Month: July 2021

Magma Fincorp Limited changes name to Poonawalla Fincorp Limited

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Magma Fincorp Limited, an RBI-registered Non-Banking Finance Company (NBFC), has been rechristened as Poonawalla Fincorp Limited and has initiated rebranding activity, following the acquisition of controlling stake by Adar Poonawalla-led Rising Sun Holdings Private Limited on May 21 this year.

Along with this, its fully-owned housing finance subsidiary Magma Housing Finance Limited is also renamed as Poonawalla Housing Finance Limited.

A press statement issued by Poonawalla Fincorp said that in its new avatar under the Poonawalla brand, the group will be focusing on the consumer and MSME segment. As a part of the new strategy, the company will expand its product range to include personal loans, loans to professionals, merchant cash advance, loan against property, consumer finance, and machinery loans along with existing products of business loans, pre-owned car loans, and home loans.

Co-branded credit card

Earlier this month, the board had approved a proposal to enter a co-branded credit card arrangement for issuance of co-branded credit card, subject to obtaining necessary approvals from the regulatory authorities.

Adar Poonawalla, Chairman, Poonawalla Fincorp Limited, said in the statement, “This marks the beginning of not only a change of brand but the fundamental way in which we will do business. From new products to new geographic locations across India; we hope to serve every citizen, helping them in fulfilling their personal and professional aspirations.”

Poonawalla Fincorp Limited started operations nearly three decades back and is listed on the BSE Limited and the National Stock Exchange in India. Consequent to the capital raise of ₹3,456 crore in May, the company is now part of Poonawalla Group with a majority stake owned by Rising Sun Holdings Private Limited, a company owned and controlled by Adar Poonawalla.

The company is present across 21 States with 297 branches and the customer base stands at approximately 5.4 million with a loan book of more than ₹14,000 crore. Poonawalla Fincorp offers a bouquet of financial products including SME finance, mortgage finance, unsecured loans, and general insurance.

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Top 5 Banks Promising Best Interest Rates On 1-Year FDs In 2021

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Top 5 Small Finance Banks With Good Returns Up To 7.00% On 1-Year FD

For deposits less than Rs 2 Cr, here are the top 5 small finance banks promising the best interest rates on 1-year FD.

Banks Regular FD Rates Senior Citizen FD Rates W.e.f.
Ujjivan Small Finance Bank 6.50% 7.00% March 5, 2021
ESAF Small Finance Bank 6.50% 7.00% May 2, 2021
Suryoday Small Finance Bank 6.50% 6.75% June 21, 2021
Utkarsh Small Finance Bank 6.25% 6.75% July 1, 2021
Jana Small Finance Bank 6.25% 6.75% May 7, 2021
Source: Banks Websites

Top 5 Private Banks Promising Best Interest Rates On 1-Year FDs

Top 5 Private Banks Promising Best Interest Rates On 1-Year FDs

Here are the top 5 private sector banks offering the best interest rates on 1-year FDs for deposits less than Rs 2 Cr.

Banks Regular FD Rates Senior Citizen FD Rates W.e.f.
RBL Bank 6.10% 6.60% July 2, 2021
Yes Bank 6.00% 6.50% June 3, 2021
IndusInd Bank 6.00% 6.50% June 4, 2021
DCB Bank 5.80% 6.30% May 15, 2021
Bandhan Bank 5.50% 6.25% June 7, 2021
Source: Banks Websites

Top 5 Public Sector Banks Promising Best Interest Rates On 1-Year FDs

Top 5 Public Sector Banks Promising Best Interest Rates On 1-Year FDs

Here are the top five public sector banks that are now offering the best interest rates on 1-year fixed deposits of less than Rs 2 Cr.

