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Bajaj Finance Urges Customers to Stay Safe Against Online Frauds on Electronic Platform During Festive Season, BFSI News, ET BFSI

Personal Finance

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Bajaj Finance Limited cautions its customers and the public at large to stay vigilant against online loan frauds and other types of frauds on electronic platform during this festive season. As a part of the Cybersecurity Awareness Month, the company issued an advisory to its customers over email and on their social media platforms, urging them to stay alert of the growing incidences of cyber frauds and how to stay safe online.

With festive season around, consumers are more prone to availing instant loans, shopping online, seeking various discounts and cashback offers which make them vulnerable to fall into the trap of cyber frauds. So, it’s critical that consumers remain alert and informed about frauds such as (including, but not limited to) fake ads on social media, website impersonation, identity theft, fake job offers, vishing, phishing, sim swapping, UPI frauds, fake loan approval letters, ‘too good to be true loan offers’, suspicious phone calls, phone calls by impersonators claiming to be representatives of Bajaj Finance Ltd., suspicious links received on SMS or on various messenger platforms etc. (“frauds on electronic platform”).

The awareness advisory is a part of the continuous efforts of the company towards educating customers about frauds on electronic platform, the modus operandi of fraudsters who target unsuspecting users to carry out loan frauds and cyber security scams and the necessary safety measures to follow to avoid getting duped.



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ESAF Small Finance Bank, Anand Rathi Wealth among 7 cos to get Sebi’s nod for IPO, BFSI News, ET BFSI

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New Delhi, As many as seven companies, including ESAF Small Finance Bank, Sapphire Foods India and Anand Rathi Wealth, have received capital markets regulator Sebi‘s nod to raise funds through initial public offerings (IPOs). In addition, PB Fintech, which operates an online insurance platform Policybazaar and credit comparison portal Paisabazaar, Paytm‘s parent firm One97 Communications, life sciences company Tarsons Products and HP Adhesives too received Sebi’s clearance to float their IPOs.

These companies, which filed their draft papers with Sebi between July and August, obtained the regulator’s observations during October 18-22, an update with Sebi showed on Monday.

In Sebi’s parlance, the issuance of observation is equivalent to the regulator’s approval.

ESAF Small Finance Bank’s Rs 997.78-crore public issue comprises a fresh issue of equity shares worth Rs 800 crore and an offer for sale of Rs 197.78 crore by existing shareholders, according to draft red herring prospectus (DRHP).

Under the offer for sale, the promoter will be selling shares worth Rs 150 crore, PNB MetLife would offload shares to the tune of Rs 21.33 crore, Bajaj Allianz Life will offer shares of Rs 17.46 crore, PI Ventures will sell Rs 8.73 crore worth shares and John Chakola will offer shares worth Rs 26 lakh.

The IPO of Sapphire Foods India Ltd, which operates KFC and Pizza Hut outlets, will be entirely an offer of sale (OFS) of 17,569,941 equity shares by promoters and existing shareholders.

As a part of the OFS, QSR Management Trust will sell 8.50 lakh shares, Sapphire Foods Mauritius Ltd will offload 55.69 lakh shares, WWD Ruby Ltd will divest 48.46 lakh shares and Amethyst will offer 39.62 lakh shares.

In addition, AAJV Investment Trust will sell 80,169 shares, Edelweiss Crossover Opportunities Fund will offload 16.15 lakh shares and Edelweiss Crossover Opportunities Fund-Series II will divest 6.46 lakh shares.

The initial share-sale of Anand Rathi Wealth Ltd, part of Mumbai-based financial services group Anand Rathi, is completely an offer for sale of 1.2 crore equity shares by promoters and existing shareholders.

Those offering shares in the offer for sale are — Anand Rathi Financial Services Limited, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, Jugal Mantri and Feroze Azee.

According to the draft papers, Paytm plans to raise Rs 8,300 crore through fresh issue of equity shares and another Rs 8,300 crore through the offer-for-sale route.

