Month: May 2021

PNB Housing Fin board approves capital raise of up to ₹4,000 crore

Banking & Finance

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PNB Housing Finance Limited (PNBHFL), on Monday, announced that its board has approved a capital-raise of up to ₹4,000 crore, led by entities affiliated to The Carlyle Group.

Pluto Investments S.a.r.l., an affiliated entity of Carlyle Asia Partners IV, LP and Carlyle Asia Partners V, LP (together, ‘Carlyle’) has agreed to invest up to ₹3,185 crore through a preferential allotment of equity shares and warrantsat a price of ₹390 per share.

Existing shareholders of PNBHFL, funds managed by Ares SSG and General Atlantic, are also participating in the capital-raise. PNB will continue to be the promoter and key stakeholder in the company. PNB had earlier conveyed it will not be participating in any capital-raise of PNBHFL.

Mandatory open offer

The proposed Carlyle-led transaction will trigger a mandatory open offer by Pluto Investments S.a.r.l. for the purchase of up to 26 per cent equity shares of PNBHFL from public shareholders.

PNB on track to achieving proit of ₹ 2,000 crore this fiscal despite Covid-19 challenges

As part of this transaction, Salisbury Investments Pvt Ltd, the family investment vehicle of Aditya Puri, Senior Advisor for Carlyle in Asia and the former CEO & Managing Director of HDFC Bank, will also invest in the capital raise.

Aditya Puri is expected to be nominated to the PNBHFL Board as a Carlyle-nominee director in due course.

Hardayal Prasad, Managing Director and CEO of PNB Housing Finance, said in a statement: “This fund raiseand Carlyle’s continued support puts us in a strong position to benefit from the growing opportunities in the housing finance sector, including in the affordable housing loans and self-employed segments, where we have developed differentiated capabilities in terms of distribution, underwriting and customer service. The current fund raise and planned strengthening of the board and management team will enable us to accelerate our strategic priorities, including further expanding our footprint, driving the company’s digitalisation, improving our operating model and customer engagement.”

PNB to exit Canara HSBC Oriental Bank Life

Sunil Kaul, Managing Director of the Carlyle Asia advisory team, said: “We have developed a strong partnership with PNB Housing Finance since our investment six years ago, leveraging our industry expertise and networks to help the company navigate sector headwinds, strengthen its business, and position it for future growth. This substantial additional investment reflects Carlyle’s strong commitment to India as a core market. We look forward to continuing our partnership with a leading bank like PNB to support the company as it embarks on a new growth journey.”

Mallikarjuna Rao, Managing Director and CEO of Punjab National Bank, said: “This capital-raise will significantly strengthen PNB Housing Finance’s capital base. We’re delighted for them to reach this milestone, and to see the encouraging improvement in industry dynamics. We are strongly committed to supporting PNB Housing Finance’s future success, and look forward to continuing our partnership with Carlyle and PNB Housing Finance.”

Key objective

The key objective of raising capital is to augment capital adequacy, reduce gearing and accelerate growth with a focus on retail housing, including self-employed and affordable housing loans such as the Unnati segment.

On Monday, the shares of PNBHFL hit upper circuit at ₹525.65, which was 20 per cent higher over the previous close of ₹438.05 on the national stock exchange.

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BNP Paribas appoints Aymar de Liedekerke Beaufort as head of India operations, BFSI News, ET BFSI

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French bank BNP Paribas has elevated Aymar de Liedekerke Beaufort as head of territory, India which includes the bank’s back office operations and retail brokerage arm Sharekhan.

This is in addition to Beaufort‘s current responsibility as the head of the bank’s eight branches and chief of corporate and institutional banking (CIB) in India. Beaufort will take over his additional responsibilities from September 1, the bank said in a statement.

Beaufort has been with BNP Paribas for 30 years and in charge of the bank’s India branches and CIB since December 2019.

His has previously headed the bank’s operations in Vietnam, Czech Republic, Slovakia, Hungary and South Eastern Europe.

