Month: September 2021

Credit ratio rising to 2.3x in April-August signals improved health of India Inc

Banking & Finance

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Indicating an improvement in corporate health, the credit ratio (upgrades to downgrades) rose to 2.3x in April-August 2021 from 0.56x in the corresponding previous period. The number of upgrades increased 2.4 times in the same period while the downgrades dipped almost 40 per cent, according to Acuité Ratings.

Further, the number of upgrades during the period is similar to that in the pre-Covid year, while the number of downgrades has almost halved from those levels.

Crisil Ratings had also recently revised the credit quality outlook of India Inc for FY 2022 to ‘positive’ from ‘cautiously optimistic’ earlier. A Crisil Ratings study of 43 sectors (accounting for 75 per cent of the ₹36-lakh crore outstanding rated debt, excluding the financial sector) shows the current recovery is broad-based.

Resilient performance

Acuité Ratings said the sharp upsurge in the credit ratio during April-August can be attributed to a resilient performance in FY21 by the manufacturing sector, including debt levels lower than feared early on during the Covid pandemic.

Other factors

“With steady progress in vaccination and gradually declining risks of a third wave, private consumption demand is expected to revive from H2FY22 and ratings have started to factor in such a scenario,” Acuité Ratings said. Other reasons include buoyancy in the export sector since H2FY21 that has largely offset the weak domestic demand. Favourable monsoon conditions and a rich harvest since last year have kept rural demand steady despite a moderate impact of the second wave. And, a recovery in the core infrastructure sectors with the focus on higher investments leading to higher demand scenario in steel, cement and power.

The improving credit ratio in the financial sector reflects a significant moderation in concerns on asset quality deterioration and liquidity impairment, given the monetary and financial support measures.

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Adani Green Energy lists $750 million green bonds

Banking & Finance

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Adani Green Energy listed its maiden $750 million green bonds with three-year maturity at a coupon rate of 4.375 per cent. The bonds were rated ‘Ba3 (stable)’ by Moody’s and garnered huge investor interest across the globe.

These bonds have been listed on India INX’s GSM Green platform which is the exchange’s dedicated platform for listing green, social, sustainable and all such ESG-flavoured bonds.

V Balasubramaniam, Managing Director, India INX said the criteria for issuance is aligned with global standards established by ICMA’s Green Bond Principles and Climate Bonds Initiative.

India INX’s Global Securities Market offers a debt listing framework at par with other global listing venues such as London, Luxembourg, Singapore etc. Till date, Global Securities Market has established over $55 billion in MTN programmes and over $31 billion of bonds issued. As on August 2021, the market share of India INX stood at 83 per cent.

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Reserve Bank of India – Annual Report

Publications

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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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Reserve Bank of India – Tenders

Tenders

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Please refer the tender notice for the captioned RFP published on the Bank’s website www.rbi.org.in on December 11, 2020, inviting Request For Proposal (RFP) from firms/ agencies/ companies to provide comprehensive consultancy services for the proposed work.

In this regard, it has been decided to cancel the RFP.

Chief General Manager,
Department of Currency Management,
Central Office,
Reserve Bank of India,
Mumbai 400 001.

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ITR Filing Deadline Extended Further To December 31, 2021

Personal Finance

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Taxes

oi-Roshni Agarwal

|

As a big relief to taxpayers who faced continuous hardships in filing their ITR for the financial year 2020-21 amid glitches in the new ITR filing portal, the CBDT has extended the due dates for ITR filing and various audit reports for Assessment year 2021-22.

ITR Filing Deadline Extended Further To December 31, 2021

ITR Filing Deadline Extended Further To December 31, 2021

“On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22″, said the CBDT in a press release.

So, here is the time line for the various compliance requirements:

1. ITR filing deadline now extended to December 31, 2021: The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 202.

2. Date of furnishing of audit report under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022

3. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31st October, 2021, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st January, 2022.

4. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th February, 2022.

5. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November, 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 28th February, 2022.

6. The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31st December, 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, as extended to 31st January, 2022, vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st March, 2022;

Story first published: Thursday, September 9, 2021, 20:10 [IST]



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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


Next

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Reserve Bank of India – Press Releases

Press Releases

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With a view to streamlining the customer complaint handling process and making it more effective, the process for redressal of customer complaints of investors of Sovereign Gold Bond shall be as follows:

  1. The nodal officer/s of the Receiving office (RO) shall be the first point of contact for attending to the queries/complaints of their customers.

  2. In case the issue is unresolved, an escalation matrix at the ROs shall be used to resolve customer grievance.

  3. The investor may approach Reserve Bank of India at sgb@rbi.org.in if no reply is received from the RO within a period of one month of lodging the complaint or the investor is not satisfied with the response of the RO.

2. Accordingly, the details of the nodal officers of all ROs have been included in paragraph 18 of the circular on Consolidated Procedural Guidelines on SGB No IDMD.CDD.2730/14.04.050/2019-20 dated April 13, 2020.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/840

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Reserve Bank of India – Notifications

Notifications

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RBI/2021-22/97
DOR.CRE.REC.47/21.01.003/2021-22

September 09, 2021

All Scheduled Commercial Banks
(Excluding Regional Rural Banks)

Dear Sir/Madam,

Large Exposures Framework – Credit Risk Mitigation (CRM) for offsetting – non-centrally cleared derivative transactions of foreign bank branches in India with their Head Office

Please refer to circular No.DBR.No.BP.BC.43/21.01.003/2018-19 dated June 03, 2019 on Large Exposures Framework (LEF).

