Month: May 2021

Small finance banks better placed to evaluate credit profiles of MFIs: CRAs

Personal Finance

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However, the purpose of borrowing by individuals and small businesses needed to be seen as to whether it was for credit for growth purpose or for repaying of loans, CARE Ratings said.

Welcoming the Reserve Bank of India (RBI)’s efforts to incentivise small finance banks (SFBs) to lend to microfinance institutions (MFIs) by classifying the fresh credit extended as priority sector lending, credit rating agencies said as most SFBs had operated as MFIs before converting into an SFB, they have good understanding of the sector and would be in a better position to evaluate credit profiles of smaller MFIs to lend.

Microlenders have said the RBI’s initiative should lead to tangible liquidity flow to the microfinance sector.

“Most SFBs had operated as MFIs before converting into an SFB and thus have a good understanding of the segment. Further, the PSL categorisation should incentivise SFBs to on-lend to smaller MFIs, which are currently faced with funding constraints following the resurgence of the second Covid wave,” AM Karthik, vice president & sector head – financial sector ratings, Icra, told FE.

Crisil Ratings senior director Krishnan Sitharaman said incentivising SFBs to lend to MFIs, which typically faced higher borrower vulnerability, was “salutary”. “What helps is that 8 out of 11 SFBs were MFIs previously, so they would be in a better position to evaluate the credit profiles of the smaller MFIs and lend. Secondly, extending the priority-sector lending eligibility to MFIs with asset size up to Rs 500 crore will encourage flow of credit to smaller MFIs, which have been facing relatively bigger funding-access challenges, Sitharaman said, adding this move would cover around half of the NBFC-MFIs in India.

However, the purpose of borrowing by individuals and small businesses needed to be seen as to whether it was for credit for growth purpose or for repaying of loans, CARE Ratings said.

Alok Misra, CEO of MFIN, said, “We expect that with changes in the evolving situation, RBI will keep introducing newer relief measures. We also anticipate that the pricing issue would also hopefully be resolved soon.”

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Collections, disbursements picked up in March quarter: Equitas SFB

Banking & Finance

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MD & CEO P N Vasudevan told analysts at an earnings call post announcement of March quarter results that the bank had a reasonably good quarter as collections and disbursements continued to pick up across the product segments.

Equitas Small Finance Bank (Equitas SFB) said the bank had a reasonably good fourth quarter as collections and disbursements continued to pick up across the product segments. The vehicle finance portfolio, in particular, has done better than its initial assessment.

The Chennai-headquartered bank said it continued to focus on collections in March and achieved collection efficiency of 108.51% while its billing efficiency stayed at 91.12%. Collection efficiency represents total collections during the month as a percentage of March total EMI due, while billing efficiency represents only the EMI collected as a percentage of March total EMI due.

MD & CEO P N Vasudevan told analysts at an earnings call post announcement of March quarter results that the bank had a reasonably good quarter as collections and disbursements continued to pick up across the product segments.

“On the liabilities front, the team has done an excellent job across all indicators, be it retail growth, fee income, digital traction, branch productivity. We are seeing a very good traction,” he said.

However, he added that with fresh lockdowns and restrictions being announced across various parts of the country and the ambiguity of what impact it would have on the customer segment, guidance for the current year looked quite difficult to make at this point in time.
Vasudevan said as of March 31, the bank’s advances grew 17% year on year and about 81% was of secured loans. Its flagship product, small business loan, continues to show reasonable growth.

Used car advance crossed Rs 120 crore, which was launched in the end of the last financial year. MSE finance, started post conversion to a bank, continues to do well and now contribute 7% of the overall book.

He said the bank acquired 4.76 lakh liability accounts in FY2021 as compared to 1.59 lakh in FY2020, which is almost like three times or a 300% jump. This was largely led by the bank’s multiple digital initiatives, improved productivity and a very strong leadership. Deposit grew by 58% YoY, savings account grew by 174% and 45% quarter on quarter.

According to him, the bank has fairly reached its destination product mix level, with micro finance at 18%, small business loans at 45%, commercial vehicle at around 25% and the remaining being SME and NBFC lending. He maintained that the bank had achieved a steady product mix. “Our affordable housing loan, which we started about an year ago, has started to contribute and then there are few supplementary products like used car and gold loan,” he said, adding, “We are not really looking to launch any new vertical as such because we are fairly comfortable with the product mix that we have today.”

