Month: November 2021

Punjab & Sind Bank Q2 rises 25.29% sequentially

Banking & Finance

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Punjab & Sind Bank (PSB) on Monday reported a net profit of ₹218 crore for the quarter-ended September 30 as against a net loss of ₹401 crore in the same quarter last fiscal.

On a sequential basis, net profit for the quarter under view grew 25.29 per cent as compared to net profit of ₹174 crore in the first quarter this fiscal.

S Krishnan, Managing Director & CEO, PSB expressed confidence that the public sector lender will be able to sustain this bottomline performance in the subsequent quarters as well.

Operating profit rises

Operating profit of the bank for the quarter increased 20.29 per cent to ₹249 crore as compared to ₹207 crore in the same quarter last fiscal.

Gross non performing assets stood at ₹9,823 crore as on September-end 2021 as against ₹9,055 crore in June-end 2021. It stood at ₹8,673 crore as on September 2020.

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HDFC reports 31.7% jump in standalone net profit in Q2

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Housing Development Finance Corporation (HDFC) Ltd on Monday reported a 31.7 per cent jump in its standalone net profit for the second quarter of the fiscal, led by higher dividend income as well as a drop in expenses.

It said that the individual approvals and disbursements grew by 67 per cent and 80 per cent, respectively, during the half-year ended September 30, 2021 compared to the corresponding period in the previous year. “Individual disbursements in the month of October 21 were the highest ever in a non-quarter end month,” it further said.

Spike in total income

For the quarter ended September 30, HDFC had a standalone net profit of ₹3,780.5 compared to ₹2,870.12 crore in the corresponding quarter last fiscal. Its total income increased by 4.2 per cent to ₹12,226.39 crore in the second quarter of the fiscal as against ₹11,732.70 crore in the same period last fiscal.

The net interest income for second quarter of the fiscal rose by 13 per cent to ₹4,108.51 crore from ₹3,646.54 crore a year ago. The net interest margin was 3.6 per cent for the quarter under review as against 3.7 per cent for the first quarter of the fiscal. Dividend income shot up to ₹1,171.26 crore in the July to September 2021 from ₹322.97 crore a year ago.

Home loans demand

“The demand for home loans continues to remain strong. Growth in home loans was seen in both the affordable housing segment as well as in high end properties. The increasing sales momentum and new project launches augurs well for the housing sector,” HDFC said in a statement on Monday.

The collection efficiency for individual loans on a cumulative basis improved to stand at over 98 per cent during the quarter ended September 30. The provisions as at September 30, 2021 stood at ₹13,340 crore

As per regulatory norms, the gross non-performing loans as at September 30, 2021 stood at ₹10,341 crore. This is equivalent to 2 per cent of the loan portfolio compared to 2.24 per cent as on June 30, 2021.

Expected credit loss was ₹452 crore for the second quarter of the fiscal, marginally higher than ₹436 crore a year ago. This was however, a 34.1 per cent drop from the expected credit loss of ₹686 crore as of June 30, 2021.

As at September 30, 2021, loans restructured under the RBI’s resolution framework for Covid-19 related stress (OTR 1 and 2.0) was equivalent to 1.4 per cent of the loan book compared to 0.9 per cent as at June 30, 2021.

Of the loans restructured, 63 per cent are individual loans and 37 per cent are non-individual loans. Of the total restructured loans, 35 per cent is in respect of just one account. Assets under management increased by 10.6 per cent to ₹5.97-lakh crore as of September 30 from ₹5.4-lakh crore a year ago.

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Yes Bank appoints Sharad Sharma as Non-Executive Director

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Yes Bank has co-opted Sharad Sharma as Non-Executive Director on its board of directors.

The appointment is with effect from November 1 and will help broad base the board, it said in a statement on Monday.

Sharma is a career banker with forty years of banking experience. He was the Managing Director of State Bank of Mysore from August 2012 to April 2016, where he was seconded from State Bank of India.

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Bandhan Bank gets empanelled as agency bank of RBI

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We are indeed grateful for this opportunity,” said Chandra Shekhar Ghosh, managing director and chief executive officer.

The Reserve Bank of India (RBI) has authorised private sector lender Bandhan Bank as its agency bank for undertaking government businesses. The appointment would allow the Kolkata-based lender to undertake government businesses on behalf of the RBI. With this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as agency banks of the RBI, the lender said in a release on Monday.

As an agency bank of the RBI, authorised to undertake government business, the bank will be able to handle transactions related to collection of state taxes and revenue receipts such as the GST and VAT; collection of stamp duty and pension payments on behalf of the central and state governments.

“The bank’s extensive branch network, especially in rural and semi-urban areas; state-of-the art products and services; and digital banking capabilities will help it discharge its duties effectively by bringing governments and citizens closer to each other,” the release said.

“Since its launch six years ago, Bandhan Bank has been dedicated towards bringing millions of Indians into the fold of formal financial services and catalysing the creation of sustainable livelihoods. The RBI’s decision to authorise Bandhan Bank to undertake government business as an agency bank will further help us contribute to nation building; and we thank the RBI for this approval. Bandhan Bank enjoys the trust of over 2.4 crore customers, and now, we have the opportunity to serve the government with our banking services. We are indeed grateful for this opportunity,” said Chandra Shekhar Ghosh, managing director and chief executive officer.

