Month: August 2021

Effitrac Solutions partners RazorpayX to empower MSME customers, BFSI News, ET BFSI

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Effitrac, an end-to-end business process technology SaaS platform that helps small and medium businesses to optimize their time, money, and resources, on Wednesday announced its partnership with RazorpayX.

RazorpayX is a new-age business finance platform from Fintech giant Razorpay. The banking platform will empower Effitrac customers with payout links, book-keeping in autopilot mode, automated TDS, and give them access to capital services when needed through Effitrac’s Neobooks. Businesses can even integrate with Razorpay payment gateway to accept the incoming payments.

“The partnership with RazorpayX will help our customers open a fully accessible digital current account, like a bank. With a hassle-free transaction experience, seamless book keeping and highly secured easy user interface, business owners can focus on growing their business rather than worrying about digitalizing their financial processes. RazorpayX will improve the capabilities of our Neobooks and will make it a one-stop solution to meet all business transaction needs of such businesses,” Logesh Velusamy, Founder & CEO of Effitrac, said.

He said neo-banks are a boon for MSMEs in India for its simple account-opening procedures, low-cost, user-friendly interface, and unified solutions to monitor the money movement from vendors to customers. It also will help them drastically reduce their time consumed in financial tasks including, reconciliation, monthly compliance payments, checks and approvals, sending/receiving money, and recording transactions.

The Coimbatore-based company is the technology growth partner for over 500 MSME clients and helps over 30,000 users across 13 verticals. Effitrac said it is on track to reach one million MSMEs in three years and that the association with RazorpayX aligns with the company’s goal of being a technology growth partner to every MSME in the country.



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Enforcement Directorate gets special court okay to quiz Rana Kapoor, BFSI News, ET BFSI

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A special court has permitted the Enforcement Directorate (ED) to question banker Rana Kapoor who was arrested in a money laundering case.

The case pertains to a loan taken by Oyster Buildwell Pvt Ltd., a holding company of Avantha Realty Ltd., from Yes Bank Ltd. (YBL), and its alleged misappropriation between 2017 and 2019.

The ED had registered a money laundering case based on the predicate offence registered by the Central Bureau of Investigation (CBI) against Kapoor, his wife Bindu Kapoor, and Avantha Group promoter Gautam Thapar for “illegal gratification in lieu of favours extended in connection with official work”.

The agency has pegged the loss caused to the bank at Rs 466.51 crore.

While the court on August 20 had allowed the federal agency’s plea to interrogate Kapoor between August 25 and 27at the Taloja Central Prison, the promoter of YBL on Monday filed an application to recall the order on the ground of not being heard.

Kapoor also pleaded that he should be interrogated only under audio-visual surveillance and in the presence of his legal representatives.

Advocate Vijay Agarwal, along with advocate Ayush Jindal, appeared for Kapoor in the matter. “In view of the fact that the accused had not been afforded an opportunity to be heard which is directly in contravention with his fundamental rights and as principles of Natural Justice were not obeyed,” Kapoor’s counsels contested.

The ED has contested the application.

The Mumbai court, while rejecting the recall application, observed, “In order to record his (Kapoor’s) statement under 50 PMLA, permission of this court is necessary. Granting such permission by this court doesn’t make its order voi-ab-initio to recall as prayed by this application.”

The court, however, allowed his lawyer to be present while Kapoor’s statement is recorded.



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Bank duped of Rs 1.15 crore using forged cheques, BFSI News, ET BFSI

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AHMEDABAD: An unidentified man forged bank cheques of a university in Patna in Bihar, and a private firm in New Delhi having total worth of Rs 1.15 crore, deposited them with the help of two Angadias and took cash from the Angadias — who have been made accused in the two cases.

Officers of Navrangpura police said that a man identified as Mahesh, whose whereabouts are not known, took help of the Angadias — a Vasna resident Ajay Chauhan, 35, who runs a vegetable business and a Paldi resident, Vijay Nayak, 30, who runs a private construction firm — and conducted the fraud.

Manager of the private bank in which the two forged cheques were deposited filed two FIRs of forgery and producing of forged documents against the two Angadias whose help was taken by the accused.

