Month: April 2021

What To Do When Stock Market Crashes?

Personal Finance

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Planning

oi-Sneha Kulkarni

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What to do when the stock market crashes? There are several answers, but it’s important to remember that you’ll need to stay informed about the market and avoid making rash decisions. The stock market is a reflection of the economy. They have the most honest picture of current events in a country. A stock market crash occurs when the decline is abrupt, rapid, and serious. The new pandemic is having a constant effect on our lives. There’s also the lockdown, rising prices, declining income, and market crashes to contend with. A layman would panic if the market crashed, but an investor would see it as a bumper deal with deep discounts on his favourite stocks. The first step is to avoid being emotionally involved in decision-making. It could be unsettling if you are a newbie who has never seen a crash or a downtrend.

What To Do When Stock Market Crashes?

Refrain from selling your stocks

When the stock market crashes, people become anxious, and new investors can sell their stocks or stay away from the market altogether. Remember that stocks cannot continue to rise indefinitely, and that crashes are an inevitable part of the process.

Consider buying more

After a stock market crash, the stock market goes on sale, and you can benefit from purchasing more shares. It’s a good idea to buy at regular intervals because you never know where the bottom will be. Purchase stock in successful businesses, sound companies that produce real income, have attractive returns on equity and have some franchise value. These companies rebound more quickly and provide you with decent returns. Stock market crashes provide an excellent opportunity to acquire good companies at a low cost.

Think long term when rebalancing the portfolio

If necessary, make changes to your portfolio and stick to your long-term investment objectives. Instead of selling off your shares when the economy recovers, be in a safe spot. Having a balanced portfolio of growth and stable stocks should benefit. Also, make sure you’re not just invested in the stock market. Make sure your investment portfolio is well-diversified, with a variety of asset groups.

Avoid investments like fixed deposits and bonds

Don’t put any of your money in long-term investments like fixed deposits and bonds. Putting money into them shouldn’t come at the expense of your overall asset allocation. Making no investment decisions or portfolio placements based on current market conditions. The market’s future trajectory may be completely different.

Conclusion

You should be aware that, stock market crashes and corrections are usually only temporary. Do not make investment decisions or place your portfolio based on current market conditions. The market’s future path may be entirely different.



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Pramerica Life Insurance appoints Kalpana Sampat as MD, CEO

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Private life insurer Pramerica Life Insurance on Monday announced the appointment of Kalpana Sampat as its Managing Director and Chief Executive Officer, effective April 9.

Prior to this appointment, she was the Chief Operating Officer of the company, a release said.

“Sampat is a respected leader in life insurance with an exceptional record. The board is optimistic that the company can deliver substantial strategic and operational progress under her able leadership,” Pramerica Life Insurance Chairman Sunil Kumar Bansal said in the release.

Before joining Pramerica Life Insurance, Sampat was the CEO for Swiss Reinsurance Co, India branch, and was instrumental in its launch in 2015.

Pramerica Life Insurance is a joint venture company of Prudential International Insurance Holdings, a fully-owned subsidiary of Prudential Financial, Inc., and DHFL Investments Limited (DIL).

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SBI Is Offering 0.25% Concession On Car Loan: Check How To Avail Here

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Planning

oi-Vipul Das

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State Bank of India (SBI) is providing a 0.25 percent car loan concession. Customers of SBI will also get free car accessories worth up to Rs 5,000. Although SBI customers will receive a rebate on their auto loan, only Toyota customers will receive free accessories. In a recent tweet SBI has stated that “Ride your dream car with pride! Book any Toyota Car via YONO SBI and get free accessories upto Rs 5000.”

SBI customers should apply for a car loan through the State Bank of India YONO App to be eligible for the auto loan concession. SBI has tweeted that “Applying through YONO gets you a 0.25% concession on the interest rate.”

