Month: October 2021

RBI authorises Karur Vysya Bank to collect direct taxes, BFSI News, ET BFSI

Banking & Finance

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Private sector Karur Vysya Bank on Tuesday said it has commenced the integration process with the Central Board of Direct Taxes to collect direct taxes on its behalf, following the approval it received from the Reserve Bank. “Reserve Bank of India has authorised Karur Vysya Bank to collect direct taxes on behalf of Central Board of Direct Taxes. Following the approval received, the bank has initiated the integration process with CBDT“, the Tamil Nadu based-bank said in a statement.

Once the integration process gets completed, the bank customers can remit the direct taxes through any branch or through net banking or mobile banking services (DLite Mobile application).

“It has been the long standing requirement of our customers that they should be able to pay their direct taxes through our bank. We are happy that we will be in a position to offer this service to our customers”, the bank’s MD and CEO, B Ramesh Babu said.

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Wells Fargo report, BFSI News, ET BFSI

Banking & Finance

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The financial sector accounts for 19% of the country’s GDP, up from 13% in 2000.

As banks bet more on digital banking, nearly 100,000 positions in US banks are at stake and could vanish over the next five years, a report by Wells Fargo said.

Large US banks are investing more in digital banking and other technologies, which could vanish roles of branch managers, call center employees and tellers, leading to massive job cuts in the sector.

Disappearance of such jobs could be drawn parallel with the massive contraction in manufacturing work in the 1980s and ’90s, according to the report.

“Our conclusion is still that this will be the biggest reduction in US bank headcount in history,” the analysts wrote, with job cuts accelerating once the economy fully recovers from the COVID-19 pandemic.

These roles are predicted to be replaced by artificial intelligence, cloud computing and robots. These technological advances are set to perform daily banking functions like taking payments, approving loans and detecting fraud, the report said.

“Branches will likely show a decline, especially given greater digital banking adoption during the pandemic. Many branches that were closed during the pandemic will likely remain closed permanently [and] new future mergers will likely reduce branches, too,” the report said.

The financial sector accounts for 19% of the country’s GDP, up from 13% in 2000. Since the 2008 financial crisis, big banks have continued to witness larger growth. However, between 2007 and 2018, rapid automation in the sector led the country’s four largest banks to reduce staff by a combined 3,00,000 positions.



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Solar Company Stocks To Watch Out For As The Sector Gains Focus

Personal Finance

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1. Waa Solar:

Part of the Madhav Group, Waa Solar is a Gujarat based entity. The company is a pan India conglomerate working in the sectors such as Renewable Energy, Infrastructure and real estates. The Company has entered power purchase agreement with the Airport Authority of India to develop Solar Power Plant at Bhopal Airport.

The company is a small cap scrip that in today’s trade has hit an upper circuit limit of 41.65 with gains of over 9 percent. The stock commands a market cap of Rs. 55 crore.

2. Synergy Green Industries:

2. Synergy Green Industries:

This is again a small cap scrip with a market cap of Rs. 142 crore .Formerly know as Shantaram Machineries Pvt. Ltd., Kolhapur) The organization’s areas of activity include Machining, Shot Blasting

Painting,Quality Inspection and Packing and Dispatch.

The company is a state of the art world class foundry Installed with India’s largest automated fast loop moulding line for large castings. The company is part of the Shirgaokar Group.

The company’last trading price was Rs. 155.90 per share on the NSE.

3. Websol Energy System:

3. Websol Energy System:

Like other players in the company, the stock of Websol also gained traction in today’s trade and hit a fresh 52-week high price of Rs. 87.95.

The company is a leading manufacturer of photovoltaic monocrystalline solar cells and modules in India. The company has its state of the art facility in West Bengal. The companies’ photovoltaic modules are used by several domestic, commercial as well as industrial applications.

4. Sterling and Wilson Solar:

4. Sterling and Wilson Solar:

The conglomerate firm RIL has acquired 40% stake in Shapoori Pallonji owned Sterling and Wilson Solar Ltd (SWSL) for Rs 2,845 crore.

The EPC powerhouse, Sterling and Wilson, commenced its operations in 1970s with a few large-scale projects in the Middle East, further venturing into the Asian subcontinent and various other countries.

