Month: October 2021

IMPS Transaction Limit Increased To Rs 5 Lakh From Rs 2 Lakh

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Planning

oi-Sneha Kulkarni

|

In its meeting held, the Reserve Bank of India increased the IMPS transaction limit from Rs 2 lakh to Rs 5 lakh.

The NPCI (National Payment Corporation of India) facilitates the Immediate Payment Service (IMPS), which is an instant money transfer service. Inter-bank transfers, which have become a popular method of moving payments, are made easier by IMPS.

IMPS Transaction Limit Increased To Rs 5 Lakh From Rs 2 Lakh

IMPS makes use of mobile banking to its greatest potential. Both the sender and the receiver receive text messages from the bank as alerts from the app as soon as funds are sent to the receiver. Both sides are relieved because they now know the true state of the deal.

Individuals can now send up to Rs 5 lakh through IMPS, which was previously limited to Rs 2 lakh.

How to Register for IMPS?

You must first sign up for the bank’s mobile banking service. The bank’s Mobile Money Identifier (MMID) and MPIN will also be required. They are also required for the recipient or beneficiary. If your bank has SMS IMPS, you can use the SMS facility in your phone or download the mobile banking application from your bank.

The first four digits of the Mobile Money Identification Number (MMID) are the unique identification number of the bank that offers IMPS.

IMPS Charges

Customers who use IMPS transactions are charged by their banks. However, depending on the type of account held by the user or the use of IMPS via Internet banking, certain banks offer IMPS for free.



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Srei firms found ever-greening NPAs, in payment default

Banking & Finance

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Concerns over ever-greening of loans, negative Capital-to-Risk (Weighted) Assets Ratio (CRAR) and default in payments of over ₹10,000 crore to lenders had prompted the Reserve Bank of India to supersede the boards of Srei Infrastructure Finance and Srei Equipment Finance.

Documents seen by BusinessLine reveal that the RBI had conducted a special audit in December 2020 and January 2021 that revealed that funds disbursed by Srei Infrastructure Finance to certain borrowers were received back from the borrowers and their group companies the same date or dates close to disbursement, indicating ever-greening of loans.

Bombay HC dismisses petition by Srei promoters

All norms flouted

The statutory inspection of Srei Equipment by the central bank revealed “serious deterioration in its financial position” as on March 31, 2020. It revealed a negative CRAR of 3.4 per cent against the regulatory requirement of 15 per cent and non-adherence to Income Recognition, Asset Classification and Provisioning norms, which revealed huge divergences. The RBI listed out several other reasons too for superseding the boards of the two firms. It said that Srei Equipment had remained non-compliant with RBI regulations despite continuous engagement and follow up and had failed to take corrective action on governance, systems, control and compliance.

Srei Infra and Equipment Finance have debt obligations of over ₹29,000 crore

Srei Equipment had defaulted in repayment of bank and market borrowings, raising serious concerns. Its borrowings totalled ₹20,411 crore as on June 30, 2021 and it had defaulted with 13 lenders for ₹10,457 crore.

“The supervisory concerns (example, negative CRAR, high net NPA ratio, violation of IRACP norms, ever-greening of NPA accounts, connected lending, weak corporate governance standards, inadequate systems and control, poor compliance standards) observed during past inspections by the RBI were communicated through supervisory letters, DO letters and also reiterated in the meetings the Reserve Bank had with the management of the company,” the RBI noted in its internal report.

The central bank said that the companies gave effect to the slump exchange despite not getting a NOC (no objection certificate) from the majority of the lending institutions. “The board of directors of SEFL and SIFL had on July 4, 2019 approved the transfer of assets of SIFL by way of slump sale to SEFL with effect from October 1, 2019,” it said.

No fund diversion: Kanoria

When contacted, Hemant Kanoria, promoter and former chairman of Srei Infrastructure, said, “From our side, we have been very clear that there has been no diversion of funds and all the money has gone into projects, and assets have been created out of that. It is sad that these kinds of charges were levelled.”

