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Reserve Bank of India – Press Releases

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In view of the satisfactory compliance demonstrated by Diners Club International Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect.

Background

RBI had, by order dated April 23, 2021, imposed restrictions on Diners Club International Ltd. from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the RBI circular dated April 6, 2018 on Storage of Payment System Data.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1167

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RBI lifts biz sanctions imposed on Diners Club, BFSI News, ET BFSI

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The Reserve Bank of India on Tuesday lifted the ban imposed on Diners Club International in April from onboarding new customers for flouting data storage norms. The banking regulator noted that the ban was being lifted after Diners was found to have complied with the stipulated rules.

“In view of the satisfactory compliance demonstrated by Diners Club International Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect,” the regulator said in a statement.

In FY22, India’s banking regulator had barred three US-based card networks namely MasterCard, American Express and Diners Club International from doing new card business in India as these companies have been flagged as non-compliant with local data storage rules by RBI.

While New York-headquartered American Express and Illinois-based Diners Club were prohibited by the central bank on April 23 from issuing new cards on their respective networks. On July 14, Mastercard – one of the world’s leading card operators – was also barred from doing new card business in India owing to similar non-compliance.

As per RBI’s data localisation rules introduced first in April of 2018, payment operators in India must store data in a server physically present in India. Additionally, these entities are required to submit System Audit Report (SAR) conducted by a CERT-In empanelled auditor.

The Indian central bank had tightened data storage norms for PSOs in India through a notice issued to chief executives of all such licensed companies in India.

As per the rules introduced in March, all PSOs from FY22 were mandated to submit detailed “compliance certificates” to the central bank twice a year signed by the respective chief executives or managing director, confirming adherence to all RBI regulations around security and storage of payment data.

These requirements are over and above the ones mandated by the central bank in April of 2018 where it asked all PSOs to submit board-approved annual System Audit Report (SAR) by CERT-empaneled auditors.

These companies were also asked to submit a one-time compliance report with data localization norms which mandate the data relating to payments in India will be stored in a server physically present in the country, by December of 2018.

RBI had asked these certificates to be submitted on April 30th and October 31st of every year.



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4 Top Balanced Funds By SBI For Better Diversification

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SBI Multi Asset Allocation Fund

SBI Multi Asset Allocation Fund Direct-Growth is a medium-sized fund in its category, with assets under management (AUM) of 460 crores. The fund has a 1.0 percent cost ratio, which is greater than most other Multi-Asset Allocation funds. The fund now has a 38.30 percent equity allocation and a 34.08 percent debt allocation.

SBI Multi Asset Allocation Fund Direct-Growth returns are 22.00 percent over the last year. It has returned an average of 11.69 percent per year since its inception.

SBI Equity Hybrid Fund

SBI Equity Hybrid Fund

SBI Equity Hybrid Fund Direct Plan-Growth is a medium-sized fund in its category, with assets under management (AUM) of Rs 47,470 crores. The scheme will invest in a diversified portfolio of high-growth shares, with the rest of the money going into fixed-income assets to reduce risk. The fund’s expense ratio is 0.9 percent, which is comparable to the expense ratios charged by most other Aggressive Hybrid funds. The fund now has a 73.79 percent stock allocation and a 21.94 percent debt exposure.

SBI Equity Hybrid Fund Direct Plan has a 1-year growth rate of 44.78 percent. It has had an average yearly return of 16.58 percent since its inception. The NAV of SBI Equity Hybrid Fund for Nov 03, 2021 is 221.02.

SBI Debt Hybrid Fund Direct

SBI Debt Hybrid Fund Direct

SBI Debt Hybrid Fund Direct-Growth has assets under management (AUM) of 4,122 Crores, making it a medium-sized fund in its category. The scheme aims to give investors the option of investing primarily in debt and money market securities, with a secondary focus on equities and equity-related instruments. The fund’s expense ratio is 0.58 percent, which is lower than the expense ratios charged by most other Conservative Hybrid funds. The fund now has a 24.27 percent equity allocation and a 69.64 percent debt allocation.

The 1-year returns on SBI Debt Hybrid Fund Direct-Growth are 20.53 percent. It has returned an average of 10.39 percent every year since its inception.

SBI Arbitrage Opportunities Fund

SBI Arbitrage Opportunities Fund

SBI Arbitrage Opportunities Fund Direct-Growth is a medium-sized fund in its category, with assets under management (AUM) of 4,683 crores. It will invest in stocks, with a corresponding investment in equity derivatives to offset the stock investment. The fund’s fee ratio is 0.42 percent, which is comparable to the expense ratios charged by most other Arbitrage funds. The fund currently has a 0.39 percent equity allocation and a 29.97 percent debt allocation.

The 1-year returns on SBI Arbitrage Opportunities Fund Direct-Growth are 4.27 percent. It has returned an average of 6.81 percent per year since its inception.



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Reserve Bank of India – Press Releases

Press Releases

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The Result of the auction of State Development Loans for 05 State Governments held on November 09, 2021.