Banks Regular FD Rates Senior Citizen FD Rates W.e.f.
Canara Bank 5.20% 5.70% 08.02.2021
Indian Overseas Bank 5.15% 5.65% 09.11.2020
Punjab & Sind Bank 5.15% 5.65% 16.05.2021
Punjab National Bank 5.10% 5.60% 01.05.2021
IDBI Bank 5.00% 5.50% July 14, 2021
Source: Banks Websites

Top 5 Foreign Banks Promising Best Interest Rates On 1-Year FDs

Top 5 Foreign Banks Promising Best Interest Rates On 1-Year FDs

Here are the top 5 foreign banks offering the best interest rates on 1-year FDs for deposits less than Rs 2 Cr.

Banks Regular FD Rates Senior Citizen FD Rates W.e.f.
Standard Chartered Bank 5.30% 5.80% 23 July, 2021
DBS Bank 4.25% 4.25% 20.02.2021
Deutsche Bank 3.85% 3.85% 18.03.2021
HSBC Bank 3.10% 3.60% 26.11.2020
Citi Bank 2.75% 3.25% July 23, 2021
Source: Banks Websites



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Zimyo forays into embedded finance, BFSI News, ET BFSI

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Zimyo, an HCM platform known for offering HR and payroll solutions, has now embraced embedded finance to empower organizations to support their employees’ financial wellness.

The company has partnered with various insurance companies, NBFCs and AMCs to unveil an extensive ‘Employee Benefits’ module offering advance salary, payday loans/ personal loans, health & term life insurance, tax saving investment plans, mutual funds, expense cards/ credit cards, retirement plans and much more. It will be addressing these issues with embedded finance and offer tech-driven financial experience to the organisations need at highly competitive prices.

“Over the years, we have realized that an employee’s financial wellness is as important as their mental, physical and emotional wellness. Employers must make employees and the lives associated with them feel safe and valued. We believe organizations must bring employee’s financial wellness to the forefront. Embedded finance is the need of the hour that can help in creating a more engaged workforce.” said Ajay Kadan, Co-founder and CTO of Zimyo.

Recently, ‘Employee Benefits’ has emerged as a popular option to engage and retain employees. According to a survey conducted by Willis Towers Watson, 75% of employees are more likely to continue working with their employer because of their employee benefits package.



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Should You Buy The Zomato Stock After Listing?

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Investment

oi-Sunil Fernandes

|

Shares of Zomato zoomed on listing, jumping nearly 63 per cent to trade at Rs 124, against its issue price of Rs 76.

The stock made its debut at Rs 115, reflecting a huge gain of 51.31 per cent against the issue price on the BSE. It then hit a high of Rs 138, a jump of 81.57 per cent. On the National Stock Exchange, it got listed at Rs 116, registering a premium of 52.63 per cent. Zomato’s initial public offering (IPO) last week ended with a bumper 38 times subscription. While the stock made its debut at the price of Rs 115, it is currently trading at Rs 124, which is a robust 63% over and above the offer price.

Should you buy the Zomato stock now?

Says Sneha Poddar, Research Analyst, Broking & Distribution, Motilal Oswal Financial Services Ltd, “Zomato, India’s leading online food delivery company, listed strongly on the exchanges today with 53% premium at INR 116/Share against its issue price of Rs76/share. Such stellar debut on exchanges led to its market capitalization crossing Rs1 lakh crore. Despite the large size of IPO at Rs 9,375 crore and rich valuations, the company saw healthy overall subscription of 38 times. There is lot of fancy for such unique and first of its kind listing in the market. Zomato with first mover advantage is placed in a sweet spot as the online food delivery market is at the cusp of evolution.

It has consistently gained market share over the last four years to become the category leader in India in terms of GOV (Gross Order Value). It enjoys couple of moats and with economics of scale started playing out, the losses have reduced substantially. Though, predicting the growth trajectory at this juncture is little tricky, but it’s a good bet from long term perspective.”

We at goodreturns.in believe that the stock is overpriced at these levels, as there are risks to the business as well. Some of these players have had problems with restaurants in the past. The IPO price was still reasonable, but, to buy the stock at Rs 124 is overexuberrance. We suggest investors to stay away and wait for the stock to decline to buy. Having said that, there is little doubt that the brand of zomato is solid. However, at these levels the stock is not a good buy.