He succeeds Franciska Decuypere, who was head of territory for India since 2018. Decuypere will relocate to Europe to take on another senior role within BNP Paribas, the bank said.

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A sizzling rally lures HDFC Bank to do more equity deals

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A hot equity market in India is prompting HDFC Bank Ltd. to try to muscle in on the action as companies raise record levels of funding.

The government has flooded the market with money in response to one of the world’s worst outbreaks of coronavirus, pushing stocks to dizzying levels and helping companies to boost capital buffers. Despite being India’s most valuable lender, HDFC Bank so far hasn’t been able to exploit its strong balance sheet to make inroads into this competitive market.

“We will do whatever it takes to reach there – hire more people, grow more people from inside and even enter into partnerships,” Rakesh Singh, group head of investment banking, private banking, marketing and products at HDFC Bank, said in an interview. “As we build our distribution network a larger share of the equity capital market deals will come our way.”

Also read: Indian shares open lower ahead of GDP data

It may be easier said than done for a relatively late starter like HDFC Bank to grab a bigger share of the market as it grapples with uncertainty over its asset quality. The country’s second-largest lender will have to fight it out with veteran local players including ICICI Bank Ltd., Axis Bank Ltd. and State Bank of India.

HDFC Bank has lagged in recent years as it focused on its fast-growing core business of lending and deposits rather than investment banking. The Mumbai-based company ranked number 16 for overall equity deals business last year, and number 29 in 2019, according to data compiled by Bloomberg.

Also read: Markets may open flat as bulls likely to take a breather

“It’s a cut-throat market where big corporates prefer to work with dominant and well-established bankers with existing relationships who can offer them the best pricing,” said Siddharth Purohit, an analyst at SMC Global Securities Ltd. “Unless HDFC Bank offers something really attractive it will not be easy for them to grow this business quickly and get the big-ticket deals.”

India’s stocks have extended their climb, reflecting investor optimism that the economy will rebound strongly from devastation caused by the coronavirus. The benchmark index was up 0.7 per cent on Monday, close to its record high in February.

Companies raised ₹789 billion ($10.9 billion) so far this year through the equity markets, a 9.3 per cent increase from last year, according to data compiled by Bloomberg. That’s after an unprecedented ₹2.2 trillion of deals in 2020.

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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) 0.00 – –
     I. Call Money 0.00 – –
     II. Triparty Repo 0.00 – –
     III. Market Repo 0.00 – –
     IV. Repo in Corporate Bond 0.00 – –
B. Term Segment      
     I. Notice Money** 0.00 – –
     II. Term Money@@ 0.00 – –
     III. Triparty Repo 0.00 – –
     IV. Market Repo 0.00 – –
     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 Sun, 30/05/2021 1 Mon, 31/05/2021 891.00 3.35
     (iii) Special Reverse Repo~          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Sun, 30/05/2021 1 Mon, 31/05/2021 80.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -811.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Sat, 29/05/2021 2 Mon, 31/05/2021 50,789.00 3.35
  Fri, 28/05/2021 3 Mon, 31/05/2021 295,821.00 3.35
     (iii) Special Reverse Repo~ Fri, 21/05/2021 14 Fri, 04/06/2021 5.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 21/05/2021 14 Fri, 04/06/2021 200,016.00 3.47
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Sat, 29/05/2021 2 Mon, 31/05/2021 5.00 4.25
  Fri, 28/05/2021 3 Mon, 31/05/2021 101.00 4.25
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
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       1,662.00  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -462,381.00  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -463,192.00  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 30/05/2021 608,749.21  
     (ii) Average daily cash reserve requirement for the fortnight ending 04/06/2021 614,682.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 28/05/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 07/05/2021 741,854.00  
@ 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.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/290

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Kotak Mahindra Bank Revises Interest Rates On FD, Check New Rates Here