2. It is advised that the Indian branches of foreign banks shall be permitted to reckon cash/unencumbered approved securities, the source of which is interest-free funds from Head Office or remittable surplus retained in Indian books (reserves), held with RBI under 11(2)(b)(i) of the Banking Regulation Act,1949 (‘BR Act’) as CRM, for offsetting the gross exposure of the foreign bank branches in India to the Head Office (including overseas branches) for the calculation of LEF limit, subject to the following conditions:

  1. The amount so held shall be over and above the other regulatory and statutory requirements and shall be certified by the statutory auditors.

  2. The amount so held shall not be included in regulatory capital. (i.e., no double counting of the fund placed under Section 11(2) as both capital and CRM). Accordingly, while assessing the capital adequacy of a bank, the amount will form part of regulatory adjustments made to Common Equity Tier 1 Capital.

  3. The bank shall furnish an undertaking as on March 31 every year to the Department of Supervision (DoS), RBI that the balance reckoned as CRM for the purpose will be maintained on a continuous basis.

  4. The CRM shall be compliant with the principles/conditions prescribed in paragraph 7 in the Master Circular – Basel III Capital Regulations dated July 1, 2015 as amended from time to time.

3. The amount held under section 11(2)(b)(i) of the BR Act and earmarked as CRM shall be disclosed by way of a note in Schedule 1: Capital to the Balance Sheet as given below:

“An amount of ₹… (previous year: ₹…. ) out of the amount held as deposit under Section 11(2) of the Banking Regulation Act, 1949 has been designated as credit risk mitigation (CRM) for offsetting of non-centrally cleared derivative exposures to Head Office (including overseas branches), and is not reckoned for regulatory capital and any other statutory requirements.”

4. Excess amount over and above the CRM requirements shall be permitted to be withdrawn subject to certification by the Statutory Auditor and approval of the DoS, RBI. It may be noted that the onus of compliance with the LEF limit at all times shall be on the bank.

5. It has been decided to permit foreign banks to exclude derivative contracts executed prior to April 1, 2019 while computing the derivative exposures on their Head Office (including overseas branches).

Yours faithfully,

(Manoranjan Mishra)
Chief General Manager

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Reserve Bank of India – Tenders

Tenders

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E-tender No: RBI/Hyderabad/Estate/57/21-22/ET/76

It has been decided to further extend the last date of submission of tender documents for the above-mentioned tender up to September 16, 2021 at 02:00 p.m. Part-I of the tender will open at 03:00 pm on September 16, 2021.

In case of any clarification, please feel free to contact us at Estate Department, Reserve Bank of India, Saifabad, Hyderabad, Telangana.

Note: No request for further extension of last date of this tender will be entertained.

Regional Director

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Reserve Bank of India – Press Releases

Press Releases

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Reserve Bank of India announces the auction of Government of India Treasury Bills as per the following details:

Sr. No Treasury Bill Notified Amount
(in ₹ crore)		 Auction Date Settlement Date
1 91 Days 9,000 September 15, 2021
(Wednesday)		 September 16, 2021
(Thursday)
2 182 Days 4,000
3 364 Days 4,000
  Total 17,000    

The sale will be subject to the terms and conditions specified in the General Notification F.No.4(2)-W&M/2018 dated March 27, 2018 along with the Amendment Notification No.F.4(2)-W&M/2018 dated April 05, 2018, issued by Government of India, as amended from time to time. State Governments, eligible Provident Funds in India, designated Foreign Central Banks and any person or institution specified by the Bank in this regard, can participate on non-competitive basis, the allocation for which will be outside the notified amount. Individuals can also participate on non-competitive basis as retail investors. For retail investors, the allocation will be restricted to a maximum of 5 percent of the notified amount.

The auction will be Price based using multiple price method. Bids for the auction should be submitted in electronic format on the Reserve Bank of India’s Core Banking Solution (E-Kuber) system on Wednesday, September 15, 2021, during the below given timings:

Category Timing
Competitive bids 10:30 am – 11:30 am
Non-Competitive bids 10:30 am – 11:00 am

Results will be announced on the day of the auction.

Payment by successful bidders to be made on Thursday, September 16, 2021.

Only in the event of system failure, physical bids would be accepted. Such physical bids should be submitted to the Public Debt Office (email; Phone no: 022-22632527, 022-22701299) in the prescribed form obtainable from RBI website (https://www.rbi.org.in/Scripts/BS_ViewForms.aspx) before the auction timing ends. In case of technical difficulties, Core Banking Operations Team should be contacted (email; Phone no: 022-27595666, 022-27595415, 022-27523516). For other auction related difficulties, IDMD auction team can be contacted (email; Phone no: 022-22702431, 022-22705125).

Ajit Prasad
Director   

Press Release: 2021-2022/842

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