Month: October 2021

Kotak Mahindra Bank launches Micro ATMs across India, BFSI News, ET BFSI

Banking & Finance

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To deliver essential banking services conveniently to a larger section of consumers living in relatively far-off areas, private lender Kotak Mahindra Bank Ltd on Tuesday announced the launch of Micro ATMs across the country.

Customers of all banks who possess a debit card can use a Kotak Micro ATM for key banking services such as cash withdrawals and checking account balances. A mini version of an ATM, micro ATMs are small handheld devices. The bank will use its extensive Business Correspondents (BC) network to launch micro ATMs.

“The micro ATM is a simple, innovative and highly effective solution to deliver essential banking services such as cash withdrawals in a convenient manner to people residing in relatively remote locations,” said Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank. “It is a viable alternative to a regular ATM, allowing for faster expansion and increasing banking touchpoints for consumers. Kotak’s network of micro ATMs across the country will help customers of all banks (Kotak and non-Kotak customers) get easy access to their bank accounts and promote financial inclusion.”

At the end of August, there were 2.13 lakh ATMs in the country, up from 2.09 lakh same time last year, a meagre growth of 1.5%. On the flip side, micro-ATMs have grown to 4.94 lakh as against 3.07 lakh in August last year, a rise of over 60%.

In the first phase, Kotak Mahindra Bank is introducing micro ATMs in the outskirts of the top 8 metro cities – locations where the demand for cash withdrawal services is high but the prevalence of ATMs is low.



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This Savings Account Can Give You Returns Up To 6% More Than SBI: Here’s How

Personal Finance

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Airtel Payments Bank Savings Account Interest Rates

Opening a savings account with Airtel Payments Bank is completely a digital process through a video-based KYC process from the Airtel Thanks app and you will get over 5 Lac banking points to manage your accounts, complimentary personal accident insurance cover of Rs. 1 Lac, no minimum balance requirement, free Virtual Debit Card, and a plethora of services including easy cash deposit/withdrawal facility at more than 1 Lac ATMs in the country, money transfer service, mobile/DTH recharges, utility bill payments, online/offline shopping, and a multitude of facilities.

Apart from the aforementioned perks, Airtel Payments Bank offers an annual interest rate of 2.5 percent for end-of-day balances up to 1 lakh and 6% for balances over 1 lakh and up to 2 lakhs. Customers can earn considerably better returns if we compare these interest rates to the State Bank of India’s (SBI) savings account interest rates.

SBI is now giving a 2.70 percent interest rate on deposit accounts with balances up to Rs. 1 lakh and a 2.75 percent interest rate on deposits with balances beyond Rs. 1 lakh. Apart from these rates, SBI is presently offering a fixed deposit interest rate of 5.40 percent, which implies that customers who establish a savings account with Airtel Payments Bank would receive higher interest rates on their deposits than customers who open a savings account or fixed deposit account with SBI. With effect from May 1, 2021, Airtel Payments Bank is offering the below-framed interest rates on savings accounts.

Rs 1-2 lakhs 6% p.a.
Upto Rs 1 lakh 2.5% p.a.
Source: airtel.in

Service charges of Airtel Payments Bank savings account

Service charges of Airtel Payments Bank savings account

The service charges for Airtel Payments Bank Savings Bank Accounts are listed below.

Service Fee/Charges (Rs)
Account Opening Rs. 50
Cash Deposit / Load Cash (Internet banking, Mobile App) Free
Cash Deposit / Load Cash (Banking Points) For amounts Rs.0 – Rs.25,000: Free. Rs.25,000 – Rs.50,000: 0.5% of the deposit amount. Beyond Rs.50,000: 0.75% of the deposit amount
Cash Withdrawal Rs.0 – Rs.10,000 (cumulative transactions per month): Free. Beyond Rs.10,000: 0.65% of withdrawal amount
Cardless Cash withdrawal via IMT ( app only) Self-withdrawal and Send money to Others: Free
Cash Withdrawal via AEPS 2 Transactions/Day(max), 10 Transactions/Month or Rs 50,000 Cash Withdrawal per Month ( Whichever is Minimum), Rs. 10,000 per transaction(Max)
Payment for IRCTC Train Booking (via Airtel Thanks App) 1.8% of the ticket fare (exclusive of GST)
Funds Transfer Charges
Within Airtel Payments Bank (Internet banking, Mobile App & USSD) Free
From Airtel Payments Bank to another Bank (Internet banking, Mobile App & USSD)-IMPS 1% of amount transferred
From Airtel Payments Bank to another Bank (Internet banking, Mobile App & USSD) – NEFT Free
Source: airtel.in