Personal Finance

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Investment

oi-Vipul Das

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Kotak Mahindra Bank has adjusted the interest rate on fixed deposits (FDs) for amounts more than Rs 2 crore to Rs 25 crore and beyond, with effect from May 24, 2021. Kotak Mahindra Bank provides interest rates of 2.5 per cent, 2.75 per cent, and 3.00 per cent on FDs maturing in 7 to 30 days, 31 to 90 days, and 91 to 179 days, respectively. Kotak Mahindra Bank gives a 3.80% return on term deposits maturing in 280 days to less than 12 months. The bank is now giving 4.00 per cent and 4.15 per cent interest rates on FDs expiring in 12 months – less than 15 months and 15 months – less than 18 months. The bank is currently offering interest rates of 4.25 per cent and 4.50 per cent for deposits maturing in 18 months – less than 2 years and 2 years and above but less than 3 years. Similarly, the bank is currently offering 4.60 per cent and 4.75 per cent on FDs maturing in 3 years and above but less than 4 years and 4 years and above but less than 5 years, respectively. Following the most recent revision, the bank is currently offering the maximum interest rate of 5.00 per cent on FDs maturing in 5 years and above, up to and including 7 years. These rates are effective from 24 May 2021.

Kotak Mahindra Bank Revises Interest Rates On FD, Check New Rates Here

Kotak Mahindra Bank FD Rates

Tenure Rs 2 Cr & above but below Rs. 5 Cr Rs. 5 Cr & above but below Rs. 10 Cr Rs. 10 Cr & above but below 25 Cr Rs. 25 Cr & above
7 – 14 Days 2.50% 2.75% 2.75% 2.75%
15 – 30 Days 2.50% 2.75% 2.75% 2.75%
31 – 45 Days 2.75% 3.00% 3.00% 3.00%
46 – 60 Days 2.75% 3.00% 3.00% 3.00%
61 – 90 Days 3.00% 3.25% 3.25% 3.25%
91 – 120 Days 3.00% 3.35% 3.35% 3.35%
121 – 179 Days 3.00% 3.50% 3.50% 3.50%
180 Days 3.75% 3.55% 3.55% 3.55%
181 Days to 270 Days 3.75% 3.65% 3.65% 3.65%
271 Days to 279 Days 2.90% 2.75% 2.75% 2.75%
280 Days to Less than 12 Months 3.80% 3.65% 3.65% 3.65%
12 months – less than 15 months 4.00% 3.85% 3.85% 3.85%
15 months – less than 18 months 4.15% 4.10% 4.10% 4.10%
18 months – less than 2 Years 4.25% 4.25% 4.25% 4.25%
2 years and above but less than 3 years 4.50% 4.25% 4.25% 4.25%
3 years and above but less than 4 years 4.60% 4.50% 4.50% 4.50%
4 years and above but less than 5 years 4.75% 4.50% 4.50% 4.50%
5 years and above up to & inclusive of 7 years 5.00% 4.50% 4.50% 4.50%
Source: Kotak Mahindra Bank, W.e.f. 24th May 2021

Kotak Mahindra Bank FD Rates (Below Rs 2 Cr)

Kotak Mahindra Bank provides interest rates of 2.5 per cent, 2.75 per cent, and 3.25 per cent for FDs maturing in 7 to 30 days, 31 to 90 days, and 91 to 179 days, respectively. Kotak Mahindra Bank provides 4.40 per cent interest on term deposits that mature in 180 days to less than a year. The bank offers 4.50 per cent on deposits with a maturity period of one year to 389 days. The bank will pay 4.80 per cent on FDs maturing in 390 days to less than 23 months. Kotak Mahindra Bank would provide a 5% interest rate on deposits maturing in 23 months to less than 3 years. The bank will pay 5.10 per cent on term deposits with a maturity period of three years or more but less than four years. Kotak Mahindra Bank pays a 5.25 per cent interest rate on deposits with a maturity period of four years or more but less than five years. The bank offers 5.30 per cent on FDs maturing in 5 years and above, up to and including 10 years. Senior folks continue to get interest rates that are 50 basis points higher than the regular customers. On FDs maturing in 7 days to 10 years, the bank provides interest rates ranging from 3% to 5.8%. The current Kotak Mahindra Bank FD rates (below Rs 2 crore) are listed below and are effective as of April 26, 2021.

