Month: October 2021

RBI to call-back retired officers to improve efficiency

Banking & Finance

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Old is gold for the Reserve Bank of India (RBI) if one goes by its plan to engage the services of retired officers to strengthen its supervisory framework for both banking and non-banking sectors.

The central bank is planning to hire 29 officers, who retired from its services, on contractual basis as supervisory resource persons/analysts in the Department of Supervision (DoS).

This move comes in the backdrop of the steps taken by the central bank to improve the effectiveness of its supervision and monitoring of supervised entities resulting in supervisory action being taken against them.

In the last one year, RBI has imposed business restrictions on a large private sector bank; stopped a prominent card payment network from on-boarding new domestic customers onto its card network; slapped monetary penalties on a host of urban co-operative banks for non-compliance with its various master directions, among others.

Hiring plans

In view of the large-scale changes in the size, complexity, business model and risks in the operations of banks and non-banking finance companies (NBFCs), RBI is beefing up its supervisory workforce by engaging retired officers.

So, the central bank is planning to hire 26 retired officers in the supervisory examination division (SED) of DoS — 12 in NBFC SED; eight in the urban co-operative bank (UCB) SED; and six in the scheduled commercial banks (SCBs) SED. Further, three retired officers will be hired in the Information Technology (IT) Group.

The officers engaged in SED will undertake onsite supervision and off-site surveillance in a computerised environment and associated duties, including sharing of specialised skills with supervisory resources of RBI.

The officers in IT group will undertake onsite IT examination/ thematic study covering assessment of areas such as application, network and database security, resilience of IT infrastructure; analysis of cyber security/ IT incidents reported by regulated entities and follow-up action thereon, among others.

These officers will be initially engaged for two years, with provision of one-year extension based on review of performance and achievement of intended objectives, subject to a total period of five years.

The move to hire retired officers also comes in the backdrop of serving officers reportedly being reluctant to join the Unified Department of Supervision (for Banking, Non-Banking and Co-operative Bank), which was created in November 2019, due to issues around career progression.

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RBI to call-back retired officers to improve efficiency

Banking & Finance

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Read More/Less


Old is gold for the Reserve Bank of India (RBI) if one goes by its plan to engage the services of retired officers to strengthen its supervisory framework for both banking and non-banking sectors.

The central bank is planning to hire 29 officers, who retired from its services, on contractual basis as supervisory resource persons/analysts in the Department of Supervision (DoS).

This move comes in the backdrop of the steps taken by the central bank to improve the effectiveness of its supervision and monitoring of supervised entities resulting in supervisory action being taken against them.

In the last one year, RBI has imposed business restrictions on a large private sector bank; stopped a prominent card payment network from on-boarding new domestic customers onto its card network; slapped monetary penalties on a host of urban co-operative banks for non-compliance with its various master directions, among others.

Hiring plans

In view of the large-scale changes in the size, complexity, business model and risks in the operations of banks and non-banking finance companies (NBFCs), RBI is beefing up its supervisory workforce by engaging retired officers.

So, the central bank is planning to hire 26 retired officers in the supervisory examination division (SED) of DoS — 12 in NBFC SED; eight in the urban co-operative bank (UCB) SED; and six in the scheduled commercial banks (SCBs) SED. Further, three retired officers will be hired in the Information Technology (IT) Group.

The officers engaged in SED will undertake onsite supervision and off-site surveillance in a computerised environment and associated duties, including sharing of specialised skills with supervisory resources of RBI.

The officers in IT group will undertake onsite IT examination/ thematic study covering assessment of areas such as application, network and database security, resilience of IT infrastructure; analysis of cyber security/ IT incidents reported by regulated entities and follow-up action thereon, among others.

These officers will be initially engaged for two years, with provision of one-year extension based on review of performance and achievement of intended objectives, subject to a total period of five years.

The move to hire retired officers also comes in the backdrop of serving officers reportedly being reluctant to join the Unified Department of Supervision (for Banking, Non-Banking and Co-operative Bank), which was created in November 2019, due to issues around career progression.

