Month: May 2021

Airtel Payments Bank hiked interest rate on deposits over Rs. 1 lakh from May 1, 2021

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Investment

oi-Vipul Das

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From May 1, 2021, Airtel Payments Bank has raised the interest rate on savings account deposits of over Rs. 1 lakh to 6% per annum. The balance up to Rs 1 lakh will get a 2.5 percent annual interest rate. The Reserve Bank of India recently approved a Rs 2 lakh day-end deposit cap for account holders. This comes after Airtel Payments Bank became the first payments bank to enforce the Reserve Bank of India’s (RBI)-mandated enhanced day-end savings cap of Rs 2 lakh. Airtel Payments Bank is a one-stop center for a variety of traditional banking matters, such as huge queues and complicated procedures for opening a savings account. Opening a savings account with Airtel Payments Bank is a paperless operation that requires just a matter of seconds.

Airtel Payments Bank hiked interest rate on deposits over Rs. 1 lakh from May 1

A savings account with Airtel Payments Bank also comes with a slew of benefits, including cash deposit/withdrawal at any of the bank’s 5 Lac+ branches nationwide, money transfers, mobile/DTH recharges, utility bill payments, online/offline shopping, as well as more. You can visit your nearest banking point to open or manage your Airtel Payments Bank Savings bank account. You can also use My Airtel App to manage your Airtel Payments Bank account. The bank operates a Rewards123 digital savings account, which provides customers more benefit when they transact online using the account. Customers with an Airtel number linked to their savings account can also use Airtel Safe Pay. With only a Secure KEY, one can deposit cash at any Airtel Payments Banking Point. And one can also withdraw cash from any Airtel Payments Bank Banking Point using the Aadhaar biometric authentication process.

Anubrata Biswas, Managing Director and Chief Executive Officer, Airtel Payments Bank, said “RBI’s increased savings deposit ceiling is a major milestone for payments banks as this was a key ask from customers. With an attractive six per cent per annum rate of interest on deposit sums in excess of one lakh, we are making our banking proposition even more rewarding.”
He also added that “Our unmatched footprint of 500,000 banking points and a global first secure and simple experience delivered digitally, Airtel Payments Bank offers a market-leading proposition for both the urban digital and the rural underbanked customer.”

Benefits to open a savings account with Airtel Payments Bank

You will get a slew of perks when you open Airtel Payments Bank, including:

  • High interest rate
  • No need to maintain a minimum account balance.
  • Virtual Debit Card
  • Easy access to the nearest banking spot for cash withdrawals and deposits.
  • Using the Airtel Thanks App, you can pay your utility bills and send money to your friends.
  • Make cash withdrawals without a card at more than 1 lakh ATMs around the nation.

How to open an Airtel Payments Bank account using Video-KYC method?

You can now open a savings account using the Airtel Thanks app and complete the KYC process via a video interaction anytime anywhere. When going through the Video KYC method, the customer must ensure that he is in a location with the best data connectivity. Please remember to bring your PAN card with you. You must fill out your details on the Airtel Thanks App as part of the Video KYC operation. Following the completion of all necessary fields, the bank representative will conduct simple checks through video interaction. You will be guided through the procedure by the agent. After the Video KYC is completed, you will be given a full-fledged bank account by Airtel Payments Bank. If the Video KYC procedure could not be finished, you should either restart it or wait for a reply from the bank if your account is open. The Video-KYC process is available from 10 a.m. to 9 p.m., six days a week. To know the process follow the below given three simple steps:

  • Open the Airtel Thanks App in your mobile and click on the ‘Video KYC’ option.
  • Now add your personal details along with your Aadhaar and PAN specifics.
  • Complete a video conferencing with a Bank representative any time between 10 a.m. and 9.00 p.m,6 days a week. Before you call, make sure you have your original PAN card with you. Once your account is ready, you will get your account details as well as a digital debit card.



