Month: September 2021

Reserve Bank of India – Notifications

Notifications

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RBI/2021-2022/103
A.P. (DIR Series) Circular No.15

September 30, 2021

All Category – I Authorised Dealer Banks

Madam/Sir

Exim Bank’s Government of India supported Line of Credit (LoC) of
USD 100 million to the Government of Democratic Socialist Republic of Sri Lanka

Export-Import Bank of India (Exim Bank) has entered into an agreement dated March 16, 2021 with the Government of the Democratic Socialist Republic of Sri Lanka (Borrower), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 100 million (USD One Hundred Million only) for the purpose of financing projects in the Solar Energy Sector in the Democratic Socialist Republic of Sri Lanka. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India. Provided however at the request of the borrower and with the approval of the Government of India, Exim Bank may consider reduction in the India content not exceeding 10% of contract price on a case to case basis. Provided further that such view/consent of Government of India be obtained before a project procurement is initiated and the said goods or services shall not be from a country other than that of the Borrower or India.

2. The Agreement under the LoC is effective from September 13, 2021. Under the LoC, the terminal utilization period is 60 months from the scheduled completion date of specified in the eligible contract.

3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time.

4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer (AD) Category- I banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in

6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

Yours faithfully

(R. S. Amar)
Chief General Manager

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Top 4 Private Sector Banks Offering Up To 6.50% Returns On 3 Year Fixed Deposits

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Investment

oi-Vipul Das

|

Fixed deposit vehicles are a wonderful option for investors who don’t want to take any risks and want to know how much money they’ll earn when they reach maturity. Fixed deposits allow you to invest a fixed amount of money for a certain period of time, ranging from seven days to ten years, and get a fixed interest rate that varies depending on whether you’re a regular customer or a senior citizen. However, owing to the high rate of inflation, we do not encourage investors to put money into FDs for the long term; instead, investing for the short term with a reinvestment option plan is preferable. You have the option of receiving interest payments monthly or quarterly, as well as reinvesting your fixed deposit’s interest. By investing for short-term in the current scenario with a reinvestment strategy is the best way to get higher returns resulting in minimizing interest rate risk, and based on higher returns only, here we have compiled the top 4 private sector banks that are promising up to 6.50% returns on 3 years fixed deposits.

RBL Bank

RBL Bank

From the beginning of the month of September, RBL Bank had revised interest rates on its fixed deposit account on 1st September 2021. On 3 years of fixed deposits of less than Rs 3 Cr this private sector bank is promising an interest rate of 6.00% to the general public and 6.50% to senior citizens.

Period of deposit Interest Rates p.a. Senior Citizen Interest Rates p.a.
7 days to 14 days 3.25% 3.75%
15 days to 45 days 3.75% 4.25%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 4.50% 5.00%
181 days to 240 days 5.00% 5.50%
241 days to 364 days 5.25% 5.75%
12 months to less than 24 months 6.00% 6.50%
24 months to less than 36 months 6.00% 6.50%
Source: Bank website, w.e.f. September 01, 2021

Yes Bank

Yes Bank

On resident fixed deposits of less than Rs 2 Cr, Yes Bank is offering the following interest rates on deposits of up to 3 years.

Period Regular Interest Rates Annualised Yield Senior Citizen Interest Rates p.a. Annualised Yield
7 to 14 days 3.25% 3.25% 3.75% 3.75%
15 to 45 days 3.50% 3.50% 4.00% 4.00%
46 to 90 days 4.00% 4.00% 4.50% 4.50%
3 months to 4.50% 4.50% 5.00% 5.00%
6 months to 5.00% 5.03% 5.50% 5.54%
9 months to 5.25% 5.32% 5.75% 5.83%
1 year 5.75% 5.88% 6.25% 6.40%
18 Months to 6.00% 6.14% 6.50% 6.66%
Source: Bank Website, w.e.f 5th August, 2021

IndusInd Bank

IndusInd Bank

With effect from 23rd July 2021, IndusInd Bank is promising the below-mentioned interest rates on Domestic /NRO/ NRE/Senior Citizen Fixed Deposits of less than 3 years.

