Month: October 2021

RBI advises Dhanlaxmi Bank to ensure transparency in nominating directors

Banking & Finance

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“It is a truncated board and they want to keep it that way to have a controlling stake. It helps them to take unilateral decisions against shareholders’ interests, corporate governance, Companies Act, Sebi LODR and even RBI circulars,” sources added.

The Reserve Bank of India (RBI) in June had advised Dhanlaxmi Bank to ensure transparency in the nomination process of directors and follow the best corporate governance practices. The regulator also directed the bank to expedite and complete the process of appointment of directors.

The lender currently has just 5 directors, against the maximum strength of 11. It also has two RBI nominees on the board as additional directors. Dhanlaxmi does not have a chartered accountant on board as director after the tenure of the former chartered accountant-director ended on September 30, 2020.

The board kept in abeyance the recommendations of the nomination and remuneration committee of the bank, including the reappointment of prominent investor Ravi Pillai.

Following that, five individuals, including two former directors and Ravi Pillai, moved their candidature under Section 160 of the Companies Act. It was rejected by the board and not placed for consideration of the annual general meeting.

According to sources privy to board deliberations, there is a concerted attempt by some board members to delay the appointment of directors.

“It is a truncated board and they want to keep it that way to have a controlling stake. It helps them to take unilateral decisions against shareholders’ interests, corporate governance, Companies Act, Sebi LODR and even RBI circulars,” sources added.

A board member, however, told FE that the RBI wants to make sure that the independent directors are truly independent and qualified.

“All the candidates for the board were brought by the shareholders. RBI has two directors on board and wants to make sure that all the recommendations are scrutinised properly. No one on the board is against Ravi Pillai’s candidature. It was only deferred for the time being,” sources said.

The Kerala High Court on Wednesday directed Dhanlaxmi Bank to refrain from concluding the annual general meeting scheduled for Wednesday (September 29). The single bench of the high court gave an interim order directing the bank to adjourn the AGM to a day after one month after transacting the businesses included in the agenda for the meeting.

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2 Arbitrage Funds To Invest In 2021 That Are Rated 1 By CRISIL

Personal Finance

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L&T Arbitrage Opportunities Fund

L&T Arbitrage Opportunities Fund Direct-Growth returns in the previous year were 4.45 percent, according to Value Research, and it has generated 6.64 percent average annual returns since its inception. The fund has a significant equity exposure in the construction, financial, energy, healthcare, and fast-moving consumer goods sectors. The fund has a 71.1 percent of cash allocation, 29.1 percent debt sector allocation, -0.2% towards equity.

Reserve Bank of India, Tata Steel Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., ITC Ltd. are the fund’s top 5 holdings. The fund’s expense ratio is 0.37 percent, which is comparable to the expense ratios charged by most other funds in the same category. As of 30th September 2021, the fund has a Net Asset Value (NAV) of Rs 15.2740 and Asset Under Management (AUM) of Rs 5664.38 Cr. The fund charges an exit load of 0.50% if units are redeemed within 1 month and one can start SIP in this fund with a minimum amount of Rs 500.

Tata Arbitrage Fund Direct Growth

Tata Arbitrage Fund Direct Growth

This fund have been launched by the fund house Tata Mutual Fund in the year 2018 and according to Value Research Tata Arbitrage Fund Direct’s 1-year growth returns were 4.72 percent, and it has generated 5.96 percent average annual returns since its inception. The fund has a major equity allocation across Automobile, Chemicals, Healthcare, FMCG and Construction.

Tata Liquid Fund Direct-Growth, GOI, Reserve Bank of India, Tata Treasury Advantage Direct Plan-Growth, ICICI Bank Ltd. are the fund’s top 5 holdings. The fund has an expense ratio of 0.32% and has a cash holding of 73.2%, debt holding of 27.0% and equity holding of -0.1%. The fund has a Net Asset Value (NAV) of Rs 11.75 and an Asset Under Management (AUM) of Rs 11,989.61 Cr as of September 30, 2021. If units are redeemed within one month, the fund levies a 0.25 percent exit load, and you may start a SIP with a minimum amount of Rs 500.

