Month: September 2021

BLS International becomes National Business Correspondent of SBI

Banking & Finance

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BLS International Services Ltd has been selected as National Business Correspondent for State Bank of India (SBI) to deliver banking services in urban, semi-urban and rural areas across the country.

It would deliver last mile banking services to support the financial inclusion mission of Indian government.

BLS will soon initiate banking services like savings bank deposits, fixed deposit, recurring deposit, remittances, micro pension, micro insurance, account open with e-KYC, AEPS mini statement, passbook printing for SBI account holders spread across India.

Commenting on this development, Shikhar Aggarwal, Joint Managing Director, BLS International, said, “This partnership with State Bank of India will support government’s initiative to deliver last mile banking services to the tier2 & tier3 cities. It will strengthen our reach in the southern, eastern and western parts of India while we already have an extensive network in northern India. This is a testimony to our commitment to serve the unserved and underserved population of India.”

Bank of Baroda

Meanwhile, the subsidiary of BLS International, Starfin India Pvt. Ltd. has won a contract from Bank of Baroda to support the financial inclusion mission of Government.

Under the contract, the company will be the official National Business Correspondent (BC) to deliver last mile banking services in rural and urban areas.

Effective immediately, Starfin will start basic banking services like enrolment of customers, debit cards, balance enquiry, statement of accounts, pass book printing, money deposit, and bills/utilities payment services to account holders across India.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has, by an order dated September 21, 2021, imposed a monetary penalty of ₹1.00 lakh (Rupees one lakh only) on Porbandar Commercial Co-operative Bank Ltd., Porbandar (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank conducted by the RBI with reference to the bank’s financial position as on March 31, 2019, the Inspection Report pertaining thereto and examination of all related correspondence revealed, inter alia, non-compliance with aforesaid directions issued by the RBI. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the aforesaid directions issued by the RBI. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, the RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/899

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Reserve Bank of India – Press Releases

Press Releases

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The rate of interest on Government of India Floating Rate Bonds, 2033 (GOI FRB 2033) applicable for the half year September 22, 2021 to March 21, 2022 shall be 4.62 percent per annum.

It may be recalled that FRB, 2033 will carry a coupon, which will have a Base rate equivalent to the average of the Weighted Average Yield (WAY) of last 3 auctions of 182 Day T-Bills, plus a fixed spread (1.22%).

Ajit Prasad
Director   

Press Release: 2021-2022/900

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5 Top Rated Liquid Mutual Funds You Can Invest In For Your Different Goals

Personal Finance

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Suitability of liquid funds

First of all whenever parking your investible surplus, your near and medium term financial goals are to be taken care of. Plus, in addition your risk appetite is always a major consideration. So, being a debt or fixed instrument investment investing across avenues such as commercial paper, government securities, treasury bills, etc. with a maturity of a maximum of up to 91 days.

The liquid fund serves as a good investment when you are on the hunt for the fund that is least on the interest rate risk and have a shorter term horizon. Sometimes this can be the starting point of your investment journey into mutual funds as these are lowest on risk.

Investment into equity could be initiated through initial investment in liquid funds

Investment into equity could be initiated through initial investment in liquid funds

Investment into equities is full of risk and instead mutual funds is vouched for as it gives the investors the scope of averaging out the cost without the need for timing the market.

Nonetheless if you begin to take the mutual fund investment via the debt fund initially, you may get a hang of the markets to an extent and can easily switch to an equity fund by considering the STP or systematic transfer plan.

hey start with investing in a liquid fund and then initiate a systematic transfer plan to an equity fund. This helps them invest in equity funds in a phased manner and benefit from Rupee Cost Averaging.

Liquid fund is also a go to option for establishing Contingency funds

Liquid fund is also a go to option for establishing Contingency funds

Contingency or emergency fund is a must for a professional or any other person who has liabilities to clear off. Creation of the same which should be nearly a good quantum of your annual expenses, experts are of the view that liquid funds serve as a good option with no risk and even high liquidity. Nonetheless, the funds for the same are asked to be put across instruments which are not tinkered with too off such as mutual funds, recurring deposits and liquid funds.