Tenure Regular FD Rates Senior Citizen FD Rates
7 – 14 Days 2.50% 3.00%
15 – 30 Days 2.50% 3.00%
31 – 45 Days 2.75% 3.25%
46 – 90 Days 2.75% 3.25%
91 – 120 Days 3.00% 3.50%
121 – 179 days 3.25% 3.75%
180 Days 4.40% 4.90%
181 Days to 269 Days 4.40% 4.90%
270 Days 4.40% 4.90%
271 Days to 363 Days 4.40% 4.90%
364 Days 4.40% 4.90%
365 Days to 389 Days 4.50% 5.00%
390 Days (12 months 25 days) 4.80% 5.30%
391 Days – Less than 23 Months 4.80% 5.30%
23 Months 5.00% 5.50%
23 months 1 Day- less than 2 years 5.00% 5.50%
2 years- less than 3 years 5.00% 5.50%
3 years and above but less than 4 years 5.10% 5.60%
4 years and above but less than 5 years 5.25% 5.75%
5 years and above up to and inclusive of 10 years 5.30% 5.80%
Source: Kotak Mahindra Bank, W.e.f. 26th April 2021

Note

HDFC Bank, the leading private sector lender, has also changed its FD interest rates with effect from May 21, 2021. On deposits maturing between 7 days and 10 years, HDFC Bank currently provides interest rates ranging from 2.50 per cent to 5.50 per cent. Senior folks continue to get interest rates that are 50 basis points higher than the general public. Senior folks will get interest rates ranging from 3% to 6.25 per cent on FDs with terms ranging from 7 days to 10 years. HDFC Senior Citizen Care is a special FD scheme offered by HDFC Bank for senior citizens. On these deposits, the bank gives a 75 basis point higher interest rate. The interest rate on a fixed deposit made by a senior citizen under the HDFC Bank Senior Citizen Care FD would be 6.25 per cent. Click here for more details.



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Paytm cuts down losses, revenue improves to ₹3,115 crore

Banking & Finance

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Fintech major Paytm, which is getting ready for listing, has been cutting down on its losses and has also been diversifying into other businesses from just focussing on payments.

One97 Communications Ltd, which is the parent company of Paytm, posted a net loss of ₹2,833.18 crore in the year ended March 31, 2020, according to data sources from Tofler. This was an improvement from the net loss of ₹3,959.64 crore in 2018-19, it revealed.

Revenue from operations and net worth had touched an all time high in 2019-20.

Its revenue from operations also improved marginally to ₹3,115 crore in 2019-20 from ₹3,049.87 crore in the previous fiscal.

Its net worth had increased by 39.35 per cent to ₹8,411 crore as on March 31, 2020.

Vijay Shekhar Sharma, founder and CEO of Paytm, has earlier indicated that the company would look at a possible listing after cutting down on losses.

Also read: Paytm eyes $3-billion IPO

With the company now looking to launch an initial public offering by the end of the year, it is likely that its financial position may have improved further.

“Paytm has come a long way from a simple digital wallet business to an integrated payments ecosystem…With increased financial discipline , Paytm is on track to break even in 12-18 months,” said a recent report by Bernstein.

Its valuation is also understood to have increased from around $16 billion to about $20 billion.

Its subsidiaries include One97 Communications India Pvt Ltd, Paytm Entertainment, Paytm Money, Paytm Financial Services, Paytm Insurance, Mobiquest Mobile Technology and Nearbuy India Private Ltd apart from other ventures such as Paytm Payments Bank and Paytm Life Insurance.

Payments, banking and insurance clearly seem to be the focus areas for the company at present.

The report by Bernstein noted that Paytm has about a 350 million installed base, about 50 million active user base and over 20 million merchant base.

“Paytm has realigned strategy to focus on merchant payments (on wallet and UPI) and is building a comprehensive merchant payment solution for both offline and online merchants,” it noted.