Airtel Payments Bank savings account cash withdrawal and deposit limit

Airtel Payments Bank savings account cash withdrawal and deposit limit

Description Limits
Minimum Cash Deposit Amount 10
Minimum Cash Withdrawal Amount 10
Minimum Amount for Funds Transfer (Mobile App) 10
Maximum Cash Withdrawal per transaction 25,000
Maximum Savings Account Balance 2,00,000 (*terms and conditions apply)
Maximum Money can be added using same Debit Card per transaction 25,000
Maximum number of transactions allowed per month 10,000
For customers where cumulative load in last 60 days is greater than INR 50,000 2,000 per transaction using Net Banking or Debit Card
Money Transfer To Airtel Payments Bank Account/Other Account (per day) 15
Online Transactions using MasterCard (Per Day) 15
Maximum Amount that can be added by Non-PAN SBA A/c holders (Per Month) 10,000
Maximum Amount that can be sent by SBA A/c holders without adding beneficiary (Per Month) 10,000
Source: airtel.in

Airtel Payments Bank Instant Money Transfer/Cardless Cash Withdrawal Limit

Airtel Payments Bank Instant Money Transfer/Cardless Cash Withdrawal Limit

Description Limits
Per transaction Limit Monthly Limit ( per sender)
IMT from App Self withdrawal 10000 75000
IMT from App send money to Others 10000 75000
Limits on the receiver end : Self : Rs 1,00,000, Others : Rs 25 ,000
Source: airtel.in