SBI Is Offering 0.25% Concession On Car Loan: Check How To Avail Here

SBI customers must log into the State Bank of India YONO app to get the 0.25 percent discount and instant in-principle approval for a car loan. SBI proposes a car loan with an annual interest rate of 7.75 percent. SBI customers, on the other hand, can apply for an auto loan through YONO at a 7.50 percent annual interest rate.

SBI has also recently notified its customers about social manipulation frauds in which scammers are claimed to have generated online fixed deposits (FDs) in customers’ accounts. SBI, the country’s largest lender, posted a Tweet alert and stated that it’s a new kind of cyber crime in which criminals use the victim’s online FD account to steal money. SBI provides regular alerts to its customers, advising them about phishing threats and how to protect themselves from those scams. SBI’s official Twitter account @TheOfficialSBI maintains customers up to date. And on its Twitter account SBI recently tweeted that “We urge our customers not to share their banking details with anyone. Don’t fall for scammers impersonating as SBI, we never ask for personal details like Password/OTP/CVV/Card Number over the phone.”



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Reserve Bank of India – Press Releases

Press Releases

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I. T-Bill 91 days 182 days 364 days
II. Total Face Value Notified ₹15,000 Crore ₹15,000 Crore ₹6,000 Crore
III. Cut-off Price and Implicit Yield at Cut-Off Price 99.1718
(YTM: 3.3496%)		 98.2325
(YTM: 3.6085%)		 96.3858
(YTM: 3.7600%)
IV. Total Face Value Accepted ₹15,000 Crore ₹15,000 Crore ₹6,000 Crore

Rupambara
Director   

Press Release: 2021-2022/41

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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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Rupee slips below 75/$ level in early trade ahead of key macroeconomic data release

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The rupee opened on a weak note and fell below the 75 per US dollar level in early trade on Monday amid lacklustre opening in domestic equities ahead of the release of key macro-economic data.

Moreover, rising crude oil prices, foreign fund outflows, spiking Covid-19 cases and heavy selling in domestic equities weighed on the domestic currency.

At the interbank foreign exchange market, the rupee opened at 74.97, then lost further ground and fell to 75.14 against the US dollar, showing a decline of 41 paise over its previous closing.

The Indian rupee, on Friday, had closed at 74.73 against the US dollar.

The rupee started on a weak note against the US dollar weighed by the inflationary pressures on the economy ahead of the data release tonight, Reliance Securities said.

Meanwhile, India hit a new coronavirus infection record with 1,68,912 new cases, the highest single-day rise so far, taking the total tally of cases to 1,35,27,717, according to official data.

Meanwhile, Brent crude futures, the global oil benchmark, rose 0.05 per cent to $62.98 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out ₹653.51 crore on Friday, as per provisional data.

Domestic bourses opened on a weak note on Monday with benchmark indices Sensex trading 1,357.46 points down at 48,233.86 and Nifty down 402.35 points at 14,432.50.

Meanwhile, US consumer price data will be released on Tuesday, while investors will also await Fed Chair Jerome Powell’s speech on Wednesday at the Economic Club of Washington, the note said.

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RBL Bank Revises Fixed Deposit Interest Rates: Check The Latest Rates Here

Personal Finance

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Investment

oi-Vipul Das

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RBL Bank provides a variety of Fixed Deposit options to regular citizens and senior citizens, with terms ranging from 7 days to 20 years. For deposits with a maturity period of 7 days to 20 years, FD interest rates vary from 3.5 percent per annum to 6.60 percent per annum. RBL Bank also provides tax-saving FDs with a 5 to 10 year lock-in term. RBL Bank has updated its FD interest rates today, and thus is effective from April 12, 2021.