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Reserve Bank of India – Tenders

Tenders

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E-Tender for providing Sniffer Dogs with Handler Services at RBI, Kanpur for an initial period of one year (01st July 2021 to 30th June 2022)

Reserve Bank of India invites e-tender for for “providing Sniffer Dogs with Handler Services at RBI, Kanpur for an initial period of one year (1st July 2021 to 30th June 2022) The e-tendering shall be done through the e-tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). All eligible and interested companies/agencies/firms must register themselves with MSTC Ltd through the above-mentioned website to participate in the e-tendering process. The Schedule of e-tender is as follows:

Schedule of Tender

E-Tender No. RBI/Kanpur/HRMD/76/20-21/ET/733
a) Estimated cost ₹. 12,00,000/- (Rupees Twelve lakhs only)
b) Mode of e-tender e-Procurement System (Online Part I – Technical Bid and Part II – Price Bid through www.mstcecommerce.com/eprochome/rbi)
c) Type of e-tender Open (Twin Bid System)
d) Date of NIT available to parties to download May 05, 2021, 03:00 PM
e) Pre-bid meeting Offline. May 12, 2021 at 12:00 Noon

Venue: PROTOCOL & SECURITY CELL, 2nd Floor, Reserve Bank of India, M.G. Road, Kanpur – 208001 (Uttar Pradesh)
f) Earnest Money Deposit (EMD) through NEFT and upload the details on the MSTC portal. Also intimate/ forward the transaction details (UTR number OR scanned copies (in PDF) to psokanpur@rbi.org.in and/or pradeeprathore@rbi.org.in ₹.24,000/- (Twenty-Four Thousand Only) paid through NEFT/ Net banking to

Beneficiary Name- Reserve Bank of India

Beneficiary A/c No – 186003001

IFSC – RBIS0KNPA01 (5th and 10th digit is Zero).

(ii) E-Tender Fees NIL
g) Last date of submission of EMD. May 26, 2021 up to 01:00 PM
h) Date of Starting of e-tender for submission of on-line Technical Bid and price Bid at http://mstcecommerce.com/eprochome/rbi May 05, 2021, 03:00 PM
i) Date of closing of online e-tender for submission of Technical Bid & Price Bid. May 26, 2021 up to 01:00 PM
j) Date & time of opening of Part-I (i.e. Technical Bid). Date of opening of Part II i.e. price bid shall be informed separately May 26, 2021 at 02:00 PM
k) Validity of the e-tender 90 days from the date of opening of Techno– Commercial bid
l) Performance Bank Guarantee 5% of the contract value (valid for the entire period of currency of contract).
m) Transaction Fee (Non-refundable) (To be paid separately by the tenderers to MSTC vide MSTC E-Payment Gateway for participating in the e-tender) Rs.1,180/- (Including GST @18%)
n) Helpdesk numbers of MSTC Ltd for any technical queries regarding MSTC Portal while quoting bids for e-tender 033 40645207, 033 40609118, 033 40645316, 033 22901004 and 033 22895064.
The bidders can also submit their issues vide e-mail at helpdesk@mstcindia.co.in

2. Intending tenderers shall pay a sum of Rs. 24,000/- (Twenty four Thousand Only) as earnest money through NEFT / RTGS to Reserve Bank of India, Kanpur.

3. 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 bids. E-tenders without EMD shall not be accepted under any circumstances.

4. The Bank shall not be bound to accept the lowest tender and reserves the right to accept either in full or in part any tender. The Bank also reserves the right to reject all the tenders without assigning any reason thereof.

5. Any amendments / corrigendum to the tender, if any, issued in future shall only be notified on the RBI Website and MSTC Website as given above and shall not be published in the newspaper.

Regional Director
Reserve Bank of India
Kanpur

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RBI opens ₹50,000-cr liquidity tap for banks to on-lend to healthcare sector

Banking & Finance

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To cushion the economic impact of the second wave of Covid-19, the Reserve Bank of India swung into action on Wednesday, announcing a slew of measures aimed at easing the financing constraints being faced by vaccine manufacturers and importers of life-saving equipment, besides small/medium businesses and individuals.

The central bank announced a special on-tap liquidity of ₹50,000 crore with tenor up to three years at repo rate (4 per cent) for lending to emergency healthcare required to fight Covid crisis. The macro impact of the scheme can be gauged from the fact that ₹50,000 crore is roughly 9 per cent of India’s total health expenditure of ₹6-lakh crore under private final consumption expenditure in 2019-20. Unveiling these measures, Governor Shaktikanta Das emphasised that the central bank is committed to go unconventional and devise new responses as and when the situation demands.