Tenure Regular Interest Rates Annualised Yield Senior Citizen Interest Rates p.a. Annualised Yield
7 days to 14 days 2.5 2.5 3 3
15 days to 30 days 2.75 2.75 3.25 3.25
31 days to 45 days 3 3 3.5 3.5
46 days to 60 days 3.25 3.25 3.75 3.75
61 days to 90 days 3.4 3.4 3.9 3.9
91 days to 120 days 3.75 3.75 4.25 4.25
121 days to 180 days 4.25 4.25 4.75 4.75
181 days to 210 days 4.6 4.63 5.1 5.13
211 days to 269 days 4.75 4.81 5.25 5.32
270 days to 354 days 5.5 5.58 6 6.09
355 days to 364 days 5.5 5.58 6 6.09
1 Year to below 1 Year 6 Months 6 6.18 6.5 6.71
1 Year 6 Months to below 1 Year 7 Months 6 6.23 6.5 6.77
1 Year 7 Months to below 2 Years 6 6.23 6.5 6.77
2 years to below 2 years 6 Months 6 6.32 6.5 6.88
2 years 6 Months to below 2 years 9 Months 6 6.47 6.5 7.05
2 years 9 months upto 3 years 6 6.52 6.5 7.11
Source: Bank Website, w.e.f. July 23rd, 2021

Bandhan Bank

Bandhan Bank

With effect from 7th June 2021, Bandhan Bank is offering the following interest rates on retail domestic / Non-Resident Rupee Term Deposits of less than 3 years.

Period Interest Rates for Non-Senior Citizens Interest Rates for Senior Citizens
7 days to 14 days 3.00% 3.75%
15 days to 30 days 3.00% 3.75%
31 days to Less than 2 months 3.50% 4.25%
2 months to less than 3 months 3.50% 4.25%
3 months to less than 6 months 3.50% 4.25%
6 months to less than 1 year 4.50% 5.25%
1 year to 18 months 5.50% 6.25%
Above 18 months to less than 2 years 5.50% 6.25%
2 years to less than 3 years 5.50% 6.25%
Source: Bank Website

Story first published: Thursday, September 30, 2021, 14:41 [IST]



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Housing loan demand from informal sector is back on track, BFSI News, ET BFSI

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Housing loan demand from the informal, self-employed lower income group is back to pre-covid level as economic activity resumed after the second wave, according to housing finance company who provide housing loan only to such sectors.

Agrim Housing Finance Company (Agrim HFC), and Religare Housing Development Finance Corporation Limited (RHDFCL) have plans to raise more fund, expand to more cities in order to cater to the growing demand from informal sector.

“By March 2021, we had a order book of close to Rs 500 crore. Due to the issues with parent company, we have not been able to disburse loan but we are in talks with bank to raise more fund and by Q4 FY 22 we expect to start disbursing again. In the next three years, we are looking to take our order book to Rs 3,000 crore,” said Rahul Mehrotra, Managing Director and CEO, RHDFCL.

50% of RHDFCL’s customers are salaried while the other 50% are self employed.

“The Covid pandemic did impact our customers and we had given rebate as per RBI’s guideline. Close to 50% it our customers availed moratorium. We have already started receiving queries for fresh loans and we expect to start disbursing from the fourth quarter of the financial year,” said Mehrotra.

The company has plans to expand to more cities of UP and Haryana and enter Uttarakhand as part of its deeper reach to tier 2 and 3 cities.

Agrim HFC that provide home loan only to informal sector, said that it has plans to take its order book from Rs 10 crore to Rs 100 crore this year.