2 High Rated Arbitrage Mutual Funds To Invest In 2021

2 High Rated Arbitrage Mutual Funds To Invest In 2021

Here are the two arbitrage funds to invest in 2021, based on 1 or 5 star rating of CRISIL.

Funds 1 mth returns 6 mth returns 1 yr returns Rating by CRISIL Rating by Value Research Rating Morningstar
L&T Arbitrage Opportunities Fund 0.16% 2.32% 4.45% 1 4 star NA
Tata Arbitrage Fund Direct-Growth 0.15% 2.46% 4.72% 1 NA NA

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 – Tenders

Tenders

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Reserve Bank of India invites e-Tender for Electrical Rewiring Work in connection with renovation of 6 No.s of Class IV Flats – Reserve Bank of India Staff Quarters, Thamalam at Thiruvananthapuram. This is a limited tender. Only those vendors/bidders who are empanelled as vendors with RBI for such works given below under the category of works costing up to Rs.10 lakh are eligible to participate in the tender. Bidders are advised to check with RBI regarding their eligibility for this tender before participating. The tendering would be done through the e-Tendering portal of MSTC Ltd (http://mstcecommerce.com/eprochome/rbi). The Schedule of e-Tender is as follows:

SCHEDULE OF TENDER (SOT)

a. e-Tender Name Electrical Rewiring Work in connection with Renovation of 6 No.s of Class IV Flats – Reserve Bank of India Staff Quarters, Thamalam at Thiruvananthapuram
b. e-Tender no RBI/Thiruvananthapuram/Estate/138/21-22/ET/186
c. Mode of Tender e-Procurement System
Online Part I – Techno-Commercial Bid and Part II – Price Bid through (www.mstcecommerce.com/eprochome/rbi)
d. Date of NIT available to parties to download 17.00 Hrs onwards on October 01, 2021
e. Pre-Bid meeting 11.00 Hrs on October 08, 2021
f. Earnest Money Deposit EMD will be collected from the successful bidder @ 2% of the value of work.
g. Date of Starting of e-Tender for submission of on line Techno-Commercial Bid and price Bid at www.mstcecommerce.com/eprochome/rbi 17.00 Hrs on October 09, 2021
h. Date of closing of online e-tender for submission of Techno-Commercial Bid & Price Bid 14.00 Hrs on October 25, 2021
i. Date & time of Opening of Part I of e-Tender 15.00 Hrs on October 25, 2021
j. Transaction Fee To be paid through MSTC Payment Gateway/ NEFT/ RTGS in favour of MSTC Limited or as advised by M/s MSTC Ltd.

Applicants intending to apply will have to satisfy the Bank by furnishing documentary evidence in support of their possessing required eligibility and in the event of their failure to do so, the Bank reserves the right to reject their candidature.

The Bank is not bound to accept the lowest tender and reserves the right to accept either in full or in part any tender and reserves the right to reject all the tenders without assigning any reason therefor.

Amendment/ corrigendum to the tender, if any, issued in future will only be notified on the RBI Website and MSTC Website as given above.

Regional Director for Kerala and Lakshadweep

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Midcap IT Stocks Maybe A Sell Now, While Largecap IT Stocks Maybe A Buy

Personal Finance

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Investment

oi-Sunil Fernandes

|

Brokerage firm, Motilal Oswal prefers largecap IT stocks to the small and midcap peers. “Midcap IT peers like Mindtree, Mphasis, COFORGE, and Persistent Systems are trading at a premium of 38% to TCS, Infosys,Wipro and HCL Tech. The current valuation premium is the highest since CY18. We see a favorable risk reward in largecap IT, given its relative attractiveness and strong positioning to end-to-end digital transformation,” the brokerage has said.

Midcap IT Stocks Maybe A Sell Now, While Largecap IT Stocks Maybe A Buy

According to Motilal Oswal over the past 1.5 years, there has been higher traction in medium and small size deals. This has expanded the addressable market of mid-tier IT companies. Despite higher traction for medium size deals, deal win momentum in Tier I IT has been as strong as midtier peers. “We expect increasing sizes for business transformation deals as these are early stages of digital transformation. We feel largecap IT is better positioned in a large deal heavy market, given their deep domain knowledge and capability to drive multiple large deals. This, coupled with relative valuation attractiveness, drives our preference for largecaps,” the brokerage has said.