Airtel Payments Bank Domestic Remittance (App & Portal) Charges

Airtel Payments Bank Domestic Remittance (App & Portal) Charges

From (Rs) To (Rs) Charges (Rs)
0 1 0
2 9 1
10 100 1
101 1,000 10
1,001 1,100 11
1,101 1,200 12
1,201 1,300 13
1,301 1,400 14
1,401 1,500 15
1,501 1,600 16
1,601 1,700 17
1,701 1,800 18
1,801 1,900 19
1,901 2,000 20
2,001 2,100 21
2,101 2,200 22
2,201 2,300 23
2,301 2,400 24
24,01 2,500 25
2,501 2,600 26
2,601 2,700 27
2,701 2,800 28
2,801 2,900 29
2,901 3,000 30
3,001 3,100 31
3,101 3,200 32
3,201 3,300 33
3,301 3,400 34
3,401 3,500 35
3,501 3,600 36
3,601 3,700 37
3,701 3,800 38
3,801 3,900 39
3,901 4,000 40
4,001 4,100 41
4,101 4,200 42
4,201 4,300 43
4,301 4,400 44
4,401 4,500 45
4,501 4,600 46
4,601 4,700 47
4,701 4,800 48
4,801 4,900 49
4,901 5,000 50
5,001 5,100 51
5,101 5,200 52
5,201 5,300 53
5,301 5,400 54
5,401 5,500 55
5,501 5,600 56
5,601 5,700 57
5,701 5,800 58
5,801 5,900 59
5,901 6,000 60
6,001 6,100 61
6,101 6,200 62
6,201 6,300 63
6,301 6,400 64
6,401 6,500 65
6,501 6,600 66
6,601 6,700 67
6,701 6,800 68
6,801 6,900 69
6,901 7,000 70
7,001 7,100 71
7,101 7,200 72
7,201 7,300 73
7,301 7,400 74
7,401 7,500 75
7,501 7,600 76
7,601 7,700 77
7,701 7,800 78
7,801 7,900 79
7,901 8,000 80
8,001 8,100 81
8,101 8,200 82
8,201 8,300 83
8,301 8,400 84
8,401 8,500 85
8,501 8,600 86
8,601 8,700 87
8,701 8,800 88
8,801 8,900 89
8,901 9,000 90
9,001 9,100 91
9,101 9,200 92
9,201 9,300 93
9,301 9,400 94
9,401 9,500 95
9,501 9,600 96
9,601 9,700 97
9,701 9,800 98
9,801 9,900 99
9,901 10,000 100
10,001 10,100 101
10,101 10,200 102
10,201 10,300 103
10,301 10,400 104
10,401 10,500 105
10,501 10,600 106
10,601 10,700 107
10,701 10,800 108
10,801 10,900 109
10,901 11,900 110
11,001 11,100 111
11,101 11,200 112
11,201 11,300 113
11,301 11,400 114
11,401 11,500 115
11,501 11,600 116
11,601 11,700 117
11,701 11,800 118
11,801 11,900 119
11,901 12,000 120
12,001 12,100 121
12,101 12,200 122
12,201 12,300 123
12,301 12,400 124
12,401 12,500 125
12,501 12,600 126
12,601 12,700 127
12,701 12,800 128
12,801 12,900 129
12,901 13,000 130
13,001 13,100 131
13,101 13,200 132
13,201 13,300 133
13,301 13,400 134
13,401 13,500 135
13,501 13,600 136
13,601 13,700 137
13,701 13,800 138
13,801 13,900 139
13,901 14,000 140
14,001 14,100 141
14,101 14,200 142
14,201 14,300 143
14,301 14,400 144
14,401 14,500 145
14,501 14,600 146
14,601 14,700 147
14,701 14,800 148
14,801 14,900 149
14,901 15,000 150
15,001 15,100 151
15,101 15,200 152
15,201 15,300 153
15,301 15,400 154
15,401 15,500 155
15,501 15,600 156
15,601 15,700 157
15,701 15,800 158
15,801 15,900 159
15,901 16,000 160
16,001 16,100 161
16,101 16,200 162
16,201 16,300 163
16,301 16,400 164
16,401 16,500 165
16,501 16,600 166
16,601 16,700 167
16,701 16,800 168
16,801 16,900 169
16,901 17,000 170
17,001 17,100 171
17,101 17,200 172
17,201 17,300 173
17,301 17,400 174
17,401 17,500 175
17,501 17,600 176
17,601 17,700 177
17,701 17,800 178
17,801 17,900 179
17,901 18,000 180
18,001 18,100 181
18,101 18,200 182
18,201 18,300 183
18,301 18,400 184
18,401 18,500 185
18,501 18,600 186
18,601 18,700 187
18,701 18,800 188
18,801 18,900 189
18,901 19,000 190
19,001 19,100 191
19,101 19,200 192
19,201 19,300 193
19,301 19,400 194
19,401 19,500 195
19,501 19,600 196
19,601 19,700 197
19,701 19,800 198
19,801 19,900 199
19,901 20,000 200
20,001 20,100 201
20,101 20,200 202
20,201 20,300 203
20,301 20,400 204
20,401 20,500 205
20,501 20,600 206
20,601 20,700 207
20,701 20,800 208
20,801 20,900 209
20,901 21,000 210
21,001 21,100 211
21,101 21,200 212
21,201 21,300 213
21,301 21,400 214
21,401 21,500 215
21,501 21,600 216
21,601 21,700 217
21,701 21,800 218
21,801 21,900 219
21,901 22,000 220
22,001 22,100 221
22,101 22,200 222
22,201 22,300 223
22,301 22,400 224
22,401 22,500 225
22,501 22,600 226
22,601 22,700 227
22,701 22,800 228
22,801 22,900 229
22,901 23,000 230
23,001 23,100 231
23,101 23,200 232
23,201 23,300 233
23,301 23,400 234
23,401 23,500 235
23,501 23,600 236
23,601 23,700 237
23,701 23,800 238
23,801 23,900 239
23,901 24,000 240
24,001 24,100 241
24,101 24,200 242
24,201 24,300 243
24,301 24,400 244
24,401 24,500 245
24,501 24,600 246
24,601 24,700 247
24,701 24,800 248
24,801 24,900 249
24,901 25,000 250
The maximum amount per sender is Rs 25,000 per month, Source: airtel.in

