Month: August 2021

CCI green signals Carlyle Group-led ₹4,000 cr investment in PNB Housing

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The Competition Commission of India (CCI) has approved the Carlyle Group-led ₹4,000 crore equity investment transaction in PNB Housing Finance Ltd ( PNBHFL) even as the Securities and Appellate Tribunal (SAT) is yet to pronounce its verdict on the valuation controversy that the deal ran into recently.

Giving its “deemed approval” to the green channel notice on the combination —which involves Carlyle Group controlled Pluto Investments S.a.r.l and Salisbury Investments (Aditya Puri’s family investment vehicle) acquiring upto 56.29% stake (assuming full tendering and acceptance in the open offer), the competition watchdog CCI noted that the proposed combination raises no risk of any appreciable adverse effect on competition under the competition law.

Under the deal announced on May 31, Carlyle Group alongside other investors were to infuse ₹4,000 crore capital into PNBHFL through preferential allotment of equity shares and warrants at ₹390 per share. However, this deal ran into rough weather after SEBI intervened and asked PNBHFL not to go ahead with the deal until the Housing Finance company undertakes valuation of its shares by an independent agency.

PNBHFL later preferred an appeal before the SAT, which has reserved its order.

As part of the deal, Pluto Investments had agreed to invest upto ₹3,185 crore. 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.

On Wednesday, shares of PNBHFL closed 5 per cent higher at ₹717.85 at National Stock Exchange.

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ICICI Prudential Life ties up with NPCI for UPI Autopay

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ICICI Prudential Life Insurance has tied up with the National Payments Corporation of India (NPCI) to provide a Unified Payments Interface Autopay facility to its customers.

“This tie-up is another step in the company’s digitalisation journey, which provides customers with a hassle-free and seamless experience across the policy lifecycle,” it said in a statement.

While purchasing a life insurance policy, customers can link their bank accounts with UPI Autopay for payment of premium.

The UPI Autopay e-mandate can be activated by customers by using their smartphones to make regular renewal premium payments in a paperless format.

“At a time when social distancing is the order of the day, the UPI payment mode is fast becoming a preferred route of payment due to the contactless and frictionless experience it provides. Customers can set up the e-mandate facility to make their regular renewal premium payments and ensure financial security for self and their families,” said Ashish Rao, Chief, Customer Experience and Operations, ICICI Prudential Life Insurance.

Customers can enable the UPI Auotpay feature on their UPI apps. Alternatively, it can be enabled for banks through an e-mandate.

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Karur Vysya Bank posts marginal rise in Q1 profit at ₹109 crore

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Karur Vysya Bank on Wednesday posted a marginal growth in its first quarter net profit at ₹109 crore.

The bank’s net profit for the same period last year stood at ₹106 crore. Operating profit on a y-o-y basis fell by ₹45 crore to ₹429 crore during Q1FY22. However, on a sequential basis, the operating profit went up by 72 per cent from ₹250 crore in Q4FY21.

Total income dropped to ₹1,596 crore in the April-June quarter as against ₹1,693 crore recorded in the same period last year.

Asset quality of the bank showed improvement on a y-o-y basis. Gross NPA as a percentage of total advances declined to 7.97 per cent for the first quarter of the current fiscal from 8.34 per cent in the previous year. However, net NPA marginally increased to 3.69 per cent (3.44 per cent) during the comparable period.

Total business as of June 2021 stood at ₹1,16,713 crore growing at 7.4 per cent Y-o-Y. While total deposits at the end of first quarter stood at ₹64,398 crore, advances stood at ₹52,315 crore.

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Sebi allows payments banks to act as investment bankers, BFSI News, ET BFSI

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NEW DELHI: To provide easy access to investors to participate in public and rights issues by using various payment avenues, markets regulator Sebi on Tuesday allowed payments banks to carry out the activities of investment bankers.

Non-scheduled payments banks, which have prior approval from the Reserve Bank of India (RBI), will be eligible to act as a banker to an issue (BTI), Sebi said in a circular.