The NBFC reported a sharp decline in CRAR and this was mainly due to all the provisions “we made in the last two quarters,” he said. On the appeal in the Bombay High Court, Kanoria said it was only to see if the RBI would give it time to seal a deal with two investors — US-based Arena Investors LP and Singapore-based Makara Capital Partners Pte Ltd, which had earlier evinced interest to pick equity stake in Srei.

“But then it was not accepted (by the court). With full faith, we have built this organization and we have full faith in the regulator, the bankers and the government to take necessary steps to do what is appropriate for the company,” he told BusinessLine.

When asked if he would consider moving the Supreme Court, he said, “We have to see what is the stand of the regulator…..this is a financial institution so we have to work as per the blessing of the regulator only.”

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Reserve Bank of India – Press Releases

Press Releases

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April 14, 2015




Dear All




Welcome to the refurbished site of the Reserve Bank of India.





The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.




With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.




The site can be accessed through most browsers and devices; it also meets accessibility standards.



Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.



Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.



Thank you for your continued support.




Department of Communication

Reserve Bank of India


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Should You Invest In US Stocks: Dollar-Rupee Volatility Question

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Most of the Indian traders, who are engaged with the equity markets are interested in Indian company stocks, ETFs, or government bonds. Domestically, the NIFTY and SENSEX are at bullish positions now; both long-term and short-term investors are making profits. But why the question of US stock is getting attention now? The reason is especially the market volatility of stock exchanges, and diversifying the risks.



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RBI maintains status quo on rates

Banking & Finance

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Amidst uneven growth recovery and concerns over a spike in inflation, the Monetary Policy Committee of the Reserve Bank of India chose to maintain a status quo on key rates. It also continued with its accommodative stance to support growth.

“The MPC voted unanimously to maintain status-quo about policy repo rate and by a majority of 5:1 to maintain the accommodative stance,” said RBI Governor Shaktikanta Das, who chairs the MPC, adding that the stance remains accommodative to revive and maintain growth.

The repo rate stands at 4 per cent and the reverse repo rate at 3.35 per cent. MSF rate and bank rate remain unchanged at 4.25 per cent.

The six-member MPC held its bi-monthly monetary policy meeting between October 6 and October 8.

This was Das’s 12th statement since the onset of the pandemic, of which two were made outside of the monetary policy cycle. On two occasions- March and May, the MPC had to take pre-emptive action.

“The RBI has taken over 100 measures to proactively and decisively respond to the unprecedented crisis. We have not been a prisoner of any rule book,” Das said in his opening comments.

The Reserve Bank had last cut the repo rate by 40 basis points in May 2020 but has maintained the status quo on rates since then.

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RBI Keeps Policy Interest Rates On Hold for 8th Consecutive Time

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Investment

oi-Sunil Fernandes

|

The Reserve Bank of India (RBI) in its third bi-monthly monetary policy for FY22 left policy interest rates or repo rates unchanged. With this, the repo rate remains at 4%, while the reverse repo rate remains unchanged at 3.35%.

This was largely in line with expectations from analysts and economists. The Monetary Policy Committee (MPC) also decided to keep the policy stance accomodative, by a 5:1 majority.

RBI Governor Shaktikanta Das in the previous MPC meet decided to keep the repo rate unchanged and continue with the accommodative stance as long as necessary to support growth. Since March 2020, RBI has slashed repo rates to a record low of 4 per cent through two rate cuts of 75 bps in March 2020 and 40 bps in May 2020.

According to Emkay Global, the the RBI has been contending with dilemmas on managing its liquidity stance since Covid first struck last year amid robust FX flows and elevated inflation pressure.

RBI Keeps Policy Interest Rates On Hold For 8th Consecutive Time

“Surplus liquidity has not necessarily percolated well across the curve or segments of the rates market amid asymmetric gains in credit markets and risks of rerouting of surplus liquidity and excessive risk-taking in other asset classes. It is arguably correct that, amid an imminent recovery, such high system liquidity may not be warranted,” the brokerage had said in a recent report.

Stock markets were largely expecting the policy decision and the sensex was up more than 360 points, crossing the 60,000 points mark.



