Month: October 2021

Moody’s upgrades outlook for Indian banking system

Banking & Finance

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Moody’s Investors Service has revised the outlook for the Indian banking system to “stable” from “negative” on the back of stabilising asset quality and improved capital drive.

The global credit rating agency, in its Banking system outlook for India, observed that the deterioration of asset quality since the onset of the coronavirus pandemic has been moderate, and an improving operating environment will support asset quality.

Moody’s upgrades India’s rating outlook to ‘Stable’ from ‘Negative’

Declining credit costs as a result of improving asset quality will lead to improvements in profitability. The agency assessed that capital will remain above pre-pandemic levels.

Moody’s expects India’s economy to continue to recover in the next 12-18 months, with GDP growing 9.3 per cent in the fiscal year ending March 2022 and 7.9 per cent in the following year.

The agency opined that the pick-up in economic activity will drive credit growth, which it expects to be 10-13 per cent annually. Weak corporate financials and funding constraints at finance companies have been key negative factors for banks but these risks have receded.

Asset quality will be stable

According to Moody’s, the deterioration of asset quality since the onset of the pandemic has been more moderate than it expected despite relatively limited regulatory support for borrowers.

The agency noted that the quality of corporate loans has improved, indicating that banks have recognised and provisioned for all legacy problem loans in this segment.

Covid second wave raises asset risks for banks: Moody’s

“The quality of retail loans has deteriorated, but to a limited degree because large-scale job losses have not occurred. We expect asset quality will further improve, leading to decline in credit costs, as economic activity normalises,” Moody’s said.

Raising equity capital

Capital ratios have risen across rated banks in the past year because most have issued new shares, per the agency.

Moody’s said public sector banks’ ability to raise equity capital from the market is particularly credit positive because it reduces their dependence on the government for capital.

However, further increases in capital will be limited because banks will use most of retained earnings to support an acceleration of loan growth, according to the agency.

The agency estimated that banks’ returns on assets will rise as credit costs will decline while banks’ core profitability will be stable.

If interest rates rise, net interest margins will increase, but it will also lead to mark-to-market losses on banks’ large holdings of government securities, it said.

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These Top 4 Banks Offering FD Interest Rates Up to 6.50%, Comparison Of FD Rates

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Interest rates lowered

Due to the pandemic, RBI, on behalf of the union government has lowered the interest rate in India, hence the banks are now obliged to offer low-interest rates on FDs. So, here is a list below that will compare the FD rates in the top banks, operating in India.

One must remember, to open an FD investment, one must open an account in a particular bank. Usually, people invest in FDs, when they have a lump sum. But investment below Rs. 2 crores is commonly chosen by Indian citizens, hence, the rates mentioned below are listed on investment less than Rs. 2 crores.

State Bank of India (SBI)

State Bank of India (SBI)

The State Bank of India (SBI) is the largest public sector bank in India, but it offers quite a low level of interest on FDs. The SBI offers 2.90% to 5.40% interest to the general public while offers 3.40% to 6.20% interest to senior citizens. For FD up to 1 year to less than 2 years, the bank’s interest rate for the public is 5.00%, while the rate for a senior citizen is 5.50%. For FD up to 2 years to less than 3 years, the bank’s interest rate for the public is 5.10%, while the rate for a senior citizen is 5.60%. For FD up to 3 years to less than 5 years, the bank’s interest rate for the public is 5.30%, while the rate for a senior citizen is 5.80%. For FD up to 5 years and up to 10 years, the bank’s interest rate for the public is 5.40%, while the rate for a senior citizen is 6.20%.

HDFC Bank

HDFC Bank

HDFC Bank is offering better interest rates on FDs than the SBI, in some cases. The bank provides interest rates from 2.50% to 5.50% interest to the general public and provides from 3.00% to 6.25% interest to senior citizens. For FD up to 1 year 1 day to 2 years, the bank’s interest rate for the public is 4.90%, while the rate for a senior citizen is 5.40%. For FD up to 2 years 1 day to 3 years, the bank’s interest rate for the public is 5.15%, while the rate for a senior citizen is 5.65%. For FD up to 3 years 1 day to 5 years, the bank’s interest rate for the public is 5.30%, while the rate for a senior citizen is 5.80%. For FD up to 5 years and up to 10 years, the bank’s interest rate for the public is 5.50%, while the rate for a senior citizen is 6.25%.