Airtel Payments Bank IMPS Charges

Airtel Payments Bank IMPS Charges

Airtel Payments Bank Service Charges have been imposed on all IMPS Outgoing Transactions via B2B Portal commencing from March 18, 2021.

IMPS Slab Charges
Upto Rs 25000 Rs 2.5 +GST
Above Rs 25000 upto Rs 200000 Rs 8 +GST
Source: airtel.in



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RBI debars Haribhakti & Co from undertaking audit assignments in central bank regulated entities

Banking & Finance

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

This is the first case of debarment of a CA firm under section 45MAA of the Reserve Bank of India Act, 1934.

“This action has been taken on account of the failure on the part 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,” RBI said in a statement titled “Action against Statutory Auditors of NBFC under section 45MAA of RBI Act, 1934”.

The central bank said its action will not impact audit assignment/s of Haribhakti & Co. LLP in RBI regulated entities for the financial year 2021-22.

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Indian Gold Rate Gained By Rs. 90, On Oct 12, Passed US Employment Data Impact

Personal Finance

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Personal Finance

oi-Kuntala Sarkar

|

Today, on October 12, Indian gold prices have gained only by Rs. 90/10 grams than yesterday and have passed the immediate impacts of a weak US employment data of September. Today, 22 carat gold rates are quoted at Rs. 46,030/10 grams and 24 carat gold rates are quoted at Rs. 47,030/10 grams. The Comex gold future hiked by 1.20% and was quoted at $1756, while the spot gold prices hiked by 0.23% and were quoted at $1758/oz till 2.04 PM IST. On the other hand, the US dollar index in the spot market fell 0.08% and stayed at 94.29 at the same time. In India, the Mumbai MCX gold in October future gained by 0.30% today till 2.25 PM IST and was quoted at Rs. 47,190/10 grams. However, during the festive season, IBJA is trying to keep the gold rates in a surging position, and in most Indian cities, gold prices have increased marginally.

Indian Gold Rate Gained By Rs. 90, On Oct 12, Passed US Employment Data Impact

The international gold rates immediately hiked as the US published weak employment data, expecting the economy is not recovering as fast as was expected. But now, the international rates have again came under pressure as the US bond yield is rising. ABN AMRO senior precious metals strategist Georgette Boele stated in a report.”So far this year, gold prices have declined by 7.5%. The gold price outlook remains negative. We keep our year-end forecast at US $1,700/oz and end of 2022 at US $1,500/oz.”

Gold rates in different Indian cities are quoted differently, daily. Today’s gold rates in major Indian cities follow:

City 22 carat (INR/10 Grams) 24 carat (INR/10 Grams)
Mumbai 46,030/- 47,030/-
Delhi 46,300/- 50,510/-
Bangalore 44,150/- 48,160/-
Hyderabad 44,150/- 48,160/-
Chennai 44,300/- 48,320/-
Kerala 44,150/- 48,160/-
Kolkata 46,500/- 49,200/-

“Investors have adjusted their expectations regarding the Fed. They expect the Fed to hike rates quicker than they had earlier expected. Moreover, 2y U.S. Treasury yields and 2y real yields have risen to reflect this. In addition, the U.S. dollar has risen by 5% this year. Gold prices tend to weaken when the dollar rises.” Georgette Boele added in the report, “We expect the Fed to start hiking early 2023.”