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List of Indian Pharma Companies Producing Covid-19 Vaccines

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oi-Sneha Kulkarni

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Several Indian pharmaceutical firms are working on a coronavirus vaccine as part of global efforts to find a preventive to stem the spread of the deadly virus. Vaccines usually take years to develop and much longer to mass-produce, but scientists are hoping to have one ready in few months. As the number of coronavirus cases in the country continues to increase, the emphasis has shifted to vaccination. The Government of India is leading the fight against the COVID19 pandemic in partnership with the States and UTs. Vaccination is an important part of the Government of India’s five-point plan for containing and managing the COVID19 pandemic, which also includes Test, Track, Treat, and COVID Appropriate Behaviour.

As of Monday morning, India had administered over 16.54 crore doses of the COVID-19 vaccine. However, in the midst of the outcry over vaccine shortages, and how many COVID-19 vaccines can these companies produce, and when will India be vaccinated is a big question.

List of Indian Pharma Companies Producing Covid 19 Vaccines:

List of Indian Pharma Companies Producing Covid-19 Vaccines

Pharma company Name of Vaccine
SII Covishield
Bharat Biotech Covaxin
Biological E Biological E
Zydus Cadila ZyCoV-D
Hetero Biopharma Sputinik V
Dr. Reddy’s Laboratories Sputnik V
Panacea Biotech Covaxin
Gennova HGCO19
Mynvax Mynvax
Hester Biosciences –
Indian Immunologicals –

Poonawalla of SII had requested a government grant of Rs 3,000 crore to increase Covishield output beyond 100 million doses per month, which SII expects to meet by the end of May.

Biological E, Gennova, and SII have approached the Department of Biotechnology for help in accessing the Rs 900-crore Covid Suraksha fund set up by the Central government to speed up their vaccine growth.

Zydus Cadila’s ZyCov-D, based in Ahmedabad, is one of the COVID-19 vaccines in phase 3 trials.

Biological E, based in Hyderabad, has agreed to produce 60 crore doses of Johnson & Johnson’s COVID-19 vaccine per year under a contract manufacturing agreement.

Intranasal COVID-19 vaccine trials are also being conducted by Bharat Biotech.

Some companies are ready to launch their product, while others are either in the testing process or waiting for approval. We’ll have to wait until they’re available on the market. Covishield and Covaxin are currently available on the Indian market.

GoodReturns.in



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IDBI Bank back in black in FY21 after 5 years, posts profit of Rs 1,359 cr, BFSI News, ET BFSI

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LIC-controlled IDBI Bank turned profitable in the fiscal ended in March 2021 after five years, posting a net profit of Rs 1,359 crore for the year. In 2019-20, the lender had posted a net loss of Rs 12,887 crore.

IDBI Bank is back in black after five years, said the lender.

In the last quarter of the fiscal year 2020-21, the bank reported a nearly four-fold jump in its net profit to Rs 512 crore, IDBI Bank said in a release. The bank had posted a profit of Rs 135 crore in the year-ago quarter.

The bank, which came out of the RBI‘s prompt corrective action (PCA) framework earlier in March this year, said its turnaround strategies led to the transformation.

Total income during Q4FY21 rose to Rs 6,969.59 crore from Rs 6,924.94 crore in the same period of 2019-20.

The full year income, however, was down at Rs 24,557 crore as against Rs 25,295 crore.

Gross NPA (non-performing asset) ratio improved to 22.37 per cent as on March 31, 2021 as against 27.53 per cent in the year-ago period. Net NPA improved to 1.97 per cent from 4.19 per cent, IDBI Bank said.

The bank said its recovery from technically written off accounts improved to Rs 269 crore in Q4FY21 as against Rs 105 crore in the third quarter FY21.

Provisions for bad loans and contingencies were raised to Rs 2,457 crore during the reported quarter as against Rs 1,584 crore.