“Major beneficiaries of the announced healthcare liquidity scheme would be pharmaceutical manufacturers, vaccine-makers, healthcare equipment manufacturers, hospitals and diagnostic players. Penetration of hospitals/dispensaries may increase as players can now opt for capex funding. Also, diagnostic chains can use this opportunity to penetrate into Tier-II cities and beyond,” said Rahul Prithiani, Director, Crisil.

Markets rise

The stock markets gave a thumbs-up to the RBI moves. The Sensex, which was trading just around 40-50 points higher in the morning, closed with gains of 424 points, or 0.88 per cent, at 48,677. The Nifty closed higher by 0.84 per cent or 121 points at 14,671.

To provide support to small businesses, micro and small units, and unorganised sector entities affected by the Covid second wave, the RBI said it will conduct special three-year long-term repo operations (SLTRO) of ₹10,000 crore at repo rate for small finance banks (SFBs), to be deployed for fresh lending of up to ₹10 lakh per borrower. This will be available till October 31, 2021.

To address liquidity issues of smaller microfinance institutions, SFBs have been permitted to consider fresh lending to the MFIs (with asset size of up to ₹500 crore) for on-lending to individual borrowers as PSL.

Individuals, small businesses and MSMEs, which did not resort to any of the earlier restructuring frameworks, having an aggregate exposure of up to ₹25 crore and were classified as ‘Standard’ as on March 31, 2021, will be eligible to be considered for restructuring under Resolution Framework 2.0 for Covid-related stressed assets.

Resolution Framework

This restructuring is open up to September 30, 2021 and will have to be implemented within 90 days of invocation. In respect of individual borrowers and small businesses that availed themselves of loan restructuring under Resolution Framework 1.0, where the resolution plan permitted moratorium of less than two years, the RBI said lending institutions can modify such plans to increase the period of moratorium and/or extend the residual tenor up to a total of two years. For small businesses and MSMEs restructured earlier, lending institutions can, as a one-time measure, review the working capital sanctioned limits.

To further incentivise inclusion of unbanked MSMEs into the banking system, the current incentive to deduct credit disbursed to new borrowers from banks’ deposits for calculation of the cash reserve ratio (CRR) has been extended further. This exemption, currently available for exposures up to ₹25 lakh and for credit disbursed up to the fortnight ending October 1, 2021, has been extended till December 31, 2021.

INTO THE BREACH, AGAIN

  • ₹10,000-cr special long-term repo operations for SFBs to lend to individuals and small biz
  • Restructuring of Covid-related stressed assets of individuals, small biz and MSMEs
  • Rationalisation of compliance to KYC requirements
  • Utilisation of floating provisions and countercyclical provisioning buffer for banks
  • Relaxation in overdraft facility for State governments

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Reserve Bank of India – Notifications

Notifications

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RBI/2021-22/32
DOR.STR.REC.12/21.04.048/2021-22

May 5, 2021

All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks)
All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks
All All-India Financial Institutions
All Non-Banking Financial Companies (including Housing Finance Companies)

Madam / Dear Sir,

Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)

Please refer to the circular DOR.No.BP.BC/4/21.04.048/2020-21 dated August 6, 2020 on restructuring of advances to the MSME borrowers.

2. In view of the uncertainties created by the resurgence of the Covid-19 pandemic in India in the recent weeks, it has been decided to extend the above facility for restructuring existing loans without a downgrade in the asset classification subject to the following conditions:

(i) The borrower should be classified as a micro, small or medium enterprise as on March 31, 2021 in terms of the Gazette Notification S.O. 2119 (E) dated June 26, 2020.

(ii) The borrowing entity is GST-registered on the date of implementation of the restructuring. However, this condition will not apply to MSMEs that are exempt from GST-registration. This shall be determined on the basis of exemption limit obtaining as on March 31, 2021.

(iii) The aggregate exposure, including non-fund based facilities, of all lending institutions to the borrower does not exceed ₹25 crore as on March 31, 2021.

(iv) The borrower’s account was a ‘standard asset’ as on March 31, 2021.

(v) The borrower’s account was not restructured in terms of the circulars DOR.No.BP.BC/4/21.04.048/2020-21 dated August 6, 2020; DOR.No.BP.BC.34/21.04.048/2019-20 dated February 11, 2020; or DBR.No.BP.BC.18/21.04.048/2018-19 dated January 1, 2019 (collectively referred to as MSME restructuring circulars).

(vi) The restructuring of the borrower account is invoked by September 30, 2021. For this purpose, the restructuring shall be treated as invoked when the lending institution and the borrower agree to proceed with the efforts towards finalising a restructuring plan to be implemented in respect of such borrower. The decisions on applications received by the lending institutions from their customers for invoking restructuring under this facility shall be communicated in writing to the applicant by the lending institutions within 30 days of receipt of such applications. The decision to invoke the restructuring under this facility shall be taken by each lending institution having exposure to a borrower independent of invocation decisions taken by other lending institutions, if any, having exposure to the same borrower.