Story first published: Tuesday, October 12, 2021, 14:45 [IST]



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4 Auto Stocks That Continue To Be On Angel Broking ‘Buy’ List

Personal Finance

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1. Ashok Leyland:

The company is bullish on the counter and sees it to hit a target price of Rs.158, implying an upside of close to 16 percent from current levels of Rs. 136.6 per share. The company is the leading player in the commercial vehicle industry

“Demand for MHCV was adversely impacted post peeking out due to multiple factors including changes in axel norms, increase in prices due to implementation of BS 6 norms followed by sharp drop in demand due the ongoing Covid-19 crisis”, says the report.

MHCV segment has also started to recover over the past few months before the 2nd lockdown while demand for buses are expected to remain muted

The brokerage firm believes that the company is ideally placed to capture the growth revival in

CV segment and will be the biggest beneficiary of the Government’s voluntary scrappage policy and hence rate the stock a BUY.

2. GNA Axles:

2. GNA Axles:

This is an auto ancillaries firm which the brokerage is bullish on for the target price of Rs. 1233. This implies an upside of 17.7 percent from the current market price of Rs. 1047.

GNA Axles is one of the leading suppliers of rear axles to the Auto industry. The company is expected to

be one of the biggest beneficiaries of the revival in the CV cycle. The company derives 60% of its revenues from exports while the balance 40% of the company’s

revenues comes from the domestic markets.

GNA is expected to be one of the biggest beneficiaries of strong growth outlook for truck sales in US and Europe markets.The venture into the SUV axle would provide the company with new growth avenues while the recovery in the domestic CV cycle also bodes well for the company. At current level the stock is trading at a P/E multiple of 11.6x FY23E EPS estimate of Rs. 58.

3. Suprajit Engineering:

3. Suprajit Engineering:

This is also the auto ancillaries firm for which the target set out by the brokerage is Rs. 390 per share. This means an upside of 6 percent from the current levels of Rs. 365.75.

Suprajit Engineering (SEL), is the largest supplier of automotive cables to the domestic OEMS with presence across both 2Ws and PVs. Being low cost players the company has both gained market share as well as more business from existing customers.

SEL has outperformed the Indian Auto industry in the recent years (positive growth vs low double-digit declines for the domestic 2W and PV industry

in FY21). “SEL has grown profitably over the years and as a result boast a strong balance sheet (net cash). We believe SEL is prime beneficiary of ramp-up in production by OEMs across the globe and is well insulated from threat of EV (is developing

new products). Its premium valuations are justified in our opinion owing to strong outlook and top-grade quality of earnings”, adds the company in its report.

4. Sona BLW Precision:

4. Sona BLW Precision:

For the casting and forgings company, the brokerage has set a target price of Rs. 719. From the current levels of Rs. 639, this implies an upside of 12 percent.

Sona BLW is one of India’s leading automotive technology companies that derives 40% of its revenues from Battery Electric Vehicles (BEV) and Hybrid Vehicles. It supplies EV differential assemblies and gears, BSG systems and EV traction motors to global customers. This global BEV segment

has been fastest growing and is expected to maintain high growth rates which is positive for Sona BLW.

The company’s capabilities have enabled them to gain market share across its products especially for products related to EV/BEV. They also have strong market share ranging from 55-90% for differential gears for PV, CV and tractor OEMs in India.

Given the traction in the BEV/Hybrid Vehicle space, we believe that Sona Comstar will continue to command higher multiple which is justified by ~47%

earnings CAGR over FY21-24E.

GoodReturns.in

Disclaimer

Disclaimer

The above stocks to buy are picked from the report of Angel Broking. 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 from this article.



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Top 3 Banks Promising Returns Up To 7.50% On Recurring Deposits In 2021

Personal Finance

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North East Small Finance Bank

North East Small Finance Bank is currently the only bank offering the highest interest rate of 7,50 percent on recurring deposits for deposits of less than Rs 2 crore. The bank’s recurring deposit interest rates were recently changed on April 19, 2021, and are now as follows.