The bank said it has made Covid-related provisions of Rs 363 crore at the end of March 2021.

IDBI Bank shares traded at Rs 36.25 on BSE, up 2.69 per cent from the previous close.



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Motilal Oswal PE buys minority stake in Fincare Small Finance Bank for about ₹185 crore

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Motilal Oswal Private Equity (MOPE) has picked up a minority stake in Fincare Small Finance Bank for $25 million (about ₹185 crore) through a secondary acquisition. The deal provides partial exit to True North Fund V LLP, one of the key investors in the firm.

The deal was done by India Business Excellence Fund–III, a fund managed and advised by MOPE, it said in a statement.

Vishal Tulsyan, Managing Director and CEO of MOPE, said: “Over the past decade microfinance has established itself as an asset class with potential for high growth and profitability. Based on our assessment, a small finance bank is the best platform to capitalise on this opportunity.”

“Fincare has established itself as a pioneer in this space with its focused approach towards efficient last mile distribution of financial products and services. The enormous white space available for retail banking in India combined with the strong execution capabilities of the Fincare management team makes this partnership quite exciting for us,” he added.

Fincare Small Finance Bank is a Bengaluru-based MFI-NBFC turned small finance bank. Before converting into a small finance bank, the microfinance lender was largely conducting business from two entities – West India based Disha Microfin and South India-based Future Financial Services.

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Kotak Mahindra Bank Q4 net profit up 33%

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Private sector lender Kotak Mahindra Bank posted a 32.8 per cent jump in its standalone net profit for the quarter ended March 31, 2021 at ₹1,682.37 crore.

Its standalone net profit was ₹1,266.6 crore in the fourth quarter of 2019-20.

For the full fiscal 2020-21, the lender’s standalone net profit increased by 17.11 per cent to ₹6,964.84 crore versus ₹5,947.18 crore in 2019-20.

Its net interest income grew by 7.9 per cent to ₹3,843 crore in the fourth quarter of last fiscal as against 3,560 crore in the same period in the previous fiscal.

Net interest margin was down at 4.39 per cent from 4.72 per cent a year ago.

Other income increased by 30.9 per cent to ₹1,949.53 crore in the January to March 2021 quarter versus ₹1,489.39 crore a year ago.

Provisions increased by 12.6 per cent to ₹1,179.41 crore in the fourth quarter last fiscal as against ₹1,047.47 crore in the corresponding period in the previous fiscal.

The bank did not make any Covid-19 related provisions in the fourth quarter of the fiscal and retained the Covid-19 provision at ₹1,279 crore.

Gross non performing assets increased to ₹7,425.51 crore or 3.25 per cent of gross advances as on March 31, 2021 as against 2.25 per cent a year ago. Net NPAs also rose 1.21 per cent of net advances as on March 31, 2021 versus 0.71 per cent a year ago.

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Old Taxation versus New Taxation Regime: Which To Go For?

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Eligibility for choosing new tax regime:

Anybody for that matter i.e. individuals as well as Hindu Undivided Family or HUF can choose the new tax regime.

Comparison of tax slab and rate in new and old tax regime

Income slab Old Tax regime New Tax regime
Up to Rs. 2.5 lakh 0.00% Nil
Rs. 2.5 lakh- Rs. 5 lakh 5.00% 5.00%
Rs. 5 lakh- Rs. 7.5 lakh 20.00% 10.00%
Rs. 7.5 lakh- Rs. 10 lakh 20.00% 15.00%
Rs. 10 lakh- Rs. 12.5 lakh 30.00% 20.00%
Rs. 12.5 lakh – Rs. 15 lakh 30.00% 25.00%
Above 15 lakh 30.00% 30.00%

Various deductions and exemptions llowed in old tax regime

Various deductions and exemptions llowed in old tax regime

Exemptions Deductions
HRA Provident fund
LTA ELSS
Food coupons or vouchers Life Insurance Premium
Company leased car EPF
Standard deduction Principal and interest of home loan
Leave encashment Children tuition fee
Health insurance premium
Investment in NPS
Savings account interest

Which to choose Old Or New Tax Regime?