This is subject to fulfilment of the conditions stipulated in the BTI rules.

Further, payments banks registered as a BTI will also be permitted to act as self-certified syndicate banks, subject to the fulfilment of the criteria laid down by the Sebi in this regard from time to time.

“The blocking/movement of funds from the investor to issuer shall only be made through the savings account of the investor held with the payments bank,” Sebi said.

In a notification dated July 30, the regulator amended the Bankers to an Issue rules, thereby permitting such other banking company, as may be specified by the Sebi, from time to time, to carry out the activities of Bankers to an Issue (BTI), in addition to the scheduled banks.

Bankers to an issue mean a scheduled bank or such other banking company as may be specified by Sebi carrying activities, including acceptance of application money, acceptance of allotment or call money, refund of application money and payment of dividend or interest warrants.



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Top 10 Banks Offering Best Returns On 3 To 5 Year Fixed Deposits In 2021

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Investment

oi-Vipul Das

|

Savings accounts, liquid funds, short-term funds, fixed deposits, fixed maturity plans, treasury bills, post office time deposit account, direct equity, recurring deposits, arbitrage funds, and so on are the most favored alternatives for short-term financial objectives of 3 years or longer. To achieve the highest results, we recommend that investors and our readers stay invested in short-term instruments for 3 to 5 years; as a consequence, we have not considered the liquidity aspect here. However, we have considered here assured returns, deposit safety up to Rs 5 lakhs offered by DICGC, additional returns to senior citizens, and picked up fixed deposit instruments for investors with risk-free appetite. As a result, here we have compiled the top 10 banks that are now offering the best interest rates on fixed deposits (below Rs 2 Cr) of 3 to 5 years to both regular and senior citizens.

Top 10 Small Finance Banks Offering Good Returns On 3 To 5 Year Fixed Deposits

Top 10 Small Finance Banks Offering Good Returns On 3 To 5 Year Fixed Deposits

For opening a fixed deposit account for 3 to 5 years, here are the top 10 small finance banks offering the best returns to both regular and senior citizens.

Sr No. Banks Regular FD Rates Senior Citizen FD Rates Tenure W.e.f.
1 North East Small Finance Bank 7.25% 7.75% 3 years to 5 years April 19, 2021
2 Ujjivan Small Finance Bank 6.75% 7.25% 3 Years and 1 Day to 5 Years March 5, 2021
3 Jana Small Finance Bank 6.75% 7.25% 3 Years to less than 5 Years 07.05.2021
4 Suryoday Small Finance Bank 6.75% 6.75% Above 3 Years to less than 5 Years June 21, 2021
5 Fincare Small Finance Bank 6.25% 6.75% 36 months to 59 months 29 July 2021
6 Equitas Small Finance Bank 6.25% 6.75% 3 years to 5 years June 1, 2021
7 Utkarsh Small Finance Bank 6.00% 6.50% 701 Days to 3652 Days 1 July 2021
8 Capital Small Finance Bank 6.00% 6.50% 1 Year to less than 5 Years June 3, 2021
9 AU Small Finance Bank 6.00% 6.50% 36 months to 60 months June 23, 2021
10 ESAF Small Finance Bank 5.75% 6.25% 3 Years to less than 5 Years 01.08.2021
Source: Bank Websites

Top 10 Private Sector Banks Providing Best Interest Rates On 3 To 5 Year Fixed Deposits

Top 10 Private Sector Banks Providing Best Interest Rates On 3 To 5 Year Fixed Deposits

On fixed deposits of 3 to 5 years, here are the top 10 private sector banks providing higher interest rates to both regular and senior citizens.