RBL Bank Revises Fixed Deposit Interest Rates: Check The Latest Rates Here

RBL Bank FD Rates

After the revision, RBL Bank offers 3.25 percent on deposits maturing in 7-14 days, 4.00 percent on deposits maturing in 15-45 days, and 4.50 percent on deposits maturing in 46-90 days. 5.00 percent interest is provided on FDs maturing in 91 days to 180 days, and 5.25 percent interest is provided on deposits maturing in 180 days to 240 days. RBL Bank offers a 5.50 percent interest rate on deposits maturing between 241 and 364 days. RBL Bank offers 6.25 percent interest on long-term deposits for a term of two years or less than three years. RBL Bank pays a 6.40 percent interest rate on FDs maturing in three to five years. On FDs maturing in 60 months to less than 120 months and 120 months to 240 months the bank is currently providing 6.00 interest rate. RBL Bank offers additional rates of 0.50 per cent higher than the rates provided to the general customers. After the update, senior citizens will now get interest rates ranging from 3.75% to 7.10% respectively.

Tenure Interest rates for general public p.a. Interest rates for senior citizens p.a.
7 days to 14 days 3.25% 3.75%
15 days to 45 days 4.00% 4.50%
46 days to 90 days 4.50% 5.00%
91 days to 180 days 5.00% 5.50%
181 days to 240 days 5.25% 5.75%
241 days to 364 days 5.50% 6.00%
12 months to less than 24 months 6.25% 6.75%
24 months to less than 36 months 6.25% 6.75%
36 months to less than 60 months 6.40% 6.90%
60 months to 60 months 1 day 6.60% 7.10%
60 months 2 days to less than 120 months 6.00% 6.50%
120 months to 240 months 6.00% 6.50%
Tax Savings Fixed Deposit (60 months) 6.60% 7.10%
W.e.f. April 12, 2021 the above rates are applicable for deposits up to Rs 3 Cr. Source: Bank’s Website

Interest rates on maturities across different tenures have also recently been updated by top small finance banks such as AU Small Finance Bank and Jana Small Finance Bank.



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The outlook is optimistic and we look forward to grow: Kotak Life MD and CEO

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Optimistic about the prospects of the life insurance industry, G Murlidhar, Managing Director and CEO, Kotak Mahindra Life Insurance says expectations of improved economic growth, more awareness about insurance and digitisation will give a boost to demand.

In an interview with BusinessLine, he also expressed hope that the impact of the second wave of the Covid-19 will be limited as insurers have learnt to work through the pandemic. Edited Excerpts:

How do you expect the company to do this year?

How the company will do depends on the economy and the industry. My view is that India still remains largely under insured and under penetrated market. A lot of opportunity exists.

I think we’ll bounce back and we will have 10 per cent to 12 per cent growth this fiscal. GDP will grow so we expect domestic savings will grow. Also with increasing customer awareness, people are willing to buy insurance products, and I think the digital inclusive technology is really helping. I don’t see any problem for the industry. The outlook is is optimistic and we look forward to grow.

Are you worried about the second wave of Covid?

As an insurer, no, not really. Yes, this second wave of Covid is a problem and there will be some impact on business and mortality. But I think it will be limited for some time, and it will be overcome. The way we do business has also changed quite a bit. Even during the first wave, business went on, we were still continuing to sell and we still continue to so we did even today. The insurance industry on the whole hasn’t fallen behind substantially. We have learnt to work through this.

What is the strategy of the company going ahead?

We are a very balanced company– we have equal sale of group and equal sale of individual products. And on the individual side, we have agencies selling 50 per cent and the rest 50 per cent by non agency that is banca and others. So we are pretty balanced in what we sell and that will continue. There’s a huge thrust towards digitisation, which will continue not only in fulfilment but also in selling. In the last one year we have put together huge number of tools for digitisation. We will also work on direct B2C.

Is persistency still an issue for the industry?

There was a temporary blip in the month in the initial part after the pandemic because there was also extension of the deadlines. But otherwise the industry has slowly caught up. It was bound to happen. We as a company really focus on persistency.

Do you expect the demand for protection products to continue?