The Solar EPC Division of Sterling and Wilson Private Limited, Sterling and Wilson Solar Limited commenced operations in 2011 and was subsequently demerged in 2017. This division was formed to tap into the growing renewable energy market.

Ever since the stake purchase by RIL, the stock has been gaining ground and last closed at Rs. 469.5 per share.

5. Ujaas Energy:

5. Ujaas Energy:

Started operations in the year 1979, the company based out of Indore is a provider of clean energy solutions. This is again a small cap scrip and in the previous day’s trade, the stock of the company emerged as the top stock gainer in B group after the scrip gained a huge 20 percent.

The penny stock from the space last closed at a price of Rs.3.65 per share on the NSE.

6. Gita Renewable:

This has been the outlier in the segment and last closed at a price of Rs. 211.85 per share. The company works with the prime objective of generating power using renewable sources such as hydro, solar and wind. The company based out of Tamil Nadu has turned into profitable for the first time since its listing in the year 2015. In the June ended quarter, the company’s profit surged to Rs. 36 lakh.

Disclaimer

Disclaimer

Note there are other renowned companies’ in the space such as Suzlon etc. which also needs to be watched out for.



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RBI bans audit firm Haribhakti & Co for two years

Banking & Finance

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Haribhakti & Co was the auditor of Srei Infrastructure Finance, whose board was superseded by the RBI and against which insolvency proceedings were initiated last week.

The Reserve Bank of India (RBI) on Tuesday banned chartered accountant firm Haribhakti & Co from undertaking any type of audit assignments for regulated entities for a period of two years, starting April 1, 2022.

The action was taken for the firm’s failure to comply with a specific direction issued by the RBI with respect to its statutory audit of a systemically important non-banking financial company (NBFC), the central bank said in a statement.

This is the first time the RBI has taken such action against an auditor of a systemically important NBFC.

“The RBI has by an order dated September 23, 2021, debarred Haribhakti & Co from undertaking any type of audit assignment/s in any of the entities regulated by RBI for a period of two years with effect from April 1, 2022,” the statement said.

The action has been taken under Section 45 MAA of the RBI Act, which allows the banking regulator to act against auditors. The ban will not impact audit the firm’s assignments in RBI-regulated entities for the financial year 2021-22, the statement said.

In 2019, the RBI had imposed a one-year ban on SR Batliboi & Co, an affiliate of global auditing firm EY, after it found lapses in the audit report of a bank.

Haribhakti & Co was the auditor of Srei Infrastructure Finance, whose board was superseded by the RBI and against which insolvency proceedings were initiated last week.

The Kolkata Bench of the National Company Law Tribunal on October 8 gave its approval to start insolvency proceedings against Srei Infrastructure Finance and its wholly owned subsidiary Srei Equipment Finance after the RBI filed insolvency applications.

According to rating reports of March 6, 2021, by CARE Ratings, Srei Infrastructure Finance owed banks loans worth Rs 11,117.71 crore, apart from outstanding bonds and NCDs worth Rs 710.63 crore.

Srei Equipment Finance had outstanding bank loans worth Rs 16,912.21 crore and other debt instruments worth Rs 499.45 crore. All these facilities and instruments were rated ‘D’, or default grade, in March.

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Reserve Bank of India – Press Releases

Press Releases

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It is hereby notified for information of the public that in exercise of powers vested in it under sub section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India (RBI) vide Directive Ref. No. DoS.CO.NSUCBs-West/D-1/12.22.252/2021-22 dated October 12, 2021, has issued certain Directions to The Seva Vikas Co-operative Bank Limited, Pune, whereby, as from the close of business on October 12, 2021, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction dated October 12, 2021, a copy of which is displayed on the bank’s premises for perusal by interested members of the public. In particular, a sum not exceeding ₹1000 (Rupees One Thousand only) of the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn subject to the conditions stated in the above RBI Directions.

2. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

3. These Directions shall remain in force for a period of six months from the close of business on October 12, 2021 and are subject to review.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1033

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Shivalik Small Finance Bank partners with Go Digit Insurance

Banking & Finance

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Shivalik Small Finance Bank on Tuesday announced a strategic partnership with Bengaluru-based insurtech company, Go Digit General Insurance, to provide an array of instant, easy-to-understand insurance products through the bank’s network of branches across India.

This will include health insurance plans, motor insurance, and home and shop insurance. This partnership will enable over 4.5 lakh customers of Shivalik Small Finance Bank to instantly access and purchase from Digit’s list of offerings, through paperless processes, in real time.

This range of products will be available to the customers of Shivalik Small Finance Bank across all its 31 branches and its digital network across the country.

‘Committed to innovation’

Commenting on the partnership, Harsh Mittal, Chief Financial Officer, Shivalik Small Finance Bank said, “At Shivalik, we are committed to constantly innovating and adding new products and services to expand our offerings to the underbanked masses. Our collaboration with Go Digit General Insurance will aid us in making the process of buying cover, submitting and receiving claims easier for our customers leveraging the strong tech platforms that both organisations have and supported by our distribution network which reaches the far ends of Bharat.”

Vijay Kumar, CEO and Principal Officer, Go Digit General Insurance said, “Our partnership with Shivalik Small Finance Bank comes at a time when we are looking to expand our reach to newer markets with an aim to aid insurance penetration. The bank has a strong foothold in the northern states of the country and this association will help the bank’s customers in getting insured from a partner that believes in simplicity, transparency and hassle-free settlement of claims.”

Shivalik’s current customers predominantly fall into segments such as retail, manufacturing and services, housing and real estate and microfinance.

As part of its small finance bank proposition, Shivalik is actively engaged in discussions with multiple fintech partners to reach newer customer segments like entrepreneurial and underbanked women, kirana stores, millennials in need of neo banking services and individuals looking for gold loans, according to Mittal.

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CA firm Haribhakti barred from auditing RBI-regulated entities for two years

Banking & Finance

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The Reserve Bank of India has barred Haribhakti & Co LLP, Chartered Accountants, from undertaking any type of audit assignments in any of the entities regulated by the RBI for two years with effect from April 1, 2022.

Although the RBI did not specify the exact reason for its action, Haribhakti was the auditor for Srei Infrastructure Finance (SIFL) for 2019-20. On October 4, the RBI superseded the boards of SIFL and Srei Equipment Finance (SEFL) over governance concerns and payment defaults.

This is the first case of debarment of a CA firm under Section 45MAA of the Reserve Bank of India Act, 1934, dealing with the central bank’s powers to take action against auditors.

“This action has been taken on account of the failure of the audit firm to comply with a specific direction issued by RBI with respect to its statutory audit of a Systemically Important Non-Banking Financial Company,” the RBI said in a statement

But the central bank said its action will not impact audit assignment(s) of Haribhakti in RBI-regulated entities for 2021-22. A central statutory auditor of a public sector bank said Haribhakti can challenge the RBI order in a High Court just as Price Waterhouse & Co opposed SEBI’s two-year ban in the Satyam Computers case. Since the RBI’s is not a “speaking order”, it is difficult to assess why the action was taken, he added.

Meanwhile, Shailesh Haribhakti dissociated himself from the firm founded by his father. “I ceased to be a partner of Haribhakti & Co LLP with effect from March 31, 2018 and from all responsibilities associated with it.”

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RBI grants banking licence to Unity Small Finance Bank

Banking & Finance

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The Reserve Bank of India on Tuesday granted a banking licence to Unity Small Finance Bank Ltd (USFBL), which was established jointly by the Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe), to carry on a SFB business in India.

RBI had accorded “in-principle” approval to CFSL, a wholly owned subsidiary of Centrum Capital, on June 18 to set up a small finance bank (SFB).

The approval was in specific pursuance to CFSL’s February 2021 offer in response to the scam-hit Punjab and Mahatashtra Co-operative (PMC) Bank’s November 2020 Expression of Interest (EoI) notification.

Aid PMC Bank

The grant of banking licence to USFBL sets the stage for RBI to place in the public domain a draft scheme of amalgamation of PMC Bank with the SFB. The last step will be the government’s sanction for the scheme.