Should You Buy The Stock Of Zomato After Listing?

Zomato IPO received good response

The IPO had opened for subscription on July 14, in a price band of Rs 72-76 per share. It closed on July 16. The company, backed by Jack Ma’s Ant Group Co, is the first from a long list of Indian unicorn startups to launch an IPO. It is also the first among Indian online food aggregators. The Zomato IPO comprised a fresh issue of equity shares worth Rs 9,000 crore and an offer-for-sale (OFS) worth Rs 375 crore by existing investor Info Edge (India), which is the parent company of Naukri.com, according to the information provided in the draft red herring prospectus.

Disclaimer

Investing in stocks is risky and investors need to be cautious. Neither Greynium Information Technologies Pvt Ltd, nor the author, nor the brokerage house mentioned would be responsible for any losses incurred based on decisions made from the article. Investors are also advised caution as the markets are now at a record high. Please consult a professional advisor and avoid investing lumpsum amounts.



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Insurance frauds see an increase during pandemic, says survey

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Insurance frauds have increased during the Covid-19 pandemic and investigations have largely moved to digital channels, a new survey has revealed.

Significantly, more than one in four of the respondents or 27 per cent of those surveyed said insurance frauds have increased during the pandemic.

The findings are part of a survey on “Impact of Covid -19 Pandemic on Insurance Fraud Risk Mitigation and Investigation”, which was conducted by Insurance Institute of India with Lancers Network in collaboration with Association of Private Detectives and Investigators India and International Fraud Trading Group.

“There is also an overall increase in insurance fraud investigations after the onset of Covid-19, with 55 per cent of respondents confirming that their professional activities related to fraud-fighting have either increased overall or increased under a specific area of operation during the pandemic,” the report said.

About 68 per cent of the survey respondents said their organisations were already using digital solutions for investigations, while 19 per cent said they were in various stages of planning the transition to digital.

“The industry’s shift to digital fraud investigations is permanent, with 92 per cent of the respondents affirming that the increased use of technology in investigations would continue in the post-pandemic times. Of these, 71 per cent were specific that more emphasis would be on a digital approach,” it further said.

Significant losses

Insurance frauds are typically committed at the time of applications or claims and cost a whopping ₹45,000 crore every year to insurance companies. Nearly 70 per cent of these frauds are committed through false documents.

According to industry estimates, insurers lose close to 10 per cent of their overall premium collection to frauds.

“This survey confirms, the growing adoption of technologies like artificial intelligence and data analytics are enabling better and faster insurance investigations, which augurs well for the whole industry,” said Deepak Godbole, Secretary General, Insurance Institute of India.

The survey was conducted before the onset of the second wave of Covid-19 and reflects the views for the period from March 2020 till February 2021. Close to 60 industry executives representing various risk mitigation functions, including claims investigation, seeding, pre-issuance profile check, pay and recover, health reimbursement and underwriting participated in the survey.

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SBI Offers Senior Citizens Up To 6.20% Returns On FD: Check Current Rates Here

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Investment

oi-Vipul Das

|

State Bank of India (SBI), the country’s largest commercial bank, has adjusted interest rates on its fixed deposit scheme with effect from January 8, 2021. SBI FDs with maturities ranging from 7 to 45 days currently offer 2.9 percent interest, according to the most recent adjustment. Term deposits with terms ranging from 46 to 179 days will generate 3.9 percent. FDs with maturities ranging from 180 days to less than one year will offer 4.4 percent. Deposits with maturities ranging from one year to less than two years will now offer a 5% interest rate, whereas FDs maturing in two to three years will offer 5.1 percent.

SBI Offers Senior Citizens Up To 6.20% Returns On FD: Check Current Rates Here

SBI provides elderly people with an additional 50 basis points deposits maturing in 7 days to less than 5 years. And FDs maturing in 5 years and up to 10 years would offer senior citizens an additional 30 basis points. This means that senior citizens making a fixed deposit of five years to 10 years will get 80 basis points, this benefit is given under the SBI Wecare Deposit OR senior citizen special FD scheme of the bank. Senior people will now receive 3.4 percent to 6.2 percent on FDs maturing in 7 days to 10 years, according to the most recent adjustment.