Paytm founder, managing director and chief executive Vijay Shekhar Sharma and Alibaba group firms will dilute some of their stake in the proposed offer-for-sale.

In addition, investors selling stake include Antfin (Netherlands) Holding BV, Alibaba.Com Singapore E-Commerce Private Ltd, Elevation Capital V FII Holdings Ltd, Elevation Capital V Ltd, SAIF III Mauritius Company Ltd, SAIF Partners India IV Ltd, SVF Panther (Cayman) Ltd and BH International Holdings.

The Rs 6,017.50 crore IPO of PB Fintech comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders.

As part of the OFS, SVF Python II (Cayman) will sell shares worth Rs 1,875 crore, Yashish Dahiya will offer shares worth Rs 250 crore and some other selling shareholders will also divest shares.

Tarsons Products’ IPO comprises fresh issuance of equity shares worth Rs 150 crore and an offer for sale of 1.32 crore equity shares by promoters and an investor.

As a part of the OFS, promoters — Sanjive Sehgal will offload up to 3.9 lakh equity shares and Rohan Sehgal will sell up to 3.1 lakh equity shares — and investor Clear Vision Investment Holdings Pte Ltd will divest up to 1.25 crore equity shares.

HP Adhesives’ initial share-sale consists of fresh issuance of 41.40 lakh equity shares and an offer of sale of 4,57,200 equity shares by promoter Anjana Haresh Motwani.

The company manufactures a wide range of consumer adhesives and sealants products such as PVC, solvent cement, synthetic rubber adhesive, PVA adhesives, silicone sealant, acrylic sealant, gasket shellac, other sealants and PVC pipe lubricant.

The shares of these companies will be listed on the BSE and NSE. PTI SP BAL BAL



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Canara Bank raises Rs 1,500 cr through bonds, BFSI News, ET BFSI

Banking & Finance

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New Delhi, State-owned Canara Bank on Monday said it has raised Rs 1,500 crore by issuing Basel-III compliant bonds. The bank has issued and allotted Basel-III compliant additional tier I bonds amounting to Rs 1,500 crore, Canara Bank said in a regulatory filing.

The bank said as many as 16 allottees have been issued the non-convertible, perpetual, taxable, subordinated bonds bearing a coupon of 8.40 per cent, it said.

Stock of Canara Bank closed 1.71 per cent up at Rs 201.95 on BSE. PTI KPM RUJ RUJ

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IndiGo, Kotak Mahindra Bank tie up for co-branded credit card, BFSI News, ET BFSI

Banking & Finance

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Mumbai, Budget carrier IndiGo and private sector lender Kotak Mahindra Bank on Monday announced a strategic partnership for a co-branded credit card, Ka-ching, under the 6E Rewards programme. Managed and operated by IndiGo, the Rewards Programme is linked to a co-branded card wherein members can earn rewards by using such card on IndiGo and other merchants and redeem them for availing the benefits.

6E is the airline code for IndiGo.

Scheduled to be launched next month, the co-branded card will be available in two variants– 6E Rewards and 6E Rewards XL — offering exclusive travel benefits to the cardholders keen on domestic or international travel, IndiGo said in a release.

This collaboration will create value for customers in the form of a powerful product proposition offering a premium rewards experience to customers, it said.

Customer research reveals that travel has emerged as the most sought-after redemption category in terms of reward programmes. Customers prefer to receive travel-associated offers and benefits such as free flights while redeeming their reward points – a trend that is expected to accelerate as air travel reaches pre-pandemic levels, the airline said.

The credit card will allow customers to accrue accelerated 6E Rewards on their spends and redeem these points for airline tickets anytime with no blackout dates on redemptions.

Furthermore, customers will have access to other special benefits on IndiGo including complimentary air ticket, discounted convenience fee, priority check-in, choice of seat and a complimentary meal, the airline said.