Table
(Amount in ₹ crore)
  ANDHRA PRADESH 2038 ANDHRA PRADESH 2039 ASSAM 2024 ASSAM 2031
Notified Amount 500 500 500 500
Tenure 17 18 3 10
Competitive Bids Received        
(i) No. 81 75 30 64
(ii) Amount 3833 3365 2635 2910
Cut-off Yield (%) 7 7 5.25 6.94
Competitive Bids Accepted        
(i) No. 2 2 3 8
(ii) Amount 489.795 487.959 489.98 467.598
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 48.9795 48.7959 68.5657 98.9779
(ii) No. (2 bids) (2 bids) (2 bids) (4 bids)
Non-Competitive Bids Received        
(i) No. 3 2 2 8
(ii) Amount 10.205 12.041 10.02 32.402
Non-Competitive Price (₹) 100 100 100.03 100.04
Non-Competitive Bids Accepted        
(i) No. 3 2 2 8
(ii) Amount 10.205 12.041 10.02 32.402
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage – – – –
(ii) No. – – – –
Weighted Average Yield (%) 7 7 5.2398 6.9348
Total Allotment Amount 500 500 500 500

  RAJASTHAN 2031 TAMILNADU 2046 UTTAR PRADESH 2031 Total
Notified Amount 500 1000 2500 6000
Tenure 10 Re-issue of 6.97% Tamil Nadu SDL 2046 Issued on May 25, 2021 10  
Competitive Bids Received        
(i) No. 133 58 175 616
(ii) Amount 7110 4437 13684 37974
Cut-off Yield (%) 6.92 7.01 6.93  
Competitive Bids Accepted        
(i) No. 6 1 15 37
(ii) Amount 450 984.933 2286.644 5656.909
Partial Allotment Percentage of Competitive Bids        
(i) Percentage 76.5217 98.4933 43.9789  
(ii) No. (5 bids) (1 bid) (9 bids)  
Non-Competitive Bids Received        
(i) No. 11 3 14 43
(ii) Amount 50.996 15.067 213.356 344.087
Non-Competitive Price (₹) 100 99.53 100.03  
Non-Competitive Bids Accepted        
(i) No. 11 3 14 43
(ii) Amount 50 15.067 213.356 343.091
Partial Allotment Percentage of Non-Competitive Bids        
(i) Percentage 98.0469 – –  
(ii) No. (10 bids) – –  
Weighted Average Yield (%) 6.9198 7.01 6.9258  
Total Allotment Amount 500 1000 2500 6000

Ajit Prasad            
Director (Communications)

Press Release: 2021-2022/1166

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Indian Bank launches video KYC facility enabled by VCIP technology, BFSI News, ET BFSI

Banking & Finance

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Public sector Indian Bank on Tuesday said it has launched the Video KYC (know your customer) facility, which allows an applicant to open an account from anywhere by incorporating its Video-Based Customer Identification Process (VCIP) technology, on its web-based platforms. To begin with, Indian Bank, in a statement said the initiative would dispense with the need for a personal visit to any branch of the bank to complete the physical verification process in place, currently.

The Video KYC facility, developed in conjunction with Gieom Business Solutions, further simplifies the subsequent steps and would deliver the cheque book and ATM card to the registered address of a customer.

Customers can proceed to deposit the minimum balance through offline or online route and transact seamlessly using the ATM card and mobile banking after completing the initiation procedures.

“It is a momentous occasion for us at Indian Bank to launch our Video KYC facility that will be using the latest VCIP technology to enhance customer convenience and experience.”, the bank’s MD and CEO, Shanti Lal Jain said.

“We will extend this facility to all applicable services in a phased manner… additionally, this should help us extend our reach and significantly help us in driving financial inclusion… This is a step towards digitization,” he said.

The pre-requisites to avail the Video KYC facility are a valid mobile number, e-mail, PAN Card, Aadhaar number (linked with mobile number) and access to a computer equipped with camera and a microphone facility.

The process validates the applicant’s credentials from multiple sources like a bank representative initiated video-call, information from UIDAI, and OTP for registration of the mobile number, the statement added.



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Tata Motors partners up with Bank of India; new vehicle financing means for customers, BFSI News, ET BFSI

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Tata Motors on Tuesday said it has partnered with Bank of India (BOI) to offer finance options to all its passenger vehicle customers. Under the partnership, BOI will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85%, the company said in a statement.

Moreover, the scheme will offer a maximum of 90% financing on the total cost of the vehicle, which includes insurance and registration, it added.

Customers can also opt for EMI starting with Rs 1,502 per lakh on a 7-year repayment period, the company said.

“This partnership is in line with our #FinancEasy Festival, wherein we are collaborating with multiple finance partners across India to make ownership of cars accessible, as well as a hassle-free process for the customers and thereby adding to the celebrations of this festive season,” Tata Motors Vice President, Sales, Marketing & Customer Care, Passenger Vehicle Business Unit Rajan Amba said.

BOI General Manager – Retail Business Rajesh Ingle said Bank of India has reoriented the banking services with retail customer as focal point by designing products that are aligned to customer needs.