“We plan to add 18 cities in the next 18 months. Covid has accelerated the digitisation and even those working in informal sector, use digital medium to avail loan,” said Malcolm Athaide, co founder and CEO, Agrim Housing Finance Company.

The company has funding commitments from CEOs of global and Indian companies. The company has presence in 4 cities, Mumbai, Pune, Bangalore and in Indore. Agrim HFC plans to expand its network to 18 locations in 7 states and expects a revenue growth of 30%, in the next 12 months.

“Adopting new age technology to provide easy and quick access to home loans Agrim HFC aims to fulfil the home ownership dream of the millions of Indians who have thus far faced difficulties accessing finance. Agrim HFC is able to provide easy housing finance solutions to individuals who are unable to prove their creditworthiness under the formal financial matrix,” he added.

India has more than 400 million households, with more than 160 million households in urban areas. There currently is demand for 3.1 million houses by the informal households of which only 0.7 million manage to obtain finance.

“Favourable demand dynamics driven by need for independent living spaces and growing financial inclusion of consumers in the informal sector have accelerated demand for mass housing. Participation from global developmental financing institutions for development of affordable housing projects and improving infrastructure connectivity with Tier 2 and 3 cities have emerged as strong supply side catalysts in this space,” said Sumeet Abrol, M&A and REI sector leader and Partner, Grant Thornton Bharat.



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How to transfer money using UPI without Internet, BFSI News, ET BFSI

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UPI stands for Unified Payment Interface (UPI). It allows transfer of money from one bank account to another instantly via one’s mobile phone. Payments can be made via app on mobile device only.

Along with the online mode, UPI is also available for non-Internet based mobile devices (smartphone as well as basic phones) in the form of a dialling option, *99#, and is known as USSD 2.0.

Here is a look at how you can use UPI without the Internet.

What you need to use UPI
Some of the commonly used apps offering payments via UPI method are BHIM, which is developed by NPCI, and there are some private players as well such as Paytm, PhonePe, Google Pay, Amazon Pay etc.

To use UPI, you must have a bank account with a member bank, i.e., your bank should allow you to use the UPI facility. Some of the member banks include State Bank of India (SBI), HDFC Bank and ICICI Bank.

Along with this, your mobile number must be registered with your bank account for purpose of verification.

Key services offered under *99#
According to the National Payments Corporation of India (NPCI), the key services offered under *99# service include, sending and receiving interbank account to account funds, balance enquiry, setting / changing UPI PIN besides host of other services. *99# service is currently offered by 41 leading banks & all GSM service providers and can be accessed in 12 different languages including Hindi & English.

Also read: How does UPI work?

Features of *99# service

  • Supports menu-based applications that is easy to maneuver for the users
  • Does not require data connectivity (works on signaling channel) that makes it high availability service
  • Round the clock availability (works even on holidays)

Do keep in mind that you will be charged a nominal fee for using this service by the telecomm service provider — it is usually Rs 0.5 per transaction for using the *99# service. The maximum charges have been set by TRAI at Rs 1.5 per transaction.How to register for *99#
Step 1: Dial *99# from your registered mobile number
Step 2: Select your bank account
Step 3: Enter the last 6 digits of your debit card number
Step 4: Enter the expiry date; enter and confirm the UPI PIN. After this step you can start using the service.

How to transfer money using *99#
Step 1: Dial *99# from your registered mobile number
Step 2: The screen with options will appear. Dial 1 to select “Send Money” and click on reply

Step 3: To send money, dial the option you want to use to send money: 1 for mobile number, 3 for UPI ID, 4 for saved beneficiary. If you want to transfer money using the person’s UPI ID, dial 3.

How to transfer money using UPI without Internet
Step 4: Next step is to enter the amount you want to transfer. Dial the amount you want to transfer. After entering the amount, you will be asked to enter your UPI PIN (set at the time of registration process mentioned above).

How to transfer money using UPI without Internet
How to transfer money using UPI without Internet
Step 5: Up on successful transfer of money you will get this message on your phone.