5 top rated, top performing liquid funds based on CRISIL Rating

5 top rated, top performing liquid funds based on CRISIL Rating

Liquid fund Crisil Rating 1-yr return in % 3-yr return in % 5-yr return in %
JM Liquid fund 5* 3.3 5.09 5.87
Canara Robeco Direct Plan- G 5* 3.19 4.83 5.64
Paragh Parikh Liquid fund Direct plan 5* 3.16 4.6
Quantum Liquid fund – Direct plan 5* 3.15 4.66 5.27
Motilal Oswal Liquid fund 5* 3.04

Disclaimer:

Disclaimer:

The ratings by prominent rating agency Crisil for mutual funds cover a whole range of variables including a combination of NAV and portfolio-based attributes for evaluation. Additionally, the parameters covered are risk-adjusted returns, asset concentration, liquidity and asset quality.

Nonetheless the top ranking is never or should not be a whole sole criteria to decide on the investment. So, one should do a detailed analysis of any investment before putting their stake in the same.

GoodReturns.in



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DICGC moves to engage CA firms to complete depositor verification at 55-odd UCBs

Banking & Finance

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The Deposit Insurance and Credit Guarantee Corporation (DICGC) has set in motion the process of engaging Chartered Accountant (CA) firms to complete the Herculean task of verification/ certification of claims list and books of records of about 55 insured urban co-operative banks (UCBs), which are currently under the Reserve Bank of India’s All Inclusive Direction (AID).

This is aimed at ensuring that the first list of depositors get paid by the corporation within the stipulated time frame of 90 days from the date (September 1, 2021) when the provisions of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021 came into force.

The DICGC Act was amended last month with a provision in Section 18A allowing depositors access to up to ₹5 lakh within 90 days of a bank being placed under moratorium/ AID.

So, depositors of UCBs such as Punjab & Maharashtra Co-operative (PMC) Bank (Mumbai), Sri Guru Raghavendra Sahakara Bank (Bengaluru), Rupee Co-operative Bank (Pune) and Kapol Co-operative Bank (Mumbai) can hope to receive payments up to the insured deposit amount of ₹5 lakh on or before November 29, 2021.

Before the amendment to the DICGC Act, the Corporation would pay depositors the deposit insurance amount, subject to a maximum of Rs 5 lakh, only in the event of the winding up or liquidation of an insured bank. This process would take a few years.

Finance Minister Nirmala Sitharaman, in her Union Budget 2021-22 speech, had said amendments to the DICGC Act will streamline its provisions so that if a bank is temporarily unable to fulfil its obligations, its depositors can get easy and time-bound access to their deposits to the extent of the deposit insurance cover. This would help depositors of banks that are currently under stress.

Claim verification: Racing against time

Claim verification/ certification of depositors, including KYC (know-your-customer) verification, by the CA firm is to ascertain their traceability for payment of claims by DICGC and verifying their willingness to receive insurance claim amount from DICGC.

After the first list is cleared, the Bank, which is under AID, will submit a second and final list, following the above procedure. This list will be verified within a maximum of 15 days of receipt from the bank by CA and certified.

“As the payments to depositors who are willing to receive the insured amount have to be made within statutory time limits, it is emphasised that time is of the essence and verification and the ascertainment process has to be completed within the period specified by the Corporation at the time of giving the claim lists.

“As such, the CA firms while applying, must ensure that they have the adequate manpower to carry out the task in a timely manner,” DICGC said.

Satish Marathe, Founder-Member, Sahakar Bharati, and Director, Central Board of RBI, emphasised that the five-fold increase in the deposit insurance amount to ₹5 lakh (with effect from February 4, 2020), coupled with the amendment to the DICGC Act will provide much-needed relief to depositors of UCBs under Directions.

However, revival of such UCBs may become difficult as their deposit base would have dwindled substantially due to settlement of deposit insurance claim by DICGC and the banks would have to repay to DICGC the amount disbursed by it out of the amount realised from their assets.

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3 Best Bluechip Funds Ranked 5 Star By Value Research To Start SIP In 2021

Personal Finance

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Mirae Asset Emerging Bluechip Fund Direct Growth

This Large & MidCap mutual fund was launched by the fund house Mirae Asset Mutual Fund in the year 2013. According to Value Research, Mirae Asset Emerging Bluechip Fund Direct-Growth returns over the last year have been 64.09 percent, with an average annual return of 25.84 percent since its debut. The fund has an expense ratio of 0.69%, which is less than other funds in the same category.

The fund has its equity sector allocation across the Financial, Healthcare, Technology, Automobile, Energy sectors. ICICI Bank Ltd., HDFC Bank Ltd., Axis Bank Ltd., Infosys Ltd., and State Bank of India are the fund’s top five holdings. As of 20th September 2021, the fund has a Net asset value (NAV) of Rs 104.71, and the asset under management (AUM) of the fund is Rs 20,615.27 Cr. The fund charges an exit load of 1% if units are withdrawn within 1 year of investment and one can start SIP in this fund with a minimum amount of Rs 1000.

