Month: November 2021

Reserve Bank of India – Tenders

Tenders

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E-Tender No. RBI/Ranchi/Estate/172/21-22/ET/233

E-tenders were invited for RENOVATION OF CIVIL & ELECTRICAL WORKS IN RBI RANCHI OFFICE LOCATED AT ZILA PARISHAD BHAVAN after publishing the NIT in MSTC Portal and on the Bank’s website. As per the schedule, pre-bid meeting was scheduled to be conducted at 11.00 am on November 08, 2021 at Estate Department, Reserve Bank of India, Ranchi.

No bidder came forward for the meeting. Hence, the meeting was not conducted.

The terms and conditions and specifications of the tender document shall continue to remain same.

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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) 538,079.90 3.22 0.01-5.20
     I. Call Money 6,984.51 3.19 2.00-3.50
     II. Triparty Repo 425,218.20 3.21 3.01-3.30
     III. Market Repo 105,827.19 3.27 0.01-3.40
     IV. Repo in Corporate Bond 50.00 5.20 5.20-5.20
B. Term Segment      
     I. Notice Money** 727.90 3.26 2.75-3.40
     II. Term Money@@ 70.00 – 3.20-3.50
     III. Triparty Repo 100.00 3.25 3.25-3.25
     IV. Market Repo 200.00 2.80 2.80-2.80
     V. Repo in Corporate Bond 65.00 5.74 5.35-6.20
  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, 11/11/2021 1 Fri, 12/11/2021 246,428.00 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, 11/11/2021 1 Fri, 12/11/2021 12.00 4.25
4. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£          
5. Net liquidity injected from today’s operations
[injection (+)/absorption (-)]*		       -246,416.00  
II. Outstanding Operations
1. Fixed Rate          
    (i) Repo          
    (ii) Reverse Repo          
    (iii) Special Reverse Repo~ Wed, 03/11/2021 15 Thu, 18/11/2021 1,158.00 3.75
    (iv) Special Reverse Repoψ Wed, 03/11/2021 15 Thu, 18/11/2021 291.00 3.75
2. Variable Rate&          
  (I) Main Operation          
     (a) Reverse Repo Wed, 03/11/2021 15 Thu, 18/11/2021 434,492.00 3.99
  (II) Fine Tuning Operations          
     (a) Repo          
     (b) Reverse Repo Tue, 09/11/2021 7 Tue, 16/11/2021 200,015.00 3.95
  Tue, 02/11/2021 28 Tue, 30/11/2021 50,007.00 3.97
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$       21,695.80  
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -578,625.2  
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -825,041.2  
G. Cash Reserves Position of Scheduled Commercial Banks
     (i) Cash balances with RBI as on 11/11/2021 612,153.06  
     (ii) Average daily cash reserve requirement for the fortnight ending 19/11/2021 634,320.00  
H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ 11/11/2021 0.00  
I. Net durable liquidity [surplus (+)/deficit (-)] as on 22/10/2021 1,179,109.00  
@ 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 and Press Release No. 2021-2022/1023 dated October 11, 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 (Communications)
Press Release: 2021-2022/1180

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Reliance Home Finance narrows net loss to Rs 284cr in Jul-Sept, BFSI News, ET BFSI

Personal Finance

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New Delhi, Reliance Home Finance on Thursday reported narrowing of its net loss to Rs 284.49 crore for the quarter ending September. The company had reported a net loss of Rs 574.40 crore in quarter ended in September 30, 2020.

Total income during the July-September quarter of 2021-22 was down by 73 per cent to Rs 70.76 crore, as against Rs 259.11 crore in the same period of 2020-21, Reliance Home Finance said in a regulatory filing.

The company’s independent auditor Tambi & Jaipurkar, in its review report said that the company has defaulted on the payment of borrowing obligations amounting to Rs 8,607.16 crore as of September 30, 2021 and its asset cover has also fallen below 100 per cent of outstanding debentures to Rs 5,967 crore.

The company’s ability to meet its obligation is dependent on material uncertain events including restructuring of loan portfolio, implementation of resolution plan by inter creditor agreement for the resolution of its debt under the ICA and revival of housing finance. The financial results of the company have been prepared by the management on a going concern basis.

“Our conclusion is not modified in respect of this matter,” the auditor said.

The company said it has cash on hand of about Rs 2,220 crore in the form of investment in liquid mutual fund and fixed deposits. However, there is delay in debt servicing on the back of a November 2019 order passed by Delhi High Court, which bars the company from disposing off its assets.