How to transfer money using UPI without Internet
You will also get an SMS informing you about the transaction.



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NPCI is estimating 25 million new mandate registrations for recurring payments by the end of fiscal

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The National Payments Corporation of India (NPCI) is estimating a run rate of 25 million new mandates for customers getting registered every month for recurring payments by the end of this fiscal. The federal fintech firm is also looking at a target of processing one billion UPI transactions per day over the next three years.

Speaking at The Global FinTech Fest 2021, Dilip Asbe, Managing Director and CEO, NPCI said, “Last year we had about 22 billion UPI transaction volumes and this year we are expecting that to touch 40-42 billion. And annually the value is over one trillion dollars. There is still a possibility of 10X growth in digital payments. We should process about 50 billion transactions on a monthly basis and one billion per day over the next three years. There is a lot to be done, we have just started.”

“While I would assess that we would touch the one billion mark by the next five years, given that the government and regulators are keen on growing digital payments ecosystem at scale, we should aspire to reach one billion transactions a day in three years,” Asbe added.

Rajan Anandan, Managing Director, Sequoia India & Surge, who was conducting the chat with Asbe added, “We should make a national mission to get UPI to a hundred countries. That would make world a better place and that will create a massive number of global Indian payments companies.”

Recurring Payments

One of the initiatives NPCI is actively working on is to make recurring payments safe and secure by adding two-factor authentication and creating the right mandate for the customers.

Also read: Auto debit norms: Payments Council of India seeks extension for smooth transition

“We call it a layer of ‘auto pay’ wherein NPCI’s three-four existing companies are fighting for a share in that space. We have an auto pay layer on UPI, Rupay, NACH and Bharat Bill Payment System. These systems will compete with each other to get the mandate share in the market. We have been receiving 2 million new mandates registrations from customers for auto pay on UPI every month. NACH is also getting around 2 million. Rupay and BBPS are just starting in a month or so,” Asbe said.

“We want to exit the financial year with a run rate of 25 million new mandate registrations per month. I strongly believe the regulator believes in long-term gains,” he added.

Need for MDR

According to Asbe, there needs to be reasonable charges for MDR. As the volumes are growing, as an ecosystem they must set up a path.

He said, “We need to make it more cost effective for the ecosystem. While the government has been trying to make digital payments accessible to smaller local merchants by making MDR zero during the demonetisation phase in good faith, we are constantly having conversations with all the ministries involved, asking to set a reasonable charge and thankfully the finance minister announced some incentives in the budget.”

“The 10x growth will come through investments in customer onboarding, spreading awareness and customer protection. The merchant base needs to grow from 50 million active merchants to 100 million. Everybody in that supply chain needs to make money, at least to fund their IT investments and banks have to create scalable CBS (core banking solutions) processes to allow huge volumes of UPI transactions. We are hoping the government will very soon make an announcement on this,” he added.

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Recurring card payments to be affected as new credit, debit card rules kick in from October 1, BFSI News, ET BFSI

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Cardholders might witness standing instructions for the payment of their credit card, crash from next month. Instructions may include the likes of content platforms, edtech firms and online ad payments.
With the deadline less than a week away, some merchants are yet to be in compliance with RBI’s new requirement of additional factor authentication (OTP) for repetitive payments.

As per a TOI report, about 75% banks have set up the technology required to meet RBI’s directive. Although, some banks are still in the wait-and-see mode.

Banks are intimating customers that some transactions may fail.

“Effective October 1, 2021, the bank will not approve any standing instruction (e-mandate on cards for recurring transacions) given at merchant website/app on HDFC Bank credit/debit card, unless it is as per RBI-compliant process,” the banks are already writing to the customers.

Banks are recommending the user to either pay on biller’s website using OTP or use the bill-pay option for utilities.