Which to choose Old Or New Tax Regime?

There cannot be given a clear cut comparative chart specifying which scheme shall work for which taxpayer category. Nonetheless, given the number of deductions and exemptions, taxpayers will have to forego, the benefits that come with old tax regime far outweigh the benefit of lower tax rate available with new income tax regime.

Now as per the new tax regime, those having income of Rs. 7.5 lakh income will have to pay Rs. 25000 and those of you having Rs. 10 lakh income will be able to save tax of Rs. 37500. But the things will come to fore on detailed analysis. But for all such savings, you would have to forego all the deductions and exemption, which might negate all your tax savings.

To simplify and understand which tax regime would work for you:

1. Compute all the exemptions that you avail: Say if you have claiming rent against HRA benefit. And there can be other tax-free component such as LTA, food, phone bill etc. that might become taxable in the new tax regime

2. Now come to the deductions that you claim in a particular FY:

In the new tax regime, one will not get the deduction available in respect of EPF as well as standard deduction of Rs. 50000 for salaried class. These and other deductions such as those available against home loan, insurance premium will in the new tax regime not help you to lower your tax liability.

Now you need to add these deductions and exemptions and less it from your salary to know what shall be your taxable income and what it shall be in case your forego deductions as under the new tax regime. And then you will be able to decide which tax regime to go for. We will arrive at the decision taking into perspective 3 situations:

1. When someone is claiming few exemptions and deductions:

1. When someone is claiming few exemptions and deductions:

Say a salaried class person who earns Rs. 8 lakh per annum and makes EPF contribution and gets HRA benefit. Also, he is eligible for LTA benefit against which he’ll be claiming Rs. 25000 for the amount incurred on travel.

Old tax regime New tax regime
Annual Income Rs. 8 lakh Rs. 8 lakh
Standard deduction – Rs. 50000
EPF contribution – Rs. 25000
HRA – Rs. 30000
LTA – Rs. 25000
Total deductions and exemptions Rs. 130000
Taxable salary Rs. 6.7 lakh Rs. 8 lakh

Now considering the old tax regime,

Tax payable will be 5% of 250000+ 20% of 170000= 12500+ 34000= 46500 + cess of Rs. 1860 =Rs. 48360

For the new tax regime, tax liability will be = 5% of Rs. 250000+10% of 250000+ 15% of 50000= 45000. Here cess of Rs. 1800 applies, so total tax liability is Rs. 46800.

So, here the taxpayer will make a saving of Rs. 1560 by choosing the new tax regime.

2. Here supposing the taxpayer claims all of the major exemptions but fewer deductions

2. Here supposing the taxpayer claims all of the major exemptions but fewer deductions

Say the annual income is Rs. 13 lakh and being a salaried concern he has investments into EPF, has a term coverage of Rs. 1 crore so claims deductions against it and other exemptions too to his credit.

Old tax regime New tax regime
Annual Income Rs. 13 lakh Rs. 13 lakh
Standard deduction – Rs. 50000
Section 80C – Rs. 75000
Meal coupons – Rs. 26400
LTA – Rs. 20000
HRA – Rs. 30000
Total deductions and exemptions Rs. 201400
Taxable salary Rs. 10.986 lakh Rs. 13 lakh

In the old tax regime, tax payable will come to be as Rs. 187500 +7499 surcharge, taking the total tax to be as Rs. 194999. While in the case of new tax regime, it shall be Rs. 137500+ cess of Rs. 5500 so the tax here comes to be Rs. 143000. Now here the taxpayer is better off opting for the second or new regime, as it will mean substantial savings of Rs. 51999.