Sr No. Banks Regular FD Rates Senior Citizen FD Rates Tenure W.e.f.
1 DCB Bank 6.50% 7.00% More than 36 months to 60 months May 15, 2021
2 RBL Bank 6.30% 6.80% 36 months to less than 60 months July 2, 2021
3 Yes Bank 6.25% 7.00% 3 years to less than 5 years June 3, 2021
4 IndusInd Bank 6.00% 6.50% Above 3 years upto 61 months July 23, 2021
5 IDFC First Bank 6.00% 6.50% 3 years 1 day – 5 years May 1, 2021
6 Axis Bank 5.40% 5.90% 3 years to less than 5 years 22.06.2021
7 ICICI Bank 5.35% 5.85% 3 years 1 day to 5 years October 21, 2020
8 HDFC Bank 5.30% 5.80% 3 year 1 day- 5 years May 21, 2021
9 Bandhan Bank 5.25% 6.00% 3 years to less than 5 years June 7, 2021
10 Kotak Mahindra Bank 5.20% 5.70% 3 years to less than 5 years July 23, 2021
Source: Bank Websites

Top 10 Public Sector Banks Promising Higher Interest Rates On 3 to 5 Year Fixed Deposits

Top 10 Public Sector Banks Promising Higher Interest Rates On 3 to 5 Year Fixed Deposits

For a deposit amount of less than Rs 2 Cr, here are the top 10 government banks promising higher returns on 3 to 5 year fixed deposits to both regular and senior citizens.

Sr No. Banks Regular FD Rates Senior Citizen FD Rates Tenure W.e.f.
1 Union Bank 5.50% 6.00% 3 years to 5 years 09.07.2021
2 Canara Bank 5.50% 6.00% 3 years & above to less than 5 years 08.02.2021
3 State Bank of India 5.30% 5.80% 3 years to less than 5 years 08.01.2021
4 Punjab & Sind Bank 5.30% 5.80% 3 Years – 5 Years 16.05.021
5 IDBI Bank 5.30% 5.80% 3 years to less than 5 years July 14, 2021
6 Bank of Baroda 5.25% 5.75% Above 3 Years and upto 5 Years 16.11.2020
7 Punjab National Bank 5.25% 5.75% Above 3 year & upto 5 years 01.08.2021
8 Indian Bank 5.25% 5.75% 3 years to less than 5 years 05.02.2021
9 Indian Overseas Bank 5.20% 5.70% 3 Years and Above 09.11.2020
10 Central Bank of India 5.00% 5.50% 3 years to less than 5 years 10.07.2021
Source: Bank Websites

Story first published: Wednesday, August 4, 2021, 16:56 [IST]



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RBI cautions public on fraudulent offers of buying/selling old banknotes and coins

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The Reserve Bank of India (RBI) on Wednesday cautioned the public to not fall prey to fictitious offers of buying and selling of old banknotes and coins.

This advisory comes in the wake of RBI coming across certain elements fraudulently using its name, logo and seeking charges, commission and tax from public, in transactions related to buying and selling of old banknotes and coins through various online or offline platforms.

The central bank clarified that it does not deal in such matters and never seeks charges/commissions of any sort.

Further, RBI has also not authorised any institution/firm/person to collect charges/commission on its behalf in such transactions.

RBI, in a statement, advised members of public to remain cautious and not to fall prey to elements using its name to extract money through such fictitious/fraudulent offers.

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SBI Q1 results: Standalone y-o-y net profit up 55% at ₹6,504 crore

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State Bank of India (SBI) reported a 55 per cent jump in standalone year-on-year (y-o-y) net profit at ₹6,504 crore in the first quarter ended June 30, 2021, on the back of healthy growth in other income and decline in loan loss provisions. This is the highest quarterly net profit posted by the bank.

India’s largest bank had reported a net profit of ₹4,189 crore in the year-ago quarter.

Net interest income (difference between interest earned and interest expended) increased by about 4 per cent y-o-y at ₹27,638 crore (₹26,642 crore in the year-ago period).

Loan loss provisions down

Total non-interest income, including fee income, profit/loss on sale of investments, forex income and miscellaneous income, rose about 48 per cent y-o-y at ₹11,803 crore (₹7,957 crore).