“The company is engaged with its lenders for arriving at the debt resolution plan. In this regard, certain lenders of the company have entered into an Inter-Creditor Agreement (ICA)…The ICA lenders have evaluated, voted upon and selected Authum Investment & Infrastructure as the final bidder on June 19, 2021,” it said.

In view of the resolution process being in the final stages, the accounts of the company have been prepared on going concern basis, it added.



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Indiabulls Housing Finance Q2 net profit down 11% to Rs 286 cr, BFSI News, ET BFSI

Personal Finance

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Mumbai, Mortgage financier Indiabulls Housing Finance on Thursday reported an 11 per cent dip in its net profit at Rs 286 crore in the quarter ended September due to a decline in its loan book. The lender’s profit after tax stood at Rs 323 crore in the same quarter of the previous fiscal.

Its deputy managing director Ashwini Kumar Hooda attributed the fall in profit to a 12 per cent decrease in the loan book in the second quarter of the financial year 2021-22 compared to the year-ago period.

It disbursed retail loans of Rs 325 crore in the month of September 2021 through its co-lending tie-ups, the lender said in a release.

This will scale up to Rs 500 crore of monthly disbursals by December 2021 and Rs 800 crore of monthly disbursals by March 2022, it said.

The company is on track to disburse Rs 1,000 crore of retail loans through co-lending in the third quarter of the financial year 2021-22. It has a total of seven co-lending partners- HDFC Ltd., Central Bank of India, Yes Bank, RBL Bank, Canara Bank, Punjab &Sind Bank, and Indian Bank.

Total loans disbursed as of September 30, 2021, under the Emergency Credit Line Guarantee Scheme (ECLGS) stood at Rs 176 crore, amounting to only 0.27 per cent of the loan book.

Gross NPAs have stood to 2.69 per cent in the second quarter of the financial year 2021-22 from 2.21 per cent in the previous quarter of the year-ago period.

“Balance sheet has been strengthened by shoring up provisions on the balance sheet to Rs 3,153 crore, which is 4x times of the regulatory requirement and equivalent to a healthy 4.9 per cent of our loan book and 152 per cent of Gross NPAs,” the release said.

Stage 3 provision coverage ratio stood at 43 per cent of gross NPAs (Non-performing assets).

The lender restructured loans of Rs 96.7 core, equivalent to 0.15 per cent of its loan book, under the Reserve Bank of India’s Restructuring Frameworks 1.0 and 2.0 combined.

In H1 of the financial year 2021-22, it has raised monies of Rs 12,186 crore across instruments and tenors. The company also raised Rs 792 crore through NCDs (non convertible debentures) in September 2021.

Hooda said the lender is looking to raise around Rs 10,000 crore through bank borrowings and NCDs during the second half of the current financial year.

The company’s scrip closed at Rs 237 apiece, down 3.42 per cent on BSE. PTI HV SHW SHW



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Pension funds holding distressed Srei’s bonds in a spot, BFSI News, ET BFSI

Personal Finance

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Pension funds at several entities, including Punjab National Bank (PNB) and Food Corporation of India, face the risk of losses on their respective exposures to about ₹4,800 crore of bonds issued by two companies of the Kolkata-based distressed financier Srei Group, which are now undergoing a central bank-monitored insolvency process.

Other funds likely affected include the MTNL Gratuity Trust, UltraTech CEMCO PF and the Rajasthan Vidyut Karamchari Gratuity Trust, people familiar with the matter told ET.

“Currently, bondholders are in talks with trustees as they figure out their claims for the resolution process,” said a person involved in the matter.

Lenders to Srei Group are expected to vote on a group insolvency plan on November 17.

The two Srei group companies – Srei Infrastructure Finance and Srei Equipment Finance – have an outstanding of ₹4,730 crore in bonds. These include secured and unsecured non-convertible debentures. Total market borrowings of the group, taken to the National Company Law Tribunal (NCLT) by the central bank, were ₹30,783 crore at the end of FY21.

Meanwhile, ET has reviewed a list of two dozen investors that had bought into the bonds issued by Srei Group. Rajasthan Vidyut Karamchari subscribed through three sets of papers.

Other Investors
To be sure, the investments might not be substantial for several of the pension funds cited above as there is no major single investor in these bonds. Subscribers also include several wealthy individuals and HUF (Hindu Undivided Family) entities.

MTNL, PNB, UltraTech, Food Corporation and Rajasthan Vidyut did not respond to ET’s mailed queries.

