Get Bank IFSC & MICR codes here.
[ad_1]
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 Press Release: 2021-2022/1117 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[ad_2]
[ad_1]
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 | 10,000 | November 02, 2021 (Tuesday) |
November 03, 2021 (Wednesday) |
| 2 | 182 Days | 3,000 | ||
| 3 | 364 Days | 7,000 | ||
| Total | 20,000 |
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 Tuesday, November 02, 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 Wednesday, November 03, 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: 2021-2022/1116
[ad_2]
[ad_1]
Shriram Transport Finance Company (STFC) reported a 13 per cent year-on-year increase in second quarter standalone net profit at ₹771.24 crores against ₹684.56 crores in the year-ago period.
The Board declared an interim dividend of ₹8 (80 per cent) per share of face value of ₹10 each fully paid up for FY22.
Net interest income was up about 8 per cent y-o-y at ₹2,193 crore (against ₹2,025 crore).
Also see: Govt approves rules for automated testing stations for vehicles
Assets under management of STFC, a leading player in the pre-owned commercial vehicle financing segment, increased by about 7 per cent to ₹1,21,647 crore by September-end, mainly on the back of growth in used vehicles financing portfolio.
However, there was a de-growth in the new vehicles, business loans and working capital loans portfolio.
Also see: Is the economic recovery V, K or W shaped?
Gross stage 3 (credit impaired) assets position improved to 7.82 per cent of gross advances by September-end against 8.18 per cent at June-end 2021. However, gross stage 3 assets in the reporting quarter were higher vis-a-vis 6.50 per cent a year ago.
Net stage 3 assets position too improved to 4.18 per cent of net advances by the end of Q2FY22 against 4.74 per cent in the previous quarter but up from 3.69 per cent a year ago.
[ad_2]
[ad_1]
Embassy Office Parks Real Estate Investment Trust (REIT), India’s first listed REIT which claims to be the largest office REIT in Asia by area, reported results today for the quarter and said that its net operating income rose by 30 per cent to ₹624 crore.
In regulatory filings to the exchanges, Embassy REIT said, of its net income it would distribute ₹537 crores or ₹5.66 per unit for Q2FY22t. The company also said that it had raised ₹4,600 crore debt at 6.5 per cent.
Michael Holland, Chief Executive Officer of Embassy REIT, said in a release, “We are delighted to announce yet another strong quarter of continued robust business performance. We delivered our strongest leasing activity since the start of the pandemic; we successfully completed a significant ₹4,600 crore debt raise at 6.5 per cent interest rate. We have reconfirmed our full-year guidance as we see multiple tailwinds for our business — India’s stabilizing Covid situation; a reviving office leasing market, especially in our core Bangalore market; and occupiers’ business expansion driven by global tech mega-trends. These positive trends are clear to our expanding investor base which has tripled in the last twelve months.”
Embassy REIT said that it had achieved stable portfolio occupancy of 89 per cent with 15 per cent rent increases on 1.4 million square feet (msf) across 22 leases. It said that construction was on in full swing on 5.7 msf projects.
Also see: Embassy REIT raises ₹4,600 crore fresh debt to repay existing borrowings
The ₹4,600 crore debt raised at 6.5 per cent was to refinance the existing zero-coupon bond, delivering significant interest savings. The company also said that it had collected over 99 per cent of office rents on the 32.3 msf operating portfolio
[ad_2]
[ad_1]
The Reserve Bank of India (RBI) has tweaked its circular on “Opening of Current Accounts by Banks – Need for Discipline”, allowing borrowers, where exposure of the banking system is ₹5 crore or more, to maintain current accounts with any one of the banks with which they have Cash Credit (CC)/Overdraft (OD) facility.
However, this is subject to the condition that the bank has at least 10 per cent of the exposure of the banking system to them.
The central bank has also permitted banks to open/maintain the following accounts, without any restrictions in the case of inter-bank accounts, acounts of All India Financial Institutions, accounts opened under specific instructions of Central Government and State Governments, etc.