A dozen banks, according to Razorpay, have put in place the technology to alert the customer a day in advance in the case of repeat payments while providing them with a link to discontinue the mandate, mentions the same TOI report.

This move by RBI can take growth in recurring payment mandates off the charts even though there might be disruptions in the short term, said Shashank Kumar, Razorpay chief technology officer and co-founder.

He adds that this directive caters to two problems. Discontinuing standing instruction to a merchant was a task earlier while some asked for a letter by post asking for the discontinuation.

Moreover, credit cards were mainly used for recurring payments while debit cards weren’t as much in use.

Eventually, international mandates will operate uninterrupted as neither banks nor the RBI has jurisdiction over international billers, even after October 1.

The inclusion of 900 million existing debit cards could increase Indian markets multifold, said Kumar.

RBI has increased consumer confidence by allowing them to stop payments whenever they want, he added.

Online education and entertainment could become interesting, he said, as it increases affordability of this service by allowing them to have a monthly debit model instead of a recover annual fees.

RBI, additionally, has capped debits at Rs 5,000 per month which indicates that billers would need to increase the frequency to enable auto-debit.



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NTPC REL signs first green term loan pact of Rs 500 cr with Bank of India, BFSI News, ET BFSI

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State-run power giant NTPC on Thursday said its arm NTPC Renewable Energy Ltd (NTPC REL) has signed the first green term loan agreement of Rs 500 crore with Bank of India. The green term loan agreement is for its two solar projects in Rajasthan and Gujarat.

NTPC REL has signed its first Green Term Loan agreement of Rs 500 crores at a very competitive rate with a tenor of 15 years with Bank of India on September 29, 2021 for its 470 MW solar project in Rajasthan and 200 MW solar project in Gujarat, a company statement said.

A green loan is a type of loan instrument that enables borrowers to finance projects that have an environmental impact.

NTPC REL, a 100 per cent subsidiary of NTPC Ltd, currently has a renewable project portfolio of 3,450 MW of which 820 MW projects are under construction and 2,630 MW projects have been won for which PPAs (power purchase agreements) are pending to be executed.

NTPC had incorporated NTPC Renewable Energy Ltd with the Registrar of Companies, NCT of Delhi & Haryana on October 7, 2020, to undertake renewable energy business.

NTPC is taking various steps to make its energy portfolio greener by adding significant capacities of renewable energy sources.

By 2032, the company plans to have 60GW capacity through renewable energy sources constituting nearly 45 per cent of its overall power generation capacity as per its official portal. PTI KKS KKS DRR DRR



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List Of Companies Issuing Bonus Shares In October 2021

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HEC Infra Projects

HEC Infra Projects, founded in 2005, is a Small Cap business in the Engineering industry with a market capitalization of Rs 34.81 crore. In the last five years, the company’s ROE has been steadily falling. The majority of profits were distributed as dividends to stockholders last year.

HEC Infra Projects Ltd. recently announced a bonus in the ratio of 4:1 with an ex-date of October 7, 2021.

Values
Market Cap (Rs. in Cr.) 38.37
Earning Per Share (EPS TTM) (Rs.) 2.65
Price To Earnings (P/E) Ratio 71.33
Book Value Per Share (Rs.) 140.72

Thejo Engineering

Thejo Engineering

Thejo Engineering, founded in 1986, is a Small Cap business in the Engineering sector with a market capitalization of Rs 968.20 crore. When compared to the stated net profit of Rs 25.14 crore, the operating cash flow of Rs 19.43 crore is 0.77 times. The company spent Rs 4.37 crore on investing operations, a fall of 30.62 percent year on year.

Since September 11, 2013, Thejo Engineering Ltd. has been granted two bonuses. Thejo Engineering Ltd. recently announced a bonus in the ratio of 2:1 with an ex date of October 12, 2021.