Protection saw a big spurt immediately after the pandemic broke out. I think it is now settling but it is still higher. Our protection business too has grown substantially and we want to see protection as a big share and we will like to grow it.

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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) 4,48,589.50 2.97 0.01-5.30
     I. Call Money 10,777.45 3.15 1.90-3.50
     II. Triparty Repo 3,24,453.50 2.99 2.88-3.36
     III. Market Repo 1,11,684.55 2.86 0.01-3.30
     IV. Repo in Corporate Bond 1,674.00 3.34 3.25-5.30
B. Term Segment      
     I. Notice Money** 350.60 3.10 2.65-3.57
     II. Term Money@@ 235.00 – 3.00-3.60
     III. Triparty Repo 0.00 – –
     IV. Market Repo 2,555.00 2.52 0.01-3.20
     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 Fri, 09/04/2021 3 Mon, 12/04/2021 5,31,695.00 3.35
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 09/04/2021 14 Fri, 23/04/2021 2,00,017.00 3.48
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Fri, 09/04/2021 3 Mon, 12/04/2021 9.00 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 (-)]*		       -7,31,703.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# 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
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       31,122.06  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,13,204.06  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -6,18,498.94  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 09/04/2021 5,35,652.09  
     (ii) Average daily cash reserve requirement for the fortnight ending 09/04/2021 5,31,247.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 09/04/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 26/03/2021 8,08,301.00  
@ 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. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
Rupambara
Director    
Press Release : 2021-2022/39

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7th Pay Commission: How CGS’ Salary Is Determined By The 7th CPC Fitment Factor?

Personal Finance

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oi-Vipul Das

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With the implementation of the 7th CPC (Central Pay Commission) in 2016, it was ensured that a central government employee’s minimum wage would not be less than 50% of net salary. The rate of annual increment is being kept at 3%, as recommended by the seventh pay commission. When it comes to calculating a central government servant’s (CGS) monthly salary, the 7th CPC fitment factor comes into effect, which results in salary calculation. Fitment factor was among the most addressed concerns among central government employees following the introduction of the 7th CPC (Central Pay Commission). According to the guidelines of the Seventh Pay Commission, a central government employee’s salary, without allowance, is determined by his or her basic salary and fitment factor.

7th Pay Commission: How CGS' Salary Is Determined By The 7th CPC Fitment Factor?

Fitment Factor

The fitment factor is 2.57, according to the 7th CPC guidelines. Apart from allowances like Dearness Allowance (DA), Travel Allowance (TA), House Rent Allowance (HRA), and so on., a central government employee’s basic salary is calculated by the 7th CPC fitment factor i.e. 2.57. For instance, if a central government employee’s basic salary is Rs 30,000, then his or her basic pay will be Rs 77,100.

7th Pay Commission: Here’s How Your PF Contribution May Change From July

7th Pay Commission Allowance

A central government employee’s monthly salary, without allowances, is calculated once. There are also multiple allowances such as DA, TA, HRA, medical coverage, among others. It is announced twice a year, once in January and then in July and December. The centre makes an estimation of inflation hike during the first six months of the year and for the next six months of the year before declaring DA. They declare the closest round number as DA hike, which is higher than the average inflation rate. For the duration of July to December 2020, average inflation is currently about 3.5 percent (according to the AICPI). There are also numerous other allowances such as TA, HRA, medical reimbursement, and so on. A central government employee’s monthly salary is calculated by adding all of these allowances and multiplying by the fitment factor and basic salary. A central government employee’s net salary is typically double the basic salary calculated by the fitment factor.

PF and gratuity contribution

Now comes the deductible part, which includes monthly Provident Fund (PF) contributions, gratuity contributions, and so on. Due to the fact that PF and gratuity contributions are added to basic salary and DA. Following the end of all deductibles, the net monthly salary is calculated by subtracting the PF, Gratuity, and other monthly contributions from one’s gross CTC. The monthly take-home salary of a central government employee is determined after this deduction.



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