Month: September 2021

HDFC bank issues 400,000 credit cards after embargo, BFSI News, ET BFSI

Banking & Finance

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After the embargo on HDFC Bank was lifted last month, they have issued over 400,000 credit cards, a report by the Business Standard says.

This signifies the aggressive growth that the private lender has made since then. This record issuance is as of September 21, 2021.

HDFC Bank was looking to get back to its pre-embargo run rate of 300,000 credit cards per month, which they had planned to achieve in the next 2-3 months. After that, they expected to hit 500,000 credit cards per month from February 2022.

“As a leader in the cards space, we promised, we’d be back with a bang. We are now pushing the pedal not only to acquire new customers, but also to enhance offerings of our existing cards,” the Business Standard report quoted Parag Rao, group head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank, as saying.

The bank expects to achieve growth in the credit cards business on the back of new alliances with a number of industrial sectors.

Pre-embargo, the open market customer acquisition was less than 20 per cent, which may now go up to 22-24 per cent, the bank has indicated. This is because the bank is coming up with several new initiatives in the upcoming months which include co-branded cards with corporate India spanning pharma, travel, FMCG, hospitality, telecom, and fintech.

“Our strategy to re-invent, create and co-create has been crafted based on the analysis of customers’ buying behaviour, the categories they spend on and the spend patterns. The months that we have spent readying and sharpening our strategy are now bearing fruit. We are ready to unveil best in class offerings and experience to our customers, just in time for festive season,” he added.

As of July (latest data), HDFC Bank has 14.76 million credit cards in the market. Its market share in outstanding credit cards dropped by more than 2 per cent due to the restrictions imposed by the regulator.



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2 Stocks To Buy As Suggested By ICICI Securities

Personal Finance

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Buy Vesuvius India with upside potential of 28%

ICICI Securities has a ‘Buy’ rating Vesuvius India for a target price of Rs. 1445, i.e. an upside of 28 percent from the last traded price of Rs. 1130 per share.

Vesuvius India (VIL) is a Vesuvius Group (UK) subsidiary. It is a well-known metal flow engineering firm. Shaped refractories are responsible for 37% of revenue in CY20, followed by unshaped refractories (37%), and services (26%).

What should investors do?

“We expect decent earnings in long term led by

operational efficiency, product innovation, R&D and strong steel capex pipeline. Target Price and Valuation: We value VIL at Rs 1445 i.e. 24x on CY22E EPS,” the brokerage has said.

Key triggers for future price-performance:

Key triggers for future price-performance:

  • Focused on acquiring domestic market share through localised manufacturing and innovative product introductions in the manufactured goods category. Currently, manufactured items account for 50-55 percent of total exports.
  • Focusing on the margin-enhancing solution oriented services category, which grew at a 34.4 percent CAGR from CY13 to CY20 and now accounts for 26% of revenue, up from 4% in CY13.
  • Demand for refractories is projected to be driven by increased steel production and technological improvement. With increasing infrastructure spending and a solid steel capex pipeline, India’s crude steel output is predicted to grow at a CAGR of 5.5 percent to 121 MT in FY20P-23E.
  • We expect VIL to return to superior margins of 14-16 percent in the next years as a result of cost reductions and specialised product launches.
  • Balance sheet strength is provided by net debt free b/s, double-digit return ratios, excellent cash flows, and cash and investment of Rs 559 crore.

Buy Bata India with upside potential of 21%

Buy Bata India with upside potential of 21%

With a presence in the men’s, women’s, and children’s footwear segments, Bata India is a key participant in the Indian footwear market.

ICICI Securities has a ‘Buy’ rating Bata India for a target price of Rs. 2120, i.e. an upside of 21 percent from the last traded price of Rs. 1750 per share.

Steady revenue recovery to aid premiumisation play.

“Bata has, over the last one year, delivered ~33% return whereas Relaxo delivered 77% returns owing to increased market share due to enhanced consumer preference towards open footwear. Strategies like cost reduction, focus on omni channel and calibrated expansion of retail network through asset light franchisee route can be structurally positive for Bata’s business. Strong revenue growth coupled with recovery in margin profile would enable Bata to reduce the valuation gap with Relaxo. We maintain our BUY rating on the company, the brokerage has said.