Fundamental details Values
Market Cap (Rs. in Cr.) 1023.90
Earning Per Share (EPS TTM) (Rs.) 63.19
Price To Earnings (P/E) Ratio 45.68
Book Value Per Share (Rs.) 358.35

Lancer Containers

Lancer Containers

Lancer Container Lines Ltd., founded in 2011, is a Small Cap company in the Logistics industry with a market capitalization of Rs 316.73 crore. The stock returned 606.48 percent over three years, compared to 61.01 percent for the Nifty Smallcap 100. The company spent Rs 6.32 crore on investing operations, a decline of 81.33 percent year on year.

Lancer Containers recently announced a bonus in the ratio of 2:1 with an ex-bonus of October 13, 2021, with a record date of 14-Oct-2021.

Fundamental Detail Values
Market Cap (Rs. in Cr.) 335.32
Earning Per Share (EPS TTM) (Rs.) 8.73
Price To Earnings (P/E) Ratio 38.21
Book Value Per Share (Rs.) 39.21

KKV Agro Powers

KKV Agro Powers

KKV Agro Powers, founded in 2012, is a Small Cap business in the Power sector with a market capitalization of Rs 46.03 crore. The company has enough cash on hand to cover its contingent liabilities.

Since July 19, 2018, KKV Agro Powers Ltd. has awarded out two bonuses. The most recent bonus was announced by KKV Agro Powers is in the ratio of 1:4 with an ex-date of October 14, 2021.

Fundamental detail Values
Market Cap (Rs. in Cr.) 46.03
Earning Per Share (EPS TTM) (Rs.) 10.10
Price To Earnings (P/E) Ratio 100.50
Book Value Per Share (Rs.) 415.36

Crown Lifters

Crown Lifters

Crown Lifters Ltd., founded in 2002, is a Small Cap business in the Services sector with a market capitalization of Rs 24.57 crore. In the fiscal year ended March 31, 2021, the company generated a return on equity of 13.58 percent, surpassing its five-year average of -6.27 percent. Since October 18, 2021, Crown Lifters Ltd. has given one bonus. Crown Lifters Ltd.’s most recent bonus is a 4:1 ratio with an ex-date of October 18, 2021.

Fundamental detail Values
Market Cap (Rs. in Cr.) 24.57
Earning Per Share (EPS TTM) (Rs.) 12.43
Price To Earnings (P/E) Ratio 9.50
Book Value Per Share (Rs.) 91.47

SRF

SRF

The Company announced that the Board of Directors has set Thursday, October 14, 2021, as the Record Date for determining the eligibility of shareholders entitled to receive Bonus Equity Shares in the proportion of 4 Equity Shares of Rs. 10/- for every 1 existing Equity Share of Rs. 10/-, subject to shareholder approval, which is currently being sought.

Fundamental detail Values
Market Cap (Rs. in Cr.) 65741.44
Earning Per Share (EPS TTM) (Rs.) 186.94
Price To Earnings (P/E) Ratio 59.36
Book Value Per Share (Rs.) 980.72

List Of Companies Issuing Bonus Shares In October 2021

List Of Companies Issuing Bonus Shares In October 2021

Bonus Issue in October 2021

Company Name Proportion Record Date Ex-Bonus Date
Crown Lifters 4:1 20-Oct-2021 18-Oct-2021
KKV Agro Powers 1:4 18-Oct-2021 14-Oct-2021
Advitiya Trade India : 14-Oct-2021 NA
SRF : 14-Oct-2021 NA
Lancer Containers 2:1 14-Oct-2021 13-Oct-2021
Thejo Engineering 2:1 13-Oct-2021 12-Oct-2021
Tirupati Forge 3:4 09-Oct-2021 07-Oct-2021
ACE Integrated Solut 1:2 08-Oct-2021 07-Oct-2021
HEC Infra Projects 4:1 08-Oct-2021 07-Oct-2021
Unison Metals 4:1 08-Oct-2021 07-Oct-2021
Wonder Fibromats 3:5 07-Oct-2021 NA

Disclaimer

Disclaimer

Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage houses are not liable for any losses caused as a result of decisions based on the article.



