August 2021 – Page 82 – IFSCCodeof.in

Corporates prepay loans, shrink banks’ loan books, BFSI News, ET BFSI

August 11, 2021 root Banking & Finance

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Corporates that are flush with cash on account of booking bumper profits are looking to deleverage their bank loans and prepaying them.

HDFC Bank has received Rs 30,000 crore in prepayments through the Jue quarter, mainly from companies in the commodities and infrastructure sectors.

For companies that have run loans for more than two years, there is no prepayment penalty for business loans.

In the April-June quarter, AAA or AA-rated companies sought to deleverage as they recorded solid cash balances. Cash flows were robust at commodity companies because of record iron ore or aluminium prices, boosting net profits. Infrastructure companies, too, reported fatter bottom lines due to the government’s extensive highway-building programme.

With demand collapsing during pandemic and uncertainty rising, companies had put a pause on expansion and have focused on becoming debt-free.

PSU loan books shrink

The deleveraging has led to a drop in corporate loan demand for banks, especially PSU ones.

The domestic corporate loans by the State Bank of India fell 2.23 per cent to Rs 7,90,494 crore in the quarter ended June 30, 2021, compared to Rs 8,09,322 crore in the same quarter last year. In the first quarter of FY21, SBI reported 3.41 per cent growth in corporate advances.

Union Bank of India‘s share of industry exposure in domestic advances dropped to 38.12 per cent at Rs 2,40,237 crore from 39.4 per cent at Rs 2,47,986 crore in the same quarter a year ago. Corporate loans dropped 3% at Indian Bank during the last quarter. At PNB, corporate loans fell 0.57 per cent at Rs 3,264,66 crore in June quarter 2021 compared to Rs 3,28,350 crore a year ago.

Up to May, the gross loans to large industries declined by 1.7 per cent year-onyear, according to RBI data.

However, HDFC Bank expanded its corporate loans over 10% in the April-June quarter to about Rs 3.15 lakh crore.

Shift to bonds

The corporate world focused on deleveraging high-cost loans through fundraising via bond issuances despite interest rates at an all-time low. This has led to muted credit growth for banks.

Corporates raised Rs 2.1 lakh crore in the December quarter and Rs 3.1 lakh crore in the fourth quarter from the corporate bond markets. In contrast, the corresponding year-ago figures were Rs 1.5 lakh crore and Rs 1.9 lakh crore, respectively.

Bonds were mostly raised by top-rated companies at 150-200 basis points below bank loans. Most of the debt was raised by government companies as they have top-rated status.

For AAA-rated corporate bonds, the yield was 6.85 per cent in May 2020, which fell to 5.38 per cent in April 2021 and to 5.16 per cent in May 2021.

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About 72% of financial transactions of PSBs via digital channels, BFSI News, ET BFSI

August 11, 2021 root Banking & Finance

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Nearly 72 per cent of financial transactions of public sector banks (PSBs) are now done through digital channels, with customers active on digital channels having doubled from 3.4 crore in 2019-20 to 7.6 crore in 2020-21.

The Reserve Bank of India (RBI) has informed that it is not considering a separate licensing category for digital banks at present, Minister of State for Finance Bhagwat K Karad said in a written reply to the Rajya Sabha.

PSBs adopting tech

The PSBs have already started investing heavily in technology. Artificial Intelligence, blockchain technology, and robotic process automation are the key innovations that are likely to impact the banking scenario in India in a transformative way.

The field of artificial intelligence has produced several cognitive technologies. Individual technologies are getting better at performing specific tasks that only humans could do. It is these technologies that PSBs may focus their attention on. Analytics can improve customer understanding and personalisation. PSBs are in the process of aggressively adopting these technologies that enhance bank and customer engagement.

Digital payments

Digital payments recorded a growth of 30.19 per cent during the year ended March 2021, reflecting the adoption and deepening of cashless transactions in the country, RBI data showed.

As per the newly constituted Digital Payments Index (RBI-DPI), the index rose to 270.59 at the end of March 2021, up from 207.84 a year ago.

“The RBI-DPI index has demonstrated significant growth in the index representing the rapid adoption and deepening of digital payments across the country in recent years,” the RBI said.

The Reserve Bank had earlier announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country.

The RBI-DPI comprises five broad parameters that enable the measurement of deepening and penetration of digital payments in the country over different time periods.

These parameters are — Payment Enablers (weight 25 per cent); Payment Infrastructure – Demand-side factors (10 per cent); Payment Infrastructure – Supply-side factors (15 per cent); Payment Performance (45 per cent); and Consumer Centricity (5 per cent).