In terms of UPI market share, Paytm Payments Bank app is the third most used after PhonePe and GooglePe.

Paytm Payments Bank, which has about 64 million bank accounts, has tied up with Suryoday SFB to offer fixed deposits. It also made a net profit of ₹29.8 crore in 2019-20.

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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) 6,534.17 3.25 2.65-3.40
     I. Call Money 479.97 2.80 2.65-3.05
     II. Triparty Repo 6,054.20 3.29 2.85-3.40
     III. Market Repo 0.00   –
     IV. Repo in Corporate Bond 0.00   –
B. Term Segment      
     I. Notice Money** 6.90 2.75 2.75-2.75
     II. Term Money@@ 0.00 – –
     III. Triparty Repo 0.00 – –
     IV. Market Repo 0.00 – –
     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 Sat, 29/05/2021 2 Mon, 31/05/2021 50,789.00 3.35
     (iii) Special Reverse Repo~          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo – – – – –
3. MSF Sat, 29/05/2021 2 Mon, 31/05/2021 5.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -50,784.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
     (ii) Reverse Repo Fri, 28/05/2021 3 Mon, 31/05/2021 2,95,821.00 3.35
     (iii) Special Reverse Repo~ Fri, 21/05/2021 14 Fri, 04/06/2021 5.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 21/05/2021 14 Fri, 04/06/2021 2,00,016.00 3.47
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Fri, 28/05/2021 3 Mon, 31/05/2021 101.00 4.25
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
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       1,662.00  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -4,11,597.00  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,62,381.00  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 29/05/2021 6,09,506.02  
     (ii) Average daily cash reserve requirement for the fortnight ending 04/06/2021 6,14,682.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 28/05/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 07/05/2021 7,41,854.00  
@ 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.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/289

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Banks discourage crypto customers with account suspension warnings, BFSI News, ET BFSI

Banking & Finance

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After putting curbs on crypto exchanges banks have trained guns on their customers crypto transactions.

Banks including HDFC Bank and State Bank of India have sent official notices to many customers warning them of curbs, including permanent closure of accounts.

Lenders are asking customers to clarify the nature of transactions and warning credit card users that transactions of virtual currency will lead to suspension/cancellation of card.

Though there is no order by the RBI, lenders are opting to tread on the side of caution.

While trading in cryptocurrency is not illegal as per existing Indian laws, individual institutions can enforce their terms based on their risk assessment.

Exchanges evaluating options

Crypto exchanges are currently evaluating their options and are hoping to resolve the matter with a dialogue instead of raising the matter in court again.

Last week, the Blockchain and Crypto Assets Council also sent representation to various government stakeholders to put forward the industry’s case for banking access, according to a person privy to the matter.

Indian crypto exchanges, which have seen record-breaking transaction volume and customer sign-ups in recent months, are evaluating their options, including ways to seek clarification from the court and asking for additional supplemental material based on the verdict.

In May 2020, the co-founder of crypto exchange Unocoin had filed an RTI query questioning whether the RBI had prohibited banks from providing accounts to crypto exchange companies or crypto traders.

There is no prohibition on banks providing accounts to traders dealing with virtual currencies, the Reserve Bank of India told cryptocurrency exchange Unocoin then.

The crackdown

Since early May, leading banks, notably private sector lenders ICICI Bank and IndusInd Bank, have asked payment gateway partners to stop processing such transactions.

Axis Bank, Kotak Mahindra Bank, Citibank, and others are limiting their exposure to the cryptocurrency market.

Banks, the industry sources said, have stopped issuing merchant IDs to payment gateways, and have asked these intermediaries to tighten scrutiny while dealing with cryptocurrency exchanges in India.

The issue started in late February and according to experts, the recent surge in the market, dogecoin frenzy and advertisements by crypto exchanges during IPL led to a fresh clampdown on the cryptocurrency.