(vii) The restructuring of the borrower account is implemented within 90 days from the date of invocation.

(viii) If the borrower is not registered in the Udyam Registration portal, such registration shall be required to be completed before the date of implementation of the restructuring plan for the plan to be treated as implemented.

(ix) Upon implementation of the restructuring plan, the lending institutions shall keep provision of 10 percent of the residual debt of the borrower.

(x) It is reiterated that lending institutions shall put in place a Board approved policy on restructuring of MSME advances under these instructions at the earliest, and in any case not later than a month from the date of this circular.

(xi) All other instructions specified in the circular DOR.No.BP.BC/4/21.04.048/2020-21 dated August 6, 2020 shall remain applicable.

3. In respect of restructuring plans implemented as per Clause 2 above, asset classification of borrowers classified as standard may be retained as such, whereas the accounts which may have slipped into NPA category between April 1, 2021 and date of implementation may be upgraded as ‘standard asset’, as on the date of implementation of the restructuring plan.

4. In respect of accounts of borrowers which were restructured in terms of the MSME restructuring circulars, lending institutions are permitted, as a one-time measure, to review the working capital sanctioned limits and / or drawing power based on a reassessment of the working capital cycle, reduction of margins, etc. without the same being treated as restructuring. The decision with regard to above shall be taken by lending institutions by September 30, 2021. The reassessed sanctioned limit / drawing power shall be subject to review by the lending institution at least on a half yearly basis and the renewal / reassessment at least on an annual basis. The annual renewal/reassessment shall be expected to suitably modulate the limits as per the then-prevailing business conditions.

5. The above measures shall be contingent on the lending institutions satisfying themselves that the same is necessitated on account of the economic fallout from Covid-19. Further, accounts provided relief under these instructions shall be subject to subsequent supervisory review with regard to their justifiability on account of the economic fallout from Covid-19.

Yours faithfully,

(Manoranjan Mishra)
Chief General Manager

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JM Financial consolidated Q4 net rises 35.35 per cent

Banking & Finance

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JM Financial has posted a 35.35 per cent rise in consolidated net profit of ₹176.71 crore for the fourth quarter ended March 31, 2021, compared with ₹130.56 crore recorded during the same period a year ago. The rise was led by continued momentum in its investment banking, wealth management and securities business (IWS) in the quarter.

During the quarter under review, the diversified financial services firm recorded a total income of ₹841.13 crore, marginally up from the ₹840.58 crore recorded during the three-month period of the last financial year, it said in a statement.

Vishal Kampani, Managing Director, JM Financial Group, said, “FY20-21 has been one of the most challenging years amidst uncertainties on account of Covid-19. In spite of the economic volatility during the year, the capital markets remained strong on the back of strong liquidity”.

“We are pleased to report that we have concluded the financial year on a positive note, banking on our diversified and resilient business model, with strong performance across our business segments. Our investment banking, wealth and securities businesses have done exceedingly well and our pipeline for these businesses is extremely healthy. Despite the challenges from Covid-19, we had strong recoveries in our distressed credit business in FY2020-21,” he added.

For the full year ended March 31, the firm’s consolidated net profit rose 8.29 per cent to ₹590.14 crore from ₹544.98 crore recorded during the same year-ago period. Its total income fell 6.57 per cent to ₹3,226.63 crore, as against ₹3,453.55 crore posted in FY20.

JM Financial’s board also recommended a dividend of ₹0.50 per share.

The firm’s consolidated net worth stood at ₹6,947 crore, while its consolidated loan book stood at ₹10,854 crore (₹11,531 crore) as of March 31, 2020. The company said it has made additional gross provisions of ₹208 crore on account of the uncertainties around Covid-19 for the year ended March 31, thereby taking the total provisions to ₹383 crore.

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IDBI Bank: Divestment, transfer of management control approved

Banking & Finance

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The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave its in-principle approval for strategic disinvestment along with the transfer of the management control in the IDBI Bank Ltd.

“The extent of respective shareholding to be divested by the Central government and the LIC would be decided at the time of structuring of transaction in consultation with the RBI,” an official release said.

‘Perfect timing’

The Central government and Life Insurance Corporation (LIC) together own more than 94 per cent of equity of the IDBI bank. While the Central government owns 45.48 per cent stake, the shareholding of LIC in the IDBI Bank is 49.24 per cent. LIC is currently the promoter of the IDBI bank with management control, while the Central government is the co-promoter.