In the first complaint, manager of Navrangpura branch of the Indian Bank, Kartikeya Thirunanasamanthan, said that Chauhan had opened an account in his bank branch on March 24, 2021.

He opened the account in the name of his vegetable firm having its address near Geeta Mandir and submitted his Pan and Aadhaar card details.

On April 29, 2021, he deposited a cheque worth Rs 62 lakh issued by a university in Patna and the money was finally deposited in Chauhan’s account.

On July 17, 2021, Patna zonal office of the bank approached the bank branch in Ahmedabad and informed that someone had withdrawn money using a forged cheque. The cheque submitted by Chauhan was a forged one using which the money was withdrawn, said the FIR.

Similarly, Nayak had also opened his bank account on December 17, 2020 in the name of KD Enterprises. On April 23, 2021, a cheque worth Rs 42.80 lakh issued by a firm named TDI Infrastructure from New Delhi was deposited in the bank.

On June 21, 2021, the corporate branch of New Delhi sent an email to the Ahmedabad branch saying that the transaction from the Delhi firm was also fraudulent and it was done using forged cheque.



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ICICI Bank files cheating case against Karvy Stock Broking Ltd, BFSI News, ET BFSI

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A case has been registered against Karvy Stock Broking Ltd promoter C. Parthasarathy and others for allegedly cheating ICICI Bank to the tune of Rs 563 crore.

According to a press release issued by the police on Tuesday night, the case was booked under Sections 406 (criminal breach of trust), 420, r/w 34 ( cheating) of IPC against the accused. Funds raised by KSBL by pledging shares of its six bankers were transferred to the firm’s own bank accounts, and not into ‘Stock Broker Client Account’, which is in contravention with the SEBI guidelines, the police said. “Further, all pledges on securities were closed without approval… and securities were transferred to end clients of KSBL thereby severely impacting security of all lenders including ICICI Bank,” it said.

The case was transferred to Economic Offences Wing of Cyberabad and a special team was formed for the investigation. Parthasarathy was arrested by the city police here on August 19 on charges of defaulting on a Rs 137 crore loan taken from IndusInd Bank.

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Reserve Bank of India – Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 4,44,650.24 3.14 1.00-3.50
     I. Call Money 6,799.92 3.15 1.95-3.40
     II. Triparty Repo 3,45,432.05 3.13 3.10-3.37
     III. Market Repo 90,918.27 3.17 1.00-3.35
     IV. Repo in Corporate Bond 1,500.00 3.36 3.30-3.50
B. Term Segment      
     I. Notice Money** 269.00 3.24 2.50-3.30
     II. Term Money@@ 95.27 – 3.15-3.45
     III. Triparty Repo 77.00 3.11 3.11-3.11
     IV. Market Repo 915.00 2.25 2.25-2.25
     V. Repo in Corporate Bond 724.00 3.39 3.35-3.40
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Tue, 24/08/2021 1 Wed, 25/08/2021 5,76,890.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Tue, 24/08/2021 1 Wed, 25/08/2021 0.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -5,76,890.00  
II. Outstanding Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Fri, 13/08/2021 14 Fri, 27/08/2021 4,481.00 3.75
    (iv) Special Reverse Repoψ Fri, 13/08/2021 14 Fri, 27/08/2021 352.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 13/08/2021 14 Fri, 27/08/2021 2,50,029.00 3.43
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
  Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
  Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
  Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       23,295.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,47,274.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -7,24,164.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 24/08/2021 6,02,677.57  
     (ii) Average daily cash reserve requirement for the fortnight ending 27/08/2021 6,27,870.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 24/08/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 30/07/2021 10,95,060.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020 and Press Release No. 2020-2021/1057 dated February 05, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/738

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Dhanlaxmi Bank Revises Interest Rates On FD: Check New Rates Here

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Dhanlaxmi Bank Regular Fixed Deposit Interest Rates

For deposits of less than Rs 2 crore, the bank is now giving a 3.25 percent interest rate on FDs maturing in 7 to 45 days. Dhanlaxmi Bank is providing interest rates of 3.75 percent and 4.00 percent on term deposits maturing in 46 days to 90 days and 91 days to 179 days, respectively. Whereas for fixed deposits maturing in 180 days to less than one year, 1 Year and above up to & inclusive of 2 years, above 2 years upto & inclusive of 3 years, above 3 years upto & inclusive of 5 years and above 5 years upto & inclusive of 10 years the private sector bank is now promising an interest rate of 4.25%, 5.15%, 5.30%, 5.40%, and 5.50% to the general customers respectively.