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Bank of Baroda Extends Special FD Scheme For Senior Citizens Till 31st March 2022

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Benefits for senior citizens

BoB is honoring senior people by giving special offers such as higher interest rates on FDs, complimentary services under Doorstep Banking, and concessions under the Senior Citizen Privilege Account, among other initiatives to honour senior citizens on behalf of the occasion of “International Day for the Elderly” on October 1, 2021.

They can also use Video KYC on BoB World to set up an account from the comfort of their own home. Conveying his wishes for a happy, healthy & long life to all senior citizens on the occasion of International Day for the Elderly, Shri Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, “Bank of Baroda has always been at the forefront to give the best of services and is continuously enhancing its product offering to Senior Citizens. Covid Pandemic has severely affected all segments, particularly the senior citizens who are most vulnerable and dependent on the interest rate earning from fixed deposits. Taking care of the elderly is an integral part of our country’s ethos and we are happy to take this tradition forward by strengthening our offerings and services to best suit the needs of our senior citizens.”

Bank of Baroda FD Rates For Senior Citizens

Bank of Baroda FD Rates For Senior Citizens

The Bank of Baroda is presently offering an additional rate to resident senior citizens with deposits of less than Rs.2.00 crores at a rate of 0.50 percent for deposits maturing in less than 5 years and 1.00 percent for deposits maturing in 5 years to up to 10 years. This offer is valid until 31.03.2022. The following are the Bank of Baroda fixed deposit interest rates for senior citizens, which are in force from November 16, 2020.

Tenors Interest rates in % p.a.
7 days to 14 days 3.3
15 days to 45 days 3.3
46 days to 90 days 4.2
91 days to 180 days 4.2
181 days to 270 days 4.8
271 days & above and less than 1 year 4.9
1 year 5.4
Above 1 year to 400 days 5.5
Above 400 days and upto 2 Years 5.5
Above 2 Years and upto 3 Years 5.6
Above 3 Years and upto 5 Years 5.75
Above 5 Years and upto 10 Years 6.25
Source: Bank Website, (w.e.f. 16.11.2020)

Bank of Baroda FD Rates For Regular Customers

Bank of Baroda FD Rates For Regular Customers

For a deposit amount of less than Rs 2 Cr, BoB is offering the following interest rates to the general public on their deposits maturing in 7 days to 10 years.

Tenors Interest rates in % p.a.
7 days to 14 days 2.8
15 days to 45 days 2.8
46 days to 90 days 3.7
91 days to 180 days 3.7
181 days to 270 days 4.3
271 days & above and less than 1 year 4.4
1 year 4.9
Above 1 year to 400 days 5
Above 400 days and upto 2 Years 5
Above 2 Years and upto 3 Years 5.1
Above 3 Years and upto 5 Years 5.25
Above 5 Years and upto 10 Years 5.25
Source: Bank Website, (w.e.f. 16.11.2020)

Bank of Baroda Tax Savings Term Deposit

Bank of Baroda Tax Savings Term Deposit

BoB also allows tax savings term deposit with no premature withdrawal option and with a lock-in period of 5 years. Under this kind of deposit, senior citizen rate is also applicable for resident Indian senior citizens. BoB is currently offering an additional interest rate of 0.50% for all tenors in below 5 years and 1.00% for tax savings term deposits maturing in above 5 years to up to 10 years and valid till 30.09.2021. Customers who withdraw deposits worth more than Rs.1.00 crore prematurely must provide the bank with 31 days’ notice and pay a penalty of 1.5 percent of the relevant rate of interest for the period the deposit is maintained with the bank. The most recent interest rates on tax savings term deposit of BoB are listed below.

Tenors Deposit [Per Annum] less than Rs 2 Cr. Sr. Citizen(w.e.f 16.11.2020)
For 5 years 5.25 5.75
Above 5 years to up to 10 years 5.25 6.25
Baroda Tax Savings Term Deposit (w.e.f. 16.11.2020)



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Reserve Bank of India – Press Releases