SBI FD Rates 2021

Here are the most recent fixed deposit interest rates of SBI which are in effect from 8 January 2021 for deposits of less than Rs 2 Cr.

Tenors Regular FD Rates In % Senior Citizen FD Rates In %
7 days to 45 days 2.9 3.4
46 days to 179 days 3.9 4.4
180 days to 210 days 4.4 4.9
211 days to less than 1 year 4.4 4.9
1 year to less than 2 year 5 5.5
2 years to less than 3 years 5.1 5.6
3 years to less than 5 years 5.3 5.8
5 years and up to 10 years 5.4 6.2
Source: SBI

Story first published: Friday, July 23, 2021, 11:08 [IST]



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Pradhan Mantri Vaya Vandana Yojana: Pension, Death & Maturity Benefit Explained

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Benefits of PMVVY

Here are the features and benefits of PMVVY which senior citizens can get by applying for it.

Eligibility and policy term: This plan comes with a maturity period of 10 years and individuals with a minimum age of 60 years (completed) with no upper age bar can apply for the scheme.

Pension payment: If the pensioner survives during the policy duration of ten years, he or she will be entitled to a pension in arrears at the completion of each period, according to the mode specified.

Death benefit: The purchase price will be reimbursed to the beneficiary or heir if the pensioner dies during the policy period of ten years.

Maturity benefit: If the pensioner survives to the completion of the policy period of ten years the purchase price, together with the final pension installment, will be payable to him or her respectively.

Premature exit: A pensioner can make a premature exit or withdrawal during the term of the policy in exceptional situations i.e. funding for the serious illness of him or his spouse. In such circumstances, the surrender value payable shall be 98 percent of the purchase price made by the pensioner.

Loan facility: A pensioner under the scheme can also apply for a loan only after the completion of 3 years of the policy term. Upon successful loan application, he or she would get a maximum loan amount of 75% of the purchase price. The interest rate levied on the loan amount is calculated periodically and will be deducted from the policy’s pension amount. The effective interest rate shall be determined using the IRDAI-approved procedure.

Taxation: Apart from the GST exemption on the principal amount, PMVVY doesn’t provide tax benefits to senior citizens. According to LIC, the amount of Tax (GST) paid shall not be considered for the calculation of benefits payable under the plan.

Freelook period: If a subscriber is uncomfortable with the policy’s “Terms and Conditions,” he or she can surrender the product to the corporation within 15 days if purchased offline and 30 days if purchased online of acquisition, explaining the rationale for the concerns. After deducting the charges for Stamp duty and pension paid, if any, the refund amount or the purchase price provided by the policyholder would be refunded to him or her within the free look period.

Mode of pension payment: Pension payments are made monthly, quarterly, semi-annually, and annually. Pension payments would be made via NEFT or the Aadhaar Enabled Payment System. The initial or first installment of pension shall be paid after one year, six months, three months, or one month after the purchase date, according to the manner of pension payment, i.e. yearly, half-yearly, quarterly, or monthly.

Minimum and maximum pension amount

Minimum and maximum pension amount

Minimum Pension Maximum Pension
Rs 1,000/- per month Rs 9,250/-per month
Rs 3,000/- per quarter Rs 27,750/-per quarter
Rs 6,000/-per half-year Rs 55,500/-per half-year
Rs 12,000/- per year Rs 1,11,000/-per year
Source: LIC

Payment of purchase price

Payment of purchase price

The maximum amount of purchase price authorized to a senior person under all policies under this plan and all policies taken under Pradhan Mantri Vaya Vandana Yojana should not surpass Rs 15 lakhs. The scheme can be adopted with a one-time payment of the purchase price. The pensioner can select either the pension amount or the purchase price. The following are the minimum and maximum purchase prices under various types of pension:

Mode of pension Minimum purchase price Maximum purchase price
Yearly Rs 1,56,658/- Rs 14,49,086/-
Half-yearly Rs 1,59,574/- Rs 14,76,064/-
Quarterly Rs 1,61,074/- Rs 14,89,933/-
Monthly Rs 1,62,162/- Rs 15,00,000/-
Source: LIC

Sample pension rates

Sample pension rates

According to LIC, the pension rates for Rs 1000/- purchase price are as follows for different modes of pension payment:

Yearly: Rs 76.60 p.a.
Half-yearly: Rs 75.20 p.a.
Quarterly: Rs 74.50 p.a.
Monthly: Rs 74.00 p.a.
Source: LIC



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Top 4 Best PSU Bank Stocks That Have Generated Returns of Over 100% In Last Year

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4 PSU Bank Stocks That Gave Over 100% Returns

PSU Bank LTP (July 23) 1-Year return YTD
J & K Bank 37.95 127.25% 55.85%
Indian Bank 140.50 129.58% 59.03%
I O B 24.25 124.54% 124.54%
SBI 423.10 113.52% 51.50%

J & K Bank

J & K Bank

Jammu and Kashmir Bank Ltd. is an Indian government-owned scheduled banking and financial services corporation based in Jammu and Kashmir. It was founded on October 1, 1938, by Hari Singh, the King of Jammu and Kashmir, it has a market cap of Rs 2,732.52 Crore. The Ministry of Finance, Government of India, owns it. Last month, Jammu & Kashmir Bank said that its board of directors had authorised a proposal to raise up to Rs 150 crore by issuing shares to employees.

Stock lost -19.87 percent over three years, compared to 46.55 percent for the Nifty Smallcap 100. But it gave whoophing return of over 100% in the past year. Since the last three years, the corporation has continuously maintained a NIM of 3.59 percent. CASA currently has 53.66 percent of all deposits. The bank has a poor track record in terms of return on assets (ROA). The three-year average ROA is -0.12 percent. Over the last three years, the company has had a low ROE of -2.70 percent.

Indian Bank

Indian Bank

Indian Bank is a financial service and banking corporation controlled by the Indian government. It is owned by the Government of India’s Ministry of Finance, which was founded in 1907 and is based in Chennai, India. Annual sales growth of 84.61 percent surpassed the company’s three-year CAGR of 32.33 percent. CASA currently has 42.30 percent of all deposits.

Over the last three years, the company has grown its profits by 33.64 percent. The stock returned -56.21 percent over three years, compared to 50.8 percent for the Nifty Midcap 100. In the past year, stock returned over 129% to its investors.

Indian Overseas Bank

Indian Overseas Bank

The Indian Overseas Bank is a prominent government-owned bank in India. It is owned by the Ministry of Finance, Government of India, and has roughly 3,400 domestic branches, 6 overseas branches, and a representative office in Chennai, India. The stock returned 78.83 percent over three years, compared to 41.64 percent for the Nifty 100. CASA currently has 40.26 percent of all deposits. The bank has a poor track record in terms of return on assets (ROA).

The three-year average ROA is -1.51 percent. Over the last three years, the company has had a dismal ROE of -28.53 percent. It is a banking company having a market cap of Rs 46,310.91 Crore. e most recent financial year, the Gross NPA and Net NPA were 14.78 percent and 5.44 percent, respectively. In the past year, the stock has generated return of 124%, which is good when compared to its peers.

State Bank of India

State Bank of India

The State Bank of India, based in Mumbai, Maharashtra, is an Indian multinational public sector bank and financial services statutory entity. SBI is the world’s 43rd largest bank and the only Indian bank in the Fortune Global 500 list of the world’s largest firms for 2020, ranking 221st.

In comparison to the Nifty 100, which returned 41.64 percent over three years, the stock returned 58.46 percent. CASA currently holds 45.40 percent of all deposits.

Over the last three years, the company has seen a 72.32 percent increase in profit. The bank has a poor track record in terms of return on assets (ROA). The three-year average ROA is 0.29 percent.