Regulator against it

According to reports, the Reserve Bank of India is informally urging lenders to cut ties with cryptocurrency exchanges and traders as the highly speculative market booms, despite a Supreme Court ruling that banks can work with the industry.

The guidance comes as the Indian government is drafting a law to ban cryptocurrencies and penalise anyone dealing in them, which would be among the most sweeping crackdowns on the new investing fad in the world. But with the Covid crisis engulfing the country, no one is sure when such a bill may be passed, adding to investors` confusion.

The Reserve Bank of India (RBI) in 2018 had forbidden banks from dealing in all transactions related to bitcoin and other such assets. That diktat was challenged by the crypto exchanges and in March 2020, India`s top court overturned the RBI ban and allowed lenders to extend banking facilities to them.



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Loan For Covid Treatment? 8 Different Loan Options For Emergency Funds

Personal Finance

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Points to consider before applying for a Loan

You should verify your credit history before applying for a loan. Credit history is a record of any past loans you’ve taken out and how well you’ve paid them back. Before you apply for a loan, look into the interest rate. The interest rates on loans that need collateral are often lower than those on loans that do not. All types of loans are granted in as little as 48 hours based on the borrower’s income and financial history, as well as the collateral to be attached in some situations. You will almost certainly have to pay a processing and penalty cost if you miss the repayment. These fees are determined by the loan amount and vary with the bank.

Loan For Covid Treatment- Bank Loan

Loan For Covid Treatment- Bank Loan

Individuals who are salaried, non-salaried, or retirees would be eligible for unsecured personal loans ranging from Rs 25,000 to Rs 5 lakhs from PSBs to meet Covid treatment requirements. Banks Like SBI and Canara bank are offering this unsecured loan. SBI is offering an interest rate of 8.5% with a tenure of 5 years.

Loan For Covid Treatment- Personal Loans

A personal loan is often one of the simplest ways to obtain funds for a variety of personal requirements. Perhaps more crucially, you don’t have to put up any collateral to acquire this loan, and you have virtually no restrictions on how you can utilize the funds. Borrowing money, however, comes with a price tag in the shape of interest payments, processing fees, documentation fees, and so on.

Loan For Covid Treatment: Gold Loan

Loan For Covid Treatment: Gold Loan

A gold loan is another option for getting cash immediately. Typically, gold loans are available for up to two years, after which you can renew the loan. You must hold gold (in any form, such as jewelry, bar, or coin) as collateral for a gold loan. Banks will lend you up to 90% of the value of your gold.

Loan For Covid Treatment: Overdraft Against Fixed Deposit

A loan against a fixed deposit is a secured loan that allows you to use your deposit as collateral in exchange for a loan. You may be eligible for a loan of up to 90% of your deposit. You don’t have to break your FD to acquire a loan against it; instead, you can borrow against it.

Loan For Covid Treatment- Loan against Security

Loan For Covid Treatment- Loan against Security

Loans against securities such as fixed deposits, mutual funds, Demat shares, or even insurance policies are also available. These loans have lower interest rates than personal loans. The loan amount can range from 60 to 90 percent of the surrender value of an insurance policy, 80 to 95 percent of a savings account, and 50-60 percent of the stock or mutual funds.

The benefit of pledging your securities is that you can access consistent cash quickly when you need it, and you will still be able to get the benefits of being a shareholder. This implies you can take advantage of your rights to dividends and bonuses while also profiting from price changes in the shares for which you have taken out a bank loan.

Loan For Covid Treatment- Mutual Fund Redemption

Loan For Covid Treatment- Mutual Fund Redemption

Mutual fund redemption, which simply implies selling fund units, is another approach to meet your immediate fund demand. Though experts advise against selling or withdrawing mutual fund units shortly, individuals can do so in the event of a medical emergency.

While there are certain disadvantages, including taxable capital gains, it is perfect for obtaining funds quickly in the event of a medical emergency.

To get a loan against a mutual fund, the holder of the mutual fund must fill out an application and send it to the bank together with any other required documentation. The loan amount will be a proportion of the value of mutual fund units owned at the time the loan is approved.