“We are excited to indulge our customers with 6E Rewards on flight bookings, dining, entertainment and other spends that can be redeemed for IndiGo flight tickets and on other products and categories with our commitment to provide a great engagement to our members,” said William Boulter, Chief Commercial Officer, IndiGo, on the collaboration.

“We have immense conviction in our partner Kotak Mahindra Bank, with its vast reach to complement IndiGo’s network within the country, while offering unique experiences to our customers. It’s a perfect partnership as we believe in consistently enhancing our engagement to deliver great customer experience,” he said.

The cardholders will also be able to earn additional 6E Rewards on dining, shopping, transport, medical bill spends, utilities, fuel and other major categories with Feature Partners of 6E Rewards Programme, IndiGo said. PTI IAS ANU ANU



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Gold inches lower on dollar uptick; focus on key central bank meetings, BFSI News, ET BFSI

Personal Finance

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– Gold prices edged lower on Tuesday, weighed down by an uptick in the dollar as investors eye upcoming key central bank meetings this week.

FUNDAMENTALS

* Spot gold fell 0.1% to $1,805.96 per ounce by 0116 GMT. U.S. gold futures was flat at $1,806.60.

* On Monday, the metal rose nearly 1% to a high of $1,809.66, only about $4 shy of an over one-month peak scaled last week.

* The dollar rose 0.1% on Tuesday, recovering from a near one-month trough hit during the previous session. A stronger greenback makes gold more expensive for buyers holding other currencies. [USD/]

* Benchmark 10-year U.S. Treasury yields were also a tad higher at 1.6431%, raising non-interest bearing gold’s opportunity cost. [US/]

* Market participants eye meetings from the Bank of Japan and the European Central Bank (ECB) on Thursday. Neither of the central bank is likely to announce a change in policy, though the ECB might address how inflationary pressures could affect policy.

* The U.S. Federal Reserve and the Bank of England are also set to meet next week.

* Bank of England interest rate-setter Silvana Tenreyro said she needed more time to judge how the end of the government’s job-saving furlough scheme was affecting the labour market, adding to signs that she sees no urgency to raise rates.

* Gold is often considered an inflation hedge, though reduced stimulus and interest rate hikes push government bond yields up, translating into a higher opportunity cost for holding bullion which pays no interest.

* Spot silver fell 0.1% to $24.53 per ounce. Platinum edged 0.1% down to $1,056.35 and palladium gained 0.2% to $2,055.16.

DATA/EVENTS (GMT)

1400 US Consumer Confidence Oct

1400 US New Home Sales-Units Sept

(Reporting by Nakul Iyer in Bengaluru; Editing by Rashmi Aich)



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Gold loans shine the brightest in banks’ loan portfolio, BFSI News, ET BFSI

Banking & Finance

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Gold loans have emerged as the fastest-growing major loan segment as people have pawned their jewellery and lenders look at avenues of low-risk growth. Outstanding loans against gold jewellery stood at Rs 62,926 crore as on August 27, up 66% on a year-on-year basis, according to the Reserve Bank of India (RBI) data.

Gold loans are often used to finance consumption spending, such as children’s education, weddings, illnesses or to meet household expenses during distress.

Public sector banks have also entered the segment to further grow their retail business. Despite regulatory arbitrage of higher loan-to-value lending in March 2021, banks have continued aggressively disburse gold loans.

Gold loans were up 1% on month in August 2021 as restrictions during COVID-19 eased and economic activities grew.

Loan demand picked up from the beginning of July as COVID-19 cases started declining. Gold loans via non-banking finance companies (NBFCs) had reported higher customer walk-ins.

LTV impact

However, gold loans have grown a mere 3.6% YTD, which is in contrast with the 54% CAGR seen in gold loan growth over the past two years.

RBI had raised the LTV of 90% on gold loans, which allowed banks to lend up to 90% of the value of the collateral.