Key triggers for future price performance:

Key triggers for future price performance:

  • Bata has increased its digital initiatives, with e-commerce accounting for 15% of total revenue in FY21. Bata stores fulfilled 60% of marketplace orders and 100% of orders for its own website due to its focus on omni-channel shopping.
  • Bata is currently servicing 25000 multi-branded retailers, resulting in a 12 percent increase in revenue from wholesale distribution. This allows them to take advantage of its brand strength in newer cities. Bata is also expanding into Tier IIIV cities through franchises, adding 64 and seven locations in FY21 and Q1FY22, respectively, bringing the total number of franchise stores to 234 in total.
  • In FY22-24E, we predict the company to add 240 locations net, bringing the total store count to 1765.
  • We anticipate that when the pandemic’s impact fades, it will be able to resume its revenue growth trajectory thanks to its strong brand patronage and pan-India retail reach.

Disclaimer

Disclaimer

The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks, gold, currency, or other commodities. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice. It is informational in nature.



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Minutes of Pre-bid Meeting – Renovation of Six (6) Class IV Flats at Thamalam Staff Quarters, Reserve Bank of India, Thiruvananthapuram

Tenders

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The Captioned meeting was held at 11.00 a.m. on September 27, 2021 in the Board Room on the third floor of the Bank’s Main Office Building, Thiruvananthapuram. Considering any movement restrictions due to Bharat Bandh, bidders were given option to attend the meeting through WebEx. List of participants are indicated below:

(a) List of Bank’s Officials who attended the meeting

1 Shri. Manoj P General Manager (through WebEx)
2 Shri. V Jayaraj Assistant General Manager
3 Shri. Thanikkachalem M Assistant Manager
4 Shri. Shiva Priyanth K.V. P Assistant Manager
5 Smt. Anu Treesa Jose Senior Assistant

(b) List of Contractors’ representatives who attended the meeting

Sl.No Name of the Representative Name of the Contractor
1 Shri Jayachandran G Shri Jayachandran G
2 Shri Anand M M/s Instyle Decorators and Distributors
3 Shri Vishnu M M/s Drishti Infrastructure Services
4 Shri Sreejith J M/s Drishti Infrastructure Services
5 Shri. Jayan Thampi M/s Pattom Gardens and Landscapes (through WebEx)
6 Shri. Nitheesh M/s K.R Builders and Interiors (through WebEx)

2. Shri K. V P Shiva Priyanth, Assistant Manager welcomed the participants to the meeting and invited queries, if any, from the prospective bidders regarding the captioned tender. The details of queries raised by the firm and clarifications / comments of the Bank are tabulated below

Sl No Queries/Suggestions Clarification/Comments
1 No. of years of waterproofing guarantee It was informed that water proofing guarantee for a period of ten years from date of virtual completion of the work has to be submitted.
2 Drawing may be provided for better understanding of Item No.39 in Schedule of Quantities (Kitchen plat form) Sequence of work has already been mentioned in schedule of quantities and the clarification sought was provided to their satisfaction.
3 Non-availability of distemper for repainting works. Contractors may quote rate for distemper. If it is not available in market while execution of work, alternative option may be explored, and appropriate action may be taken.
4 Time period to complete the work Contractor shall complete the work in three months’ time period. It was added that, early completion of the work without compromise on quality is always appreciable.

Bidders shall note that all the clarifications provided during the pre-bid meeting along with details indicated in the Tender document shall form part of contract.

3. Shri V Jayaraj, Assistant General Manager thanked the participants for attending the meeting. The meeting came to an end at 11:30 am.

Regional Director
(Kerala and Lakshadweep)

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Top 5 Banks Offering Up To 7.25% Returns On 3 Year Fixed Deposits

Personal Finance

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North East Small Finance Bank

For a deposit amount of less than Rs 2 Cr, North East Small Finance Bank is now the only bank that is offering an interest rate of 6.75% to the regular public and 7.25% to senior citizens on 3-year deposits. With effect from 19th April 2021, the bank is promising the following interest rates on deposits of up to 3 years.