Loan For Covid Treatment- EPF loan

Loan For Covid Treatment- EPF loan

Employees with an Employees’ Provident Fund (EPF) account can withdraw funds or borrow money for medical reasons. Employees’ Provident Fund Organisation (EPFO) rules provide that those who want to withdraw money for Covid treatment can do so under the guise of a medical emergency for a spouse, a family member, a parent, or a kid. The member can withdraw the money if an employee, his or her parent, spouse, or children became ill as a result of Covid.

Loan For Covid Treatment- Credit card Loan

This may not be the best option but can consider it when you are in dire need of money. A loan against a credit card is similar to a personal loan secured by your credit card. These are typically pre-approved loans that don’t necessitate any additional paperwork. Depending on the lender, this can be converted into an interest-free personal loan after a set amount of time. Following that, it will generate a certain amount of interest. There is a processing fee connected with converting a pre-assigned credit limit to a loan.

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PNB Housing Finance Board approves capital raise of up to ₹4,000 crore, led by Carlyle

Banking & Finance

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PNB Housing Finance Limited (PNBHFL) on Monday announced that its Board has approved capital raise of up to ₹4,000 crore, led by entities affiliated to The Carlyle Group Inc.

Pluto Investments S.a.r.l., an affiliated entity of Carlyle Asia Partners IV, L.P. and Carlyle Asia Partners V, L.P. (together, “Carlyle”) has agreed to invest up to ₹3,185 crore through a preferential allotment of equity shares and warrants, at a price of ₹ 390 per share.

Existing shareholders of PNBHFL, funds managed by Ares SSG and General Atlantic, are also participating in the capital raise. PNB will continue to be the Promoter and a key stakeholder in the Company. PNB had earlier conveyed it will not be participating in any capital raise of PNBHFL.

Also read: PNB to exit Canara HSBC Oriental Bank Life

The proposed Carlyle led transaction will trigger a mandatory open offer by Pluto Investments S.a.r.l. for the purchase of up to 26 per cent equity shares of PNBHFL from public shareholders.

As part of this transaction, Salisbury Investments Pvt. Ltd., the family investment vehicle of Aditya Puri, Senior Advisor for Carlyle in Asia and the former CEO & Managing Director of HDFC Bank, will also invest in the capital raise.

Aditya Puri is expected to be nominated to the PNBHFL Board as a Carlyle nominee Director in due course.

Hardayal Prasad, Managing Director and CEO of PNB Housing Finance, said in a statement: “This fund raise, and Carlyle’s continued support, puts us in a strong position to benefit from the growing opportunities in the housing finance sector including in the affordable housing loans and self-employed segments, where we have developed differentiated capabilities in terms of distribution, underwriting and customer service. The current fund raise and planned strengthening of the Board and management team will enable us to accelerate our strategic priorities, including further expanding our footprint, driving the Company’s digitalisation, improving our operating model and customer engagement.”

Also read: PNB raises ₹ 1,800 crore via QIP offering

Sunil Kaul, Managing Director of the Carlyle Asia advisory team, said, “We have developed a strong partnership with PNB Housing Finance since our investment six years ago, leveraging our industry expertise and networks to help the Company navigate sector headwinds, strengthen its business, and position it for future growth. This substantial additional investment reflects Carlyle’s strong commitment to India as a core market. We look forward to continuing our partnership with a leading bank like PNB to support the Company as it embarks on a new growth journey.”

Mallikarjuna Rao, Managing Director and CEO of Punjab National Bank, said, “This capital raise will significantly strengthen PNB Housing Finance’s capital base. We’re delighted for them to reach this milestone, and to see the encouraging improvement in industry dynamics. We are strongly committed to supporting PNB Housing Finance’s future success, and look forward to continuing our partnership with Carlyle, and PNB Housing Finance”

The key objective of raising capital is to augment capital adequacy, reduce gearing and accelerate growth with a focus on retail housing including self-employed and affordable housing loans such as the Unnati segment.

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