Srei’s total liabilities are through a combination of loans, bonds and external commercial borrowings. The Indian Registrar of Shipping Staff Provident Fund and Caledonian Jute Mills Workers’ PF are also invested in these bonds.

Besides, small companies such as Sadbhav Engineering, Suruchi Foods, Maharashtra Enviro Power and YMS Finance are among other investors. They could not be contacted immediately for comments.

State Bank of India (SBI), Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Punjab National Bank, Uco Bank and Union Bank of India are major lenders to the group. SBI is said to have the largest share of lending.

Under group insolvency, a joint resolution plan will be drawn for both SREI Infrastructure Finance and SREI Equipment Finance. Both were admitted for corporate insolvency and resolution process last month on central bank orders.

The committee of creditors (CoC) first met on November 2 when the Reserve Bank of India (RBI)-appointed administrator, Rajneesh Sharma, informed the lenders about the finances of the two debt-laden companies.



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RBI data, BFSI News, ET BFSI

Banking & Finance

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MUMBAI: The Reserve Bank of India’s ‘One Nation, One Ombudsman’ scheme is part of its strategy to address customer complaints, which have doubled in the wake of a surge in banking transactions due to increased digital adoption. According to RBI data, with increased awareness, digital penetration and financial inclusion, the number of complaints against various regulated entities more than doubled from 1.6 lakh in FY18 to 3.3 lakh FY20.

The integrated ombudsman scheme will be launched by the Prime Minister on Friday along with the scheme for retail participation in the primary auction of government securities. Under the retail G-Secs scheme, individual investors can access the online portal to open a securities account with the RBI, bid in primary auctions and buy & sell securities in the market. No fee will be charged for any of the services provided under the scheme.

The integrated scheme allows customers to file their complaints from anywhere at any time through portal/ email, or through physical mode at one point of receipt, without the need to identify any specific ombudsman or scheme. It will do away with the jurisdictional limitations as well as limited grounds for complaints. The RBI will provide a single reference point for the customers to submit documents, track the status of complaints filed and provide feedback. The complaints that are not covered under the ombudsman scheme will continue to be attended to by the regional offices of the RBI.

The integrated ombudsman scheme is based on a review of internal grievance redressal of banks and other regulated entities.



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Suryoday Small Finance Bank reports net loss of Rs 1.9 crore for quarter ended September, BFSI News, ET BFSI

Banking & Finance

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Suryoday Small Finance Bank made a net loss of Rs 1.9 crore for the quarter ending September 30, as compared with Rs 27.2 crore net profit in the year ago period, owing higher credit cost following the pandemic-led stress on its borrowers.

This is the bank’s second consecutive quarterly loss after Rs 47.7 crore loss in the June quarter.

Its operating profit rose 62% at Rs 82.8 crore against Rs 51.1 crore over the same period. Its net interest income at 147 crore reflects a 34% rise, primarily on account of rise in gross advances over the period and lower cost of funds, the bank said in a regulatory filing to stock exchanges.

But a 6.6-fold higher provisions to cover bad loans and others led to the loss.

Its asset quality deteriorated with gross non-performing assets ratio rising to 10.2% at the end of September compared with 9.5% at the end of June. Net NPA remained flat 4.5%. Provision coverage ratio stood a tad higher at 71.2%.

The bank restructured loans to the tune of Rs 794 crore, which was 17.7% of gross loans, which grew 21% year-on-year to Rs 4470 crore.



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Suryoday Small Finance Bank reports net loss of Rs 1.9 crore for quarter ended September, BFSI News, ET BFSI

Banking & Finance

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Suryoday Small Finance Bank made a net loss of Rs 1.9 crore for the quarter ending September 30, as compared with Rs 27.2 crore net profit in the year ago period, owing higher credit cost following the pandemic-led stress on its borrowers.

This is the bank’s second consecutive quarterly loss after Rs 47.7 crore loss in the June quarter.

Its operating profit rose 62% at Rs 82.8 crore against Rs 51.1 crore over the same period. Its net interest income at 147 crore reflects a 34% rise, primarily on account of rise in gross advances over the period and lower cost of funds, the bank said in a regulatory filing to stock exchanges.

But a 6.6-fold higher provisions to cover bad loans and others led to the loss.

Its asset quality deteriorated with gross non-performing assets ratio rising to 10.2% at the end of September compared with 9.5% at the end of June. Net NPA remained flat 4.5%. Provision coverage ratio stood a tad higher at 71.2%.