However, it withdrew special allowance for banks from April 2021, impacting loan growth.

The average ticket size of loans that customers are opting for is Rs 55,000-60,000, which are rising for many lenders, showed growing signs of distress.

Gold loan NBFCs saw higher competition in the gold loan business last fiscal as banks grew their portfolio taking advantage of the special LIV allowance given to them by the RBI.

The expansion

With growth returning, gold financiers are now gearing up to tap the expected surge in gold loans.

Muthoot FinCorp has expanded its physical network by more than 100 new branches, mainly in the north, east and west regions of India, most of which were in rural and semi-urban areas. The NBFC had opened 70 branches in FY20.

Muthoot’s gold asset under management (AUM) grew at a compound annual growth rate of 12% between FY15 and FY20. In FY21, the portfolio grew 27%.

Pune-based Bajaj Finance has increased its gold loan branches from 480 to 700 in the last financial year and plans to add 100 plus branches this fiscal.

Its loan book grew 52% last year to Rs 2,300 crore, while it saw an increase in ticket sizes from Rs 75,000 to Rs 85,000 last year.

Shriram City Union Finance is also looking to ramp up its gold financing business this financial year, changing its strategy of focusing on other loan portfolios.



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GIFT City regulator eases reinsurance biz norms to lure foreign, Indian companies, BFSI News, ET BFSI

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GIFT City

The International Financial Services Centre Authority (IFSCA), the regulator for Gujarat-based International Financial Services Centre (IFSC), has announced a new liberal regulatory regime for facilitating the formation of various international and Indian insurance businesses in the Gujarat International Finance Tec-City (GIFT City).

Global reinsurers can procure business from regions around India, by setting up operations at GIFT City.

No foreign reinsurer has set up operations at the centre till now, despite zero tax provision.

Eased rules

Under new regulations, foreign insurers and reinsurers can set up branch offices or subsidiaries as IFSC Insurance Offices (IIOs) to undertake insurance or reinsurance business from IFSC. Indian insurance and reinsurance companies, including foreign reinsurance branches (FRBs), registered with Insurance Regulatory and Development Authority of India, can also set up branch offices to undertake insurance or reinsurance business from IFSC.

In the case of a branch, a company does not need to bring in any capital, and in the case of subsidiaries, the companies will require a paid-up capital, as per Insurance Act, 1938, of Rs 100 crore for insurance and Rs 200 crore for reinsurance.

Onshore capital

No onshore assigned capital will be required for foreign insurers or foreign reinsurers setting up IIOs as branches. The assigned capital of $1.5 million can be maintained in home jurisdictions. Further, there’s no onshore solvency requirement for IIO in the IFSC. The assigned capital solvency margin will have to be maintained in the home jurisdiction.

The new regulations allow managing general agents under a binding agreement.

IFSCA efforts

The IFSCA has been making structured efforts to boost global investments in GIFT City, and to make IFSC a global financial hub at par with other IFSCs in the world. To boost the establishment of IFSC alternate investment funds, the IFSCA released a circular providing benefits with respect to leveraging activities, co-investment opportunities and relaxation of diversification norms. The desire of the IFSCA to form regulations that are intended to quickly bring the funds set up in IFSC at par with offshore funds is an important consideration for both foreign and Indian companies, while deciding on the jurisdiction of the fund.



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CSB Bank net soars 72% on lower provisioning

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The provision coverage is seen at 73.48% as on September 30, 2021, from 70.20% for Q1FY22 and 84.89% in the year-ago period.

CSB Bank on Monday reported a 72% year-on-year jump in its net profit to Rs 118.57 crore for the second quarter due to lower provisioning for bad loans. The Thrissur-based lender had reported a net profit of Rs 68.90 crore in the year-ago period and a net profit of Rs 61 crore in the first quarter of the current fiscal.

Provisions were written back for the quarter in review with recoveries and upgrades seen higher than slippages.