Axis Bank

Axis Bank

Axis Bank’s FD on the other hand is sometimes better than both HDFC and SBI, in long term, and for senior citizens. The bank is offering 2.50% to 5.75% interest to general people while offering 2.50% to 6.50% interest to senior citizens. For FD up to 2 years to less than 30 months, the bank’s interest rate for the public is 5.40%, while the rate for a senior citizen is 6.05%. For FD up to 30 months to less than 3 years, the bank’s interest rate for the public is 5.40%, while the rate for a senior citizen is 6.05%. For FD up to 3 years to less than 5 years, the bank’s interest rate for the public is 5.40%, while the rate for a senior citizen is 6.05%. For FD up to 5 years to 10 years, the bank’s interest rate for the public is 5.75%, while the rate for a senior citizen is 6.50%.

Punjab National Bank FD

Punjab National Bank FD

Punjab National Bank is another top bank in India that is offering moderate interest rates on FDs. The banks offer 2.90% to 5.25% interest to the public and 3.50% to 5.75% interest to the senior citizens. For FD above 1 year and up to 2 years, the bank’s interest rate for the public is 5.00%, while the rate for a senior citizen is 5.50%. For FD above 2 years and up to 3 years, the bank’s interest rate for the public is 5.10%, while the rate for a senior citizen is 5.60%. For FD above 3 years and up to 5 years, the bank’s interest rate for the public is 5.25%, while the rate for a senior citizen is 5.75%. For FD above 5 years and up to 10 years, the bank’s interest rate for the public is 5.25%, while the rate for a senior citizen is 5.75%.

Comparison and best option

Comparison and best option

Hence, if you are going to invest in a 5 years’ FD scheme with an interest for the general public (you are not a senior citizen), then Axis Bank can be your choice because they are offering a 5.75% interest rate. Other top banks are offering less than that. On the other hand, for 5 years or more FD for the senior citizens, Axis Bank is offering a lucrative interest rate at 6.50%, which is better than other banks. At a time when interest rates on FDs are low, one should always compare the rates offered by other banks. Additionally, Post Office offers a better interest rate on FD than other banks. So, one can follow post office FD rates too.



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Top Performing Small Cap Funds Based On 3-Year Returns

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Investment

oi-Roshni Agarwal

|

Small cap funds much like small cap stocks have been in favour and despite the run up there is seen more upside in them. Though in a yearly or year to date basis, the index -small cap index has outperformed, there are seen significant drawdowns and hence one should go for a long term probably at least of 3 to 5 years.

So, here we put forth the various aspects of small cap funds:

Top Performing Small Cap Funds Based On 3-Year Returns

Top Performing Small Cap Funds Based On 3-Year Returns

Pointers to note when investing in small cap funds

Remember the volatility should not be confused with risk, in the long term small cap funds can reap good returns.

As India growth story looks promising, in the current positive domestic economic cycle, the scenario and prospects for small and mid caps looks good.

Nonetheless, those looking to invest in small caps should be discounting the fact that after a significant run up in the last 1-year one should lower down or moderate their expectations on return from the asset class category.

Who should invest in small cap funds?

Those investors who are able to understand market dynamics and economic cycle and have a longer term horizon can consider investment into small cap funds.

Also, one should be willing to take on the risk as well as likely volatility in these counters in which these funds are invested into. Note as per the SEBI’s mandate, small cap funds are required to invest 65 percent of the corpus into small cap stocks.

Top performing Small cap funds based on 3-year performance

Small cap funds 3-year returns
Quant Small cap fund 41.48%
Kotak small cap fund 36.41%
Axis small cap fund 34.76%
ICICI Prudential small cap fund 32.56%
Union Small cap fund 30.70%

Should you be investing in small cap funds in the given scenario?

The India growth story looks promising and given the momentum that it is extending small cap funds can be lapped up for good enough returns over a period of time. Though return expectations should be narrowed down. Also, monetary policy reversal by global banks can be another risk which is down to come in some time.



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Gross NPAs of banks to rise 8-9 per cent this fiscal: Crisil

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Gross non-performing assets (GNPAs) of banks will rise to 8-9 per cent this fiscal, well below the peak of 11.2 per cent seen at the end of fiscal 2018, with the Covid-19 relief measures such as the restructuring dispensation, and the Emergency Credit Line Guarantee Scheme (ECLGS) helping limit the rise, according to CRISIL Ratings.