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Moody’s, BFSI News, ET BFSI

August 11, 2021 root Banking & Finance

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Asset risks for banks will rise in most parts of ASEAN (the Association of Southeast Asian Nations) and India as the region battles new waves of coronavirus infections amid low vaccination rates, according to a report by Moody’s Investors Service.

However, continued policy support and strong loss-absorbing buffers mitigate the negative impact for banks in ASEAN and India, coronavirus outbreaks triggering strict containment steps will impede economic recovery and erode borrowers’ debt repayment capacity, increasing their asset risks, said the report.

The buffers

It further said that banks’ strong loss-absorbing buffers, policy support and the virus impact focused on a few segments will keep their credit strength intact.

“Banks in Thailand (Baa1 stable), the Philippines (Baa2 stable), and Indonesia (Baa2 stable) are particularly vulnerable as their economies struggle with elevated numbers of virus cases, spiking uncertainties regarding their economies reopening. Yet, policy support for borrowers and the concentration of the impact on a few economic segments will limit the deterioration in banks’ overall asset quality,” said Rebecca Tan, a Moody’s Vice President and Senior Analyst.

For India (Baa3 negative), Moody’s projects the economy will return to growth in the fiscal year ending March 2022 (fiscal 2021), but the severe second coronavirus outbreak will delay improvements in asset quality.

Boosting trade

By contrast, the resumption of global economic activity will boost trade growth in Vietnam (Ba3 positive), Malaysia (A3 stable) and Singapore (Aaa stable). This will help offset domestic economic disruptions from the pandemic, although slow deployment of vaccines is a risk for Vietnam, the report noted.

Continued policy support for borrowers from governments and central banks will prevent sharp increases in defaults on bank loans. And the financial impact of a prolonged pandemic is concentrated on a few economic segments, which will limit the deterioration in banks’ overall asset quality.

More fundamentally, various regulatory measures implemented in the past decade to strengthen banks’ balance sheets have led banks to face the pandemic on a strong footing. Since the onset of the pandemic, most banks in the region have built sufficient loan loss buffers to cover likely increases in nonperforming loans, it added.

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No cash in ATM? Banks to face penalty from October 1, BFSI News, ET BFSI

August 11, 2021 root Banking & Finance

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Concerned over the inconvenience caused to the public due to the non-availability of cash in ATMs, the Reserve Bank has decided to penalise banks for failure to timely replenish currency notes in such machines.

The RBI will start imposing penalty on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards.

The scheme

“The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to the public through ATMs,” the RBI said in a circular.

The Reserve Bank of India has a mandate to issue banknotes and the banks are fulfilling this mandate by dispensing banknotes to the public through their wide network of branches and ATMs.

In this connection, it said a review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public.

It has, therefore, been decided that the banks/ White Label ATM Operators (WLAOs) will strengthen their systems/ mechanisms to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs, the central bank said.

“Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty as stipulated in the ‘Scheme of Penalty for non-replenishment of ATMs’,” the RBI said.

The Scheme will be effective from October 01, 2021.

How will it work?

On condition for counting instances of cash-outs in an ATM, the RBI said it would come into play “when the customer is not able to withdraw cash due to non-availability of cash in a particular ATM”.

As regards the quantum of penalty, the central bank said “cash-out at any ATM of more than ten hours in a month” will attract a flat penalty of Rs 10,000 per ATM.

In the case of White Label ATMs (WLAs), the penalty would be charged to the bank, which is meeting the cash requirement of that particular WLA.

The bank, may, at its discretion, recover the penalty from the WLA operator, it added.

At the end-June 2021, there were 2,13,766 ATMs of different banks in the country.

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‘Won’t need significant loan recast as market has improved’

August 11, 2021 root Personal Finance

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Shriram Housing Finance MD & CEO Ravi Subramanian

For Shriram Housing Finance (SHFL), which has completed a decade of operations, the second quarter this fiscal promises to be one of the highest quarters ever in terms of disbursements, says its MD & CEO Ravi Subramanian. In an interview with Mithun Dasgupta, Subramanian says the company would not need “significant” loan restructuring going forward as the market has improved. Edited excerpts:

How is the demand for housing loans after the second Covid wave in comparison to the first one?