Situation 3: Where all major exemptions and deductions have been availed

Situation 3: Where all major exemptions and deductions have been availed

Say considering the salary here to be Rs. 20 lakh and full 80C benefit of Rs. 80C is being availed. Plus there is health insurance, investment in NPS, LTA etc. which has to be claimed in the old tax regime:In this case for the taxpayer old tax regime works better with a tax liability of Rs. 3,26,040 lakh

Old tax regime New tax regime
Annual Income Rs 20 lakh Rs. 20 lakh
Standard deduction – Rs. 50000
Section 80C – Rs. 150000
NPS – Rs. 30000
Health insurance – Rs. 25000
LTA – Rs. 25000
HRA – Rs. 50000
Total deductions and exemptions Rs. 3.3 lakh
Taxable salary Rs. 16.7 lakh Rs. 20 lakh

While in the new tax regime, the tax liability of Rs. 351000 will be there.

Situation 4: In the case of self-employed an individual taxpayer can claim full 80C benefit of Rs. 1.5 lakh and Rs. 50,000/- under Section 80CCD(1B) for contribution towards National Pension System. Presuming aggregate income of Rs. 7 lakhs he will have a tax liability of Rs. 32,500/- under new tax regime. And under the old tax regime if he is able to claim deduction of Rs. 2 lakhs as specified above he will be able to reduce his total income to 5 lakhs on which he will not have to pay any tax due to rebate of Rs. 12,500 available u/s 87A. So, by making investments one will be able to save Rs. 32500 in tax under the old regime.

Most to go with Old tax regime

Notably the switch from one tax regime to the other cannot happen over and over again as salaried will have to let go most of exemptions and deductions available and in fact some of the contributions are mandatory, they will be better off adhering to the old tax regime. Also, for the self-employed tax payer category in case they have currently running home loan then they should be going with the older regime only.

Conclusion:

So conclusion is that while the new tax regime does not simplifies things for you, the scale to which you claim deductions and exemptions might help you ascertaining which tax regime shall better work for you. Furthermore, you don’t need to choose insurance just because it will help you save but the idea should be a longer term financial goal of securing your family’s finances in case of your absence.

And the new tax regime makes more sense for those who do not take complete 80C advantage or do not have home loan or any health insurance policy.The new regime shall be suitable for only a handful of self-employed or an HUF for which rebate under Section 87A is not available.

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IDBI Bank’s Q4 net profit soars to ₹512 crore

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Mumbai, May 3

IDBI Bank’s standalone net profit soared almost four times in the fourth quarter (Q4 FY21) to ₹512 crore against ₹135 crore in the year-ago period.

The profitability in the reporting quarter comes on the back of a robust 37.5 per cent increase in net interest income and a ₹300 crore write back of provision for tax on account of income tax refund for earlier year.

Net interest income (difference between interest earned and interest expended) rose to ₹3,240 crore (₹2,356 crore in the year-ago quarter).

Non-interest income, comprising fee-based income, trading income and other income, was down 11 per cent year-on-year (yoy) to ₹1,181 crore (₹1,326 crore).

Non-performing asset (NPA) provisions were down 26 per cent yoy to ₹1,120 crore (₹1,511 crore).

We will try to grow our business in a very calibrated way: IDBI Bank CEO

However, in the reporting quarter, the bank made an additional Covid-19-related provision for second wave amounting to ₹500 crore.

During the quarter, the bank also made an additional provision of ₹908.43 crore over and above the IRAC norms in respect of certain borrower accounts in view of the inherent risk and uncertainty of recovery in these identified accounts

So, overall provisions rose 36 per cent yoy to ₹2,367 crore (₹1,738 crore).

Gross non-performing asset (NPA) position improved to 22.37 per cent of gross advances against 27.53 per cent in the year-ago quarter. Net NPAs declined to 1.97 per cent of net advances against 4.19 per cent.

In the reporting quarter, net interest margin (NIM) improved to 5.14 per cent (annualised) against 3.80 per cent in the year-ago quarter. Cost-to-income ratio improved to 34.87 per cent from 49.12 per cent.