Decade high premium to the Nifty

According to Motilal Oswal, the NSE IT Index is up 22%/78% in the last three months/one year, and valuations for our aggregate coverage universe has soared to 76% above the mean. Its P/E premium relative to the Nifty is the highest since pre-GFC, at 38%.

“Indian IT Services companies have survived and thrived multiple technology cycles and have moved up the value chain. Technology has now become staple and non-discretionary. IT Services players have improved their market positioning in the enterprises’ technology spending ecosystem, which has increased their relevance and stickiness. With technology becoming a differentiating aspect for businesses, the next decade will be an era of customization, which is beneficial to IT Services companies,” the brokerage has said.

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.

Story first published: Friday, October 1, 2021, 21:00 [IST]



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Reserve Bank of India – Press Releases

Press Releases

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The value of exports and imports of services during the month of August 2021 is given in the following Table:

Table: International Trade in Services
(US$ Million)
Month Receipts (Exports) Payments (Imports)
April – 2021 18,056
(17.4)		 9,620
(15.3)
May – 2021 17,861
(13.9)		 9,948
(11.6)
June – 2021 20,299
(27.7)		 10,836
(21.3)
July – 2021 18,524
(10.9)		 11,057
(14.2)
August – 2021 19,574
(21.4)		 11,520
(24.5)
Note: (i) Data for July-August are provisional while those for April-June are revised on pro-rata basis using balance of payments data of Q1:2021-22 released on September 30, 2021; and
(ii) Figures in brackets are growth rates over corresponding month’s data which have been revised on the basis of balance of payments statistics released on September 30, 2021.

Monthly data on services are provisional and are likely undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.

Ajit Prasad
Director   

Press Release: 2021-2022/976

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Wellness Forever looks to raise ₹1,600 crore through IPO

Banking & Finance

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Retail pharmacy Wellness Forever Medicare Limited is the latest in a string of healthcare companies looking to tap the capital market, in an effort to raise about ₹1,600 crore to fuel growth, according to market-insiders.

The Adar Poonawalla-backed company has filed a draft red herring prospectus (DRHP) with market regulator SEBI to raise funds through an initial public offering (IPO). This makes it the second pharmacy chain to file for an IPO after Hyderabad’s MedPlus which did the same in August, industry representatives point out.

Also see: Veeda Clinical Research to raise ₹831 cr via IPO; files draft papers with SEBI

The Mumbai-based Wellness Forever was founded by Ashraf Biran, Gulshan Bakhtiani and Mohan Chavan in 2008 and is largely active in the western region of the country.

Fresh issue worth ₹400 crore

The proposed IPO involves a fresh issue of equity shares aggregating to ₹400 crore and an offer for sale of up to 1.60 crore equity shares. As a part of the OFS, up to 7.20 lakh shares each are on offer by Ashraf Mohammed Biran and Gulshan Haresh Bhahtiani, up to 1.20 lakh shares by Mohan Ganpat Chavan, and up to 144.85 lakh shares by other existing shareholders.

The company proposes to utilise the funds raised to support new outlets (₹70.20 crore), repayment and prepayment of certain borrowings (₹100 crore) and funding of working capital requirements (₹121.90 crore), besides other corporate purposes.

Rising revenue

The pharmacy chain’s revenue for the financial year ended March 31, 2021, grew to ₹924.02 crore from ₹863.25 crore in the previous fiscal year. And as of June 30, 2021, the network serves a registered customer base of 6.7 million customers.

Also see: Paras Defence makes a stellar debut, lists at 171 per cent premium

Its pharmacy stores, mostly run round the clock, grew from 144 in March 2019 to 236 stores across 23 cities in Maharashtra, Goa and Karnataka employing more than 4,600 people.

The merchandise on offer at the stores include 91,500 pharmaceutical and wellness products, and each of its stores features an average of approximately 13,000 products per store, including fast-moving consumer goods, health goods, nutraceuticals and medical equipment, among other products, alongside over-the-counter and prescription medicines.