Tenure Regular Citizens Rates In % Senior Citizen Interest Rates In %
3 Months 4.25 4.75
6 Months 4.50 5.00
9 Months 5.50 6.00
1 Year 5.50 6.00
2 Year 7.50 8.00
3 Year 7.00 7.50
4 Year 7.00 7.50
5 Years 6.50 7.00
More than 5 years upto 10 years 6.50 7.00
Source: Bank Website

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank is the second bank on our list among all small finance, public and private sector banks that offers the highest interest rates on recurring deposits for deposits less than Rs 2 crore. The bank is providing the highest interest rate of 7.00 percent to regular customers and 7.50 percent to senior citizens on recurring deposits maturing in 24 months to 36 months. Check out the most recent interest rates on recurring deposits of the bank below which are in force from 1st July 2021.

Tenure General Customers Senior Citizens
Upto 6 months 6.50% 7.00%
9 months 6.50% 7.00%
12 months 6.75% 7.25%
15 months 6.75% 7.25%
18 months 6.75% 7.25%
21 months 6.75% 7.25%
Above 21 Months to less than 24 Months 6.75% 7.25%
24 months to 36 months 7.00% 7.50%
Above 3 Years upto 5 Years 6.75% 7.25%
Above 5 years upto 10 years 6.75% 7.25%
Source: Bank Website, INTEREST RATES (%P.A.)- W.E.F. 1st July 2021

Suryoday Small Finance Bank

Suryoday Small Finance Bank

Recurring deposit accounts at Suryoday Small Finance Bank can be held for a minimum of 6 months and in multiples of 3 months thereafter, up to a maximum of 10 years. A recurring deposit can be initiated with a minimum installment of Rs 100 and multiples of Rs 100 up to a maximum monthly installment amount of Rs 14,99,900. The below-listed interest rates on recurring deposits of Suryoday Small Finance Bank are in force from 9th September 2021 and now the bank is offering the highest rate of 7.00% to the general customers and 7.50% to senior citizens on their recurring deposits maturing in 36 months or 3 years.

Period Interest Rate (Per Annum) Senior Citizen Rate (Per Annum)
6 months 4.75% 4.75%
9 months 5.25% 5.25%
12 months 6.50% 6.75%
15 months 6.50% 6.75%
18 months 6.50% 6.75%
21 months 6.50% 6.75%
24 months 6.50% 6.75%
27 months 6.25% 6.50%
30 months 6.25% 6.50%
33 months 6.25% 6.50%
36 months 7.00% 7.30%
Above 3 Years to less than 5 Years 6.50% 6.50%
5 Years 6.75% 7.00%
Above 5 Years to 10 Years 6.00% 6.00%
Source: Bank Website, ( Effective: From September 09, 2021 )



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Axis Bank launches open APIs for customers to use integrated services, BFSI News, ET BFSI

Banking & Finance

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Axis Bank has launched open APIs (Application Programming Interface) to facilitate banking services integrated across platforms for its retail and corporate customers.

The API banking portal has a range of products, covering over 200 retail APIs across cards, deposits, accounts, loans, 51 corporate APIs across payments, trade, collections, bill payments, and cross-cutting APIs, the bank said in a statement.

The corporate API product suite will allow companies across e-commerce, food delivery, payment solutions and other businesses to offer financial settlements and other secure financial transactions from their own ERP platforms, it added.

APIs will cover banking transactions that corporates do with their partners and customers on a daily basis pertaining to payments, refunds, payout reconciliation & account management and trade finance, besides other transactions. This will allow banking solutions to get embedded directly in customers’ digital systems.



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Bank Holidays October 2021: Banks to remain shut for up to 14 days from Oct 12; check full list here

Banking & Finance

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On 12 October 2021, banks in Agartala and Kolkata will remain shut due to Durga Puja (Maha Saptami). Image: Reuters

Bank Holidays in October: As the festive season has started, banks in India will remain closed for up to 14 days, starting from today in October 2021, including second and fourth Saturdays, and Sundays. Apart from the weekly offs, banks will not be closed for all 14 days for all states as these are state-specific holidays for different occasions. 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.