Now, another tool for SBI to resolve stress

Loan loss provisions were 47 per cent lower at ₹5,030 crore (₹9,420 crore).

Gross non-performing assets (GNPAs) increased by ₹7,870 crore during the reporting quarter to stand at ₹1,34,259 crore as at June-end 2021.

GNPA position improved to 5.32 per cent of gross advances against 5.44 per cent in the year ago quarter. However, GNPAs increased by 34 basis points over the preceding (Q4FY21) quarter.

Profits of India Inc improved markedly in FY21: SBI Ecowrap

Net NPA position too improved to 1.77 per cent of net advances against 1.86 per cent. However, NNPAs increased by 27 basis points over the preceding quarter.

SBI reported a 45 per cent y-o-y increase in consolidated net profit at ₹7,539 crore (₹5,203 crore).

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Equitas Small Finance Bank collection efficiency improves in July

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Equitas Small Finance Bank on Wednesday said its collection efficiency has improved to 104.62 per cent in July, up from 83.49 per cent in the previous month. However, the collection efficiency of the lender is still lower than 105.16 per cent recorded in April 2021.

On a product-wise basis, month-on-month collection efficiency in Microfinance went up to 91.76 per cent in July from 66.90 per cent in June while the collection efficiency of Small Business Loans went up to 109.19 per cent (85.14 per cent) during the period.

Equitas Small Finance Bank’s Q1 net profit drops 79%

Vehicle finance witnessed a collection efficiency of 99.75 per cent in July (89.33 per cent) while the efficiency in Corporate loans went up sharply to 159.91 per cent (103 per cent).

The overall billing efficiency of the Chennai-based lender also went up to 83.86 per cent in July from 69.52 per cent in the previous month. However, billing efficiency in July is lesser than 91.12 per cent recorded in March 2021.

Last week, the bank reported a net profit of ₹11.93 crore for the first quarter, 79 per cent down from the net profit of ₹57.67 crore posted for the same quarter last year.

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RBI cautions against offers of buying or selling old notes, BFSI News, ET BFSI

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A worker walks past the logo of the Reserve Bank of India (RBI) inside its office in New Delhi. (File Photo/Reuters)

Mumbai, The Reserve Bank of India (RBI) has cautioned the public from falling prey to offers of buying or selling of old bank notes and coins.

In a statement, the central bank said that certain elements are fraudulently using the name and logo of the Reserve Bank of India, and seeking charges, commission and tax from public, in transactions related to buying and selling of old banknotes and coins through various online and offline platforms.

“It is clarified that Reserve Bank of India does not deal in such matters and never seeks charges/commissions of any sort. The Reserve Bank of India has also not authorised any institution/firm/person etc to collect charges/commission on its behalf in such transactions,” it said.

The RBI has advised members of public to remain cautious and not to fall prey to elements using its name to extract money through such fictitious and fraudulent offers.

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IOB asks Union Bank to buy its stake in Malaysian bank, BFSI News, ET BFSI

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Indian Overseas Bank (IOB) has asked the Union Bank of India to buy its 35 per cent holding in India International Bank, Malaysia, a top IOB official said on Tuesday.

The India International Bank was originally a three-way joint venture between the Bank of Baroda (40 per cent stake), the IOB (35 per cent) and Andhra Bank (25 per cent). The Andhra Bank was taken over by the Union Bank of India as a part of the megabank merger scheme last year.

“We have asked Union Bank of India to buy our stakes. The valuation exercise is going on,” IOB Managing Director & CEO Partha Pratim Sengupta told reporters.

According to him, the IOB had decided to exit the Malaysian joint venture as part of its plan to come out of the Reserve Bank of India‘s (RBI) Prompt and Corrective Action (PCA) fold.

Though Sengupta said the IOB is expecting to be out of the PCA fold as it fulfills the RBI’s conditions, the decision to exit the India International Bank continues to hold.

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