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Corrigendum – Design, Supply, Installation, Testing and Commissioning (DSITC) of Grid Interactive SPV based 104 KWp Solar Power Plant (SPP) for RBI at Byculla Office Building, RBI Officers Quarters at BKC, RBI Officers Quarters at Kailash, Malad (East), RBI Staff Quarters at Bhandup and RBI Staff Quarters at Chembur in Mumbai

Tenders

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A reference is invited to the event no: RBI/Mumbai/Estate/79/21-22/ET/108 for the captioned tender. In this context, please note the following changes in schedule:

a. Last date of Submission of EMD : October 20, 2021 till 2.00 PM
b. Close Bid date and time : October 20, 2021 at 2.00 PM
c. TOE start time (Opening of Part I – Technical Bid) : October 20, 2021 at 2.30 PM onwards

2. All the other terms and conditions mentioned in the tender remain unchanged.

Regional Director

RBI, Maharashtra & Goa

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7 Stocks From The Oil And Gas Sector On Sharekhan’s Buy List

Personal Finance

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Stocks from the oil and gas sector to buy according to Sharekhan

Current market price Target price to buy for
Reliance Industries Rs 2,587 Rs 2,700
Petronet LNG Rs 230 Rs 285
Mahanagar Gas Rs 1,077 Rs 1,450
IOCL Rs 132.70 Rs 150
HPCL Rs 322 Rs 340
GAIL Rs 162 Rs 196
Gujarat Gas Rs 625 Rs 890

City gas distribution companies to do well

City gas distribution companies to do well

According to Sharekhan, the City gas distribution companies (excluding Gujarat Gas) are likely to report strong earnings growth y-o-y, led by sharp volume growth and strong margin and gas utilities (especially GAIL) would benefit from substantial improvement in profitability of gas marketing business and volume growth across segment.

“Oil marketing companies earnings performance is expected to be mixed as sharp recovery in refining & marketing margins would get largely offset by lower inventory gain, subdued refinery utilisation for HPCL and sequential moderation in petchem margin for IOCL. Upstream PSUs (ONGC and Oil India) are likely to report high earnings growth led by increase in oil price and lower operating cost. We expect Reliance Industries’ (RIL) earnings to grow by 9% q-o-q led by mode,” the brokerage has said.

Oil marketing companies to be a mixed bag

Oil marketing companies to be a mixed bag

According to Sharekhan, oil marketing companies like IOCL, BPCL and HPCL core earnings will witness significant improvement as gross refining margins are on recovery mode (Singapore complex GRM up 76% q-o-q to $3.7/bbl) and diesel/petrol marketing margin expected to improve sharply to Rs. 5.6/Rs. 3 per litre versus only Rs. 4.1/Rs. 1 per litre in Q1FY22.

“However, on reported basis the performance would be mixed due to lower inventory gains q-o-q, weakness in HPDE margin on higher naphtha price for Indian Oil Corporation and subdued refinery utilisation for HPCL.

We expect IOCL/BPCL/HPCL PAT to witness -4%/30%/7% q-o-q earnings growth in Q2FY22. For Reliance Industries, we expect net profits to increase by 9% q-o-q to Rs. 13,324 crore led by modest growth in the oil to chemicals business as higher gross refining margins to get offset by lower petchem margin, decent performance by Jio supported by 4%/1% q-o-q increase in subscribers/ARPU to 460 million and Rs 140 per month respectively and strong q-o-q retail EBITDA growth led by demand recovery,” the brokerage has said.

HPCL and BPCL preferred stock picks from the OMC space

HPCL and BPCL preferred stock picks from the OMC space

“We prefer HPCL and BPCL among oil marketing companies given cyclical earnings recovery and potential re-rating on successful privatisation (expected by March 2022) of BPCL. We prefer GAIL and GSPL among gas utilities, as it is a play on rising domestic gas demand and is available at attractive valuations,” the brokerage has said.

Disclaimer

Disclaimer

The stocks recommended above are taken from the brokerage report of Sharekhan. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies Pvt Ltd, the author, and the analysts are not liable for any losses caused as a result of decisions based on the article. The above article is for informational purposes only.



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Bank of Baroda reduces home loans rates to 6.5 pc, BFSI News, ET BFSI

Banking & Finance

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State-run Bank of Baroda on Thursday said it has reduced its home loan rate by 25 basis points (bps) to 6.50 per cent from 6.75 per cent. The new rate will be available for customers till December 31, 2021, the lender said in a press release.

The rate will be offered to customers applying for fresh loans, loan transfers, or looking to refinance their existing loans.

“Our customers will get benefited from this offering in this festive season. With this reduced rate of interest, Bank of Baroda home loans are now offering the most competitive rates across categories for a limited period till December 31, 2021,” the bank’s General Manager (Mortgages and Other Retail Assets) H T Solanki said.

The lender said nil processing fee on home loan was already on offer and has been extended till December 31, 2021.

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MD, BFSI News, ET BFSI

Banking & Finance

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Export-Import Bank of India (Exim) Bank is looking at an 8-10 per cent growth in its loan portfolio in the current fiscal, a top bank official said on Thursday. In the first half of fiscal 2021-22, the development finance institution had clocked a 5 per cent loan growth.