Festive Holidays in October 2021

12 October 2021 – Durga Puja (Maha Saptami)
13 October 2021 – Durga Puja (Maha Ashtami)
14 October 2021 – Durga Puja/Dussehra (Maha Navami)/Ayutha Pooja
15 October 2021 – Durga Puja/Dasara/Dusshera (Vijaya Dashmi)
16 October 2021 – Durga Puja (Dasain)
18 October 2021 – Kati Bihu
19 October 2021 – Id-E-Milad/Eid-e-Miladunnabi/Milad-i-Sherif (Prophet Mohammad’s Birthday)/Baravafat
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 12 October 2021, banks in Agartala and Kolkata will remain shut due to Durga Puja (Maha Saptami). On the next day, banks in Agartala, Bhubaneswar, Gangtok, Guwahati, Imphal, Kolkata, Patna, and Ranchi will observe a holiday on account of Durga Puja (Maha Ashtami). On 14 October, banks across Agartala, Bengaluru, Chennai, Gangtok, Guwahati, Kanpur, Kochi, Kolkata, Lucknow, Patna, Ranchi, Shillong, and Thiruvananthapuram will be closed for Durga Puja/Dussehra (Maha Navami)/Ayutha Pooja.

On 15 October 2021, except for Imphal and Shimal, banks across the country will remain closed for Durga Puja/Dasara/Dusshera (Vijaya Dashmi). Only banks in Gangtok will remain closed on 16 October to observe Durga Puja (Dasain). On 18 October, banks in Guwahati will be closed; 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.

Weekend Bank Holidays in October 2021

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

All the public and private sector banks in India remain closed on the second and fourth Saturdays of every month, along with a weekly holiday on Sunday. Even as banks will remain shut on the above-mentioned days, customers can avail net banking and other online services. Mobile and internet banking will also remain operational.

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2 Company Board Meets For Special Dividend, Preferential Equity Issue

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Planning

oi-Roshni Agarwal

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Company board meets are a crucial event which are convened to discuss on various agendas such as for approval of results, dividend, bonus issue etc. There are various rules laid down with respect to company board meets such as under companies Act section 173(1) which says that “Every company shall hold the first meeting of the Board of Directors within thirty days from the date of company incorporation and thereafter hold board meetings in such a manner that not more than 120 days shall intervene between two consecutive meetings and should be a minimum number of four meetings every year.

2 Company Board Meets For Special Dividend, Preferential Equity Issue

2 Company Board Meets For Special Dividend, Preferential Equity Issue

And as these board meets are important for investors, here we discuss 2 such board meets that are due to be held this week:

1. INEOS Styro:

This is a petrochemicals small cap company that is into production of polystyrene for a range of industries including household and electronics.

On 8th October the company via an exchange filing informed of the board meeting to be convened on October 13, 2021 to consider and approve a special interim dividend.

The special interim dividend, if declared, shall be paid to the equity shareholders whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Friday, October 22, 2021, which is the Record Date fixed for the purpose.

For this special dividend, the stock shall turn ex-dividend on October 21, 2021. Earlier for the FY 2021, the company announced final dividend of Rs. 10 per share.

The stock last traded at a price of Rs. 1528.75 per share on the NSE.

2. Maitri:

The company on Ocotber 7, 2021 intimated on the board meeting to be held on 13/10/2021 ,inter alia, to consider and approve

1. Issue of Equity shares to Promoters on the preferential basis, pursuant to SEBI (Issue of Capital & Disclosures Requirement) Regulations, 2018, subject to necessary approvals.

2. To call shareholder Meeting of the company and fix the day, date, time of the meeting.

3. Any other item with the permission of the Chair and Majority of Directors.

The Meeting shall be organized at company’s registered office in Ahmedabad.

Maitri Enterprises is again asmall cap scrip which was formerly referred as Parth Aluminium limited.

GoodReturns.in

Story first published: Tuesday, October 12, 2021, 11:20 [IST]



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