Capital market observers noted that the timing of the CCEA decision was quite perfect with the IDBI bank now coming into black after a gap of five years. For the financial year ended March 31, 2021, IDBI Bank has reported a full year standalone net profit of ₹1,359 crore against net loss of ₹12,887 crore in the previous year. The bank had also come out of the RBI’s Prompt Corrective Action (PCA) framework on March 10. “This could boost the valuation of the lender when the government goes in for the strategic disinvestment,” they said.

Speaking to BusinessLine soon after the announcement of the CCEA decision, Rakesh Sharma, Managing Director & CEO, IDBI Bank said, “The bank has seen a turnaround and balance sheet has improved. It is for the owners – the government and the LIC – to decide on the quantum of stake sale, timing and price etc. Now that bank has turned around, it may help them in attracting investors at right valuation.”

It is still not clear whether the management control and majority equity holding will pass on to a foreign bank or any domestic acquirer. One thing is for sure is that the LIC would tag along with the Central government, which is looking to exit, when the transaction is put through – so that the valuation is maximised for both the selling shareholders.

“It is expected that the strategic buyer will infuse funds, new technology and best management practices for optimal development of business potential and growth of the IDBI bank,” the release added.

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Fino Payments Bank goes live with enhanced deposit limit of Rs 2 lakh for MSMEs, small traders, others

Banking & Finance

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Fino Payments Bank has 410 branches and more than 25,000 banking points. (Image: Fino Payments Bank)

Fino Payments Bank on Wednesday announced increasing its end-of-the-day account balance limit to Rs 2 lakh for customers including MSMEs, small traders, and retail customers. The bank, which became profitable in the fourth quarter of FY20, went live with the enhanced limit effective May 1, 2021. The move was in line with the Reserve Bank of India’s (RBI) announcement last month to increase the maximum balance limit at the end of the day for payments banks to Rs 2 lakh from Rs 1 lakh earlier in order to boost financial inclusion. “After reviewing the performance of payments banks and to encourage their efforts for financial inclusion it was decided to enhance the limit of maximum balance at end of the day from Rs 1 lakh to Rs 2 lakh per individual customer,” a notification by RBI on April 7 had said.

“The increased deposit limit allows our customers to save more money in their account. Further, our existing sweep account mechanism continues with our partner bank wherein customers can save funds in excess of Rs 2 lakh,” said Ashish Ahuja, COO, Fino Payments Bank. Up to Rs 2 lakh in the Fino account, the existing savings interest rate will be applicable while funds in the sweep account will get interest rates as set by its partner bank Suryoday Small Finance Bank.

Also read: RBI’s relief measures for MSMEs: 4 key takeaways from Shaktikanta Das speech; experts opine mixed bag

Fino Payments Bank’s micro ATM and AePS enabled financial services distribution network including 410 branches and more than 25,000 banking points allow people to open a new bank account, get debit cards, do deposit, withdrawal, or money transfer transactions, pay utility bills, loan EMIs, and buy health, life and motor insurance. Unlike regular banks, payments banks are not allowed to lend money to their customers, they can’t open Fixed deposits or recurring deposits, and also can’t allow a balance of more than Rs 1 lakh in any account. Currently there are five other RBI-approved payments banks operating in the country viz., Airtel Payments Bank, India Post Payments Bank, Paytm Payments Bank, Jio Payments Bank, and NSDL Payments Bank.

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Reserve Bank of India – Tenders

Tenders

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A reference is invited to the captioned e-tender no. RBI/Jaipur/Estate/470/20-21/ET/720 which was placed on April 14, 2021 under the “Tenders” link of RBI website (www.rbi.org.in) and MSTC portal (www.mstcecommerce.com).

2. The revised instructions related to para 5.2 of Technical specification are as below:-

Existing Instructions Revised Instructions
In terms of para 5.2 of Technical specification of CRBB may be earlier read as

1.0 SCOPE – This defines the specifications for electro-hydraulic Bollard, consisting of five vertical lift retractable Bollards operating in various combinations as detailed below, a Hydraulic Power Unit, the Controls and Logic Circuits and Related Features.

In terms of para 5.2 of Technical specification of CRBB may be now read as:-

1.0 SCOPE This defines the specifications for electro-hydraulic Bollard, consisting of four vertical lift retractable Bollards operating in various combinations as detailed below, a Hydraulic Power Unit, the Controls and Logic Circuits and Related Features.

3. In continuation to that, it is notified that the last date for submission of tender has been extended to May 19, 2020, 02:00PM.

Regional Director
Jaipur

Date: 05.05.2021

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