Tenure Interest rates for regular citizens in % p.a. Interest rates for senior citizens in p.a.
7-14 Days 3 3.5
15-29 Days 3 3.5
30-45 Days 3 3.5
46-90 Days 3.5 4
91-180 Days 4 4.5
181-365 Days 5 5.5
366 days to 729 days 6.75 7.25
730 days to less than 1095 6.75 7.25
Source: Bank Website

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank

For a deposit amount of less than Rs 2 Cr, Ujjivan Small Finance Bank is now promising the following interest rates on fixed deposits made by regular or senior citizens.

Period Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7-14 days 2.50% 3.00%
15-60 days 3.00% 3.50%
61-90 days 3.75% 4.25%
91-180 days 4.50% 5.00%
181-364 days 5.50% 6.00%
1 Year[365 Days] 6.25% 6.75%
> 1 Year – 2 Years 6.50% 7.00%
>2 Years-3 Years 6.50% 7.00%
Source: Bank Website, Effective Date: 07/05/2021

Jana Small Finance Bank

Jana Small Finance Bank

For interest rates on deposits of less than Rs 2 Cr, here are the most revised interest rates of Jana Small Finance Bank on deposits of up to 3 years.

Tenure Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7 – 14 days 3.50% 4.00%
15 – 29 days 3.50% 4.00%
30 – 45 days 3.50% 4.00%
46 – 62 days 4.00% 4.50%
63 – 90 days 4.00% 4.50%
91 – 120 days 4.75% 5.25%
121 – 180 days 4.75% 5.25%
181 – 210 days 5.25% 5.75%
211 – 270 days 5.25% 5.75%
271 – 364 days 5.25% 5.75%
1 year to 18 months 6.35% 6.85%
18 months 1 day to 2 years 6.25% 6.75%
2 years 1 day to 887 days 6.35% 6.85%
888 days 6.50% 7.00%
889 days to 3 years 6.35% 6.85%
Source: Bank Website, with effect from 1st June 2021

Equitas Small Finance Bank

Equitas Small Finance Bank

Check the most recent interest rates on fixed deposits of 3 years for both regular and senior citizens.

Tenure Regular FD Interest Rate (p.a.) Senior Citizen FD Interest Rate (p.a.)
7 Days to 29 Days 2.90% 3.40%
30 Days to 89 Days 3.50% 4.00%
90 Days to 179 Days 4.25% 4.75%
180 Days to 364 Days 4.75% 5.25%
1 Year to 2 Years 6.00% 6.50%
2 Years and 1 Day to 3 years 6.50% 7.00%
Source: Bank Website, with Effect from 16th August 2021

Suryoday Small Finance Bank

Suryoday Small Finance Bank

For Fixed Deposit of amount of less than Rs 2 Cr, this small finance bank is promising an interest rate of 6.25% to the general public and 6.50% to senior citizens on deposits of less than 3 years. Here are the latest interest rates on fixed deposits of the bank.

Period Interest Rate (Per Annum) Senior Citizen FD Interest Rate (p.a.)
7 days to 14 days 3.25% 3.25%
15 days to 45 days 3.25% 3.25%
46 days to 90 days 4.25% 4.25%
91 days to 6 months 4.75% 4.75%
Above 6 months to 9 months 5.25% 5.25%
Above 9 months to less than 1 Year 5.75% 5.75%
1 Year to 1 Year 6 Months 6.50% 6.75%
Above 1 Year 6 Months to 2 Years 6.50% 6.75%
Above 2 Years to less than 3 Years 6.25% 6.50%
Source: Bank Website, (Effective: From September 09, 2021)



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Exotel raises $35 million in series C funding

Banking & Finance

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Customer communication platform Exotel has raised $35 million in Series C funding from IIFL, Sistema Asia Fund, CX Partners, Singularity Growth Opportunities Fund and angels.