The asset quality improved, with gross non-performing assets (NPA) as a percentage of gross advances being reported at 4.11%, compared with 4.88% in the preceding quarter and 3.04% in the year -ago period. Net NPA as a percentage of gross advances stood at 2.63%, against 3.21% in the preceding quarter and 1.30% in the second quarter of FY21.

The provision coverage is seen at 73.48% as on September 30, 2021, from 70.20% for Q1FY22 and 84.89% in the year-ago period.

CVR Rajendran, managing director & CEO, said with the opening up of the economy, positive trends are visible on the asset quality front. “Out of the gross NPA of Rs 586.83 crore, Rs 287.52 crore is gold NPA where recovery is almost assured.”

“The uptick in demand is expected to be strengthened by the upcoming festive season, resilient agri sector, increased government capex and exports. Visible growth is also happening in gold loan portfolio. In terms of growth, we look forward for better traction and results in the third quarter. With both the product and process improvements being implemented/proposed, we intend to capture a better share of the retail segment and grow both retail liabilities and assets. So, we look forward to improve our performance in both the top line and bottom line parameters,” Rajendran said.

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Reserve Bank of India – Tenders

Tenders

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E-Tender Number: – RBI/CAB Pune/202/21-22/ET/202

The Pre-Bid Meeting for the captioned tender was held on October 21, 2021 at 12.00 AM in CAB, Pune. The meeting was attended by the following:

From Banks side: 1) Shri Ashish Srivastava, DGM and MOF

2) Shri Sandeep Kumar, AGM Premises Section

3) Shri A.B. Patil, AM (T-E)

4) Shri Anil Karyekar, AM

5) Shri Shubham Pisal, JE (Elect)

From vendor side: 1) Shri Vivek Mourya, M/s. Godrej

2) Shri S. Mota, M/s. Sudarshan Technosolutions

3) Shri Deshmukh, M/s. Arjun Autocom

4) Shri Pravin, M/s. Live Darshan

All the vendor representatives were requested to put forth their doubts/ queries which were discussed and clarified as below. It was reiterated that this is supplementary to the tender document and will form part of the tender document. In case there is any conflict between the tender document and the corrigendum, the latter shall prevail:

Sr. No. Doubts/ queries raised Proposed clarification
1. A request was made to increase the work completion time from within 12 weeks from 10th day of issue of work order to 16 weeks in view of the time required for procurement of material and installation. (Page 1 Para 1) The work has to be completed in all respect in 12 weeks’ time from 10th day of work order as mentioned in the tender. Further, the installation work of entry gate has to be completed first followed by exit gate
2. Ministry of Finance, MSME circular dated July 25, 2016 has relaxed the norms for Startups / MSMEs with regard to prior experience and turnover in public procurement CAB, RBI is guided by its internal guidelines, as per which provisions of Section 11 of MSMED Act, 2006 are not applicable to RBI and therefore the Notification issued by the Government under Section 11 of MSMED Act for extending certain benefits to MSMEs is not applicable to RBI.
3. Whether terms of payment can be changed from 60%-40% to 90%-10% in view of the high cost of material procurement and the ongoing Covid conditions. The terms of payment will be as mentioned in tender only
4. Whether Bank Guarantee of 10% of contract value mentioned in clause 3.4.1 and 3.4.3 can be reduced? It is clarified that conditions mentioned in Clauses 3.4.1 and 3.4.3 have to be strictly followed.
5. Can the Certificate required as per format given in Annexure E be modified? The certificate has been amended.