Over the last three years, the company has had a low ROE of 5.64 percent. The stock has returned 119% percent over the last year, which is great when compared to its peers.

Disclaimer

Disclaimer

Please keep in mind that past results may not be indicative of future performance. Different types of investments include different levels of risk, and there is no guarantee that any single investment, investment strategy, or product mentioned in this article will perform well in the future. When it comes to stock selection, historical returns might be a useful metric. Returns, on the other hand, should not be the primary consideration for an investor. Investing in stocks is risky and investors need to be cautious. Neither Greynium Information Technologies Pvt ltd nor the author would be responsible for any losses incurred based on decisions made from the article.



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Rane, BFSI News, ET BFSI

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NEW DELHI: As many as 13.06 lakh MSME loan accounts with an aggregate amount of Rs 55,333 crore have been restructured by public sector banks till June 25 this year, Parliament was informed on Thursday. MSME minister Narayan Rane also said that till July 2, Rs 2.73 lakh crore have been sanctioned under the Emergency Credit Line Guarantee Scheme.

The scheme was launched for an emergency credit line of up to Rs 4.5 lakh crore to businesses including micro, small and medium enterprises (MSMEs) and the same is backed by 100 per cent central government guarantee.

Till June 25 this year, “13.06 lakh MSME loan accounts with an aggregate amount of Rs 55,333 crore have been restructured by public sector banks,” he said in a written reply to the Lok Sabha.

In a separate reply, he said since the inception of the Prime Minister’s Employment Generation Programme, till July 9, 6,97,612 units have been set up (including those by farmers) with MM (margin money) subsidy of Rs 16,688.17 crore.



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Former top US consumer regulator joins crypto risk monitoring firm, BFSI News, ET BFSI

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WASHINGTON: Cryptocurrency startup Solidus Labs has hired the former director of the US Consumer Financial Protection Bureau (CFPB) as its top regulatory official, she told Reuters.

Kathy Kraninger is the latest former Trump administration official to land in the booming digital currency industry as it beefs up on legal expertise and Washington connections amid increasing regulatory scrutiny.

Founded in 2017 by former Goldman Sachs employees, New York-based Solidus Labs provides cryptocurrency trading surveillance and risk monitoring tools. Its backers include private equity firms Evolution Equity Partners and Hanaco Ventures.

Kraninger will lead and build out Solidus Labs’ regulatory team, spending most of her time working with regulators, US lawmakers and traditional institutions to explain how digital markets can be effectively policed, she said in an interview.

Her career in government, including helping to set up the Department of Homeland Security and leading the CFPB from 2018 to 2021, positions her to contribute to a growing debate in Washington over how to regulate cryptocurrencies, she said.

“Bringing the expertise that I have from how federal regulators think, state regulators think … it just seemed to be a fantastic fit,” said Kraninger.

Solidus Labs has built software to monitor crypto markets and help investment firms and other clients screen for manipulation, bad actors and meet compliance obligations. Its clients include crypto exchange Bittrex and Rialto Markets.

The ability to monitor cryptocurrencies has become a major worry for regulators as the ballooning market, which reached a record $2 trillion capitalization in April, has experienced wild volatility.

In June, the Securities and Exchange Commission (SEC) again delayed approving a bitcoin exchange traded fund and sought feedback on the risks of market manipulation.

This month, Senator Elizabeth Warren called for increased cryptocurrency oversight, while Treasury Secretary Janet Yellen told regulators they must quickly establish rules for digital coins linked to fiat currencies, known as stablecoins.

Regulators worry the cryptocurrency market is unstable, opaque and systemically risky.

“We’ve had overwhelming interest from regulatory entities globally,” said Solidus Labs Chief Executive Asaf Meir. “We needed someone who brings in the right experience.”

Crypto and fintech companies have been snapping up former Trump regulators. Former bank regulator Brian Brooks was appointed Binance’s US CEO in May, while Chris Giancarlo, former chair of the US derivatives regulator, is an investor in Solidus and founded the Digital Dollar Project which advocates for US policymakers to develop a digital dollar.



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