Press Releases

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(Amount in ₹ crore, Rate in Per cent)
  Volume
(One Leg)		 Weighted
Average Rate 		Range
A. Overnight Segment (I+II+III+IV) 453,034.47 3.12 0.01-5.15
     I. Call Money 6,625.60 3.17 1.95-3.40
     II. Triparty Repo 349,399.50 3.10 2.90-3.15
     III. Market Repo 96,789.37 3.17 0.01-3.30
     IV. Repo in Corporate Bond 220.00 3.65 3.50-5.15
B. Term Segment      
     I. Notice Money** 158.45 3.08 2.75-3.40
     II. Term Money@@ 183.50 – 3.10-3.60
     III. Triparty Repo 30.00 3.35 3.35-3.35
     IV. Market Repo 150.00 3.20 3.20-3.20
     V. Repo in Corporate Bond 285.00 3.81 3.60-5.35
  Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off Rate
C. Liquidity Adjustment Facility (LAF) & Marginal Standing Facility (MSF)
I. Today’s Operations
1. Fixed Rate          
     (i) Repo          
    (ii) Reverse Repo Thu, 07/10/2021 1 Fri, 08/10/2021 339,048.00 3.35
    (iii) Special Reverse Repo~          
    (iv) Special Reverse Repoψ          
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo          
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo          
3. MSF Thu, 07/10/2021 1 Fri, 08/10/2021 150.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -338,898.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Fri, 24/09/2021 14 Fri, 08/10/2021 6,999.00 3.75
    (iv) Special Reverse Repoψ Fri, 24/09/2021 14 Fri, 08/10/2021 2,712.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Fri, 24/09/2021 14 Fri, 08/10/2021 344,515.00 3.60
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 05/10/2021 7 Tue, 12/10/2021 200,001.00 3.61
3. MSF          
4. Long-Term Repo Operations# Mon, 17/02/2020 1095 Thu, 16/02/2023 499.00 5.15
  Mon, 02/03/2020 1094 Wed, 01/03/2023 253.00 5.15
  Mon, 09/03/2020 1093 Tue, 07/03/2023 484.00 5.15
  Wed, 18/03/2020 1094 Fri, 17/03/2023 294.00 5.15
5. Targeted Long Term Repo Operations^ Fri, 27/03/2020 1092 Fri, 24/03/2023 12,236.00 4.40
  Fri, 03/04/2020 1095 Mon, 03/04/2023 16,925.00 4.40
  Thu, 09/04/2020 1093 Fri, 07/04/2023 18,042.00 4.40
  Fri, 17/04/2020 1091 Thu, 13/04/2023 20,399.00 4.40
6. Targeted Long Term Repo Operations 2.0^ Thu, 23/04/2020 1093 Fri, 21/04/2023 7,950.00 4.40
7. On Tap Targeted Long Term Repo Operations€ Mon, 22/03/2021 1095 Thu, 21/03/2024 5,000.00 4.00
  Mon, 14/06/2021 1096 Fri, 14/06/2024 320.00 4.00
  Mon, 30/08/2021 1095 Thu, 29/08/2024 50.00 4.00
  Mon, 13/09/2021 1095 Thu, 12/09/2024 200.00 4.00
  Mon, 27/09/2021 1095 Thu, 26/09/2024 600.00 4.00
  Mon, 04/10/2021 1095 Thu, 03/10/2024 350.00 4.00
8. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 17/05/2021 1095 Thu, 16/05/2024 400.00 4.00
Tue, 15/06/2021 1095 Fri, 14/06/2024 490.00 4.00
Thu, 15/07/2021 1093 Fri, 12/07/2024 750.00 4.00
Tue, 17/08/2021 1095 Fri, 16/08/2024 250.00 4.00
Wed, 15/09/2021 1094 Fri, 13/09/2024 150.00 4.00
D. Standing Liquidity Facility (SLF) Availed from RBI$       23,995.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -444,589.20  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -783,487.20  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 07/10/2021    631,474.27  
     (ii) Average daily cash reserve requirement for the fortnight ending 08/10/2021 630,489.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 07/10/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 10/09/2021 1,183,556.00  
@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
@@ Relates to uncollateralized transactions of 15 days to one year tenor.
$ Includes refinance facilities extended by RBI.
& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo.
# As per the Press Release No. 2020-2021/287 dated September 04, 2020.
^ As per the Press Release No. 2020-2021/605 dated November 06, 2020.
€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
£ As per the Press Release No. 2021-2022/181 dated May 07, 2021.
~ As per the Press Release No. 2021-2022/177 dated May 07, 2021.
ψ As per the Press Release No. 2021-2022/323 dated June 04, 2021.
Ajit Prasad
Director   
Press Release: 2021-2022/1000