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RBI approves Bandhan Bank as ‘agency bank’ to conduct govt biz

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The Reserve Bank of India (RBI) has authorised Bandhan Bank as an agency bank for undertaking government business. With this, the bank joins ranks with a few other scheduled private sector banks to be empanelled as agency banks of the RBI.

The announcement comes close on the heels of a RBI guideline earlier in May this year that authorises scheduled private sector banks as agency banks of the regulator for the conduct of government business.

The guidelines were revised by the Central bank following the lifting of embargo put in place by Department of Financial Services, Ministry of Finance in 2012 on further allocation of government business to private sector banks through a communication dated February 24, 2021.

Handle transactions

As an agency bank of the RBI, Bandhan Bank will be able to handle transactions related to collection of State taxes and revenue receipts such as GST and VAT, collection of stamp duty and pension payments on behalf of the Central and the State governments.

The bank’s extensive branch network, especially in rural and semi-urban areas, and its digital banking capabilities would help bring governments and citizens closer to each other, the bank said in a press statement.

“The RBI’s decision will further help us contribute to nation-building and we thank the RBI for this approval. Bandhan Bank enjoys the trust of over 2.4 crore customers. We now have the opportunity to serve the government with our banking services,” Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank said in the statement.

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Reserve Bank of India – Notifications

Notifications

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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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SBI launches video call life certificate submission facility for pensioners

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State Bank of India (SBI) has launched a Video Life Certificate (VLC) facility for pensioners.

With this facility, pensioners can schedule a video call with SBI staff at their convenience and complete the process of life certificate submission without having to visit the bank branch, India’s largest bank said in a statement.

Pensioners have to log on to www.pensionseva.sbi, click on ‘Video LC’ and enter their SBI pension account number. They will have to submit the OTP received on their registered mobile numbers.

After reading the terms and conditions, pensioners can click on ‘Start Journey’.

“Pensioners will have to keep their original PAN card in place, click on ‘I am ready’ and grant permission to start the video call,” the Bank said.

Dinesh Khara, Chairman, SBI said, “We believe this facility will digitally empower pensioners and enable them to submit their life certificates without any hassle of visiting the branch amid Covid-19. ”

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Reserve Bank of India – Press Releases

Press Releases

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The value of exports and imports of services during September 2021 is given in the following Table.

International Trade in Services
(US$ Million)
Month Receipts (Exports) Payments (Imports)
July – 2021 18,524
(10.9)		 11,057
(14.2)
August – 2021 19,574
(21.4)		 11,520
(24.5)
September – 2021 20,680
(22.0)		 12,214
(25.0)
Notes: (i) Data are provisional; and
(ii) Figures in brackets are growth rates over corresponding month’s data which have been revised on the basis of balance of payments statistics released on June 30, 2021.

Monthly data on services are provisional and are likely to undergo revision when the Balance of Payments (BoP) data are released on a quarterly basis.

Ajit Prasad
Director   

Press Release: 2021-2022/1132

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Reserve Bank of India – Press Releases

Press Releases

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Unity Small Finance Bank Limited has commenced operations as a small finance bank with effect from November 1, 2021. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

Centrum Financial Services Limited, the promoter of the Unity Small Finance Bank Limited was granted an ‘in-principle’ approval to set up a small finance bank, as announced in the press release on June 18, 2021, under “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector” dated December 5, 2019.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1131

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Centrum-BharatPe backed Unity SFB commences operations

Banking & Finance

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The Reserve Bank of India on Monday said Unity Small Finance Bank (Unity SFB) Ltd has commenced operations as a small finance bank (SFB) with effect from November 1.

Unity SFB, which has been jointly established by the Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe) to carry on SFB business in India, was granted banking licence by RBI on October 13.

“The bank, which will be a digital first bank, commences operations with Centrum’s MSME and micro finance businesses and teams that has a capital infusion of about ₹1,100 crore, total assets worth ₹2,400 crore, active customer base of over 2 lakh, 145 offices including a branch in Centrum House, Mumbai,” said Centrum Group and BharatPe in a joint statement.

‘Tech-first products’

Jaspal Bindra, Executive Chairman, Centrum Group, said, “We aim to make it a truly new age bank. The bank is well capitalised, significantly higher than the minimum regulatory requirement (of ₹200 crore), giving us the platform to build a robust technological infrastructure, hire the best talent and work with credible vendor partners.”

Ashneer Grover, Co-Founder and Managing Director, BharatPe, said that with the capitalisation and approvals in place, Unity SFB will now focus on building tech-first products. RBI had accorded “in-principle” approval to CFSL, a wholly owned subsidiary of Centrum Capital, on June 18 to set up a SFB.

The aforementioned approval was in specific pursuance to CFSL’s February 2021 offer in response to the scam-hit Punjab and Maharashtra Co-operative (PMC) bank’s November 2020 Expression of Interestnotification.

Amalgamation process

The grant of banking licence to Unity SFB and commencement of its operations 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.

Bindra expects the amalgamation to be complete by next month-end. This development should warm the distressed hearts of PMC bank depositors. They have been struggling to get their deposits back for more than two years amid the Covid-19 pandemic.

Once CFSL takes over PMC bank, it would get a ready-made branch network of about 100 branches in Mumbai and in a few States. CFSL provides credit to small and mid-size companies.

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