Term Deposits (All Maturities) Regular Interest Rates In %
7 days to 14 days 3.25
15 days to 45 days 3.25
46 days to 60 days 3.75
61 days to 90 days 3.75
91 days to 179 days 4.00
180 days to less than one year 4.25
1 Year and above upto & inclusive of 2 years 5.15
Above 2 years upto & inclusive of 3 years 5.30
Above 3 years upto & inclusive of 5 years 5.40
Above 5 years upto & inclusive of 10 years 5.50
Source: Bank Website, Rates of Interest (Less than Rs.2 Crore)

Dhanlaxmi Bank Fixed Deposit Interest Rates For Senior Citizens

Dhanlaxmi Bank Fixed Deposit Interest Rates For Senior Citizens

For a deposit amount of less than Rs 2 Cr, senior citizens will continue to get an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above except for Dhanam Tax Advantage deposits. After the most recent revision of the bank, senior citizens will get the following interest rates on their fixed deposits.

Term Deposits (All Maturities) Interest Rates In % For Senior Citizens
7 days to 14 days 3.25
15 days to 45 days 3.25
46 days to 60 days 3.75
61 days to 90 days 3.75
91 days to 179 days 4.00
180 days to less than one year 4.25
1 Year and above upto & inclusive of 2 years 5.65
Above 2 years upto & inclusive of 3 years 5.80
Above 3 years upto & inclusive of 5 years 5.90
Above 5 years upto & inclusive of 10 years 6.00
Source: Bank Website, Rates of Interest (Less than Rs.2 Crore)

Dhanlaxmi Bank Bulk Deposit Interest Rates

Dhanlaxmi Bank Bulk Deposit Interest Rates

The bank is currently providing depositors the following interest rates on deposits of Rs.2 crore and above.

Term Deposits (All Maturities) Rates of Interest In % (deposits of Rs.2 crore and above)
7 days to 14 days 2.75
15 days to 45 days 2.75
46 days to 60 days 3.25
61 days to 90 days 3.25
91 days to 179 days 3.5
180 days to less than one year 3.75
Source: Bank Website



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RBI dashes hopes of big corporates eyeing retail payments space, BFSI News, ET BFSI

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The Reserve Bank of India has put on hold its plan to create National Umbrella Entities (NUE) and end dominance of the National Payments Council of Indias (NPCI) in the retail payments space due to data safety concerns, according to a report.

The recent data security breaches at fintech firms and a ban on foreign card firms has made the central bank rethink the NUE plan, according to the report.

In the race

Lured by the digital payments potential unleashed by the pandemic, six consortiums, including those led by Tata Group and Reliance Industries, had submitted applications to the central bank to set up a national payments infrastructure rivalling NPCI platform.

The other consortiums are led by Paytm, India Post and Fintech startup iserveU.

The bank consortium is led by Axis Bank and ICICI Bank, with 20% each and co-promoting an entity called MoPay. This consortium also has BillDesk, Pine Labs, Amazon and Visa with a 15% stake each.

A consortium led by Reliance Industries and Inbeam Avenue has also submitted its proposal for the entity in which Facebook and Google are set to hold minority stakes.

Tata Group has also applied for the NUE licence through its subsidiary Ferbine Payments. It will own 40% in the entity while Airtel Digital, Mastercard and Nabard will hold 10% each. Flipkart, through its subsidiary

FlipPay, and Naspers-backed PayU will own about 5% each in the Tata entity.

A Paytm led consortium has set up another prospective NUE called Foster Payments. Paytm entities are set to co-promote with Electronic Payment and Services (EPS) and will together pick up 50%. Ola Financial and Policybazaar along with IndusInd Bank may each pick less than 10% non-controlling stake in the NUE.