“Our vehicle loan products with lowest rate of interest is one such product. Bank’s tie-up with Tata Motors will be win-win for customers in the sense that they can access best in class personal mobility solution with the best finance option from Bank of India,” he added.

The offers through the partnership will be applicable on the New Forever range of conventional cars and SUVs as well as on EVs for personal segment buyers across the country, the statement said.



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IDFC Ltd registers ₹262.55 cr consolidated net profit in Q2

Banking & Finance

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IDFC Ltd reported a turnaround performance, posting ₹262.55 crore consolidated net profit in the second quarter against a loss of ₹146.68 crore in the year-ago period.

The profitability was buoyed as the company received ₹200 crore as its share of profit from its associates and joint ventures. The company had incurred a loss of ₹169 crore under this head in the year-ago period. The consolidated profit before tax was higher at ₹84.57 crore (₹35.84 crore in the year-ago period).

IDFC Ltd is an investing company of the IDFC group. The company has its investments in subsidiaries and associates of the group.

Merger scheme approval

The Board of Directors of IDFC Ltd, as part of the simplification of the corporate structure, approved the merger scheme of IDFC Alternatives Ltd, IDFC Trustee Company Ltd and IDFC Projects Ltd (wholly-owned subsidiary companies) into IDFC Ltd – subject to regulatory approvals from various authorities as applicable.

RBI has, vide its letter dated July 20, 2021, clarified that after the expiry of the lock-in period of five years, IDFC Ltd can exit as the promoter of IDFC FIRST Bank, as per the notes to accounts.

The Board of Directors of IDFC and IDFC Financial Holding Company, at their respective meetings held on October 21, 2021, had appointed Citigroup Global Markets India Pvt Ltd as an investment banker for the disinvestment of IDFC Asset Management Company, according to the notes.

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KKR India appoints KV Kamath as senior advisor, BFSI News, ET BFSI

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KKR, a global investment firm, announced today the appointment of KV Kamath as a senior advisor. His appointment is effective immediately.

“KKR has consistently demonstrated its strong commitment to India, and the firm today stands out as one of the highest-caliber investors in innovative, market-leading companies in the country and worldwide. I am excited by the opportunity to work alongside Gaurav and the broader KKR team and welcome the chance to leverage my experience to help Indian businesses elevate and meet their full potential,” said KV Kamath.

KV Kamath brings more than five decades of experience leading large Indian businesses. He has served as the first President of the New Development Bank, established by the BRICS nations, from its founding in 2015 until 2020.

“We are pleased to welcome K.V. as a senior advisor to our team in India, and are excited to learn from his terrific insights as we continue to invest in the growth of India. KV has a truly outstanding track record of working with different stakeholders while building world-class businesses. He joins at an exciting time for KKR in India, and I am confident of the value that he will bring to our franchise and businesses,” says Gaurav Trehan, Partner & CEO of KKR India.

Kamath has also served as the chairman of ICICI Bank and Infosys Ltd. In October, he was appointed as the chairperson of National Bank for Financing Infrastructure and Development, which was created to support the development of long-term infrastructure financing in the country.



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Banks, ATM operators seek RBI to review penalty scheme for dry ATMs

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Banks and ATM operators are hopeful that the Reserve Bank of India (RBI) will soon review the penalty on ATMs that have run out of cash but many are on a wait-and-watch mode on the expansion of their ATM networks.

“With the penalty in place, it makes more sense to have ATMs on-site along with bank branches than to keep them off-site. This would ensure that the ATMs can be serviced easily and frequently,” noted a senior bank executive.

“We are hopeful that there will be some relief. Otherwise, the penalty could also impact expansion into semi-urban and rural areas as there are often logistical challenges in loading cash,” noted another banker.

The RBI had in August this year announced the scheme of penalty for non-replenishment of ATMs under which ATMs with no cash for more than ten hours in a month will attract a flat penalty of ₹10,000 each. The scheme has come into effect from October 1, 2021.

Scaling down

“The penalty may impact the deployment of ATMs in rural and remote locations. Withdrawals would become difficult in such a scenario, especially when there is a focus on financial inclusion,” said Radha Rama Dorai, Secretary, Confederation of ATM Industry (CATMi).

CATMi had recently also made a representation to the RBI pointing out that while it is supportive of the move that would help customers, the ATM industry is already under tremendous pressure due to Covid, will have no option but to scale down dramatically.

It estimates that about 70 to 80 per cent of semi-urban and rural ATMs and 20 to 30 per cent of urban ATMs will be liable for the penalty. The likely penalty on operators will be around ₹80-100 crore per month, it had said.

“We hope to get a positive response from the RBI on our representation,” said Dorai.

RBI Deputy Governor T Rabi Sankar had on October 8 also said the RBI is reviewing this penalty scheme after getting feedback from lenders.

“We have received various feedback — some positive and some raising concerns. There are issues specific to locations. We are trying to take all the feedback and have a review and see how best it can be implemented,” he had told reporters.

There are about 2.13 lakh ATMs in the country as of September 30, 2021, of which 1.15 lakh are on-site and the balance 97,383 are off-site.

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