Existing investors such as Blume Ventures and A91 capital also participated in this round. Arun Sarin, Ex-CEO of Vodafone, has also joined the round as an angel investor and a mentor. This fresh infusion of funds will be used by the company to primarily boost its growth. Exotel recently announced its merger with Ameyo.

The organisation claims to be growing 70 per cent YoY and is at an ARR of $45 million and aims to hit an ARR of $200 million over the next five years.

“CPaaS is a $6-billion market in India and SEA and one of the fastest growing technology areas in the post-Covid world. Exotel has quietly emerged as the CPaaS platform of choice in India through their market-best reliability and comprehensive product suite. We expect them to become a globally relevant platform in the years to come,” commented Sumit Jain, Senior Partner, Sistema Asia Fund.

To double headcount

Commenting on the fund raise, Shivakumar Ganesan (Shivku), CEO and co-founder of Exotel, said, “Our desire to enable enterprises with the best in customer engagement is one step closer to reality. We’re investing heavily in building the market’s first vertically integrated full-stack engagement suite with interoperability of channels and convergence of customer data to enable enterprises to have multimodal conversations with customers. We are going to be expanding our team and doubling our headcount over the next 12 months.”

Started in 2011, Exotel is a customer communication platform. It was started with the vision to help businesses bring order and efficiency to customer communication. Some of the clients of Exotel in South-East Asia include Ola, Flipkart, GoJek, Lazada, Quikr and Redmart. Exotel helps these companies to manage their customer communication over calls and SMS. Exotel currently serves over 6,000 companies across India, the US, SE Asia, Middle East, Australia and Africa.

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Reserve Bank of India – Press Releases

Press Releases

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I. T-Bill 91 days 182 days 364 days
II. Total Face Value Notified ₹9,000 Crore ₹4,000 Crore ₹4,000 Crore
III. Cut-off Price and Implicit Yield at Cut-Off Price 99.1475
(YTM: 3.4488%)		 98.2525
(YTM: 3.5669%)		 96.3395
(YTM: 3.8100%)
IV. Total Face Value Accepted ₹9,000 Crore ₹4,000 Crore ₹4,000 Crore

Ajit Prasad
Director   

Press Release: 2021-2022/949

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MFine raises $48 million Series C from Moore Strategic Ventures, BEENEXT

Banking & Finance

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Healthtech startup MFine has raised $48 million in a Series C funding round co-led by Moore Strategic Ventures and BEENEXT, with participation from existing investors Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd and Alteria Capital.

The new round of funding will be used by the company to expand its hospital, diagnostics and e-pharmacy network across the country and to build tech-driven care delivery products for patients with both acute and chronic conditions.

Commenting on the fund raise, Prasad Kompalli, CEO and co-founder, MFine, said, “In the healthcare sector the world has changed to a new normal and we are seeing a steep growth in the adoption of digital health in India too. We will continue to invest in deep tech to transform every smartphone into a health companion for consumers and a decision support assistant to all doctors. We will also be looking to expand our network across India and make our services available widely.”

In an earlier conversation with BusinessLine, MFine’s Chief Business Officer and founding member, Arjun Choudhary noted that the company’s current focus is to expand its network of services to next 20 cities over the next 14-15 months, which would include cities like Jaipur, Chandigarh, Surat, Patna, Ahmedabad, and Lucknow.

The company is also working on adding clinical decision support for doctors using AI and bringing vitals monitoring and health management to consumers’ smartphones. In early 2021, MFine launched an app-based SPO2 (blood oxygen saturation) monitoring tool which enables users to keep track of their oxygen saturation levels without needing an additional device. Since then, 250,000 users have used the tool and thousands of people continue to use it daily. In the coming months, MFine will be extending the tool to measure heart rate and blood pressure too.

Hero Choudhary, Managing Partner, BEENEXT, said, “MFine’s model, coupling AI technology with a strong provider network, is powerful in providing healthcare services on demand and changing the way we think about care delivery for millions across the world. We see a huge demand from consumers looking for an integrated care experience.”

Growing user base

Since its inception, over 3 million users are said to have used MFine services with the platform clocking over 300,000 monthly transactions that include doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures. In October 2018, MFine integrated with laboratory and diagnostic services to provides its users access to more than 700 diagnostic centres across 400 cities in India.