Non-bank lender Centrum Finance, Suryoday Small Finance Bank, data analytic platform Think360.ai and fintech Zeta are the remaining consortium players that will have partial stakes in the NUE.

Another consortium led by technology provider FSS, payment gateway RazorPay and India Post payments bank have also applied for the licence. The sixth consortium is led by start-up iserveU technology. ET couldn’t determine consortium partners of this NUE aspirant.

NUE licence

An NUE licence can help the entity gain greater autonomy in processing digital payments in India. That will help establish a firm presence in the financial services ecosystem through value-added lending and insurance services.

The RBI had last August issued guidelines for corporates to create for-profit NUEs with an aim to foster competition and “de-risk” India’s burgeoning digital payments ecosystem where much of the settlement burden has fallen on the non-profit NPCI over recent years.

What is NUE?

New Umbrella Entity (NUE) is the beginning of the Reserve Bank of India’s attempt to encourage private players to build digital space for retail payments. It will be a ‘for-profit’ digital platform and be allowed to charge fees for online transactions, unlike the existing system of NCPI. The new entity or entities will be able to earn interest from the float that customers maintain in their online shopping accounts. Currently, digital transactions are processed by the National Payments Corporation of India (NCPI), a non-profit, umbrella organisation backed by more than 50 retail banks. In operation since 2016, its Unified Payments Interface allows users to link their mobile phone numbers to their bank accounts. Reducing the concentration risk of digital transactions and expansion of the payments infrastructure are the key reasons for the initiative.



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Finance Ministry exploring insurance bonds as alternative to bank guarantees, BFSI News, ET BFSI

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The government is considering introducing insurance bonds as an alternative to bank guarantees, Finance Secretary T V Somanathan said here on Tuesday. Somanathan made the announcement during a meeting between industry captains and Finance Minister Nirmala Sitharaman, who is on a two-day visit to the financial capital.

“Government is exploring the possibility of instituting insurance bonds as alternatives to bank guarantees,” an official statement said.

Bank guarantees are usually asked for while extending a loan and typically require a collateral. An insurance bond is also a surety but it does not require any collateral.

As per reports last year, insurance regulator Irdai was also looking at the option of insurers offering surety bonds in the context of road projects.

(With inputs from PTI)

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2 Stocks HDFC Securities Gives A Buy For Gains Of 14% In The Near Term

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1. Venkys:

The company has diversified operations in the poultry segment and includes production of SPF eggs chicken and eggs processing broiler and layer breeding animal health products Poultry feed & equipment soya bean extract and many more. As per the technicals suggested by the brokerage the company’s stock price has corrected nearly 30% from the recent high and now reached near to an important long-term support. “Stock price reversed northwards and trading above its 5-day EMA with higher volumes. RSI Oscillator has exited from the oversold level and now placed above 30 levels. MFI Oscillator has fallen below an oversold level of 10 and now bounced back to 25 odd levels. Considering the Technical evidences discussed above, we recommend buying Venkys at CMP of 2560 and average at 2380, for the upside targets of 2875 and 3100, keeping a stop-loss at 2270”, said the brokerage firm.

Stock Current market price Target Upside
Venkys 2836 3100 9%

2. Schaeffler India:

2. Schaeffler India:

The company is involved in innovating and shaping the global pace of change. With innovative technologies, products, and services for CO₂-efficient drives, electric mobility, Industry 4.0, digitalization, and renewable energies, the company is a reliable partner for making motion and mobility more efficient, intelligent, and sustainable. The company’s major brands include FAG, INA and LuK.

For the stock the analysts from the brokerage sees a flag pattern breakout is seen on the daily chart. “Stock has broken out from last 5 week’s price consolidation In the Month of July 2021, Stock registered multiyear breakout with jump in volumes Indicator and Oscillator setup has been holding bullish on weekly charts Short term moving averages are placed above medium to long term moving averages Nifty MNC Index looks very strong on short to medium term charts Stock has been forming higher tops and higher bottoms on weekly and monthly charts”, says the brokerage report.