The bank restructured loans to the tune of Rs 794 crore, which was 17.7% of gross loans, which grew 21% year-on-year to Rs 4470 crore.



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Banks want more provisions included as statutory capital, BFSI News, ET BFSI

Banking & Finance

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Banks have urged the sector regulator, Reserve Bank of India, to relax norms and allow more of the provision made towards unidentified losses to be reckoned as statutory capital.

At present, because of the regulatory cap, only provisions to the extent of 1.25% of the credit risk weighted assets are considered as tier II capital. If rules are relaxed, more funds can be freed up and made available for banks at a time when recovery is firming up and credit is expected to pick up.

On Wednesday, in its monthly economic report, the finance ministry said India is on its way to becoming the fastest growing major economy in the world and forecast a strong possibility of faster credit growth.
“There is a uniform view among banks that due to increased provision burden, the regulatory cap of 1.25% can be removed. We have also approached RBI to either remove the cap or increase eligible percentage so banks will benefit from the additional provisions made by them,” said an executive aware of developments.

As per RBI’s July 2015 circular on Basel III Capital Regulations -Elements of Tier II Capital for Indian Banks, under “General Provisions and Loss Reserves”, provisions held for currently unidentified losses, which are freely available to meet losses that subsequently materialise, will qualify for inclusion under tier
II capital. Accordingly, the general provisions on standard assets qualify for inclusion in tier II capital.

“With expected increase in standard assets provision on account of restructuring of stressed accounts under Covid-19 dispensations, ranging from 5% to 15%, substantial amount of provisions made will not be qualifying as tier II capital because of the cap,” said another bank executive, explaining the demand for removal of the cap on amount of provision reckoned as tier II capital.

Last month in a report, rating agency Crisil had said that gross non-performing assets (NPAs) of banks are expected to rise to 8-9% this fiscal from 7.5% as on March 31, but below the peak of 11.2% seen at the end of fiscal 2018.

“With 2% of bank credit expected under restructuring by the end of this fiscal, stressed assets – comprising gross NPAs and loan book under restructuring – should touch 10-11%,” it had noted in its report.



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Millennials on the fence about cryptocurrency. Is the risk worth it? Here’s what they think, BFSI News, ET BFSI

Personal Finance

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– Anushka Sengupta

Swapnil Ganguly, a 24-year-old software development engineer at Amazon, said he will not invest in cryptocurrency.

“I would rather invest in the share market. No action can be taken as well because cryptocurrency is not regulated in India. It’s too risky,” Ganguly said.

Swapnil Ganguly

Contrary to popular belief of millennials having a larger risk appetite, ETBFSI has found that they seek security in their investments.

“My friend was recently scammed by a crypto trader. These people steal our money by giving false crypto tokens at a cheaper rate. You realise they are fake only when you sell those tokens for cash,” Ganguly said, soured by the incident.

This holds true even for the risk-takers. These millennials also want cryptocurrency to be regulated, and expect it to be one of the most-opted investment options.

Shreyashi Haldar
Shreyashi Haldar

“I think all investments carry some risks, crypto leading the list, but we have a larger risk appetite. I have also invested in cryptocurrency, but I would prefer it if the government regulates it, so that the privacy concerns are addressed. With talks of a central bank digital currency, I feel crypto can become very significant,” said Shreyashi Haldar, a final year MBA student at NIBM Pune.

Apart from security, some also expressed concerns about the affordability of crypto tokens. Some risk-taker millennials, who want to invest in cryptocurrency, said that they fall short of funds to invest in the secure ones, like Bitcoin, which use the proof of work or proof of stake validation techniques.

Shiba Inu
Shiba Inu

“Popular and secure cryptos like Bitcoin, Shiba Inu, Dogecoin, Ethereum, etc come with less risk at a very high price. Those who are looking for short term investments like me can’t afford these. I invested in XRP through Ripple, which is a cheaper option, but I did not gain much out of it,” said Mahesh Vishnoi, a customer associate at Tech Mahindra.

Cheaper cryptocurrencies do not use such systems, leading to the possibility of theft and fraudulent transactions.

Cryptocurrency is not regulated in India yet. As recently as Wednesday, Shaktikanta Das, governor of Reserve Bank of India, reiterated the risks of cryptocurrency, and said that the numbers, in terms of adoption rate and investments, were exaggerated. The government is also expected to table a Bill on cryptocurrency in the Winter Session of the Parliament, starting Nov 29.

For more stories on cryptocurrency, click here.



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