The latest circular, which banks have to implement within one month, does away with the separate norms for borrowers where exposure of the banking system is ₹5 crore or more but less than ₹50 crore and where exposure of the banking system is ₹50 crore or more for opening current accounts prescribed in the August 6, 2020 cricular.
The earlier circular resulted in blocking of borrowers’ (with exposure of ₹5 crore or more but less than ₹50 crore to the banking system) current accounts by banks as norms allowed maintenance of only collection accounts with non-lending banks.
Further, borrowers’ with exposure of ₹50 crore and above to the banking system could not open any current account with non-lending banks.
The central bank has now tweaked its circular taking into account feedback received from the Indian Banks’ Association (IBA) and other stakeholders.
As per the latest circular, in respect of borrowers where exposure of the banking system is ₹5 crore or more, other lending banks may open only collection accounts subject to the condition that funds deposited in such collection accounts will be remitted within two working days of receiving such funds, to the CC/OD account maintained with the bank maintaining current accounts for the borrower.
For borrowers, where the exposure of the banking system is less than ₹5 crore, there is no restriction on opening of current accounts or on provision of CC/OD facility by banks.
This is subject to obtaining an undertaking from such borrowers that they shall inform the bank(s), as and when the credit facilities availed by them from the banking system reaches ₹5 crore or more.
RBI asked banks to monitor all accounts regularly, at least on a half-yearly basis, specifically with respect to the exposure of the banking system to the borrower, and the bank’s share in that exposure, to ensure compliance with its instructions.
[ad_2]
[ad_1]
|
RBI/2021-22/116 October 29, 2021 All Scheduled Commercial Banks Madam/Sir, Opening of Current Accounts by Banks – Need for Discipline Please refer to our circular DOR.No.BP.BC/7/21.04.048/2020-21 dated August 6, 2020 on the captioned subject and associated circulars thereon1. 2. On a review and taking into account feedback received from Indian Banks’ Association (IBA) and other stakeholders, it has been decided that banks may open current accounts for borrowers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system as per the provisions below: (i) For borrowers, where the exposure of the banking system is less than ₹5 crore, there is no restriction on opening of current accounts or on provision of CC/OD facility by banks, subject to obtaining an undertaking from such borrowers that they shall inform the bank(s), as and when the credit facilities availed by them from the banking system reaches ₹5 crore or more. (ii) In respect of borrowers where exposure of the banking system is ₹5 crore or more, such borrower can maintain current accounts with any one of the banks with which it has CC/OD facility, provided that the bank has at least 10 per cent of the exposure of the banking system to that borrower. Further, other lending banks may open only collection accounts subject to the condition that funds deposited in such collection accounts will be remitted within two working days of receiving such funds, to the CC/OD account maintained with the above-mentioned bank maintaining current accounts for the borrower. In case none of the lenders has at least 10% exposure of the banking system to the borrower, the bank having the highest exposure may open current accounts. Non-lending banks are not permitted to open current accounts. 3. It is clarified that borrowers not availing CC/OD facility from the banking system shall continue to maintain current accounts as per para 1(v) of the above mentioned circular dated August 6, 2020, as hitherto. 4. Further, banks are permitted to open/ maintain the following accounts, without any restrictions placed in terms of the above-mentioned circular dated August 6, 2020, subject to meeting the conditions specified as at para 2 of DOR.No.BP.BC.30/21.04.048/2020-21 dated December 14, 2020:
5. With reference to FAQ 18 of the circular dated December 14, 2020, in line with FAQ 9, banks maintaining collection accounts are permitted to debit fee/charges from such accounts before transferring the funds to the escrow account/CC/OD account of the borrower. 6. With reference to para 3 of the circular dated December 14, 2020 read with FAQ 17, it is clarified that banks shall monitor all accounts regularly, at least on a half-yearly basis, specifically with respect to the exposure of the banking system to the borrower, and the bank’s share in that exposure, to ensure compliance with these instructions. If there is a change in exposure of banks or aggregate exposure of the banking system to the borrower which warrants implementation of new banking arrangements, such changes shall be implemented within a period of three months from the date of such monitoring. 7. Banks may implement the necessary changes within one month from the date of this circular. The compliance position thereon will be reviewed thereafter. 8. A consolidated self-contained circular on the subject will be issued soon. 9. All other instructions contained in the circulars ibid remain unchanged. Yours faithfully, (Manoranjan Mishra) 1 DOR.No.BP.BC.27/21.04.048/2020-21 dated November 2, 2020, DOR.No.BP.BC.30/21.04.048/2020-21 dated December 14, 2020 and DOR.CRE.REC.35/21.04.048/2021-22 dated August 04, 2021 |
[ad_2]
[ad_1]
Ajit Prasad Press Release: 2021-2022/1115 |
[ad_2]
[ad_1]
The standalone net profit of Cholamandalam Investment & Finance Company in the second quarter of the current fiscal went up by 40.43 per cent to ₹606.54 crore.