“For the full year (FY2022), we have a target of eight to 10 per cent (loan) growth,” Exim Bank‘s Managing Director Harsha Bangari told reporters.

Generally, the credit demand in the market is muted, she said, adding the credit growth of Exim Bank cannot be very different from the banking sector’s growth rate.

In the fiscal ended March 31, 2021, Exim Bank’s loan portfolio grew by 4.43 per cent to Rs 1,03,851 crore compared to Rs 99,447 crore in FY2020.

It had reported a profit after tax of Rs 254 crore in FY21 as against Rs 124 crore in the previous fiscal.

Speaking about the asset quality, she said there were a couple of accounts that have become non-performing loans (NPAs) and those are under the bank’s radar.

“So, for the rest of the six months, I am seeing slippage ratio to be very much in control and a substantial improvement in our gross NPA ratio,” Bangari noted.

In fiscal 2021, its slippage ratio improved to 1.52 per cent from 1.94 per cent in FY20. Net NPA stood at 0.51 per cent from 1.77 per cent in FY2020.

The bank follows very aggressive provisioning and ensures that all NPAs are provided for, she said.

Last year, the provision coverage ratio was at over 95 per cent and this fiscal it will be higher than that, she added.

“In asset quality terms, we are much better than what we were last year or, for that matter, in the last two-three years,” Bangari said.

As part of a consortium, the bank has identified nine accounts worth Rs 700-800 crore to be transferred to NARCL.

On the overseas fundraising plans, she said the export credit agency, on average, raises USD 2 billion to 3 billion every year. The quantum of fund-raise depends on the bank’s growth trajectory and the refinancing requirements.

“In the year 2021-22, I don’t have huge debt servicing obligation. I would say around USD 2 billion for the current year is what we would plan to raise,” she said.

It has already raised USD 1 billion and may hit the bond market in January 2022 to raise another USD 1 billion, she said.

Of the Rs 1,500 crore of budgeted capital infusion for the current fiscal, the development finance institution received a capital of Rs 750 crore from the government during the April-September period, she added. PTI HV BAL BAL



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Reserve Bank of India – Press Releases

Press Releases

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The Reserve Bank of India (RBI) has imposed, by an order dated October 07, 2021, a monetary penalty of ₹4 lakh (Rupees Four lakh only) on Bicholim Urban Co-operative Bank Limited, Bicholim, Goa (the bank) for contravention of/ non-compliance with directions issued by RBI on Exposure Norms and Statutory / Other Restrictions – UCBs, Board of Directors – UCBs and Know Your Customers (KYC). This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949 (the Act), taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The inspection report of the bank based on its financial position as on March 31, 2020, revealed, inter alia, non-compliance with aforesaid directions issued by the RBI. Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the aforesaid directions.

After considering the bank’s written reply to the show cause notice and oral submissions made during the personal hearing and subsequent additional submissions, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/999

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Visa launches card-on-file tokenisation service, BFSI News, ET BFSI

Banking & Finance

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New Delhi, Oct 7 (PTI) Visa, a digital payments platform, on Thursday launched its card-on-file (CoF) tokenisation services in India in line with the recently issued RBI guidelines. Card-on-file (CoF) tokenisation provides two key benefits – consumer and ecosystem security and an enhanced checkout experience, VISA said in a statement.

Launched in partnership with Juspay, the CoF tokenisation service is now available across e-commerce leaders such as Grofers, BigBasket and MakeMyTrip.

The RBI’s recent CoF tokenisation guidelines mandate replacing the actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions.

This devaluation of sensitive card details alleviates risk and reduces vulnerability of sensitive data, as only tokens are present in transit, across the ‘in-rest’ and ‘in-use’ phases, it said.

These new guidelines are expected to enhance consumer trust in e-commerce payments, ensure seamless transaction experience as well as allow card issuers the comfort of authorising a higher number of transactions, it added. PTI DP HRS hrs



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SC declines to entertain plea seeking guidelines to tackle rising NPAs in banking sector, BFSI News, ET BFSI

Banking & Finance

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New Delhi [India], October 7 (ANI): The Supreme Court on Thursday declined to entertain a plea filed by BJP MP Subramanian Swamy seeking direction to frame guidelines to deal with the ever-increasing Non-Performing Assets (NPA) in the banking sector.

The Apex Court disposed of the plea and told Swamy that it’s a policy matter to be decided by the government and Reserve Bank of India (RBI).

The Court allowed Swamy to make representation before the RBI. (ANI)

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