IIFL Securities Limited, Ambit Private Limited, DAM Capital Advisors Limited, and HDFC Bank Limited are book running lead managers to the issue.

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBl) has imposed, by an order dated October 01, 2021, a monetary penalty of ₹25.00 lakh (Rupees Twenty Five Lakh only) on Adarsh Mahila Nagari Sahakari Bank Limited, Aurangabad, Maharashtra (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms and Statutory/ Other Restrictions-UCBs, Board of Directors-UCBs and opening of On-site ATMs. 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 inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, contravention of/ non-compliance with directions issued by RBI to Urban Cooperative Banks on Exposure Norms and Statutory/Other Restrictions-UCBs, Board of Directors-UCBs and opening of On-site ATMs. Based on 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 directions.

After considering the bank’s reply and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/977

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Reserve Bank of India – Tenders

Tenders

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e-Tender No.: RBI/Bhubneswar/HRMD/6/21-22/ET/87

Attention is invited to the captioned e-tender No. RBI/Bhubneswar/HRMD/6/21-22/ET/87. This e-tender was floated on August 12, 2021 under the “Tenders” link of RBI website (www.rbi.org.in) and MSTC portal (www.mstcecommerce.com).

2. The captioned tender stands cancelled. A fresh tender will be uploaded on RBI website as well as MSTC Portal shortly. Firms who had deposited EMD with RBI, Bhubaneswar for the captioned tender shall get their EMD refunded shortly.

Regional Director
Reserve Bank of India, Bhubaneswar

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Reserve Bank of India – Press Releases

Press Releases

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1. Reserve Bank of India – Liabilities and Assets*
(₹ Crore)
Item 2020 2021 Variation
Sep. 25 Sep. 17 Sep. 24 Week Year
1 2 3 4 5
4 Loans and Advances          
4.1 Central Government – – – – –
4.2 State Governments 10516 13300 7976 -5324 -2540
* Data are provisional.

2. Foreign Exchange Reserves
Item As on September 24, 2021 Variation over
Week End-March 2021 Year
₹ Cr. US$ Mn. ₹ Cr. US$ Mn. ₹ Cr. US$ Mn. ₹ Cr. US$ Mn.
1 2 3 4 5 6 7 8
1 Total Reserves 4709016 638646 7749 -997 490063 61662 719447 96625
1.1 Foreign Currency Assets 4252509 576731 4401 -1255 328341 40038 572719 76790
1.2 Gold 275988 37430 3288 327 28265 3550 11016 1430
1.3 SDRs 142889 19379 50 -55 132025 17893 132053 17907
1.4 Reserve Position in the IMF 37630 5106 9 -13 1432 182 3658 499
*Difference, if any, is due to rounding off

4. Scheduled Commercial Banks – Business in India
(₹ Crore)
Item Outstanding as on Sep. 10, 2021 Variation over
Fortnight Financial year so far Year-on-year
2020-21 2021-22 2020 2021
1 2 3 4 5 6
2 Liabilities to Others            
2.1 Aggregate Deposits 15574660 57609 679793 461147 1524428 1327374
2.1a Growth (Per cent)   0.4 5.0 3.1 12.0 9.3
2.1.1 Demand 1753571 -37425 -104106 -107621 200688 240674
2.1.2 Time 13821088 95034 783899 568769 1323741 1086700
2.2 Borrowings 243400 5319 -50882 -625 -75652 -15157
2.3 Other Demand and Time Liabilities 616597 60398 -55224 -40010 -76697 68146
7 Bank Credit 10912042 14441 -143931 -37467 513272 685112
7.1a Growth (Per cent)   0.1 –1.4 –0.3 5.3 6.7
7a.1 Food Credit 69738 938 12090 8484 -882 5884
7a.2 Non-food credit 10842304 13503 -156021 -45951 514154 679228

