in Vadodara, sanitaryware traders and welding merchants are voluntarily shutting shop after 3 pm daily till May 5. In smaller towns such as Prantij in North Gujarat and Anand in Central Gujarat the business hours have been reduced till 5 pm. Meanwhile, in Himmatnagar town, the civic body has appealed for a local lockdown till May 2, allowing only essential movements between 9 am and 4pm.

On the debate on economics versus healthcare during pandemic, the smaller towns and businesses in Gujarat seem to have struck a balance providing enough opportunity for businesses to operate, while reducing the exposure to each other to prevent spread.

The High Court noted: “People have started realising it (need for voluntary lockdown). (And) We see some self-restrictions being followed by shopkeepers. There is some realisation. Now, if the government takes some more steps, it will bring positive results,” said the High Court.

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HDFC AMC fourth quarter net up 26% on higher income

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Assets under management rose 24 per cent to ₹3.95 lakh crore

Published on


April 27, 2021

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Quarterly Results

HDFC Asset Management Company Ltd



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