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Top 4 Banks Promising Up To 7% Returns On Savings Accounts

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Ujjivan Small Finance Bank

Ujjivan Small Finance Bank savings account comes with a minimum Monthly Average Balance requirement of Rs 5,000/-. Customers having a savings account will also get a RuPay Classic Debit Card provided by RuPay (NPCI) which comes with a range of benefits. Ujjivan SFB is currently offering the following interest rates on savings accounts which are effective from 6th March 2021. The applicable interest will be calculated on day-end balances maintained in the savings account and paid out on a quarterly basis. The higher interest rate will be applied and paid only on the basis of the balances maintained as per the below slabs.

Amount Interest Rate (p.a.)
Up to 1 lakh 4.00%
> 1 Lakh to 25 Lakhs 7.00%
> 25 lakhs to 10 Crores 6.00%
> 10 crores 6.75%
Source: Bank Website

AU Small Finance Bank

AU Small Finance Bank

The interest on the savings accounts indicated below will be determined daily and paid monthly, at the end of each month. The interest rates stated below are for additional balances that are available and apply to the amount slab specified.

Savings Account Incremental Amount slab Rate of Interest Applicable (per annum)
Balances less than INR 1 Lac 3.50%
Balances from INR 1 Lac to less than INR 10 Lacs 5.00%
Balances from INR 10 Lacs to less than INR 25 Lacs 6.00%
Balances from INR 25 Lacs to less than INR 2 Crores 7.00%
Balances from INR 2 Crores to less than INR 10 Crores 6.00%
Source: Bank Website, w.e.f. 16th July, 2021

Fincare Small Finance Bank

Fincare Small Finance Bank

With effect from 1st July 2021, Fincare Small Finance Bank has revised interest rates on a savings account. The following interest rates are applicable for the incremental balances that are available in the account corresponding to the specified amount slab.

Savings Account Slab In Rs Interest Rates In % (p.a.)
Up to and including Rs 1 lakh 4.50%
Above 1 lakh & including 5 lakh 6.00%
Above 5 lakh & including 1 Cr 7.00%
Above 1 Cr & including 2 Cr 6.00%
Above 2 Cr & including 5 Cr 5.75%
Above 5 Cr & including 15 Cr 4.50%
Above 15 Cr & including 20 Cr 4.00%
Above 20 Cr & including 30 Cr 3.25%
Above 30 Cr & including 50 Cr 3.00%
Above 50 Cr 3.00%
Source: Bank Website

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank allows savings accounts in metro/urban banking branches to have an average quarterly balance of Rs 5,000, with free unlimited domestic transactions at any ATM. The interest rates shown below are calculated on a daily basis and paid quarterly.

Balance in Rs Rate of Interest W.E.F. July 01,2021
Balance Upto 1 Lakh 5.00% p.a.
Incremental balance Above 1 Lakh upto 25 Lakhs 6.00% p.a.
Incremental Balance Above 25 Lakhs upto 10 Crores 7.00% p.a.
Incremental Balance Above 10 Crores 6.75% p.a.
Source: Bank Website



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Reserve Bank of India – Press Releases

Press Releases

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Government of India has announced the sale (re-issue) of Government Stock detailed below through auctions to be held on October 01, 2021.

As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:

(₹ crore)
Security Notified Amount Minimum Underwriting Commitment (MUC) amount per PD Minimum bidding commitment per PD under ACU auction
New GOI FRB 2028 4,000 96 96
6.10% GS 2031 13,000 310 310
6.76% GS 2061 7,000 167 167

The underwriting auction will be conducted through multiple price-based method on October 01, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9.00 A.M. and 9.30 A.M. on the date of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the date of issue of securities.

Ajit Prasad
Director   

Press Release: 2021-2022/956

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