Please refer the corrigendum.
6. Clarification was sought whether the vendor should integrate the system with CCTV. As specified in Clause 2.5 (page 50) of tender the system shall have the capability of integration with Access Control system, CCTV, loop detector, crash pad attached to boom-barrier and other crash-rated barriers such as Road blocker, tire killers, etc.
7. Whether any certification is required to be produced by the vendor to establish the corrosion protection of foundation and underside of the Bollard coated with asbestos free coating. The vendor will have to submit relevant certificate of a NABL/ accredited laboratory.
8. Whether the conditions as mentioned in clause 3.24 (Page 24) can be modified to allow inspection of material after dispatch at the site. Conditions mentioned at Clause 3.24 have to be strictly followed.
9. Whether any drainage, sewage line is running underground at the site of installation? There is one water pipeline of 4” size going beneath the exit gate. However, it is found that same can be managed by adjusting the distance of first bollard from the side during execution of the work.
10. Whether Site survey is mandatory for bidding? Site survey is not mandatory. However, the intending bidders are advised to visit the site and get acquainted with the scope of the work particularly civil work required to be carried out and cabling etc.

Corrigendum

Tender for Design, Supply, Installation, Testing and Commissioning of Crash Rated Electro – Hydraulic Bollard System for entry and exit gate at College of Agricultural Banking, Reserve Bank of India, Pune

Annexure E

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T20 world cup, a major spin for crypto products

Banking & Finance

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Heightened marketing and advertising campaign for different cryptocurrency assets during Sunday night’s T20 World Cup match has underlined the regulatory vacuum for cryptos.

During the India-Pakistan clash on Sunday, viewers were bombarded with advertisements by CoinSwitch, BitBns, CoinDCX. CoinDCX — which roped in actor Ayushmann Khurrana — and CoinSwitch Kuber played up the high-visibility quotient with popular Bollywood actor Ranveer Singh as brand ambassador for their ad campaigns on TV and digital platform. In almost all ads for crypto assets whose value is suspect, disclaimers were too small and read out far too rapidly for viewers’ comprehension.

Chandrima Mitra, Partner, DSK Legal, said since crypto assets are currently unregulated and the Advertising Standards Council of India (ASCI) has not set out any specific guidelines for advertisement of crypto assets, such platforms are vulnerable to legal issues and consumer complaints. “While we await guidelines and regulations, currently we advise our clients to ensure that the advertisements promoting the crypto platforms contain specific and clear disclaimers mentioning that crypto assets are unregulated digital assets and not legal tender, subject to market risks, etc,” Mitra said.

Area of concern

Experts feel there is a need for ASCI to step in. According to Lloyd Mathias, Business Strategist and Angel Investor, ASCI should keep a close watch as the cryptocurrency space is fast-evolving.

“It should take suo motu cognisance to come out with guidelines for cryptocurrency-related ads in the interest of consumers,” he said. The ASCI seems to be pondering over the matter. “We understand that cryptocurrencies and their advertisements are an area of increasing concern; we are already consulting different stakeholders to protect the interests of consumers,” said Manisha Kapoor, Secretary-General, ASCI.

The high-decibel campaign and market movement has evoked a renewed cry for a regulatory framework. Former Finance Secretary SC Garg, who had led an inter-ministerial panel that recommended that all private cryptocurrencies except any virtual currency issued by the State should be prohibited, told BusinessLine that the Government must look at a comprehensive framework for cryptocurrency and treat it as a separate asset class (including as a currency).

‘RBI should step in’

He, however, felt that the widely expected Cryptocurrency Bill was unlikely to be introduced in the upcoming Winter Session. The RBI, which is looking to introduce a Central Bank Digital Currency (CBDC) as a legal tender in digital form, may introduce a pilot project by December, this year.

According to former RBI Governor D Subbarao, the central bank cannot shy away from regulating cryptocurrencies. “Central banks around the world are getting concerned about the increasing popularity of cryptocurrencies. There is also the issue of financial stability and if banks are exposed to cryptocurrencies, they will be taking unacceptable levels of risk” he said at a recent NCAER webinar.

RBI had, in 2018, issued instructions to banks to stop providing services to crypto trading platforms. This has led to uncertainty about the status of virtual currencies in India. However, the Supreme Court, in March 2020, struck down the RBI’s instructions.

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