Canara Robeco Bluechip Equity Fund Direct Growth

Canara Robeco Bluechip Equity Fund Direct Growth

In the year January 2013, this large Cap mutual fund was launched by the fund house Canara Robeco Mutual Fund and thus the fund has been in existence for the past 8 years. Canara Robeco Bluechip Equity Fund Direct-Growth returns in the previous year were 52.07 percent, according to Value Research, and it has generated 16.51 percent average annual returns since its inception. The expense ratio of the fund is 0.46 percent, which is comparable to that of most other funds in the same category.

The fund has its equity allocation across the Financial, Technology, Energy, Construction, Healthcare sectors and HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd., Reliance Industries Ltd., Housing Development Finance Corpn. Ltd. are the fund’s top 5 holdings. The fund’s Net Asset Value (NAV) is Rs 45.91, and its Asset Under Management (AUM) is Rs 4,271.67 Cr as of September 20, 2021. If units are redeemed within one year of purchase, the fund charges a 1% exit load, and it is possible to start a SIP with a minimum of Rs 1000 in this fund.

Axis Bluechip Fund Direct Plan Growth

Axis Bluechip Fund Direct Plan Growth

In a weakening market situation, the Axis Bluechip Fund Direct Plan-Growth scheme’s potential to generate good returns is superior to other funds in its category. According to Value Research, Axis Bluechip Fund Direct Plan-Growth returns over the last year have been 51.41 percent, with an average annual return of 17.99 percent since commencement. The fund’s expense ratio is 0.46 percent, which is comparable to the expense ratio charged by most other funds in the large cap category.

The fund’s top equity allocation is diversified across Financial, Technology, Services, Healthcare, Construction sectors Bajaj Finance Ltd., Infosys Ltd., HDFC Bank Ltd., ICICI Bank Ltd., and Tata Consultancy Services Ltd. are the fund’s top five holdings. As of September 20, 2021, the fund’s Net Asset Value (NAV) is Rs 51.96 and its Asset Under Management (AUM) is Rs 32,212.63 Cr. The fund has a 1% exit load if units are liquidated within 12 months of investment, and it is allowed to start a SIP with a minimum of Rs 500 in this fund.

Best Bluechip Funds In 2021

Best Bluechip Funds In 2021

Based on past performance and high ratings, here are the top performing bluechip funds that can be a part of your portfolio in 2021.

Funds 1-month returns 6-month returns 1-year returns 3-year returns 5-year returns Rating by Value Research Rating by CRISIL Rating by Morningstar
Mirae Asset Emerging Bluechip Fund Direct Growth 5.53% 24.38% 64.09% 25.36% 22.01% 5 star 1 5 star
Canara Robeco Bluechip Equity Fund Direct Growth 5.49% 20.09% 52.07% 22.09% 18.45% 5 star 1 5 star
Axis Bluechip Fund Direct Plan Growth 6.56% 21.66% 51.41% 21.11% 19.37% 5 star 2 5 star

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. All readers and investors should note that neither Greynium nor the author of the articles, would be responsible for any decision taken based on these articles. Please do consult a professional advisor. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates, and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in



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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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Kotak Mahindra Bank launches healthcare financing

Banking & Finance

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Kotak Mahindra Bank on Tuesday announced that it has launched a suite of healthcare financing solutions ranging from healthcare infrastructure loans, medical equipment finance, and unsecured healthcare loans for key stakeholders including hospitals, laboratories, diagnostic centres, nursing homes, clinics, doctors, and medical equipment manufacturers and dealers.

“Kotak Mahindra Bank has introduced a comprehensive bouquet of offerings at attractive interest rates to meet the financing requirements of all the key players. This includes innovative lending facilities such as the Insta Programme for quick approval of loans up to ₹50 lakh,” it said in a statement.

Financing options will also be available for purchasing new and refurbished medical equipment, working capital loans, healthcare infrastructure loans for upgradation or renovation of medical facilities, hospitals and clinics, enhancing capacity or setting up of new hospitals, clinics and diagnostic centres, and unsecured doctor loans and loans against receivables.

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Lenders to DHFL may be paid this week

Banking & Finance

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Lenders to Dewan Housing Finance Corporation Ltd (DHFL) are likely to get repaid starting this week. According to sources, State Bank of India (SBI) has signed the transaction document on September 20 while other lenders are likely to do so in coming days.