After the first Covid wave, a lot of pipeline transactions just went on hold from March to May. People who came into the market in June saw a huge uptake from July (2020) onwards. In the last financial year, the third and fourth quarters were very good for most housing loan players. We also did record numbers as our disbursal last year was 95% more than the previous year.

This fiscal, there was a slowdown in demands. The pick-up has not been of the same nature as last year. Nevertheless, in July (2021), the business was back to last year’s pick levels. Demand for housing has picked up. I just hope that it sustains.

What percentage of housing loan demands are coming from people who already own houses?

There is around 10-15% increase in the number of persons who are building additional rooms in their existing houses, which means that people are going in for expansion. We have also seen a lot of people, who already own a house, coming in to buy a slightly larger house and clearly expressing an intent that they would sell off the old house to meet the liabilities. That too was a 10-15% increase over the previous quarters. So, there is an increase, there is a definitive shift towards people going in for larger properties.

SHFL’s disbursements for Q1FY22 stood at Rs 221 crore, against Rs 77 crore for the same period of FY21. What will disbursements look like going forward?

Q1FY21 was a very slow quarter. April and May this year was a washout. In June, we were back to about 80% of our normal disbursal. In July, we were back to our last year’s numbers. So, we are very much back on track in June and July, which means that business has picked up significantly. My company has grown through Covid-19, in the sense that my numbers before Covid were not as high as there are now. Pre-Covid, one year was a period of investment for us.

We had started transforming the organization, started growing the book, started building the distributions. So, we were on the growth path when Covid hit us. Q2FY21 was the first time our company crossed `500 crore disbursal in a quarter. This year, in July we already clocked `225 crore disbursal, which was about 30% more than what we did in June. Thus, for the company, Q2FY22 promises to be one of the highest quarters ever, if I go by the July trajectory.

What are the factors that contributed to the growth in numbers?

We had transformed the organisation in terms of areas of focus, customers segments and the products that we wanted to launch sometime in Q4FY19. After that, we have been investing in our teams and focusing on six states in south and west, and building our books. We aspire to hit about `400-500 crore in about 24 months, which we will. Today, we are one of the largest housing finance players in terms of growth in disbursal, assets under management, profitability and the portfolio quality of the new book. The portfolio quality of the new book is roughly about 77% of our total book, which is the best in class (in affordable housing loan) today. We believe in slow and steady growth.

What was the number of loans the company restructured in the first quarter?

In Q1FY22, we restructured around Rs 72 crore of loans. In the previous quarter, we had restructured loans of Rs 58 crore. Total, we have restructured roughly 3% of our book, out of which about 1.4% was in current up to 30 days when we restructured. So, it is not that we only restructured delinquent customers and higher bucket customers, but also genuine customers who had been paying and were going through some stress.

Collections in our restructured book are also very good. In fact, in July, on the new book, roughly 99% of our customers paid one EMI at least. I don’t think that we will be restructuring anything significant going forward because the market has improved.

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High stress: PSBs set aside over 60% of operating profit as provisions

August 11, 2021 root Banking & Finance

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The road ahead for overall asset quality remains uncertain and would depend on the likely emergence of a new wave of the pandemic.

Public sector banks (PSBs) have set aside more than 60% of their aggregate operating profits in the June quarter as provisions, the bulk of which is for loan losses and restructured assets. This is an indication the stress on lenders’ books remains fairly high. For the private sector, the share of operating profits that was allocated for total provisions was almost 50%.

Bankers say the first quarter saw stress mounting in the retail and small business segments as a result of the second Covid wave. Moreover, the demand from borrowers, asking for a recast of loans, was higher than last year. While Punjab National Bank’s provisions accounted for a whopping 77% of its operating profit, in the case of Bank of Baroda (BoB) the share was over 72%.

At BoB, for instance, the management confirmed the demand for restructuring has been higher this year than it was last year, leading to an increase in the provisioning for standard assets. Separately, the State Bank of India (SBI) management told analysts on August 4 the provisions relating to restructured accounts had been included in the provisioning of Rs 15,700 crore for standard assets.

PSBs reported a growth in loans for the June quarter of just 3.6% year-on-year; the total advances in FY21 grew 2.5%. The standing committee on finance observed, in its report presented before Parliament earlier this month, the present crisis is transient and should not become an alibi for privatisation of PSBs.

SBI, which saw asset quality deteriorate in the consumer loans segment in Q1FY22, said it had managed to recoup retail bad loans to the extent of Rs 4,700 crore after the June quarter.

Smaller PSBs like UCO Bank, Indian Bank and Indian Overseas Bank provided more aggressively out of their profits compared to their larger peers.