GNPAs as at March-end 2021 had declined to 7.5 per cent against 8.2 per cent as at March-end 2020.

With about 2 per cent of bank credit expected under restructuring by the end of this fiscal, stressed assets ― comprising gross NPAs and loan book under restructuring ― should touch 10-11 per cent (against March-end 2021 estimate of about 9 per cent), the credit rating agency said.

Krishnan Sitaraman, Senior Director and Deputy Chief Ratings Officer, CRISIL Ratings, said: “The retail and MSME segments, which together form about 40 per cent of bank credit, are expected to see higher accretion of NPAs and stressed assets this time around.

“Stressed assets in these segments are seen rising to 4-5 per cent and 17-18 per cent, respectively, by this fiscal-end. The numbers would have trended even higher but for write-offs, primarily in the unsecured segment.”

Retail segment singed by pandemic

The agency underscored that the retail segment, which had a relatively stable run over the past decade, has been singed by the pandemic, with salaried and self-employed borrowers alike facing significant income challenges and higher medical expenses, especially in the second wave.

Thus, in a first-of-its-kind move, the Reserve Bank of India (RBI) introduced loan restructuring for retail borrowers to help them tide over the situation. This followed a six-month moratorium permitted by lenders last fiscal.

Despite these measures, CRISIL Ratings believes stressed assets in the retail segment will rise to 4-5 per cent by the end of this fiscal from about 3 per cent last fiscal.

The agency assessed that while home loans, the largest segment, will be the least impacted, unsecured loans are expected to bear the brunt of the pandemic.

MSME segment: Asset quality to deteriorate

CRISIL Ratings cautioned that the MSME segment, despite benefiting from ECLGS and the recent limit enhancement and tenure extension, is likely to see asset quality deteriorate and will require restructuring to manage cash-flow challenges.

In fact, restructuring is expected to be the highest for this segment, at 4-5 per cent of the loan book, leading to a jump in stressed assets to 17-18 per cent by this fiscal end from about 14 per cent last fiscal, per the agency’s estimates.

Corporate segment: Resilient

CRISIL Ratings observed that the corporate segment, though, is expected to be far more resilient.

“A large part of the stress in the corporate portfolio had already been recognised during the asset quality review initiated five years ago.

“That, coupled with the secular deleveraging trend, has strengthened the balance sheets of corporates, and enabled them to tide over the pandemic relatively unscathed compared with retail and MSME borrowers,” the agency said.

This is evident from restructuring of only about 1 per cent in the segment. Consequently, corporate stressed assets are expected to remain range-bound at 9-10 per cent this fiscal.

Rural segment: Strong recovery

CRISIL Ratings noted that the rural segment, which was hit harder during the second wave of the pandemic, has also seen a strong recovery.

Therefore, stressed assets in the agriculture segment are expected to remain relatively stable at about 10-11 per cent.

Restructured portfolio: Needs close monitoring

Subhasri Narayanan, Director, CRISIL Ratings, observed that while the performance of the restructured portfolio will definitely need close monitoring, the slippages from the restructured book are expected to be lower this time.

Restructuring under various schemes in the past focussed on larger exposures and primarily involved extension of maturity without any material haircuts, resulting in high subsequent slippages, she said, and added that this time, the entry barriers for restructuring are more stringent.

Also, recent trends indicate that a reasonable proportion of borrowers, primarily on the retail side, have started making additional payments as their cash flows improve, despite having availed of restructuring, Narayanan said. MSMEs, however, may take longer to stabilise and we remain watchful.

CRISIL Ratings’ estimates are predicated on a base-case scenario of 9.5 per cent GDP growth this fiscal and continued improvement in corporate credit quality.

“A virulent third wave and significant deceleration in demand growth could pose significant downside risks to these estimates,” the agency said.

On the other hand, operationalisation of the National Asset Reconstruction Company Ltd by the end of this fiscal and the expected first-round sale of Rs 90,000 crore NPAs could lead to lower reported gross NPAs.

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Banks hire for $93 billion India, Southeast Asia tech deal hunt, BFSI News, ET BFSI

Banking & Finance

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Investment banks are boosting their technology hiring in Southeast Asia and India as the region’s fast-growing consumer internet markets catch up with their peers, pushing deals to new heights.