Also see: IMF retains India’s growth forecast for FY22 at 9.5%

This announcement should come as a relief to PMC Bank depositors who have been struggling to get their deposits back for more than two years amid the Covid-19 pandemic.

“It is the first time ever that two partners are uniting equally to build a bank. The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience,” Centrum and BharatPe said in a joint statement.

Centrum’s MSME and micro-finance businesses will be merged into USFBL.

Digital bank

Jaspal Bindra, Executive Chairman, Centrum Group, said, “We are delighted to receive the license and excited to partner with BharatPe to create this new age bank with a strong team. We aspire to be India’s first digital bank.”

Ashneer Grover, Co-Founder and Managing Director, BharatPe, said “We will work tirelessly and smartly to capture this opportunity and build India’s first truly digital bank ground up.”

With the establishment of USFBL, the number of SFBs in the country goes up to 12.

Also see: RBI on track to policy normalisation

Meanwhile, BharatPe, in a separate statement, said Rajnish Kumar, former Chairman of State Bank of India, has been appointed on its Board. He will also be the Chairman of the Board.

Kumar will be involved in defining the fintech company’s short-term and long-term strategy, and will also work closely with the other Board Members and CXOs on key business and regulatory initiatives, per the statement.

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Reserve Bank of India – Press Releases

Press Releases

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The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration.

Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date
1 M/s Pramanand Commercial Private Limited Lower ground floor, Hindustan Times House 18-20, Kasturba Gandhi Marg, New Delhi-110001 IN B-14.03328 January 05, 2016 July 06, 2021
2 M/s Amandeep Transport and Leasing India Limited Kothi no. 1, Gaushalla Road, Sunam, Distt. Sangrur, Punjab – 148028 06.00105 May 02, 1998 July 19, 2021
3 M/s CLSA India Finance Private Limited Office No. 702, Dalamal House, 206, Jamnalal Bajaj Marg, Nariman Point, Mumbai- 400021 N-13.02366 October 10, 2019 July 19, 2021
4 M/s Subhadra Investments Private Limited Plot # 8-3-214/21, Srinivasa Nagar Colony (West), Ameerpet, Hyderabad, Telangana – 500 038 B-09.00264 August 14, 2000 July 23, 2021
5 M/s Helios Finserve Private Limited B1-604, Marathon Next Gen Compound, Off G. K. Marg, Lower Parel (W) Mumbai-400013 N-13.02239 May 16, 2018 August 05, 2021
6 M/s Altico Capital India Limited 21, 2nd Floor, 5 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai-400051 N-13.01777 January 04, 2018 August 13, 2021
7 M/s GPL Finance Limited 113/216-B, Swaroop Nagar, Kanpur, Uttar Pradesh-208002 B-12.00053 February 27, 1998 September 24, 2021

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1031

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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies.

Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date
1 M/s Cartel Finance and Investments Private Limited KH. No. 773, Harcharan Bagh G/F, Andheria More, Mehrauli, New Delhi-110030 B-14.01612 March 08, 2000 July 05, 2021
2 M/s Alamgir Motor Finance Limited 186, St. No. 2, Dashmesh Nagar, Gill Chowk, Ludhiana, Punjab A-06.00444 November 16, 2009 July 27, 2021
3 M/s Nau-Nidh Finance Limited Ward No. 27, Raghbir Enclave, Opp. Shivalik Enclave, Near Chungi No. 03, Kotkapura Road, Moga, Punjab – 142001 06.00155 March 30, 1999 July 27, 2021
4 M/s Kim Investment Limited 206-207, Chaudhary Complex, Hide Market, Amritsar, Punjab-143001 A-06.00541 June 29, 2007 September 01, 2021
5 M/s Sambandh Finserve Private Limited Plot No. O-4/9, Civil Township, PS. Raghunathpalli, Rourkela, Sundargarh, Odisha- 769004 04.00023 November 01, 2010 September 09, 2021
6 M/s BTL Holding Company Limited SRS Multiplex, Top floor, City Centre, Sector-12, Faridabad, Haryana-121007 N-14.03297 March 05, 2014 September 17, 2021

As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1032

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