Over 1,00,000 users are said to be using MFine for booking diagnostic tests every month. Further, more than 6,000 doctors from over 700 hospitals across 35 specialities are on MFine and are said to be serving millions in more than 1,000 towns across India.

MFine claims to be growing 15 per cent month on month, amidst growing adoption of telemedicine and digital health in India since the onset of the Covid-19 pandemic.

The MFine Corporate subscription product is also said to have seen strong growth in the last year with many corporates offering multiple benefits programmes as part of which employees and their families get access to online doctor consultations, preventive health checks, mental health consultations and chronic condition management. Over 500 corporates have partnered with MFine to enable wide ranging services covering over 500,000 employees. In the coming months, the company will also bring innovative financial solutions for users together with insurance partners.

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Not one PSU bank in the top 5 lenders with lowest NPAs, BFSI News, ET BFSI

Banking & Finance

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Among Indian banks, HDFC Bank has stayed on top of the list of lenders with the lowest non-performing assets.

However, there is not a single public sector bank in the top five banks with the lowest NPAs.

HDFC Bank, which has reported more than 20 per cent YoY profit growth every quarter for over 40 quarters, has never crossed 0.5 per cent of loans in net non-performing assets. In its latest quarterly results, the bank’s net NPA ratio stood at 0.48%.

For retail loans, the bank relies on the model of wide franchise and low-cost deposit base, which ensures good pricing power and sustainability of above average net interest margins.

IndusInd Bank

The second number is held by IndusInd Bank. In its latest quarterly results, the bank’s gross non-performing assets (GNPAs) stood at 2.88 per cent as it was impacted by the second wave of Covid-19 while the net NPA ratio rose 15 basis points sequentially to 0.84 per cent.

The bank leads in certain retail asset classes with a pan India franchise which gives it strength to manage the asset quality in those segments.

ICICI Bank

The third bank on the list is ICICI Bank, which despite a rise in slippages, saw the net NPAs staying lower at 1.14 per cent as on March 31, 2021, against 1.54 per cent as on March 31, 2020. In its latest quarterly results, the bank reported a net NPA ratio of 1.16 per cent.

Federal Bank

The next on the list is Federal Bank that saw gross NPAs rise to 3.5 per cent and net NPAs increase marginally to 1.23 per cent largely due to the Covid-19 related challenges faced by borrowers in the latest quarterly results.

In fiscal 2021, Federal Bank exhibited a decline in NPAs due to diligent selection of borrowers, while its slippage ratio fell to 1.6%, lower than 1.7% in 2020.

Kotak Mahindra Bank

Kotak Mahindra Bank, the third largest Indian private sector bank by market capitalisation, has seen net NPAs consistently below 1.5 per cent. In its latest quarterly results, the bank’s asset quality weakened as gross NPAs stood at 3.56 per cent. However, net NPAs still came in below 1.5 per cent. The bank’s loan book has grown at a CAGR of over 25% over the past decade, which has been supported by a healthy contribution of low-cost deposits.



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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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HDFC Bank issues 4 lakh cards since lifting of embargo

Banking & Finance

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Private sector lender HDFC Bank has issued 4 lakh credit cards since the Reserve Bank of India lifted the embargo.

“The record issuance is as of September 21, 2021 and marks the aggressive growth path the bank has charted post the embargo to re-invent and co-create its credit cards portfolio with strong products and partnerships,” the lender said on Wednesday.

Relaunching cards

The bank also announced the relaunch of three cards, including HDFC Bank’s Millennia, MoneyBack+ and Freedom. The new card variants will be available to customers in October 2021.

“We are now pushing the pedal not only to acquire new customers, but also to enhance offerings of our existing cards,” said Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank, adding that the bank is ready to unveil best in class offerings and experience to our customers, just in time for festive season.

The RBI had, on August 17, relaxed the restriction placed on the private sector lender on sourcing of new credit cards, which it had imposed eight months earlier in December 2020.

HDFC Bank had then said it would come back with a bang in the credit card space.

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