The Murugappa Group NBFC posted a net profit of ₹431.91 crore in the year-ago quarter.
Total income marginally increased to ₹2,470.69 crore (₹. 2,439.78 crore) during the July-September quarter. Disbursements, on a year-on-year basis, went up by 35 per cent to ₹8,706 crore (₹6,457 crore) during Q2FY22.
In arelease, the company said that last quarter had several positives including waning of second wave of Covid-19, India outpacing other countries in terms of increased vaccination drive and a good monsoon.
“These events have led to expectations of a swift revival of the Indian economy supported by uptrend in economic indicators like tax collections, power consumption, vehicle registrations, highway toll collection and e-way bills. This economic revival has led to a sharp recovery in Chola’s disbursements and collections during Q2 FY22,” the company added.
[ad_2]
[ad_1]
The Central Board of the Reserve Bank of India on Friday took stock of a nationwide survey among bank customers regarding banks’ grievance redress system and the functioning of ombudsman schemes.
To improve the efficacy of the internal grievance redress mechanism of banks and to provide better customer service, a comprehensive framework has been put in place comprising certain measures, according to RBI.
The measures include enhanced disclosures on customer complaints by the banks and the Reserve Bank, recovering the cost of complaints’ redress from banks when maintainable complaints are higher than their peer-group averages. intensive review of grievance redress mechanism, and supervisory/regulatory actions against banks that fail to improve their redress mechanism in a time bound manner.
The Banking Ombudsman Scheme (BOS), launched in 1995, has served as a flagship alternate grievance redress mechanism for the redress of customer complaints against banks received by the Reserve Bank.
Subsequently, the ombudsman scheme for NBFCs and the ombudsman scheme for digital transactions were launched in 2018 and 2019, respectively.
An in-house committee, set up to review the ombudsman framework and suggest measures to improve its efficacy, recommended convergence of the three ombudsman schemes into an integrated “Reserve Bank of India Ombudsman Scheme”, expanding the ambit of this scheme to all regulated entities presently not covered under the existing schemes to provide a single window for grievance redress.
The committee also recommended setting up of a centralised receipt and processing centre for receipt and initial processing of complaints under the ‘One Nation – One Jurisdiction’ approach, reducing the turnaround time (TAT) for the redress of complaints, and introducing delegation by appointing a deputy ombudsman.
The Board, in its meeting, reviewed the current domestic and global economic situation and challenges. It deliberated on possible measures for addressing the emerging challenges.
[ad_2]
[ad_1]
There was a divergence between bank’s reported NPAs and NPAs assessed during the inspection on account of failure to classify certain borrower accounts as NPA. There was also a failure to disclose material divergences relating to asset classification and provisioning identified by the RBI, despite exceeding the defined threshold, in the Notes to Accounts, the RBI said in a statement.
There was also a failure on the part of the bank to report frauds as per the RBI directions.
The RBI, however, said the action against The Nainital Bank is based on the 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. PTI NKD RAM
[ad_2]