Sanjiv Chadha, MD and CEO, BoB, told FE that credit costs were likely to trend down through the rest of FY22 due to a turn in the corporate cycle. “If we look at the overall corporate cycle, it is improving significantly. Corporate slippages are coming down, that trend will continue and credit costs will come down,” Chadha said. In Q1FY22, a majority of BoB’s new bad loans came from the MSME segment, followed by the retail and agri portfolios. The bank said that it is already seeing a pullback from many of these small accounts.

Data from Capitaline shows that for a clutch of 12 PSBs, the share of operating profits earmarked for provisions was 63% while for a group of 18 private banks, the share was 49%. The data reveals absolute provisions in the June quarter fell year-on-year.

The road ahead for overall asset quality remains uncertain and would depend on the likely emergence of a new wave of the pandemic. On Tuesday, rating agency Moody’s said that while the economy would return to growth in FY22, the severe second coronavirus outbreak will delay improvements in asset quality. Regulatory measures will play a role in mitigating stress. “We expect loan-loss provisions will decline from 2020 levels across Asean and India but remain elevated compared to historical levels as banks continue to proactively make provisions against future increases in NPLs (non-performing loans),” Moody’s said.

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Shriram City, STFC raise record retail FDs worth Rs 2,000 crore in July

August 11, 2021 root Banking & Finance

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Shriram City has a large, active customer base of 4.3 million spread across 926 branches

Shriram City Union Finance (Shriram City), a Chennai-based two-wheeler financing non-banking financial company (NBFC), and Shriram Transport Finance Company (STFC), one of the country’s largest asset financing NBFC, have raised record retail fixed deposits (FDs) worth Rs 2,000 crore in July 2021.

Attractive interest rates, large customer base of 6.4 million, proven track record of over 20 years of issuing FDs and digitally enabled systems along with the Covid-induced need for security led to the record FDs raised by Shriram City and STFC, both part of the Shriram Group.

Shriram City raised retail FDs worth Ra 390 crore, while STFC raised Rs 1,610 crore in July — the highest-ever funds raised from retail FDs for both entities. In Q1FY22, Shriram City witnessed retail FD growth of 33% to Rs 5,761 crore while STFC saw 49% growth to Rs 17,903 crore, said a release jointly issued by the companies.

Shriram City has a large, active customer base of 4.3 million spread across 926 branches. Top three states for Shriram City are Tamil Nadu, Andhra Pradesh and Telangana. It has 94% of its branches located in rural and semi-urban locations. Public deposits comprise 22% of the company’s borrowings.

YS Chakravarti, MD & CEO of Shriram City, said: “We are constantly working on providing our customers better products, be it on the credit or deposit side, and it is reassuring to see how many customers choose to place their hard-earned money with us. The rates offered by the Shriram Group entities are one of the most attractive in the industry, and backed by a strong parentage it makes for a great investment, especially for risk-averse investors.”

STFC has a strong customer based of 2.1 million spread across 1821 branches. Top three states for STFC are Maharashtra, Tamil Nadu and Delhi. STFC has 88% of its branches located in rural and semi-urban locations. Public deposits comprise 17% of the company’s borrowings.

Umesh Revankar, vice-chairman & MD, STFCL, said: “At Shriram Transport we have invested extensively in the way we do business digitally, which has the potential to draw deposits and service loans from a broader pool of potential customers. Above everything, it’s the long-standing positive relationships, strong brand awareness and loyalty, along with the fact that we are firmly established within the communities we serve that is bearing fruit.”

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323 frauds in UCBs, 482 in state co-op banks in FY21: FM

August 10, 2021 root Personal Finance

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In contrast, the bad loan ratio of scheduled commercial banks stood at 7.5% as of March 2021, having eased from 8.4% a year before, the RBI said in its latest report in July.

The number of frauds in urban and state cooperative banks dropped in FY21 from a year ago with tighter oversight by the central bank, Parliament was informed on Tuesday.

Finance minister Nirmala Sitharaman said urban cooperative banks reported 323 frauds in FY21 as against 568 in the previous year and 1,193 in FY19. Similarly, state cooperative banks witnessed 482 frauds in FY21, down from 508 in the previous fiscal but much higher than the FY19 level of 290, she said in a written reply to a question.

While Maharashtra, home to the highest number of cooperatives, accounted for 67% of the fraud cases in urban cooperative banks in FY21, Kerala made up for 44% of the frauds in state cooperative banks.