This could also give a boost to second-quarter earnings of the lenders to DHFL, who had written off the loans. The housing finance company has admitted claims of about ₹88,000 crore and banks will have a recovery of about 40 per cent of their loans.

According to the approved resolution plan, Piramal Capital and Housing Finance Ltd will pay ₹37,250 crore for the mortgage financier. Financial creditors are also likely to sign the transaction document and will be repaid soon.

However, fixed deposit holders and others small investors of DHFL are hoping for a favourable verdict from the National Company Appellate Law Tribunal (NCLAT). The NCLAT is scheduled to take up appeals on the NCLT approval to DHFL’s resolution plan on September 29.

“We will wait for the NCLAT to decide on our appeal challenging the NCLT approval. We are prepared to approach the Supreme Court also,” said Vinay Kumar Mittal, a lead petitioner in the court on behalf of FD holders of DHFL.

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Why you should hold gold in your portfolio

Personal Finance

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It is quite common to see investors making investments in stocks, bonds, and bank deposits. However, gold investment is just secondary for most of them. Investing only for returns in gold undermines the strategic nature of the asset class. Owning gold is not just about the upside potential but also about minimizing risks to the downside.

Contains downside risk

The risks include radical monetary policies, ultra-low interest rates, exploding world debt, asset bubbles, currencies losing their worth, trade wars, geopolitical conflicts, and market volatility. These global risks have fueled the need for holding an asset like gold. Gold has the potential to help generate higher risk-adjusted returns due to its low correlation to major asset classes.

From 2004 to 2021, a traditional 60-40 Equity-Debt portfolio based on Sensex and Crisil Composite Bond Fund Index had given annual returns of 11.13 per cent with maximum drawdown of 36 per cent. When gold was added to this mix, the 40-40-20 Equity-Debt-Gold portfolio’s annual returns were maintained at 11.13 per cent, but risk was reduced with maximum drawdown being only 21 per cent (see table). Thus, adding gold to an investment portfolio has effectively reduced risk without sacrificing return, making it a must-have in one’s portfolio.

 

Ways to invest

Even though gold coins and jewellery are still preferred by most, sophisticated investors are starting to move to more efficient forms of purchasing yellow metal. That is because purity is always a concern when buying physical gold. In addition, the purchase of gold bars and coins comes at a premium of 5-15 per cent above gold prices on account of wholesale and retail markups and making charges. This amount plus the 3 per cent GST paid at the time of purchase remains irrecoverable on sale.

Amid increased awareness of the drawbacks of physical gold, financial forms like Gold ETFs are gaining traction. Gold ETFs are listed on the exchanges and invest in physical gold. Each unit of the Gold ETF represents ½ or 1 gram of 24 carats physical gold. Investing in Gold ETFs do not bear any making charges or high premium associated with physical gold. Also, there can be no worry about purity, storage, and insurance of gold. Gold ETFs are traded on the exchange at the prevailing market price of physical gold. Investors can buy or sell holdings at close to the market price without paying a high premium on purchase or selling at a steep discount.

Mutual fund investors who prefer investing via SIP can invest in the Gold ETF via a Gold Savings fund.

Another financial avenue for gold investing is Sovereign Gold Bonds (SGB). Though these bonds pay an annual interest of 2.5 per cent and are tax-efficient, they suffer from low liquidity. They have an 8-year tenure with an exit option from the 5th year onwards only. Also, they are tradable on exchanges but only among their tranches of issuance, thus limiting liquidity and usually seen trading at a discount. So, from a portfolio perspective, Gold ETFs are far more efficient. In addition, unlike Gold ETFs, SGBs are not backed by gold, but have an implicit government guarantee.

Also, fast gaining popularity among the masses is digital gold offerings. These allow investors to invest in 24 karat gold, which is then stored in secure vaults on their behalf. With no limitations on an investment amount, one can start buying gold for as low as Re.1. However, these offerings are not regulated and provide no recourse to investors if something goes wrong. In addition, digital gold is not as efficient as Gold ETFs as there is a loss on resale due to high bid-ask spreads. The 3 per cent GST paid at the time of purchasing too cannot be recovered on resale.

To sum up, gold would provide your portfolio the much-needed fillip, stability and cushioning in unpredictable times by reducing the impact of global economic shocks. The long-term allocation of this asset around 10 – 15 per cent in a portfolio via efficient investment avenues cannot be asserted enough.

The writer is Senior Fund Manager, Alternative Investments, Quantum AMC

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