Global lenders Barclays Plc and Citigroup Inc. have created new senior roles, while regional and boutique players are staffing up to capture a surge of activity in mergers and acquisitions and initial public offerings.

“Every single investment bank is looking to hire technology, media and telecommunications bankers,” said Anand Menon, managing director of Executive Principles, a head-hunting firm in India. “TMT is an animal producing multiple babies. We need new-age bankers who think like entrepreneurs to cover them with the same speed as these startups.”

Technology-focused investment bankers in Asia previously focused on larger and more developed markets such as Japan and South Korea, and more recently, China. Galvanized by the coronavirus pandemic’s boost to e-commerce and remote working, financiers are jockeying to work with startups as they open up markets with a combined population of about 2 billion.

In Southeast Asia, Citigroup created a new managing director role to oversee TMT, Bloomberg News has reported. BDA Partners Inc., BNP Paribas SA, and Malayan Banking Bhd. are among the other banks that have recently made or are making sector hires in the region, people familiar with the matter said, asking not to be identified discussing internal matters.

Barclays’s India investment bank chief, Pramod Kumar, said the firm is beefing up its team in Mumbai by adding a senior posting. JPMorgan Chase & Co. is hiring a TMT banker at the executive director level, according to a person familiar with the matter.

Representatives for BNP Paribas and JPMorgan declined to comment. A representative for BDA Partners said the firm is active in India and Southeast Asia technology investment banking and will continue to hire in the space. Rajiv Vijendran, regional head of investment banking at Maybank Kim Eng Group in Singapore, said the bank is constantly looking for new areas to grow the business, including TMT.

Ashish Kehair, chief executive officer at India’s Edelweiss Wealth Management, said its investment banking unit is hiring three to five bankers with technology expertise. “Digital and technology has the force multiplier effect now,” he said.

The bankers will have their hands full. Technology, telecommunications and media deals announced in South and Southeast Asia are at a record $93 billion this year, nearly double the same period last year, according to data compiled by Bloomberg.

Consolidation of regional leaders is already taking place. Ride-hailing and payments giant Gojek agreed to combine with e-commerce pioneer PT Tokopedia in May to create the largest internet company in Indonesia. Next stop is the capital markets, where the combined firm is considering mopping up as much as $2 billion from listings at home and in the U.S. at a valuation of about $30 billion, Bloomberg News reported in July.

Tech startups in Southeast Asia and India are maturing in terms of scale and size, with many becoming unicorns and some ready to go public either through direct listings or mergers with blank-check firms, said Jwalant Nanavati, head of TMT for Asia ex-Japan at Nomura Holdings Inc. In April, the Japanese bank hired an executive director in Singapore focusing on TMT, Bloomberg News has reported.

“The pandemic provided strong tail winds in terms of faster adoption by consumers of online business models,” said Jeff Acton, a Tokyo-based partner at boutique investment bank BDA Partners. “Southeast Asia’s tech ecosystem is relatively younger, but many first-generation tech companies suddenly saw an increase in demand.”

Consumer-oriented firms have led the first wave of listings. Indonesian online marketplace PT Bukalapak.com raised $1.5 billion in August, while food ordering platform Zomato Ltd. has mobilized $1.3 billion from its Indian IPO.

“The consumer internet market in these regions is reaching critical mass and continues to show very robust growth, which has super charged the leading companies across the region,” said James Perry, managing director and co-head of Asia Pacific technology investment banking at Citigroup. “Disruption is still a major theme and investors are keen to invest in these opportunities.”

Bankers said China’s sweeping crackdown on its technology giants has benefited other countries in the region, as potential acquirers such as special purpose acquisition companies have lately shunned its startups.

Investors are waiting for greater clarity around the regulatory issues in China, said Maybank’s Vijendran. “The China crackdown has focused the attention of global players and U.S. SPACs on ASEAN startups,” he said.

“Given the high risk profile due to recent developments, we expect investors will allocate an increasing proportion into Southeast Asia,” BDA’s Acton said, adding China will still remain a crucial destination for capital.

Though Asia’s biggest economy has seen some dislocation this year because of Beijing’s policy actions, deal activity is set to return over time as that market continues to create new “exciting” companies, said Citigroup’s Perry.

“Valuation uptick in digitech is playing across all companies,” Barclays’s Kumar said. “This is a secular trend driven by the convergence of technology and traditional sectors, and this is bound to continue.”