The finances of cooperative banks came under heightened scrutiny recently after the government carved out the department of cooperation from the agriculture ministry to make it a full-fledged ministry under Amit Shah.

Before that, affairs of the cooperative sector came under focus following the crisis at the Punjab Maharashtra Cooperative (PMC) Bank in 2019. This had prompted the government to amend the Banking Regulation Act to empower the RBI for more effective regulation of cooperative banks. The idea was to better protect the interests of depositors and avoid a PMC Bank-like crisis in future.

The amendment was also aimed to ensure that the “affairs of the cooperative banks are conducted in a manner that protects the interest of depositors by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through RBI’, Sitharaman said in the reply.

Last month, the minister had told the Rajya Sabha that gross bad loans of district central cooperative banks (DCCBs) were among the highest in the banking system, at 12.6% (Rs 35,298 crore) of their advances as of March 2020.

The gross non-performing assets (NPAs) of urban cooperative banks (UCBs), too, remained elevated at 11.3% (Rs 35,528 crore) at the end of March 2021. However, the gross NPAs of state cooperative banks were 6.7% (Rs 13,477 crore) as of March 2020, Sitharaman had said in a statement in the Upper House.

In contrast, the bad loan ratio of scheduled commercial banks stood at 7.5% as of March 2021, having eased from 8.4% a year before, the RBI said in its latest report in July.

There are 34 state cooperative banks, 351 DCCBs and 1,534 UCBs in the country. Many of the cooperatives, thanks to their opaque structure and severe governance issues, have been allegedly used to funnel black money for long.

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Reserve Bank of India – Notifications

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RBI/2021-22/84
DCM (RMMT) No.S153/11.01.01/2021-22

August 10, 2021

The Chairman /
Managing Director & CEO
All Banks

Dear Sir / Madam,

Monitoring of Availability of Cash in ATMs

As you are aware, the Reserve Bank of India has a mandate to issue banknotes and the banks are fulfilling this mandate by dispensing banknotes to the public through their wide network of branches and ATMs. In this connection, a review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public.

2. It has, therefore, been decided that the banks/ White Label ATM Operators (WLAOs) shall strengthen their systems/ mechanisms to monitor availability of cash in ATMs and ensure timely replenishment to avoid cash-outs. Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty as stipulated in the “Scheme of Penalty for non-replenishment of ATMs” in the Annex. The Scheme shall be effective from October 01, 2021.

Yours faithfully,

(Subrata Das)
Chief General Manager-in-Charge

Encl: As above

Annex

Scheme of Penalty for non-replenishment of ATMs

Objective of the Scheme

The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to public through ATMs.

Effective Date

The Scheme shall be effective from October 01, 2021. Therefore, banks/ WLAOs should put in place a robust system for monitoring the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs.

Condition for counting instances of cash-outs in an ATM

When the customer is not able to withdraw cash due to non-availability of cash in a particular ATM.

Procedure

Banks shall submit system generated statement on downtime of ATMs due to non- replenishment of cash to the Issue Department of RBI under whose jurisdiction these ATMs are located. In case of WLAOs, the banks which are meeting their cash requirement shall furnish a separate statement on behalf of WLAOs on cash-out of such ATMs due to non-replenishment of cash. Such statements shall be submitted for every month within five days of the following month i.e., first such statement for the month of October 2021 shall be submitted on or before November 05, 2021 to the Issue Department concerned.

Quantum of Penalty

Cash-out at any ATM of more than ten hours in a month will attract a flat penalty of ₹ 10,000/- per ATM. In case of White Label ATMs (WLAs), the penalty would be charged to the bank which is meeting the cash requirement of that particular WLA. The bank, may, at its discretion, recover the penalty from the WLA operator.

Administration of the Scheme

The Scheme of Penalty will be administered by Issue Departments of the Regional Offices of the Bank. The Competent Authority to impose penalty will be the Officer-in-Charge of the Issue Department of the Regional Office under whose jurisdiction the ATMs are located. Appeal against the decision of the Competent Authority, if required, may be made by the banks/ WLAOs to the Regional Director/Officer-in-Charge of the Regional Office concerned, within one month from the date of imposition of penalty. As the intention of the Scheme is to ensure replenishment of ATMs in time, appeals would be considered only in cases of genuine reasons beyond the control of bank/ WLAOs such as, imposition of lockdown by the State/ Administrative authorities, strike, etc.

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Reserve Bank of India – Notifications

August 10, 2021 root Bank Jobs

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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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