6. Money Stock: Components and Sources
(₹ Crore)
Item Outstanding as on Variation over
2021 Fortnight Financial Year so far Year-on-Year
2020-21 2021-22 2020 2021
Mar. 31 Sep. 10 Amount % Amount % Amount % Amount % Amount %
1 2 3 4 5 6 7 8 9 10 11 12
M3 18844578 19399596 71088 0.4 938401 5.6 555019 2.9 2089959 13.4 1661232 9.4
1 Components (1.1.+1.2+1.3+1.4)                        
1.1 Currency with the Public 2751828 2843296 12376 0.4 250494 10.7 91468 3.3 492082 23.3 243054 9.3
1.2 Demand Deposits with Banks 1995120 1888130 -37949 -2.0 -103074 -5.9 -106990 –5.4 206233 14.4 253512 15.5
1.3 Time Deposits with Banks 14050278 14621448 96095 0.7 787425 6.2 571170 4.1 1380144 11.4 1160008 8.6
1.4 ‘Other’ Deposits with Reserve Bank 47351 46722 566 1.2 3556 9.2 -629 –1.3 11500 37.6 4659 11.1
2 Sources (2.1+2.2+2.3+2.4-2.5)                        
2.1 Net Bank Credit to Government 5850374 6246310 169968 2.8 657473 13.3 395936 6.8 848473 17.8 628475 11.2
2.1.1 Reserve Bank 1099686 1251825 60593   -15193   152139   15835   274826  
2.1.2 Other Banks 4750689 4994485 109375 2.2 672666 17.0 243797 5.1 832638 21.9 353649 7.6
2.2 Bank Credit to Commercial Sector 11668466 11621791 13310 0.1 -149126 -1.4 -46675 –0.4 563532 5.5 732273 6.7
2.2.1 Reserve Bank 8709 7000 -1616   678   -1709   6207   -6844  
2.2.2 Other Banks 11659757 11614790 14926 0.1 -149804 -1.4 -44967 –0.4 557325 5.4 739116 6.8

8. Liquidity Operations by RBI
(₹ Crore)
Date Liquidity Adjustment Facility MSF* Standing Liquidity Facilities Market Stabi lisation Scheme OMO (Outright) Long Term Repo Ope rations& Targeted Long Term Repo Ope rations# Special Long- Term Repo Operations for Small Finance Banks Special Reverse Repo£ Net Injection (+)/ Absorption (-) (1+3+5 +6+9+10 +11+12- 2-4-7 -8-13)
Repo Reverse Repo* Variable Rate Repo Variable Rate Reverse Repo Sale Purchase
1 2 3 4 5 6 7 8 9 10 11 12 13 14
Sep. 20, 2021 – 323779 – – 77 – – – – – – – – -323702
Sep. 21, 2021 – 277396 – 150007 0 – – – – – – – – -427403
Sep. 22, 2021 – 286041 – – 70 –1300 – – – – – – – -287271
Sep. 23, 2021 – 342644 – – 103 – – – – – – – – -342541
Sep. 24, 2021 – 338748 – 394516 152 – – 15000 15001 – – – 9711 -742822
Sep. 25, 2021 – 12350 – – 348 – – – – – – – – -12002
Sep. 26, 2021 – 3470 – – 428 – – – – – – – – -3042
* Includes additional Reverse Repo and additional MSF operations (for the period December 16, 2019 to February 13, 2020).
# Includes Targeted Long Term Repo Operations (TLTRO) and Targeted Long Term Repo Operations 2.0 (TLTRO 2.0) and On Tap Targeted Long Term Repo Operations. Negative (-) sign indicates repayments done by Banks.
& Negative (-) sign indicates repayments done by Banks.
£ As per Press Release No. 2021-2022/177 dated May 07, 2021. From June 18, 2021, the data also includes the amount absorbed as per the Press Release No. 2021-2022/323 dated June 04, 2021.

The above information can be accessed on Internet at https://wss.rbi.org.in/

The concepts and methodologies for WSS are available in Handbook on WSS (https://rbi.org.in/scripts/PublicationsView.aspx?id=15762).

Time series data are available at https://dbie.rbi.org.in

Ajit Prasad
Director   

Press Release: 2021-2022/974

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Reserve Bank of India – Notifications

Notifications

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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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