Stock Current market price Target Upside
Schaeffler 7150 8150 14%

Disclaimer:

Disclaimer:

Note the stocks listed here are taken from brokerage report and need not be taken as an investment advice.

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4 Indian Companies With Market Valuation Of $100 Billion

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Reliance Industries

Reliance Industries Limited, headquartered in Mumbai, India, is an Indian multinational conglomerate business. Energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles are among RIL’s diversified activities.

Reliance Industries has a market capitalization of Rs 14,77,782.78 crore as of August 2021. Reliance Industries is the world’s 56th most valuable corporation by market capitalization.

RELIANCE INDUSTRIES LTD FUNDAMENTALS
Parameter Values
Market Cap (Rs. in Cr.) 1476024.64
Earning Per Share (EPS TTM) (Rs.) 46.41
Price To Earnings (P/E) Ratio 47.03
Book Value Per Share (Rs.) 618.04
Price/Book (MRQ) 3.53
Price/Earning (TTM) 36.07
ROCE (%) 6.27

Tata Consultancy Services

Tata Consultancy Services

Tata Consultancy Services is an Indian multinational information technology services and consulting firm with headquarters in Mumbai, Maharashtra, and its main campus in Chennai, Tamil Nadu. TCS is the world’s largest IT services firm by market capitalization as of February 2021.

The shares of TCS appreciated 76.86 percent over three years, compared to 40.63 percent for the Nifty 100. Over a three-year period, the stock returned 76.86 percent, while the Nifty IT delivered investors a 122.28 percent return. TCS has a market capitalization of Rs 13,36,541 as of August 2021.

TATA CONSULTANCY SERVICES LTD FUNDAMENTALS
Parameter Values
Market Cap (Rs. in Cr.) 1336171.34
Earning Per Share (EPS TTM) (Rs.) 89.60
Price To Earnings (P/E) Ratio 40.31
Book Value Per Share (Rs.) 225.28
Price/Book (MRQ) 16.03
Price/Earning (TTM) 36.84
ROCE (%) 56.24
PAT Margin 22.77
Dividend Yield 1.05

HDFC Bank

HDFC Bank

HDFC Bank Limited, headquartered in Mumbai, Maharashtra, is an Indian banking and financial services firm. As of April 2021, HDFC Bank is India’s largest private sector bank in terms of assets and market capitalization. It is the third-largest company by market capitalization on the Indian stock exchanges.

Stock generated 50.62 percent over three years, compared to 40.63 percent for the Nifty 100 index. Over a three-year period, the stock returned 50.62 percent, while the Nifty Bank provided investors a 26.19 percent return. HDFC has a market capitalization of Rs 8,61,533 as of August 2021.

HDFC BANK LTD FUNDAMENTALS
Parameter Values
Market Cap (Rs. in Cr.) 862971.66
Earning Per Share (EPS TTM) (Rs.) 58.14
Price To Earnings (P/E) Ratio 26.81
Book Value Per Share (Rs.) 336.17
Price/Book (MRQ) 4.64
Price/Earning (TTM) 26.81
ROCE (%) 14.51
PAT Margin 25.75
Dividend Yield 0.42
Face Value 1

Infosys

Infosys

With Monday’s increase in Infosys’ share price, the Bengaluru-based IT firm’s market capitalization surpassed 7.45 lakh crore ($100 billion). After Reliance Industries, Tata Consultancy Services, and HDFC Bank, Infosys became India’s fourth firm to reach the $100 billion mark, according to stock exchange data.

The Infosys shares generated 149.71 percent over three years, compared to 40.63 percent for the Nifty 100 index. Over a three-year period, the stock returned 149.71 percent, compared to 122.28 percent for the Nifty IT index.

INFOSYS LTD FUNDAMENTALS
Parameter Values
Market Cap (Rs. in Cr.) 725730.67
Earning Per Share (EPS TTM) (Rs.) 44.49
Price To Earnings (P/E) Ratio 38.68
Book Value Per Share (Rs.) 158.44
Price/Book (MRQ) 10.86
Price/Earnings (TTM) 34.37
ROCE (%) 36.79
PAT Margin 21.01
Dividend Yield 1.57
Face Value 5



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