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Extension of Last Date of Submission – Design, Supply, Installation, Testing & Commissioning of UVGI Assembly in the Air Handling Units (AHUs) for Bank’s Main Office Premises at Guwahati

Tenders

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e-Tender No. RBI/Guwahati/Guwahati/7/21-22/ET/144

The captioned tender was published on September 14, 2021 through RBI website (www.rbi.org.in). Last date for online submission of the tender through MSTC website (www.mstcecommerce.com) was specified on or before 14:00 hours on October 07, 2021. It is informed that the last date for submission has been extended to October 25, 2021 till 14:00 hours. All the terms and conditions mentioned in the tender remain unchanged.

GM (O-i-C), North Eastern States

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Best 5 Auto Ancillary Stocks To Buy As Suggested By Emkay Global

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Buy Apollo Tyre with upside potential of 37%

Emkay Global suggests buying the stock of Apollo Tyre for a target price of Rs. 305 per share, i.e. an upside of over 37 percent from the last traded price of Rs. 222.

The APMEA (20%) and Europe areas will drive revenue growth (3 percent ). Despite the greater size, EBITDA margins should fall due to delays in commodity inflation pass-through.

Exide Industries

Emkay Global suggests buying the stock of Exide Industries for a target price of Rs. 4,420 per share, i.e. an upside of over 17 percent from the last traded price of Rs.3771.

Replacement and industrial markets should drive revenue growth. Due to a favorable base, the company should outperform AMRJ in terms of sales growth. Despite the greater size, EBITDA margins should fall due to delays in commodity inflation pass-through.

Buy Motherson Sumi with upside potential of 34%

Buy Motherson Sumi with upside potential of 34%

Motherson Sumi‘s stock is recommended by Emkay Global with a target price of Rs. 300 per share, representing a gain of almost 34% over the latest traded price of Rs.224.

Total revenues are likely to fall due to poor performance in the SMR PBV sector (-20 percent yoy). In comparison, the solo (22 percent) and PKC (42 percent) categories are predicted to increase at a good rate. Due to lower scale and delays in commodity inflation pass-through, the EBITDA margin may fall.

Buy Bharat Forge with upside potential of 27%

Buy Bharat Forge with upside potential of 27%

Emkay Global has set a target price of Rs. 920 per share for Bharat Forge’s stock, reflecting a gain of over 27% over the current market price of Rs.722.

Domestic CVs (115 percent yoy), foreign CVs (189 percent), and overseas industrials should all see considerable growth (77 percent ). Despite a lag in commodity inflation pass-through, we estimate EBITDA margin expansion due to increased scale.

Buy Minda Industries with potential of 14%

Buy Minda Industries with potential of 14%

Emkay Global has set a target price of Rs. 840per share for Minda Industries’s stock, reflecting a gain of over 14% over the current market price of Rs734.

Growth in sectors such as Castings, Seating, Switches, and Others (sensors, etc.) will boost total revenue growth. Acoustics and lighting systems, on the other hand, are expected to decline. EBITDA margins may decline, owing to delays in commodity inflation pass-through and increasing personnel expenses.

5 Auto Ancillary Stocks To Buy As Suggested By Emkay Global

5 Auto Ancillary Stocks To Buy As Suggested By Emkay Global

Stocks Current market price Target price Likely gains %
Apollo Tyres Rs 222 Rs 305 37%
Exide Industries Rs 179 Rs 210 17%
Motherson Sumi Rs 224 Rs 300 34%
Bharat Forge Rs 722 Rs 920 27%
Minda Industries Rs 734 Rs 840 14%

Disclaimer

Disclaimer

The investment ideas are picked from Emkay Global Auto report. Investors should note that investing in stocks is risky and neither the author, nor Greynium Information Technologies Pvt Ltd, nor the brokerage would be responsible for losses based on a decision from the above article.



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