As of March-end 2021, total deposits increased by 4 per cent yoy to ₹2,30,898 crore and total advances were down 6 per cent yoy to ₹ 1,61,901 crore.

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Net profit rises 33% YoY, below estimates; asset quality improves, BFSI News, ET BFSI

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MUMBAI: Kotak Mahindra Bank on Monday reported a 33 per cent year-on-year rise in net profit to Rs. 1,682 crore for the quarter ended March, missing analysts’ estimates by a wide margin. Sequentially, the lender’s net profit fell on account of a rise in provisions.

The lender reported 8 per cent on-year growth in net interest income to Rs. 3,843 crore for the quarter, which was also below Street’s estimate.

The private sector lender reported a slight improvement in asset quality as gross non-performing assets ratio stood at 3.25 per cent for the quarter compared with 3.27 per cent in the previous quarter on a proforma basis. Similarly, the net NPA ratio fell to 1.21 per cent, from 1.24 per cent in the previous quarter.

The lender has accounted for all the non-performing loans that were not recognised in previous quarters due to the Supreme Court’s standstill on reporting of bad loans till August 31.

Till December 31, with respect to cases not considered NPAs, the bank had considered a full hit for provisions and income as provisions for advances. After the Supreme Court’s order, the bank retrospectively reversed income and consequently adjusted provisions and contingencies, Kotak Mahindra Bank said in an exchange filing.

The private sector lender said that it has retained Covid-19 related provisions at Rs. 1,279 crore at the end of the quarter.

Kotak Bank reported mere 2 per cent growth in loans for the quarter ended March to Rs 2.23 lakh crore, reflecting the impact of the management’s conservative approach adopted since the beginning of the Covid-19 pandemic.

Kotak Bank’s net interest margin stood at 4.39 per cent in the quarter, lower than 4.72 per cent in the year-ago period.

Kotak Bank’s operating performance was firm as operating profit rose 25 per cent on a year-on-year basis to Rs. 3,407 crore.

The lender’s provisions and contingencies at the end of the quarter stood at Rs. 1,179 crore, which was higher than the Rs. 1,047 crore reported a year ago. On a sequential basis, the metric more than doubled from Rs. 419 crore.

The bank also declared a final dividend of 90 paise per share.



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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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SBI allocates ₹71 crore for Covid support initiatives

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State Bank of India (SBI) has allocated ₹71 crore to undertake various support initiatives to help the country combat the second wave of Covid-19.

This includes ₹30 crore for setting up 1,000 bed makeshift hospitals for Covid-19 patients in some of the worst affected states, India’s largest bank said in a statement.

“These facilities would be set up in collaboration with government hospitals and Municipal Corporations of the respective cities.

“SBI is in talks with various designated authorities to explore partnerships for setting up makeshift hospitals,” it added.

Additionally, a sum of ₹21 crore has been allocated to the Bank’s 17 local head offices (LHOs) to address the urgent medical needs of the citizens at the local level by way of life-saving healthcare equipment, oxygen supply to hospitals, Covid-19 care centres, ambulances to transport Covid-19 patients, PPE kits, masks, and providing food relief.

As per the statement, “The Bank will also spend ₹10 crore in partnering with NGOs to undertake community-based testing, strengthening vaccination drives, creating helpline for Covid-19 related matters, providing oxygen supply and other critical activities.

“The Bank will also contribute ₹10 crore for genome-sequencing equipment / lab and vaccine research equipment / lab to the Government.”

Dinesh Khara, Chairman, SBI, said: “We are trying our best to make a small contribution to society in the fight against the second wave. We are committed to contribute funds, resources and reach out to the citizens of India and also join in the Government’s efforts in fighting the virus.

“I urge everyone to offer their support in any form to the people in need and contribute towards making the country Covid-19 free.”

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