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Banks to be closed on Eid-Milad, Gajalaxmi Puja in Odisha, BFSI News, ET BFSI

Banking & Finance

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Bhubaneswar (Odisha) [India], October 19 (ANI): Odisha government on Monday announced that Banks and other banking institutions in the states would remain closed on Tuesday and Wednesday.

“Banks and other Banking institutions in Odisha will remain closed on October 19 (Tuesday) and October 20, 2021 (Wednesday) on the occasion of ‘Eid-Milad‘ and ‘Gajalaxmi Puja‘ respectively,” said Revenue & Disaster Management Department, Odisha government in a notification.

Eid-Milad or Eid Milad-un-Nabi is an annual celebration to commemorate the birth anniversary of Prophet Muhammad and is observed in the month of Rabi-ul-Awwal, the third month of the Islamic lunar calendar, which commences with the sighting of the moon. The occasion also marks the death anniversary of the Prophet. (ANI)

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12 held by Delhi police for attempts of unauthorised withdrawal from high-value NRI account, BFSI News, ET BFSI

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New Delhi [India], October 19 (ANI): Delhi Police Cyber Cell on Tuesday arrested 12 people, including three HDFC bank employees, for allegedly attempting to make an unauthorised withdrawal from a very high-value NRI account.

KPS Malhotra, Deputy Superintendent of Police (DCP) (Cyber Cell), informed that as many as 66 attempts of unauthorised online transactions were made by the group on the high-value account.

“The accused had fraudulently obtained cheque book which has been recovered. Mobile phone number identical to that of account holder’s US-based phone number was also procured by the fraudsters,” the DSP stated.

“On the basis of technical evidence, footprints, and human intelligence, multiple geolocations were identified. In all, raids were conducted at 20 locations across Delhi, Haryana and Uttar Pradesh,” he further informed.

Out of the 12 accused held by the police, three are HDFC bank employees, who were involved in issuing the cheque book, updating the mobile phone number and removing the debt freeze of the account.

The matter came to light after HDFC bank filed a complaint with the Cyber Cell alleging several unauthorised attempts of withdrawal noticed in one NRI account.

“There are many unauthorised internet banking attempts noticed in one NRI bank account. Further, there have been attempts to withdraw cash from the same account, using the fraudulently obtained cheque book. Attempts were also made to get update mobile phone number in the KYC of the same bank account by replacing the already registered US mobile phone number with similar/identical Indian mobile phone number,” HDFC bank’s complaint alleged.

The police informed that in earlier instances, there were attempts of withdrawal of money from this account, and two cases were registered for the same at Uttar Pradesh’s Ghaziabad, and Punjab’s Mohali.

Further raids are in progress and investigation in the case is being carried out. (ANI)



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1 Large-Cap And 1 Small-Cap Stock To Buy As Suggested By ICICI Securities

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Buy Hindalco with upside potential of 20%

Hindalco is the world’s largest aluminum corporation in terms of sales, as well as a major copper player. Novelis, the company’s fully owned subsidiary, is the world’s largest manufacturer of aluminum beverage can stock.

From the current market price of Rs 543, ICICI Direct sees an almost 20% upside in the shares of Hindalco. The stock has a target price of Rs 650 set by the firm.

“Hindalco’s share price has grown by ~3.5x over the last five years. We maintain our BUY rating on the stock. Target Price and Valuation: We value Hindalco at Rs 650, based on SoTP valuation”, the brokerage has said.

Hindalco- Strength in aluminium prices augurs well

Hindalco- Strength in aluminium prices augurs well

Why one should consider Hildalco?

According to the brokerage, Hindalco’s prospects are bright, thanks to high aluminium prices and a strong performance from Novelis.

  • During the current calendar year, global aluminium prices on the LME have risen dramatically. Aluminium prices on the London Metal Exchange (LME) climbed by 55 percent from US$2028/tonne on January 4, 2021 to US$3149/tonne on October 15, 2021.
  • Increased aluminium prices bode well for an integrated player like Hindalco (domestic operations).
  • Novelis has been reporting strong results in recent quarters, which has helped Hindalco’s overall performance.

Key triggers for future price-performance:

Over the previous few quarters, global aluminium prices have risen sharply, and Hindalco is well positioned to capitalise.

Going forward, we project Hindalco’s consolidated sales to expand at a CAGR of 16.8% between FY21 and FY23E, while EBITDA and PAT will likely grow at 26.3 percent and 58.1 percent, respectively.

Buy Tata Metaliks with upside potential of 20%

Buy Tata Metaliks with upside potential of 20%

Tata Metaliks (TML) is a Tata Steel subsidiary that was founded in 1990. TML has pig iron and ductile iron (DI) pipes manufacturing operations in Kharagpur, West Bengal.

ICICI Direct expects Tata Metaliks’s stock to rise over 20% from its current market price of Rs 1080. The brokerage has set a target price of Rs 1300 for the stock.

“Tata Metaliks’ share price has grown by ~2.5x over the past five years. We continue to remain positive and retain our BUY rating on the stock. Target Price and Valuation: We value TML at Rs 1300 i.e. 7x FY23E EV/EBITDA,” the brokerage has said.

Tata Metaliks- Long term story remains intact

Tata Metaliks- Long term story remains intact

Q2FY22 Results of Tata Metaliks

TML’s operational performance in Q2FY22 was low, owing to higher-than-expected operating costs.

TML reported sales of Rs 645 crore, up 24% year on year and 7% quarter on quarter.

EBITDA was Rs 100 crore, down 9% year on year and 35% quarter on quarter. EBITDA margin was 15.5 percent, down 560 basis points year over year and 1000 basis points quarter over quarter.

Due to higher iron ore costs (due to increased royalty) and higher coking coal costs, EBITDA and EBITDA margin were muted throughout the quarter.

The resulting PAT was worth Rs 55 crores (down 33 percent YoY and 42 percent QoQ)

Key triggers for future price-performance:

In Q4FY22, the first phase of DI pipe capacity expansion (of 1 lakh tonnes) is expected to be completed.

The second phase (of 1 lakh tonnes) is expected to be completed in Q4FY23. TML’s DI capacity would be doubled after both stages are completed, from 2 lakh tonnes to 4 lakh tonnes.

Disclaimer

Disclaimer

The above 2 stocks to buy are picked from the report of ICICI Securities. Please note investing in stocks is subject to market risks and one needs to be cautious at this point of time as markets have gone-up sharply. Neither the author, nor Greynium Information Technologies Pvt Ltd would be responsible for losses incurred based on a decision made.



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Banks shut on Id-E-Milad in these states, closed for up to 5 days this week

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Even as banks will remain shut on specific days, customers can avail net banking and other online services

Bank holidays: Banks in India will remain closed for up to five days this week, and seven days in the remaining month of October 2021. This will also include second and fourth Saturdays, and Sundays. It may be noted that apart from weekly holidays, all the public and private sector banks across India will not be closed for all seven days for all states as these are state-specific holidays for different occasions. Even as banks will remain shut on specific days, customers can avail net banking and other online services, as mobile and internet banking will also remain operational.

Festive Holidays in October 2021

19 October 2021 – Id-E-Milad/Eid-e-Miladunnabi/Milad-i-Sherif (Prophet Mohammad’s Birthday)/Barawafat
20 October 2021 – Maharishi Valmiki’s Birthday/Lakshmi Puja/Id-E-Milad
22 October 2021 – Friday following Eid-i-Milad-ul-Nabi
26 October 2021 – Accession Day

On 19 October, banks in Ahmedabad, Belapur, Bhopal, Chennai, Dehradun, Hyderabad, Imphal, Jammu, Kanpur, Kochi, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, Ranchi, Srinagar, Thiruvananthapuram will remain shut for Id-E-Milad/Eid-e-Miladunnabi/Milad-i-Sherif. Banks in Agartala, Bengaluru, Chandigarh, Kolkata, Shimla, will be closed on 20 October for Maharishi Valmiki’s Birthday. On 22 and 26 October, banks in Jammu and Srinagar will remain closed for Eid-i-Milad-ul-Nabi, and Accession Day, respectively.

Also read: Early Q2 results boost hopes of firm recovery; retailers, banks signal nascent pick-up in consumption

Weekend Bank Holidays in October 2021

17 October 2021 – Sunday
23 October 2021 – 4th Saturday
24 October 2021 – Sunday
31 October 2021 – Sunday

The Reserve Bank of India (RBI) has categorised holidays under three categories — Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday; and Banks’ Closing of Accounts. The list of holidays given below has been notified by RBI.

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